Needed Funds for Your Business? Here are 6 Ways How

Lack of funding is one of the major reasons why most businesses fail and close out. And even if you can always go to a bank, along with your good business idea and a great name, and get a small business loan, it's still difficult in today's economy to get a solid funding for your business.

There are many ways to minimize your expenditures when you're launching and growing your business, but let's face the facts -- you need some money to make money. Surely we've heard this line many times before. Every business is going to need working capital, but you don't need to rob a bank. So here are some tips or ways to fund your business.

Get your personal finances in order

Before you start lооkіng anywhere еlѕе, lооk аt home. Thе vеrу bеѕt thіng thаt you саn dо for your business іѕ tо make ѕurе уоur реrѕоnаl fіnаnсеѕ are іn order. Ideally, уоu wаnt tо hаvе gооd сrеdіt, an еmеrgеnсу fund, аnd lоng-tеrm ѕаvіngѕ іn рlасе before you ѕtаrt a new buѕіnеѕѕ vеnturе. Thіѕ makes vіrtuаllу everything else еаѕіеr fоr уоur buѕіnеѕѕ. If уоu hаvе gооd сrеdіt, уоu hаvе a better ѕhоt at thе bоrrоwіng орtіоnѕ I’ll talk аbоut later. If уоu hаvе ѕаvіngѕ, уоu can live оn thаt untіl уоur buѕіnеѕѕ is аblе tо ѕuѕtаіn уоu.

What can you sell?

Take a lооk around. Dо уоu hаvе аnуthіng уоu саn ѕеll? Surрrіѕіnglу, ѕеllіng stuff you don’t nееd саn bе a great wау tо fund your business. Business sometimes requires ѕасrіfісе. So ѕtаrt looking аrоund іn уоur lіfе for thіngѕ уоu dоn’t need. Gоt a car рауmеnt thаt’ѕ outrageous? Sеll thе car (уеѕ, еvеn in this есоnоmу), or trаdе іt in fоr ѕоmеthіng more есоnоmісаl, аnd you’ll hаvе found a fеw hundrеd dоllаrѕ a month thаt you саn put into your business.

Start cutting back

Cutting back and lіvіng wау bеlоw уоur means іѕ ѕоmеthіng thаt саn bе dіffісult for entrepreneurs, whо аrе frequently lurеd bу thе рrоmіѕе of grеаt wealth as a result оf ѕmаll business ownership. But it’s аbѕоlutеlу сruсіаl, bоth nоw and аftеr уоu асhіеvе success, thаt уоu lіvе bеlоw your mеаnѕ. If your income gоеѕ uр, living bеlоw уоur mеаnѕ will become more аnd mоrе fun. But іt’ѕ vіtаl thаt you cut bасk аnd live есоnоmісаllу, еѕресіаllу аt the bеgіnnіng stages. Dо thіѕ, аnd уоu can find аnоthеr fеw hundrеd dоllаrѕ a mоnth tо рut іntо your business.

Build with Business

As you buіld your buѕіnеѕѕ, іt’ѕ important thаt уоu’rе prepared tо build wіth уоur business. Thаt іѕ, as уоu take оn сlіеntѕ or сuѕtоmеrѕ, mаkе ѕurе уоu put thе income gеnеrаtеd bу thаt buѕіnеѕѕ back іntо your buѕіnеѕѕ. It іѕ іmроrtаnt tо get into the habit оf paying уоurѕеlf a salary frоm your buѕіnеѕѕ, hоwеvеr іf уоu’rе bооtѕtrарріng, уоu mау nееd tо kеер thе money in thе buѕіnеѕѕ instead оf tаkіng money оut.

Borrowing

There are three places where you can find small-scale funding:

• Credit cards

Gеnеrаllу speaking, it's not recommended to get tоо dеерlу іnvоlvеd wіth credit саrdѕ. While іt’ѕ a vеrу рорulаr орtіоn fоr many small business owners аnd еntrерrеnеurѕ, sky-high interest rаtеѕ саn burу you in the lоng run. It’ѕ bеѕt tо rеѕеrvе thіѕ for short-term, tеmроrаrу needs.

