House Bill 5569, introduced by the Finance, Revenue and Bonding Committee, would create a five-year program beginning January 1, 2027. Businesses with 50 or fewer employees could claim a credit equal to 80 percent of their qualifying local advertising expenses in the first year, up to $5,000, according to Hartford Business Journal.

A public hearing before the Finance Committee has not yet been scheduled. The 2026 session adjourns May 6, and under Connecticut's legislative rules, any bill not passed before adjournment dies.

The credit only covers local newspapers, radio, and TV

The credit channels small business advertising dollars specifically toward locally operating news and media companies, which have lost significant advertising revenue to national digital platforms over the past decade. Eligible spending is limited to advertising placed with these local media outlets — newspapers, local radio stations, and television stations. Digital-only platforms are not referenced as qualifying outlets in the current proposal.

Connecticut tried a public-sector version in 2023

The state has taken related steps before. In 2023, the House passed HB 6347, which would have required state agencies to direct a portion of their print and digital advertising budgets to Connecticut-owned and operated news organizations. The bill was amended from 50 percent to 15 percent before the House vote, and it did not advance through the Senate before the session ended.

HB 5569 takes a different approach, targeting private-sector spending instead.

The bill is part of a broader push on small business tax incentives

HB 5569 is moving alongside House Bill 5319, which would expand Connecticut's research and development tax credit to small businesses and pass-through entities that are currently ineligible. That bill has support from the Lamont administration, the Commerce Committee, and CBIA, the state's main business lobby. The Commerce Committee voted on HB 5319 earlier this month.

Together, the two proposals reflect an effort to lower the cost of doing business for smaller Connecticut companies — a category that includes the pass-through entities and LLCs that make up a large share of the state's business base.

The 2026 legislative session runs through May 6.

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The bill’s structure matters for smaller employers because it uses a payroll-funded state insurance model rather than requiring businesses to keep paying workers directly while they are out. Employers with 10 or fewer employees would still withhold the employee share of contributions, but they would not have to pay the employer share.

The bill covers caregiving, a worker’s own health condition, and a broad definition of family

Under the conference version, benefits would be available for a new child, a worker’s own serious health condition, care for a family member with a serious health condition, certain military-related needs, and other covered situations. The bill’s family definition extends beyond spouses, children, and parents to include siblings, grandparents, grandchildren, and people whose relationship is “the equivalent of a family relationship.”

Workers who use the program would have job-restoration rights and continued health coverage during leave. The bill also bars employers from treating covered leave as an absence that can trigger discipline or another adverse action.

Payroll contributions would begin in 2028, but the rollout timeline still needs a final read

The program would be run by the Virginia Employment Commission, with contributions starting April 1, 2028. The conference bill text says the commission must begin receiving claims and paying benefits by December 1, 2028.

The state’s fiscal impact statement, however, flags a drafting inconsistency: one section cites January 1, 2029, while another cites December 1, 2028. That same fiscal review estimates about $77.5 million in startup costs in fiscal 2027 and $39.0 million in fiscal 2028 for administration, with benefit payments projected at about $1.1 billion in fiscal 2029 and roughly $2.1 billion by fiscal 2031.

Spanberger has backed paid leave, but premium rates are yet to come

Spanberger backed paid family leave during the 2025 campaign and folded it into her 2026 affordability agenda, making a signature more likely than under former Gov. Glenn Youngkin, who vetoed earlier versions. What remains open is the premium rate employers and workers will actually pay: the fiscal statement says the commission would set contributions using actuarial principles, and VEC estimated that supporting the bill’s benefit level would require premiums of about 0.72% of wages, split between employers and employees unless the small-employer exemption applies.

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Set to take effect in 2028, the tax is projected to generate approximately $4 billion per year, funding education and public services, including health care, higher education, and human services.

For most residents, the change will go largely unnoticed. State estimates suggest the tax will impact between 20,000 and 30,000 households, which is less than 1% of Washington’s population. But within the state’s business and technology sectors, the implications are being debated intensely.

How the tax hits pass-through businesses and owner income

A central concern involves pass-through businesses, a common structure among small businesses, partnerships, and startups. These entities do not pay corporate income tax; instead, profits are reported as personal income by owners.

Under SB 6346, income exceeding $1 million flowing through to individuals would be taxed at the new rate. Critics argue this could reduce capital available for reinvestment, such as hiring, equipment purchases, or debt reduction.

Business sentiment appears to be shifting. A survey from the Association of Washington Business found that 17% of employers are considering relocating out of state due to tax changes, up from 9% the previous year.

Startup backlash: Equity pay, RSUs, and fears of relocation

Opposition has been particularly vocal in Washington’s tech and startup ecosystem. Founders argue the tax disproportionately affects those compensated with equity, especially through restricted stock units (RSUs).

Because RSUs often vest all at once during an IPO or acquisition, founders may experience a one-time income spike that exceeds $1 million, triggering the tax even if their average annual earnings are significantly lower.

Some have already acted. Marc Barros, CEO of Seattle-based startup Moment, announced plans to relocate his company to Wyoming. Another founder, Aviel Ginzburg, described the policy as “economic suicide” for the startup community.

Still, not all industry voices agree. Seattle attorney Ben Golden has argued that most critics will remain in the state regardless of the tax. Veteran founder Justin Beals emphasizes that talent and ecosystem strength outweigh tax considerations in startup location decisions. Madhu Singh, chief legal officer at Foundry Law Group, reports no observable slowdown in startup formation.

What relief measures mean for small businesses

Lawmakers incorporated measures to ease the burden on smaller businesses. Governor Ferguson pushed for expanded relief provisions as a condition of his support.

The final bill includes an expanded tax credit for lower-income households and dedicates 5% of revenue to the Fair Start for Kids Act, supporting early childhood education and childcare.

Additionally, at the local level, Seattle’s Proposition 2, effective January 1, 2026, raised the threshold for the city’s Business and Occupation (B&O) tax from $100,000 to $2 million in gross receipts. This effectively eliminates B&O tax liability for most small businesses in the city and reduces costs for others near the threshold.

Can the tax deliver stable revenue over time?

Even supporters acknowledge uncertainty around the tax’s long-term reliability. High-income earnings, especially those tied to investments and equity, can fluctuate significantly year to year.

Jared Walczak of the Tax Foundation cautioned that revenue from high earners is inherently volatile. “It’s not stable enough for what Washington intends to do,” he said.

Joe Nguyen, president of the Seattle Metropolitan Chamber of Commerce, also expressed skepticism about whether the tax will deliver consistent funding for public services.

As Washington prepares for implementation in 2028, the debate is unlikely to fade. The policy’s real-world impact on business behavior, migration, and state revenues will ultimately determine whether this historic tax achieves its intended goals.

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Hosted by the Ohio Department of Development, the event brings together small businesses, government agencies, and contractors for training and matchmaking aimed at generating contracting opportunities. In 2024, the event facilitated more than 1,500 one-on-one meetings in a single day. More than 400 attendees represented over 160 organizations.

How the Ohio Business Matchmaker connects businesses and buyers

The Matchmaker is structured across two days.

Day one, April 22, is dedicated to training. Participants attend educational sessions covering the fundamentals of government contracting, marketing to specific agencies, and navigating the procurement process. Day two, April 23, is the matchmaking day itself. During this part of the event, small businesses participate in pre-scheduled meetings with federal, state, and local government buyers, as well as prime contractors.

The structured meetings on day two are followed by an additional hour of unscheduled networking. Ancillary businesses, such as insurance and accounting firms specializing in government contracting, are also available to assist small business owners with the back-end elements of preparing a competitive proposal. That setup matters because it gives smaller firms two paths into the room: a formal matching process before the event and open networking time on site.

Preparation begins early, with capability statements at the core

The Department of Development launched a webinar series on March 4 to help small businesses prepare. Recordings are available 48 hours after each session for those who cannot attend live. Topics covered in the webinar series include how to do business with specific agencies, understanding small business certifications, and building past performance through subcontracting.

A key preparation step is developing a capability statement. Sharon Hopkins, director of the Ohio APEX Accelerator, describes it as a resume written in government-friendly language. Government buyers use specific terminology and procurement codes. Businesses that understand that language and can demonstrate their capabilities within that framework are far more likely to secure meetings and advance toward contracts.

"Government entities are risk-averse," Hopkins said. "They don't want to do business with someone who might not be there in six months. The plus side is that the government recognizes that small businesses can do things efficiently, and there's a lot of innovation within small businesses that could solve the government's problems."

Which businesses should attend, and why

The event is open to all businesses. However, it is particularly valuable for small businesses that are certified or interested in pursuing certifications such as MBE, EDGE, minority-owned, women-owned, veteran-owned, 8(a), and HUBZone designations. Government buyers actively seek vendors with these credentials to meet their small business contracting goals.

The government contracting market is large. Federal, state, and local agencies collectively spend billions of dollars annually on goods and services. For small businesses, securing even a single contract can generate significant and reliable revenue. The Ohio Business Matchmaker provides direct access to buyers that would otherwise require months of outreach to arrange.

Lydia Mihalik, director of the Ohio Department of Development, said the event is designed to set businesses up for long-term success. "Success in government contracting starts with understanding the process," she said.

How to secure your spot at the 2026 Matchmaker

Registration for both business attendees and government buyer participants is available through the Ohio Business Matchmaker website. The webinar series preparation sessions continue in the weeks leading up to the April event.

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The question is who will own them.

The Gap Between Ownership and Population

The ownership gap is stark. White entrepreneurs make up roughly 73% of small business owners. Black entrepreneurs account for just 3%, despite representing 13% of the U.S. population. Latino ownership stands at about 12%, compared with a roughly 20% share of the population. Women, meanwhile, own about 23% of businesses.

Under current participation patterns, McKinsey estimates that women and Black and Latino individuals combined would capture only about 28% of the enterprise value being transferred. For Black entrepreneurs specifically, that translates to roughly $87 billion of the total value available.

That imbalance doesn't just highlight inequality; it also points to a massive untapped opportunity.

