Growing Your Home Business

With more and more of us finding ourselves out of work or working limited hours, this is a great time to consider growing your at-home business. Today with a little funding, a plan, and some creativity, you can turn a passion or side hustle into a full-time role. You can be your own boss and be flexible enough to handle whatever is the next challenge 2020 is going through your way.

Initial Funding:

The first hurdle for a home business is finding the seed capital you need to start. To get others to give you money, you are going to need a clear plan and a clear elevator speech that shows what is unique about the products or services you are planning on providing. Your business does not have to reinvent the wheel; you have to prove you have a different angle to solve a problem or that you can solve it quicker or cheaper than others. Sometimes when starting a business, you will be fortunate and have savings or access to consumer installment loan products. In other cases, you will have to find others who are willing to back your work instead. This might include getting backers who are your family or friends or might consist of using Gofundme. This type of fundraiser is especially useful if you are seeking seed money for something creative like a book, comic, game, etc. By sampling your product and getting it in front of a large number of eyes means you are more likely to find those individuals who love your idea and want to support it.

Next Steps For Financial Health:

As you start your business, its important that you keep your personal and business financials separated. This is important for both tax purposes and for future audits. When you are a business with only you as an employee, this may seem less important, but once you start to expand, you are going to want to have healthy systems in place. Getting your business financials in order is essential, but you also need to think about personal finance as a small business owner. If you want to have a successful business, it’s vital to make sure you have an emergency fund, money put away for retirement, and a handle on your credit health. The last thing you want is to be like the character in many films who is about to lose everything they have because they did not plan in case their business had a hiccup.

How To Use The System For Your Advantage:

The final step to growing a home business is to understand the systems in which you conduct business. This often involves understanding what paperwork you need to files. It could also be determining what copyright issues you have to face. This might mean learning what expenses you can write-off and how to save the most on your tax bill. There are many resources for small businesses both on a local, regional, state, and national levels. While this might seem like a lot of work, it is well worth your time. You are putting your love and passion into this project, and you should take advantage of all the resources which are available to you.

This three-step plan will help you take your dreams and turn them into a successful small business. When faced with everything that 2020 is throwing at us, the satisfaction of such an accomplishment can bring us is indescribable. Allow this to be the beginning of the business that gets discussed long into the future.

How To Choose Syracuse Banks To Finance Your Business

If you’re looking to realize your business dreams in Syracuse, you might be searching for a way to fund your business operations. Unless you have a large amount of money in your bank account, you should have sufficient capital to start and run your own company. This is where banks and other big financial institutions come to the rescue.  Continue reading

Starting a Small Business In These Difficult Times

Ever since the government urged businesses to close down because of COVID-19, the unemployment rate has gone up. But did you know now is the perfect time to start a business? People need supplies and retailers are feeling overwhelmed. If you can meet the needs of those customers, they’ll become loyal to you even after the pandemic ends.

Use the following strategies to get your startup and running:

  1.   Find Capital

The first thing you need to start your business is financing. Create a sound business plan and take it to potential investors. Some banks may still give you loans if they think your business idea is good. Do your research so that you know everything about the market and how your product will satisfy your customers. Consider the competition and make accurate financial projections. Make your business plan as detailed and as clear as possible so that investors can trust you with their money.

  1.   Take Advantage of Government Incentives

The Federal government created a stimulus package to help small businesses that are struggling during these tough times. Find out what incentives the government has put in place to help startups. Such services can help you save money when getting your business off the ground.

  1.   Get Insurance

Since you’re not sure when the difficult times will end, you need to shield your business from risk. Having business insurance for your startup is as important as malpractice liability insurance to a practicing physician. Protect your workers with worker’s compensation and your business from risks such as fires and theft.

  1.   Market

Marketing helps your business reach the intended target. However, the marketing mistake that startups make is advertising to a general audience. If you want your efforts to be successful, you have to be very specific. Narrow down your target market and make it as small as possible. You’re more likely to make sales if you personalize the message for a small target market.

  1.   Start Small

Instead of going big from the get-go, start small and build your way up. Even if you understand the market, customers are unpredictable. You may not reach your sales target during the first three months due to low traffic. To shield your business from huge expenses, you can start by operating from your garage or home office. Then, when the orders become too much to handle in such a small space, you can move to a bigger office.

  1. Leverage on Technology

Thanks to technology, information is everywhere. Take advantage of the resources around you to gain a competitive edge. Install software that will help you manage the business accounts and orders. Use technology to make your business more efficient – machines are better at calculations. Use online analytics to check on the effectiveness of your website. Take advantage of digital marketing platforms to reach more people.

  1.   Have a Backup Plan

Create a backup plan of what you’ll do if you don’t meet your sales target during the first year. Make sure that you have saved enough money to keep your business running for at least half a year. Keep an eye on cash flows and consider negotiating for the best deals with suppliers. Since things are bad, try to make them understand that you may need more time to repay debts. That way, you’ll have more money to deal with more urgent business. Although it’s risky for you to start a business during these difficult times, it’s not impossible. Right now, people need essential supplies. Use the above tips to take advantage of opportunities in the market.

During these uncertain times, there is a lot to consider and you can feel overwhelmed. Please see this article on BetterHelp for further information on ways to combat any anxiety during the pandemic.