Business

How To Get Funding For Your Small Business

Published

2 months ago

September 25, 2019

It can feel very overwhelming being a small business owner. Sometimes you might not even know where to start. This article was created to give you some tips on how to obtain resources to grow your company. The most important thing is to never quit on your dreams. There are so many tools out there that can help you grow your company more efficiently.

Visit the Small Business Association in your city

It is very important to write a business plan. Before you seek out funding, it is critical to have a clear outline of your business goals and objectives. The SBA can assist you with reviewing your business plan and help in advising you on available funding programs. They also have mentorship programs that you can sign up for. It is vital to network with other professionals in your industry.The Small Business Association can also provide a plethora of tips on preparing a financial statement. It is important to understand your company’s profits and losses. An Income Statement can assist you with measuring your company's profitability over a period of time. Each month, you should evaluate your company’s financial records. You don’t need to be an accountant to prepare these types of statements. It is critical to understand every aspect of your business before you seek funding.

Research grant programs

There are available grant programs that you can apply for. Grants for small businesses have a challenging application process, plus businesses need to meet certain requirements in order to qualify. There are grants available for specific demographics, research purposes, geographic locations, and business types.The federal government does provide grants to small business engaged in scientific research and development (R&D) under the Small Business Innovation Research (SBIR) Program. Depending on the nature of your business, you might be able to qualify for a variety of different grants.

Develop a personal saving plan

It is very common for small businesses to be self-funded. You would be surprised about how much you can save if you create an effective budget. Reducing eating out at least twice a week can save you hundreds of dollars each month. Having a social calendar is fun, but you have to remember that you are building your small business right now.If you are selling a product, a great way of saving money is by buying in bulk. You can sometimes get great discounts by buying items from overseas. Another great way to save money is by making your own products or printing your own marketing materials. Try being creative and you never know what can happen. It will feel very gratifying to see the results of your hard work. Handmade items also give a very personalized and custom feel to the items. Pinterest is a great site to get inspiration for your projects.

Host a fundraising event

Giving back is very important and there are several non-profits that are doing great things in the community. If you are looking to obtain funding for a good cause, try hosting a fundraising event. Several restaurants are willing to allow you to host a free event at their location and donate a portion of everyone’s meal to charity. You could also add a feature on your website to allow customers to donate a $1 to your charity at the checkout.People love to read positive stories about companies that give back to the local community. You can also offer individual internships at your company, so they can get school credit or community service hours. Once you have raised funds for your charity or non-profit organization, you can issue a press release or invite a local news station to report what you are doing for the community. “Kindness in words creates confidence. Kindness in thinking creates profoundness. Kindness in giving creates love.” - Lao Tzu

How business loans can be effective

There will come a time when you need to grow your small business. It is difficult to grow your business if you don’t have the available cash flow. A lot of startups fail because they are unable to take their businesses to the next level. I suggest that you review your business and write out your expenses. Estimate how much money it would take for you to operate, then use that figure to help determine how much you need. You will most likely need to provide financial records to show the amount of money your small business earns as well.Several well-known banking institutions and online sites offer small business loans. Credit unions and community banks are very small business friendly. Obtaining a line of a credit is also a possible option. Check your credit score because that will play a huge part in getting your loan approved at a good interest rate. There are predatory lenders out there that will offer extremely high interest rates. You don’t want to get a business loan and then end up losing your business trying to repay the loan. Having a business loan can reduce the stress of covering your current overhead, get you to pay your staffs, and will allow you to focus on growing your business.PayPal is a great tool for tracking your business expenses and generating reports. You can also use the PayPal card swipe machine to accept payments for a fee. A little known resource is the PayPal Working Capital funding service. I would advise that you read the reviews and important disclosures regarding this funding option. PayPal Working Capital offers flexible payment options, fixed fees, no credit check, and funding is available in minutes if approved.

Crowdfunding might be a great option

There are several popular rewards-based crowdfunding options. This is where companies offer ‘rewards’ or ‘perks’ to individuals who pledge to his or her project. It is important to research all of the pros and cons associated with this option. These programs also allow you to interact with the world and obtain feedback on your company or idea. A potential investor might be out there waiting to jump in and help you fund your small business.There are also several personal online fundraising sites that you can share with your friends and family. It is recommended to have a strong presentation of what the funding will be used for. This will help you obtain more funding and encourage more people to share it with others. This option typically doesn’t generate as much revenue as crowdfunding, but it can be very effective.If you are looking to create a small business, I would like to wish you the best of luck. Owning a small business is one of the most rewarding and scariest things that you will ever do. America was built by small businesses and it is important to know some of the available tools to grow your company.

