When entrepreneurs are first starting out, they usually are not thinking of “rocking the boat” when it comes to marketing. Yet a very creative promotion can work wonders for a new business, generating a positive buzz that will get it noticed. To find out which approaches work best, we asked 10 entrepreneurs from YEC Next and Young Entrepreneur Council this question: Q: What is one out-of-the-box promotion that worked wonders for your fledgling business?1. Speed dating with potential customersI would set up in a WeWork conference room for a day and let people book 20 to 30 minute time slots with me. Founders would come in for free and get growth advice from our growth team (me) on how to scale their business. My main goal was to get out of the office and talk to potential customers. This method doesn’t scale, but by doing it we formed some great relationships with people. --Jim Huffman, GrowthHit 2. Performance guaranteesWhen we first started out, a great way to get our foot in the door was to offer various performance guarantees that we felt we could, and should, be able to meet or exceed. This de-risked the choice for our clients, and it’s something we still offer to ensure our clients meet their demand generation targets. --Brandon Pindulic, OpGen Media 3. Get a little outrageousWe made a list of 50 of our perfect target clients. We then worked out a deal with a local pizza place to deliver free pizza to all of them. Out of each pizza, we had the shop remove one slice and replace it with a small printed graphic that was in the shape of a slice. It said: “Looking to grow your company? We are the missing piece. Give us a call.” --Frank Bravata, Marketing Rebellion 4. Radio interviewsBy giving radio interviews, you get exposure, and potential customers get to know you and will remember you. Contact radio stations to promote your business and let them know you have expertise in a particular area and are available to provide a local angle whenever necessary. This is something I personally did in the early stages of Aligned Signs. It is still a good practice for free publicity. --Jessica Baker, Aligned Signs 5. Public speakingOne of the best lead generation methods is public speaking—it’s inexpensive and very effective! Sharing knowledge is a great way to provide value and position yourself as an expert. Every time I present, I have multiple people approach me afterward who are interested in learning more about my services. We’ve closed many deals this way. --Zack Hanebrink, HookLead Other Articles From AllBusiness.com:
6. Alignment with trade associationsOne of the best things we did was to strategically align ourselves with several respected trade associations by offering our services in exchange for being considered their marketing partner. By first proving our worth, we built a strong endorsement from them to their respected members within the organization. That opened the door to high-quality companies looking for a vetted marketing partner. Remember, most associations are non-profits that have limited resources but do great things for their communities, so they are always interested in expert help. --Matt Barden, Industrial Marketing 7. Third-party guest postingIn the world of digital marketing, this is nothing new. But for other businesses that aren’t so content-centered, the last thing they want to think about for a quick promotion is creating content for relevant websites or blogs within their industry. Start with the most influential sites and pitch blog ideas to them that discuss unique solutions to their readers’ problems, while not being self-promoting. --Ron Lieback, ContentMender 8. Tell your storyIf people don’t know you’re up and running, they can’t hire you. Get the word out to your entire network, however is best for you to communicate (email, social media, in person, phone, mail, etc.). When you’re first starting out, you have the novelty of newness that people will pay attention to. Tell your story about who you are serving, what problems you solve, and why you decided to start. --Todd Giannattasio, Tresnic Media 9. Be very specificBe laser specific and identify your most ideal 100 clients. Think of the companies or people you’d love to work with most and to whom you can provide great value, too. From there, I’d build a very specific outbound campaign to reach them, demonstrate value, and have a call to action to hop on the phone. Before this CTA, I’d work hard to establish rapport and trust. Think in terms of “What makes me different and how can I give before getting?” This campaign might look like: Email 1, Mail 1, Call 1, Email 2, Contact Us form, etc. --Zach Burkes, Predictable Profits 10. Offer add-onsSince we sell travel experiences, we offered promotions of free side trips, tours, and adventures to incentivize customers to take action there and then, rather than get lost among our competitors. We still do this to this day. As it’s a promotion of a product within the same space as us, we get industry rates and we can find “add-ons” that sound interesting and are cool that don’t necessarily cost as much as they sound. We found this makes a big difference to customers who are often seeking more and more value for their money. This is something many companies and industries could do with partners they already work with: Buy X today and get a free Y. --Jürgen Himmelmann, The Global Work & Travel Co. RELATED: Marketing: If I Knew Then What I Know Now The post 10 Creative Marketing Ideas to Build Your Business appeared first on AllBusiness.com The post 10 Creative Marketing Ideas to Build Your Business appeared first on AllBusiness.com. Click for more information about YEC. from https://www.allbusiness.com/creative-marketing-ideas-build-your-business-120696-1.html
