Funding For Your Business – What Can You Do?

It doesn’t matter what sector you are in, how much experience you have or how good your idea is, creating a successful business is exciting but it’s also a huge amount of hard work. The potential rewards can be great, however it’s a mammoth task. So, what can you do to increase your chances of success? Getting started is not easy. You have to plan, plan and plan, not to mention have enough cash to get the ball rolling. Cash is king and if you don’t have a healthy flow throughout your business, it will only end in trouble. Keeping cash is essentially important, as it is the lifeblood of any business; ensuring that you plan and save can keep you out of trouble. In terms of creating funding and aiding cash flow, there are some very effective tactics you can put into place to ease things along.
Whether you’re starting a new business or are already running one, having a reliable trustworthy accountant can be hugely beneficial for the business. They can offer advice on what sort of organisation your business needs to be (a sole trader, partnership or limited company) and provide good advice about taxation. Accountants can also relieve some of the workload on a business especially if you are a relatively new entity. Your accountant can also do all the necessary bookkeeping for certain records and tell you the correct places where your company needs to be registered. This can allow business owners to focus on their usual job and day to day running of the business.
Funding For Your Business
There are plenty of funding options available. Here are top ways to fund your business.

Self-Funding, Friends and Family

One of the more common practices for starting a new business is self-funding. Dipping into long term personal savings, or selling assets to raise funds is what a lot of new business owners do. A lot of business save for years, working on a tight budget to put enough into a fund for their dream job.
An alternative, is finding equity from either friends or family. This can work well in some ways, as you are borrowing money from a trustworthy reliable source who you have a positive relationship with. However, with so many businesses ultimately failing, it can be a huge risk involving people close to you.
The loss of this capital can be devastating to friends or family, who in some cases could even be relying on you financially for results. If you are to involve friends or family, it’s essential to make them aware of the possible risks and any possible losses.

Angel Investors

These are usually business entrepreneurs, willing to take risks and invest money into new businesses. Angel investors have more recently begun forming groups, so they can spread the risks of their investments as well as to gather more resources and research. Most angel investors need a lot of persuading and the hard part sometimes can just be getting sat down in front of them. There can also be more pressure through this form of investment than others. Angel investors are always looking to see where they can get their money back, they are always looking for a get out if things go wrong. This form of investments also means that as a business owner, you would have to give up part of your company. Sacrificing any part of a business is always difficult and although you can gain a significant investment, in the long run you could end up losing more.

Partnerships

Having a partner can not only be a brilliant source of funding for a business, it can also be hugely helpful with the running of the business. A partner can aid you with planning, budgeting accounting and the day to day aspects of the business, however, sometimes it can be hard for new owners to relinquish control. Partnerships can be hard to maintain though, as the initial business owner, compromising on your own ideas can be difficult and can lead you down a different path, which you believe might not be right for the business. Strategic partners can help aid your business by passing on eventual work. If they are in the same sector and run a mutually beneficial business, you can make recommendations for one another and effectively feed each other business.

Invoice Financing

For B2B businesses invoice financing is a fantastic option, but unfortunately not enough businesses know about it, or know that it can be available to new start-ups. Invoice financing effectively allows you to raise finance based on the value of your invoices. If your funds are low, but you have lots of unpaid invoices that your waiting on, a factoring company can advance a percentage of the invoices. This can give you those extra funds which you might need to boost your cash flow further.
During the process of factoring, the factoring company effectively manages your ledger and collects your outstanding invoices for you. They will take their fees, before returning you any residual balance. One of the biggest benefits of factoring, is not only the additional funds that come your way, but also the time it can give business owners. Instead of collecting invoices from late paying clients, you can focus on other aspects of the business.

