Why Your Business Needs A Website?

Do You Need A Website?

First Published: Dec 21, 2010 EntrepreneurJourney.com

As an entrepreneur, one of the most common things you will be asked is whether or not you have a website. This is a common question because people want to know so they can get information on your company, yourself and more. While many business owners will set up a business right away, especially if they work from home, there are some who do not see the need for it. This is a problem because in today’s world, you need to have a website that you can use to reach your customers and that you can have your customers reach you at.

Here are just a few reasons why a website is so important within your business:

1. It allows customers to talk directly to you and to learn about your company. There are many, mostly younger than 30, who feel that if you do not have a website, then you are not a legitimate company. You do not want to fall in this category. Even if your business has nothing to do with computers, merchandise or anything connected with the internet, then you want to have a website just to show that you are legitimate to the people who care about websites.
2. It allows you to see who your customers are. When you have a website, it usually comes with software that gives you the ability to learn where your customers are coming from, how they are finding you and what they are looking at on your website. That is important because that type of marketing information can go a long way in helping ensure that you are successful with your business.
3. Having a website will raise your productivity because your customers won’t have to call you and ask where you are, or find out what you sell. They can just go to your website and learn what they need to know. That frees you up to do business, rather than dealing with phone calls of a minor nature.
4. Your customer base can literally increase from hundreds to millions. Right now, there are roughly 1.5 billion people on the Internet. That means that you have the potential to reach all of those individuals. That is an immense opportunity for you and it is something that you need to take advantage of. If you do not, you are not doing your business any favors.

The Internet is not a fad; it is not something that is going to fade away. It is a world changing technology that has changed the world more in 15 years than most technologies do in 100 years. Even if your business does nothing on the Internet, doesn’t use computers and has no need for them, you need a website. A website is like an employee who works for you and helps to ensure that your company stays viable and profitable for many years to come. It is an essential technology these days, so do not do without it.

The Canada Small Business Financing Program

Small Business Financing Program In Canada

First Published: EntrepreneurJourney.com Published on: Nov 7, 2010

Living in Canada, you have a great opportunity to start your own business. When you do, you may want to look at government help to build your business as time goes on. If you are looking for government help, then one of the main programs available to you is the Canada Small Business Financing Program. This program was created to increase the availability of loans for establishing, expanding, modernizing and improving small businesses within Canada. The way that it does this is by encouraging banks and other financial companies to make money available for small business. Much like the Small Business Administration, the CSBFP will share part of the financial risk with the person trying to get the loan. This program can then help you get up to $500,000.

When you get a loan through the CSBFP, the loan will cover roughly 90 per cent of the costs associated with buying or improving on land or property, purchasing leased property and equipment and purchasing new equipment or improving the equipment that you already have.

In order to be eligible for this program, the small business must be operating for a profit in Canada and must have annual gross revenue of less than $5 million. If you want to apply for this program, you need to apply directly with a bank or financial institution through the CSBFP, and the bank or financial institution will be full accountable for approval of the loan.

The CSBFP was created through the Canada Small Business Financing Act in April of 1999. It was created to build upon the extensive success of the Small Business Loans Act. The objectives of the act was to streamline loan administration and improve the cost-recovery ability of a business, while extending financing to small and medium sized businesses that may not get a loan otherwise. This then helps the economy by having more people working, more businesses in the country and more people working hard to make their business a success. The CSBFP makes it easier for these small businesses to get their loans from banks and financial institutions because they share the risk with the small business owner. Essentially, the CSBFP is the co-signor of the loan with you, no different than a family member of friend would be.

The objectives of the CSBFP come down to the following:

1. Help new businesses get off the ground and give the companies already started to make improvements and expand upon their past success.
2. To make it easier for businesses to get loans they may not have been able to get previously.
3. To promote economy activity and job creation in Canada.

How successful is the program? Each year, the program will provide 10,000 loans to small businesses in Canada, averaging $1 billion per year in total.

While you know the eligibility requirements for the program in Canada, there are some businesses that are not allowed to take advantage of it. These are farming businesses, which can get their own support from Agri-Food Canada, which has a similar program in place.

If you want to get a loan through the CSBFP, you can get a loan for up to $500,000 and no more than $350,000 can be used to buy lease equipment or improve upon leased property.

