Author: Complete Controller

If your nine-to-five job finds you unmotivated and not enjoying what you do, and you are a highly creative individual, then there is nothing to feel guilty about. The truth is that a monotonous routine can make anyone bored. You could even need to have some sort of motivation to get you out of bed every day. However, it is possible to do something that leaves you feeling satisfied at the end of every day.

Entrepreneurial ventures may be the answer to your problem of career boredom. These ventures are generally gravitating and engaging, and you stay consistently creative while you are working on your project. It is important to note that when you are starting on an entrepreneurial project, you are embarking on an adventure that can include quite a bumpy road. However, the more you delve into the nitty-gritty, the more you realize how incredible the process is.

Sets fire to your passion

We all have things that interest us. When these interests become dreams or even longings, we are beginning to set a new roadmap for ourselves. Entrepreneurial ventures are a great way to keep our passions burning. In fact, they are more like the road that carves its path for our dreams to walk through. If you feel your job does not cater to you, you might opt for an entrepreneurial venture.

Keeps you learning

It would be difficult to start an entrepreneurial venture and not learn new things. Because you are the primary business owner, you are responsible for managing the facets of your project up to and including marketing, finance, operations, and whatnot. An entrepreneurial venture involves all these departments and requires your efforts and attention. As the owner and the brains behind the idea, you are the one to oversee each one of these departments. Understanding and managing the different aspects of your venture will help you hone your craft. It will ensure you learn and improve your skills while keeping you engaged.

You strive for your growth

Now that you are starting your first venture, you have a mindset that sets you apart from every other person. There is no wonder that you are striving for growth every step of the way. You are genuinely motivated, and everything about your venture sparks creativity within you. Continue to push yourself outside of your comfort zone and grow. That is precisely the reason your previous career did not satisfy you!

You adapt to innovations better

Every day an innovation is introduced, and you can recognize how these developments can impact our lives. As an entrepreneur, you also see the need to adapt to these innovations and use them to your benefit. If you embrace new technology or methods, you will likely find yourself proficient before others even realize the creation exists.

Larger than life ROI

Who does not want to earn substantial returns? We have all been striving for growth, and a stagnate life does not appeal to us anymore. What can motivate us better than gaining significant returns on even the most minor investment?

Entrepreneurial ventures, if done correctly, can help you with any financial issues. However, you must have clear business and financial strategies and meticulously crafted campaigns to reach a wide audience. There is little room for error because cut-throat competition will risk your potential growth in the long run.

In short, your efforts may reap your robust rewards, and you might achieve financial stability in unlikely ways.

Bottom line

Embarking on an entrepreneurial venture will likely be no easy walk in the park. However, it will keep you on your toes for all the right reasons.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Starting a business is energizing. However, numerous ventures require time, funds, and risk. In opposition to mainstream thinking, there are multiple approaches to begin a business that let you focus less on the process and upfront funding and more on the initial steps. These low-speculation independent ventures are a good option for novices or anybody with a bustling timetable because they let you start a side business without dropping everything else.

First, you need to develop a strong business idea, manufacture a brand, invest energy into showcasing your product, and give incredible client support. However, there are ways you can sidestep numerous customary startup costs like introductory stock, warehousing, and retail space.

For example, Dropshipping is a simple business to begin and the first of our great business ideas. This is a method where an outside provider stores and ships stock to clients for you. It is probably the easiest way to begin your business since there is low overhead,  you are hands-off, and it is versatile. You do not have to deal with any items yourself; you just need to make deals and request your provider. It is one of the least expensive organizations to help you get ready for business.

You can obtain items from at least one provider and put them into your own online store under a subject that centers around a specialty. When a client purchases an item from you, the request is sent to your provider, who fulfills the order for you.   However, you are responsible for promoting your products and any customer service.

In its article Tips to Undertake, Forbes Magazine demystifies the belief that to develop a business, you need significant capital or investment. They state that the most important thing is to have a good action plan and a lot of creativity to develop it.

