Small businesses are the backbone of our communities, thanks to their unique and personal ties to the neighborhoods they serve. However, that doesn’t mean that business practices used by larger companies should be ignored. In fact, many skills can help small businesses and entrepreneurs thrive! Here are some tips and resources worth checking out, courtesy of Cymru Marketing Journal.
Self-care Equals Business Maintenance
Business expenses typically include maintenance on a property, but aren’t you part of your business? You’re a small business owner and entrepreneur in London, and taking care of yourself is just as important as maintaining your office space. There are ways to practice self-care that won’t break the bank.
Create and enforce boundaries. It’s important not to overextend your energy, which is limited. Setting boundaries helps because they create more free time if you say no to doing too much.
Allow yourself “me time. Remember to do one thing that makes you happy as many times as you can fit into your schedule.
Mix up the routine. People are creatures of habit, but falling into a monotonous routine makes daily life feel too predictable. If you add fun to your life, it will revitalize you.
Business Sense. One of the largest tools for businesses and people is effective communication. Lack of communication causes misunderstandings and resentments because no one feels heard. People from employees to vendors become frustrated, and morale reaches an all-time low.
Use active listening. If you listen to understand and ask the right questions, you’re practicing active listening. Limiting distractions allow you to focus on the person speaking to you, and it will help them focus on you when you talk.
Utilize more than one communication method. Combining email with Zoom calls eliminates confusion because it gives the person you’re communicating with another outlet to clarify any concerns.
Emotional intelligence. Being in tune with another’s feelings and watching nonverbal cues shows others that you’re paying attention to their needs. Everyone feels better when they’ve been acknowledged if they’ve had a bad day.
Learning Is Life
If you question businesses about what they think is the most valuable skill, some would tell you innovation is the most desired. Innovative people are creative and never stop learning. You’d be pleasantly surprised at how much you’d learn from your vendors and employees if you listen to their ideas. Thinking outside the box is often key to finding a solution that fits your current problem. You never know when you need another person to look at a problematic situation from a different perspective.
Entrepreneurs can also use marketing strategies like social media and search engine optimization (SEO). Marketing via social media is a great way to reach a huge potential audience, as well. Beyond that, though, don’t neglect more traditional methods, like flyersand business cards. Those can be especially effective with neighborhood businesses!
Your Business, Your Choices
Being a business owner is a test of life and work management. You are challenged daily to get as much done as you can. Practicing self-care, using communication skills, and educating yourself about your business are keys to success.
Sustainable Business Practices Are the Future — Are You Ready?
Today, major corporations around the world are striving to become more sustainable in their business practices. This is due to market demand; consumers these days are becoming increasingly aware of the environmental and social impacts of production, and are voting for sustainability with their dollars. According to a recent Nielsen survey, sales of sustainable products have been performing well above average.
If you’re planning to start your own business, you should be aware of how sustainable business practices can reduce environmental impact while at the same time promoting healthy, thriving communities. Today, Cymru Marketing presents a guide to help you lay the groundwork for your sustainable business.
The National Geographic Society defines sustainability as “the practice of using natural resources responsibly, so they can support both present and future generations.” This is not a new concept; for centuries, leaders of the Iroquois Nation considered the impact of their decisions on their great-great-great-great grandchildren (which is the origin of the term “seventh generation”). The challenge for business in the 21st century is figuring out how to be “green” while at the same time remaining profitable. This involves numerous considerations, such as:
When looking for a niche, take into account the local environment and culture. Keep in mind that a business idea that may be sustainable in one place won’t be in another. While researching your idea, consider consumer demand and how to address it sustainably. It’s also worth looking into the walking score of a given location, in order to cut down on vehicular traffic.
Understanding the Pros and Cons
One of the challenges of going green is cost. Sustainable, eco-friendly fair-trade materials and products are simply more expensive and can reduce your profit margin. You may be able to make up some of this through volume, however, depending on the attitudes and values of your customer base.
