Nowadays people are so excited to launch their dream business that they forget one important aspect…establishing a budget. This is critical for creating a small business if you hope to turn it into a huge success. Most Americans do not live on a (or know how to) budget, so you can imagine it can be hard for some to create a budget for their soon-to-be business. However, here is an easy way for you to establish a budget for your business.
A couple years ago, I was reading Latina Magazine and they were discussing ways to save money to fund your business. They mentioned how in the Latin community, it is very common for family and friends to help each other get their business off the ground — they do this by funding it within the family or circle of friends. No outside banks, investors or anything else for that matter. I was really intrigued by this idea.
Determining how to fund your business is always a hot topic when it comes to starting a business and day to day aspects of business. Definitely one of the top things people mention to me. “I can’t fund my business,” and “How did you get the start up capital?” Finally, “I have no money to invest in my start up – why can’t I get an investor?”. I hear everything on the spectrum from social media inquires to the consultation courses I teach. However, money is a tool you do need to sustain your business for the long term. Here are a couple ways to infuse your business with cash
When I launched my first online venture I only knew of three types of payment gateways: PayPal, Amazon and Google Checkout. If you can relate, know that you are not alone when it comes to knowing which one is best for your business. There are over sixty payment gateway options and they all have their pros and cons. Yes, there are in fact many more than the three you constantly read about and new ones are coming to market daily.
Being completely knowledgeable when it comes to your companies’ cash flow, revenue, and profit is extremely important. We want to give you valuable information on the gateways that go right along with those things.
We are going to break down the most popular payment gateways for your website and mobile payments too! Knowledge is power and by the end of reading this series you will walk away knowing more about how your customers pay you!
In the last couple of years, I have heard more business owners discussing how they want someone else to fund their business. They also say, there’s no reason to fund small businesses themselves, or they are going to make others do it via a crowd-source site. The majority of the time, the person has little knowledge about business let alone financing a business. Being inexperienced is fine (everyone has to start somewhere) as long as you do more research before you embark on any of those paths.
Going along with our back to basics focus, we want to break down various topics in the creative small business world when it comes to sourcing capital for your business. We have written Fund Your Dreams and want to expand on one of the various types of business funding. First, we will cover bootstrapping. This is a method people are less familiar with and it sometimes gets a bad wrap.