A successful entrepreneur is highly motivated to realize what is proposed and persevere until his ideas come true. It is best if you are always open to learning to overcome different obstacles in developing your goal, including having little capital.

This was the case for Merqueo.com. The founder of the Colombian grocery delivery service said, “I started by identifying a need: homes seemed to be the solution to the long lines in the supermarket, but they are a nightmare because we have to wait about five hours to have what we want at home.”

Suppose you, a friend or acquaintance, have little capital but want to start a business. In that case, they could do so by taking into account the following options that allow you to lower the operating costs of your new venture:

• Start your home business: before leasing an office for your own business, you could develop it from home. Your home may not be on a commercial site or close to your target audience, but with a quality product and excellent customer service, voice to voice will often be your best advertising.
• Rent instead of buying: it is not necessary that you have your own goods or machinery when you start your business. Today you can rent or rent a lot of resources for a business. For example, you could rent the machinery and equipment necessary for your factory, tables and chairs for a restaurant, and even your office computer.
• Publish yourself online: digital communication channels such as social networks, blogs, and websites are free or low-cost promotional tools that offer a wide range of audiences. You can create a web page to show your company’s services or products and use social networks like Facebook or Instagram to present yourself directly to your potential customers.
• Search for financing: there are currently various financing sources, including government funds, bank loans, or crowdfunding collective financing, to support the development of business ideas. You can apply for calls to support entrepreneurship or start a crowdfunding campaign to raise the initial capital and launch your project.

In conclusion, having little money does not prevent you from creating your own company. Although money is necessary, there are alternatives to start your business.

When undertaking a business venture, it is fundamental to be willing to take risks, work hard, and persevere. As advised by Nolan Bushnell, founder of the video game company Atari and pioneer in his industry: “the most important ingredient is to get up and do something. It’s that simple. Many people have ideas, but only some decide to do something today. No tomorrow. Not next week but today. ”

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Which marketing technique will allow me to reach the largest audience and not exceed my budget? This is the type of question that most marketers pose each day. Digital Marketing vs. Traditional Marketing is still relevant among many marketing departments when discussing their advertising method. Undeniably, Digital Marketing is gaining traction in terms of its significance.

Traditional marketing includes notices, business cards, handouts, announcements, business promotion on radio and TV, print advertisements in magazines and newspapers to publicize services or products.

Online marketing is similar to Traditional Marketing, as both Traditional and Digital Marketing are used to construct a brand and to draw clients.

Cost

There are some variations in the costs between Digital Marketing and traditional marketing. As businesses advertise on radio and TV or print ads on local magazines or daily newspapers, traditional ads can have a significant cost. In contrast, the ads online and on social media are generally inexpensive. Additionally, traditional marketing spends a sizable amount of money to keep the ad running. Digital marketing costs can add up, but many digital techniques are free.

Ongoing result

In traditional marketing, we often need to wait for the advertisements to reach the target audience before we start to see any results in the business. On the other hand, once you start using online marketing, there is data that can be seen in real-time showing increased activity and traffic.

The results of traditional marketing techniques cannot be easily measured. While in online marketing, you can see a return on your investment by properly utilizing the Google analytics tool.

The traditional market usually includes print media such as magazines and newspaper ads, brochures and newsletters, and other methods including:

1. Direct mail
2. Telemarketing
3. Broadcast media
4. Long-standing projects that the public already recognizes

Online marketing includes marketing efforts made on electronic devices like:

1. Social networking sites
2. Websites
3. Banner ads
4. Content marketing
5. Google ads
6. Online video marketing

Easy analytics

Online marketing calculates your marketing reach, and results can be sharp and simple. We can quickly see which method is or is not performing through Google analytics. These analytics can help compare incoming traffic, basic tends, interest visitors, bounce rate, transformation rate, and benefit.

Which one is better?

Which strategy wins while comparing the two marketing methods? The short answer is: It depends.

However, the long answer would be that Digital marketing is perhaps the best option available for you. If you wish to keep costs low and reach out to a particular demographic without being held to a geographic location, then you should utilize digital marketing. This way, you can instantly collect valuable data on your audience to generate more effective marketing campaigns.

