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Apr
1
7 Hidden Costs of Starting a New Business
Posted by Jason O'Leary on 01 April 2019 10:00 AM

Starting a business is an exciting, time-consuming process, and one that should be done with thought and care. As you probably know, you can’t exactly create a business from nothing. You need resources to flesh out your business model, invest in employees and equipment and legitimize your company so that it’s operating legally.

A study from the Ewing Marion Kauffman Foundation estimates the average cost of starting a new business at $30,000, but the U.S. Small Business Administration (SBA) reports that many “micro-businesses” can get off the ground for just $3,000 or less.

So even if you have a very small, low-cost startup idea, there will be some things to pay for. Besides the obvious overhead, there are a few things you may not have considered when you decided to launch your big idea.

Here are some components many budding entrepreneurs forget to add into their startup budgets.


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Mar
21
Types of eCommerce Business Models, Websites, and Platforms
Posted by [email protected] (Gonzalo Gil) on 21 March 2019 10:00 AM

There's no doubt that eCommerce has grown exponentially and continues to grow every year. Today, we've reached an age in which a business without a website is at a severe disadvantage. But you shouldn't look at an eCommerce website as something you simply "need" to have in order to survive (although you do). Instead, look at it as a vast opportunity for your business to reach a level of growth and success that wouldn't have been possible before the advent of the internet.

A lot goes into eCommerce. Business owners have already needed to deal with products, sourcing, accounting, and other considerations, but today you also need to think about software, social media, and other essentials of doing business on the internet. There are hundreds of solutions available, and this presents an overwhelming amount of choice that can leave the uninitiated feeling confused as to what is the best option for their business at any given time.

If you're thinking that eCommerce overall sounds complicated, you're right — but it's not impossible to understand, by any means, even if you're completely new to the idea of running a business online. Your education in the workings of eCommerce can start now, by understanding the numerous different aspects to an online business. Even if you're already a bit knowledgeable about eCommerce, this is a good place to shore up your expertise.

So, what do we mean by "different aspects of eCommerce?"


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Feb
15
5 Important Accounting Terms to Learn As a Small Business Owner
Posted by Uwe on 15 February 2019 11:00 AM

When running a business, accounting is an essential area you need to manage if you want to make it far.

Accounting and finances are often intimidating for new entrepreneurs. And poor mismanagement of them can seriously harm your business. This, combined with the fact that 90% of all startups fail, often discourages new business owners from even starting in the first place. 

But while it’s true that these areas can be hard to properly manage, this just goes to show how important they are. For small businesses, keeping track of your finances can be a way to determine if you’re on the right track and whether or not you’re going to be sustainable in the future.

Once you write your business plan, it’s vital to make sure that your finances match it before moving on to your operational activities. This is essentially building the foundation for your business and planning ahead of time.

Managing your finances might seem hard and overwhelming at first. That’s why we’ve put together this guide, which can act as a starting point. So, if you want to increase your accounting knowledge and succeed in your business - be sure to read on.


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