Bank Loan

Bank loans are perhaps the most traditional and well-known form of business funding. Banks have maintained that they are willing to loan, however, they have tightened up their criteria. If you have a viable business plan, with a solid idea and plenty of potential there’s no reason you shouldn’t be able to get a bank loan. Even if your business is going through a bit of trouble cash flow wise and you have had to pay a large cost, if the bank recognises that the business can work, you can still get funding via a loan. However, it’s not always the most viable solution to an emergency problem.
If you are unfamiliar with the process, applying for a bank loan can be a stressful procedure. It requires a lot of admin work and planning. If your business is experiencing difficulties during this time it can make the application even more stressful. Most banks usually require two years’ worth of company accounts. If you are a new start up and unable to supply these accounts, banks will normally require security against your assets.

Commercial Finance Broker

If you are unsure about the best methods to raise funds, then just like with asset financing, a commercial finance broker could be the best way forward. If you require a bank loan, or need invoice financing, they can find the most viable option for you. If your idea is brilliant, but you’re not totally confident when it comes to finances, a broker can give you that boost when it comes to securing money for the business. In a similar fashion, if you are looking for an investor or partner (rather than borrow money) to grow your business a broker can often help find a suitable investor.

Retractable Banner Stands: An Ideal Addition For Any Public Event

Are you looking for an impactful visual addition for your next public event?
Then retractable banner stands, also known as roll up banner stands or pull up banner stand, are ready to set all your displays. The simple and sleek appearance of these stands prioritizes the vibrantly printed full-colored banner graphics. This simple set-up stand is quite popular among trade shows and other public events.
Retractable banner stands are a new addition to the series of stylish portable banner stand. With time its popularity has ascended among the show biz trade communities due to its durability, wrinkle-free charm, and easy transportable nature.
These stands look great with their fibre glass or aluminium metal stand frame, which are easy and quick to assemble as well as available in a variety of dimensions to fit into the limited space of the trade show exhibitors.
Retractable Banner Stands

Benefits of Retractable Banner Stands

Some top advantages of retractable banner include quick turnaround, flexibility, high level durability, simple assemblage, easy usage and top quality banner printing portrayal. We readily avail different banner stands for our customers, for a variety of usage.

  • Flexibility: You might think that we are overstating, but it’s until you’ve looked into the tension free display. The frames are extremely creative and take into account the different shape of banners to heighten your displays in public events. Now, no need of underestimating your unique idea of potential presentation!
  • Easy Use: These Retractable Banner Stands are extremely easy to set-up and take down. Again, changing the banners is also a simple process that makes swapping of the banners easy and quick.
  • Transportation: With our Retractable Banner Stands, no need to worry about taking extra care of the stand. They are easy to carry on the go, as the material isn’t that heavy or temperamental.
  • Durable: Its durability makes it an important addition to different public events. You can spot the retractable banner stands not only in a trade or public events but also in airports, malls, storefronts and other places because of its durability. The high usage of these stands in different places certainly justifies the investment.

Easy To Order Option

Retractable banners are available in different range and sizes, starting from small tabletop exhibits to extra large public displays. But selecting an appropriately sized display will add value to your creativity, create a better visual interest, and draw potential sales lead. 

Affordable Pricing

The cost of retractable banner stands basically depends on the dimension and quality of the printed design. To get the best deal cracked with these banner displays, place your order in bulk and the option of customizing the retractable banner stands is also an option.

QR codes: How to Best Use Them in Small Business Marketing

Do you own a small business and you want to advertise it? Our friends over at findmyworkspace share some useful strategies to help you maximize the use of QR codes.
You might have noticed how some companies nowadays are making use of mobile-scannable QR Codes to offer discounts or promote a marketing gimmick in a given period. These QR Codes look similar to barcodes that are imprinted in most grocery items, though they look more like a dried out ink maze-like imprint rather than a series of lines with numbers above them.
In a sense, QR Codes and barcodes are quite the same because both are means to track a product unit, but the two however differ in the capacity of information they can contain. Barcodes get to have 20 digits, while QR Codes can hold a string of alphanumeric characters.
Small Business Marketing
A QR Code functions like a scannable link towards either your official website, Social Media pages, landing pages, or activate an automated email or SMS for the customer. This is where businesses can include promos and other special offers.

