Starting your own company can be time consuming, stressful, and costly. On the other hand it can also be exhilarating! The idea of being your own boss and launching your own business can be the experience of a lifetime especially if it is something your feel passionately about. For many young entrepreneurs, starting a business is a mix of emotions. There will be hurdles to conquer and also successes to celebrate. Here are some of the more common issues that you should be aware of before you crack open the champagne for your newest business adventure.
- Financing – Whether new businesses have done their research or not sometimes financing becomes the biggest problem. The market can fluctuate and lenders and/or investors can change the terms of agreements. Financing is one of the biggest issues most startups encounter so be sure to have your homework done about what things will cost and when you hope to turn a profit.
- Marketing – If selling a product or service is your business be sure to have a solid marketing plan set before day one. This will take lots of research on the competition and what consumers really needs. Look at digital marketing and well as traditional print media.
- Doing It All – As a new business owner there is a temptation to do it all from crunching the numbers as your own accountant to being the man who replaces the ink in the printer. Rely on people who can do things for you, which means hire the right people who can take on some of the responsibilities.
- Location – Believe it or not the old adage of, “Location, Location, Location” applies to companies as well. Choose a location where your company can profit the most whether it is in a cost-effective, low rent building or on a main street where your name will be out there. Think before you chose a location.
Chances are that if you own a business website, you also have links to social media or at least some presence on one or more of the social media platforms. Facebook, Twitter and LInkedIn are the common choices for many small and medium sized businesses. Have you considered Pinterest? Here are a few compelling statistics that may sway your social media choices.
- Pinterest has 150 million users as of January 23rd of this year. Seventy million of them are in the United States. That is a lot of traffic that could be seeing your products and ideas.
- Millennials use this social media platform as much as Instagram so if your target audience is in the age bracket consider becoming a pinner and poster.
- 87% of Pinners have purchased a product because of Pinterest.
- 93% of active Pinners said they use Pinterest to plan for purchases and 87% said they’ve purchased something because of Pinterest.
- What’s unique about this mode of communication compared to most social media websites, is that it reduces the number of steps from discovery to conversion. This means that visitors from Pinterest convert into leads or sales faster than from other social media sources.
- About 95% of the images were either pinned or re-pinned from the web which means you are building valuable links to your site daily.
- The half-life of a pin is 1,600 times longer than a Facebook post.
- The average pinner user spends 14.2 minutes pinning every time they log in.
Convinced? Check it out and see how it can work for your business at PinterestBusiness.
Taking a risk in business comes with the territory for small and medium sized business owners, but taking a risk with your company’s assets online can be downright perilous. With news of spyware, hackers, ransomeware and data breaches making the news practically nightly, now is the time to beef up your cyber security. Here are a few tips from Forbes and cyber security experts on ways you can safeguard your business assets.
- Back Up your Data – In the case of something small like a power outage or catastrophic like a major hacking, is your business data backed up regularly? Consider automatic back ups and redundancy plans to make sure your data can be recovered quickly.
- Passwords and Authentication – Require that your employees use strong passwords that are created by a password manager and saved separately. The majority of password managers save and generate strong, random passwords for each of your web accounts. In addition, enable two-factor authentication on any website or system that supports it.
- Maintain Updates – Always update and use the latest versions of software. The latest versions of software have the newest security protections that can save you time and headaches later.
- Cyber Security Training – Train all employees on the security protocols that you will be using in your office and train them for red flags and what to look for. This is a great way to stop a breach while it is happening or catch it before it can do damage.
- Employ the Best Security – If you think that just because you are a small or medium sized business means you are invisible or exempt from security issues, you are wrong. Make sure your IT department is using the best security safeguards possible and maintaining them. Review these programs regularly to see if you need further security or better training for employees.
No matter what size your business is there are bound to be conflict between employees. Everyone comes to the table with different experiences, beliefs and expectations. Your job as a business leader is to find a way to cultivate and enjoy those differences without having to manage conflicts constantly between team members. It is pretty much inevitable that conflict will arise in times of stress or change. How you deal with it will determine the extent and impact on your company. Here are a few tips from experts at Forbes, Time, and U.S. News on what to do (and what not to do) in times of conflict.
- Be Prepared – Honestly, you know it is practically inevitable – so plan ahead. Talk to your Human Resources personnel, who are experts on dealing with many personalities and are usually good under pressure. They may have courses or suggestions for how to handle day-to-day conflicts or larger disagreements. They can also be excellent mediators in the event of a larger conflict.
- Stay Calm – Conflict can quickly escalate if all parties are not dealt with in a calm manner. Your leadership skills of listening, problem solving and finding a common ground will be tested. Most of all keep your cool and check yourself before dealing with any crisis, big or small.
