Create a business plan
“A business plan is key to starting a salon. The plan offers a road map for salon owners to follow and helps entrepreneurs consider all areas of the business. A business plan makes sure you set up a metric for success and consider the financials before you invest huge amounts of time and money in a new salon.”
Find a way to stand out
“With salons on every corner, even in small towns, entering into the market with a specialty or service niche can dramatically increase buzz and press about your opening. Most salons try to please everyone, offering a huge menu of services. But this does nothing to differentiate you in the market. Even if you do offer many services, promoting a niche or specialty service will help you attract not only a very loyal client base, but will [also] instantly lend credibility to your salon as the experts in your niche space.”
Research local laws and regulations
“Do your research. Ensure that you are complying with
Myth No. 1: Getting a small business loan is the hardest thing you’ll ever have to do.
Obtaining a loan for your small business is no easy feat, but it doesn’t have to be an insurmountable challenge. Small business lending experts agree that the best way to avoid trouble is to prepare for the challenges that the application process may present.
“A lot of the frustration around obtaining small business financing can be eased by doing your due diligence,” said Michael Adam, founder and CEO of Bankmybiz, a site that connects business owners with business funders. “Be prepared, and have all your documents ready to present to lenders.”
Myth No. 2: You have to have perfect credit to get a small business loan.
Although low credit scores might have precluded you from getting a loan in years past, today’s lending environment is more open to subpar credit ratings.
“While traditional banks may be restrictive when it comes to obtaining credit, there are alternative options,” said Michael Kevitch, president and founder of Small Business
Many aspiring entrepreneurs have an idea for their business but lack the capital to actually start it. Brand-new businesses are often turned down for bank loans, and even if your business is established, funds can still be tough to secure. Loans funded by the Small Business Administration are usually more accessible, but they are becoming increasingly competitive.
So what options are left for someone aspiring to be a small business owner? Here are six options beyond bank loans for financing your startup.
Online lenders have become a popular alternative to traditional business loans. These platforms have the advantage of speed, as an application takes only about an hour to complete, and the decision and accompanying funds can be issued within days. Because of the ease and quickness of online lending, economist and former U.S. Treasury Secretary Larry Summers said at the 2015 Lend It conference that he expects online lenders to eventually reach more than 70 percent of small businesses.
Angel investors invest in early-stage or startup companies in exchange for
The Tetris Effect: The Game That Hypnotized the World
Decades before you lost your first few hours to Candy Crush, Tetris had cast its spell over video game players worldwide. The concept of Tetris, which originated deep behind the Iron Curtain in the 1980s, is deceptively simple: You manipulate different shapes of bricks, or tetronimoes, as they fall at an increasingly fast pace, to form rows of horizontal lines. A Russian folk tune plays in the background. But the game can quickly turn on you — one wrong move and the pieces start to pile up. The game ends, and then you play again, and again, and again.
Unlike many modern addictive games, Tetris has no plot, no cute animals, and no lifelike animation. And yet Tetris is one of the most popular video games of all time. It has been downloaded more than 500 million times on mobile devices, and authorized copies have earned close to US$1 billion in total sales. Not bad for a piece of code that traces its origins to the waning days of Soviet Russia.
Tetris was the brainchild of a Soviet engineer, Alexey Pajitnov,
1. Aim High
Don’t compromise your strategy or your execution. Set a lofty ambition for your strategy: not just financial success but sustained value creation, making a better world through your products, services, and presence. Apple’s early goal of making “a computer for the rest of us,” which effectively shaped the personal computer industry, is a classic example.
Next, aim just as high on the execution side, with a dedication to excellence that seems almost obsessive to outsiders. Apple, for instance, has long been known for its intensive interest in every aspect of product design and marketing, iterating endlessly until its notoriously demanding leaders are satisfied. The company’s leaders do not consider execution beneath them; it is part of what makes Apple special.
