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7 Tips & Ideas to Start a Small Scale Manufacturing Business

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Archives, Commentary, Global Trade Daily

7 Tips & Ideas to Start a Small Scale Manufacturing Business

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The 21 century makes it possible for everyone to launch his or her own business, as most of us have access to such efficient tools as blogs, social media, etc. At this moment, the COVID-19 pandemic modifies the ways to run any kind of business.

However, it is still possible to start something new, and by following some approaches, you will do it safely, minimizing any risks, and getting the most out of your concepts. We are here to help you find these profitable ways and share some effective tips on starting any business.

Let us begin with the most interesting business ideas that can provide you not only with material well-being, but also bring joy and even unlock your creative potential.

Candle Making

Regardless of common preconceptions, winter is not the only sales season for candles. Today, it has become both an essential attribute for house coziness and an integral part of some practices.

Meditation and yoga are quite widespread activities, and many practitioners cannot imagine the process without a bewitching and relaxing scent filling the space around. But also the daily environment requires to be in line with the mood, whether dreamy and chill or refreshing and productive.

Tip: Imagine your target audience and try to foresee their expectations from your candles: where they could use it, what they want to feel while inhaling the scent, etc. This will help you improve their design and also write more attractive product descriptions.

Candle manufacturing is one of the best choices for your first small scale business because you need only basic tools and materials that do not cost much, and the process itself is easy and fast to master.

Bakery & Confectionery Products

If you enjoy cooking, you have a nice opportunity to transform the hobby into a source of income. No doubt, in this case, you will have a huge customer base. People need some special, unique, and delicious sweets on any occasion in their lives.

It is a space for your creativity, which you can use to create feels-like-home treats, wedding cakes, bread with unusual tastes, cupcakes and cookies, pies, gluten-free bakery, organic, vegan, healthy, or fitness-sweets, and other splendid products.

Tip: With such a wide spectrum of possible niches, it is important to focus on a few main directions and follow them to become a professional there. People tend to trust rather highly specialized producers than “Jacks of all trades”.

Depending on the budget, you can open your small bakery or make everything at home. With social media, it is absolutely possible to create a proper and flourishing business within the four walls.

Jewelry

Jewelry has become an extremely popular choice for starting a small-scale business. But it does not mean you have no chance to enter this market successfully. With a quite complex structure, this branch is still affordable and promising.

Again, you can choose an appropriate niche relying on your budget. If you can find suppliers and can afford precious and semi-precious gems and stones, you can go for fine jewelry. Otherwise, you can still find your place in this business, creating either trendy everyday pieces or unique niche jewelry shifting the emphasis on a design – both options from inexpensive materials.

Tip: Jewelry is all about aesthetics, so make sure you develop an eye-catching design for the brand, a unique voice that could tell the potential customers about your pieces.

Ceramic Ware

Pottery can become not only your business idea but also a great kind of entertainment. It is fun and often unpredictable, and the feeling of soft flowing clay is immensely satisfying. Pottery is one of the oldest trades in human history. Nevertheless, it is still a tool that you can use to embody your creativity and personal uniqueness.

To realize your projects, you need to have a number of materials and equipment, such as pottery wheels and kiln, different clays, sculpting and trimming tools, glazes, etc. Make sure you have enough space to store these things and work with them.

Tip: Take into account that unlike other types of manufacturing, pottery requires a number of special tools and devices. Make sure you plan your budget first and buy quality equipment.

If you do not want to dive into ceramic ware, you can always go for clay sculptures, souvenirs, and other little stuff that people buy for gifts and home decor!

Makeup Products

Cosmetics is a quite saturated market that always welcomes newcomers, though. On a low budget, you will unlikely create exquisite makeup or care products, but you can always turn to traditions and inexpensive natural ingredients.

As always, it is better to choose one niche and then grow to new products, if you want. Hair products, lip balms, scrabs, creams – the world of cosmetics has a wide range of possible ways for growth!

Tip: Whatever niche of cosmetic products you choose, you need to be a guru of the process, as low quality here can possibly lead even to severe health problems.

Shoemaking

Shoemaking can easily become a business that is oriented at global concepts: sustainable development, veganism, minimalism, etc. However, it could also be a design resolution that you can use to express creativity.

Choose your target audience and create footwear for daily needs or for those who love to wear fancy things.

Tip: Prototype development is an essential part of the shoemaking process before the final production. At this stage, you can improve your model and see the mistakes you have made before.

Furniture Manufacturing

If you have an inclination for this trade, you will enjoy launching a furniture business. Here you face the same challenges and essential decisions: target audience, aim, and design.

Regardless of what furniture you want to make and which needs to meet, it is a low-budget decision for a small scale manufacturing business. Not only you can create brand-new pieces, but also offer repair and restoration services.