- Document – One of the hallmarks of a great Human Resources department is documenting any conflicts so that they can be handled correctly. Be sure your HR department or specialist keeps a written log of what the conflict was and how it was handled. You may need this documentation later if the conflict comes up again or if a legal situation arises.
- Do Not Avoid – Some business leaders make the all-too-common-mistake of trying to avoid the conflict and let it solve itself. Experts warn against this because what may seem like it is settled may rear it’s head later and cause even more problems later.
- Follow Up – Many conflicts can be solved quickly and rather quietly. However, as a business leader, you should make it a priority to check in with concerned parties to make sure all is well or at least getting better. HR should also follow up and conclude documentation on the conflict.
Small and medium sized businesses that are just starting out or even those who are several years into development usually start looking for was to increase sales and grow the market they currently have. Increasing sales can mean many things such as: increasing foot traffic to an actual brick and mortar shop, increasing online sales for ecommerce businesses , optimize conversions or sell more to existing customers. Here are some tips from the U.S. Small Business Association and other experts in marketing and sales.
- Nurture Loyal Customers– While finding new customers is always a good idea, listening to the needs of loyal customers and satisfying their requests means not only do they stay happy customers, but they are more likely to spread the word and talk you up to friends, relatives and co-workers. Creating long-lasting relationships with your current customers will pay off in the long run.
- Revisit your Web Strategy – Businesses have the potential to reach thousands, if not millions, of customers on the web. Think of the number of people who are married to their phone. The numbers are increasing practically daily of the consumers who purchase not only on the web but via mobile devices. Make sure your web strategy has taken the mobile industry into account.
- Pay Attention to Metrics – You really can’t improve what you haven’t measured. Keep collecting data on sales that come in via the website. For example, what brings visitors to your website? It might be your blog articles, pay-per-click advertisements, or referral program. You could be great at building brand awareness, but you don’t know until you measure your efforts.
- Step Up your Marketing – Evaluate your current marketing strategy to see if it needs some tweaking. Have you taken advantage of Google ad Words, Facebook Ads, email campaigns, traditional mailers, local search listings, and/or loyalty marketing? Take time as a team to examine what methods are working and what has not been tried yet. Don’t be afraid to try something new for a few months.
(Initial or Renewal Course based on the 2015 AHA Guidelines)
Basic Life Support (BLS) is the foundation for saving lives after cardiac arrest. This course teaches both single-rescuer and team basic life support skills for application in both in-facility and prehospital settings. This course is designed for healthcare professionals and other personnel who need to know how to perform CPR and other basic cardiovascular life support skills.
In addition, BLS training can be appropriate for first responders, such as police officers and firefighters, as well as for laypeople whose work brings them into contact with members of the public, such as school, fitness center, or hotel and restaurant employees.
Students must pass a written exam and skills test in order to qualify for a BLS Course Completion Card.
Upon successful completion of this course, students will receive a completion cad valid for 2 years.
Conveniently scheduled on Saturday, please choose the session that works best for you.
Starting a new business can be exhausting with the intricate planning, making financial decisions, and filling out the appropriate legal paperwork and licenses. But, embarking on a new business venture can be exhilarating as well. How do young entrepreneurs walk that fine line between being exhilarated and exhausted? Experts say that they kick off their start up with some common strategies that will take them on the path to success. Let’s take a look at a few of them.
- Plan on Doing a lot of Planning – Create a simple business plan that includes your vision, mission, goals (both short and long term), strategies and an action plan. Break down your goals into smaller goals before you take on too much. The U.S. Small Business Administration has template and strategies to making the most of your planning stage and Business Plan stage.
- Assess Your Finances – How are you going to afford to run your business? What sort of financing have you secured? Startups requiring a lot more funding up front may want to consider an investor.
- Define your Legal Structure – What kind of entity is your business? If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several different types of corporations.
- Register Your Business Name – Naming your business is an important branding exercise, but if you choose to name your business as anything other than your own personal name then you’ll need to register it with the appropriate authorities.
- Obtain Permits and Licenses – Get a list of federal, state and local licenses and permits required for your business. Read More
- Register for Tax Identification Purposes – Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
- Build Your Team – Define what positions you will need to kick start your company and then find the best and the brightest.
- Grow Your Business – In order to make a profit and stay afloat, you always need to be growing your business. Reinvesting and making connections are a great way to get started on this. Stay active on social media platforms, take part in networking groups and keep your brand in the forefront in your community.
So you started your own business? Each sale, each new client and each business connection you make grows your small business just as you dreamed right? But maybe you want to continue to broaden your client base. There are many options to consider when thinking about expanding and growing your small business no matter what field you are in.
