An interest only mortgage is one where the monthly payments only cover the interest and don’t include repayment of the principal. The principle is repaid in full at the end of the term, making them a good option for fix and flip investors. Interest only loans can also finance renovations and are good for both… The post Interest Only Mortgage: An Investor’s Guide to Interest Only Loans appeared first on . from http://fitsmallbusiness.com/interest-only-mortgage/
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Sales analytics (also known as sales metrics) are a range of different ways to measure how your sales process and reps are performing. Tracking stage conversion and pipeline health analytics has huge potential to boost your sales revenue and accelerate your business growth. Key Sales Analytics That You Should Measure Given there are over 300… The post Sales Analytics – What To Measure & How To Boost Your Sales Revenue appeared first on . from http://fitsmallbusiness.com/sales-analytics/ We asked leading real estate professionals for their best open house ideas, and their answers cover the basics (clean and stage the house) to the innovative (hire a drone banner to advertise your event). You’ll definitely want to take notes, and be sure to let us know your favorite open house ideas and tips in… The post 33 Real Estate Open House Ideas & Tips from the Pros appeared first on . from http://fitsmallbusiness.com/open-house-ideas/ Almost one in four American workers are realizing the benefits of working from home, whether they’re remote employees or running their own small business. But setting up your home office isn’t without its challenges. For many of us, space is at a premium, there are endless distractions, and it can be hard to separate your… The post Home Office Setup – 25 Practical & Design Tips appeared first on . from http://fitsmallbusiness.com/home-office-setup/ Guest Article Investing in small business can be financially and personally rewarding, but it also poses a huge risk. If you go about investing in a smart, calculated way, the rewards can be incredible. You just need to be the right type of person with the right skill set, temperament, and knowledge to ensure a lucrative investment – if you make the right choice, industry statistics show you stand to yield returns that are between five to 100 times more than the original investment. It’s all about doing your research, knowing the market, and conducting due diligence on the business in order to mitigate risk. According to the SBA, roughly 500,000 new businesses are founded in the United States each year. Similar entrepreneurial enthusiasm can be witnessed worldwide, and in fact, in China, 12,000 new companies are registered each day. According to the U.S. Bureau of Labor Statistics, only around 50% of all new companies survive their first five years in the U.S. This goes to show that if you’re eager to invest in the early stages of a small business, you’ll have a lot of options, but it’s necessary to be selective, think carefully, and make the right decision. As a cofounder of a successful mobile technology venture capital firm in China, we invest in a great deal of small businesses. In my time, I’ve learned what to keep an eye out for during the prospecting stage of investment, warning signs that an investment shouldn’t be considered, and what safeguards should be put in place. Below are just a few things to keep in mind when it comes to investing in a small business.
How can you feel confident about an investment if you know nothing about the market and you’ve done no research? This is a critical first stage of investment and it will improve the likelihood of future success. Do all you can to learn about the market i, talk to industry experts such as venture capitalists, economists, scientists, and the customers that the small business is trying to target. This will give you a fair, all-round picture of whether what the company is trying to achieve is realistic.
Before jumping into an investment, analyse the business’ competition, the size of the market, what this new company has to offer in terms of a competitive advantage, and the personal brand of the CEO. It’s essential to investigate the people involved in the company – after all, the brains behind the business are the most important factor. You are investing in them as much as you are in the business. Look into the backgrounds of the founders, research their education, experience, any previous companies they were involved in building, and see what they can bring to the table. You need to see if they have what it takes to make a business a success. The personal brand of the CEO is critical to consider, as it’s the culmination of a company’s identity. It will shape the company’s image, voice, and it will help to drive sales. Personal branding can make all the difference when it comes to getting an edge over the competition.
When investing in a small business, as with any investment, you should remember the importance of diversification. That means spread your investments around so that your exposure to any particular asset is limited, which reduces the volatility of your portfolio and increases the possibility of success. When it comes to diversification, investors should also keep in mind up-and-coming emerging markets. For example, investments in the mobile tech sector are a great choice right now, given all the recent advances and all the long term potential.
Is the small business you want to invest in charging for its services at a reasonable price? Will they be able to scale their business down the line? What are the founders of the company going to use your money for? Can the founders showcase a roadmap of where they want the business to be, financially, in the next few years? How much are the founders intending to pay themselves in terms of salary? These are important questions that need to be answered, or else you might end up making a venture investment that can’t sustain itself.