Tip: Make sure the pictures of your pieces are quality and the descriptions contain all the important information, such as size, materials, care and maintenance, etc.

Final Thoughts

Small scale business offers numerous opportunities for people to help others and to make the world more beautiful and convenient. You have the chance to become a part of this process, and you do not need much to start.

After you launch the business, it is essential to maintain its profitability by promoting your brand. To do so, you can start blogging, submit guest posts on business blogs, and use social media marketing.

Right now, you have everything you need to embody your amazing ideas and make life a better place. So rally your force and turn over a new leaf!

_______________________________________________________________________

Nancy P. Howard has been working as a journalist at an online magazine in London for a year. She is also a professional writer in such topics as blogging, IT and marketing.

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Archives, Commentary, Global Trade Daily, Special Reports

Small Business Optimism Persists, Despite the Pandemic

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Businesses and consumers alike are finding ways to adapt and stay resilient during these unprecedented times. Though recovery may take time, a new report confirms the strength of entrepreneurialism and grit of small business owners, who remain optimistic that their businesses will overcome any present and future obstacle with the right resources and preparedness.

In the inaugural American Express Entrepreneurial Spirit Trendex, the study, which polled 1,000 small and mid-sized businesses, revealed notable insights about the entrepreneurial spirit in the United States. Even amidst the pandemic, the survey showed 75% of small business owners are optimistic about their business’s recovery and 82% feel that they are better prepared to handle a future crisis.

They continue to believe in their business and pursuing what they love. Of those surveyed, 81% believe the benefits of owning their own business outweigh the challenges, including financial stability, being their own boss, turning their passion project into a business, and flexibility to set their own hours. The study uncovered more insights showing the current mindset of small businesses.

Small Businesses are Actively Seeking Advice

In order to successfully navigate these unprecedented times, business owners are searching for resources that can properly aid them. Businesses are actively seeking virtual business conferences and webinars (47%), virtual networking events (44%), advice and resources about leading through a crisis (44%) and learning ways to de-stress and stay mindful (42%).

Cash Flow is Top of Mind

No surprise during an economic crisis, over 81% of business owners are prioritizing cash flow management and are identifying ways to cut back spending and increase sales, namely by moving services online. The survey found the top activities are:

-Increasing marketing efforts (41%)

-Increasing products/services online (40%)

-Cutting expenses (36%)

-Diversifying revenue streams (35%)

Pivot, then Repeat

It would be difficult to find a small business that didn’t need to adapt its operations in some form due to the pandemic. It was the year of pivots for so many, and the survey finds the trend will continue into next year. According to the data, 76% of business owners have pivoted or are in the process of pivoting their business model to maintain revenue, and among those that already pivoted, 73% expect to pivot again in the next year. Staying nimble to meet the demand of new market needs and demands is crucial to maintaining the health of your business, whether there is a pandemic or not.

This year has undoubtedly taken a toll on so many small businesses, yet the data shows the entrepreneurial spirit remains strong with a drive to push onward, improve, and succeed. The full report from American Express is available here as well as more ways we can support small businesses this holiday season and into next year.

 ________________________________________________________________

Kathryn Petralia is the President and Co-Founder of Kabbage, an American Express Company providing small businesses cash flow solutions.

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Archives, Global Trade Daily, Special Reports

In Tough Times For The Unemployed, Franchising Might Be Their Answer

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With millions unemployed and numerous industries struggling due to the coronavirus pandemic, some people who are out of work are considering a new career.

As positions dwindle in the fields they are familiar with, people are finding themselves forced to go outside their area of experience. And for some, that Plan B could be a blessing in disguise.

Owning a franchise has gained popularity in recent years, even in times of economic prosperity, as individuals have looked for a “second act” in their professional life. Franchise sales often do well in a down economy because unemployed people are tired of the lack of control they have in a corporate setting and are ready to become their own boss. Of course, there are also the additional dangled carrots of potentially more income and freedom.

In my world of franchising, pest control, we are seeing some people who have been furloughed in other industries becoming interested in being franchisees. The restaurant, hotel, oil and gas, and airline industries have been hit particularly hard in this COVID-19-caused recession. Some jobs in these and other fields may not be coming back.

But the good news is that many of the people whose jobs have been eliminated or reduced have the skills associated with running a franchise successfully. Those skills span the spectrum from leadership to business experience, discipline, technology knowledge, and communications. For many of these displaced professionals, franchise ownership may be a natural fit.