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If you’re a small business owner looking for ways to grow your business, you’ve likely investigated the possibility of acquiring some outside financing in the form of a business loan. Also known as debt financing, this form of funding can be preferable to venture capital, because you maintain control of your business rather than selling off decision-making power in exchange for capital. That being said, the world of small business financing is complex, with many possibilities—some good, some not so good. And the last thing you’ll want to do is pay more for funding than necessary. If you’re new to the concept of small business financing, you may not know what qualifies as a good interest rate or a bad one. With that in mind, let’s review what makes for a good interest rate for the various financing options out there and what to look for when comparing products. What are your small business financing options?It’s important to note that there are many kinds of financing options available to small business owners. A term loan is probably what you think of when you imagine a small business loan, but it’s far from the only possibility—other financing products may make more sense, depending on your situation. Here’s a quick rundown of the most common small business financing options:
What is a good interest rate for these financing options?You’ll rarely find that a lender will extend the exact same terms to different borrowers. Every lending situation is different because every business is different. There are general ranges for financing interest rates, however. Where an offer lands within that range is subject to the lender itself, as well as the borrower and their financial situation and future plans—including the business owner’s credit scores, the time in business, their industry, what they plan to use the financing for, and more. That said, the typical rates for the above-mentioned business financing possibilities are as follows:
If you’re in the market for a business line of credit or are considering invoice financing to help even out your cash flow, or need a term loan to help fund a new renovation or expansion, see if the APR your lender quotes falls within these ranges. Have you received an offer at the lower end of these ranges? If so, you’ve likely got a good interest rate. If you’re getting offers on the higher end, it’s time to start investigating how you can improve your standing in the eyes of lenders. Other Articles From AllBusiness.com:
Why you should look for the APR, not interest rateYou’ll notice that the rates listed earlier are quoted in APR, or annual percentage rate, rather than interest rate. APR is a more holistic view of what a loan or financing will cost. It includes the associated costs of borrowing, including origination fees and closing costs. Some lenders will promote their product with a low interest rate, but that doesn’t tell the whole story. For example, some merchant cash advances might quote a reasonable interest rate, but their APR will be much higher than what you might get from a loan or line of credit. For an apples-to-apples comparison of what financing will cost, compare APR to APR. What fees are included in the APR?Depending on the lender and the product, there may be just a few or many extra fees tacked on to your financing, which is what makes the interest rate such an incomplete picture of the total cost. These fees might include:
Many loan products come with these non-negotiable fees. This is what makes using APR as a comparison point so important—you may not get the entire picture otherwise. Taking on debt in order to finance growth for your small business is always a risk. In order to minimize your risk and boost your chances of success, you’ll need the clearest picture possible of what that debt costs. If the interest rates and APRs quoted to you don’t make sense for your business, explore other options and work on improving your credit profile so you can take out the financing that’s right for you. RELATED: The Secret Weapon That Can Help You Get a Better Business Loan The post What Is a Good Interest Rate for Small Business Financing? appeared first on AllBusiness.com The post What Is a Good Interest Rate for Small Business Financing? appeared first on AllBusiness.com. Click for more information about Meredith Wood. from https://www.allbusiness.com/small-business-financing-interest-rates-121126-1.html Three-paycheck months are great for your employees. Who wouldn’t want an extra paycheck a couple of months per year? But, a three-paycheck month might not be so gentle on your small business budget. Paying employees with a biweekly pay frequency has quite a few benefits, like consistent payroll processing. And, biweekly pay is the most popular pay frequency. However, you need to prepare for three-paycheck months. Otherwise, you could dip into negative cash flow territory. Sure, Susie’s extra $1,500 is no big deal. But multiply that by 60 employees, and your monthly budget could end up fluctuating by an additional $90,000—two times per year. How to prep for three-paycheck monthsPayroll is typically one of the biggest expenses a business owner has, and when your biggest expense multiplies, your company feels it. But before you start panicking and changing up your pay frequency, take a step back. Thousands of small business employers overcome this hurdle, and you can too. So don’t stress—prepare instead. 