What Closing the Gap Could Unlock

If Black entrepreneurs achieve parity with the broader population, their estimated wealth capture rises more than fourfold to approximately $369 billion. Closing participation gaps for women could unlock roughly $700 billion in additional wealth. Across all underrepresented groups, the McKinsey report estimates that a more equitable transition to ownership could unlock up to $3 trillion in new household wealth.

Shelley Stewart, a senior partner at McKinsey and co-author of the report, put it plainly.

"This is the largest ownership transition in modern U.S. history," he said. "This is a huge opportunity, but there is also a challenge. The market to connect buyers, sellers and capital is not built at scale."

The Risk of Inaction

But the outlook is not purely optimistic. Today, 92% of small businesses close rather than sell. Only about 5% are sold, and just 3% successfully transfer to new ownership. If that pattern holds, the Great Ownership Transfer could produce widespread economic damage rather than renewal.

Small businesses employ nearly half of the U.S. workforce. They account for 99.9% of all U.S. companies. Failed transitions could eliminate up to 12 million jobs and erase approximately $250 billion in annual local spending power.

Rural areas face the highest exposure. In some sparsely populated states, small businesses account for more than half of all employment.

AI and the Path Forward

Beyond financing and market infrastructure, the report points to a newer potential equalizer: artificial intelligence. Brandon William Jones, founder of Gravy Wealth and a collaborator with the National Black MBA Association, said AI gives prospective buyers tools to understand industries quickly and run operations more efficiently.

"If someone is AI forward, not only can they potentially acquire this business, they can run the AI playbook to drive a lot more efficiency and value," Jones said.

McKinsey's Stewart agreed that AI increases the upside for business acquisitions, particularly in labor-intensive sectors such as retail, restaurants, and healthcare. For entrepreneurs without deep industry experience, AI lowers the barrier to understanding and managing an acquired business.

The report calls for coordinated action from banks, corporate buyers, public agencies, and educational institutions. The goal is to build the infrastructure needed to support ownership transfers at scale.

Within a decade, McKinsey says, buying a business should become as common, visible, and supported as starting one.

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The strikes, carried out by Iran, have already pushed UK gas prices up significantly, with a rise as large as 11.3% seen yesterday.

Smaller businesses likely to be hit hard by oil price hikes

Qatar supplies roughly a fifth of the world's LNG, and Ras Laffan is its primary export terminal. A disrupted supply chain and increased energy costs are likely to hit small and medium businesses hard, given they are not able to compete with larger conglomerates in the purchasing power department.

Nick Butler, former head of strategy at BP, told the BBC that the strike on Ras Laffan would "almost certainly cut off a level of supply of LNG to the world market." Butler added that replacement supply could not be found quickly, and possibly not for a very long time, which would continue to push prices upward.

The consequences extend beyond the energy bill. The FTSE 100 fell 256 points to close at 10,049, while yields on two-year UK government gilts recorded their largest single-day rise since the Liz Truss mini-budget in September 2022. A fragile consumer economy will again have wider ramifications for small businesses as the consumers feel the squeeze too.

Meanwhile, Brent crude peaked at $119 a barrel before settling just above $108, in line with the global upward trend.

US Treasury Secretary Scott Bessent said the US was considering suspending sanctions on approximately 140 million barrels of Iranian oil already at sea, as part of broader efforts to moderate prices. Washington has also moved to ease sanctions on Russian oil and relax domestic shipping rules. However, earlier coordinated releases from strategic reserves have done little to bring prices down.

Iran has simultaneously suspended gas flows to Iraq, according to a senior Iraqi official cited by Reuters, diverting supply to meet domestic demand. The Gas Exporting Countries Forum estimates that 94% of Iran's gas output is consumed internally.

Iranian Foreign Minister Abbas Araghchi said his country would show "zero restraint" if its own infrastructure came under further attack.

Image Credit: Unsplash

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The UK government has announced the enforcement action this month (March 2026), just weeks before statutory pay rates rise again across all age groups in April.

SMEs continue to face cost pressures globally

This timing is definitely not what SMEs wanted to hear since it adds additional pressure to those already calculating the cost of the upcoming increases.

From April, workers aged 21 and over will be entitled to £12.71 an hour under the National Living Wage, up from £12.21. This is an additional £900 a year for each full-time employee, potentially making a dent in what might be already dwindling profits in the current state of the economy.

The rate for 18 to 20-year-olds rises by 8.5% to £10.85, adding roughly £1,500 annually per full-time worker, while the under-18 and apprentice rate increases 6% to £8 an hour.

For businesses running lean payrolls across multiple age bands, the cumulative effect of simultaneous increases across three separate rate tiers could be considerable. A small café employing a mix of workers aged 17, 19 and 25 on full-time hours, for example, faces a compounding wage bill increase that may not be fully realized until payroll is recalculated.

The enforcement data suggests HMRC is actively pursuing non-compliance rather than relying on businesses to self-correct. Among the 389 employers named in the March 2026 action were nursery chain Busy Bees, Norwich City Football Club, Hays Travel and Costa Coffee.

The Living Wage Foundation, which oversees a separate voluntary rate, noted that its benchmark already stands well above the legal floor.

At £13.45 an hour nationally and £14.80 in London, the voluntary Real Living Wage is worth £2,418 more per year than the statutory minimum outside the capital and £5,050 more within it. Around 500,000 workers across more than 16,500 firms currently receive it.

Small and medium business with younger workers could see further tax hikes

What could be more detrimental later down the line is that the government has indicated it intends to eventually consolidate the 18 to 20 rate and the adult National Living Wage into a single unified rate for all workers. No timeline for this has been confirmed but this move could further increase baseline labour costs for businesses that currently rely on the lower band.

For those who are non-compliant with the new rules, they could be looking at criminal liability under current legislation, with penalties applied even where workers are not paid by the hour.

Businesses that believe their pay structures may not meet the new thresholds can report concerns or seek guidance through HMRC or the workplace advisory service Acas.

Featured Image: Unsplash

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Meltwater announced the partnership on February 12, noting that the move formalizes an existing relationship rather than introducing a new Reddit dataset for customers.

Partnership formalizes Meltwater’s role in Reddit data ecosystem

The announcement gives Meltwater a clearer position within Reddit’s commercial data ecosystem. This comes as the social platform continues to channel large-scale business access through structured agreements.

“Joining Reddit’s Official Data Partner program is a natural extension of our long-standing relationship and reflects our shared commitment to delivering trusted, high-quality data. We look forward to deepening our collaboration with Reddit to continue providing customers with insight into the authentic public conversations shaping consumer behavior,” said John Box, CEO of Meltwater.

Joining the official program is a selective designation recognizing that Meltwater’s access aligns with Reddit's strict standards for functionality, data quality, and compliance. Under Reddit’s Data API terms, usage is restricted to expressly permitted purposes, with additional commercial rights potentially requiring separate agreements.

Existing customers won’t see a difference

Meltwater said the update will not disrupt its existing services. Customers will continue to receive Reddit data through its platform with no loss of historical insights or change in data quality.

The company also said it processes public Reddit posts and comments from more than 100,000 communities, emphasizing the scale of discussion available to brands, agencies, and researchers using social listening tools.

Reddit adds to its growing roster of data partners

For Reddit, the agreement adds another approved commercial partner to its Official Data Partner program as it continues to grow both its user base and its data-driven business model. Reddit’s scale makes it an attractive data source, as the platform reported 121.4 million daily active unique users in Q4 2025, up 19% year over year.

Key details remain undisclosed

The announcement does leave several questions unanswered. Neither Reddit nor Meltwater disclosed financial terms, and neither company outlined any new product features or expanded data capabilities tied to the agreement. Because the deal formalizes and rewards meeting the standards of an existing relationship, the practical impact on Meltwater customers appears unchanged.

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The version sent forward bundles in a range of policy updates alongside the longer timeline. It is expected to introduce stronger security reviews for applicants, create a new funding track for high-impact projects, update reporting expectations, and direct agencies to simplify administrative hurdles while improving the path to commercialization.

SBIR STTR small business research bill is more than a deadline fix

The bill ensures the programs won’t expire anytime soon as it changes the current authorization window from 2025 out to 2031, giving agencies and participating companies more certainty. This is set to make it easier to plan multi-year research efforts and coordinate funding pipelines.

https://twitter.com/connorobrienNH/status/2033995008169164807/

But lawmakers also used the reauthorization to tighten oversight. Agencies would gain broader authority to examine potential risks tied to applicants, particularly when it comes to foreign ownership, influence, or connections to entities flagged on federal sanctions or restriction lists. The added scrutiny reflects growing concern about protecting sensitive research tied to national priorities.

A bigger Phase II path for selected firms

Another notable change centers on funding scale. The bill introduces what it calls a strategic breakthrough track, allowing certain agencies to issue Phase II awards worth as much as $30 million over a period of up to four years. To qualify, companies would need to meet specific cost-sharing and performance milestones.

https://twitter.com/aztechcouncil/status/2034733403820470724/

That funding lane is aimed at technologies with clear national security or mission relevance. It signals a shift toward backing fewer projects at larger dollar amounts when agencies see strong potential for impact.

For small businesses, the hope is to gain some immediate stability. Companies that depend on SBIR and STTR funding can expect those opportunities to remain available for years to come. At the same time, the environment is likely to become more demanding.

Applicants may face deeper vetting, more structured reporting requirements, and in some cases limits on how many proposals they can submit within a given fiscal year.

Featured image: Canva

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Here’s what the agency flagged for 2026.

IRS impersonation scams expand across email, text, and AI-driven calls

This year’s list includes email and text phishing attempts with features such as:

• Alarming language
• QR codes
• Fake IRS sites that prompt people to 'verify' accounts, enter personal information, or chase refunds.

It also warned about phone scams that use spoofed caller IDs and AI-generated voices to sound legitimate. For smaller businesses, that risk is not limited to the owner’s inbox. Tax records, payroll details, and login credentials often sit with a small finance team or an outside bookkeeper, which means one convincing message can create both tax trouble and a broader data security problem.

The IRS’s advice: don’t click unexpected links or attachments; suspicious links can install malware, including ransomware. The harder part is identifying these scams in today’s age of convincing AI and spoofing.

