There are many costs to being an entrepreneur, and some of them are hidden costs. The SBA estimates the average cost of starting a business to be around $30,000. No matter what type of business you start, you’ll need to invest hours in its creation and development. These costs alone are enough to intimidate prospective entrepreneurs from ever following through on their ideas. However, they don’t paint the entire picture of entrepreneurship. There are also hidden costs to being the founder and director of your own enterprise. You’ll need to be prepared for them as well.
The evolution of technology means that small- and medium-sized businesses can now compete with larger organizations in international markets. Moreover, recent data from OECD (the Organisation for Economic Co-operation and Development) shows that 9 of 14 member nations have business creation trending upward. This is encouraging news for new entrepreneurs. But there are a few precautionary measures a small or startup business should take before plunging into overseas adventures. Here are 4 hacks for entrepreneurs entering global markets.
The business world is generally not a friendly place to small businesses. Statistics show that most small businesses will not make it past the first 10 years of existence. Small business owners who are able to raise capital to support growth will likely be more successful. To raise capital, make sure that your personal and business credit are in good shape. Also, consider making home improvements to get better home financing terms. Finally, work hard to establish initial traction in the market.
As we near 2018, the “mobile first” mantra should seem like old news to savvy marketers. For the first time in history, mobile officially accounts for more than 50% of all web traffic. If your retail website isn’t already optimized for mobile traffic, or at least responsive to small-screen viewing, it’s time to get on the stick. Use these 7 mobile design tips to turn casual visitors into committed customers.
Small businesses have big appetites for cash. By the time many entrepreneurs blink, their small business has generated yet another expensive bill. Or acquired an unforeseen overhead. So it’s important to take every opportunity to keep your business streamlined. You want to be sure that cash is converted to profit rather than debt. These money-saving hacks for your small business should help you avoid some potential pitfalls.
In the world of IT contracting you could find yourself on the road for a lot of the week. You'll be going from job to job and racking up the expenses as you go. If you’re new to this line of work, keeping up with your expenses can sometimes be overwhelming. As a matter of fact, some expenses might even slip past you. When that happens, you’ll end up paying out of pocket for something you could be claiming back. So it’s important to fully prepare yourself for the expenses you’ll be accruing for each contract. Here are some tips that will help you manage your expenses as an IT contractor a bit better.
Cryptocurrencies and blockchain technology are breathing new life into freelancing and revamping the online gig economy. That's because these services provide all parties with a safe, secure, and transparent avenue to conduct business online. Consider leveraging cryptocurrencies and blockchain-based marketplaces to ensure that you are not overpaying fees. Additionally, you'll be mitigating the risks involved in online labor as well as empowering yourself as an independent contractor.
Launching an e-commerce business isn’t for the faint of heart. Even if you have the most brilliant idea for a product or service, you still have lots of competition to face and some tough challenges to overcome. Here’s what you need to know.
CEOs have constant oversight by three key stakeholders. These are customers, employees, and the board of directors, who represent investors. If any stakeholder group becomes sufficiently unhappy with a CEO’s performance, it’s likely that the company will remove him or her, often quite publicly. Here we discuss mistakes, regrets, and reborn careers—and what current (and aspiring) CEOs should avoid.
It’s the dream of everyone who has ever whipped up a meal for their family and friends and been told that the meal was a ringing success: starting one’s own restaurant. Many people have this dream. However, they neglect some of the nuts and bolts of the operation, such as finding the right suppliers. Here are some of the ways to ensure that your owner-supplier relationships are as beneficial as possible.
The Internet is the way to fame, fortune and the gilded lifestyle you have always dreamed of, right? You can slap up a website, place your products on there and wait for the wads of cash to roll in, right? Wrong. However, if you have a great idea and a knack for sniffing out opportunity, then do at least one thing every day that will move you closer to making your online dreams come true.
Starting your own home business can be a daunting task. That's especially true when you must do everything from scratch and you have no experience of running a business. However, moving away from salaried employment can be a great way to increase your quality of life. Your time will be much more flexible, and you will be able to do things in your own way. If you do it right, your home business can be both financially and spiritually rewarding. Here we give 5 suggestions to get you started.
Many a startup entrepreneur is also a parent. However, when we talk about business and parenting, it is not easy to keep everyone satisfied. That's because these two areas of life can both be overwhelming and demanding. If you're both a startup entrepreneur and a parent, you might be looking for advice that can help you to balance these responsibilities. We hope this post helps you to simplify your life.
With a little bit of discipline and planning, a career of working remotely as a freelancer can provide you with the chance to see the world. Setting this up will take some time while you get your bearings straight, but the payoff will be well worth it. Here’s how to get it done.
It might surprise you to know that an online mattress business is one of the up-and-coming business models right now. People are choosing to purchase more and more of what they want and need online, including mattresses. They love being able to purchase anything they want or need from the comfort of their own homes. Entrepreneurs, always on the lookout for new opportunities, stand to benefit from these digital trends, too, because they can make their products and services available to millions of people everywhere. Beyond these obvious points, though, why would a customer seek out an online mattress business?
Many people dream of ditching the 9-5 routine and working for themselves instead. But what about the pitfalls of this type of career move? Over recent years, a rising number of people have actually managed to achieve the goal of being their own boss. They have broken free from employment to enjoy the many benefits of working for themselves on a freelance basis. However, it is important to consider the pitfalls of working for yourself. Only then can you make an informed choice about whether this is the right move for you.
When you think about the famous company Apple, you probably also think about Steve Jobs. Of course, Steve Jobs was the original founder of Apple and the ubiquitous iPhone, but there was someone else behind the development of this powerful company as well. And that person was Steve Wozniak, Apple's co-founder. I'm here to tell you that you should learn more about this guy, because he’s super intelligent and influential in both the business and the technology worlds. Keep reading for some of his words of wisdom below.
Passive income is everyone's ultimate dream, right? Having passive income is like having an income conveyor belt that allows you to make money for your business while you do absolutely nothing. However, achieving the reality is far from easy. Being able to rely on a passive income requires hard work upfront. There is no magic switch you can install on your business’s website. You'll have to be willing to do the work in the beginning and keep things running with routine maintenance after that. That's because if there’s a chink in the chain, that chain isn’t moving at optimum speed. And speed is essential to keep your business’s passive income running along. Here are a few methods to help you get started.