Marketing the Benefits
In your marketing, you want to point out how patronizing sustainable businesses benefits a consumer personally. Nobody, especially consumers, wants to hear a sermon about their “responsibilities”; they want to know what’s in it for them. Consider touting the benefits of a clean environment on personal health and the comfort of knowing their children and grandchildren will be able to enjoy those benefits as well.
While keeping that in mind, continue to look for opportunities to authentically show your clientele what you’re doing to make your business sustainable. If you find a niche opportunity that isn’t being met in your area, start a green task force and share the positive changes through your marketing. Or join up with an already established organization doing great work and share how the partnership benefits the environment. You should also try to find an influencer marketing agency to help you get the word out. After all, it’s not just about what you do; it’s also about advertising your philosophy and serving as a demonstration of the results.
Starting or shifting a business to a green model is neither easy nor inexpensive under the current system. It is nonetheless what a growing number of consumers are looking for, so it’s a wise choice in all ways. Make the right choices in your processing and market your venture appropriately. An investment in sustainability may be challenging but can pay off handsomely in the long run.
Cymru Marketing Specializing in SEO, SMO, Exact Match Keyword Domain Names Sales & Acquisitions, Press Releases, Affiliate Marketing, Lead Generation & Web Design. To get started, please email us at firstname.lastname@example.org.
Minding my own business, I scrolled through my LinkedIn Notifications and noticed someone blatantly taking the proverbial p#ss out of a local pizza company. Curious about the topic of discussion and because I specialize in domain names I decided to join the conversation.
The entity happens to live in the same city as me in Cardiff Wales and runs a Marketing Agency, he pointed out that a domain namea pizza company was using has the word sh#t in the domain name. It did not have the actual word; it was the way the letters were merged and highlighted by my competitor that showed all the words in poor taste (no pun intended).
There is a saying “put your brain in gear before putting your mouth in motion” and for me, Monday morning was the start of my content writing week, and I should have thought twice before ending up arguing in a testosterone-heated discussion.
My competitor later admitted he copied the image and content from Reddit and then went on a defense that he has always supported the company and gave them free marketing…yer right.
My point was, never take the mick out of another business for the following reasons:
If you are on a network channel such as LinkedIn, someone you are connected to and who does not agree with your message may never use you in the future or pass work your way. You should never burn all your bridges. I wont be sending business their way.
If the business that was made a mockery of found out and the article went viral, there would be a certain amount of people that may not use the business, thinking if they cannot get their domain/branding right, it could look like they do not have much money to invest in a decent domain name so what is the quality of their pizzas going to be, are they scrimping on the ingredients too?
The business does not want to be seen by people that will join in on the banter. The business loses credibility.
It shows unprofessionalism.
You instantly lose trustworthiness and credibility.
The image below is proof in the pudding of what I was trying to say as low and behold a person actually commented about the innuendo the marketing agency implied about the domain name and the pizza guy.
So, although this competitor thought it was funny to take the p#ss out of a company. I quickly jumped on the bandwagon in the Pizza Companies’ defense.
I tried to point out if this was a photo of my business being circulated around social media and I had a questionable domain name (I am a domain brokerso that would never happen but if it did) and people were laughing at me I would if I was in the Pizza guy’s shoes, sue the entity that started it.
Not being a lawyer (solicitor), I used the wrong words, I said I would sue the entity for defamation of character but what I should have said was “I would sue them for Libel”.
Yes, this article came with trolls, and everyone seemed to be on the side of the competitor, congratulating him for his publicity stunt and stupidity.
However, for the pizza guy, his pizza domain will be stuck in my head, not for his delicious pizzas (as I have never tried them) but for his poor choice of the domain name and the article I read.
The one troll said any lawyer wanting to take this case on would also be taking the p#ss. I stopped interacting after that, as I did not want to add any further fuel to the fire. I defused the situation.