Becoming a successful franchisee takes hard work and some up-front money. Getting business loans can be tough in today’s economy. Franchise ownership is more attractive to those with a nest egg or a nice severance package that affords them the flexibility to purchase a franchise. It’s also important to note that “freedom” is a relative word when owning a franchise; in addition to long hours while getting the business established, remember that it was somebody else’s business idea, and you have to follow the script of operating the franchise.

But more and more, franchising is something out-of-work individuals with money to risk and a desire to run their own business want to consider. It requires a lot of research and intense due diligence before signing on the franchisee line. Facing life after a layoff and looking for your next move, it’s vital to do your due diligence when investigating a franchise opportunity and to clearly understand what your role will be as a franchisee.

Some of the top benefits of owning a franchise:

Experience is optional. How many times have you seen a job posting that interested you, but the experience required didn’t match up with your work history? You don’t have to worry about that as a franchisee. The franchisor provides the training to help you gain the skills to operate the franchise. A major part of what makes a franchise successful is an easily replicable system.

Minimal startup work. One of the most difficult parts of owning a business comes in the startup stage, which involves, among other tasks, writing a business plan and doing market research. But buying a franchise allows you to skip this often painful stage and hit the ground running. The template is in place, the market research for the region has been done, and the business model is well established.

Risk reduction. When someone decides to buy a franchise, rather than start a business from scratch, they have reduced their risk of failure. For one thing, consumers are already aware of the brand name, and that awareness puts the franchisee ahead of the game. The product and the system have been tested and shown to work, and the franchisee’s access to corporate guidance is a big asset in growing their franchise.

Additional support. Along with training and ongoing advice received from the franchisor, franchisees can get support from other franchisees in the company’s network. Additionally, the company itself does marketing and advertising on a wide scale that by association helps promote the franchisees’ locations.

Help in negotiating operating costs. Typically, someone starting a new business as an independent owner is out there alone trying to negotiate prices for items to get their business off the ground. But as a franchisee, often the franchisor already has relationships with vendors, giving franchisees the ability to purchase goods at discounted prices.

If you’re a displaced worker or executive, the franchise industry may be the opportunity you’ve been looking for. It could make life after the layoff better than you imagined.

_____________________________________________________________

Chris Buitron is CEO and president of Mosquito Authority® (www.mosquito-authority.com), a nationwide leader in mosquito control with franchises serving communities across the U.S. and Canada. Buitron has an extensive background in franchise industries. He was chief marketing officer for Senior Helpers, vice president of marketing for Direct Energy (home services division), and director of marketing for Sunoco Inc., where he supported the company’s 4,700 franchised and company-owned rental facilities across 23 states (over $15B in annual revenues).

Entrepreneur
Archives, Global Logistics, Global Trade Daily, Special Reports

From Employee To Entrepreneur: Becoming Your Own Boss in 2021

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Maybe you’ve dreamed of launching your own business for years but couldn’t summon the nerve – or the capital – to pull it off.

Perhaps 2020 proved disastrous to your career aspirations when the company you worked for downsized or shut down altogether – and out the door you went.

Either way, 2021 could be the time to ask yourself this question: Are you ready to go from employee to entrepreneur?

It’s an easy question to ask, but a more difficult one to answer, says Adam Witty, himself a successful entrepreneur and the ForbesBooks co-author of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant.

“Maybe for someone who lost their job this year, it’s an easier call because they aren’t giving up something to make the move,” says Witty, who also is the founder and CEO of Advantage|ForbesBooks (www.advantagefamily.com).

“For them, this might be the perfect opportunity to finally give in to any entrepreneurial urges. But leaving full-time employment with its relative security, regular paycheck, predictable infrastructure and perks is a different matter and requires a certain kind of courage.”

After all, success is not guaranteed. About 20 percent of small businesses fail in their first year, and half succumb by year five, according to the Bureau of Labor Statistics.

But for those considering taking the plunge, Witty has advice:

Look before you leap. Starting a business requires a certain amount of risk, but that doesn’t mean you should be foolhardy. “While I agree you have to commit to any endeavor for it to succeed, I’m also pragmatic enough to know that the risk must be balanced.” Witty says. “Have a comfortable safety-net before you jump. Chances are, debt will outweigh income at the beginning. So, for those currently employed, take advantage of the income from your full-time position before you cut ties.”

Consider doing what you already know. For many entrepreneurs, success can be attributed to the fact they started a business in a field they were familiar with because they worked in it or already had expertise in it. “They had seen their industry from the inside and acquired a keen understanding of both its potential and its constraints,” Witty says. “That’s not true for everyone, but in the cases where it is true it definitely can make for a more solid transition, and increase the likelihood of success.”

