Support for Small Business

Category: Brick and Mortar

The Importance of Building the Right Team

The importance of building the right team

Network marketing is slowly becoming a more difficult business to break into, particularly as a sole operator or small business owner. You might have the necessary skill set, and you could be very good at what you do. The problem, with growing frequency, is saturation. There are so many network marketing startups that it can be difficult to find clients, get off the ground, and establish a reputation for quality, reliability, and transparency.

The solution to this is somewhat complicated, but it starts with a lot of hard work and perseverance. To that end, you need the right team around you to help you get the job done. This is true even as a sole proprietor, which you’ll see in a moment.

As a Network Marketing Business Owner

Establishing a new business is often a difficult and complicated process. As long as you’re putting a team together in pursuit of such a goal, you might as well do the job right the first time. The right team members can make all the difference in the world, and will help to determine whether or not your new business is successful.
Look for Marketers with a Progressive Mindset

Look for people who are forward-thinking, and inclined to come up with outside-the-box solutions that may or may not have been tried in the past. Network marketing is all about constant innovation, and coming up with “the next big idea” could put your new business at the front of the pack. Network marketers need to be able to spot trends that are lurking just over the proverbial horizon, and to take into account announced changes in big provider policy (Google, Amazon, etc.) which are going to alter the landscape a few months down the road.

Focus on Leadership Skills

As your business grows, people will come and go. This is natural and healthy, particularly with regard to such a fast-growing and ever-changing industry as digital marketing. Try to focus on hiring people with leadership qualities. A good leader listens to others, as well as taking their own expertise into account, and implements the best solutions to address a particular issue. Your business will benefit directly from their work ethic, and indirectly from the quality of the employees which list you in their work history.

Hire a Supportive Team

This sounds like a given. However, there is a difference between “providing support services” and literally being supportive. You want to hire people who believe in what you’re doing as a small business owner and entrepreneur. They feel like they’re a part of something, and they want to see it succeed. This kind of support inspires people to put that extra fifteen minutes of polish into a project, or to come up with that last-minute idea that’s going to change everything for the better.

In return, you need to support them as well: provide them with the proper training, listen to their ideas and feedback, and compensate fairly for the amount of experience and ability they bring to the table.

Many business opportunity companies like Kyäni offer support in building a great team. They focus on providing the tools needed for a team’s success. To learn more about how Kyäni can help you grow your team visit their Facebook page or watch videos on Vimeo

As a Sole Proprietor or Independent Professional

As a sole proprietor, you still have a “team.” It simply comes in a form that you might not be pausing to appreciate every day, at least if you’ve anything in common with the majority of independent professionals out there today. Your friends, family, and other people in your personal life form a support base and structure that you can fall back on when things get tough.

Friends and family can do a great deal for you. They can suggest ideas off the cuff, which may inspire a little outside-the-box thinking on your own part. They can also provide emotional and moral support, remind you why it is you got involved in your business in the first place, and help encourage you to keep going when your own motivation is flagging.

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Where to Find Funding for Your Startup

Where to Find Funding for Your Startup

Entrepreneurship is one of the most challenging things people do in their entire life. From planning to validating the business, you have a lot to do as a new entrepreneur. In order to make all these things happen, you will need some cash. Gathering cash requires you to consider every option available. Here is a list of common ways to fund your business today.

Bank Loan

Banks give loans to finance vehicles or any other important asset of the business. The repayment period usually takes between six months and seven years. You will be required to provide collateral to secure the loan. The collateral may be in the form of a blanket lien. A blanket lien gives the lender the rights to seize every asset and collateral you own in the event of nonpayment. The bank will require you to pay the processing fees and the interests for a given duration. Above all, you must have a good credit history to qualify for a business loan.

Credit Card or Line of Credit

You can use your business or personal credit card to pay for the startup costs. However, you need to be careful with credit cards. You don’t want to get yourself in financial trouble at a time when your business is still in its initial stages. Unless you have a credit card with a required limit and low interests, don’t use it as the primary source of funding for startup expenses. Another better option is to use a line of credit. It is an unsecured form of loan that allows you to access money whenever the need arises. Business lines of credit attract lower interests and are usually designed to be short-term loans.