So unbeknown to the entities in this article, I consult with lawyers (solicitors) as I happen to own a solicitor’s directory and forum which is for sale:
(The Domain & Website Are For Sale Or Lease, along with www.conveyancingcardiff.co.uk and www.cardiffprobatesolicitors.co.uk).
What is libel and slander?
Headlines show us that celebrities and the rich and famous go through libel or slander lawsuits – however, it’s also a big problem for businesses and in the most extreme cases can damage a business’s reputation to the point where it can no longer continue trading.
So, what should a business do if it finds out that a third party is making libelous or slanderous statements about it?
The fundamental differences between libel and slander are when somebody makes a false or untrue statement or claim about an individual or an organization that harms their reputation or good standing, verbally or in writing.
Both cases are classed as defamation although there is an important difference between the two – libel concerns written or drawn statements, and photographs, whilst slander concerns verbal defamatory words.
Defamation is said to have occurred simply when a statement is made that lowers somebody’s opinion of your business as a result of hearing or reading it.
A brand that cannot afford a high-quality domain name may be questioned if they have enough finances for their business and the quality of the products or services they sell.
“Your brand is what people say about you when you’re not in the room. – Jeff Bezos, Founder, Amazon.com
Defamation is notorious on social media as I have found out and can often take place where individuals and customers are able to express their feelings about your business.
As an example:Price Chopper in the US saw a tweet that was criticizing them. They saw that the individual who had tweeted was employed by a business who they had some sort of commercial relationship with. And although the tweet wasn’t related to that relationship, and was on a personal account, they complained to the employing company that the tweet could jeopardize the relationship between the two companies, and they requested that the employer take some action against the tweeter.
What my competitor failed to see is even though he is one of my first connections on LinkedIn I am never going to send business his way or recommend him, as who is to say that he could not or would not slander me or anyone I sent his way further down the line? He lost credibility and trustworthiness posting that article on LinkedIn.
If your business finds itself in the unfortunate dilemma of having a libelous or slanderous statement made about them they need to collect all the evidence to make the case solid. It is very important to quickly assess the situation and, if necessary, take decisive action.
In most cases, no action will be taken as there is not enough evidence and witnesses may be reluctant to get involved. People are likely to hear the statement and/or may not take the comments seriously or back your corner.
One has to weigh up the pros and cons and if it is worth the money, time, and heartache of suing someone that may not have two cents (pennies) to rub together?
Sometimes causing unnecessary publicity from the lawsuit could actually further damage a business’s reputation and in such circumstances drawing attention to itself may actually do more harm than good.
If you feel this is the route to go through, are adamant you have enough evidence, and can prove you have lost business or will lose business, then the next step is to find a lawyer (solicitor).
Sometimes lawsuits can be avoided, and incidents nipped in the bud and mended what is broken by doing extensive PR Campaigns to show the business in good light.
In the case of the pizza guy, the best plan of action would be to change his domain name. He does not necessarily need to rebrand just have an exact match of searchable keywords and phrases in his domain name without the letter SH#T in the URL.
For the marketing company disrespecting his brand name, I would have done this differently if I were them, I would have reached out to the pizza guy and told him what people have noticed and are saying and then offer some relatable domain names, rather than making a mockery of his brand for a few likes and follows. (Low Blow PR Stunt).
What the marketing company (competitor) did was give me an idea to write an article that relates to my three sites: UK Domain Brokers Site and also the Cardiff Solicitors Site as well as the Marketing Journal and it gave me the opportunity to contact the pizza guy myself with a couple of domain names and offer him some marketing...thank you.
Legal action can be costly and time-consuming and there is no guarantee that the outcome, hence if people are laughing about a brand name behind the owner’s back, someone needs to step in and defend them.
A pizza guy may be an expert in baking pizzas and may not have the knowledge of SEO and Marketing, so PR stunt or not I will not be giving this marketing company any work or recommendations.
What if I need to take legal action?
To make a claim against libel or slander you must start legal proceedings within 12 months of the defamatory statement being made otherwise you will be legally unable to take any action against the other party.