That does not mean that traditional marketing does not have its benefits. If you aim a marketing campaign at individuals who do not typically use the internet or a local audience, traditional marketing is the best method to reach them. These methods may seem outdated, but there is a reason they are still being used; they work!

When considering which method is the most effective for your business, it all depends on the type of audience you are targeting. One approach is not necessarily better than the other since they serve different purposes. In the end, all you need to do is understand your business’s nature and the audience you want to reach to pick the best strategy for you.

Wrapping up

While traditional marketing has its own place in the market, we all know digital marketing is the future. Our younger generations do not know about life without smartphones and other gadgets. These days, every company or brand needs a digital marketing strategy to reach out to people around the world and get in the game!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

It is the end of twenty-twenty, and our world was turned upside down. Coronavirus appeared, and every area of the globe found itself virtually immobilized. The world as we knew it has completely transformed, and you may even have found your regular operations starting to weaken. Production of countless departments has suffered tremendous consequences. However, with their steps in the right direction and their recovery strategies enacted, brands enjoy positive returns. They are celebrating growth, proving that even our darkest days end.

Historians might record this period as one of the most destructive years in history. We might recall these days as confusing, terrifying, and perturbing; however, had it not been for the unique technology that has taken us all by surprise, our world would look even more different than it does. Technology that has proven its necessity shows the importance of establishing your brand’s digital presence.

You get to Adapt to the Latest Developments

The latest technical developments may help your brand achieve positive returns. An adaptive approach may keep all your business’s functions going or even help you simplify current techniques. Whether it is regular operations, logistics, marketing campaigns, or financial operations, you may experience increased productivity or profits by adapting to new developments.

Better Marketing Campaigns

Your marketing campaigns may positively impact your target audience with your digital presence. However, for this, your campaigns must be no less than perfect. Ensure they are captivating and speak to your intended customers. From your website’s content to your slogan, ensure you are using catchy taglines and incredibly curated sentences. If anything, use social media as the primary platform to reach your people, and the chances are you will find most of your audience roaming there. 

Helps You Cater to Your Target Audience

Your target audience likely spends most of its time on the internet. They are waiting for your campaigns to be launched, and you may easily cater to their wants and needs. The idea is, with digitalization, everything has become a click away.   Customers can also provide honest feedback, which helps you take the right steps to refine your business. If you strive to improve your product or customer experience, you can increase the efficacy of your brand.

Better Customer Reach

Now that people are spending an increased amount of time on the internet, your digital presence may help you reach your audience better, and they may gravitate towards your brand more and more. Your products must appeal to your audience, and if they do, customers place their trust in you, likely because of your digital presence. Many surveys suggest customers are likely to trust a brand that has a stable digital presence. So, if you are still reluctant, make sure to put effort into your digital marketing campaigns. Chances are, you will get to reap significant results.

Robust Returns

Taking a digital route may generate substantial returns. However, for your venture to work for you, you need to make sure you adapt to the right techniques and that all your strategies are in line.

Bottom Line

Taking a digital route is no walk in the park. It demands substantial investments, and your strategies should be no less than perfect if you wish for the outcomes to work in your favor. This can include a strong digital presence and increased investment in digital marketing. While this might require substantial investments, you may achieve more significant results if done right. The next time someone asks you to take a digital route for your entrepreneurial venture, strongly consider the benefits mentioned above!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Our world has transformed quite a bit during this digital age. Many fields are continuously exploring new methods of production or communication, and there is no denying that we can now achieve almost any goal we set. However, the truth is that our lives have become fast-tracked, and keeping up with ever-changing needs can become slightly difficult. Fortunately, with digital innovations catering to us, there is a little question of whether we can succeed.

Let’s face it; establishing a brand’s digital presence is no walk in the park. You need to invest a substantial amount, and there are always reasons for your strategies to fail. However, it would be best if you start by understanding your brand. Ensure you have a strong working knowledge of the intricate details of your business and brand so you can continue to grow monumentally. The results may take you by surprise, and you will be astounded at how much your efforts can pay off.