Viral “tax hacks” can trigger audits and penalties

Misleading tax advice on social media, though not always a scam, can still cause significant issues. Viral “tax hacks” may prompt false returns or unqualified credits, leading to delays, audits, or penalties. For business owners, tax misinformation can blur lines between personal and business filings.

The #IRS warns you not to fall for bad advice on social media, including those promising huge refunds by falsely claiming the non-existent “Self-Employment Tax Credit.” Here’s what to look out for: https://t.co/SUyzJgBvOf

— IRStaxsecurity (@IRStaxsecurity) March 19, 2026

The IRS separately flagged a bogus promotion of a non-existent “Self-Employment Tax Credit,” warning that the underlying credit being referenced is a much more limited, technical credit called “Credits for Sick Leave and Family Leave.” In reality, this credit was available only in limited COVID-19-related circumstances in 2020 and 2021 for self-employed individuals.

For businesses that rely on quick online answers during filing season, the pressure point is less the headline claim itself than the chance of putting unsupported numbers onto a return.

“Ghost” preparers shift the filing risk onto taxpayers

The IRS also warned about people who prepare returns but refuse to sign them or include a Preparer Tax Identification Number, otherwise known as “ghost preparers.” The agency called this a major red flag and said the taxpayer remains legally responsible for what gets filed.

For smaller businesses using outside help to manage taxes at a lower cost, that leaves little room for casual vetting. A missing signature may look procedural. In practice, it is a sign that the preparer may want the fee without the accountability that comes with it. The IRS also said taxpayers should never sign a blank or incomplete return.

The message from the 2026 list is straightforward: the scams vary, but they tend to work by rushing a filing decision, hijacking account access, or moving responsibility onto the business owner after the fact. In the end, they are avoidable with added vigilance and due diligence.

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The payment card services shared details in a March 17 post written by one of its engineers, timing the announcement alongside NVIDIA’s GTC 2026 event. NVIDIA, for its part, said Mastercard is using NVIDIA NeMo AutoModel, along with accelerated computing and Databricks, to power what it calls a proprietary transaction-focused foundation model.

https://twitter.com/RickMavrovich/status/2034618741204660275/

What Mastercard says has changed with its AI transaction data model

According to Mastercard, this system is a “large tabular model,” meaning it learns from structured datasets rather than the text, images, or video typically used in large language models. The company says it is currently training the model on billions of anonymized transactions and plans to expand into other datasets, including merchant location, fraud activity, authorizations, chargebacks, and loyalty behavior.

That approach lines up with Mastercard’s scale. In its latest 10-K filing, the company says it handles more than 70% of Mastercard and Maestro transactions and nearly all cross-border activity. As a result, the volume makes a data-heavy model feasible. Still, some of the company’s broader claims around prediction accuracy and downstream impact come mostly from its own early testing and haven’t been independently verified.

Where the evidence is stronger

Fraud detection and cybersecurity stand out as the most concrete use cases so far. Mastercard has already talked about earlier generative AI efforts in this area, including a 2024 update that said it doubled the speed of identifying potentially compromised cards. This new model builds on that, with the company saying internal tests show better performance than traditional machine-learning systems and fewer false positives on unusual but legitimate purchases.

Those results sound promising, but they remain internal. The article doesn’t include third-party benchmarks or detailed metrics, which makes it harder to gauge how much of a leap this really represents.

What it could mean for smaller businesses

For small and midsize businesses, the impact is likely to be indirect for now. Merchants won’t be interacting with this model themselves. Instead, any benefits would show up through improved fraud scoring, fewer declined legitimate transactions, smoother review processes, or more refined data products tied to payments and loyalty programs.

Mastercard has been pushing more AI-branded tools for small businesses this month, which makes that connection believable. Even so, real-world gains will depend on how these systems perform outside controlled testing.

Featured image: Pexels

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The first piece of that vision, a Virtual CFO, is expected to arrive sometime later in 2026. Mastercard plans to distribute the tool through banks, accounting services, and software platforms that small companies already use.

Where the Mastercard ‘virtual C-Suite’ fits into the company’s AI push

The announcement made on March 10 lands as part of a larger AI strategy Mastercard has been building, not as evidence that small businesses suddenly have a fully functional AI leadership layer.

Earlier this year, the company introduced its Agent Suite for enterprise clients, with availability targeted for the second quarter of 2026. The Virtual C-Suite looks like a scaled version of that same concept, targeted at smaller organizations.

Details on Mastercard’s own product page state that this is still a work in progress. It names several roles, including Virtual CFO, Virtual CISO, Virtual CMO, and Virtual COO, but describes them as “currently in development.”

What we still haven’t heard

Mastercard has yet to share pricing, identify launch partners, or point to any real-world deployments of the small-business version. There’s also no data showing how well the system performs or what kind of outcomes businesses can expect.

It’s also unclear how these tools will function in practice. The company hasn’t specified how widely available they will be at launch or whether they will actually automate decisions versus simply offering recommendations that still require human judgment.

At this stage, Mastercard is building AI-powered decision-support tools intended to plug into platforms small businesses already rely on. Whether that translates into meaningful day-to-day improvements is still an open question.

For small business owners, the more immediate concern is whether their existing providers i.e. banks, accounting tools, or software vendors can adopt this technology in a way that genuinely improves visibility into cash flow or cuts down on manual work.

Featured image: PickPik

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According to the LocaliQ Small Business Marketing Trends Report, which surveyed over 300 small business owners, the mood remains cautiously aggressive. The overwhelming response was that, despite recent struggles, most small businesses are keeping their marketing spend steady in 2026. In fact, some are even increasing it. Only 8% of respondents plan to cut spending this year, while 40% expect to increase it. The remaining respondents say they'll keep budgets the same. Despite that, the existing numbers tell of doing a lot with a little.

Here are some key statistics from the report:

• > 50% of small business owners said they operate on less than $1,000 per month.
• Half of small business owners do not have a dedicated marketing employee.

All of the above details are notable, particularly the 40% of owners expecting to increase marketing spend, considering two-thirds of small business owners now expect economic uncertainty to be a challenge this year, up sharply year over year. This sentiment is most notably driven by inflation and tariffs.

What's Working vs. What's Popular

With that in mind, small businesses are continuing to rely on low-cost channels, such as organic social media. In terms of social media, Facebook is still the top channel. Following organic social is paid social media, SEO, and email marketing. However, social media and online listings rank relatively low in satisfaction, suggesting they may not be delivering the results that businesses expect. On the other hand, video marketing and investing in reputation management seem to be outperforming expectations. This result is despite fewer small businesses investing in TikTok, down to 22% from 34% last year.

The Cost of Visibility and the Rise of AI

Despite the numbers, it appears that the cost of these potentially more effective marketing techniques is holding small businesses back. In fact, it seems cost is driving a shift away from search ads towards social ads, as the latter has overtaken the former in popularity. All that said, all signs point to video as the biggest marketing growth area for at least the near future. And, of course, AI continues its growth as an allegedly practical tool, with about 60% of businesses using it for content creation. However, quality must be weighed against quantity when considering this approach.

In the end, marketing comes down to preference as it always has, but that preference is increasingly divided between what works, what's easy, and what costs.

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The measure is set to tweak who can get in and when payments can begin. Lawmakers appear to be opening the door a bit wider for certain employers, while also adding a firmer checkpoint before any state money goes out.

The most noticeable change shows up in the eligibility rules. The bill raises one population cap from 3,500 to 50,000, which broadens the types of communities that can qualify under the program’s structure. It also lowers a job-creation threshold from 15 positions to 10 for larger municipalities. Taken together, those changes suggest more businesses could meet the initial criteria than before.

There’s also a technical adjustment for companies located in unincorporated areas. The updated language clarifies how to determine which nearby municipality counts for eligibility purposes, a detail that can affect whether a business qualifies.

Another expansion comes through the definition of “basic industry.” The bill adds certain motion picture and video operations, sound recording businesses, and child daycare services to the list. That matters because only companies operating in designated basic industries can participate in the incentive program.

What the Oklahoma small employer incentive bill means for the industry

Even with the new eligibility, the bill doesn’t make incentives automatic. Instead, it shifts how and when companies prove they qualify. For agreements signed on or after November 1, 2026, the Oklahoma Department of Commerce would need to confirm that a business has either made the required capital investment or met out-of-state sales targets before any payments begin.

The verification step comes with a deadline. If the state doesn’t sign off within 36 months of the application date, the contract is canceled and no incentive is paid. In practice, that adds a clearer timeline and a higher bar for follow-through after approval.

For smaller employers, the overall effect could be seen to be a mixed but targeted change. Some businesses that previously fell outside population or job thresholds may now have a viable path into the program. At the same time, they still need to meet wage, benefits, payroll, and investment or sales benchmarks spelled out in the law.

Featured image: Canva

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The law also operates alongside changes enacted in 2025, which are scheduled to take effect in 2027. With SB 6014, lawmakers are set to adjust that future framework, keeping worker protections in place and adding new privacy safeguards for complaint records handled by the Department of Labor & Industries.

What the Washington pregnancy accommodations law does

The new law focuses on when employers can ask for medical documentation. It draws clearer lines around certification requests, allowing employers to seek written confirmation from a treating health care professional in some cases, but not for several common accommodations.

The exceptions include more frequent restroom breaks, changes to food or drink policies, access to seating, time and space to express milk, and restrictions on lifting more than 17 pounds. For these, employers cannot require documentation.

The law also introduces a pay requirement tied to expressing milk at work. Time spent on breaks for that purpose, and the time it takes to travel to a designated location agreed upon by employer and employee, must be paid at the worker’s regular rate. Employers are barred from forcing workers to use paid leave for that time, and these breaks must come in addition to standard meal and rest periods.

Another section addresses privacy. Certain records held by Labor & Industries will now be shielded from public disclosure if they identify or include personal details about someone involved in a complaint or investigation under the pregnancy accommodations law. There are limited exceptions, including when disclosure is necessary for official duties, legal proceedings, or to provide information back to the person who filed the complaint.