How can I avoid making libelous or slanderous statements myself?
The best course of action is like I said earlier putting your brain in gear before putting your mouth in motion and quite simply ‘think before you speak!’ Be extremely careful about making accusations about another party, especially if you cannot provide proof that what you are saying is true.
Never make innuendos such as the marketing company did, and highlighted the letters SH#T in the domain name. This implies the guy’s pizzas are inferior. Sometimes it is better to keep your opinions to yourself.
I have not shared the previous article written by my competitor purposely as I do not want to draw further attention to something that should have been avoided providing the person posting the article had one ounce of common sense, which in my opinion he did not.
Simply highlighting the letters SH#T in the domain name was disrespectful to the domain owner even though he could have chosen a better domain.
Who wins at the end of this? I do of course because I have secured two exact match domain names that will help the pizza guy with his marketing and advertising?
I wonder what the competitor’s clients would think if this was brought to their attention, after all, my competitor has his clients on his landing page and I am sure it would not look good for him if he was seen to be disrespecting another company.
When publicly speaking about a third party one needs to be careful not to say anything derogatory or offensive, because making statements can leave you open to being sued for defamation or libel.
“It is much better to empower, support,and find solutions for businesses that may be experiencing issues with branding and domain names rather than criticizing and laughing at the expense of their errors, for your own gains”.
When it comes to any business your first port of call is to have an exact match searchable keyword or phrase domain name followed by a well-designed, search engine optimized responsive website. Then you have to concentrate on the marketing and advertising of your site daily.
Here I have compiled a list of things you need to get your website noticed.
Secure your exact match searchable keyword or phrase domain name.
Develop a website that has content uploaded frequently. Search engines prefer sites that have new content as opposed to a static site just sitting there.
Optimise your site for search engines and social media.
Match your site with an exact match keyword social media page on Facebook, Instagram and LinkedIn.
Add a chat widget to your site so that people can ask questions on demand.
Add a translator for your foreign students.
Add a speech widget for people that suffer with dyslexia or have eyesite problems.
Find your prospective student on forums and social media platforms such as Facebook, Twitter, LinkedIn, Instagram, Snapchat, Reddit, Tik Tok, and other social platforms and advertise there.
Partner with pubs and clubs and get them to give each person that visits a leaflet.
Partner with schools and colleges and get them to hand out branded merchandise in exchange that your advertise them in return.
Partner with events like colour clash or the like and set up a stall giving away branded bottled water.
Sponsor and Event.
Tout your business via food banks for students, child care facilities that offer free or discounted care, discounts on transit all matter for adult students trying to gain education to improve their lives.
Offer financing with easy monthly installments.
Share student success stories.
Invite students to have their own blogging page so that they can write content of their own on your site.
Start a competition with the chance of winning a course.
Partner on other website and exchange banner ads.
Wear your branded clothing so that people can see your business and get your staff to do the same.
Give branded merchandise to your employess and their families and eventually you will spread awareness.
Wrap your vehicles on your banded information, logo and website, or buy magnetic signs similar to what taxi driver have.
Advertise in magazines and newspapers.
Partner with charities.
If you have an announcement and want journalists to write about you, visit PR agencies such as www.issuewire.com
Create an app and give incentives to join.
If there are any suggestions you have thought of that have not been listed just drop ys a line and we will add them in.
If you are in Wales and wish to acquire this domain name www.learninwales.co.uk and add it to your SEO link wheel just message us by return with a view of perhaps developing it into a blog perhaps.
If you are reading this you have come to the right place, we can help you with lead generation and drive traffic to your business, domain name, product, or service.
If you want more business, spread brand awareness, and have lead generation, we will work for you for a whole month, which costs less than employing a member of staff to do the work for you, not to mention they will not be able to do what we are offering.
We have a good track record and have a large network of connections on LinkedIn and other social media channels.