Be adaptable. Witty says one thing that separates successful businesses from ones that fail is the ability to adapt to changing circumstances. “Being adaptable doesn’t mean just introducing a new product to your realm of offerings,” he says. “It requires constant attention to what’s going on in the world, analyzing your competitors, and most importantly, not getting too comfortable at the top of the pyramid. The business cycle is much like a StairMaster – once you get to the top, you have to keep climbing to stay up there.”

Ultimately, though, the only way to truly find out whether a person can succeed as an entrepreneur is to do it, no matter how unsettling that first step might be, Witty says.

“Making the shift from the steady life of a full-time employee to the unpredictable world of entrepreneurship takes smarts, guts and support,” he says. “But you’ll never know if it’s right unless you embrace the risk.”

_________________________________________________________

Adam Witty, co-author with Rusty Shelton of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant, is the CEO of Advantage|ForbesBooks (www.advantagefamily.com). Witty started Advantage in 2005 in a spare bedroom of his home. The company helps busy professionals become the authority in their field through publishing and marketing. In 2016, Advantage launched a partnership with Forbes to create ForbesBooks, a business book publisher for top business leaders. Witty is the author of seven books, and is also a sought-after speaker, teacher and consultant on marketing and business growth techniques for entrepreneurs and authors. He has been featured in The Wall Street Journal, Investors Business Daily and USA Today, and has appeared on ABC and Fox.

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Archives, Commentary, Global Trade Daily

Leading a Small Business Through COVID and Other Troubling Times

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With the coronavirus shaking up the economy and upending the day-to-day operations of businesses, it’s perhaps more critical than ever that corporate CEOs and small business owners summon up all their leadership skills.

Employees who usually are just down the hall are now working remotely from home. The supply chain is disrupted. And customers and clients may be changing their spending habits.

But, as important as business savvy and financial expertise can be in riding out all the economic effects of the pandemic, other traits also come into play and may be just as essential, says Marsha Friedman, a successful entrepreneur who still leads a business she launched three decades ago.

“One of those essential traits is courage,” says Friedman, founder and president of News & Experts (www.newsandexperts.com), a national PR firm. “Thirty years ago when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, you’ll fail.”

Friedman, who is also the ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, understands this first-hand. Her firm, like many businesses, endured tough economic times after the 9/11 attacks. Revenue dropped and bankruptcy loomed as a real possibility.

“I had to figure out how to turn my company around,” she says. “It took courage, endurance, and perseverance, but I knew I could not go back, so I had no choice but to go forward.” 

Courage is just one of what Friedman calls the 5 C’s for building and maintaining a successful business through the good times and bad. “They’re the guiding principles I’ve learned through the ups and downs and all the mistakes,” she says. “They can work during the difficulties we now face as well.”

In addition to courage, Friedman’s other C’s are:

Caring . First, care enough about yourself and your dreams to believe you can achieve success even in these daunting times, Friedman says. “Just as important is caring about your staff and creating a positive work environment for them despite the troubles we face,” she says. “Be supportive of them throughout this situation that is bringing additional stress to everyone’s lives.” Finally, a good business leader cares about customers, Friedman says. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.

Confidence. Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges needs to be brought into play in business more than ever right now, Friedman says. “Believing you can reach for and achieve your short-term and long-term goals is essential to getting you there,” she says. “Maintaining your confidence is important to get through these unsettling times.”

Competence. It’s critical to stay up on the disruptions in your industry that the coronavirus is causing. “If you’re forced to downsize, this may be the time to reorganize and tap into the skills and abilities of your remaining team that are different from the roles you hired them for,” Friedman says. “That’s why it’s always important to have hired competent people who you can rely on no matter what the situation.”

Commitment . Stay dedicated to your goals no matter how difficult that becomes during these challenging conditions. Friedman says there may be times when this will be not only difficult, but downright painful. That was the case for her during those tough times after the 9/11 attacks. “I had to make drastic cuts, including letting go beloved employees.” she says. “But I never wanted to suffer a failure, and so I stayed committed to the goal and succeeded in pulling the business through those rough times.” 

“As we face the current challenges, you have to stay the course, remain positive and show caring for everyone related to your business,” Friedman says. “Most of all, no matter how dismal it seems right now, you need to have confidence that you are going to get through it.”

___________________________________________________________

Marsha Friedman, ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, is a successful entrepreneur and public relations expert with nearly 30 years’ experience developing publicity strategies for celebrities, corporations and professionals in the field of business, health and finance.  Using the proprietary system she created as founder and President of News & Experts (www.newsandexperts.com), an award-winning national public relations agency, her firm secures thousands of top-tier media placements annually for its clients.  The former senior vice president for marketing at the American Economic Council, Marsha is a sought-after advisor on PR issues and strategies, who shares her knowledge both as a popular speaker around the country and in her Amazon best-selling book, Celebritize Yourself.

