Month: May 2018

With the current stand still in retail consumption, major shops are hoping that the combination of the royal wedding and two bank holidays will boost sales. According to BDO, a major accountancy and business advisory firm, April was the 7th month in a row where sales did not increase at all, with some industries within retail such as homewares actually experiencing a large decrease.

Retailers have found hope in the upcoming weeks because of the holidays and events that are to come. It will be important, however, for shops to encourage consumers to purchase items from their full price lines and avoid selling at major discounts.

Businesses should take advantage of this celebratory time to boost their sales and increase their profits!

Starting and running a business on your own can be a challenging yet very rewarding experience. The best way to tackle the obstacles that will come your way are to first understand what they are. Here are four issues that many startups find themselves facing:

#1 Having to start from scratch

The beginning stages of the business can be difficult because you will have to build its foundation from scratch. This means developing a website or hiring employees. If this is your first time running a company you will have to learn as you go with these structural tasks.

#2 Adapting and remaining positive

Every company will face ups and downs, but it is important to have a positive mindset to help you through the low points. Being able to adapt the company or product instead of just giving up or sticking with a faulty plan can make or break the success of your business.

#3 Firing employees

Often times, you will form a special bond with the people you work with because the nature of startups is to have a culture that is close knit. This makes it difficult to fire people or have them quit and leave the company on their own will.

#4 Expanding and raising finance

Once the foundations of the business are set the next step is to expand. Expansion requires several resources, the most important being funding. You will have to be comfortable explaining your vision to potential investors. Budget Mastermind can help you connect the dots between your company and the funding it needs to continue to grow.

For more tips and tricks on helping you grow your business, follow Budget Mastermind on LinkedIn or @budgetmastermnd on Twitter!

Budget Mastermind provides business finance solutions to help grow businesses. If interested in our services, visit our website at www.budgetmastermind.com.

When starting a small business it is important to be passionate about the industry and the product or service. At the same time, another aspect that may influence your choice of industry could be its profitability. Here are five of the most profitable small business industries:

Accounting/Tax

Financial services will always be needed regardless of the state of the economy, and this industry requires little overhead cost. Additionally, you will experience repeat customers making growth easier.

Real Estate

Although real estate does depend on the economy of the time, breaking into the industry is relatively cheap and only requires a license.

Automotive Rental Companies

Nowadays, many people are opting to rent instead of buy cars. There are already major players in the space who started off as small business, such as Zipcar.

Legal Services

Although it takes much training to reach lawyer status, you can offer your services at a very expensive rate. This field, similar to accounting, has repeat clients and low overhead costs.

Management or Technical Consulting

Starting a consulting company will allow you to work on a variety of projects and bill out your time at a considerably high rate. These projects will often be interesting and can specialize in your personal field of knowledge or study.

Be sure to consider a few of these industries if you are thinking about starting a small business!

For more tips and tricks on helping you grow your business, follow Budget Mastermind on LinkedIn or @budgetmastermnd on Twitter!

Budget Mastermind provides business finance solutions to help grow businesses. If interested in our services, visit our website at www.budgetmastermind.com.

Being a business owner is a very unique challenge that requires much time and attention. Use these tips to alleviate some of the stress!

#1 Find the right people

We can’t all be experts at all aspects of a business. It is important to understand what you don’t know and your weaknesses to find people who can fill in the knowledge and skills. Your team should be able to work together to be stronger as a whole rather than as individuals.

#2 Be healthy

Although it doesn’t seem like this is directly related to the company, having a healthy leader is important to the success of the team! Running a business can be stressful and time consuming, so make sure to get enough sleep and to eat well to keep up.

#3 Impress with action

Every entrepreneur is forced to make several promises during the growth process. Be sure to keep these in mind as you move forward and make an active effort to keep them. People will be more impressed if you can not only talk the talk, but walk the walk.

For more tips and tricks on helping you grow your business, follow Budget Mastermind on LinkedIn or @budgetmastermnd on Twitter!

Budget Mastermind provides business finance solutions to help grow businesses. If interested in our services, visit our website at www.budgetmastermind.com.