Business

How to Launch A Successful Small Business

You came up with an excellent business idea, now you’re wondering how to launch a successful small business. First of all, congratulations on the decision to start a small business. It’s an exciting undertaking for you. You’ve made the decision, but now you might be wondering how to start a successful small business. You’ll soon feel the exhilaration of making your first sale or delighting your first client.

But I’m going to be a bit of a spoil-sport here. Before you dive right in and open your doors, there’s a lot of groundwork which must be laid. Setting up the proper infrastructure for your business is crucial for sustainable growth and long-term success.

I’m laying out for you some of the basic steps that you need to get started. Bear in mind that there are volumes of information on new business start-ups, so this is a brief outline of the minimal groundwork you must lay. Some of the steps I’m going to lay out for you are free and some have a cost associated with them. All of them, however, will ensure that once you’ve hung up your shingle, you can focus on making money.

Choose a Name Wisely

I’m going to assume that you’ve already chosen what kind of business you want to operate. Now give some thought to a name. Select a name that reflects what your business does so that it’s clear to your customers. Research the availability of that name, or a close variation, as a domain name and social media handles. While domain names are usually quite inexpensive, premium names come with a premium price tag.

In addition, make sure that it’s unique enough that you aren’t infringing on any copyrighted or trademarked names. That’s a lawsuit that could close your doors before you even open!

Seek Legal Counsel

Lawyers…

All joking aside, you need legal advice on large matters such as business structure, tax implications, and zoning matters. While you are working on the boring legal stuff, also seek assistance with drafting terms and conditions, sales and service agreement, and employment contracts.

When you seek legal counsel, you will have peace of mind that you are compliant with all laws and have mitigated the possibility of a lawsuit.

Write a Business Plan

An entrepreneur may feel like a deer in the headlights at the mere mention of the term “business plan.” But a business plan is great for business. Planning makes you consider all angles from finances and budget to marketing to a growth plan for your business.

Consider it your roadmap. It will give you turn by turn directions that will get your from Point A (start-up) to Point B (a growing company) to Point C (a wildly successful business).

A business plan doesn’t need to be a long a boring document in triplicate. It can be a concise, one-page guide that will prove to potential investors or lenders that you have, indeed, crossed your t’s and dotted your i’s.

Small Business and Location, Location, Location

Whether you are looking for a physical address or a virtual one, consider the old real estate adage: location, location, location.

If you’re looking to rent office or storefront space, ask vital questions. What’s the budget for monthly rent? Where will you get good walk-in traffic? Is the neighborhood you’re considering safe for you and your clients?

If you’re running an online business, such as an e-commerce site or blog, you also need to look at the location. Where in your home will offer the quiet workspace that you need? Do you even have room to run a business? Can you add on to your home to make an office?

Be realistic and honest when looking at locations for your business. A bad location has been the demise of many great businesses.

Determine Staffing Needs

You may be starting a physical business, like a bakery or a retail storefront. You can’t do it alone! You will need staff to service customers, stock shelves, cook, maintain cleanliness, and any other number of tasks.

If you’re starting a single-person business such as an online boutique, you may also need help from time to time. If you get a large lot of items to list, who will help you? Consider having a friend or relative on hand as a backup or plan to hire a freelancer.

You are one person, and you can’t do it alone. Without reliable staff, you can’t expect to scale your business.

Establish an Online Presence

Today’s consumers no longer flip through the phone book to the yellow pages to find you. They look for referrals on social media or find you on Google. This makes establishing an online presence crucial from the start.

You can use social media or your website to count down to Grand Opening and create a buzz. Encourage your friends to share your links so word spreads like wildfire that you’re opening soon.

After you open, you can use your web presence to grow email marketing opportunities, sell merchandise online, and get positive reviews on social media to continue to drive growth. The internet is on 24/7 and has the power to expose thousands of people to your business if it’s used from early on and managed correctly.

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Launch with a Grand Opening Event

Set a Grand Opening date and celebrate your successful launch! Spread the word through your family, friends, website, and those social media accounts you’ve set up. Make it festive and treat guests to a free sample, a valuable coupon to return, or a discounted service.

Create a buzz on social media during the launch event. Set up selfie stations and hashtags to make your place become “the place” to go for your particular service. In the end, people will see it, share it, and want to come back again.

If you have an “online” business, create the same atmosphere online and even invite your friends, family, and neighbors over to your new “home office” to celebrate your new business venture.

Mark the occasion by making a big splash!