If you have not figured already, your brand’s digital presence adds exponentially to your brand, and you should have it finely tuned. In reality, a digital company is the first impression most people will have of your brand, and it must be tailored to meet your goals and vision. The more tailored your digital presence, the better results you get from your target market.

Devise Your Strategies

Your strategies should be crisp, updated, and speak to your niche. Your strategy should help shape your brand in a way that can help you continually evolve and grow your business. The more you dive into the nitty-gritty and strive for a stable digital presence; your presence will be more refined. In short, now that brands are devising their strategies to allow them to achieve their objectives, a stable digital presence elevates the business. So, when you decide to refine your digital presence, ensure your strategies are designed to the best of your abilities.

Quality Content on Your Website

Whether the content you are putting on your website is for a new or continuing campaign, the quality of your content is of the utmost importance. From the language you use to the design or theme of your content, you must make sure nothing is left unconsidered. Similarly, the colors you decide to use should be relevant to your brand and can be used to enhance your content. Every part of your digital presence should give an insight into your brand, and it should be nicely crafted. All in all, ensure the quality of your content is not compromised, or it can harm your brand. 

Cater to Your Target Audience

The more you cater to your target audience, the more return you can see on your investment. In all honesty, you are not being careless with your strategies or your business, so your goal should be to attract your audience in a way that will keep them coming back.

Whether it is your website’s content or campaigns to promote your brand, every step you take must target your audience. In this way, you can effectively expand your market share. With a fine-tuned digital presence, you can maintain your target audience, and as a result, grow your brand.

Marketing Campaigns

While you are refining your digital presence, your brand’s marketing campaigns should be at the heart of it. Ensure all your campaigns reach your target audience and that they gravitate to your brand at an ever-increasing rate.

Likewise, you may consider researching different digital platforms. Using the most common platforms or those with large audiences increases the likelihood of your campaigns reaching more people. In short, you may find that your returns increase even with the smallest marketing investment.

Which Platform to Choose?

There are numerous platforms you can choose from to establish a digital presence. Each is beneficial in their respective ways and create opportunities if you utilize them correctly. However, ensure you use the ones that work the best for you and your brand. You can use as many platforms as you want to establish your digital presence. The truth is, the more you diversify your options, the more people you can reach, allowing you to move a step closer to your goals. As you weigh your strategies, make sure you prioritize the ones your target audience uses the most so that your campaigns reach them efficiently.

Bottom Line

Digitalization has taken us all by surprise. It is best to adapt to digital innovations and establish a digital presence so that you may grow your brand and your business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Even knowledgeable and active networkers can see a slump in networking activities. There are many reasons you will find this happening such as a change in the industry, variations in the economic climate, world events, or holidays. Whatever the reason, it can make networking more complicated, and without some level of networking, you can find yourself struggling in business. Networking is vital for growth, market research, drumming up business, and recruiting high-level talent. It can also help you when you need vendors, suppliers, or advice.

Holidays, changes in the economic climate, or changes in the industry are reasons that it could be difficult or even impossible to network. However, regardless of the condition, you can rebound and grasp your networking pursuits. It is not as tough as it seems to get back to it after any of these conditions may stop you from networking.

Networking is the exchange of ideas, resources, and best practices to build you and your business. Successful networking is also about building strong relationships with others who can benefit you and your business while you can benefit them and their business. Networking has many advantages, including professional growth, job opportunities, business growth opportunities, and reliable resources. Networking simplifies everything from phone calls to text messaging to streaming videos online. Here are four ways you can successfully network yourself and your business.

Plan ahead

Take time to generate a networking plan that will work for you, whether you can do so actively or confined to your home. Identify when you can be most active, take advantage of those times, and use downtime to plan strategies when booming again. Planning ahead of time permits you to predict consequences better. For instance, summertime, holidays, or a new fiscal year can slow down networking or corporate progress. Find ways to be constructive during these times and identify ways you can keep moving you and your business and networking plans forward.

