Business Tips

You’ll have conversations with a lot of people before you open your own business. You’ll definitely speak to your family and your partner to ensure that you have their full support. You’ll speak to the most knowledgeable and honest of your friends, who’ll help you to sound out your idea and decide whether it’s a worthwhile pursuit. You might even speak to other business owners you know and get some starter tips from them, so you don’t start off on the wrong foot and doom your new venture before it’s even got out of the starting blocks.

There’s one more conversation you should be having before you make the decision to cut your ties with your current job and strike out on your own in the world, though, and that’s a conversation with yourself. There are some questions only you can answer, and you owe it to yourself to look yourself in the mirror and answer them before you proceed to the execution stage of your carefully-written business plan. Without any further ado, here are those questions.

“Do I Know My Boss’s Job Inside Out?”

Almost everybody reading this will have thought at some point that they know their job better than their boss does, and that they could outperform their boss in the same role. Some of you will have been correct in that assessment. Thinking you could do your boss’s job and knowing you could do it are two different things, though, and much of the time we don’t get to see everything our boss does – we only get to see the parts that affect our own job. The only way to know whether you’re better than your boss is to do your boss’ job. If you’re starting your own business, you’ll almost certainly be taking on all the responsibilities of your current boss has, and perhaps even your boss’ superior, if such a role exists. If you don’t have any experience of managing budgets or people, you’re not ready to start your own business, no matter how skilled you are. Get promoted first, get the experience, and then branch out.

“Is My Business Idea Future Proof?”

How well do you understand the current trends within the business area you want to work in? More importantly than that, how well do you understand what’s likely to change with those trends in the future? A sudden change in technology could make your business obsolete overnight. Twenty years ago, opening a casino was a surefire way of making money. Now, physical casinos don’t make as much money because mobile slots websites or their sister sites offer players more choices, and often better chances of winning, too. The internet existed twenty years ago, and so the creation of mobile slots should have been foreseeable. When the internet arrived on mobile phones, mobile slots were obviously round the corner, but many companies still didn’t heed the warning. A few years from now, it might be the case that vegas slots are replaced by virtual reality casinos. What future technologies could impact your business, and how do you propose to mitigate those risks?

“What Problem Does My Business Solve?”

Great businesses solve problems that exist either within a service, or within wider society. All the best start-up companies of the past ten years have been solutions to problems. What problem does your business solve? It doesn’t have to be a major problem – for example; a low-cost travel company would solve the problem of some people not being able to afford to travel. For the customers of that company, cheap travel would be a must, and the company is the only place they can find it. Without a problem to solve, there’s no need for your company to exist at all. Whatever you’re selling – whether it’s a service or a physical product – there has to be a target group of customers who will view it as a ‘must-have.’ If it’s only a ‘nice to have’ your business idea probably isn’t strong enough, and you’ll likely find you don’t attract enough custom to keep the business running.

“What Am I Willing To Sacrifice To Make This Work?”

Running a successful business is enormously rewarding. Getting a business to the point of being successful is enormously difficult. Unless you’ve had the greatest business idea in the history of the world, and have an immediate route to implementing it, you’re going to have to work harder than you’ve ever worked in your life to get there. This is inevitably going to involve some sacrifice. What’s your limit? Are you prepared to give up all the time you spend with your friends? Are you ready to pass on vacations for the next few years? Could your relationship stand spending less time with your partner? If you have children, could you cope with seeing them less because you’re working long hours? Are you happy to give up on luxuries so you can pump all of your money into the business? If the answer to any of these questions is ‘no,’ then don’t do it.

“Whats My Backup Plan?”

Nobody wants to think about this question when they’re in the middle of setting up a business, which is a big mistake. This is the most important question of them all. Even with the best planning in the world, it’s possible that your new business just won’t work out. Most of them don’t. Planning for failure is not the same thing as planning to fail – it’s quite the opposite. Planning for failure means you immediately know what to do next if things don’t pan out as expected. Would it be possible to return to your current job if you’re able to part on amicable terms? Would the experience you accumulate in the process of running the business qualify you for a senior role elsewhere? If so, where? Can you put some money aside for the eventuality of the business falling through, and trust yourself to spend it only to support yourself after the business has failed rather than throwing it into a failing business? You need an exit strategy and a means of survival outside of the business during your first few years of trading. It’s your safety net. Once that’s in place, you can trade without fear.

 

Over the years, Ali Mayar, CEO of Platinum Rapid Funding, has seen quite a bit. He has experienced a lot of good and bad in the business world, and it’s been a challenge at times, to say the least.

While many people just need to experience success and failure themselves to get a feel for it all, there are certain lessons out there no one wants to learn the hard way. Below is a list at five that Ali Mayar specifically points out.