Marketing & Advertising are the fundamental strategies to drive traffic to your business, product, or service. Some businesses use PPC advertising which can be costly if you have to compete with daily keyword bidding. However, outbound marketing and banner ads are a goodalternative and landing pages are optimized to search engine standards so that you have a fine-tuned target audience.
We understand ‘Video Creation’ can all cost an arm and a leg, yet we will do a video, all-inclusive of our monthly offer. Each advert that we create has SEO so that we can generate targeted traffic on your behalf. We use exact match searchable keywords and phrases to drive more business.
If you are interested in getting a helping hand just drop us a line using the form below. There is no time like the present to get more customers.
Regardless of what industry you are in, you always want more business. However, for startups, it is even more daunting when your phone does not ring or you have tonnes of emails with people selling you things but you have no inquiries.
So you have got a business plan and you think you have it all worked out but you still have no customers so what do you do?
In this article, I will list some ideas that you may not have thought about.
But first, we have to establish the difference between a small business and a large powerhouse. With a corporation or business that has been established for many years their brand name is well known and people will always choose a well-known brand over a lesser-known one.
If you are just starting out or are struggling to get business through the door, you may have to adopt different strategies to get you noticed. If this is the case you need your business to be in the news you need to be consistent and not hide behind your brand but instead be out there flying your flag high.
A more established company will have more money to spend on advertising and on staff and employee incentives. These companies use marketing agencies to help them get more exposure and will encourage their staff to publicize their company, products, and services
If you are a small business for example of 1-10 employees and your advertising budget may be on a shoestring, you have to invent ways to advertise your brand on next to nothing.
So here is a list of things to do to increase business.
(Some are free and some are pay per click or editorial or offline advertising suggestions)
Start a podcast, talk about your company, conduct interviews with people that are making the news in the same industry as you.
Start a Vlog and set up your own YouTube Channel.
Consider Video Marketing, design your own videos or hire an agency.
Start a Blog and write regular content. Do make sure the domain name has the exact match searchable keywords and phrases.
Perform a SEO audit report and see how you can optimise your website/blog to perform better.
Get Like for Likes on social media groups and pages.
Guest blog for free on other peoples blogs or comment on their articles. Some companies even pay you if they find your articles useful.
Network with other businesses, LinkedIn is a good place to start and if you have networking events in your area consider going to one or two and start making acquaintances.
Make use of all your social media platforms. Create business pages and join groups and like, comment and share your blog posts and interact with other business owners, don’t forget to use hashtags and if permitted backlinks to your page or site.
Set up a business forum in your niche through WordPress, they have plugins that are already designed for you.
Join Business Forums and interact.
Set up a (chat) on your website and blogs so that you can interact with your visitors (www.talk.to is free). Remember to have the chat bot on during office hours.
Share Banner Ads on Social Media, Platforms, Pages and Groups.
Advertise in Business Directories (most are free).
Advertise on Classified Ads (Some are free, like Gumtree, Craiglist and FreeAds).
Interact with local communities, some have websites (Quora, Reddit) aswell as Facebook groups.
Set up a local workshop.
Do Public Speaking.
Offer free business consultation if you are in the industry of helping business grow.
Offer to advertise other peoples businesses, products and service on your site free of charge for a limited time.
Sell your advertising space to business owners.
They say the money is in the list, set up a newsletter and send out information to your contacts. Offer incentives to get people to sign up to your newsletters.
Consider Affiliate Marketing where you get paid if someone clicks an ad you are displaying on your site or through an email list or newsletter.
Pay people to advertise your business through companies such as ‘Clickbank’ ‘Rakuten Linkshare’, ‘Shareasale’.
Write an ebook that you can offer your customers in exchange for their email.
Set up an event such as a conference, auction, or networing seminar.
Sponsor an event, this could mean you may have to either pay/domate or offer your services for free. This will give exposure to your company and your brand.