Stay active

No matter what is happening in the world or your industry, you have to network actively. Whether you are in a busy working environment or at home under a lockdown due to a pandemic being active in your networking will help ensure you stay in business or keep an income flowing. Networking used to be confined to in-person meetings or events. Many business people would often attend superficial events to network. There are multitudes of ways to connect and be an active networker with technology and social media.

Track progress

You must keep track of how you are doing when it comes to networking. After planning, you now need to execute that plan and keep track of your progress regarding the plan. Keep a journal or spreadsheets on everything you are doing, and ensure you have a great set of contacts saved to your phone, computer, and paper form, so you don’t lose them under any circumstances. Your network and contacts are a vital part of your business’s success. So keeping your contacts and tracking your networking progress will help you know what you are doing well and where you need to do more.

Be adaptable

No matter what your strategy is, you have to remain adaptable to changes when it comes to networking. These changes could be your own issues in your personal or business life, or they could be changes outside of you that still affect your business. Those who can adapt and work through these issues will continue to network and build their business successfully.

You also have to adapt to the changes in technology and the industry in which you do business. Networking in the 1900s looks far different from networking in the 2000s. No matter the size of your business or your aspirations, you have to adapt to the differences as they reveal themselves.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

When you get a call from a debt collector, you are past the point where you can negotiate with the original creditor. Debt collectors are in the business of making a profit from your debt. They will have purchased the debt from your original creditor for pennies on the dollar. They will generally not allow you to negotiate with the original creditor because they no longer own the debt. Therefore, if you let a debt go to a debt collector before paying, chances are it will affect your credit score. Here are three tips for dealing with debt collectors.

Negotiate with the original creditor

Before your debt has a chance to go to a bill collector, you should call and attempt to negotiate with the original creditor. If you understand that they sell your debt for pennies on the dollar, you should also understand they will be willing to give you that same deal. They want to recover as much as possible of what you owe, so they will be willing to write off your debt for far less of an amount. Paying it off directly with the original creditor will also protect your credit score. While it will still show that you paid late, it will not affect your credit score as severely as if you wait to pay it until after it goes to the debt collector.

Get everything in writing

If your original creditor or a debt collector agrees upon conditions, the most important thing to do is to get it in writing. While most businesses and creditors automatically do this, it will be solely in their best interest from the perspective of terms. Therefore, you need to ensure the terms of the debt agreement are mutually beneficial.

To assist you with this, you should consider hiring a firm specializing in debt consolidation or elimination. These firms will specialize in terms that will be in your best interest. You also need to consider drafting your terms as agreed upon and sending a copy to the creditor so that you have recourse should the creditor break the agreement. Most debt collectors or original creditors will settle for up to 50% of the bill, sometimes even more when it comes to debt collectors who will still make a profit.

When setting up the terms, the most important thing is that you understand your rights and verify your debt. You also need to understand statutes if you are not going to be paying it all at once. Once you make a single payment, the debt collector starts the statute of limitations to take you to court to recover the debt. So if you cannot pay it all at once, make sure you are diligent about making the payments on time or early.

Don’t take their word for it

There are a lot of scams that are generated through phone calls about debt. You should verify the company before sending them a dime. First, call the original creditor. They should tell you who they gave the debt over to if they did. You may also find you can negotiate with the original creditor and save your credit score. You can also check your credit score. Many sites offer it for free as often as you need to check it without your credit consequences. The credit report will have the reporting company along with their address and phone number.