1. Adjust your budgetUnder a biweekly pay schedule, employees receive 26 paychecks per year. With only 12 months in a year, you’re left with two three-paycheck months. Depending on when you pay employees, the months with three paychecks could change. At the end of each year (or whenever you plan your budget), find out which months will have three paychecks. Once you identify the two three-paycheck months in the year, jot them down—but don’t just write on a crumpled Post-it Note that later finds its way to the trash. You need to make sure your entire budget reflects the months with the extra paychecks: Account for the cost of extra wages, employer taxes, and benefits contributions. If you fail to include the two extra paychecks in your budget, your monthly projections could be way off. With the added payroll expense in your budget, you may need to adjust your funds. Consider cutting back on expenses during those months, or see if your vendors can push back invoice due dates. You also can increase your available cash, which I’ll explain next. Other Articles From AllBusiness.com:
2. Ramp up your cashIf you want to have enough money on hand to cover three-paycheck months, increase your cash flow—ah, if only it were that easy. Coming up with successful ways to ramp up cash can be challenging. Plus, there are times when low cash flow is outside of your control, like during an economic downturn. However, there are a number of strategies you can do to improve cash flow:
3. Balance employee shiftsBy law, you need to give nonexempt employees working more than 40 hours in a workweek overtime pay. And be aware that time-and-a-half pay adds up—I mean, it’s 1.5 times the employee’s regular hourly rate. Paying overtime wages can be especially tricky during months with three paychecks. If you want to free up some money, don’t schedule employees more than 40 hours per week during three-paycheck months. Let’s say 20 employees normally work five extra hours per week. These employees earn an average of $15 per hour, which is an overtime hourly rate of $22.50 ($15 x 1.5). That could end up costing you $9,000 in one month ($22.50 overtime wage x 5 overtime hours x 20 employees x 4 weeks). If part-time employees work fluctuating schedules, you can also cut back some of their hours during months with three paychecks. RELATED: Small Business Finances: Costs to Consider When Hiring a Bookkeeper The post Business Owners: Don’t Stress Over 3-Paycheck Months—Do This Instead appeared first on AllBusiness.com The post Business Owners: Don’t Stress Over 3-Paycheck Months—Do This Instead appeared first on AllBusiness.com. Click for more information about Mike Kappel. from https://www.allbusiness.com/cash-flow-strategies-3-paycheck-months-121177-1.html By David Pierce In January, my wife and I completed a successful summit of Mount Kilimanjaro in Tanzania along the trail known as the “Roof of Africa,” which reaches a height of 19,340 feet at its peak. Kilimanjaro, as you may know, is the tallest mountain in Africa and the highest free-standing mountain in the world. Climbing that mountain was the most challenging adventure of my life, physically and mentally, and I learned a lot on that trip. As a business coach, I am a firm believer that every experience provides an opportunity to grow, and sometimes you can apply the things you learn from an experience to other areas of your life. Here are four business lessons I took away from my Kilimanjaro experience: 1. It’s a team effortClimbing Kilimanjaro is a team effort. No one is allowed to climb the mountain without the assistance of an experienced guide. Our group consisted of six trekkers and a support team of 18, which included experienced guides and many “heavy lifters” who managed our camp and prepared our meals. The team moved our group from campsite to campsite over seven days with amazing coordination, logistics, and stamina. During our trip we would break camp each morning and begin the trek to the next stopping point. Within an hour the “heavy lifters” would pass us, carrying everything in heavy packs on their heads. By the time we arrived at our next destination, the camp would be set up and dinner was on the way. Takeaway: A great business leader finds the best team, gives them a clear vision of the goal and expectations, and lets them perform. No great achievement is possible without the support of a qualified team. If you are going to take your business to great heights, you have to surround yourself with the right people who have the skills and experience to reach the team’s goals. It also means making sure you have the right people in the right positions so the work is done well. The leader assembles and oversees the team and holds them accountable, but he or she also allows them the freedom to perform their duties. 2. Great leaders put the team firstEarly into our climb I realized that Nick, the support team leader, was already at work and assessing each trekker’s experience, conditioning, goals, and expectations. He made it a point to get to know each of us. During the first few days of the journey he had casual conversations with each climber and watched us perform. He never let on that he was evaluating us. He was always very positive and expressed 100% confidence we would all achieve our goal of reaching the summit. He used the knowledge he gained to manage each day for the group, so we would be set up for success when we reached the top of the mountain. Takeaway: A great leader takes a sincere interest in their team and helps them achieve their goals. Nick’s servant leadership was in full view during our trip as he focused on understanding our group’s levels and abilities. By doing so, Nick improved the chances of achieving his ultimate goal, which was a successful summit by our group of trekkers. Other Articles From AllBusiness.com:
3. Great leaders unite teamsOur group of trekkers consisted of me and my wife (both in our fifties and from Kentucky), a 70-year old father and his thirtysomething daughter from Manchester, England, and a young couple in their twenties from Australia. All of us had varied life experiences and were in good physical condition, but we had very little in common. That’s the magic of a trip like this. We were able to come together as a team. We united behind a compelling goal that drove each of us to achieve more than we could on our own and more than most of us thought we were capable. Takeaway: A compelling, audacious goal can unleash potential that is often unrealized. Anything is possible when you and your team believe in what you want to achieve. As a business coach and entrepreneur, I’ve learned that great companies must have shared sense of purpose and 100% buy-in from their team so they will work together to fulfill company goals. 4. Effective leaders prepare their teamsWe scheduled our trip during a season when the weather was expected to be mostly dry and sunny. We were cautioned, however, to prepare for anything, because once you were on the mountain you wouldn’t be able to buy extra gear. As fate would have it, on day two of our “dry-season” trek the weather turned for the worst, and for the rest of our trip, it rained and snowed every day. Everything stayed wet and cold, unless you had packed the right gear. Thankfully, we had heeded the advice of our trip company and prepared for inclement weather. Without advance preparation a successful summit would have been in doubt. Takeaway: Great business leaders consider all the possible outcomes and help the team prepare in advance for the worst-case scenario. If you prepare for the worst, often the result is not as bad or as impossible as you thought it would be. It’s a sound business practice—determine worst case, accept the possibility, and plan in advance how to manage through it. Climbing Mount Kilimanjaro was a trip of a lifetime, and it will have a positive influence on me for the rest of my life. Whenever you can, use your own special journeys to make improvements every day—learn from your experiences and take time to enjoy the present. Go climb your mountains! RELATED: 5 Things Anthony Bourdain Taught Me About Entrepreneurship Certified Petra Coach David Pierce spent a decade with Deloitte and PwC, and for over 20 years held a C-level post with a regional banking and financial holding company, developing and launching one of the first stand-alone online banks in the U.S., and participating in more than a dozen mergers and acquisitions transactions. A tireless entrepreneur, David also helped launch an apparel manufacturing startup and numerous commercial real estate projects. Contact him at [email protected]. The post 4 Leadership Lessons I Learned From Climbing Mount Kilimanjaro appeared first on AllBusiness.com The post 4 Leadership Lessons I Learned From Climbing Mount Kilimanjaro appeared first on AllBusiness.com. Click for more information about Petra Coach. from https://www.allbusiness.com/leadership-lessons-mount-kilimanjaro-121182-1.html Brought to you by OnDeck: Getting a business started might seem like the most difficult challenge for you, but once your business is up and running, you’ll discover there are more challenges ahead. Managing to gain the level of exposure you need to generate sales can seem complicated, especially if you’ve entered a competitive market. This is why you need to create a comprehensive marketing plan that gives you the opportunity to increase your visibility among your target audience... from https://www.womenonbusiness.com/finding-money-for-your-marketing-plan/ When entrepreneurs are first starting out, they usually are not thinking of “rocking the boat” when it comes to marketing. Yet a very creative promotion can work wonders for a new business, generating a positive buzz that will get it noticed. To find out which approaches work best, we asked 10 entrepreneurs from YEC Next and Young Entrepreneur Council this question: Q: What is one out-of-the-box promotion that worked wonders for your fledgling business?1. Speed dating with potential customersI would set up in a WeWork conference room for a day and let people book 20 to 30 minute time slots with me. Founders would come in for free and get growth advice from our growth team (me) on how to scale their business. My main goal was to get out of the office and talk to potential customers. This method doesn’t scale, but by doing it we formed some great relationships with people. --Jim Huffman, GrowthHit 2. Performance guaranteesWhen we first started out, a great way to get our foot in the door was to