The program is provided through financial institutions and you can ask them about it when applying for a loan. It is very important to remember that Industry Canada, which operates the CSBFP does not accept or refuse loan applications and has no part in the decision process, that is all banks and financial institutions.

If you want to apply for the program, or learn more about it, you can contact Industry Canada at:

Small Business Financing Directorate

Industry Canada

1.866.959.1699 (phone)

1.613.952.0290 (fax)

www.ic.gc.ca/csbfp

If you are curious about other programs in place to help you, here are just a few:

Community Futures Development Corporations: Funded by the government, these corporations operate not-for-profit to provide loans, training, support and more to businesses located in rural communities across the country.

Atlantic Canada Opportunities Agency: The government also operates this program and it provides interest-free loans and other opportunities to businesses that are located in the Maritime provinces.

Western Economic Diversification Canada: This program is operated through the government and it sponsors loan programs for those who are located in British Columbia, Alberta, Saskatchewan and Manitoba.

The Business Development Bank of Canada: This bank program is run through the government of Canada and it provides small businesses with low-cost consulting, venture capital and flexible solutions to financial problems.

Human Resources and Social Development Canada: This federal development operates several programs to help unemployed and underemployed Canadians by offering entrepreneurial start-up funding, training subsidies and hiring subsidies.

When you live in Canada, there are many opportunities for you to attempt to get work within Canada by starting your own business. When you start your own business, sometimes you need a helping hand and that is where the government comes in. Through the Canadian Small Business Financing Program, and other programs in pace, you can get the help you need to start your business and see it become successful in the future. It is easy to apply for these programs and generally you should be able to get approval. One of the great things about these programs is not only can you get money you may not have received previously, but you will also get loans on favorable terms with long repayment schedules, low monthly payments and very low interest, which makes it easier for you to pay back the loan.

As a Canadian, you have the right to start your own business, so look at some of these programs to see what is going to work for you and what you can do to make your business successful in the future.

How To Market Your Business On The Cheap

Marketing Your Business Cheap

As an entrepreneur, you are under the gun to succeed because you have put not only your reputation, but your financial future on the line. As a result, you need to find a way to reach customers without spending too much. You don’t have the marketing budget of Coca-Cola, so don’t try to market like them. You need to find a way to market yourself a at low cost, so you can maximize your profits. Getting the most customers, for the lowest amount, is the goal you should set for yourself. So, what do you need to do to market yourself to your customers?

• Provide excellent service and encourage word-of-mouth advertising. When you do this, you are using the best form of advertising, which is word-of-mouth. People trust their friends and family and if those people tell them that you do great work or sell excellent products, that can mean more than a $2 million Super Bowl commercial. Offer your customers deals on future purchases for the business they bring in from their friends and family and always be there for your customers with great service. 
• Forget about newspaper advertising and television advertising, it is too expensive and it doesn’t always work that well. Instead, advertise with promotional gifts. This way you are giving your customers something they can use and wear, while they advertise your company. It works like this, your customer buys something and you give them a free t-shirt with your company name on it. They wear that shirt when they are out and they are a walking billboard for you. People see your company name and logo and the more they see it, the greater the brand awareness is. 
• Go out and find your customers. You don’t need to wait for your customers to come to you, so why not go to them? Bring brochures about your business and go door-to-door if you have to. That shows your customers you are willing to do the leg work for their business and that will earn you respect, which is vitally important. 
• Find ways to out-do your competitors through sponsorship. Show your customers that you care about the people in the community by sponsoring charitable events and offering money or your services to help. You can provide money to churches, charities, schools, animal shelters and community events. That not only gets your name out there, but the more people see it, the more they will recognize you and that will help you make more money from your customers.