Conclusion

Of course, ideally, you should pay your debts and not wait to pay them until they go to a debt collector. However,  life happens, and it can’t be avoided at times of financial strain. If you understand your rights, you can use these tips to benefit and keep the debt from destroying your credit score. Most importantly, you need to work at securing control of your debt as soon as possible to avoid further damage or future court proceedings.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A small startup business requires expenses such as desks, equipment, or employees, which means that the capital needed to open a business is usually significant. Thus, a startup business owner will likely need to seek a business loan known as a commercial loan.
Small startup business owners use this type of loan to generate funds to get the business all physical needs to launch the business successfully. This loan can be taken from banks by entrepreneurs, big corporations, and small companies. A business loan can be taken to fulfill the commercial and professional needs of the company. Some business owners take loans to expand current operations or install new equipment.
Small Business Administration offers a variety of loans for small business growth. They usually provide loans on low-interest-rate by offering favorable terms. SAB typically provides loans to start up new ventures and to recover money. SBA offers the Community Advantage Program and Microloan Program as a startup business loan. SBA makes sure that startups invest 30% of their money to make them partially self-financed. A strong credit score is the main requirement of getting a loan.
Microloans are the other type of loan that SBA offers. Microloans are the smaller loans for around $10,000. Accion is a non-profit provider of microloans and is open to working with startups and struggling business owners. But Accion makes sure that the borrower must have the ability to repay the loan. However, a perfect credit score is not required in this case. Before applying for the loan, the business starter must demonstrate a complete and professional business plan to get a loan.
However, when these financing sources are unavailable, entrepreneurs usually turn to private sources, such as business and investment banks, private investor groups, wealthy people, and venture capital funds. Loan assignment requires a debt, participation in the company, or a combination of both.
The most common way to raise capital is to get a bank loan – a debt – and pay over time with interest. As in the case of new businesses, the chances of failure are high. The assets of the entrepreneur’s business or assets are required as collateral.
Another way to raise money is through loans from investors, who ask for a share of business and profits. The degree of that participation depends on a negotiation that must consider how much the company is worth at the moment and how much it will be worth in the future.
Entrepreneurs always want more money in exchange for a smaller share, while investors expect otherwise, making a correct assessment of the business’s value is essential to define the correct proportion.
There are few successful businesses without a detailed and well-crafted business plan, which recognizes the current situation. For instance, where it is intended to arrive tomorrow, what problems may arise along the way and how to overcome them.
A complete business plan also identifies the capital needed to open a business and sustain it at subsequent times. This is essential when seeking investors, be they banking institutions or the so-called angel investors.
One of the main mistakes entrepreneurs make when looking for loans is to ask for less capital than necessary. Having little money at the start of the day is the same as starting with empty bags, a car falling apart, and a half tank of gasoline. In these conditions, you can also reach your destination, but the chances of its success are small.
That’s why you must have a good idea of ​​what capital is necessary when you design the business plan. The plan is always the worst and the best possible scenario but be prepared for the worst.
If you do not get enough money to open the business, it will be harder to do it when sales are few or facing emergencies. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Why are people reluctant to start their businesses instead of spending their careers working in a company? People prefer working as an employee rather than owning a business because they fear business failures. History has millions of stories of giant corporations that were once exceptionally profitable but later went bankrupt. If multinational corporations can fail, what are the chances that a small business will not? However, it is crucial to understand that businesses fail when business owners make impulsive decisions. This article discusses some of the common mistakes that startup businesses make, which leads to their failure.

Not addressing issues on time

Often entrepreneurs ignore the problems faced by the business and delay decision-making. This adds to the problem and can make it worse. On the contrary, if issues are addressed in a timely manner, issues can be resolved effectively. For example, if sales are declining, the entrepreneur needs to identify the causes of the decline as soon as the decline is observed. Addressing the issue on time gives one the opportunity to rectify the mistakes and develop strategies to resolve the emerging problem effectively. However, if the problem is ignored, more efforts and strategies are needed than when the problem initially started. By this point, it is often too late to handle the situation effectively. 

Ignoring the competitors

Entrepreneurs and small businesses often assume that they do not have any direct competitors; therefore, they do not develop competitive strategies to beat the competition. Competition is often ignored when a new and unique product is introduced in the market. It is assumed that since the product type is presented in the market for the time, there is no competition as of yet. However, the market already has an alternative solution to the problem being addressed by the new product. The existing solution is a direct competitor. The target market is already comfortable with the solution. Without addressing the competition, a company cannot make its way to the market and is likely to fail.