Organise an open house and offer wine tasting or set up a stall and sell your products and services. The series on Netflix “Selling Sunset” hosted parties and a wedding in a few of their luxury properties they were selling to VIP guests, multi-million dollar real estate.
Set up an auction or fashion show and get other businesses to donate something and charge an entry fee for the evening of the event with your brand name in the limelight.
Partner with a small business, offer your products and services at a discounted price and ask them to do the same in exchange. They may be a Web Designer but may not offer marketing, whilst you as a marketing agency could offer your service in exchange for leads and visa versa.
Public Relations – make an announcement on PR Agency websites where journalist can write about you.
Create a Google Business Page and update regularly just like you would a blog.
Set up a contest/competition.
Offer Discounts and Incentives to all you current and prospective clients.
Upsell to your existing clients.
Offer Free Trials and Demos.
Wear your insignia and get your employees to wear branded apparel.
Send out compimetary useful merchandise with your company logo, website and telephone number.
Ask for referrals, offer you clients incentives that if they refer you, you will give them something in return, it could be a product, service or discount.
Get your family and friends to spread the word.
Consider leaflet drops to businesses or homes depending on the industry you are in.
Sell a course online to educate people in your industry.
Sell merchandise with your company name.
Set up a Wikipedia page.
Set up a Crunchbase profile.
Pitch your business to angel investors, private equity firms to raise funding and spread awareness. Angel investors may put you in touch with some of their contacts if they think your business is viable, in exchange for a commission on every introduction.
Set up a squeeze page using click funnels to your offer.
Consider advertising your busness on other sites (rate card advertising prices will apply).
Google Ads not only help with ranking they will get you on the first page of Google instantaneously providing you meet the bidding price of your daily budget.
Facebook Ads, can fine tune the audience you wish to target.
Instagram Ads – Instagram has over 500 million users per month.
Start following people and businesses in your niche on Instagram and interact with their posts.
Editorial Publication Ad Campaign.
Guerilla Marketing, do something outlandish but first get permission from the local council and the police. If you are a web designer set up a office type table and chair in a busy high street and when people ask what you are doing you can hand out your business cards. Baroness Michelle Mone did a stunt promoting her ‘Ultimo Bra’ brand back in the day when she was starting out by having actors dressed up as plastic surgeons protesting that ‘Ultimo’ was putting them out of business. The day of the event all her bra’s got sold out. Hire a plane or drone with the flogo and have your advert flown sky high.
Promotional giveaways, you can do this digitally or can set up a physical stall, you can giveaway products and services but do get permission first if you plan to do it in a public place.
Make the most of trade shows by either networking or setting up a stand an expo.
Create your own App.
Billboard advertising is another way to attract business, such as bus stops and on sides of buildings.
Advertise on Publish Transport on the side of buses and taxis.
Send your products and services to influencers and celebrities and ask them to endorse your brand.
Advertise your business on Black Cabs if you are in the UK and Yellow Cabs in the States.
TV & Radio Advertising.
Help non profit organisations by donating or marketing, either way the charities will advertise you.
Go physically into businesses that are in the same niche as yours and if you are a pet sitting/dog walker business go to your local vets and ask them to display your posters or brochures. If you are selling cruises get your local high street travel agents to display your information.
Offer your services for free for the first month or so, get people to sign contracts as they could take you up on the offer and then walk away once it is ended. Or if you are selling a product why not “try before you buy” type of offer.
Ask businesses if they would like free exposure to their products and services and display, their merchandise in your establishment, moreover they may also do the same for you.
Go to cafes and grocery stores where they have message boards and display your information, or if you are more high end, visit hospitality venues and advertise your products and services there. Give them incentives to market your business such as an exclusive discount and mention their name in the print.
Start a directory of businesses in your niche and offer both free and paid listings. When constructing the directory contact each business owner and tell them they have a free listing. This will give you the opportunity to explain who you are and offer them more exposure with more prominent paid advertising. Instead of waiting for the mountain to come to Mohammed, get Mohammed to go to the mountain.