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Archives, Global Trade Daily, Special Reports

10 Traits of Successful Entrepreneurs

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Many aspiring entrepreneurs see business ownership as an avenue to quick riches, a path to becoming “that boss” and creating jobs for the less fortunate, as a ticket to the freedom of working how and when they feel like; as they please! But owning a business is not that easy and convenient. If it was, everyone would succeed at it. The truth is that entrepreneurship can be your ticket to wealth, but it definitely is not your ticket to freedom. If anything, it calls for you to work harder than you ever did before, take huge risks, and fail at so many things without giving up. That is the entrepreneurial spirit.

There are many traits that define successful entrepreneurs. Here are 10 of those:

1. They network

Regardless of the niche they are in, or the success they’ve achieved already, successful entrepreneurs never stop networking. They work with influencers on social media, reach out to potential investors via emails, and generate leads by all means necessary. You will find seasoned entrepreneurs networking with freelancers in a coworking space in Chicago or using a shared workspace to get inspiration for business ideas from likeminded individuals. They regularly host events that create an engaging, exciting, and inspirational platform for their employees, clients, and other stakeholders to exchange ideas and challenge the status quo. That helps them to grow and compete more effectively.

2. They are disciplined

Successful entrepreneurs have clear goals and timelines, and data-inspired tactics to accomplish them. They are always ready to cut out anything that weighs them down in order to only focus on things that make their businesses work. They are disciplined enough not to deviate from that path.

3. They are passionate and motivated

They know the problem they want to solve within their niche, and their main motivation is passion; not money. They derive joy in seeing their target clients happy and satisfied. They wake up every morning eager to learn new things; to perfect their skill in order to change the world in a positive way.

4. They are creative

You need a unique, original business idea in order to cut a niche for yourself within a crowded marketplace. And because your fresh idea will always be challenged by newer ideas every single day, you must constantly figure out ways of doing everything better than it’s been done elsewhere. If you wish to remain at the top, you have to challenge the status quo and think outside the box even when you feel like you have the best ideas and strategies. That is why you need to be creative.

5. They are flexible

Flexibility helps entrepreneurs to adjust fast whenever things don’t go as planned, or when new and better opportunities present themselves. Successful entrepreneurs are quick to acknowledge a good idea even when it comes from a competitor. They are always open to their ideas being challenged, and they change tact as soon as they realize things aren’t working as they should.

6. They are persuasive

Entrepreneurs negotiate with stakeholders all the time. You have to persuade the best talents to work for you, clients to trust in your services and/or products, potential investors to buy into your ideas, and your employees to help you actualize your vision. That is why you need to be a persuasive person.

7. They work hard

Entrepreneurs have to work harder than their employees in order to set a good example, and for the fact that they own the vision of their establishments. As much as you can hire department heads to help you manage your business, you must be willing to be the overall supervisor in order to ensure that everything is done as per your directives. Sometimes you will have to work overtime and through weekends in order to catch up with all departments.

8. They are decisive

Entrepreneurs are constantly faced with questions and dilemmas that can make or break their business. Being decisive helps them to make sound judgment under immense pressure.

9. They are futuristic

Future-oriented entrepreneurs know exactly how they want the future of their business to be. They have a plan. They set their goals around a strong vision. They know how to read market trends and predict how those trends will affect their strategies in future.

10. They take risks

You cannot be successful if you aren’t willing to take risks. New marketing strategies, new technologies, and new investment opportunities are all risks that can make or break your business. Some risks are harmful, others are beneficial. To succeed as an entrepreneur, you must know how to distinguish between those two types of risks, when to take the beneficial risks, and how to create a plan B in case plan A backfires.

Conclusion

Entrepreneurship is an art that you have to master. Some of the qualities discussed above are inborn, others have to be developed.  But even as much as some of them come naturally to you, you must identify and perfect them if you are to be the best.

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Archives, Foreign Trade Zones, Global Trade Daily

4 Things Everybody Gets Wrong When Starting a Business in China

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Starting a business is a brave and bold move. It requires effort and you may even have to sacrifice an average of 70 hours a week, for probably the next 2-3 years, in order to get the thing running smoothly. This, in essence, is what most startups fail to recognize and understand. Some say success doesn’t come overnight and to some extent this holds water. So, if you are looking to open a new chapter in life and start a business, here are some problems faced by startups that are considered wrong when starting a business.

1. Business Name

This is a mandatory requirement and if you have in the past had another startup, you know this is required. So, for those starting up a new business, or for those venturing into this world for the first time, a Business Name is necessary. Once you have registered a Business Name, you may go a step ahead to getting a logo for your new business as well as acquiring a domain name. All these three should be unique and not like any other registered business. This will be the trademark of your business and if in doubt over the name, logo or domain selected, there are sites that can help you know if the one you select or create has already been taken. By failing to do so, you may end up registering using either a business that closed or one that never took off, eventually bringing confusion to prospective customers when simply searching for your business.