Crowdfunding

Crowdfunding involves raising money from many people. It is estimated that over $34 billion of business capital come from crowdfunding. However, your business idea should stand out in order to benefit from crowdfunding. A good business idea must have a compelling story to catch people’s attention. You must share with the listeners what inspired you to create the concept. You must also show your passion to seeing the concept become a reality. There are several online sites that offer crowdfunding platforms to thousands of startups all over the world.

Business Incubators

Business incubators provide financial support to startups in various stages of development. A business incubator will invite your startup to share its premises and resources. For example, an incubator can share its laboratory so that small businesses can test their products before they begin the production process. Incubators can also provide administrative and logistical assistance to small businesses. Once the product is ready for the market, the startup leaves the incubator to start production on its own. The incubation period usually last for two years.

Angels

Angels are rich individuals who like to invest in small companies owned by others. Most of them are retired executives who have a lot of experience and a network of contracts. Therefore, they not only bring financial reprieve to the business but they also provide technical assistance. Most angel investors prefer an initial investment that ranges between $25,000 and $100,000. In return, they have the rights to supervise the company’s management. This involves having a seat on the board of directors. Angel investors often prefer a low profile. However, there are some online platforms that provide a list of angels but at a small fee.

Venture Capital

Venture capital allows you to bring someone else into the business as a partner. If you want to retain 100 percent control of your business, you should not consider this option. In most cases, you won’t get any share until all the partners have profited from the business. Venture capitalists take a strong position in the startup, especially for risky projects. This can involve giving some part of their ownership rights to a third party. If you are comfortable with this option, ensure you bring in people with experience and knowledge.

Small Business Administration (SBA)

Small Business Administration is a good alternative if you don’t qualify for a bank loan. SBAs are guaranteed by the government, and they are easy to get. Your business must be a sole proprietorship and profit-oriented. These loans allow you to make small payments for an extended period.

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Online Tools for Setting up a New Business

Online Tools for Setting up a New Business

Whether you have a traditional, local brick and mortar store or an exclusively online business, you will need a set of online tools to make setting up your online presence both simple and efficient. There are many options to choose from, and here are our recommendations of the best way to get your new business started.

Legalzoom.com

Every new business needs a quartet of business support services. The first is legal support, which can be found at Legal Zoom. If you are setting up a standard corporation, LLC, partnership, proprietorship, or even a not for profit, Legal Zoom not only has the necessary forms for your state, but also the available consultation where you can speak to an actual attorney and get many of your questions answered. They also can help you with patents and trademarks for your business, a necessity for the open frontier of the Internet.

Freshbooks.com

A second essential support service is accounting/bookkeeping. Trying to keep the books yourself creates two problems: 1) it takes the owner away from their primary focus of the business and 2) it opens the door for the possibility of paying too much in taxes. Online accounting software has become increasingly popular in recent years because it allow a business owner to have an actual accountant periodically review their books while giving the owner control over the day-to-day accounting operations with little time investment. Freshbooks has the best combination of ease of use and powerful features, requiring little time to keep your data safely stored in the cloud and focus on your business.

Squareup.com

Without billing, it is impossible to trace individual transactions and begin increasing your bottom line. Squareup is the place to go for new businesses who have a strong personal presence in their community and can make a sale fast. Squareup offers a free square that you connect to your smartphone for instant billing and sales, with no monthly or hidden fees. You will get access to your deposits within 1 to 2 business days, eliminating the need for waiting on payment from checks or money orders.

Squarespace.com

Finally, the fourth member of the support quartet is your new businesses’ main online presence – the web site. Squarespace is a popular platform that has award winning designs and templates that will get you up and running quickly. The templates can be easily customized, and you can use your own artwork to give your website a unique and personal branding.

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