2. Build on Your Strengths
Your company has capabilities that set it apart, things you do better than anyone else. You can use them as a starting point to create greater success. Yet more likely than not, your strongest capabilities have been obscured over the years. If, like most companies, you pursue opportunities that crop up without thinking much about whether you have the prowess needed to capture them, you can
When it comes to low-cost security solutions, you usually get what you pay for. Comodo is a global, award-winning security provider that offers free and affordable security tools that don’t compromise on features and reliability. Solutions include: Comodo One, the company’s free IT management platform that features Remote Monitoring and Management (RMM), Patch Management and Service Desk all in one place; Comodo Securebox to shield apps from malware-infected devices; and Comodo Advanced Endpoint to automatically prevent malware from entering networks. Small businesses can also enjoy free antivirus, free and paid SSL certificates, free Internet security, mobile device management, firewall protection, security for POS systems and many other services.
Looking for a single solution to cover all your bases? ESET lets you choose from a wide range of security bundles to protect your computers, mobile devices, USB drives, networks and servers. For instance, the ESET Small Business Security Pack guards Windows and Mac computers, as well as iPhone and Android phones, file servers and email accounts. The company also offers custom solutions that allows you to build the perfect security tool for your business. You can choose by product type,
Why do hackers target small businesses?
While breaches at big corporations such as Target and Home Depot make the headlines, small business are still very much targets for hackers. Stephen Cobb, a senior security researcher at antivirus software company ESET, said that small businesses fall into hackers’ cybersecurity “sweet spot:” They have more digital assets to target than an individual consumer has, but less security than a larger enterprise.
The other reason small businesses make such appealing targets is because hackers know these companies are less careful about security. An infographic by Towergate Insurance showed that small businesses often underestimate their risk level, with 82 percent of small business owners saying they’re not targets for attacks, because they don’t have anything worth stealing.
Types of cyberattacks
In almost every case, the end goal of a cyberattack is to steal and exploit sensitive data, whether it’s customer credit-card information or a person’s credentials, which would be used to misuse the individual’s identity online.
This is by no means an exhaustive list of potential cyberthreats, especially as hackers’ techniques continue to evolve, but businesses should at least be aware of the most frequently used
Business planning is very important for all businesses, and franchise businesses are no different. The business planning process helps ensure that sufficient thought is put into all aspects of the franchise. While it is tempting to assume that because a franchise is based on a successful, proven business model, it is guaranteed to deliver results once you are up and running, the reality is very different. All businesses need a business plan, developed to reflect their unique circumstances and to help them succeed, regardless of whether they are a franchise business or not. A business needs to have a plan with specific objectives, milestones, responsibilities and the like.
All business plans are different
The content of a business plan is shaped by its purpose. So if the intention is to use a business plan to raise finance, then the plan’s composition will vary from one being used predominantly to decide internal priorities, to allocate resources effectively, or to manage cash flow. Typical uses of business plans in the franchise context include:
- Prospective franchisees looking for investment.
- Franchisors looking for a business plan as part of the franchise sign up process.
- Franchisees using a business plan to manage
The business plan process is simply the steps you go through and actions you take when producing a business plan. In effect, it describes how you produce your business plan. While most people focus on the ‘final output’, i.e. the business plan itself, the business planningprocess is extremely important for entrepreneurs.
The process of producing a business plan forces entrepreneurs to examine areas of their business that typically may not be subject to much scrutiny. For example, entrepreneurs do not tend to routinely produce cash flow forecasts, so the requirement to produce one as part of the business planning process forces them to consider the impact of cash on their business.
The business plan process typically begins with an event, be it the need to produce a business plan when seeking investment, or to obtain short-term financing from a bank. Once a business plan is needed, the entrepreneur has to then decide how they are going to go about producing the plan. They will need to undertake the following:
- Decide who is going to write the plan (if not themselves).
- Gain an understanding of what a business plan contains.
- Decide how to write their plan (typically using
What is a Business Plan?
A business plan is not just a document. It is a holistic analysis of your company, the environment it operates in, and a route map to achieving success based on the resources available. Unfortunately, the image most of us have is of a 30-page bound document.