Why lawmakers stepped in before 2027 changes

Lawmakers acted in response to a 2025 law that had already set major changes in motion. That earlier measure moved enforcement authority from the Attorney General’s Office to Labor & Industries starting in 2027. It also would have narrowed the list of accommodations employers must provide without claiming undue hardship.

SB 6014 reverses that narrowing. As a result, the list of accommodations will remain intact when the updated framework takes effect. This will include breaks, seating options, schedule adjustments, job transfers, lifting limits, and accommodations for expressing milk. Under the 2027 framework, any employer with at least one employee falls under the law’s definition.

For employers, the biggest challenge may be a series of practical adjustments. Policies around accommodations, lactation breaks, complaint handling, and recordkeeping may all need updates before the 2027 start date.

There’s also some uncertainty to track. Current guidance says the Attorney General’s Office still handles complaints under existing law, which applies to employers with 15 or more workers. Meanwhile, legislative materials point to Labor & Industries taking over enforcement in 2027. That handoff will be important to monitor as agencies update their guidance.

Featured image: Canva

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As a result, businesses would be able to report income through owners’ personal returns, along with family farms and companies that rely on state tax credits. Instead of tracking two separate calendars, filers would follow one timeline when federal deadlines move.

The bill also introduces a safeguard for taxpayers who qualify for a credit but can’t fully use it because funding runs out. Under the proposal, those filers would avoid penalties and interest on any remaining balance as long as they pay what’s owed or set up a payment plan, within 60 days after receiving notice that the credit was denied.

What Missouri senators said the state tax deadline bill is meant to fix

In a Missouri Senate news release, Sen. Mike Bernskoetter said SB 994 “helps smooth out the filing of tax returns.” The same release explains that the Department of Revenue would have to notify taxpayers when a credit is no longer available, then allow a 60-day window to resolve the balance before penalties kick in. It also frames the deadline change as a way to reduce confusion when federal filing dates shift.

For smaller operations, these kinds of adjustments could matter more than sweeping tax changes. Many don’t have dedicated tax staff, so mismatched deadlines or unexpected penalties can create outsized headaches. While the Senate release doesn’t spell this out directly, the structure of the bill points to fewer administrative snags and clearer expectations for filers navigating credits and payment rules.

The farm-business change could be more direct

Another piece of the legislation targets how Missouri defines eligibility for a beginning farmer income tax deduction. In the current language, a “farm owner” is defined as “[an individual].” The bill would swap that wording for “a taxpayer,” and elsewhere expands “taxpayer” to include entities like trusts, corporations, partnerships, S corporation shareholders, and LLC members.

Bernskoetter’s office said the revision addresses cases where family farms missed out on the deduction because they were set up “as a corporate business rather than as an individual.” By widening the definition, more farm operations could qualify when transferring or selling farmland.

Taken together, the proposal strings together a few practical fixes, such as synchronized deadlines, a grace period tied to denied credits, and more inclusive language for certain farm-related deductions. For smaller businesses and farms with more complex structures, the payoff is likely to be simpler compliance rather than a major tax break.

Featured image: Canva

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All in all, technology is shifting gears and accelerating like a supercar! And businesses are redefining their innovations, agility, operations, and business growth by incorporating different types of technologies such as blockchain, AI, and machine learning.

With these advancements in making, you might question what’s going to stay and evolve in the future?

Will the Internet of things continue to be the boss? Or is there any chance of replacement?

You’ll find all these answers in this article. Apart from IoT, we’ll also talk about four other technology innovations that will shape the future of the world.

If this sounds like something worth your attention, keep reading.

1. Cloud-Native Applications – Innovative & Competitive Edge

Over the past few years, the world has witnessed a rapid change in application infrastructure, and as it seems, more and more organizations are moving to cloud applications. As revealed by few studies, 35% of all production applications will be cloud-native by 2022.

Cloud-native means all applications are built to run in the cloud. Today, companies are focusing on cloud-native app development to create more efficient, flexible, and scalable systems. One reason cloud-native is becoming popular is that it lets teams focus on what matters—delivering key business needs—rather than getting bogged down in infrastructure details.

Furthermore, cloud-native apps are more affordable than conventional options. The majority of cloud-native apps allow uniformity of infrastructure and tooling. Businesses can also thus anticipate lower prices because of cloud-native architecture’s open-source models. No other capacities allow organizations to pay-per-use estimate time in milliseconds.

Considering the technological advancements, the launch of new tools, agile product development methods, more developers, and a lot of code reuse, 500 million new apps will be created by the year 2023.

Given the faster adoption of cloud-native applications, we’re also most likely to see a change in user interfaces over the coming years. Hence, by 2024, we’ll be seeing artificial-intelligence-powered user interfaces. Put simply, automation will replace the majority of the current screen-based apps.

2. Internet of Things – Astounding Innovation

The Internet of things is becoming the most potent superpowers of the tech world. Even in developing countries, we are seeing large-scale deployments that have emerged in vastly different industries and use cases such as electric vehicles, smart surveillance, smart cities, medical applications, and more.

The range of potential and existing IoT devices is enormous. We are already seeing people using their smartphones to communicate with IoT devices – from home thermostats to smart speakers, there’s already so much that this technology is doing. By 2025, there will be more than 21 billion IoT devices and AI will continue to become a bigger thing.

The predictions are for millions of endpoints being deployed as digital transformation takes hold across many industries. Put simply, IoT is expanding, and we’re going to see it rise exponentially.

As we enter 2021, I predict that while IoT-enabled devices and the connected home market will keep seeing steady incremental growth, the corporate IoT sector will also pick up exponentially. There’ll be more requirements from diverse industries such as agricultural equipment, food manufacturing, coffee brewers, and real estate management.

Furthermore, 2022 will be the year of Corporate IoT, for it will feature expansions into a huge variety of use cases. It will also drive meaningful business improvement in the coming times. Put simply, the future of IoT is very bright, and it is quickly involving from a technology experiment to a worldwide phenomenon.

3. 5G Technology – Global Innovation

The arrival of the 5G network will not only change tech but will also offer an entirely new mobile experience. 5G, as wireless technology, is expected to deliver internet speeds that’ll be 100 times faster than the standard 4G connections.

As studies depict, 5G is going to be one of the most disruptive technologies in recent years. In the future, 5G is expected to provide higher service quality, higher bandwidth, and lower latency – all of this will help improve the user experience both in the business and consumer space, from telehealth to gaming use cases.

As 5G technology has been going through rapid innovation, it will most likely change the way we’re spending our lives. Soon, we’ll enter an era where communications will be faster, and connections will be stronger than ever.

If everything works in the manner experts have predicted, 5G would be the best solution for the people who want to stream high definition, 8K videos in a flash. Hence, with 5G connections and speeds, consumers will be able to enjoy graphics-rich mobile games, crystal-clear video calls without having to deal with lag.

Even though few organizations have successfully introduced 5G-capable devices, this technology still requires some more time for proper application. But once the 5G becomes fully functional, there won’t be any need for any type of wire or cable to deliver communications or entertainment service to your mobile devices. With the introduction of 5G, you’ll be able to download 3-hour long movies in a matter of seconds.

4. Electronic Bikes – Innovation for a Healthy Commute

With urban areas getting denser, and traffic turning more hectic, many people are looking for commuter-friendly vehicles. An e-bike is becoming a smart choice for people living in smart cities. As the population density keeps increasing, the one-car-per-person model won’t be as sustainable as it is today.

That’s why people are looking for an alternative. In congested cities, e-bikes promise to provide a cheaper and faster commute from A to B versus sitting in the car and waiting for traffic to clear.

Smart city planners have understood the benefits of e-bikes and their scope in the future. They are investing in technology that promotes the well-being and health of people. While all two-wheelers generally offer a healthier commute than riding a car, e-bikes are a better option because they provide low-impact exercise – which makes them a better option for people who want to keep fit.

Some employers are already taking notice of the benefits of e-bikes. They are enticing staff with special incentives – encouraging them to ride electric bikes to the workplace. With these advancements on track, the future of e-bikes is likely to witness exponential growth.

In the year 2017, the U.S electronic bike market grew over 25% from the previous year as the Americans bought as many electronic bikes as they did the electric cars the previous year. By the year 2023, global sales of electronic bikes will reach around 40 million units.

So, if you’re wondering whether e-bikes will be a good investment, you should know that these bikes offer the same great benefits as a traditional bicycle, including cost savings, more comfort, and improved health. Another advantage of these bikes in our view is better range and efficiency in climbing hills.

Perhaps the biggest benefits of e-bikes are their environmentally friendly nature. There’s no need to visit the petrol pump and fill your tank with fuel. This benefit comes as a relief especially when we see petrol prices increasing every day.

5. Blockchain – Business Innovation

When we hear blockchain, the first thing that comes to our mind is bitcoin and other cryptocurrencies. After all, cryptocurrencies provide a platform for decentralized transactions and storage of digital currencies. They also enabled different sectors in transactions and storage by reducing third-party interference and eliminating centralized control.

Blockchain seems to appear as a technology that will shape future innovations. Gradually, a lot of businesses have started accepting payments in bitcoin, and a huge number of marketers and investors are putting their money into it. Through the evolution of bitcoins or blockchains has its challenges, but things are finally starting to mature.

As revealed by a Gartner study, by 2039, business value added by blockchain will increase to $3.1 trillion. I believe that blockchain has immense potential, especially for enterprise blockchains – there is huge scope, and it will have a profound impact on businesses in the upcoming years.

Blockchain can be leveraged by retail, fintech, healthcare, e-commerce, and other industries because it ensures more transparency in digital transactions, and that too without compromising security.

Conclusion

I see these five technologies shaping our future, but the truth is, we are already witnessing their impact.

Weren’t you already aware of the benefits of e-bikes, cryptocurrencies, the internet of things, 5G technology, and cloud-native applications?

You most probably did. What we’re trying to say is, these technological innovations have started creating an impact, and soon, they’ll dominate the industries.

All in all, the future is exciting and we’re confident that the above technologies will form the backdrop to drive growth.

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So, the question is how to pay for company growth. Basically, you have two funding choices: debt and equity. Here’s how to decide between the two.