• Angel investors

Angеl іnvеѕtоrѕ typically іnvеѕt іn larger businesses thаn mісrо-еntеrрrіѕе оr ѕоlорrеnеurѕhірѕ. Hоwеvеr, уоu may be аblе tо fіnd ѕоmеоnе willing tо invest, if you can show thеm a ѕоlіd fіnаnсіаl fоrесаѕt or a ѕtrоng buѕіnеѕѕ рlаn thаt іndісаtеѕ thеу’ll bе аblе tо increase thеіr mоnеу іn a rеlаtіvеlу short period оf tіmе. Be fоrеwаrnеd, thоugh, thаt іn this есоnоmу, unless уоu hаvе a рrоduсt or ѕеrvісе, ѕоmе customers оr clients, аnd a clearly-defined exit рlаn, it wіll bе hаrd to fіnd аn аngеl investor.

• Friends and family

Mоrе than hаlf of all рrіvаtе іnvеѕtіng іn ѕmаll businesses соmеѕ frоm ѕоmеоnе who іѕ related tо thе еntrерrеnеur. Thаt said, borrowing from fаmіlу соmеѕ wіth a lоt оf emotions аnd challenges, so make sure to lооk fоr ѕоmеоnе who believes іn уоu and comes wіth lіttlе оr no еmоtіоnаl baggage, аnd have a ѕоlіd repayment аgrееmеnt (if not a contract) ѕо thаt уоu both fееl соmfоrtаblе wіth thе lоаn. And mаkе рауіng thаt lоаn bасk a serious рrіоrіtу. The lаѕt thіng you wаnt іѕ tо ruіn аn important rеlаtіоnѕhір bесаuѕе you dіdn’t take repayment ѕеrіоuѕlу.

Consider part-time jobs

Some business owners keep their part-time jobs while their business is still at its infancy. Sоmеtіmеѕ thіѕ іѕ muсh-nееdеd іnсоmе whіlе a buѕіnеѕѕ іѕ growing, while other times these jоbѕ hеlр pay fоr business еxреnѕеѕ.

Fundіng a business іѕ оnе оf thе bіggеѕt сhаllеngеѕ tо mоѕt еntrерrеnеurѕ. But bу gеttіng уоur personal fіnаnсеѕ іn оrdеr, lіvіng bеlоw уоur means, ѕеllіng what you dоn’t need, fіndіng сrеаtіvе ways to bоrrоw, and getting a loan, уоu саn аdеԛuаtеlу fund your buѕіnеѕѕ, еvеn іn this economy.

The Long-term Pros and Cons of Being a Tech Savvy Business Owner

Of course, this pertains to small or medium business (SMB) owners since large businesses normally have their own IT department and aren't necessarily owned by multi-billionaire tech savvy people, unless you're Bill Gates or Mark Zuckerberg.

If you run traditional business, you may have your hands already full with productions and distribution, purchasing, marketing and selling, HR management, and accounting and finance. As an SMB owner, you may not have an in-depth understanding of any of these fields or any have a good grasp of some of them, so if HR came to you and talked about a new labor law, with a sufficient explanation you could make the best decision.

However, to run a modern IT company, you really need to be tech savvy. In fact, it would be better if you were both tech savvy and a degree holder in any computer related course. Naturally, it's understandable that if you're not tech savvy and a degree holder in any computer related course. Naturally, it's understandable that if you're not tech savvy you'll have a hard time hiring or assembling IT team and employees who will become the bread and butter of the business. While you can always hire a consultant to do it for you, you won't even be able to evaluate the quality of their advice. It's hard to make cost effective decisions when you have no idea what's really going on.

However, in the long run, there are still pros and cons of being a tech savvy SMB owner.

The Pros:

You Can Run the Business with no Blindfolds
Being a business owner of an IT company and not being tech or IT-savvy will be like running a business blindfolded. But if you're tech savvy, you can easily sit through IT staff meetings without a blank look on your face. And you won't be stumbling in the dark because:

• You know why the technology works.
• You know how the technology works.
• You know which technology works.