While the business-planning process is in itself a very worthwhile pursuit, most business plansare produced for a specific purpose. For example, the business plan can be used as a means to convey an idea with a view to achieving a specific goal, e.g. securing funding. Hence it needs to be tailored with the audience in mind, and good knowledge of their unique requirements will help shape a winning plan. For example, the requirements a Venture Capitalist will have in assessing a plan seeking to secure a million-pound investment will differ considerably from those of a local bank manager who needs a plan to support a small-loan application. While the former will be primarily looking for capital growth, the latter will be more concerned with security.
Why do I need a business plan?
The following list represents some of the key reasons you need to produce
Women’s health platform
Box subscription services
Find a unique product category that’s still untapped by the box subscription industry, or find a way to put a new spin on an existing service, and you could have a lucrative business on your hands. Keep it as inexpensive as possible — according to LearnVest, offering cheaper products will help you stand out from the competition.
Health clubs for millennials
Propelled by access to new technology, a changing workforce and easier opportunities to reach a larger audience, small business growth is expected to skyrocket in the coming years, new research finds.
According to a study from Intuit andEmergent Research, the number of small businesses are projected to increase to 42 million by 2026, up from this year’s 30 million. The 3.3 percent annual growth rate over the next decade is significantly higher than the 2 percent average growth between 2004 and 2014, the most recent data available.
While the number of small businesses will grow over the next decade, their size is actually getting smaller. The research found that the average size of small businesses dropped by 20 percent between 2001 and 2014. Specifically, in 2001, the average small business started with 6.5 employees. In 2014, the number shrank to just four employees.
“The next few years will see an acceleration in the number of small and micro businesses, thanks in large part to new technologies that reduce the costs and risks of operating a small business and open up access to customers around the world,” Steve King, a partner at Emergent Research, said in a statement. “While running a business is
A review of the competition
If companies focus only on themselves in their business plan, they are making a big mistake. Businesses should use their business plan partly to address the competition and how their idea differs from what’s already out there, said Steve Martorelli, CEO of Turnkey Processing, a payment processing provider.
“First, identify your X factor — what can you do 10 times better than your competition?” Martorelli said. “Next, test your hypothesis by talking to potential customers. Do they value what you are proposing to offer them as much as you think they do? Finding the answer to these two questions is the most important planning anyone can do.”
Companies that value innovation must make it a priority from the start. Your business plan should highlight the ways in which your startup will be original and groundbreaking, said Amy Hutchens, business strategist and CEO of AmyK International, which specializes in executive development.
“Innovation must be a critical component of every business plan,” Hutchens said. “By making innovation part of the plan, the process becomes intentional, not reactive or accidental, and sets the stage for a culture of
Luckily for entrepreneurs, there are templates out there that allow you to plug in all of the information, instead of struggling with formatting and figuring out what you need to include. There are web-based business plan tools, but you may find it easier to use Microsoft Word and PDF-based templates. Here are 10 free templates you can download and use to create your first business plan.
Bplans.com, known as the authority on business plans, offers a free Word business plan template, complete with instructions and a table of contents. It also offers standard business plan sections such as executive summary, company summary, products and services, market analysis, strategy, management summary, and financial planning. Once you register, you will be able to download the materials and choose from a wide range of businesses in different industries in which to base your plan. Whether your business is online, service-based, or a food establishment, Bplan’s Word business plan templates are comprehensive and are a great option for beginners and new business owners.
Entrepreneur.com provides business tools, with a collection of business plansfree in PDF, PowerPoint and Word. The templates can be viewed can downloaded through
Make sure your business is viable
Before you start writing your business plan, you need to make sure your business idea or product is actually desirable to your intended customer base.
“Many entrepreneurs come up with a great idea without stopping to think if they are solving an actual problem for a group of people,” said Jenny Leonard, CEO of digital agency Never North Labs. “You don’t want to spend months or even a year working on developing a business or product idea only to find out nobody cares or even wants it.”
Leonard said you should spend some time researching your customer base by actually speaking to people your product or business idea would target.
“You’ll quickly find out just by talking to a few dozen people if your business idea or product is a hit or a miss,” Leonard said. “It may be a little extra work early on, but it will save you potentially hundreds of hours in the future by doing this work first.After doing this bit of research, you’ll have the clarity you need to write your business plan.”