Equity

Equity is the money you and investors would have leftover if you liquidated your company and paid off all debts. In other words, it’s the business’ assets minus its liabilities.

Many small businesses have a single owner, meaning that 100% of the equity belongs to the owner. In this case, the owner’s equity is equal to the business’ retained earnings, which is the accumulated profits of your company after you pay all your bills and draw your own income.

Some small businesses have investors. You issue shares of stock to investors and pay them dividends in return for their equity investment. Then, the total equity of the company is money contributed by investors (including yourself) plus retained earnings.

Unlike debt, equity does not have to be repaid. Equity investors are willing to risk their money in return for a return on their investment. You can use equity capital to pay for the growth of your company, but you need to know the cost of doing so.

The cost of equity is equal to the return demanded by investors (including yourself) for investing in your company. Because small businesses are risky, equity investors usually require a higher rate of return than lenders do. The reason is that lenders have the first claim on the business’ assets if it goes bankrupt. For instance, you might be able to get a commercial loan at, say 10%, but have investors requiring a 15% return to justify their investments.

Dividends and owner’s draw are not tax-deductible to your business.

If you want to grow your company without debt, then the amount available for you to pay yourself and perhaps pay dividends to investors is decreased by the money you spend on growth.

Debt

Debt is the capital you borrow. The cost of debt is the interest rate, but since business interest is deductible, you must adjust the interest rate by your tax bracket.

For instance, suppose you take a 10% commercial loan and you are in the 20% tax bracket. Then, your after-tax cost of debt is 0.10 x (1 -0.20), or 8%.

Unlike equity, you have to repay debt. If you are taking a loan to finance growth, then you expect that the increased revenues from growth will allow you to pay the loan interest and repay the loan principal.

Owners looking for financing often prefer debt to equity because they don’t want partners. Lenders have no say about how you run your business, whereas equity investors may want to have input on your decisions. If you don’t want investors questioning or disputing your decisions, you will prefer debt financing.

Weighted Average Cost of Capital (WACC)

If you use both debt and equity to finance your company, then WACC is the percentage of each times the cost of each. For example, if your capital structure consists of 50% equity with a cost of 14% and 50% debt costing 8%, then WACC is 11%.

Preferred Shares

Sometimes, a business will issue preferred shares to equity investors. Preferred stock is a hybrid of equity and debt because it pays a relatively high dividend that must be paid before common stock dividends. The cost of preferred shares is, therefore, a complex calculation.

Conclusion

For many reasons, business owners turn to debt rather than using their own money or that of investors to fund their business’ growth. We at IOU Financial provide small businesses affordable loans of up to $500,000 with instant pre-approval and funding within a day or two. We invite you to contact us today to arrange financing that will help you grow your company and increase your revenues.

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Despite fierce competition across various industries, small businesses make up most of all businesses in the United States. In 2022, there were 33.2 million small businesses in the US, accounting for 99.9 % of all US businesses, as per the SBA.

A remarkable surge in entrepreneurial spirit was witnessed in 2021 as Americans submitted applications to launch 5.4 million new businesses. This number surpassed any previous year on record by more than 20% and even exceeded the annual average of 3.2 million new business applications per year in the five years leading up to the pandemic's start by over two-thirds.

With such impressive figures, how do you find the motivation to add one more business to this already extensive list? Undoubtedly, your aspiration goes beyond settling for a run-of-the-mill enterprise amidst this surge. You yearn for your startup to shine uniquely and stand out amidst this thriving crowd of new businesses. Therefore, you need a comprehensive startup guide to empower you to make your mark and achieve unparalleled success in this dynamic landscape.

Don't miss out on leveraging this startup guide, as it holds the crucial elements to run your small business smoothly and guarantee its success in 2023 and beyond.

The Small Business Timeline

Entrepreneurship is a thrilling journey that comes with challenges. Nevertheless, we can find inspiration in the motivational data recently released by the Bureau of Labor Statistics for aspiring entrepreneurs looking to start their own businesses.

• 20% of small businesses brave the initial year.
• 30% make it through the second year.
• 50% succeed past five years in business.

And for those determined souls, a remarkable 70% of small business owners stand tall after a decade of entrepreneurial excellence. So, with determination and perseverance, your business can thrive and join the ranks of the resilient and successful!

How to Start a Small Business

The right time to open a business depends on various factors, including the market demand for your product or service, your preparedness as an entrepreneur, available resources, and a well-defined business plan. There is no one-size-fits-all answer, but generally, it's best to launch a business when you have thoroughly researched your market, validated your business idea, and feel confident in your ability to execute your plans successfully.

So what are some key factors to consider when starting your business?

Market Research

• Understand your target audience and their needs.
• Analyze the competition and identify gaps in the market.
• Validate your business idea to ensure there is demand for your product or service.

Business Plan

• Create a comprehensive business plan outlining your goals, strategies, and financial projections.
• Define your business structure (sole proprietorship, partnership, LLC, etc.).
• Plan your marketing and sales strategies to attract customers.

Funding and Finances

• Determine the initial capital required to launch and operate your business.
• Explore funding options such as personal savings, loans, investors, or crowdfunding.
• Set up a separate business bank account and implement effective financial management practices.

Legal and Regulatory Compliance

• Register your business with the appropriate government authorities.
• Obtain necessary licenses, permits, and certifications for your industry.
• Comply with tax regulations and employment laws.

Team and Operations

• Hire key personnel with the right skills and expertise to support your business.
• Establish efficient operational processes and workflows.
• Invest in the necessary equipment, technology, and infrastructure.

Remember that each business is unique, so these key factors may need to be adapted and tailored to your specific industry and business model. Thoroughly addressing these factors can significantly increase your chances of a successful business launch and long-term growth.

Mastering the Art of Running Your Business

Running a small business or startup is more difficult than starting one. It's essential to recognize that there isn't a single right way to manage such ventures; success hinges on determining the approach that best suits your business needs.

In today's fast-changing market, what worked for businesses five years ago may no longer be effective. Innovation and creativity are now highly rewarded; standing out from the crowd is essential for success.

When embarking on the path to launching a successful business, Steve Jobs, the visionary co-founder of Apple Inc., stands as an inspiring figure to look up to, emphasizing the significance of perseverance with his insightful statement: "I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance."

One common problem that entrepreneurs face when running a small business or startup is financial resources. You, as a business owner, understand this better than anyone else. If you plan to launch your startup, you should be better prepared for this!

The most effective financial hack to adopt is maintaining a delicate balance across all focus areas. Strive for equilibrium in managing your startup or small business to maximize efficiency and profitability.

Spend money on:

• Product development
• Market research
• Marketing
• A website
• Hiring
• Legal and accounting
• Customer support
• Equipment and technology.

Avoid spending on:

• Unproven ideas
• Luxurious offices
• Extravagant marketing stunts
• Overstocking inventory
• Premature hiring
• Expensive business trips
• Complex IT systems.

Take, for instance, VO2 Sportswear, a UK startup that, despite generating £250K in its third year, failed due to a lack of consistent cash inflow, ultimately leading to its closure.

Insufficient legal process planning can also spell doom for a business, as it may lead to significant challenges and legal troubles and ultimately result in its failure. Theranos, a once-prominent startup valued at around $9 billion, aimed to revolutionize blood testing but collapsed due to fraudulent claims and inaccurate technology, leading to legal repercussions and loss of credibility.

Learn from the lessons of such failed ventures and use them as inspiration to educate yourself, vowing never to repeat their mistakes in your own entrepreneurial journey.

How to Use Technology With Small Businesses?

Ever wondered about the practical ways to leverage technology for your startup or small business? Integrating technology into small businesses has become a crucial factor for success, and there are several ways to leverage technology. For example, it can streamline operations, enhance customer experiences, and drive growth.

By staying up-to-date with the latest technological advancements and embracing suitable tools and software, small businesses can thrive in today's competitive landscape and create a more streamlined and successful operation.

Start by using technology in areas where it has already proven its worth. This could be as trivial as generating bills or tracking productivity. Even simple mobile apps can save small business employees 725 million work hours annually.

Embracing technology is crucial for managing consumers and marketing strategies; therefore, it can be a game-changer for small businesses and startups. With limited resources and personnel, technology becomes a valuable ally, alleviating the burden on entrepreneurs who can't do it all, even if they work tirelessly.

The Potential of Digital for Small Businesses

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Crowdlending: what should a budding entrepreneur do?

Crowdfunding is the best choice available to you. You can start a crowdlending campaign to request the funding you need and authenticate your idea in the process. But don’t underestimate, crowdfunding campaigns require a lot of work. If you really want to get into business and you will be willing to invest the energy and time needed to endorse your startup project.

Crowdlending has shown a significant change in the way entrepreneurs estimate and give birth to their products. As the mobile or smartphone has brought communication and technology to everyone, crowdlending has put investment and financing in the hands of the masses.

First failure: you can always try again

Crowdfunding failure is the opportunity for you to learn from it, why it failed and this could provide you with the lessons you need to make modifications for your next campaign.

Thus, each attempt would provide you with invaluable feedback and data in the real world. The chance to appear on a crowdfunding platform that receives hundreds of thousands of visitors each month gives you a very good exposure rate.

This audience will share their comments and help you guide the design of your future products. You must understand that it’s not just about money; your crowdlending can help you in finding future customers, start building a fan base and product validation.

Establish realistic crowdfunding goals

One might think that the longer a crowdfunding campaign lasts, the more money it raises. As per Kickstarter, the statistics show that a high percentage of funding comes during the first days of the campaign. It always follows a lull, followed by another peak in the final days of the crowdfunding campaign.

By setting your campaign to a month, you reduce the lull between the initial peak and the final peak of funding.

Many entrepreneurs are tempted to overestimate the investment they need to start their project. This is because they have probably never done the proper research to determine what will be the necessary costs for startup. So before starting your business, do your necessary research.

Learn about the real costs. Get tangible numbers. This process will help you set achievable and more realistic funding goals.

The Entrepreneur and The Money

Do not underestimate the financial needs of a young company, and do not wait for the urgency to find funds. Does this mean that business creation is reserved for the rich? No, luckily: capital, loans of honor, bank loans, risk capital … financial devices allow the young leader to support its growth.