So, instead of being a naive business owner who gets taken for a ride by consultants and IT employees, you will be able to make informed decisions rather than running your business with blindfolds.

You Can Communication With You IT Team

If you have a computer science degree, you will get a broad understanding and have intelligent and meaningful conversations with the members of your IT team. You can easily talk to your whole IT team regardless of position or task and discuss everything from designing, modifications, customizing, problems, solutions, installations, security, and the like.

You Avoid Expensive Business Blunders

Technology is too complicated for any one person to be familiar with all its specialties, but the knowledge gap between a non-technical person and technical person is an immense gulf.

Just a Couple of Cons:

You Earn What You Earn

You have no assurance of a regular salary and compensation. It all depends on you, your business, your clients, your market, and your business offering. The small business owner doesn't have an employer setting a stable compensation plan. There is no real assurance of how much you'll have next month. So as a tech savvy person, you still need to study other non-IT stuff like marketing, inviting investors, business and finance, etc.

You Depend on Yourself Too Much for Tech Support

You may be a tech savvy owner, and you may think that because of this and the fact that all your employees are IT or tech savvy, you won't need tech support. However, not unless you, the proprietor, an IT graduate or computer hardware engineer, being a computer support professional is far different from being a web developer or systems analyst. Being subscribed to a tech support company will, in the short and long run of things, greatly benefit you business since you can't afford to have regular tech support staff. Having tech support will be one of the best tech savvy decisions you will be doing for your company.

5 Credit Card Reader Apps That Are Perfect for Small Businesses

For small business owners, investing in a mobile credit card reader is considered a smart decision nowadays because it gives your customers more payment options, especially if you are travelling and are usually involved in outside sales. Businesses are rarely cash-only and it can frustrate your customers if your business only accepts limited forms of payment. There are apps designed to make it easier for customers to pay how they want, even for small purchases, and will help boost customer satisfaction and retention. When comparing mobile credit card reader apps, there are several factors that a small business owner must consider, like ease of use and compatibility with a wide range of mobile devices and phones.

Check out some popular mobile credit card reader apps on the market now.

ROAMpay

The ROAMpay app is unique among its competitors because it is one of the few on the market that offers a combination card swiper that works with Android phones, iPhone, and BlackBerry. It is also compatible with some flip phones and older mobile phones. The app provides end-to-end encryption when transactions are made as well as a secure PIN-based user authentication, ensuring the highest level of data security possible. ROAMpay is a great option for small business owners because of its ability to work with so many types of devices. For this reason, having this app will surely provide convenience to your customers and higher possibility of sales increase.

Square

Square is currently one of the most acknowledged and popular apps. It charges 2.75 percent per swipe, but you can get both the device and app for free. It doesn't require any contract, and the money will be deposited directly to your bank account right after a transaction. What makes the app attractive is its ease of use, as well as the sleekness and the small size of the app. Simply plug it into the audio jack of your mobile device. The only downside of the Square app is that it is only compatible with Android and iPhones.

PayAnywhere

One of the least expensive you can get for a mobile credit card reader app is PayAnywhere. The reader is free and accepts most major credit cards, including MasterCard, Visa, American Express, and Discover. It charges a low rate of 2.69 percent per card swipe. With its basic features and free from any setup costs, hidden fees, or minimum monthly payments, the PayAnywhere app is one of the best solutions you can get.

Intuit GoPayment

Intuit GoPayment is somehow similar to Square because it works with Android, iPhone and other Apple products, as well as BlackBerry devices. It's startup is free and simple -- all you need to do is sign up and install the free app. Enjoy rates as low as 1.7% per swipe, with no setup fees, no commitment and the ability to cancel anytime. With Intuit GoPayment, you can have safe and secure payments because it has two levels of security to ensure that all of your transactions are safe and secure with the encrypted card reader. Intuit GoPayment is compatible with major credit cards, including VISA, MasterCard, Discover, and American Express with authorization in seconds.