Note From The Editor.
When promoting your business try to expand your products and services, it is good to have your fingers in many pies.
As well as the above-mentioned hints and tips, re-train your mindset and stay focused and positive. Be assertive with yourself and do not allow any negativity to get in your way. Just before you go to sleep visualize your ultimate goals and desires and imagine yourself already have acquired your wealth, do this every night for 30 days and see changes manifesting. Research neuroscience and the power of thought.
Anyone wishing to have a little extra help please contact us to discuss your needs, or Buy Our Marketing & Advertising Special Offer for £25.00 by clicking the link here.
**Please note all payments will be processed via Stripe.com Secure Payment Gateway and the invoice will show transactions paid to UK Website Designers.Please also note campaign will start 24 -48 hours after payment has been received giving our designers enough time to create a video and advertising banners.
Do you need more traffic to your website? As a Wales independent marketing and brand company, Cymru Marketing offers worldwide digital marketing, including outbound marketing, blog posts, and social media advertising. Contact us today!
About the Author:Katie Conroy is the creator of AdviceMine.com. She particularly enjoys writing about lifestyle topics and created the website to share advice she has learned through experience, education, and research.
Early Steps To Take for a Long-Lasting Business
Starting a new business means juggling many responsibilities — not only for your livelihood but for that of your partners and employees. Administrative duties aren’t the most glitzy or appealing parts of the business. But if you develop effective and reliable methods to get them done — like these from Cymru Marketing — you’ll be closer to launching a successful business.
What, exactly, are the least appealing but most important behind-the-scenes tasks you need to do for your young business?
Banking Matters: Accounting and Payroll
From the moment your business launches and years into its lifecycle, you want to have organized, thoroughly documented financial data. As SmallBizDaily points out, accounting informationhelps you analyze your business’s performance, and it’s important for filing taxes — errors or missed deadlines in your business’s taxes can result in penalties. As your business grows, so will your accounting needs, so you may decide to hire an accountant or use software to take care of the books.
Similarly, a meticulous payroll system will serve you well both in the early days of your business and after it’s fully established. If your payroll taxes aren’t managed correctly, you may incur penalties, so look for a service that offers penalty protection.
The ideal small biz software apps will also streamline other payment processes to save you time, like employee time tracking, fast direct deposit, and automatic payroll calculation with all the payroll forms applied correctly.
Getting Your Start-Up on Its Feet: Funding Options
Accounting and payroll are financial processes that come into play only when your organization has actually secured funding. Funding is perhaps the most basic requirement of having any kind of business, notes Think Latitude, so even if it’s not an appealing part of the work, it is a priority. There are many ways to go about financing your enterprise, each with different advantages.
If you’re starting a business that has a chance at explosive growth, you may consider seeking out venture capital funding from investors. If investors choose to work with you, they can be a huge help in providing the money (“seed capital”) you need to launch your business. They’ll also most likely become members of your company or have some portion of ownership in the business.
Other strategies for funding a new business are crowdfunding, an internet-based effort, or self-financing, which means that you pay the expenses of starting the business yourself and own the business in its entirety.
The Organization at Its Core: Choosing the Operational Structure
One way to approach the need for funding, and the structure of your business as a whole, is by choosing the type of operational structure you’ll be running. Several options are available, including forming a limited company, a sole trader, a partnership, or a limited liability partnership (LLP).
Each type of organization comes with its own set of pros and cons, all dependent on what’s the best fit for your business. For instance, the LLP structure offers both immediate and long-term advantages: It limits personal liability in cases of debt or bankruptcy and is pretty easy to create and operate either on your own, with a lawyer, or through a service.
Starting a business is one of the most exciting career steps you can take, and streamlining the chores of getting started leaves more room for you to enjoy yourself. When technical tasks aren’t stressing you out or slowing you down, you can focus on perfecting the product or service that you set out to share with the world, celebrating what you’ve accomplished alongside your team, and maybe even taking time off.