Run The Money
Follow Run The Money

Category Archives for Start A Business

The Secrets to Good Customer Service

  • June 21, 2021

Secrets to Good Customer Service

The secret to good customer service isn't always creating a positive and welcoming environment. It's about understanding the needs of your clients and working to address those needs, which may mean that you should look into a good phone answering service. Customers are looking for someone that they can trust and that will treat them with respect. If you understand those needs, you'll be able to provide the level of service they're seeking. With these tips in mind, you will be able to know the secrets of the game, have a quality and engaging business, and keep yourself as well as your customers happy and consistently returning to you.

Read more

What To Do If You Default On A Business Loan

  • June 21, 2021

What To Do If You Default On A Business Loan

Sadly, in this economic climate, many businesses are closing due to the effects of the pandemic and the strain this is placing on their business and income. In many sectors, it simply isn't viable to keep your business running, and rising costs mean that, unfortunately, many smaller businesses are being priced out of the market.

Read more

Five Things to Consider When Starting a New Business Venture

  • June 21, 2021

 

Embarking on a journey to become a business owner is always challenging. There is no guarantee that you'll be successful and ready to deal with all the risks and obstacles that come along the way. However, the idea of starting a business from scratch can be motivating for new entrepreneurs and individuals who are working tedious nine to five desk jobs. 

After all, having the freedom to decide your working hours, not having to report to your CEOs or Directors day-in and day-out, and the possibility of endless growth are three significant factors that entice individuals to start their own business.

These days, every rookie entrepreneur dreams of starting his or her own business. However, only 4 percent of startups manage to cross the ten-year mark. Furthermore, around half of newly-launched companies close up shop before crossing their fifth year. 

Such a thing happens because new business owners have no idea about the amount of money, experience, and knowledge it takes to take their business to a level where it starts to break even or make profits. 

That said, let us take a look at some of the factors you need to consider before you begin your journey of becoming a business owner.

Earn a business degree

As you can already guess, earning a business degree will equip you with the knowledge needed to understand the dynamics of the corporate world. Launching your own business or becoming a part of an already established one helps gather the experience you'll need for making big decisions. 

However, it is nearly impossible to launch a business that continues its operations for a long time without the necessary business knowledge and skills. As mentioned above, not all companies will end up crossing the five-year mark. 

This is because their owners usually lack business-specific skills and education. Earning an advanced degree like an online MBA no GMAT AACSB will help you understand business fundamentals and equip you with the skills needed to identify business opportunities. 

That's not all; earning an online degree will also help you learn other business-related theories you'll find helpful for the corporate world. A Master's will put you in a commanding place to start your own business and find an excellent job if things go south. 

Devise a business plan 

Many experts and successful business owners agree that developing an effective business plan is the first step a prospective business owner should take to ensure the business idea they've envisioned becomes a reality. A business plan typically includes a business idea, a marketing and sales strategy, financial forecasts, an executive summary, a hiring strategy, etc.

A business plan allows you to anticipate any changes and obstacles you'll face when starting a new business. For instance, if you're creating a mobile networking app for young lawyers, you'll have to consider the dos and don'ts of designing a mobile app. 

A lot of thinking has to go into the designing process, and a business plan will allow you to know all the answers to questions that might arise during the design process.

Get a legal structure for your business

Understanding the importance of a legal structure is highly crucial. Typically, you can choose four types of legal structures: Sole Proprietorship, General Partnership, LLC(limited liability company), and C/S Corporation.

A sole proprietorship is suitable for owners who want to test out a business idea before turning it into a formal business. However, you'll be liable for all your company's debts and profits.

A partnership is perfect for business with multiple owners. That said, general partners have to file state returns and federal tax form 1065. But, you won't have to file individual income tax returns.

An LLC is a legal structure that allows partners, shareholders, and owners to have limited liability. Plus, they can enjoy tax benefits just like a partnership. Under an LLC, You'll be free from personal liability if nobody can prove that you acted in an irresponsible, unethical, or legal manner while carrying out business activities.

With a C corporation, you'll have to pay tax as a separate entity. In comparison, S corporation businesses are suitable for small businesses looking to avoid double taxation. If you require more help choosing the best legal structure for your business, it would be wise to get in touch with a corporate attorney or a business accountant.

Finance your business

Unless you're a seasoned investor or an experienced accountant, you'll need to help nail down such an aspect of pre-business ownership. Potential investors will want to know about your company, your business goals, and how you plan on utilizing their money. Regardless of where you end up acquiring funds for your business, please write it down. That said, business loans from a bank or private lender are always the safest bet.

Include this step in your business plan as there are tons of potential investors out there who would want to take a look at it before making their final decision.

Calculate Startup costs

Identifying startup costs is probably one of the most important things to consider before putting your business idea into effect. First, you need to calculate the total cost required to set up and operate your company successfully. 