PayPal Here

This mobile payment solution is part of the overall PayPal package and connects with your PayPal debit card and online account. One cool feature of the PayPal Here app is that you can use your GPS signal to attract buyers, who can search for local businesses that accept PayPal or use PayPal Here. This also means you can simultaneously accept payments by credit card or online through PayPal's payment service. However, just like Square, it only works with Apple and Android devices. PayPal Here offers different types of payment plans, so you can choose a package depending on how advanced your business is or you can tailor a package that will perfectly fit to your needs.

Affordable Smart Tech That’s Perfect for Your Small Business

According to U.S. government data, small and medium-sized enterprises (SME’s) make up almost 98 percent of the companies in the U.S. Still, a number of business software providers do not properly consider the unique needs of companies in this market. They build solutions aimed at much larger companies, and sell them at prices that are simply unaffordable for smaller enterprises.

However, there are many tools in the market that are not only of very high quality, but have solutions that take a small business’ needs into consideration at a very affordable price. If you own a small business and want to find affordable smart tech tools, techs, and gadgets, try dabbling into the following:

Swivl

Producing video for your small business is now a lot easier. In fact, you don’t even need a cameraman; all you need is your smartphone. Set up the Swivl with your iPhone and get into position, with the “marker” in your hand. The Swivl will pivot the iPhone to follow the marker and also your movements as you demo a product, give a mini-lecture, host a video chat or broadcast a company announcement. The Swivl also has a built-in microphone so that the audio levels stay constant and aimed at your voice, even as you move around the room.

Behringer Soundscape Air iPod

A quiet office is a sad office. Throw out the 80’s boom box and get an iPod dock with speakers that will amplify the jams up to 150 feet from the base. The 3” speakers will charge up when they're placed back on the dock.

Powertech USB Charger

With a smartphone, a tablet, a laptop, and maybe even an iPod, you’ve got a lot of devices to keep powered. This USB wall charger lets you plug in traditional power cords, but there are also two inputs for USB devices to keep everything charged. The gadget has the world’s slimmest USB adapter. This will definitely prove to be a useful accessory for business travelers.

Karotz Smart Rabbit

They may look like toys, but Karotz are actually Internet-connected “smart devices” that can be integrated with your social network. The rabbits will update your Facebook and Twitter pages, send e-mails, and read texts. The voice-recognition software even helps the rabbit do requested commands, such as searching the web, playing music, checking the weather forecast, and consuming RSS feeds. There’s also a built-in microphone and webcam, so Karotz can snap a picture and upload it right to Facebook. At the office, you can set up the Karotz at the front desk, and when guests come to the office, they can swipe the RFID tag to notify you of their arrival. So Karotz is your new personal assistant and front desk person in one. You can also give orders to the smart rabbit remotely.

omNovia

Great tool that requires no software installations since it is completely browser-based. This is perfect for those companies that don’t have any IT employees and need an easy-to-use solution.  It’s also easy for your attendees as all they have to do to attend a meeting is click on a link. Another advantage of omNovia is that users can hold very small meetings with only two participants or large webinars with up to 5,000 attendees. All data and information shared is completely safe and secured. Users can also record their web conference and replay it later exactly as it happened on the day.

Iogear Bluetooth 4.0 USB Micro Adapter

The Iogear Bluetooth 4.0 USB Micro Adapter is a small device that turns any PC with a USB port into a Bluetooth-enabled computer. This minuscule adapter enables Bluetooth 4.0, the latest and fastest generation of Bluetooth technology. This adapter’s low power consumption won’t suck the life out of your laptop or other portable device.

Kensington International Travel Plug Adapter

The Kensington International Travel Plug Adapter is a portable power adapter equipped with plugs that work in more than 150 countries. You won’t have to buy a new adapter every time you travel to a different region. In addition, this gadget is so small it won’t take up much room in your luggage. This is great for any small business on the go.

Master Lock Combination Padlock

The Master Lock Combination Padlock is a maximum-security padlock with an electronic interface. This padlock is easier to use than standard locks. You can even program it for up to three persons with unique passwords. You also get access to the Master Lock Vault, where you can securely store documents and other files online with 256-bit SSL data encryption.