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Things to Remember When Acquiring Small Business Loans

A business that is able to generate enough profit is worth venturing into. However, it is not usually easy to run a business and be able to generate the desired amount of profit within the desired period of time. There are many factors that can account for this. However, money is usually the underlying factor. For example, you may have dreams to propel your business to higher heights but you may not have enough funds to bring your dreams to fruition. In order to quail the negative effects of financial hurdles in running a business, it is always advisable to acquire a small business loan. Small business loans can be acquired from any financial lending institution. However, there are certain important factors that you have to bear in mind before acquiring a small business loan.

First of all, you must try to carry out a viable and timely market analysis. This step is very important and should not be overlooked. Market analysis can enable you to know how to run a business without incurring too many losses or any losses at all. It is a sure way of knowing the strengths and weaknesses of your business, learning more about the number of customers who may available to help you sustain your business and the estimated amount of money that you may have to pump into your business in order to see viable results. Without this step, any business is bound to fail.

After carrying out market analysis, you have to found out the hurdles that will affect your business. It is important to always bear in mind the fact running a business is not a smooth ride. Sometimes there are losses which can be substantial enough to ruin your business. A good business person must know how to avoid the hurdles that are associated with running a particular business. If you want to be a successful business person, you have to remember to identify all your obstacles and how to overcome them. As a matter of fact, only small business finances that have been acquired by business persons who are aware of the obstacles awaiting them have been properly utilised.

It is also important to identify all the risks that may be involved in the running of a particular small business. In this case, the business person involved will be responsible for deciding whether to take a particular risk or not. Some risks tend to yield desired results, while others tend to jeopardise the progress of a business. It is entirely up to you as a small business owner to decide whether to take a particular risk or not. The timing is usually important because it determines whether the risk is worth taking or not.

If you have prospects of acquiring one of the small business loans, you must be able to use the funds accordingly. In this case, this means expanding your current small business so as to generate enough funds to repay the loan. Otherwise, acquiring a small business loan will be equivalent to digging your own grave.

Going Into Business

Preparing yourself for ‘going into business’ is all about having an idea, researching the idea and drawing up a business plan. Getting this right is vital for your future small business success.

  1. The Business Idea

Most people go into business with as little as a few thousand dollars. Some start with less than $500. Many businesses start out as a hobby and most begin part time before quitting their job when it becomes apparent that they can make a living out of doing something that they love. Others feel that they don’t like working for someone else and decide to go it alone. Some people just need a ‘sea change’.

You may be bored with your job, looking for a new challenge or you may have identified an opportunity that suits your skills and captures your imagination. You may have identified a gap in the market and feel that the timing is right. People start businesses for all sorts of reasons. Some need to earn extra money. Others want to be their own boss or to build a lifestyle by working flexible hours. For example, I like to run and I work my own hours. What do you like to do?

Whatever your situation, you need to consider -

  • what you want to do
  • why you want to do it
  • how will it make you feel

Is this business something that you really want to do? Ask yourself “Why is it important to me?” You must be able to answer this question. Does it excite you? If not, you may be better off looking elsewhere.

If you don’t have a strong enough ‘Why’, your chances of long term success can reduce dramatically. What will drive you to succeed in your own business? What will get you out of bed each day with a spring in your step? Is it the lifestyle, the money, the self satisfaction, the extra time with the family, the product or service? If there is a driving force, the things you need to succeed will just arrive. The right people, the right ideas and the right resources with come to you effortlessly.

Remember that it may feel right for you today, but how will you feel about it in 12 months from now? These are important questions that you need to answer before you get started.

  1. Researching the idea and the market

The internet is a wonderful business tool. We can access everything from Government statistics to articles, forums and websites on specialist subjects. All Governments these days have a Statistics Department where you can learn an enormous amount of detail about your potential market.

Demographics can tell you a lot about local and international markets. You can find out where your potential customers live, their age, marital status, occupation, income, children, home owners etc.