Starting the business at the wrong time

Most businesses fail because the product is introduced too early or too late. Think of Nokia; once an unbeatable market leader, it is nowhere in the competition because it failed to adopt the Android technology and did not pay attention to changing consumer needs. It is crucial to analyze the market and industry trends before introducing a product or starting a business. The target market may not be ready for your product, or maybe it is too late for the product. Also, businesses are responsible for creating the demand for the product, especially if a new product is being introduced. 

Being afraid of taking risks

Entrepreneurship demands risk-taking. Often businesses must make tough decisions because higher risks generally bring higher profits. However, entrepreneurs prefer to be on the safe side but avoiding risks means that they are compromising on the potential profits. Companies that have introduced new and creative products took the risk of testing the market; therefore, they could mark their place in the industry. This, however, does not mean that small businesses should take risks aggressively. The key is to take calculated risks such that the project’s failure will not negatively affect the survival of the entrepreneur or the company.

Entrepreneurs have unlimited liability, and the failure of a business directly impacts their wealth. Therefore, people are inclined towards working in companies owned by others than in running their own businesses and taking on those risks. Since entrepreneurs are often new to the business world, the chances of them making mistakes are higher. They may blindly follow their gut and ignore the industry statistics due to a lack of experience. Therefore, the stories of business failures demotivate potential entrepreneurs. However, making smart and timely decisions and avoiding the mistakes mentioned above will decrease the chances of business failures. Also, one business failure does not mean that you cannot be a successful entrepreneur! 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Many people working nine to five are often feel fed up with doing a thankless job and adhering to a strict daily schedule. There is a buzz that goes around people doing jobs, especially around those who think that they are not even getting paid enough for their services, that they will quit their jobs and start a venture of their own. People don’t need to want to leave their job and start their businesses because they are fed up with it and feel underpaid. Many people prefer doing a job during the early phase of their professional lives to gather enough funds to start their business later. The idea is always there; it is just that they lack funding. 

Entrepreneurs are often eager, ambitious, and full of talent but not skilled in running a business. They lack proper direction, and their skills could improve with little help from some great advice. That is where the advisors play their part. Before starting a business of your own, you should seek counsel from an advisor. A professional who has been where you are and knows how to run a business. But aside from hiring a professional, here are four must-dos to succeed in your industry.

Be Unique!

Entrepreneurs must start small and then gradually attain higher goals. Many professional advisors suggest that you should know what you will do to elevate yourself and your products or services before starting your business. Even if you have a common product or service, you have to find a way to stand out and be unique. If you look at products and services that are the same, you will notice that the most successful ones will find a way to make themselves stand out and be considered the choice for customers wanting what they sell. 

Network Like It Was Your Job!

It would be best to build your network as though your business depends on it because it does. Networking is vital to your business’s building and growth and can differentiate between success and failure. Even when you have reasons that make it difficult to network in person, you should look for ways to stay connected through social media and the internet. However, you should always try to go to events or social gatherings to build essential relationships in your network. You never know where you will meet people to help you take your business to the next level.

Watch Out for Obstacles!

There can be many obstacles to starting, growing, or running your business successfully. If you know that these obstacles exist, you are already halfway to defeating them as they come up. Challenges are to be expected, but preparedness can combat these challenges and defeat them. Obstacles can be anything from financing to industry competition. Don’t be discouraged by the obstacles that come but look at them as opportunities to grow and shine. 

Pay Attention to Your Credit!

In a business downturn, entrepreneurs often aren’t dealing with their credit. You have to call lenders and rework your installment plan or request that they work with you on the loan fee. Great credit is likewise principal to get your loans approved quickly. In many cases, your business can be in a position where you need to put in a large amount of capital and short notice. In such cases, you can always rely on creditors. That is why you also need to keep your relationship with your creditors healthy. 

There are many other factors that one must keep in mind before starting a business of their own. Pricing your product correctly, keeping an eye on your future potential profit margins, keeping a separate budget for the research and development department, timely bill payments are a few of them.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.