Why use QR Codes?

QR Codes are useful when it comes to promotions and customer engagement efforts for any business – even for small to medium-sized ones.
First, they are more convenient for customers to use as these are simply scanned, and their mobile phones could do the rest. In a way, customers can easily get their discounts even without filling up any sort of form.
Second, they can be easily placed anywhere – from printed materials, to your office desks, counters, and other things that are accessible to your customers. And the best part about them is that, they are highly mobile.

How Do I Get QR Codes?

The good thing here is, you can get QR Codes for your business without additional cost – yes they’re free! So this works to the advantage for small to medium-sized entrepreneurs, because there is no need to shell out additional expenses just to generate a unique one for the company.
The most trusted QR Code generators are Kaywa, iCandy, and StickyBits. Each has different specialties, Kaywa for example is the easiest way to generate a QR Code that could be linked to a certain web page, or SMS. iCandy on the other hand could do the same, but it has more complicated tools for analytics. StickyBits are also useful in a sense that you can easily create and print out stickers containing your QR Codes.
In addition, your customers also need a mobile app in able to scan QR Codes. There are several free providers from the Google Play Store for Android phones, and Apple iStore for iPhone users.

Best Practices for Using QR Codes

Although it is easy and free to get QR Codes, business owners like you should know how and where to place them strategically. As mentioned earlier, they can be placed in things that are accessible to your customers. This also includes:
a.) Business cards – many professionals put QR Codes in their business cards that link towards their online resume, professional website, and the like. You can also do this for your business too! You can link your QR Code to your official website, or Social Media pages so your customers can easily connect with you then.
b.) Promotional flyers, handouts and the like – this is great especially if you are offering a special discount or limited promos. While the flyers and brochures you hand out contain all the necessary information, your attached QR Code will make it easy for your customers to avail of said promo.
c.) Product packaging – attaching your QR Code to your product package feels like a more natural or organic way of marketing compared to handing them out through flyers. It is of course non-intrusive, and it is a way to improve customer retention especially if your QR Codes are attached to a promo or discount.
The most important rule to remember is to place your QR Codes in stuff that are easily accessed by your customers. Moreover, make sure you link your code to the exact page or message that you want them to see – in other words, make sure your QR Codes will provide value for them.
The reality however is that, there are still a number of people who are not accustomed to QR Codes. So while this is a great way to offer your customers something, you may also need to resort to other ways to reach out to those who are not very digitally-inclined.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business. Check out her company here: FindMyWorkspace

The Art of Illusion: Making Small Spaces Look Bigger

When young, all of us dream of being princesses or warriors living in big castles we called home with tens of servants around us, luxurious furniture to sit on and the best of delicacies to enjoy. But sadly, for the majority of us, this only remained a dream. Most of us have lived in medium-sized homes, stuffed all our suitcases in a dorm room when moving to college, gotten ourselves the cheapest of apartments to rent and now finally, are moving into another small space after marriage.
Making Small Spaces Look Bigger
If there was one thing that remained constant were the small spaces in which we spent half of our lives. Even today, thanks to the soaring prices of homes and apartments in Australia, many of us are confined into small spaces with bedrooms that barely fit the bed, a TV lounge we call our dining area and home office, and bathrooms not big enough to fit a bath tub.
But despite all that, aren’t we all happy? Because we understand that it isn’t the small spaces that matter, it is the people who dwell in it.
If you have recently found yourself feeling a little ashamed to call your work colleagues to your new home because you think they might find it small, you can either get advice from property stylists or follow some of these styling tips that might come in handy.
Using these hacks, you can easily make any space appear bigger–guaranteed!