Wrap-up

A small business is like a child. They take care, nurturing, and a good game plan. Also like children, they sometimes take an unexpected turn. This can be both delightful and frustrating. But one thing is for sure, there’s never a dull moment. But when you’ve laid a firm foundation for your small business, you’ll be able to withstand the twists and turns that will happen as your business grows.

 

Author Bio: Deborah Tayloe is a freelance web content writer. She’s a consulting writer with EmailMeForm and loves learning about technology.  She’s a native of Erie, Pennsylvania who now lives in Bertie County, NC with her husband and an energetic toy fox terrier.

 

 

 

 

 

 

 

How to invest in Ethereum?

The whole world is talking about cryptocurrency ever since it became an overnight success that made millionaires. The history of cryptocurrency started from 2009 when Bitcoin was created. It was initially a decentralized method for making digital payments. However, it is not tangible like cash or gold.

Cryptocurrency is generated through complex mathematical formulas. If you too are interested in investing in cryptocurrency, you need to know the basics. One important aspect is to know about Ethereum and how to convert ether units.

Over the last year, Ethereum has gained more popularity compared to Bitcoin. Many companies and startups have adopted the currency instead of both Litecoin and Bitcoin. Ethereum took over the market because it has an intrinsic value along with the industrial value. On the contrary, Bitcoin operates much like gold that doesn’t have much industrial value compared to intrinsic value. Apart from the curiousness of knowing how Ethereum is different from Bitcoin, it is also essential to understand the risks of the investment and potential to mine it.

What is Ethereum and what are ether units?

Ethereum is decentralized software that allows programmers and developers to run codes of any application. Bitcoin uses blockchain for monetary transactions and that’s straight currency. However, Ethereum uses blockchain to allow applications and execute them in the cloud.

Ether is a type of currency that is used to pay for computation and falls under Ethereum. This is how the monetary aspect comes in. Ethereum has many denominations like finney, szabo, wei, mwei, kether, mether, gether, tether, kwei, and gwei. You need to know how to convert ether units to keep track of your digital currency.  Since Ethereum seems exclusive, more people are drawn into this. From finance to software developers, from real estate to investors, everyone is talking about their switch to Ethereum.

How is Ethereum different from Bitcoin?

Bitcoin was designed as a currency and its uses are same according to technology principles. It is used to facilities financial transactions. Ethereum was created as a software processing and the token system was called Ether. The entire system that includes kether, mether, gether, finney, szabo, wei, mwei, and more, have all become more valuable to people and so they are making the investments. There are plenty of apps being created on the Ethereum and it is likely to create a huge demand in the coming years. Moreover, Ethereum is way cheaper compared to Bitcoin.

Why should you invest in Ethereum?

Apart from the growing popularity, there are some more aspects that might interest you to invest in Ethereum:

  1. Rising valuation

The value of Ether has grown over the past few months. It was publically traded from 2016 and the estimated growth was 18 million per year. Currently, it has gone up to $700 million.

  1. Trade on exchanges

There are plenty of Cryptocurrency exchanges offering Ethereum on their platforms. Some of the popular ones are Coinbase and Buy Virtual Currency.

  1. Purchases

Many organizations are accepting cryptocurrencies as payments. Ethereum might come to your use for purchases.

  1. Can be the future

The potential of Ethereum has shaken up the financial system. People are slowly moving away from traditional financial markets after the crisis that happened a decade ago. The world is comfortable online and there is a huge scope.

How to Invest In Ether?

You need a digital wallet so that you can invest in Ether. You won’t find Ethereum in major stock platforms and that’s why you get it for really cheap. We need to know how to convert ether units in the digital wallet. We also need to know the value of the units like finney, szabo, wei, mwei, and so on.

You need to understand that Ether is a digital currency and your venture is similar to that of an investor. You don’t get to buy shares of it, unlike stocks and ETFs. We are instead, exchanging dollars for the Ethereum tokens. These don’t have dividends or payouts. Investing on this is just hoping for the value to rise in the future. There are also people who can buy your tokens for a higher amount than what you had got them for. If you have any doubt about the digital wallet, and you wish to invest through ETF, you cannot do this as yet.

It is essential to understand the intricacies of how Ethereum works so that you know how it can come to your use. Be aware of the possible risks before making any investments.