2. Business Plan

This is another necessary requirement. Failing to have an established business plan is like planning to fail. One thing that a new start-up again may confuse is a Business Plan and a Business Structure. These are two different things. First, doing some research and deciding whether to be a Sole Proprietor, venture into a Partnership or register a Company, should be the first step into knowing what business plan to have. Once you have decided on the type of business, you can then lay down the plan. Contained in a Business Plan are aspects of funding as well as what type of business venture to undertake. It will also entail how you plan on spending, so as not to over or underspend.

3. Business Structure

A business structure is different from the Business Plan. While new startups confuse this, they eventually lack a management scheme and gradually finish to poor management. So, a Business Structure is what entails what every employee in the business is to do. From the executives, accountants, superintendents, junior staff to all other working employees. When deciding on what structure to have, it is advised to seek the knowledge of professionals and experts in the field as such, professionals such as lawyers, accountants, and even some businessmen may help you understand and decide on the best business structure for your business.

4. Business Location

This is a vital element. For those looking to register a business in China, failing to understand the laws of the land could lead to problems. Again, this is among the biggest problems faced by startups. You will need to understand laws relating to taxes, registering the business as well as the many different laws within the country. So, the laws in different countries are different, and to avoid problems during startup, it is similarly advised to seek the counsel of those experienced in the field or do thorough research.

5. Nature of The Business

While you will be required to state the Nature of The Business when registering it, it is an essential aspect in determining how things will be run and what is to be done. In other words, this is a sure way to set yourself apart from other ventures depending on the type of business you carry on. Note that, this is also an aspect in the Business Plan, and because of that it should be a well-researched type of business to avoid huge competition. Though competition is good, you will need to offer something new to the Nature of the Business so as to keep the light on.

So, considering this factor carefully and staying in line with them, you will be on the way to having a fruitful business and even though it may take time, it is worth the wait. It is also recommended to do more research over the matter of opening a business to have enough knowledge when you do so.

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How Entrepreneurs can Respond to the Coronavirus Pandemic

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Within the past couple of weeks, communities across the U.S. have taken swift and drastic action to slow the spread of coronavirus (COVID-19). Schools have been closed, events canceled, and businesses have changed their day-to-day operations.

In times like these—where the stakes are high and everything is rapidly changing, it’s hard to know exactly what to do. That’s especially true for entrepreneurs, who have to manage their business and care for their employees as well as themselves, their families, and their communities.

With that in mind, here are four ways small business owners can stay informed, prepared, and ready to respond.

Stay informed

New stories are breaking every few hours and official recommendations are constantly developing. With so much information out there, it’s easy to get overwhelmed … which can either lead to hours spent scrolling through the news, or tuning it out simply because it seems impossible to filter through everything.

Since it’s important to stay up to date, try putting together a roster of reliable resources you can use to stay on top of the latest news for yourself, your family, and your business—without necessarily spending a lot of time chasing down information.

Here are a handful of sites that might make worthwhile additions to your list.

Health organizations: The Center for Disease Control and the World Health Organization have a suite of medical resources, regular updates on the coronavirus, and guidance for how businesses, schools, and other organizations can protect the health of their communities.

National business organizations: The US Chamber of Commerce is regularly sharing updates and resources focused on businesses and the economic impact of the coronavirus, while the Small Business Administration has resources including employer guidelines, information on their disaster loan program, and a directory of local business organizations.

State and county governments: Local health and business departments are working to take swift action and keep their communities informed as they respond to the coronavirus. Checking in with them can be a great way to understand what’s going on in your community and what services they are offering in response. You can typically find their websites through a quick search.

Look for resources that can help

The sweeping changes we’re seeing in response to the coronavirus are, inevitably, having massive social and economic impacts. With schools closed, events canceled, restaurants vacant, and many other businesses dealing with closures or reduced demand, many people are dealing with reduced income or economic uncertainty.

At this point, nearly everyone is significantly impacted in some way. As a result, we’re seeing government and community organizations come together and try to find new ways to support each other.

If you, or someone you know, is facing challenges as a result of the coronavirus, look for resources that might help. And if you’re not sure where to look, start by checking with your local newspaper or news outlet, or contacting your state or county government for advice.

Here’s a general overview of programs that are already available or in progress:

-Although most schools are closed, many of them are still offering meals to children who rely on school lunches.

-Food pantries are doing their best to adapt to the changing needs of communities.

-The federal government is working to pass response packages that offer economic support to families, communities, and businesses.

