Opening day postponed Keep in mind that this is a ranking. America's decline is also a function of other nations' rise. In other words, we may not be getting worse so much as other countries are getting better, faster. Interest in and facilitation of entrepreneurship has been expanding internationally for years, as documented by Babson's Global Entrepreneurship Monitor and other sources.
Countries putting in functional regulatory and legal infrastructures for the first time can operate without the decades-old albatross of existing regulations weighing down the United States.
That potentially makes them more competitive. The World Bank report includes a table listing countries that, in the past year, reduced regulatory complexity or strengthened legal institutions in more than 60 areas. Many of those improvements would benefit startups. So congratulations to Egypt and Niger for merging startup processes into one-stop-shops; to San Marino for allowing companies to benefit from a 50 percent corporate income tax reduction for their first six years of operation; and to Brazil for implementing an online portal for business licenses.
Top Stories. Top Videos. Here are a few reasons why:. When you are looking for financing for your small business, don't overlook credit unions. Credit unions can offer personalized service and accessible small business loans. In addition, credit union loan officers usually provide personal attention, including advice and business strategies, to first-time small business owners.
Before applying for a loan, ask trusted friends or professional advisors to review your business plan to ensure you're not overlooking anything critical or making inaccurate assumptions.
Often credit unions offer lower interest rates and fees than commercial banks, so don't narrow your search for financing down to only big banks. You may consider asking the following sources:. In addition to securing financing for your new enterprise, come up with a financial backup plan for your business and personal finances if you fail to hit your initial revenue projections.
It is a good idea to build up your cash reserves to have enough to live off for six to 12 months. Finally, check your gut—and your bank balance—to make sure you're ready to start your new venture. Starting a new business when the economy is taking a nose dive takes creativity and ingenuity. Marketing is vital to getting ahead of the game and your competitors. Take your business plan and flesh out the marketing components: What exactly are you going to sell?
Who are your target customers? How will you price your products or services? What is your plan for promoting your business? You stand a better chance of succeeding by thinking niche. Slice and dice your original customer base to come up with smaller segments so you can market more strategically. For example, if you offer a professional service geared to women, can you narrow it down to target women within a specific age range, career type, or geographic location?
Alternatively, think about ways to alter your products or services to broaden your business appeal and customer base. Remember to keep a close eye on the competition. Do ongoing competitive analyses. Are they tweaking the product? Lowering the price? Using creative promotional tactics? Review your business plan and reconsider what you need to start.
For example, could you open in a smaller and less expensive location? Or could you stay virtual by eschewing a physical office altogether? After identifying the best, most affordable space for your business, think about your staffing needs. Before hiring full-time employees, think about filling positions with independent contractors , temporary workers, or part-time staff. Be realistic about which employee benefits you can offer and shop competitively for the best prices.
It may be better for your employees to provide fewer benefits upfront and add them as your profits increase rather than taking benefits away if you can't afford to maintain them. First nearly, all small businesses need to use social media marketing on Facebook, Instagram, LinkedIn, and other social media sites to reach a broad audience in cyberspace.
In addition, learning how to use search engine optimization to reach potential customers via Google is a wise idea. Digital marketing on social media creates a buzz of awareness around your brand, drives sales, and can be an affordable way to market your new business.
Technology can provide you with numerous ways to save money and increase profits. Using technology will bring customers to your brick-and-mortar or digital door. Get to know other people in your community who can refer customers and help build your business. But it is also a year filled with learning. So be happy that you are there. It may seem like the longest but it can also be the most fulfilling.
All rights reserved. Share on Flipboard. Email this Article. Truths About Starting a Business 1. You Need People Now, I know you probably think you can do it all on your own. Ramon Ray. Ramon is an entrepreneur, best selling author and global speaker. He is the founder of Smart Hustle Magazine. You can read more about Ramon.
Jeric Danao January 16, at am.
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