  1. Wallpaper the ceiling: Doing so will draw attention upwards and make a room feel bigger.
  2. Get the flooring right: Going with different flooring styles can make bigger spaces look smaller. Since that isn’t the goal here, choose a single type of flooring as it creates the illusion of an uninterrupted flow. This makes the room look part of a bigger space. When choosing tiles, choose one with fewer grout lines and a large format design as it makes the floor look like you invested some solid money into it.
  3. Put in stylish pieces: Take up any interior design magazine and look up any latest furniture styles and you will see that it is the statement pieces that reign. Think about it, instead of putting separate couches, going with one will leave you more space to add other stuff.
  4. Stay low on the paint: By that we mean to keep walls single coloured by picking lighter shades that don’t trap light. Going with a darker paint will only make the room feel cosier and you will also have to invest hugely in the lighting.
  5. Don’t push the future to the wall: Even though the opposite makes more sense as you get more space in the centre, many home stylists suggest to keep at least a few inches of distance between the walls and your large furniture pieces to make the room feel bigger.
  6. When carpeting, go for striped rugs: No need to carpet the whole house when you can simply lay a few rugs here and there to make the space appear more airy than compact. When choosing rugs, go for a striped rug as they make spaces appear longer.
  7. Cover your windows with stylish indoor plants: You can always hang them from the window top or let them sit comfortably in the window sill. Not only do they make spaces look fresher and tidy, they also help create the illusion of a larger room.
  8. Remove some doors: Unless you are worried about privacy invasion, removing a few doors that separate two smaller rooms can also make your house look bigger.

Can You Cancel An EIN? If So, What Is The Process?

Most of us apply for an employer identification number easily but when it comes or changing or cancelling it, you might feel baffled on how to do it.  You can apply for an employer ID number (EIN) online if your principal business is based in US or its territories.
Can You Cancel An EIN
Let us learn about how you can change or cancel the employer identification number. But before we proceed, it is important to know what EIN is.

  1. Employer ID number (EIN)

An EINis a unique 9-digit number assigned by Internal Revenue Service (IRS) for the purpose of identification to business entities operating in the US. It is also known as federal employer identification number (FEIN).
You need an EIN if the answer for these following questions is yes:

  • Do you have employees (including your spouse/ children)?
  • Do you operate as a corporation or partnership?
  • Do you file an employment, alcohol, or other taxes?

There are other less common reasons as well to apply for an EIN.

  1. How do I make changes in the EIN?

In general, you get an employer identification number and it is yours for the entire span of the business.  But there arises some reasons to change your EIN. Firstly, it is important to know if you have to change it or not.
You need to have your EIN, if:

  • You change the structure of business like sole-proprietorship becomes a corporation etc.
  • You inherit or acquire a business
  • Sole-proprietorship declares bankruptcy
  • Your corporation gets a new charter from the state secretary
  • You became a subsidiary to any corporation

You made a mistake with your EIN, now what?
It’s okay to make a mistake happens with all. If you made a mistake while applying for an EIN, don’t panic & apply for a new one. Instead, you can mend you mistake in few simple steps as recommended by IRS. Let’s see how:

  • You need to submit a letter (on company letterhead, if you have one), with the following things mentioned of the current principal officer, owner, general partner or the grantor:
  • The name
  • Taxpayer Identification Number
  • The business entity’s complete name,
  • EIN, and
  • Mailing address
  • Make sure you send the above details correctly so that IRS can identify your account.
  • The final step is to send the letter to one of the below mentioned IRS locations based on where you entity operates.

IRS locations for EIN changes

  • If your business operates at :

Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia or Wisconsin.
Then the location is:
Internal Revenue Service
Stop 343G
Cincinnati, OH 45999-0023

  • If your business operates at :

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Hawaii, Idaho, Iowa, Kansas,Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming, or any place outside of the United States.
Then the location is:
Internal Revenue Service
M/S 6273
Ogden, UT 84201-0023

  1. How to change your EIN if you made the following changes:

You need to change your EIN, when there is any change in your business like name, address etc. But the change varies from case to case based on the type of entity, type of change etc. All you need to do is to file these changes to notify IRS.
Case1: Change in business name
You need to note down the changes in your tax form before you file it. The tax form depends on the type of entity you are. For example:

  • For Corporation: Form 1120/ 1120S which ever you used previously.
  • For Partnership: Form 1065
  • For sole-proprietorship: Just write a letter (duly signed by the owner) stating where you filed your return with the name change to notify IRS.