Small Business Administration SBA Assists Small Businesses to Better Growth

Small business in the US is playing an important role in strengthening the country’s economy. There are 29 million small businesses all over the country which are like an engine to USA’s economy. Two out of every three new jobs are offered by these small businesses. But Linda McMahon, the head of the Small Business Administration (SAB) adds in the power of this “engine” saying that in order to grow significantly, these small businesses need to indulge in exporting. She was addressing Small Business Knowledge Summit in the United Nations.

Small Business Administration and Its Assistance to Small Entrepreneurs

 

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What is Small Business Administration?

Small Business Administration is active in helping small businesses in the US since 1953. The agency is close to celebrating its 64th birthday on 30th July, and definitely, celebrates the proud growth of small businesses in the US. The agency helped the small business to flourish by providing counseling to their owners. The right guidance from the professionals and experts took the new business starters to a new level of efficiency. The Official website (SBA.gov) offers a wealth of training programs and planners to the small business owners. Additional is one-to-one counseling to those who need it.

SBA Assists Small Businesses to Better Growth

Small businesses are standing at a critical turn of their trade life. The agency wants them to take a few steps ahead and understand the global trade. Linda McMahon points out that more than 96 percent of the consumers are living outside the USA and three-quarter of the world’s purchases also takes place outside America. This is compared to only one percent exporting input by the American small businesses. SBA is determined to change the situation and increase the exporting power of small businesses. To make this dream a reality, small businesses need to schedule export activity in their trade agenda. Ms. McMahon added that small businesses will gain more strength upon entering the export trade and the more they export, the faster they grow.

How SBA Assists the Small Businesses?

There is a comprehensive effort from the agency regarding small business growth. Starting from training programs to individual counseling to planning to give loans, the agency does not leave a single useful tactic in promoting small businesses in the USA.  The loan program suffered in the past government days in the start of the new millennium. But now, since the start of the new govt. body, the agency has regained power.  The most visible element, the loan awarding program, is significant with one grand feature. It is making the repayment periodlonger for the small businesses. That is why the ability of the agency to offer loans is further strengthened in the last 7-8 years.

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What Does SBA Determine in the Future?

It is realized by the agency that small businesses in the USA are facing certain challenges. The information that they need is not easy to access. They do not even have enough capital. Entering in the global markets in case of starting exports of the goods is another struggle that is not less tough. Small business Administration is putting measures to help small businesses meet these challenges and improve. McMahon assured that the agency will provide equal opportunity for the small businesses to access the international markets. The export chances also are going to be increased. Another obvious challenge is investment barriers which will also be definitely eliminated or at least reduced. These revolutionary steps promise a brighter the future for small businesses in the US especially now when the agency is supported fully by the ruling power.

SBA Provides Educational Resources to Small Businesses

The American Small Business Administration (SBA) is planning to develop a partnership with a local college or university to provide educational-resources to small businesses’ owners. Newbies are also included inthis plan. The agency has also opened centers in all states to offer business related activities, financing, and marketing free of charge to the local business owners.  These centers are found in entire US territories, Puerto Rico, and also Washington D.C. These are called Small Business Development Center – SBDC.

The Latest Announcement Made by SBA

Linda McMahon announced on June 1st that the agency is opening an $18 million funding opportunity especially to support export growth among U.S. small businesses. SBA’s State Trade Expansion Program (STEP) is responsible for awarding funding to the businesses. States that are interested in putting in proposals can find a downloadable form on the official website of SBA. The last date for sending proposals is 10thJune. These STEP awards are to take ahead the President’s National Export Initiative. The purpose is to expand small businesses’ base so that they enter in the export activities and find the process of exporting possibly easy and hassle-free.

With the help of STEP, small businesses get to know and meet the foreign traders in person in the trade missions or trade shows.  This balances the SBA’s export loan guaranty programs. SBA further can finance the needed working capital to accomplish export orders and finance the products at a larger scale. Loans for the small business are available up to $5 million.  And the entrepreneurs who need more information are advised to visit any of the 21 U.S. Export Assistance Centers allover the US.

What is the Hardest Challenge Faced by Small Businesses?

The head of Small business Administration Linda McMahon said that small business faces the hardest of challenges when they try to acquire trade finance and face compliance troubles. It has happened globally that the entire rejected requests for trade finance were made by small business owners to the banks. More than one-third of the small businesses in the US find trade finance very tough to obtain for foreign sales. She expressed positive intentions of Small Business Administration of working with banks to meet this challenge and design “tailored, trade finance products.” This is meant to keep the flow of financing foreign growth smooth when there are no loans available from the private sector. With this, the future of small businesses looks brighter and more promising!