Consider your audience
So what’s the
While the basics of setting up a page and posting to your business page are relatively straightforward, there are a lot of nuances to managing your page that could help you make the most of your Facebook presence. Here are 10 powerful ways to make your page more robust and engaging.
1. Get a catchy URL
A key component of branding is consistency. As such, you should be sure you select a @ username that reflects your business. Of course, your ideal pick may not be available, so think of ways that you can get as close to your brand as possible. If you run the Acme Widget Company, maybe you could go with @acmewidgetco. Or even better, @acmewidget.
Remember that whatever you pick will be a part of your custom Facebook URL — shorter is better so it can fit on business cards or other promotional materials.
2. Pick the right template
While Facebook keeps a pretty consistent look across the entire interface, you do have some freedom in how your page looks. You can choose from several templates that have certain tweaks to better match the type of page
Take advantage of social media
Social media profiles have become standard tools for researching and evaluating talent. Instead of looking only at candidates’ résumés, thoroughly vet them by looking at their LinkedIn, Twitter and other social media profiles.
“Candidates’ social media profiles [can highlight] personal experiences and interests that tie into professional lives and skills, and may show the person is a perfect fit,” said Pete Kazanjy, founder of Modern Sales Salon and recruiter search engine TalentBin. “[Depending] on the type of job you’re recruiting for, make sure you’re looking at the right social networking sites to find candidates who may be off your radar.”
Kazanjy noted that engaging with potential candidates on social media can be to your advantage, regardless of whether they are interested in the position you’re offering right now.
“Although the person may be content where they are now, you never know what the future has in store,” he said. “Engaging with candidates on their personal profiles allows you to form a relationship.”
Don’t forget to have an active social presence as an employer, too. Beyond just posting job openings and interacting with candidates, post snippets about good
Starting a business is an incredibly exciting time for any entrepreneur; however it can also be stressful with so much to do in so little time. The start-up phase is also characterized by significant expenditures against a backdrop of uncertain income. However, there are a number of products and services that can help you maximize your chances of success while also saving you considerable time and money. This article aims to introduce you to some of the less obvious ones that are available via the Internet. These products and services can help you set your business on the right path from Day One. While these recommendations will not be appropriate for all, those who need to bootstrap and build their business the hard way will benefit the most.
1. Create a website
Regardless of whether you intend to sell online or not, all new start-up businesses should secure a domain name and create a website as soon as they can. Thankfully, the cost of getting a site set up has fallen significantly over time and there are now a host of different packages and providers to choose from.
2. Download a profile of your industry
Business advisors, experienced entrepreneurs, bankers, and investors generally agree that you should develop a business plan before you start a business. A plan can help you move forward, make decisions, and make your business successful. However, not all business plans are the same, not every business needs the same level of detail. You might develop a fairly simple business plan first as you start a small business, and that might be enough for you. You can also start simple and then elaborate as you prepare to approach bankers or investors.
For a simple example, imagine a woman making jewelry at home and selling it at a local flea market on the weekend. A business plan could give her a chance to step back from the normal flow and look at ways to develop and improve the business. The planning process should help her understand her business. It should help her define what she wants from the business, understand what her customers want, and decide how to optimize her business on her own terms. She might benefit from developing a simple sales and expense forecast, maybe even a profit and loss, so she can plan how to use
The 20-page business plan that is heavy on the financials and short on passion is so ’80s. Today, experts encourage entrepreneurs to keep it short and sweet — one page or even just a paragraph — and put a lot of themselves into their business plans .
“Things have certainly changed in terms of what constitutes a business plan,” said Chris Libis, CEO of Executive Recruiting Consultants, a national executive search firm based in Dell Rapids, S.D. “In today’s environment, the traditional business plan will bankrupt you.”
Keep it simple
Libis said business plans, including the one he developed for his own business, should be concise and to the point. The plan should cover five elements: a description of the product/service, how that product/service will be provided, how the company will generate immediate revenue and who the primary clients are for the product/service.
Unlike traditional business plans, modern business roadmaps should embrace new media, he said.
“Consider a three- to five-minute video that you can post on YouTube,” he said. “You have to have some sizzle.”
A YouTube video is just one way an entrepreneur can put technology to work for your