Related Topics:business finance fundraising startup

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Business

How to Build Your Own Startup

Published

7 hours ago

November 21, 2019

Yvonette Sanchez

Ever wonder how to build your own startup? The startup world is full of entrepreneurs who want to take their dream business from Point A to point B. Getting your business off its feet can be hard because many people are not equipped with basic business skills. In the startup culture, getting your idea to become profitable is the dream, and it's always a race to set it up. If you're thinking about starting a business, here are some tips to consider to get yourself going.

Network to build your own startup

Look for people who have "been there and done that". These people know what they are doing and can provide you with practical tips and advice on how to start. Also ask about mistakes to avoid and things to watch out for so you don’t have to learn the hard way.

Research Your Market

Market research can tell you if your idea is worth pursuing. Start your research by stating the problem and see if your business idea is the solution. Figure out how many people have this problem, and talk to them to see what they can say through a survey. Check out the competition to see how you are different and figure out how you can beat them.

Find A Mentor to help build your own startup

One of the best ways to start a startup is by finding a mentor that can guide you along the way. Your mentor can be somebody whom you can bounce ideas off of. Mentors are some of the most important and valuable resource you can tap into. They can help you take your business from idea to success through their guidance and coaching.

Brand Your Business

Branding is not only about choosing a name for your business. It is about your business identity. Choose a name that conveys the idea of your startup or the problem it solves. By this time you should also have a domain name and have marketing materials ready.

Business Plan

A business plan is like a blueprint for your business that tells you what you are going to do and how you’re going to do it. Your business plan should also have an "attack" on how you can "battle" the competition. Determine what you want to accomplish with your business and steps on how you can get there.

Your Workplace

Where you decide to work has an impact on your startup. Some people choose to work at home to save money, while others rent space or share an office with other businesses. Don’t be afraid to experiment on locations for your workplace.

Accelerator Program to help build your own startup

Think about applying for an accelerator program. These are programs that provide startups with coaching, network or small investment to help the business take off quickly. Take accelerator programs with a grain of salt, because some of them will require you to part with equity.

Raise Capital

Capital for startups usually comes from the founders. Other startups get capital from venture capitalists, angel investors or loans. These investments can be a big help to startups. However, you should only take capital from sources that they understand. If you are raising capital from outside sources, figure out how much you need to raise and how it will affect your business.Having an idea for a start up is easy. The hard part is in-between the idea and success. For startups, it is crucial that their idea become reality as quickly as possible, since delays can kill the idea. While there is no wrong or right way to start a startup, following the above steps can help save time.

Business

Tips On Tracking Business Miles

Published

1 day ago

November 20, 2019

Yvonette Sanchez

Are you one of those people who scramble around for auto deductions every time tax season comes along or do you avoid auto deductions because you think they are not worth the hassle?

Believe it or not, many businesses miss significant tax deductions simply because they do not keep up with tracking business miles. The good news is that tracking business miles is not a big chore. You just need a good system in place and tracking business miles is easy. Here are some tips to consider.

Use An App

Most businessmen use a smartphone and they have apps you can download to keep track of business miles. MileIQ, TripLog and TrackMyDrive are available for iOS and Android. Every time you take a trip, the app records the miles using GPS tracking and then allows you to classify the trips as business, personal, medical and other custom categories. You can also add additional details or purpose for the trips.

Daily Log

You can also use the old paper and pencil method by using a daily log you can keep in your glove compartment. The IRS wants detailed documentation so your logs need to contain date of travel, purpose (client name, meeting with supplier, banking, meeting with accountant, etc) and starting point and destination of every trip. You can also record the actual mileage if you want by taking note of the odometer meeting from the starting point to the end point.If you are only using 1 car for business and personal use, record the odometer reading at the beginning of the year and at the end of the year so that you can compute business use percentage.

Sampling Method

This method assumes that you travel almost the same amount for business every year. It also entails the use of detailed appointment books. Under this method, you keep track of your business mileage using a sample figure for a period and then use it to extrapolate your mileage for the whole year. You must keep a record of your mileage for the first three months for example and back it up with appointment books. You don’t have to use three months. You can use 1 week, 2 months or any time duration you think that best represents your business mileage for the year.

GPS Mileage Tracker

There are tracking devices you can install in your car so that it can keep track of business and personal miles. Using a Wifi system, the GPS device records driving and then uploads it to the internet so that mileage logs are created automatically. Some of them have business buttons you can push so that trips are set automatically to business. The IRS trusts GPS mileage trackers because they are usually tamper proof and backed up so that they can protect information in the case of an audit.Keep good records to maximize tax deductions that you are entitled to with the IRS. This way, you won't pay more than you owe and won’t get slaughtered by the IRS auditor.