To get, you must give

This is a pretty cliché tip to keep in mind, but it’s very true in the business world. Early on, people should be focusing on giving as much as possible. This is all about building relationships and doing some of the dirty work to get to the top. The right people will notice all the hard work in the beginning, and it will eventually pay off.

This means going the extra mile and developing strong relationships with those in a specific industry. When no one else is putting in the extra work, it’s a perfect time to shine.

Stay organized

It’s easy as a business owner to become so busy that organization takes a hit. The office doesn’t need to be spotless, but it helps to stay organized from the very beginning. By setting a standard, it will be much easier to assess certain things down the road. No one wants to be in a situation where they are struggling to find where anything is.

Organization also keeps everyone on the same page as far as meetings and deadlines are concerned. By putting in that extra work to stay organized, it presents a much more professional look.

Listen to veterans in the industry

As a young, energetic business-minded person, it’s very easy to blow off people in the past and think that everything is easy. It’s not easy, and veterans in the industry have a proven track record to show they know what they are doing.

Yes, business is always evolving, and what worked in the 1990s doesn’t work the same way right now. It still doesn’t mean that veterans in the industry don’t know what they are talking about. More often than not, they are a very beneficial tool to lean on.

Effort goes a long way

Anyone trying to make it in the business world should pretty much forget about working a standard 40 hour a week. It’s more competitive than ever, and people are pouring in hours and hours of work to get to the top. Effort doesn’t necessarily guarantee success, but it’s needed to have a chance. Don’t come up with a great idea, and then mail it in, hoping it somehow magically happens.

Don’t obsess over competitors

It’s not always about doing everything a competitor does to try to gain an edge. More often than not, in the business world, the minor differences stand out. Pay attention to them, but never obsess over what they do.

For more business advice, success tips and what it takes to start and maintain a business, visit Ali Mayar’s website or follow him on Facebook.

 

Merchant funding is a loan opportunity that may not be for everyone, but it can help out some business owners. Nobody knows the advantages of this type of funding better than Platinum Rapid Funding Group. This is just one of the ways they help business owners come up with the funds necessary to make their company thrive.

How hard is it to get approved for merchant funding? It’s fairly easy, as long as business owners meet a few minimal requirements.

Credit score

The first thing that platinum rapid funding group, as well as other companies, look for is a basic understanding of who they are working with. While the company considers an owner’s credit score, business history and revenue over the last few months, none of this has to be perfect.

A huge reason why so many people use merchant funding is that the requirements or not as hard to meet. Credit score might be looked at, but it by no means has to be great. This is more of a check to make sure that a business owner is not completely reckless.

Monthly credit card transactions

The repayment process for merchant funding relies on a company making money through credit card transactions every single month. It doesn’t need to be much in the beginning, but there does need to be signs of progress.

Unlike banks that need 4 to 5 years of history as a business, it doesn’t take nearly that much time to show that you are worthy of a merchant cash advance.

The best part about this type of repayment plan is that the monthly payment is never going to be overwhelmingly high. Since it goes off of money made, a certain percentage is always taken out.

Attention to the details

As long as business owners put together a strong plan, there is a good chance of having success with the approval process. This goes for any merchant cash advance company. This means filling out the initial form correctly, presenting a solid outline when talking to a customer service representative, and more.

Most people do end up getting approved but treat it like a job interview. Don’t give them a reason to not approve you for funding. Remember that these are companies that need to be smart themselves to work with quality individuals. If they give money away to just anyone, they could be in some trouble.

Willingness to be flexible

Finally, people should always be willing to be a little flexible with the amount of money they are asking for. Maybe a business owner is asking for a little too much, and the company comes back with a counteroffer. After crunching the numbers, they may feel this is a smarter amount of money to work with.

There is always the opportunity to turn down the offer, but there is no guarantee another company is going to provide more funding. Asking for just a little more than the amount needed will allow some wiggle room.

A background check is sort of a blanket term used for all sorts of screenings. People or companies use them to verify a person’s identity and personal and professional habits. The two most common types of background checks are employment and tenant screenings, but there are many other reasons someone might need to conduct one. Some of these include professional licensing, borrowing money, and working with children. Each one contains its own set of information.

Employment background check

Surveys say that 96 percent of employers run at least one type of background check on all potential employees. This is usually done in an attempt to avoid problematic employees who might become a liability later on. For example, financial institutions want to avoid someone who would be considered a high risk for theft, so one of the key indicators they use is credit scores. Another factor they look at is an applicant’s credit history. If they have a history of theft or embezzlement on their record, they’ll probably never be hired at a bank. 

Most employers only conduct background checks during the application process, but some also require periodic checks to keep their workplace secure. A good example of this would be a mental health facility that does annual drug tests and criminal history checks. 