Case 2: Change in business address
You need to notify IRS by using form 8822-B in case of change of address, location or the identity of the responsible party.
Case 3: Change in business entity type
You need to notify IRS by using form 8832 incase, if you change your entity by adding members in a single-member LLC to multi-member LLC or to other types. This form is used even when you change your tax status.
For all other changes, the process is simple; you need to send a letter or fax stating the changes to notify IRS at the location based on where your business entity operates.

  1. How to cancel an EIN?

As per the IRS, once you are assigned an EIN it is never re-used by other entities. The EIN remains with the same entity which applied for it as an identification number for tax entries. So, in short you cannot really cancel an EIN.
Instead you can cancel your account with IRS if you feel you don’t need the EIN anymore.
To close your IRS account, write a letter to:
Internal Revenue Service
Cincinnati Ohio 45999
The letter should have the reason for the account closure along with the complete name of the entity, EIN and business address. Also, include a copy of the letter received from IRS when you set up your EIN.
Summing up
Hope that now you have an idea of when you need to change your EIN and how to do it for different cases. If you’re planning to close your IRS account then don’t forget to pay the taxes for which you are liable.

What Is an Entity Type?

When you think about running a business, chances are good that most of your attention is focused upon the product or service you’d like to sell, as well as how you would like to sell it. Far less attention goes into the behind the scenes work like actually setting the business up and ensuring that it stays on the good side of the United States government and the IRS. To do this, you will need to first obtain an employer identification number (EIN) and confirm your EIN status. How you do this, or if you have to do it at all, will depend upon your business entity type.
check EIN status

Which entities have to apply for an EIN number?

There are a variety of different business entities. LLCs and corporations, for example, are two of the most common and widely used options. If you are setting up either of these, you will most likely need to apply for a federal tax ID, also known as an EIN number. If you aren’t sure if you already have an EIN number, or if you need to apply for one, then you need to confirm your EIN status.

How do I apply for an EIN?

In order to apply for a federal tax ID, you will fill out the application online. Once your completed application is approved, you will receive your EIN number within a few business days. This is usually done via email. Overall, the process is a relatively painless one that doesn’t even take up much of your time. You can even complete it from your own computer in your home, which means that you can at least be comfortable while filling the application out.
If you need to check EIN status or apply for a federal tax ID, contact IRS-EIN-Tax-ID.com today! They offer great service at a great price.

World Economies Still Suffering From The Biggest Oil Market Imbalance Ever

The report of International Energy Agency (IEA) shows that the demand for oil is slowing down faster than expected. Oil markets will have to wait a bit more to become balanced again, which means that the world economies will continue to suffer.
For 2016, the demand is estimated to be around 1.3 million barrels per day, but that number is significantly decreased. Only in September it is down by 100.000 barrel per day, the IEA report shows.
Third quarter production slowdown caused lower demand for oil and as it looks from this perspective, it will continue to go down next year.
While we were expecting a turnover on oil market, new analysis included the latest data and changed our optimism. The perspective on oil market now looks a bit scary. Constant oil price cuts from 2014 were unsuccessful attempts to restore the demand.
Oil Market Imbalance

Another Blow To The Market And The World Economy

Second blow was given by OPEC members who made this issue even bigger since they started with policy of defending its market share with other means, not only with price. Strategy was that Major Middle East producers and OPEC members put pressure on cartel members who have seen oil revenues to fall to more action.
As result of those actions, production of other non-OPEC suppliers continued to decline also. If we look at the numbers, we could see that global supply in August fell for 300.000 barrels per day.
Playing active and defensive game on the market, OPEC members raised their production. Now we are seeing the situation where OPEC members have production almost at the highest levels, but the supply is 300.000 barrels per day smaller. The imbalance continues, which is bad news for countries who don’t have a developed economy.