For example, if you're setting up a retail business, you'll have to consider store costs, furniture costs, inventory costs, and capital needed to get through the early days. If you're also setting up a manufacturing plant, you'll also have to account for plant construction costs, equipment costs, maintenance costs, etc.

Conclusion

Lastly, go through the steps mentioned above one last time. When doing so, you'll be able to familiarize yourself with your new business. It will allow you to identify things you should modify or omit from your business plan. 

Furthermore, hire a competent attorney if you want to maintain compliance with all federal and state regulations and rules. Investing more time in the planning phase than usual will pay dividends in the long haul.

Read more

Types of Business Relationships Your Company Needs

  • June 18, 2021

Types of Business Relationships Your Company Needs

Companies do not exist in a vacuum. Every business is connected to the larger system of its local economy. If you are building a company, you should leverage the dozens, hundreds, or millions of possible corporate partnerships available. Whether it be a financial advisor, general counsel, or a waste disposal company, you need help to get to where you want to be. With that in mind, here are the types of business relationships your company needs.

Read more

Tips for Starting Your Online Shop

  • June 17, 2021

Tips for Starting Your Online Shop

Now that you’ve decided to set up a shop online, it’s time to focus on the finer details of doing business on the Internet. From product pricing to photography to web design, you’ll have to account for many elements. Read the following tips for starting your online shop and don’t be afraid to challenge yourself as you build your presence; the right touches can make your business stand out from the rest.

Read more

How To Provide Better Customer Service

  • June 3, 2021

How To Provide Better Customer Service

Does it feel like you’re losing customers? Then it might be time to assess whether it’s time to make a few changes to the way you do business. Even when you’re doing your best, you might be overlooking a few quick and simple fixes that could help you find new customers and, more importantly, retain the old ones. To help you get started, here are a few tips on how to provide better customer service.

Read more

Mistakes New E-Commerce Businesses Make

  • June 1, 2021

Mistakes New E-Commerce Businesses Make

Today’s entrepreneurs know that Main Street’s best days have come and gone. The future isn’t just online, but in the present, too, and an array of marketing platforms make it possible for artisans and entrepreneurs to do business online with ease. However, it’s not always as easy it first seems. You’ll want to avoid some of these mistakes new e-commerce businesses make as they navigate the challenges common to starting a new business—whether that’s tangible or virtual.

Read more

How email marketing can improve your firm’s customer service

  • May 31, 2021

The world of marketing (and, particularly, online marketing) has evolved at a tremendous pace over the last 15 or so years. 

With the increasing importance of social media platforms, Search Engine Optimization (SEO) and digital analytics software, it’s now easier than ever for firms to gain a greater insight into their markets and an increased understanding of their users’ preferences and interests. Moreover, all these technologies combined have also hugely improved the ability of firms to augment both their product offering to clients and their customer service. 

However, as any successful business person will tell you, true customer service goes far beyond just understanding and targeting consumers. Rather, customer service creates a two-way street between firms and their clients and, if done correctly, can have the knock-on effect of vastly increasing brand loyalty and the likelihood of repeat sales - so, it’s a win-win for all concerned.

Tips to use email marketing more effectively in customer service

Unlike almost any other promotional vehicle, email marketing affords the ability for companies to reach out to specific clients by name, targeting the content of their message to the customer's proven interests or previous buying behaviors or habits. Also, using email signature software, firms can maintain branding across their communications to help build awareness of their goods and services. No other medium - not even social media - allows this level of personalization and one-to-one contact through providing bespoke marketing content. 

Below are just a few more ways to extend this personalization to the benefit of both your firm and your clients:

Quicker, two-way communications: Research shows clients these days are more likely to reach out to firms via email, text or social media than they are by phone, so ensuring you reply to email communications quickly and politely will instill a greater sense of trust in your services and your ability for after-sales support. 

Emails (and email marketing) help build trust: Very often consumers take time in the decision-making process before finally taking the plunge to make a purchase. Keeping up email communications with a potential client is one of the best ways to show your firm is responsive to inquiries and offers high levels of customer support. Moreover, if a client has signed up to your mailing list, then receives an email from your firm, they are more likely to revisit your site. Nurturing sales leads is vital in today’s cut-throat e-commerce environment - and email marketing is one of the best ways to ensure your company remains front and center in the minds of prospective customers. 

Email marketing builds engagement: Regular emails with content tailored to the user helps show high levels of customer service (particularly if you feature the client’s name and show links to other content they might also enjoy). Personalized marketing emails of this type are the digital equivalent of walking into a store and being greeted by name and can generate high levels of engagement and loyalty. 

Email marketing builds engagement, fosters relationships and helps you stand out: It’s worth remembering your prospective client has likely already visited countless online stores (and possibly some real-world ones too), so building a positive relationship between them and your company often transpires to be the deciding factor between a customer choosing to shop with you or another firm. Taking time to go the extra mile with email, email marketing and other forms of communication will help prove your business is interested in much more than just achieving a sale.

