How To Hit The Ground Running With Your Start-Up’s Finances

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StrategyDriven Starting Your Business Article |Start-up Finances|How To Hit The Ground Running With Your Start-Up’s FinancesNo matter how good your idea might be or how dedicated you are as an entrepreneur, without strong financial management your start-up will never be able to reach its full potential. With so much to deal with when running a start-up, managing the finances can easily fall to the wayside. Letting this happen can spell disaster, so understanding how to hit the ground running with your start-up’s finances is an essential key to long term business success.

1. Create a Clear Plan

No matter how good your intentions are, without a clear vision of your strategy, you will be working in the dark. Therefore, one of the first steps you should take when you are setting up a new business is to create a strong financial plan. In this financial plan, you will need to outline all the funding you are in need of and the sources from which you intend to procure it. You will need to show your intended overhead and projected incomings. The more detailed you can be with this plan the better, as it will help you to stay on track in the long run.

It is useful to not view a financial plan as something that is fixed. This is because the more experience you have with your business the better able you will be to understand your real financial situation. Consequently, updating and amending your financial plan will help to ensure its relevance and usefulness, as your business progresses and your knowledge increases.

2. Have a Healthy Cash Flow

It can be all too easy for start-ups to fall into the trap of having all of their capital tied up in investments early on. This can lead to real problems such as being unable to maintain expected operations. If you find yourself facing issues with your cash flow then you should look into invoice financing. Before you go down this path it is a good idea to do some research into what is invoice financing to ensure you are getting the best solution for your needs.

3. Build Strong Networks

Building strong networks might sound like a strange piece of advice in the context of start-up financial management but it can be invaluable. Having strong relationships with your suppliers and clients can help you to stay prosperous when you are experiencing more difficult times.

4. Have a Good Record Keeper

Whether you are seeking outside investment or not, there is a lot of paperwork and records associated with running a start-up. When you are setting up your business it is important that you get underway with your record keeping. Creating clear systems for your business’ financial record keeping from the beginning can help you avoid delays and potential difficulty down the line.

5. Keep Your Overhead Lean

When it comes to running a start-up that is competitive you will need to be working at maximum efficiency, and the same goes for your finances. You should try to keep your overheads as lean as possible to ensure you are operating effectively. Of course, you will need to pay for the necessities to keep your staff and business healthy, but it is vital you don’t splurge on what is not absolutely necessary.

Starting A Car Sales Business Is Easier Than You Think

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StrategyDriven Starting Your Business Article |Start a car sales business|Starting A Car Sales Business Is Easier Than You ThinkIf you are thinking of getting into the auto trade business then there are many things to think about before you open. You will need to have a solid idea of how you are going to run your business, this comes in the form of a business plan. A great business plan leads to a great business. Take a look below to find out what you need to consider to start a car sales business.

Budget

First of all, you need to know your money situation and how much you have to put into a business. Starting a business doesn’t have to cost you a fortune but you will need to part with some cash. You will need to have money for the premises, you will also need money for the cars that you are going to sell. If you don’t have this money to hand then you will need to apply for a business loan. In order to be successful with this, you need to have a high credit rating, this means you manage your money well and have never been in any trouble involving paying the money back.


Competitors

Next, you need to know that there is a need for a car sales showroom in your area. You can find this out by comparing your competitors. Using something like competitive intelligence tools will show you how well your competitors are doing and how you can outdo them. You could also work alongside your competitors and maybe do a collaboration that means you both earn a good chunk of money.

Cars

Now, you will only have a car sales business if you have cars to sell. You need to decide if you are going to be a new car dealership or if you want to focus on selling used cars instead. There is a need for both of these so it really depends on what people in your area want. Speak to the general public to get their thoughts and feelings. This is really the only way you will know what people will buy, you don’t want to guess and get it wrong. When it comes to filling up your lot with cars there are many ways to get your hands on cars. You could ask friends and family members if they are wanting to sell their vehicle or if they know anyone selling a car. You could also advertise online for people wishing to sell their cars.

Location

Finally, location is super important when it comes to owning a business. You need to be somewhere you can be seen or easily found. You don’t want to be in the middle of nowhere as you will struggle to get the right amount of foot traffic through the door. You can advertise online or on billboards. That way people will know what you’re about and can pop by if they need a car. If you are set back a bit from the main road then you could rely on signs on the road to direct people to your business.