Current Situation

Currently, the prices are moving around 45-47$ per barrel and fluctuating on smallest sign of demand raising or production cuts. Last Tuesday, the prices fell in early trade caused by info that drilling in U.S. is increased, but by the afternoon the prices again returned on previous levels.
As IEA officials say: Oil markets are now in a waiting game, but future with stable demand and supply is not near and is not looking certain.
The biggest questions bothering all participants on oil market now are:

  • Will the demand start to surge soon?
  • When will oil market be returned to balance?
  • What will be the new balanced price per barrel?

Normal situation for this would be that demand is rising due to low prices, but totally opposite is happening. Supply is growing and demand is slowing, which is causing oil companies stocks and bonds to be on lowest levels than ever before and making them cheap and maybe a good opportunity for investing.

In Conclusion

Growth of demand which we saw at the beginning of the year is fading slowly and it will be hard for it to go over 1.3 million barrels per day. Crude oil demand is lowered by all participants on market and not showing signs of recovery. Small growth of 0.1 million barrels per day didn’t succeed in returning demand-supply in balance. For time being, we can only expect that supply will stay above demand and stock piles will grow, until…?
Graham Watts is the founder and “spiritus movens” of the Possiogreta, fast growing business and financial blog.

4 Challenges Women Face in Business Today

Although governments, companies and industries have dedicated significant resources toward attracting and developing more women into their rank, the following four gender-related factors still impact the success of women in business today.

Challenges Women Face in Business Today

  1. Breaking into the C-Suite

While in some industries it’s not uncommon to find a workforce with equal or even higher numbers of women than men overall, it rarely extends into the C-suite. Despite a mounting collection of business and academic reports pointing to the advantages enjoyed by businesses where women make up half (or more) of corporate leadership, as of International Women’s Day 2016, women held fewer than 25 percent of senior business roles worldwide and one in three companies worldwide have no women at all in senior management roles.

  1. The Gender Pay Gap and Access to Capital

Even when women feel they are fairly – or even generously – compensated for their work, continued scrutiny of the issue of the gender pay gap begs the question of whether women professionals are being paid as much as male counterparts.

For women entrepreneurs, the challenge of obtaining working capital to launch or grow their business can be a serious one. In the U.S., a group of female tech entrepreneurs recently started a new project called “Project Include” to increase their presence in the industry in order to address an 89 to 11 percent imbalance, where nine out of 10 tech investors are male. Even outside of the male-dominated tech industry, access to capital is a problem for women entrepreneurs. A Pepperdine University study confirmed that women in business receive far less access to capital for venture startup and financing.

  1. Career-Family Balance

The struggle for a good work-life balance, especially in households with children, often falls more heavily on women than men. For instance, while there has been an increase in the number of households making the choice that a man will stay home to care for young children and manage domestic duties, especially in cases where the female partner in the relationship earns more than her male counterpart, this is not always the case.

In fact, despite the fact that the number of stay-at-home dads has doubled over the past two decades, they still only make up about 10 percent compared to the number of households overall where one parent stays home while the other goes out to work. Even in homes where a woman will be the primary breadwinner working outside of the home, the impact of pregnancy and childbirth still presents some degree of career interruption.

  1. Overcoming Stereotypes

While women have made inroads in nearly every industry, in some industries women are still only sparsely represented. In fact, the list of top female occupations is dominated by clerical and caretaking roles. Some experts recommend that women who want to land a job in a male-dominated field “play up their masculine skills” in order to succeed. However, other experts warn that women who do so face potential backlash. A 2011 study in the Journal of Occupational and Organizational Psychology suggests that it’s important for women to know when to (and when not to) display more aggressive mannerisms often associated with men in order to avoid negative reactions.