Do not underestimate the needs at the start

The business creator is often optimistic and evaluates his financial needs to a minimum, often reducing his initial investment needs. In the case of service companies, in particular, these are limited. However, it must be remembered that the starting bet is the main source of financing that the company will have until reaching its break-even point.

It is common and almost normal for the company to make losses during its first years of operation. The losses will reduce the company’s “own funds” (the capital plus the aggregation of results each year). The starting capital must take into account these losses, they will not be financed by the banks.

Moreover, it is essential to take into account the need for working capital. It is the financing of stocks and money due by customers (2 months of sales in theory, up to 6 if the customer is the state). In the same way, it is quite difficult to finance this need in working capital; some devices exist, such as factoring, but they are dangerous because the bank can suspend them at any time. It is, therefore, necessary to anticipate these needs as soon as the company is launched.

Finally, in estimating financing needs, it is better to provide an initial budget for communication and advertising; an expense that will not be counted as an investment – even if it is. To this, it is also necessary to add a margin of safety so that a risk of the life of the company such as theft, an unpaid or litigation does not destabilize it.

Capital, communication weapon

Once the creator has estimated these needs; how to finance them?

First, he has to put money from his personal wealth into his business; it’s capital. Once invested, this money will never be recovered. Either the business will be profitable, then the creator will be able to receive dividends; either she will disappear, and the creator will lose what he has the best. This is the rule of the game, and the creator must assume it.

Capital is a financial communication weapon, “Here’s what I’m ready to bet for this company”. Banks will not lend more than this amount at the beginning of the life of the business. In addition, the amount of the initial capital will appear on all official documents of the company; meaning “this is what this company weighs” vis-a-vis external interlocutors, customers, suppliers, employees, partners.

There is very good news at this stage: the state subsidizes the entrepreneur at 25 %; in fact, ¼ of what the creator (or relatives) invest in the capital of SMEs is deducted from the amount of their income tax. It is possible to pay this money over several years to make the most of this very interesting device.

If the creator’s own property is not sufficient to raise the necessary amount of capital, the creator can borrow money from a bank, on a personal basis, but the bankers will require a guarantee. On the other hand, there are unsecured loans, known as “loans of honor”, which are granted to entrepreneurs through associations. These networks support the projects that seem promising for the future, by evaluating the “business plan” less than the personality of the creator.

Get into debt right now

At the beginning of the business, when the capital is invested, do not hesitate to solicit the banks without waiting. Credit support schemes exist for entrepreneurs and cannot be used later. In particular, the loan to start a business: a loan totally guaranteed by the state, which all banks are supposed to offer. It is accompanied by a “classic” bank loan, some of which is also guaranteed by the State.

This credit can be used for material investments, such as furniture, computers or a production tool. Indeed, banks prefer to finance this type of expenditure rather than intangible investment, or the need for working capital.

Even if the use of the loan does not seem necessary at first sight; Creative credit terms are easier than in the early years of the business, especially if they make losses. Moreover, one can also keep in mind that the interests of the credits are deductible from the taxable result of the company; it is therefore fiscally advantageous to be financed by the debt.

During the first exchanges with the bank, it will probably ask for a joint guarantee from the manager. That is, the manager makes a personal commitment to repay the bank if the company cannot do it anymore. This means that the creator commits his assets beyond the capital of the company. The joint and several guarantees seem inevitable in many cases. On the other hand, it is necessary to negotiate the conditions: it must not engage the spouse of the creator; it must be limited to the amount of the credits which have no guarantee of the State; the amount must decrease each year when the credit is repaid.

Unfortunately, banks do not fight to have business creators as customers. Many of them simply refuse to open professional accounts. For them, it is a risky clientele, even if the initial credits are guaranteed as we have seen above. However, a banking partner who understands the business plan is an indispensable asset for the creator. At this stage, the accompaniment of creators in networks (incubators, incubators, networks of entrepreneurs …) allows them to have more weight to negotiate with banks.

Later in the life of the company, it is useful to have a second banking partner. Indeed, the conditions and the services proposed can evolve, and it will be useful for the creator to compare the offer of several banks.

In summary, we can take the example of a business project that required 30,000$ of initial investment, plus 40,000$ for the financing of the losses of the first two years, and 30,000$ for the need for funds. turnover and the hazards of the life of the company; or 100k $ of total funding need. This project was financed by 30k $ in contributions from the founders, 40k $ in the loan of honor, 8k $ in business creation loans, 22k $ in bank loans, 50% of which are guaranteed by the State. and a joint guarantee from the manager for the remaining 50%. The company thus financed reached the breakeven point after 3 years with a turnover of 700k $.

Cash is life

When the entrepreneur has mobilized his financing, the company can start. All expenses, suppliers, payroll, taxes, will be paid by a single source of income: customers. Finding customers will probably be the most important mission of the creator during these early years. It is the turnover that will be the indicator of the progress and success of the company in the long term.

Entrepreneurs can solicit numerous organizations and associations to obtain help to finance their project. These aids are sometimes coupled with a support proposal that helps to structure the creator’s approach. Financial aid may have specific objectives and be granted under certain conditions. These conditions differ from industries to industries and sometime geo-location, so you must research about startup business loans by industries to get an idea.

Yet, the health of the company, its life or death will be conditioned to anything else: its cash. If at any point in the company’s course, the money runs out, then everything can stop, even if the commercial success is at the rendezvous. The disaster scenario can be triggered by a single payment incident: check refused, deletion of lines of credit or overdrafts, degraded credit insurer rating, shortening the payment period of suppliers, increase in working capital, decrease greater cash, default of payment declared by a creditor in court. Many entrepreneurs have lost everything in this infernal spiral. However, the partners of the company (bank, customers, suppliers) all have an interest in it being good; the creator must endeavor to communicate well with them when he encounters difficulties.

The creator must set up an organization that allows a good receipt of his invoices: requests for down payments, advance payment, direct debit, subscription to credit insurance or recovery. He will pay close attention to the public order: sometimes the state does not respect the law and pays well beyond the 60-day legal deadline … Moreover, sometimes it is better to refuse an order than to manage the receivables.

If the cash is tight, the creator will be able to appeal to a particular mode of financing: the overdraft. This is sometimes useful for coping with large movements of funds during the month. It cannot be a long-term financing instrument. The banker, who will probably require the guarantor’s joint guarantee for the amount of the overdraft, may cancel his authorization without cause overnight.

Financing development

When the creator has passed the stage of profitability, he asks himself the question of development. This can be linked to innovation, or simply to the ramping up of its activities. Different mechanisms exist to support this development.

If the company is innovative, then you have to use the “tax-research credit”. This scheme makes it possible to finance 30% of expenses related to innovation or research. It is still unknown to some creators, but it is unavoidable. In the first 8 years of the company’s life, it can also obtain the status of “young innovative company” if its expenses related to innovation exceed 15% of its total expenses. This status allows you to save costs and taxes.

Finally, the creator can also obtain grants. These are often paid by the communities; in many cases in support of projects that promote employment.

Venture capital, for which projects?

The financing that has been presented so far leaves the creator (and possibly his family) with 100% of the shares of his company. Conversely, venture capital is the creator to sell a share of the company, against a capital increase subscribed by third parties. Generally, the investor’s shareholding is a minority, which leaves operational control to the founders.

This type of funding is not suitable for all projects. Indeed, if it is possible to “raise” sizeable amounts (from € 100 thousand for private business angels, from 1 million dollars for venture capital organizations); the problem is the exit of the investor. The latter takes a very important risk, so it will require a high return on investment, in a short time (for example three times its stake after 4 years). The development of the company must, therefore, be very fast (growth of the activity higher than 50% per year, for example). This may be the case for companies that aspire to be leaders in new markets; or who have a competitive advantage related to technology or patent.

In addition, the “exit” of the investor cannot be done during an IPO, because this phenomenon has almost disappeared; it will be necessary that the creator buys at a high price the shares of the investor (by borrowing), or that the investor resells them to a market player, so to a competitor … which can go against the interests of the founder. On the other hand, if he wants to sell his business at a high price, investors in his capital will help him in the search for buyers for a high transaction price.

Beware of another trap, because if the company works well, but less spectacularly than expected, the creator can lose everything. Depending on the shareholders’ pact, investors can force the sale of the company, recover their bet preferentially, and leave the founder on the floor. The venture capital weapon is therefore double-edged; it does not replace bank financing for more “traditional” development projects.

The business creator will face money throughout his career. Initially, to raise the necessary funds; on a daily basis to monitor cash flow; at the end to negotiate the transfer of his business. Why is a company created? For his personal fulfillment, to create something, to be his own boss; for the money too! Money must be the ally of the entrepreneur, not his enemy; he must learn to use it as a tool, and keep his independence.

The post Financial Planning: How Can Entrepreneurs Finance their Business Ideas? appeared first on Business2Community.

However, just as quickly as new businesses are starting, many are also folding because founders lack the expertise to help their new ventures succeed.

There are many tips on how to start a business out there, but some of them miss the actual point.

The launch stage is relatively easy, but the real challenge begins after a new business opens.

Business owners need to establish an effective strategy, market their products, attract customers, and deal with problems in real-time.

In this guide, we’ll provide 16 valuable tips on how to start a successful business.

Let’s explore!

Key Takeaways on How to Start a Successful Business

• Essential Planning and Goal Setting: Begin with a clear understanding of your long-term business goals and risk tolerance. A well-thought-out business plan is crucial, outlining your target customers, products, and unique selling points, guiding your journey from inception to launch.
• Understanding Market Needs: Achieving product-market fit is vital. Ensure your products or services solve a real problem for your target audience. Conduct thorough market research to understand customer needs and preferences, and adjust your offerings accordingly to meet those demands.
• Financial Management and Cost Control: Keep startup and operational costs low to mitigate financial risk. Explore various funding options if necessary, but prioritize sustainability. Embrace digital marketing to reach your target audience effectively and affordably.
• Adaptability and Continuous Learning: One of the most slept upon tips on how to start a business is to be prepared to learn from mistakes and adapt your business model in response to market changes and feedback. Building a solid network within your industry can provide support and insight, enhancing your ability to navigate the challenges of entrepreneurship.