Employment background checks typically include education, credit, work history, criminal record, and drug testing. It’s also increasingly common and perfectly legal for employers to screen an applicant’s social media profiles. They might look for things such as inappropriate photos or behavior, drug abuse, or discriminatory comments. 

Tenant screening

Most landlords conduct very basic background checks that include credit scores and criminal histories. What they are trying to determine is whether or not a person will take care of their property and pay their rent on time. Credit scores are a good indicator of someone’s financial maturity. This is because someone with a high credit score probably won’t want to do anything to risk it, while someone with a low score doesn’t demonstrate particularly good habits. 

Not all landlords conduct criminal history checks. However, the ones who do feel that it helps them protect themselves and their property. When they do these screenings, they usually have specific criteria in mind. They might be okay with renting to someone with a six-year-old public intoxication charge, but draw the line with DUIs or petty theft. However, it’s important to know your rights. There are certain situations where this is considered discrimination.

Personal background checks

There are many reasons why someone might want to run a personal background check on themselves or someone they know. When someone chooses to conduct a background check on themselves, they might be trying to find out what future employers or landlords can see. It may seem strange not to know what’s on your own record, but in some cases, these records are no longer visible. And as for credit reports, these change so much on a monthly basis, that it’s always a good idea to check them often. 

Running a background check on someone you know is a different story, though. Maybe it’s someone who will be spending time around your family, or perhaps it’s an older man you’re daughter has started dating. Whatever the reason, there are things you can legally find out. 

How to conduct a background check

There are several ways to conduct background checks. Some are fairly quick and easy, while others require more digging. The first thing you should do is simply search the person’s name online. You might be surprised what Google will pull up. Next, you can check out their social media profiles. You’ll be limited to whatever information they make public, of course, but it could give you some useful information to continue your search.

The easiest way to conduct a background check is through an online company. A reputable background check website will display things like mugshots, arrest records, previous addresses, and aliases. Keep in mind, however, that you cannot legally check someone’s credit without their consent, but most other information is completely accessible. 

Whatever your reasoning may be, you might need to conduct a background check on yourself or on a potential tenant or employee. Keep these tips in mind to help you know what to expect from a background check.

Health and wellness has long been one of the richest consumer industries in the world. In fact, at the end of 2018, health and wellness was the runner up to technology as one of the industries expected to grow the most over the next decade. What does this mean for the aspiring entrepreneur? Creating a business in health and wellness is a smart move. 

There are many types of businesses you can start in this field – a few options include consulting, training, nutrition, and selling products, just to name a few. One of the easiest and most profitable health and wellness businesses you can own is a supplement company. 

Types of Supplement Companies

There are many ways to sell supplements. The one you choose will probably depend on how much capital you have available and your particular skills and knowledge. For example, if you already have an existing storefront, you might be looking to expand your inventory with supplements. In this case, these products would probably be just a small part of your business model. 

However, if you’re starting your company from scratch, you’ll need to find a model best suited to you. One example is a health and wellness website. Many people who successfully run these have blogs devoted to one niche or another and sell their supplements right there from that platform. They might blog about weight loss, muscle gain, disease prevention, or women’s health. The key is to find a specialty that interests you so you won’t get tired of talking about it.

In selling products online, you can either choose to buy bulk amounts and store them or order individual items as your customers buy them. The first way will cost more upfront, but probably save you more in the long run. And the last way will cost more and may take too long to get to the customer unless your supplement company dropships.

What is private labeling?

In addition to deciding where to sell your product, you’ll also need to decide whether to label it yourself or just sell as a distributor for the company. If you do decide to label them yourself, there are some important things you need to know. When selling private label supplements, you have a little more autonomy on how the product is marketed and distributed. In other words, it’s your brand and you’re in charge of it.

The way it works is that you purchase bottles of supplements with no branding and put your own on them. Most companies will apply the labels for you and some will even design them for you for a nominal fee. Either way, you’re giving your own name to someone else’s product, so make sure you’re getting something you believe in.

What costs are involved in starting a supplement business?

Some experts estimate that you can successfully open a supplement business for around $5,000. In this estimate, they include several items, but keep in mind that these costs may be very different for you. Your main expense is the supplements themselves. These will, of course, be very different between companies. While the $5,000 estimate includes about 150 bottles of product, most suppliers require you to purchase a minimum of 500. 

Other costs include liability insurance, a website, and label design. As you can probably imagine, each of these costs can vary a great deal. The type of insurance policy you buy will likely depend on how you’re selling the product and the size of your business. But the average cost of a business policy is around $400 a year. Websites and label design can cost you next to nothing if you can find the right budding designers. Or they can cost you a fortune if you choose to go with a professional with many years of expertise. In order to keep all your costs low, shop around for the best prices and seek expert advice on making the best decisions for your business.