Read more

What Are the Most Common Challenges Facing a Startup Company?

  • May 27, 2021

Common Challenges Facing a Startup Company

If you are thinking about starting a new company, you understand if this is one of the most fulfilling experiences is someone can have. At the same time, there are lotta challenges you are going to face along the way. Therefore, you have to be ready to work for it. Even though it is true that a lot of start-up companies fail in their first year, you can anticipate a lot of the challenges you are going to face, preparing for them in advance. That way, you can increase the chances of your start-up company succeeding. If you would like to build a successful start-up company, what are a few of the challenges you should place? In addition, take a look at some of the advice from Bill Malloy San Diego and prepare accordingly. Let's explore the most common challenges facing a startup company today.

Read more

8 Financial Aspects You Should Monitor To Ensure A Smooth Launch

  • May 26, 2021

A business start-up can be a daunting process. It requires you to put down an initial investment in hopes that you'll add on to your assets from here on. While this can be scary, there are measures you can take to make sure your launch is successful. After all, who doesn't like to have their stable source of income? When starting any business, there are a few essential things to ensure a smooth launch. Here's what you should know:

Manage Your Cash Flow

The initial months of any start-up business are a crucial time. You're letting your business root itself into the corporate sector. So, you must monitor the way money is entering and going and look for investment opportunities. It is not a good idea to start spending lavishly right away. Let your business take on a shape first. Once you have a steady cash flow for your business, then spend more but appropriately.

Stay On Top Of Taxes

Once you start your business, you will need to pay taxes too. You need to ensure that you pay small business taxes upfront and on time. This means you should keep a hold of all your business statements and financial records. The last thing you want is to accumulate interest for missing deadlines. As a new business, it is good practice to keep your credit score high. You might need investors and loans from the bank sometime down the line, so don't mess up your business before you even start.

Prepare For The Worst

As ominous as this may sound, your business will experience good days and bad days. This is inevitable when it comes to companies and doesn't reflect poorly on you as a businessperson. When you plan to start a new business, try to keep reserves of funds. These include both personal funds and business funds into an emergency saving account. As an entrepreneur, you are responsible for the money that goes into your business. So, look into investment opportunities. You don't need to find a huge investment opportunity such as into another company. Look for micro-investing that will give you a return profit. 

Focus On Your Customers

You need to figure out how to make customers look in your direction. You can start by finding out how your competition focuses on getting customers. What does their content marketing look like, and how can you design one of your own? Since you are new in the business, you may need to lay down money to get the best content marketing strategy. You may need to hire professionals to add touches to your ads and your website that make them stand out. It is only a matter of time when you attract one customer, and tens of thousands follow. So, the initial months of your business should heavily be about your consumers. 

Have Financial Goals

You need to plan where you want to take your business. Do you want to stay in the same niche, or do you plan on expanding? For that, you need to make financial goals. When you have an idea of what your long-term and short-term goals look like, you will know the kind of profit you need to achieve them. As a start-up, you must also be realistic and realize you will not become a millionaire overnight. To reach that level, you need to implement specific steps and figure out how to knock down goals till you get where you have to be. 

Invest In Your Employees

The first set of employees you hire will be the most pivotal for your company. They will be the backbone of your business to take it to the next level. You will depend on them for their expertise, creativity, and knowledge. However, that doesn't mean you should overstuff your company with different backgrounds. Instead, you should be highly selective about the people you bring in. When you're satisfied with your team, you need to invest in them. Help them achieve company goals by providing them with the relevant tools. You may want to make sure their salaries are reasonable but not too frugal. 

Forecast Sales

You need to have an estimate of sales revenue for each month, quarter, and year. When you can see patterns, it will help you understand your business better and give you insight into the consumer mindset. It is also a good idea to use these forecasts and revisit your marketing initiatives. A slight change to your business can yield surprising results for you. You wouldn't want to remain a small business for a long time, so you can use the sales forecast to plan what your next year's profit margin should look like. 

Track Your Expenses

A start-up has chances of accumulating many expenses. That is because your lack of experience reflects in the purchases you make for the company. This isn't unnatural since you want to deal with all possible scenarios. However, the best solution for your finances is to categorize all your expenses. Regular expenses are the ongoing costs of your business. This includes utility bills, rent, and advertisements. You need to list future expenses, such as tax rate increase, minimum wage increase, and a small fund for crisis management. When you can break down the costs of running your business, you will have a better time managing your funds.

Wrap Up

Start-ups are exciting yet tedious. They require you to be an expert planner. This includes managing your cash flow properly, stay on top of all your taxes, and more. Focus on your customers and devise financial goals. You also need to invest in your employees to enable them to stay loyal to your business. Through these methods, not only will you launch your start-up successfully, but you set a good groundwork for yourself to work on.

Read more
1 2 3 13
>