Business

5 Best Gaming Mouses for Work and Play

Published

2 days ago

November 19, 2019

Khai Tran

Ever wondered if there's such a thing as a gaming mouse that's work good for work? At Owner's Magazine we value our readers and understand that you're probably scrolling through this article on your phone, tablet, or worse on a trackpad. An entrepreneur shouldn't have to separate work and play. We've reviewed several other products for entrepreneurs who seek tech gadgets that doesn't require compromising. And today we've reviewing the best Gaming Mouse for both work and play. We want to give a shoutout to our sponsors and supporters who send us amazing products to review.

5. Logitech G900 Chaos Spectrum

DPI: 12,000Interface: Wired/Wireless 2.4GHzButtons: 11Ergonomic: AmbidextrousFeatures: Customizable RGB Lighting, 30 hour battery life, removable side buttonsCost: $79 refurbished from TangaWireless gaming has always been plagued with lag issues, which is why true gamers tend to shy away from bluetooth or wireless mouse. The G900 is here to change that once and for all. Logitech was able to get the G900's polling rate down to 1 millisecond on a 2.4GHz connection. Combine that with accelerated coverage of DPI range, zero smoothing and filtering, the G900 is a serious contender for that precious cargo space in your travel bag. Being wireless means it'll pair with just about any laptop (even mac) and it's ambidextrous design makes it compatible with all type of users.

4. Asus ROG Gladius II

DPI: Up to 12,000Features: 50g acceleration, 1000Hz USB polling rate, removeable left and right buttons, Omron switches, RGB lightingPrice: $99 from B&HDesigned to grab attention and also excel in performance. The Asus ROG Gladius 2 comes with swappable buttons, a clickable scroll wheel, and a sensitivity toggle. The RGB lighting covers the mouse from top to bottom and is customizable, so you can pimp it to look like the rest of your gear if that's what your heart desire. Despite the comprehensive list of features and the hefty price tag, it doesn't come with swappable weights. This mouse is a perfect fit for entrepreneurs on the go and seeking a mouse that would allow them to snap a few noobs in between meetings at coffee shops.

3. Corsair Glaive RGB

DPI: Up to 16,000Features: Interchangeable thumb grips, three-zone backlighting, Pixart 3367 sensor, Omron switches, DPI status lightsPrice: $60 from AmazonTaking a step down from the super high end priced mouse and entering the more affordable range we have the Corsair Glaive RGB. Corsair is a company known for their PC parts and not known for their gaming peripherals. Entering the gaming scene, Corsair needed to innovate competitive edge, resulting in a mouse built for comfort, with a coating of soft touch paint, and swappable thumb grips.

2. Razer DeathAdder Elite

DPI: Up to 16,000Features: True tracking at 450 Inches Per Second, Resolution Accuracy of 99.4%, Mechanical mouse switches (up to 50 million clicks), Razer Chroma lighting, Up to 450 IPS / 50 g acceleration, Razer Synapse softwarePrice: $67 from AmazonRazer is a well known brand in e-sports gaming and especially gaming equipment. It's no surprise that at least one razer mouse would make it on the list. The Razer Deathadder Elite is an affordable and powerful gaming mouse that carries all the essential pro-gaming necessities and nothing extra. You can also change the DPI of the mouse on the fly via buttons beneath the scroll wheel. Although the DeathAdder doesn't have the bells and whistles as some of the other mouse on this list it does come with beautiful RGB lights, changing the DPI on the fly, easy-to-buttons, and grippable scroll wheel makes the DeathAdder a formidable mouse for the price.

1. SteelSeries Sensei 310

DPI: Up to 12,000Features: Ambidextrous design, one-to-one tracking up to 3,500 CPI, 50-million click life spanPrice: $60 from Amazon - it's so popular it's out of stock!And the ultimate mouse for both gaming and work is the SteelSeries Sensei 310.Steel series have always been known for making exceptional gaming products and their latest The SteelSeries Sensei 310 is no exception. Steelseries priced the mouse competitively to mice priced double it's price. It's a simple no-frills design that's not meant to show off your "gamer side" or be an attention magnet on your desk. If there is such a thing as a Mature gamer, Steelseries definitely made this mouse for that specific audience. Although lacking the bells and whistles of other mice on this list, the performance, reliability, and impressive sensitivity makes the SteelSeries Sensei 310 a must-have for both gamers and the average everyday user looking for a solid performing mouse. The mouse is so popular you may have a hard time tracking it down online.

Conclusion

These were the 5 best mouse that we reviewed this half of 2017. No matter which mouse you choose on the list, you'll be satisfy with. Ultimately choosing a mouse is a personal choice and everyone's preferences are different. Some of us want our mouse to be edgy, flasy, and highly customizable. While others want a no-frills plug & play gaming mouse that can also work with their Mac while traveling. Whichever mouse you choose, just make sure you also grab a good mouse pad to go along with it. A mouse is only as good as the surface its on after all.