10 Businesses You Can Start At Home

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StrategyDriven Starting Your Business Article |Start at home businesses|10 Businesses You Can Start At HomeIf you’re looking to start your own business but don’t want to leave the comfort of your home, there are plenty of options available to you. Here are ten businesses you can start at home:

1. Home-based daycare

If you love children and have a knack for caring for them, starting a home-based daycare could be the perfect business for you. You’ll need to be able to accommodate a few kids in your home, as well as obtain the necessary licensing from your state.

2. Freelance writing

If you have a way with words, you can start your own freelance writing business and earn a living by writing articles, blog posts, or even books. There’s no need to invest in office space or expensive equipment, as you can do all of your writing from home.

3. Pet sitting

If you love animals and don’t mind taking care of them while their owners are away, pet sitting could be the perfect business for you. You can start by advertising your services to friends and family and then expand your business by offering your services to others in your community.

4. Home-based catering

If you’re a good cook and enjoy preparing food for others, starting a home-based catering business could be the perfect way to earn a living. You’ll need to invest in some kitchen equipment and supplies, that’s it.

5. Lawn care

If you enjoy working outdoors and don’t mind getting a little dirty, starting a lawn care business could be the perfect way to earn some extra income. You’ll need to invest in some basic equipment, such as a lawnmower and weed whacker, and can run your business from the comfort of your own home.

6. Housecleaning

If you’re organized and enjoy cleaning, starting a house cleaning business could be the perfect way to make some extra money. You can start by advertising your services to friends and family and then expand to others in your community.

7. Errand service

If you’re the type of person who enjoys running errands for others, starting an errand service could be the perfect way to earn a living. You can start by offering your services to friends and family and then expand your business by offering your services to others in your community.

8. Home-based business consulting

If you have experience running a business, you can start your own home-based business consulting service and help others get their businesses off the ground. You can work with clients online or in person.

9. Personal shopping

If you enjoy shopping and have an eye for finding bargains, starting a personal shopping business could be the perfect way to earn a living. You can work with clients online or in person, and you can set your own hours and rates.

10. Senior home care

If you’re caring and patient and enjoy working with seniors, looking at home care business opportunities could be the perfect way to earn a living. You can offer your services to seniors in your community who need assistance with everyday tasks, such as grocery shopping and transportation.

In Closing

These are just a few of the many businesses you can start from the comfort of your own home. With a little creativity and effort, you can turn any of these ideas into a successful business venture. So what are you waiting for? Get started today!

How to Legally Start a Freelance Business

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StrategyDriven Starting Your Business Article |how to legally start a freelance business |How to Legally Start a Freelance BusinessDid you know that over 59 million Americans have started to work for themselves thanks to the growing gig economy? What might have seemed like a far-off dream in the past is now an achievable reality.

If you are wondering how to legally start a freelance business, keep reading to find out all you need to know.

Why Become a Freelancer?

The obvious reason to become a freelancer is to work for yourself doing something you love. But there are many other reasons to become a freelancer.

More companies are turning to freelancers to fill a need for qualified talent. Small businesses all the way up to giant corporations are making it a regular habit to find web developers, copywriters, photographers, consultants, and more to complete tasks for them.

It is a win-win situation. Freelancers get to enjoy a steady workflow and ample opportunities. Companies get access to high-quality work without dealing with employee taxes, insurance, and other things associated with having employees.

Freelancing Is Still Hard Work

You will have to put in some effort upfront when it comes to legally starting a freelance business and finding your own work. And after you get going you will have to manage all aspects of your business.

You will need to find a balance between tackling day-to-day operations, completing the freelance work you are getting paid for, and making sure you are abiding by any local, state, or federal laws.

One way to make this easier on yourself is to hire a freelancer to help you out. You can use other people’s talents to take care of tasks like graphic design or social media management.

How to Legally Start a Freelance Business

You will need to organize your business according to the services you provide. One of the first things you need to do when you find out how to become a freelancer is decide what type of business structure to use.

Knowing this information helps you to apply for the appropriate business licenses and set yourself up as the proper type of business entity.

You can choose to have a sole proprietorship, limited liability company, or corporation. It is a great idea to get some legal advice before making any decisions, as each structure will have significant implications.
For example, a sole proprietor shares assets and debts with their company. This means you are legally liable for anything that may occur as a result of your business.