Investing in a small business is a long, high-risk, high-potential-reward process. As such, don’t anticipate immediate results. Make sure that any money you have allocated towards a startup isn’t needed in the near-term, as despite all your research and scrutiny, it’s difficult to predict when your investment will produce returns. You should remember to reserve some follow-on capital for investments that you believe show the most potential. This is an effective way to hedge your bets and make wise returns on a carefully-selected investment. When investing, remember that a small business will need all the help, and money, they can get. Any profits they make will likely be put right back into the business in order to improve it further and to secure a solid financial future. Be patient, though, and have faith that you made the right decision and one day the investment will pay off. About the Author: Will Jiang is a founding partner at N5Capital, a leading venture capital firm in China that focuses on early-stage investments in the mobile internet industry. Will has years of investment experience and is passionate about tech startups, trusting your gut, and investing in the minds of the future. The post 5 Things You Should Know About Investing in Small Business appeared first on Succeed As Your Own Boss. from https://succeedasyourownboss.com/5-things-know-investing-small-business/ The blockchain is a new and innovative way that people and companies can create, verify, and enforce transactions without a middleman or central authority. It’s essentially a decentralized ledger that records transactions chronologically. Transactions recorded on the blockchain can include the exchange of money, property, or anything that requires an enforceable contract or authorized access.… The post Blockchain Technology & What it Means for Small Businesses appeared first on . from http://fitsmallbusiness.com/blockchain-small-business/ A UCC lien, or UCC filing, is a notice that a lender has a security interest in one or more of your assets. The term comes from a collection of established rules that govern how commercial transactions work in the United States, called the Uniform Commercial Code (UCC). UCC liens can be filed against businesses… The post What Is A UCC Filing & How A UCC Lien Works appeared first on . from http://fitsmallbusiness.com/what-is-a-ucc-filing-lien/ Sales management is the application of skills, tools and experience to motivate your team and maximize your sales performance. While soft skills are important, a big part of sales management is also the tools and processes you put in place. This includes the goals you set for employees, and the metrics you’ll use to measure their… The post Sales Management – How to Manage a Quota-Busting Sales Team in 6 Steps appeared first on . from http://fitsmallbusiness.com/sales-management/ A sole proprietorship is a business structure owned by only one person. In this type of entity, there’s no legal distinction between the owner and the business — which means 1) the owner is entitled to all the profits of the business, and 2) he/she is also responsible for the losses, liabilities, and debts the… The post What is a Sole Proprietorship? appeared first on . from http://fitsmallbusiness.com/what-is-a-sole-proprietorship/ We hear a lot about how social media creates brand awareness, establishes you as an expert, and propels your marketing. But what about social selling? Can you actually use social media platforms to close business, especially if you’re in the B2B space? The answer is YES, but know that social selling is an entirely different animal from traditional sales strategies. Think of it like this, you connect on social media, then you educate them about your expertise, then you engage with them to build the relationship and then close a sale. Simply Be There, and Be Active The fact that 75% of B2B buyers leverage social media to support their decision making means you have no choice but to have a social presence. Furthermore, a 2014 Google study showed that 46% of decision makers are now aged between 18 and 34 years old which is the largest social media user demographic. So if your target audience is hanging out on certain social channels, you need to be there too. What does being active on social media look like?
Leverage social scheduling software such as Sprout Social to build a daily schedule of content you want to share. Just remember to go back and check your social accounts a few times to day to share directly and build engagement. Go for the Relationship First Sales reps are taught to sometimes be aggressive when it comes to closing a sale, but that won’t cut it on social media. The name of the game in this environment is connecting and adding value. Consider social media like a giant cocktail party. Be more interested than interesting. Don’t be the guy who’s blasting through the party, handing out his business cards without even talking to people. Don’t push people to buy your product. Instead, work on developing relationships. It will take longer to close a sale, but in the long run, you will have more information to make a stronger proposal. How can you connect to leads and prove your worth?
Services like Kajabi can help you sell more Professional service providers can productize their expertise with online digital products. Although you can advertise your services on social media, there’s a better way to tap into the people who are plugged into your brand by creating specific digital products for them. You can turn popular content into a sellable product; think about launching a membership site, group coaching program, online courses, or pay-to-play webinars. Can you see your cash flow increasing? Listen to Your Demographic You can learn so much if you just listen. By following people in social media you are targeting to learn valuable insights into how to better reach this audience. Let’s say you sell online accounting software. By following small business owners on social media, you might learn by “eavesdropping” on conversations that many struggle with making enough money to stay afloat, managing their accounting, and being overwhelmed with the amount of work they have to do daily. With this knowledge, you can shape your next sales campaign. You could publish a free ebook that addresses solutions to their pain points. Offer packages for each of their biggest problems. Here’s how to be a better listener and get the right information out of social media:
Reward social media connections for sharing. Use a service like chirpify to connect in social and chat to build an online loyalty program. You want to reward customers who engage and share things about your brand across all social channels, not just when they buy. Use it as Research Before a sales presentation, dig through social media to find ways to connect. Won’t your connection be surprised at what good attention you’re paying to his activity when you mention that you worked at the same place or ask about his children, after he posted a photo of his son’s Little League championship game. Not only do you want to show that you have personal interest in him, but you also want to glean any details that might shape your presentation Before your next sales meeting:
Keep in Touch It’s important to continue to interact with your lead via social media. It takes time to build a trust relationship. Don’t be aggressive (just like with real dating); instead, be subtle. Continue to share his content and commenting where relevant. Monitor what he’s talking about. Social media provides an excellent platform to keep in touch. If you do your job and stay top of mind, he’ll be more likely to come back to you with a business opportunity at some point. Social selling is an important skill for any business owner to learn. Stop all the cold calling and focus on engaging prospects online, it will change your business. The post How to Use Social Media to Close Business appeared first on Succeed As Your Own Boss. from https://succeedasyourownboss.com/use-social-media-close-business/ |
AuthorHello I am Teri Crawford 26 years old living in Toronto, Canada. I have recently finished my MBA and planning to start my own business. Archives
November 2018
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