Tip 1: Think About Your Goals

Many new business owners have an idea for a product or service, and jump straight into launching a business. What they forget to think about is what their ultimate goal is once that business launches.

Is a business supposed to turn into a huge company with investors, hundreds of employees, and customers around the world? Or is success in a business owner’s mind having a small shop with one or two employees and sustainable revenue?

It’s important to think carefully about long-term business goals because they will play an important role in making decisions about a business.

For example, a business owner who is content with a small shop might decide to self-fund their business and only open a single, local storefront.

A business owner who wants to swing for the fences might take on investors and open locations in multiple cities right from the start.

Business owners should also think about their own tolerance for business and financial risk. Some businesses are simply riskier than others.

For example, there’s a much higher chance that a hedge fund will fail than there is that a local pizza place will fail.

For entrepreneurs who are willing to take on more risk, take time to learn about how to identify and mitigate risks.

Tip 2: Create a Business Plan

One of the most underrated tips on how to start a business is having a business plan.

A business plan is one of the most critical documents a founder can create early in the process of launching a business.

It serves as a blueprint for the company, laying out everything from who the intended customers are to what goods and services a business will offer.

From the first day an entrepreneur starts working on their launch to opening day, the business plan should be their guide.

There are no formal requirements for what goes into a business plan. However, consider including these sections:

• Business description
• Management and organization
• Products and services
• Customer analysis
• Competitor analysis
• Marketing and sales
• Finances

Above all else, the business plan should lay out what makes a new business unique from existing competitors and why customers will flock to the business.

In other words, the plan should lay out a clear argument for why the business will be successful and how it will achieve that success.

Importantly, the business plan isn’t a static document and it doesn’t need to be perfect at first. Founders will frequently make changes to their plan as their business comes together.

That’s okay – it’s better to have a decent plan and start moving towards launch than it is to wait until the plan is perfect before doing anything.

Tip 3: Focus on Product-Market Fit

For a business to succeed, customers have to want what it’s selling.

This might seem obvious, but so many new businesses get it wrong. Founders create a product that no one actually wants or offer a service that doesn’t exactly fit the intended customers.

Business owners should be laser-focused on product-market fit. Whatever goods or services a business offers need to solve a real problem for customer.

For example, founders can identify a gap in a market. Maybe people in a neighborhood would like a sushi restaurant, but there isn’t one. By opening a sushi restaurant, the business owner is fulfilling a local need and customers will show up.

Most business owners get started on the path of creating a business by identifying a gap like this. However, they don’t always understand what their intended audience wants before launching.

To solve this, it’s important to conduct in-depth customer research.

Spend time talking to customers – ask them how they feel about a hypothetical business and whether they would use it. Entrepreneurs can even send out surveys to collect more data and narrow in on the exact products and services they should sell.

Tip 4: Test the Waters to Minimize Risk

Launching a new business is always going to be risky. It takes a huge amount of time, capital, and emotional energy.

That said, business owners don’t have to jump in fully before they’re confident their venture will succeed.

More often, it’s a good idea to start slow and find low-commitment ways to explore a business idea. As Warren Buffett said, “Never test the depth of the river with both feet.”

For most business owners, it makes sense to launch a business as a side-hustle initially. Instead of quitting a job and giving up reliable income, an entrepreneur could run their new business on nights and weekends. Only once the business is established should they move to full-time to scale up operations.

Another way to mitigate risk is to sell a limited range of products or services at first.

For example, if a business is selling custom-made hats, they might only sell a few designs until the business takes off. Adding more colors and patterns or even expanding to other products is a way to scale down the road.

Testing the waters isn’t always possible.

For example, opening a storefront is a big commitment that takes a lot of money.

In that case, it’s extremely important for business owners to do as much research as possible about their customers and competitors to ensure that the venture they launch is likely to succeed.

Tip 5: Learn from Your Mistakes

Every new business owner will make mistakes.

It’s part of the process.

What differentiates the most successful business owners from those who don’t make it is how they respond to mistakes. Highly successful individuals approach mistakes as learning opportunities rather than as fully negative experiences that they regret forever.

Some of the world’s most successful people have made mistakes and then come back better than ever. For example, Steve Jobs was fired from Apple before he returned to lead the company.

Ariana Huffington launched several failed ventures before she founded the Huffington Post.

Successful entrepreneurs don’t obsess over their failures or place the blame on others. Instead, they overcome barriers with persistence and consistency. The key is to approach mistakes as opportunities and to grow from them.

Tip 6: Build a Solid Network

One of the best resources business owners have are other business owners who have gone through a similar process.

They understand what it takes to start a business, the unique challenges that an entrepreneur is facing, and the doubts that can creep in when things aren’t going right.

Building a network of other entrepreneurs in the same industry is key to finding support during the startup process. Someone who starts out as a formal acquaintance could turn into a key mentor with advice on important decisions that impact the trajectory of a business.

Having a diverse network is also important for getting multiple perspectives on a new business. It’s easy to get tunnel-vision when creating a new venture and to end up down a rabbit hole. Talking to other business owners in a network enables entrepreneurs to go back to thinking about the big picture and spot things they may have missed.

Networking requires dedication. Business owners can reach out to others in their industry online, over the phone, or in-person at conferences.

It’s important to be friendly, helpful, and open to learning.

In almost every industry, there are veterans who want to help newcomers with the right attitude succeed.

Tip 7: Prioritize learning

A new business’s growth will slow down if the founder doesn’t fully understand the industry they’re working in.

It’s possible to break into a market with one outstanding product, but introducing follow-up products and services requires a deeper understanding of what customers need and what’s already out there.

There are several ways that entrepreneurs can learn more about their fields. One of the best ways is to ask questions to business leaders in a network—this is just another of the benefits of establishing a strong network.

Another way is to attend conferences. These can expose a business owner to new ideas or trends, plus offer opportunities to chat with vendors, customers, and competitors.

Industry publications are also helpful.

These often cover news from related companies and can highlight mistakes or opportunities that a business owner should be aware of.

Broader business-centric publications can provide additional help with things like business management, financial management, and hiring that aren’t specific to a single industry.

Tip 8: Build a Team and Be an Effective Leader

A founder’s duty is to plan, strategize and grow their business. While entrepreneurs shouldn’t be afraid to get in the weeds and participate in day-to-day operations, their time is often best-spent focusing on the big picture.

That means that business owners need to build a team and delegate to others in order to run their business.

Many business owners have a difficult time with this. They prefer to be involved in every task and not give up any control.

But learning to leverage a team can make a huge difference in how quickly a business grows. Employees can increase throughput, bring new ideas to the table, and solve problems that founders on their own can’t handle. Having an effective team can make or break a startup.

The key to building a small business dream team is to be an effective leader. Founders can lead by example, working as they expect their employees to work. For example, if a founder puts in overtime every day and acts positively, their employees are likely to work harder and be more positive as well.

Business owners also need to trust employees and let them work independently. Teams need supervision, but no one wants to be hovered over.

Finally, entrepreneurs can be effective leaders by helping their employees develop professionally. They should institute performance reviews, encourage employees to learn new skills, and create opportunities for growth within a company.

Tip 9: Leverage Digital Marketing Channels

One of the benefits of starting a business in the digital age is that it’s easier than ever before to reach customers.

Social media platforms, search engines, and other tools give business owners a way to precisely target the people who they hope will use their business.

With search engine ads, for instance, a new bike shop can appear at the top of search results for potential customers searching for a bike in a specific city.

Social media ads enable a new clothing store to serve ads to potential customers who are in a certain age range and have recently shopped for clothes online.

This specificity is a game-changer for businesses.

Whole industries have developed around the ability to narrowly target customers based on their preferences.

Small businesses in particular have benefited because they can now compete with retail giants that have much larger advertising budgets and brand-name recognition.

Another benefit of digital ads is that they’re quite inexpensive. The cost for digital ads varies, but it’s generally around 10% of the cost of traditional ads on TV.

So, newly launched businesses can get into advertising and start growing their customer bases without a huge marketing budget.

Check out our complete guide to how to create a digital marketing strategy for small businesses for more details.

Tip 10: Keep Costs as Low as Possible

Runaway costs have been the demise of many small businesses.

It’s all too easy to spend a little here and there, only to realize too late that all of those costs add up to an overwhelming sum. That’s especially true with inflation cutting into profits for many businesses.

While starting a business is expensive, small business owners need to be as frugal as possible. Every bit of savings matters.

Some relatively easy ideas to cut costs include:

• Use free, open-source software instead of paid software
• Invest in automation tools
• Look for used equipment
• Recycle as many materials as possible
• Compare prices across vendors and negotiate contracts

In general, the biggest cost that new businesses will face is payroll. Employees are expensive, but they’re also essential to making sure your business runs smoothly.

One way that businesses can reduce payroll costs is to limit overtime.

That might mean reducing a business’s operating hours to 40 hours per week or hiring two part-time employees instead of one full-time employee.

Businesses can also reduce the number of employees they need to hire by giving each team member multiple roles.

This ensures that employees always have work to do, so business owners aren’t paying for idle time.

Tip 11: Focus on Stellar Customer Service

According to a Zendesk report, 81% of consumers say that a positive customer service experience is important in their decision to make a repeat purchase from a company.

That’s a huge number and it means that the success of any small business could hinge on whether customers have a good experience or not.

Not only is a happy customer more likely to come back and buy again, but they’re also more likely to tell their friends and family to check out a business.

By the same token, poor customer service can sink a company. The same report found that 61% of consumers will switch to a competitor after just one bad experience with a company.

So, every interaction that customers have with your business should be positive.

It’s important for business owners and their employees to be cheerful, helpful, welcoming, and patient. Simple things like greeting a customer at the door or asking their name can make a big difference.

On top of that, small businesses need to provide multiple ways for customers to get in touch.

Have a phone number, email, or even a live chat option on the business’s website. Make sure that the customer service team responds to questions quickly and ask for feedback from customers.

Tip 12: Remain Focused on Success

The goals that business owners set out for themselves early in the process of launching a business should remain their guide even after a business finds its footing.