Social Media platforms can help you to communicate and engage with your prospective markets. Start by asking your Facebook and Twitter friends what they think of your business idea. Set up an online Survey and ask 3 to 5 relevant questions about your business. This is a great way to find out if you may be onto a winner.

Make sure you attend business networking groups. These can be a lot of fun and they allow you to connect with business people all across Australia and internationally.

  1. Creating a Business Plan

A good Business Plan needs to have a Vision, a Mission Statement, Financial Goals and Objectives and an Action Plan. Without these features it is just a Wish, not a Plan. Make it succinct, understandable and believable.

How important is a Business Plan?

A Business Plan is vital to forecast the path of the business. It helps to determine if you have a financially viable business. It will also help you to keep

track of your results, and to see if you are on target. If you need to borrow money to set up or to expand the business, your Bank Manager will ask to see your Business Plan.

A written Business Plan works because it makes you focus on what you want from your business and what your customers want from you. When you give your customers what they want, they keep buying from you. It’s as simple as that!

Top Tips In Finding The Best Business Mobile Phone Plans For Your Small Business

The mobile phone is a significant and indispensable communication tool for small entrepreneurs. It can be useful when following up with suppliers and customers, or when communicating with employees, and a way to make their small business accessible to their potential customers.

The only setback with this kind of communication is the high price tag small business owners have to pay. Many small business owners discover that their monthly phone bills comprise a huge chunk of their overhead and operation costs.

Deciding on the best mobile phone plan for your small business can be a truly daunting task. Several considerations have to be made in order for you to make sure that you get the maximum cost savings for your business. In this article, we will help you find the best business mobile phone plans for business.

Communication is crucial for any small business. To be able to succeed and make more profits in today’s economically competitive environment, businesses need the right tools to succeed and outsmart the competition.

Selecting the perfect business mobile phone plan is an essential part of any business be it big or small. Yet, with the wide array of competing business plans on the market these days, getting through the labyrinth and finding the perfect plan for the needs of your small business can really be tricky. As you scour the market for the best business mobile plan for your small business, you also have to carefully assess your needs and set your priorities right.

Read on below to learn things you should consider when choosing a small business mobile phone plan and find out how you can further improve your business with the best business mobile phone plans today.

Here are top five tips to help small business entrepreneurs find the best phone plan for their small business:

1. Discover the plan that matches your individual usage.

Ask yourself what do you use more often? Long distance, day time minutes, data, or do most of the calls take place after office hours? Analyse your own usage patterns and find the plan that best matches your business needs. Most pricing are organized so that users may select the best alternatives possible such as an unlimited calling after business hours, low rate long distance, unlimited weekend calls or even unlimited long distance for $10 a month.

2. Research and find telecommunication companies that cater to small business

Go to various telecommunication websites and look for the special business or enterprise sections of their website for information on business phone plans. Their sales representatives at the store fronts, dealerships, or other strategic locations will be more than willing to assist you with your inquiries regarding consumer based products and plans. They will surely have the exact same plans available to meet the various needs of any business.

3. Regard yourself like any other business

Do not belittle your business or take yourself for granted, even if you are small, it does not mean you don’t qualify for a business pricing. Major carriers will provide small business price plans to even solo entrepreneurs who are heavy users. Just the same, if you are a family business on a family plan, do not be afraid to ask about business pricing to get everyone the amount of minutes, long distance, as well as data needed to communicate to customers and within the business more effectively. Streamlining your plan to do away with overrated charges is the key.

4. Demand for perks and freebies

Small business plans may also come with the added perks and freebies much like big businesses and business owner find this immensely helpful. If they offer freebies, by all mean avail of it! You are very much entitled to these as would your bigger business counterparts. Check for better hardware replacement guarantees for your consumer plans for best possible plans.

5. Get the best deals possible for business owners like you

Bear in mind that business pricing does not solely apply to wireless plans. Several substantially sized telecoms offer business pricing on all of their products, such as cable and internet. These plans basically provide even bigger bundle discounts compared to regular consumers can access.