offer various performance guarantees that we felt we could, and should, be able to meet or exceed. This de-risked the choice for our clients, and it’s something we still offer to ensure our clients meet their demand generation targets. --Brandon Pindulic, OpGen Media 3. Get a little outrageousWe made a list of 50 of our perfect target clients. We then worked out a deal with a local pizza place to deliver free pizza to all of them. Out of each pizza, we had the shop remove one slice and replace it with a small printed graphic that was in the shape of a slice. It said: “Looking to grow your company? We are the missing piece. Give us a call.” --Frank Bravata, Marketing Rebellion 4. Radio interviewsBy giving radio interviews, you get exposure, and potential customers get to know you and will remember you. Contact radio stations to promote your business and let them know you have expertise in a particular area and are available to provide a local angle whenever necessary. This is something I personally did in the early stages of Aligned Signs. It is still a good practice for free publicity. --Jessica Baker, Aligned Signs 5. Public speakingOne of the best lead generation methods is public speaking—it’s inexpensive and very effective! Sharing knowledge is a great way to provide value and position yourself as an expert. Every time I present, I have multiple people approach me afterward who are interested in learning more about my services. We’ve closed many deals this way. --Zack Hanebrink, HookLead Other Articles From AllBusiness.com:
6. Alignment with trade associationsOne of the best things we did was to strategically align ourselves with several respected trade associations by offering our services in exchange for being considered their marketing partner. By first proving our worth, we built a strong endorsement from them to their respected members within the organization. That opened the door to high-quality companies looking for a vetted marketing partner. Remember, most associations are non-profits that have limited resources but do great things for their communities, so they are always interested in expert help. --Matt Barden, Industrial Marketing 7. Third-party guest postingIn the world of digital marketing, this is nothing new. But for other businesses that aren’t so content-centered, the last thing they want to think about for a quick promotion is creating content for relevant websites or blogs within their industry. Start with the most influential sites and pitch blog ideas to them that discuss unique solutions to their readers’ problems, while not being self-promoting. --Ron Lieback, ContentMender 8. Tell your storyIf people don’t know you’re up and running, they can’t hire you. Get the word out to your entire network, however is best for you to communicate (email, social media, in person, phone, mail, etc.). When you’re first starting out, you have the novelty of newness that people will pay attention to. Tell your story about who you are serving, what problems you solve, and why you decided to start. --Todd Giannattasio, Tresnic Media 9. Be very specificBe laser specific and identify your most ideal 100 clients. Think of the companies or people you’d love to work with most and to whom you can provide great value, too. From there, I’d build a very specific outbound campaign to reach them, demonstrate value, and have a call to action to hop on the phone. Before this CTA, I’d work hard to establish rapport and trust. Think in terms of “What makes me different and how can I give before getting?” This campaign might look like: Email 1, Mail 1, Call 1, Email 2, Contact Us form, etc. --Zach Burkes, Predictable Profits 10. Offer add-onsSince we sell travel experiences, we offered promotions of free side trips, tours, and adventures to incentivize customers to take action there and then, rather than get lost among our competitors. We still do this to this day. As it’s a promotion of a product within the same space as us, we get industry rates and we can find “add-ons” that sound interesting and are cool that don’t necessarily cost as much as they sound. We found this makes a big difference to customers who are often seeking more and more value for their money. This is something many companies and industries could do with partners they already work with: Buy X today and get a free Y. --Jürgen Himmelmann, The Global Work & Travel Co. RELATED: Marketing: If I Knew Then What I Know Now The post 10 Creative Marketing Ideas to Build Your Business appeared first on AllBusiness.com The post 10 Creative Marketing Ideas to Build Your Business appeared first on AllBusiness.com. Click for more information about YEC. from https://www.allbusiness.com/creative-marketing-ideas-build-your-business-120696-1.html If you’re a small business owner looking for ways to grow your business, you’ve likely investigated the possibility of acquiring some outside financing in the form of a business loan. Also known as debt financing, this form of funding can be preferable to venture capital, because you maintain control of your business rather than selling off decision-making power in exchange for capital. That being said, the world of small business financing is complex, with many possibilities—some good, some not so good. And the last thing you’ll want to do is pay more for funding than necessary. If you’re new to the concept of small business financing, you may not know what qualifies as a good interest rate or a bad one. With that in mind, let’s review what makes for a good interest rate for the various financing options out there and what to look for when comparing products. What are your small business financing options?It’s important to note that there are many kinds of financing options available to small business owners. A term loan is probably what you think of when you imagine a small business loan, but it’s far from the only possibility—other financing products may make more sense, depending on your situation. Here’s a quick rundown of the most common small business financing options:
What is a good interest rate for these financing options?You’ll rarely find that a lender will extend the exact same terms to different borrowers. Every lending situation is different because every business is different. There are general ranges for financing interest rates, however. Where an offer lands within that range is subject to the lender itself, as well as the borrower and their financial situation and future plans—including the business owner’s credit scores, the time in business, their industry, what they plan to use the financing for, and more. That said, the typical rates for the above-mentioned business financing possibilities are as follows:
If you’re in the market for a business line of credit or are considering invoice financing to help even out your cash flow, or need a term loan to help fund a new renovation or expansion, see if the APR your lender quotes falls within these ranges. Have you received an offer at the lower end of these ranges? If so, you’ve likely got a good interest rate. If you’re getting offers on the higher end, it’s time to start investigating how you can improve your standing in the eyes of lenders. Other Articles From AllBusiness.com:
Why you should look for the APR, not interest rateYou’ll notice that the rates listed earlier are quoted in APR, or annual percentage rate, rather than interest rate. APR is a more holistic view of what a loan or financing will cost. It includes the associated costs of borrowing, including origination fees and closing costs. Some lenders will promote their product with a low interest rate, but that doesn’t tell the whole story. For example, some merchant cash advances might quote a reasonable interest rate, but their APR will be much higher than what you might get from a loan or line of credit. For an apples-to-apples comparison of what financing will cost, compare APR to APR. What fees are included in the APR?Depending on the lender and the product, there may be just a few or many extra fees tacked on to your financing, which is what makes the interest rate such an incomplete picture of the total cost. These fees might include:
Many loan products come with these non-negotiable fees. This is what makes using APR as a comparison point so important—you may not get the entire picture otherwise. Taking on debt in order to finance growth for your small business is always a risk. In order to minimize your risk and boost your chances of success, you’ll need the clearest picture possible of what that debt costs. If the interest rates and APRs quoted to you don’t make sense for your business, explore other options and work on improving your credit profile so you can take out the financing that’s right for you. RELATED: The Secret Weapon That Can Help You Get a Better Business Loan The post What Is a Good Interest Rate for Small Business Financing? appeared first on AllBusiness.com The post What Is a Good Interest Rate for Small Business Financing? appeared first on AllBusiness.com. Click for more information about Meredith Wood. from https://www.allbusiness.com/small-business-financing-interest-rates-121126-1.html Brought to you by EdWel Programs: A Project Management Professional (PMP) certification is recognized globally for individuals who want to manage organizational tasks. The Project Management Institute (PMI) grants this certification to people who passed the PMP exam. Several PMP training programs are available online to help you pass the certification test. Choosing the right training provider is vital to helping you in learn the ins-and-outs of being a project manager. What are the PMP...from https://www.womenonbusiness.com/pmp-training-and-how-to-choose-the-right-provider-to-be-taught/ Brought to you by iMEDIA Ltd.: To say the online marketplace is competitive is to say the sky is blue, the sun is hot, and politicians are less than entirely trustworthy. The digital marketing space is difficult to navigate, which is why there are many options and routes to become successful. The two main paths are the more organic option of search engine optimization (SEO), or the more artificial option of PPC pages and services. However, these are not entirely either/or strategies. Most... from https://www.womenonbusiness.com/seo-vs-ppc-six-important-factors/ Brought to you by Taylor Fordyce Solicitors: If you’re looking for a career change, one industry that many people turn to is property development. It’s considered by many to be extremely lucrative to those who can do it successfully, and there are plenty of opportunities, even during some otherwise unstable periods in other sectors. If you’re ready to make the leap to property development, here are some of the steps you should take. Let or Sell?One of the first questions... from https://www.womenonbusiness.com/how-to-get-your-start-in-the-property-development-industry/ |