What are some of the most effective small business expansion tips to grow a business beyond its current status? Let’s take a closer look at steps you may want to initiate to grow your small business.
- Social Media – If you are looking for a fairly cost effective and easy way to reach more of your targeted audience try a social media campaign. Do some research on which social media platform attracts your demographic and start posting in that medium. The more your name is seen the better. Social media can be an invaluable tool for engaging with consumers and expanding your brand recognition.
Open Another Location – This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.
Merge With or Acquire Other Businesses in Your Market – There are bound to be other companies in your field who may have similar goals. Explore merging, partnering or possibly even acquiring those companies as a way to expand.
- Stay Competitive – Technology changes so rapidly these days that it would be easy to be left behind if your new company does not keep up with the latest and greatest technology. This is especially true if your company is in anyway related to the tech world or relies on technology to provide a product or service.
- Target Other Markets – Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.
Business leaders play many roles such as: problem solvers, financial wizards, customer relations gurus and of course the captain of the ship. With all these roles to play, it is no wonder that business leaders depend heavily on mobile apps to keep them organized, stay on top of budget issues, plan business trips and communicate properly. Here are a few of the top apps that are helping successful business leaders juggle it all.
Financial Apps –
- Expensify – This app provides for easy scanning of receipts, organization of spending and categorizing of reports. You can link your credit or debit card to your Expensify account so that the app will place charges directly on an expense report.
- PayPal – This convenient platform lets you link your credit, debit and other bank accounts to your PayPal account, making paying people and getting paid quick and painless. PayPal’s standard merchant service plan is free and allows you to accept credit cards and PayPal on your site and in store. The Pro plan costs $30 per month and comes with added features.
- Square – This great small business app is great for companies that are on-the-go and need to be able to make transactions and payments. Square can attach to a phone or another mobile device to take fast, convenient payments.
- Evernote – This is the app for syncing notes across mobile and desktop devices. Evernote’s free version lets users upload up to 60 megabytes of data per month.
- Trello – Trello is an easy-to-use project management app that tracks your team’s workflow. Each card you create on a Trello board represents an assignment or task.
- Dropbox – Dropbox is the most popular platform on which to store and share files on the cloud. It’s especially useful for companies that need a reliable way to share information with telecommuters.
- Mail Chimp – This email marketing tool helps you build and manage your mailing lists, and easily create and send newsletters. You can also build and customize email templates and view performance reports about your emails. This information can help you send your customers more relevant emails.
- Constant Contact – Constant Contact is an email marketing tool that allows businesses to create content for clients using special features such as: email templates, email editors, contact lists and easy-to-generate reports.
The concept of temporary retail establishments, or “Pop Up” stores, has been around for years. In fact, the idea can be traced all the way back to ancient times when merchants sold their wares on street corners or in an established marketplace. Just a few years ago pop up stores were fairly common during the holiday season when malls would introduce seasonal products. Fast forward to today’s ecommerce world and pop ups are gaining serious momentum and traction in places like malls, airports, shopping centers, and even inside other retail stores! Why is this becoming so popular when so many of us shop online with the ease and convenience of our smartphones and tablets? Let’s examine the pop up phenomenon and why they are so beneficial for small businesses.
- According to Storefront, temporary retail, more popularly known as pop-ups, are expected to generate $80 billion on an annual basis.
- An online directory (www.popuprepublic.com) featured over 7,000 pop-ups in 2014 alone and we are expecting that number to explode in 2016.
- The following categories are the biggest players in the pop-up market: farmers markets at $8 billion, flea markets at $30 billion, food trucks at $1 billion, yard sales at $1 billion, and pop-up stores, festivals, crafts and classes at close to $10 billion.
So what are the benefits that so many small companies are reaping from these pop up stores?
- Affordability – For retail stores that want to gain exposure while minimizing its overhead costs, they are able to take advantage of premium space at a fraction of the normal cost. Pop-up shops are often temporary in nature and smaller in size than conventional retail stores, the cost of rent is usually lower.
- Brand Awareness – One of the primary benefits of pop-up shops is that they help a brand generate buzz. With so many online stores it is hard to rank in high on Google search but fairly easy to gain attention if your “store” seemingly appears out of thin air overnight. People are interested in the sudden existence of a store, especially if they have a unique angle or appearance.
- Encourages Testing and Trials of New Merchandise – Since there is little money at risk, companies can try out new products that they want to market in the future. A pop up store will give immediate feedback as to the success or failure of a given item or service. An added bonus includes the education of consumers as they try the new merchandise. This is an excellent opportunity to learn more about your brand and company.
- New Revenue Stream – A natural benefit of a pop-up store is increasing sales by taking your store to where your customers are and making it more convenient for them to buy from you. There are significant profits with minimal risk for adding a revenue stream in a local area.