-The Small Business Administration is offering resources, including disaster loans, for small businesses.

-Many state and local governments are offering financial relief for small businesses, including tax deferments, grants, legal assistance, and loans.

It’s likely that more and more resources will become available as time goes by. These programs all exist to help businesses, families, and communities get through challenges and bounce back from them, so don’t hesitate to use them.

Find ways to adapt

There are a lot of businesses that are especially hard-hit by the coronavirus. Travel, restaurants, entertainment, events … the list goes on.

And although it would be ridiculous to suggest that all these businesses can mitigate their losses by smart planning and marketing, some are finding ways to cushion the damage a bit. For example, some restaurants are closing their tables but offering delivery or pickup instead. Retail shops are focusing on ecommerce efforts.

If you’re seeing a substantial drop in business, take some time to brainstorm. Talk to other entrepreneurs in your community (perhaps via a virtual meetup). Look for new needs and opportunities, and see if there’s a way your business can pivot or stretch to fill them.

Challenges and obstacles can lead to innovation and new opportunities, if you’re prepared to meet them.

Support your community

It’s a tough time right now. Although many groups are hit harder than others, practically everyone is feeling the strain one way or another.

That’s why, if you can, it’s more important than ever to volunteer, donate, and find other ways to support your local businesses and communities. Here are just a handful of ideas:

-If local restaurants sell gift cards, consider buying one (or a handful) to show your support. You can also look for small independent retailers who offer delivery or online sales instead of turning to bigger businesses.

-Consider donating to your local food bank or Meals on Wheels.

-If you can, give blood. There’s currently a severe blood shortage, and the Red Cross has put together guidelines on donating blood during the coronavirus pandemic.

-Help neighbors who are especially vulnerable to the virus due to age or pre-existing health conditions.

-Find and support local nonprofits whose services are likely to be strained by the virus. The impact is potentially wider-reaching than you might think, but nonprofits that focus on food, healthcare, and housing are a great place to start.

It can be especially challenging to donate or volunteer when you’re feeling anxious or economically strained, but every little bit counts. One thing we do know about the pandemic is that working together, as a community, is critical—so keep looking for ways we can all support each other through this.

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Chelsea Hoffer is a writer at Azlo, an online banking solution for entrepreneurs, where she gathers and shares knowledge about building successful businesses.

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Archives, Commentary, Global Trade Daily

How Downtime Forced by Coronavirus Could Be An Entrepreneurial Opportunity

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For would-be entrepreneurs who have longed to turn a side hustle into their main hustle, the shutdown created by the coronavirus may have provided that long-awaited opportunity.

Often, a lack of time is one of the major reasons people give for not starting their own businesses. But these days – with everyone urged to stay home and outside activities limited – those newfound extra hours could be invested in taking steps toward creating that business, says Shravan Parsi, CEO and founder of American Ventures, a commercial real estate company, and ForbesBooks author of The Science of the Deal: The DNA of Multifamily and Commercial Real Estate Investing (www.scienceofthedeal.com).

“It definitely takes effort, energy, and a willingness to step out there, but the rewards can be great,” Parsi says.

Parsi was a full-time pharmaceutical research scientist working 9 to 5 and dabbling in real estate on the side when he realized his regular job was hampering his real estate deals because he wasn’t available to talk with people or show a house during the day. Eventually, he bid farewell to his old career and launched his new one in commercial real estate.

Parsi has a few tips for those who long to shake loose from their current careers and venture into something that drives their passions:

Be bold and flexible. A willingness to take chances and adapt to changing circumstances is critical. Even in seventh grade in his native India, ambition boiled in Parsi. He realized that to become the kind of global leader he aspired to be, he would need to know English. So, he transferred to an English school. “My parents supported my decision even though they knew it would be challenging,” he says.

Be interested in everything and observe closely. You never know when opportunities to expand your knowledge – and be inspired by new ideas – will present themselves. Parsi says he learned this lesson at age 14. His father was a doctor who himself invested in real estate as a passive investment and was having a two-story house built – one story for the family and one as a rental. “He pointed out that I had time to kill over summer vacation and recommended I watch the process,” Parsi says. “So my brother and I watched the construction and supervised the contractors. It left a strong impression on me.”

Pivot when necessary. Life doesn’t always go as planned – as the coronavirus has shown – so you need to be prepared to change direction, Parsi says. As an example, Parsi originally planned to follow in his father’s footsteps and become a doctor. But admission to medical school in India is highly competitive and he missed the cutoff criteria by one-tenth of a point. That’s when he pivoted and became a pharmaceutical scientist instead.