The best entrepreneurs are those who don’t get complacent once a business gets off the ground, but constantly look for new ways to improve.

That could mean scaling up by expanding into new markets, introducing new products that customers love, or doubling down on existing customers to capture more of their business.

It can be tempting for entrepreneurs to start a new venture and try to manage two companies.

However, achieving maximum success with a business requires 100% of a founder’s attention. It’s better to pour everything into one business and make it as good as possible than it is to split time between companies.

Another thing to keep in mind is that the market is constantly changing, and businesses need to keep up. There might be new trends that require new products or modified designs.

Be aware that new tech might make old products and services obsolete, and businesses need to adapt to stay relevant. Always listen to customers and incorporate their feedback to stay ahead of a market in flux.

Tip 13: Embrace Technology and Automation

In today’s fast-paced business environment, leveraging technology and automation can be a game-changer.

Use software and tools that can automate repetitive tasks, such as accounting, customer relationship management (CRM), and inventory management.

This not only saves time but also reduces the likelihood of human error.

Staying abreast of technological advancements in your industry can also provide a competitive edge, whether it’s through adopting new e-commerce platforms, utilizing data analytics, or exploring emerging trends like AI and machine learning.

Tip 14: Foster a Positive Company Culture

A positive company culture can significantly impact employee satisfaction, retention, and productivity.

Create an environment where employees feel valued, respected, and part of a team.

Encourage open communication, recognize and reward achievements, and provide opportunities for professional growth.

A healthy company culture not only improves employee morale but can also attract top talent and positively influence your brand image.

Tip 15: Stay Compliant with Laws and Regulations

Ensure that your business complies with all relevant laws and regulations.

This includes tax laws, employment laws, health and safety regulations, and industry-specific regulations. Staying compliant not only avoids legal issues but also builds trust with your customers and employees.

Keep informed about any changes in legislation that may affect your business and seek legal advice when necessary.

Tip 16: Prioritize Work-Life Balance

Running a business can be all-consuming, but it’s important to maintain a healthy work-life balance. Burnout can lead to decreased productivity and can negatively impact your decision-making abilities.

Take time to relax and recharge, and encourage your employees to do the same.

A well-balanced work-life approach leads to a more productive, creative, and happy workforce, which in turn benefits the business.

By incorporating these additional tips into your strategy, you can further enhance your journey towards establishing and growing a successful business.

How to Start a Succesful Business—Step-by-Step Guide

Starting a small business can be complex.

We’ll break the process down into 10 easy steps to help new business owners get started.

Step 1: Find a niche

One of the most challenging parts of launching a small business is to decide what kind of business to start. Business owners need to find something that they’ll love to do but that also has money-making potential.

Some questions to ask to generate ideas include:

• What skills do you have?
• What are you passionate about?
• Are there any businesses you would like to see in your community that don’t exist?
• Are there products or services that could be better?

Based on answers to these questions, business owners can create a shortlist of ideas that hold promise for turning into businesses.

It’s not critical at this stage, but founders will also want to think about how much time they want to commit to a new business, how much capital they’ll have to start a business, and where they see themselves and their business in 5-10 years. Those types of considerations can help business owners decide which of the ideas on their shortlist is best for them.

Step 2: Conduct market research

Before proceeding with any business idea, entrepreneurs need to make sure that their idea is viable. That requires two types of market research: customer research and competitor research.

Customer research involves identifying the prospective customers for a hypothetical business. Who will purchase a business’s products or services and why?

This research should be specific. It should identify the problem that customers are coming to a business to solve. It should also identify customers by age, location, income, and more. Then, it’s up to business founders to go out and talk to these prospective customers to get more information about the products and services they actually want.

Competitor research involves identifying competitors to a hypothetical business. Are there other businesses in the area that offer similar products and services?

Competitor research should consider whether existing businesses have more demand than they can meet, what their pricing is like, and how they might respond to a new business in their industry.

Step 3: Create a business plan

We covered how to create a business plan in our tips above. A business plan will be essential for any business owner who’s searching for funding, but it’s a good idea even if a business will be self-funded.

The business plan should be as detailed as possible, but it doesn’t need to be perfect at this point.

Step 4: Choose a business name

Choosing a business’s name is a big step. The name should clearly state what the business is so that customers know exactly what they can buy based on the name alone. At the same time, having a fun or playful name can make a business more memorable for customers.

Founders who need help with this process can use an AI-powered business name generator. There are several free name generators online from companies like Shopify and Looka.

Make sure that a name isn’t taken already by checking a state’s online business registry.

Step 5: Register the business

Next, it’s time to choose a business structure and register the new business.

By default, most new businesses start out as a sole proprietorship. Under this structure, a business owner and their business are the same for legal and tax purposes.

That can be problematic since a business owner’s personal assets, like their home, are at risk if the business goes bankrupt. To avoid this, many business owners choose to register their business as a limited liability company (LLC). In an LLC, the business owner and business are separate entities.

To register an LLC, business owners must file paperwork with their state’s Secretary of State and pay a registration fee. They’ll also need to request a free employer identification number (EIN) from the IRS.

Note that some states and cities require local business licenses for businesses in certain industries. Be sure to check local regulations to determine if additional licenses are required.

Step 6: Open a business bank account

Once the business is registered, business owners can open a business bank account. This is important because business owners should never mix personal funds and business funds.

A business bank account offers a place to accept payments and make payments to suppliers. It works similarly to a personal checking account and businesses can even have their own checkbooks.

Step 7: Look for funding

There are several ways to fund a new business. The simplest is to self-fund, meaning that the business owner pays for the business’s startup costs out of their own pocket. All of the money a business owner invests when self-funding is at risk if the business fails.

New business owners can also look for loans. They might go to family or friends, or get a loan from the Small Business Administration. It’s also possible to use personal loans to fund a new business.

Businesses that require more capital may need outside investment. Venture capitalists and angel investors can provide startup funding, but they usually take an ownership stake in a business. That means that the business owner no longer owns 100% of their business and has to answer to investors.

Step 8: Hire employees

Some businesses might not need employees at first. But most will need at least one employee to help manage day-to-day operations.

It’s important to get the right person for the job. Startup businesses typically need someone who’s hard-working, willing to take on multiple roles, and not afraid to go above and beyond.

Growing businesses can also get additional help by hiring part-time employees or taking on independent contractors for specific tasks.

Step 9: Create a website

Nowadays, knowing how to start a successful business means having an online presence.

Whether a business sells online or through a physical storefront, it’s important to have a website. This is one of the main ways that customers will find out about a new business.

The website should explain what the business is, what it offers, when it’s open, how to get in touch, and more. It can also include pricing so that potential customers know what to expect if they come into the store or call for a service.

New business owners can hire someone to create their website, but it’s relatively easy to launch a website on a budget using a website builder platform.

Step 10: Launch

Once all the pieces are in place, it’s time to launch the business. Make the website live, open the shop doors, and get ready to welcome customers.

Be sure to put the business’s best foot forward from day one. It’s important to give customers a great experience so they recommend the business to others and turn into repeat customers.

Final Thoughts

Learning how to start a successful business involves a blend of careful planning, understanding your market, prudent financial management, and a commitment to continuous learning and adaptation.

By following the steps and tips outlined in this guide, aspiring entrepreneurs can increase their chances of launching and sustaining a thriving business.

Remember, the journey of entrepreneurship is filled with challenges and opportunities alike, and success often comes to those who are prepared, adaptable, and resilient in the face of obstacles.

The key is to stay focused on your goals, learn from your experiences, and keep evolving with the market’s needs.

The post 16 Pro Tips on How to Start a Successful Business in 2024 appeared first on Business2Community.

According to recent report from Boston Consulting Group, Lessons on Technology and Growth from Small-Business Leaders, “…research shows technology leaders far outperform their peers in the marketplace,” and, “created jobs almost twice as fast as other small businesses. Technology leaders also increased their annual revenues 15 percentage points faster than companies with lower levels of technology adoption.”In order to stay competitive, create jobs and increase revenue, small businesses need to seriously consider technology trends and how to leverage them. In addition to growing the bottom line, here are five ways small and mid-sized companies can use technology to grow their businesses.

Reach customers

There are numerous cloud-based technologies that can help a small business grow by more efficiently reaching customers and creating leads. Low-cost applications exist to help manage contacts, accounts, pipeline and opportunities. More robust software may include marketing applications to create more revenue generating email campaigns and providing analytics to help get the right message to target audiences. Social media sites like Facebook, Twitter, and YouTube can also be used to promote products and services. Many of these technologies are often low cost or even free.

Find funding

Small businesses can grow using new technologies developed specifically to help
raise capital. There are many crowdfunding platforms that enables the world to invest in your product or services. Some of the technologies only allow for qualified investors to invest in the business taking an equity or a debt stake into the business. Last, there are platforms that help organizations find angel investors or advisors.

Be more collaborative and productive

The market for productivity software has grown significantly in recent years, creating great opportunities for small businesses. There are many project and task management applications which help employees stay on top of their duties and which provide visibility back to management. There are free online document management systems to save, share and find files. These same systems eliminate the need for paper and can help small businesses save on overhead costs. Many small businesses use web-based teleconference software for webinars, video conferences or internal remote employees.

Improve the customer experience

Customers are the cornerstone of any small business, and new software and technology built to improve customer experiences and interactions can make a big impact at low cost. Customer support technologies can help customers find solutions through text, messaging, forums, online libraries or even by telephone. Other analytics software exists to gauge the loyalty of the business’s customer relationship or to increase longevity. Last, there are web based call centers to help organizations respond to a greater number of customers and decrease response times.

Save on IT spending

Cloud-based technologies help businesses grow with technology by providing state of the art tools without the high cost usually associated with huge enterprise software programs. Web based technologies allow multiple users to collaborate in a single document or provide unlimited data storage. Cloud technologies eliminate the need for IT departments and the solution providers perform backups, tuning and upgrades as part of their offering. Small business owners can access their data from any location at any time. These tools are often free or pay as you go eliminating the need for long term contracts.

The post 5 Ways To Grow Your Business With Technology appeared first on Business2Community.