An LLC provides some asset protection, as your assets are separate from the business. So if you default on a loan or get sued your assets can’t be touched.

Register With the IRS

After you get your business license you will need to get an employer identification number from the IRS. This is what you will use to pay income taxes.

To get this you will need a social security number.

Get a State Business License

Once you have your EIN you can apply for your state business license.

You will define your business entity name, address, and pay registration fees. You can use the IRS portal to do all of this at once.

Do a search before filing to make sure no businesses with your name already exist.

Your state might have additional laws and regulations for setting up a business. Check your state website for any other specific information.

Start Your Own Freelance Business

It may seem a bit daunting, but getting started is the hardest part. Once you find out how to legally start a freelance business you can use your skills to create the life you dream of.

Make sure you check our blog for other helpful legal articles along the way.

Thinking Of Starting A Meal Prep Business? 4 Key Tips To Get Going

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StrategyDriven Starting Your Business Article |Start a meal prep business|Thinking Of Starting A Meal Prep Business? 4 Key Tips To Get GoingWith every generation that passes, we become more and more conscious of what we are putting into our bodies. The science of food, in particular, has led to more focus on ever-more diverse diets, superfoods and eating plans. As we gain more awareness of what the benefits and disadvantages of certain foods are, we’re also seeing this expertise gaining coverage in terms of the foods that hit our supermarket shelves. And for people with an interest in food, this is creating business opportunities – which include the possibility of starting a ready-made meal-prep business.

One of the major ways in which a line of business changes over time is the addition of choice – once upon a time, the vast bulk of ready meals in a supermarket would be from a few basic choices. Now, the range of choice is increasingly wide. So if you fancy taking your nutritional and culinary expertise to market, it’s worth knowing what you need to get right before going into business with a line of ready meals.

Pick your niche

As we’ve noted, the range of choice for ready meals has exploded in recent years, and if your business line is simply “ready meals”, it’s hard to attract the kind of attention you want. You need to have something more identifiable going for you. What about keto meals? This is a field where easy food is hard to come by, so if you can launch a decent line of carb-free convenience food, you could have a marketable business. Or you could be looking at a specific type of cuisine. It’s not hard to find pre-prepped Italian cuisine, but there are other national styles that are less well-served. Why not try Korean or Moroccan dishes?

Think from field to fork

Convenient food is popular because people, at the end of a long day of work, don’t want to have to put in too much hard graft or time in the kitchen. That means that you’re the one taking on this effort, so you need to break down every step of the process. You’ve got to source ingredients; blend them to make a meal that will survive cold storage & logistics; package them in a way that makes them stand out in a supermarket; figure out and communicate cooking instructions. You’ve got to do all of this without overspending, so break the steps down and then look for ways to make it cost-efficient in every one of those steps.

Plan how you will sell your meals

One major advantage a meal prep business has these days is that you can sell your dishes in more ways than were available even ten years ago. You used to have to persuade supermarkets and convenience stores to carry your brands. Then you had to hope they displayed them prominently. Now, while brick and mortar stores are useful to have on your side, you can sell directly to the public. An ecommerce site with a decent design and SEO can allow you to reach a considerably-sized customer base. From there, you can build a substantial brand.

Find a facility

You may well be great at crafting delicious, nutritious and healthy dishes in your own kitchen, but if you want to sell to a wide market, you’re not going to be working in your own kitchen. That’s because first of all, you won’t have the industrial-sized ovens and cooking facilities needed for mass production, and second of all you won’t want health inspectors coming in and out of your house as and when they want. So you will need to find a place to work out of.

You’re also going to need the equipment to package and vacuum-seal your meals as well as storing them before distribution – and there is the question of distribution itself. Will you be sending meals to stores and markets, in which case you’ll need to send them en masse? Or, if you’re going e-commerce and sending directly to homes, you’ll need space to store the meals and to find a way of sending them securely – usually in a thermally-controlled box with ice packs.

Selling pre-prepared meals can be a way to make a decent buck or two in the business world, but you need to be conscious of the scale of job it takes to get up and running. There’s a lot to stay on top of, but if you put the thinking in then there’s no reason you can’t make a success and even a household name out of your culinary expertise.