Learn how to sell anything. At different periods in his life, Parsi worked in a cell phone store, sold Amway products, and sold nutritional supplements. Those experiences weren’t always the best, he acknowledges, but he did gain something from them. “I realized that if I can sell the products and a story and recruit others, then I can sell anything,” Parsi says. “Selling is a pivotal skill most entrepreneurs must have.”

Anyone who is inspired to get their entrepreneurial drive moving during the current downtime should not completely throw caution to the wind, Parsi says.

“I did not quit my pharmaceutical job right away,” he says. “I had an objective to stay in that job until the real estate income was twice the value of my salary. When I hit that objective – when real estate was no longer a side hustle – I decided it made sense to invest more time in real estate than the scientific position.”

Now American Ventures is a successful multifamily and commercial real estate investment firm with a proven track record.

“Never settle for less,” Parsi says.

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Shravan Parsi, CEO and founder of American Ventures, a commercial real estate company, is author of The Science of the Deal: The DNA of Multifamily and Commercial Real Estate Investing (www.scienceofthedeal.com). Parsi is an entrepreneur and innovator with a background in the diverse fields of real estate investing and pharmaceutical research. He has been involved in Texas real estate since 2003. Born in India, Parsi developed a life-long interest in business and investing from watching his father, a medical doctor, invest in real estate. Parsi has acquired several apartment complexes in aggregate of over 4000 units  and several commercial properties by co-investing with private equity groups, pension funds, sovereign wealth funds, family offices, and accredited investors.

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Archives, Global Trade Daily, Special Reports

Are Growing Pains Afflicting Your Business? How To Successfully Scale Your Company.

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Ambitious entrepreneurs often are determined to grow their businesses by expanding into new areas, adding new products, and increasing the size of their workforce.

But growth comes with potential hazards, which is why one of the leading causes of business failure is overexpansion – growing too much too fast.

“There are so many complexities involved with growing a company” says Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, and founder and CEO of PFSbrands, the parent company of Champs Chicken, Cooper’s Express and BluTaco.

“If you’ve been a parent and raised kids, you can relate it to the various ages of kids. Much like your kids need different things at different ages, your business has different needs at different stages of growth.”

To stay on track with those needs, Burcham says business leaders need to:

Constantly evaluate employees. When a company is growing and improving, employees need to do the same, Burcham says. He’s an advocate of lifelong learning and expects employees to commit to continual personal improvement through reading, seminars or other educational efforts. In addition, while Burcham likes to promote from within, he will look elsewhere when necessary. “Scaling requires your team to evolve, but it also requires new blood,” he says. “As a company is growing, sometimes you have to go out and recruit the talent to help you get to that next level.”

Protect the brand. As the business grows, it’s crucial to adhere to standards and have quality controls in place. Otherwise, the business won’t build brand loyalty. “If you go into McDonald’s and you get a Big Mac or a Quarter Pounder, you want that Big Mac or Quarter Pounder to taste the same in every location,” Burcham says. “That’s ultimately what every national brand is working toward.” In his own business, he has seen competitors of PFSbrands locate in supermarkets and convenience stores with loose standards.  “In some cases, we lose business to these competitors who are lenient and have lower standards,” Burcham says.

Embrace the future. Scaling is all about embracing the future, and that includes understanding millennials who will make up 75 percent of the workforce by 2025, Burcham says. “Younger generations want to know why they’re doing something, and that makes a lot of sense when you think about how they grew up with their electronic devices,” he says. “They have been able to get answers anytime they want them.” Burcham’s company uses an open-book management approach that fits well with the transparency younger workers desire, he says. “Personal growth, education, and continuous learning are also things they are looking for. If companies today want to scale, then they need to embrace millennials and work to create an environment where they are engaged.”

Take their time back.“To be an effective leader as your business grows, you need to consistently work on time management,” Burcham says. He has five steps for doing this. 1. Decide what’s important and focus on two or three top priorities each day. 2. Stop doing some tasks. Instead, delegate or automate them. 3. Start on the most important thing first. 4. Learn to say no. 5. Block out time for self-improvement and life needs.

“Scaling is a process, not a destination,” Burcham says. “If you really want your business to grow, you need to be constantly moving, constantly evaluating and constantly improving.”

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Shawn Burcham (www.shawnburcham.com), author of Keeping Score with GRITT: Straight Talk Strategies for Success, is the founder & CEO of PFSbrands, which he and his wife, Julie, started out of their home in 1998. The company has over 1,500 branded foodservice locations across 40 states and is best known for their Champs Chicken franchise brand which was started in 1999. Prior to starting PFSbrands, Burcham spent five years with a Fortune 100 company, Mid-America Dairymen (now Dairy Farmers of America). He also worked for three years as a Regional Sales Manager for a midwest Chester’s Fried chicken distributor.