Women in business can even play a role in understanding the tendency to shortchange themselves or their organizations and work to affect change that benefits their organizations and other female entrepreneurs. If the bad news is that there are still distinct challenges for female entrepreneurs and professionals to overcome, the good news is that progress is being made. Kabbage is dedicated to helping women entrepreneurs succeed through online small business funding as well as expert advice through our resource center. A good many of our articles are written around women in business.

The Financial Side Of Running A Business

When you’ve got a fantastic business idea, it’s easy to get over-excited and forget that there’s a financial side to running a business. We’re not just talking about making an income but also how much it will cost you to start a business.

The Financial Side Of Running A Business

Whatever sector you plan on starting a business in, be it beauty or IT, there will be costs that come hand in hand with your new venture. The financial side of running a business can be incredibly daunting, especially if you’ve never had to deal with it before. To make it easier and less daunting, here’s all the important things you need to know about the financial side of running a business.

Calculate your monthly budget

The first thing that you need to do is work out what your monthly budget is for your business. That’s the amount of money that you have to cover bills and other costs that come with running a business. This is something that it’s important to work out, as else you could end up overspending. While at first the amount that you have to play with might be low, over time as your business grows it should increase. So don’t stress too much about that.

Keep track of your incomings and outgoings

It’s essential that you make sure to keep track of your monthly incoming and outgoings. If you don’t do this, you could end up spending more than you can afford. This is also important as it will help you to work out how much profit you are generating each month. The best way to keep track of what you’re earning and spending is by using an app like Expensify. These are a great tool to have as they allow you to jot down what you’re spending so that keeping track is easier.

Hire an accountant

Unless you’re a pro at accounting, it’s best to hire an accountant. Doing your own taxes can be incredibly confusing, especially if you’re unsure about what can be claimed back. That’s why it’s often better to outsource to a professional accountants. While this might cost you, in the long-run it will save you time, money, and a whole lot of stress. There are lots of affordable accountants. It’s just a case of shopping around until you find one that is able to offer their services at an affordable price.

Be savvy about what you spend on

Last but not least, if you want to ensure that your business is a success, it’s crucial that you’re smart about your spending. It’s important to carefully think through every cost before paying for it, as it’s easy to end up overspending. If you’re careful about what you spend on, you can ensure that your businesses finances are kept in good shape.

So there you have it, everything that you need to know about the financial side of running a business. It might be daunting, but if you’re smart about them, your company’s finances don’t have to be a problem.

Things You Should Know Be Starting a Beauty Business

Beauty businesses, especially those online, are thriving in today’s market. However, establishing and maintaining a successful beauty business is not easy. Beauty businesses like triabeauty.com have gained international success for being versatile and innovative. Here’re a few essential things you should know before starting a beauty business.

save-money-on-beauty

Learn from your competition

Once you have an idea of what kind of beauty business you want to start it is important to take a good look at your competition and learn from their successes and failures. So for example, if you were going to launch a makeup line you may want to emulate M.A.C for the diversity of their products, but offer more organic options which is an area where M.A.C falls flat.

Use innovative technology to solve a well-known beauty problem

Triabeauty.com has gained national notoriety for providing their customers with virtually pain-free hair removal options and innovative blue light acne treatments. In that way, they found known beauty issues and address them by using the latest technology. So whether it’s a new airbrush makeup technology or an innovative rosacea treatment staying on the cutting edge of beauty technology is the best way to stand out in your market.

Don’t be afraid to tap into a niche market

While it is important to offer products that appeal to everyone it can be equally beneficial to target a niche market. For example, the vast majority of Neutrogena products are geared toward preventing and treating acne, however they offer a wide array of products in addition.

Make sure you offer beauty products and services that have universal appeal in order to maximize your market penetration

The more versatile your products or services are, the larger your client base will be.

Make sure you have a comprehensive business plan and realistic goals your first year in business

Business plans are not just essential for taking out business loans they are also a vital tool for staying on task and holding yourself accountable.

Now that you know more about what makes a beauty business truly successful and what should be taken into consideration before starting a beauty business and I’ll make it easier for you to aside if starting a beauty business is right for you.