Marketing yourself and your business is not always cheap or easy, but by using these methods you can save money and gain customers. You want to get loyal customers because a loyal customer can be worth as many as 10 non-loyal customer. Even if the loyal customer does not spend as much each visit, they will keep coming back and keep recommending your business to others. So market your company properly, get loyal customers and move into the future with your business.
First Published: EntrepreneurJourney.com Published on: Oct 30, 2010

The Best Small Business Ideas

Top Small Business Ideas and Tips

When you decide to start a small business, you need to determine what idea is going to work the best for you. There are often many ideas to choose from, but the world is changing and the entrepreneur has to change with it. So, in the 21st century, what ideas for a small business are the best? You have to consider how easy it is to start up, and how much it costs. So, here are some of the best businesses to start up as an entrepreneur

1. Yoga Instructor: You don’t need a studio, you can go directly to your clients and all you need is a yoga certification to start this job, making it very cheap to start.
2. Tutoring: If you are skilled in something, then being a tutor is a very cheap business to start. All you need are the books for what you are teaching and a few flyers put up around schools. At that point, you will have everything you need to start this business.
3. Consulting: If you are an expert in a particular sector, then you may want to start a business working as a consultant. You will help businesses and individuals do better in their industry by using your own knowledge to help them.
4. Medical/Legal Transcribing: If you can type fast, have the right equipment and can do a training course, then this is a good business to start because of its low cost and high demand.
5. Web Design: The internet has been around for 15 years, and yet there are still millions of people who need websites to add to the billions already online. If you can make a good web site and have the skills for it, then this is a good job for you. It will allow you to do business from home, while making a lot of money.
6. Photography: If you have a good camera, know how to use it and love to take pictures, then photography may be a good business for yourself. As a photographer, you would take pictures of families, birthdays, weddings, funerals and more. You will also be able to sell pictures online, while editing photos and selling them at everything from sporting matches to school events.
7. Interior Design: If you know how to make things look good and like to do interior design in your own home, then you may want to consider doing it in another person’s home. It is a good business that is easy to start up, cheap to run and highly in demand.
8. Personal Shopper: Do you love to shop and want to spend someone else’s money? Then you can shop for people who are too busy to shop for themselves. This is a good business that is fun, cheap and easy to start up.

As an entrepreneur, you need to find a business that is going to work for you but is going to be cheap to start up. The right business, at the right price, in the right market, can make you a lot of money.
First Published: Published on: Oct 24, 2010 EntrepreneurJourney.com

The Small Business Administration (SBA)

How The Small Business Administration Helps Entrepreneurs

In the United States, one of the most popular and widely used organizations for entrepreneurs is the Small Business Administration. This administration exists for the sole purpose of helping people start their own small business by offering resources and financial assistance to entrepreneurs.

The Small Business Administration (SBA) has the mission to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters. While the SBA does not make loans directly to small businesses, they do help to educate and prepare an entrepreneur to apply for a loan through a financial institution. In addition, they will also serve as the guarantor for the loan with the bank. The administration will also help get government contracts for small businesses following natural disasters.

Since its creation, the SBA has directly or indirectly helped over 20 million businesses get off the ground, and in 2008 alone they had a loan portfolio of 219,000 loans, worth more than $84 billion, making them the largest single financial backer of business in the entire country.

The SBA was created in 1953 through the passing of the Small Business Act by congress. It was created to aid, counsel, assist and protect small business concerns. It was also stipulated that the SBA would provide fair proportion of government contracts and sales of surplus property to small businesses. Sadly, while the Small Business Administration has proven to be essential for millions of businesses, it has been nearly dismantled several times in its existence. In 1996, the Republican-controlled House of Representatives planned to end the agency but it survived and had a record budget in 2000. Four years later, the Bush Administration tried to end the loan program of the BA but was not able to, so the budget was cut and certain expenditures were frozen.

The SBA has several programs in place, with the most visible programs being the loan programs. Many believe that SBA loan programs are for those with bad credit who cannot get bank loans and need the SBA to effectively co-sign, but this is not the case. The primary uses of the loan programs are to make loans easier to pay, with less interest. Typically, the most common use of the SBA loan is for commercial mortgages on buildings that small businesses would like to build, or to move into.

The loan programs that the SBA helps to finance include:

1. Loan Guarantee Program: The 7(a) Loan Guarantee Program is designed to help a small business owner start and expand their business. It does this by making money available to the small business through the bank, or non-bank lending institutions. This is the most popular loan program administered through the Small Business Administration.
2. 504-Fixed Asset Financing Program: This program provides funding for the purchase and construction of real estate, or the purchase of machinery for a business. With this program, the lender will provide half the financing, while a Certified Development Company will provide 40 per cent of the financing through a SBA-guaranteed debenture. The last 10 per cent of the financing is provided by the applicant and due to the high amount of capital that is needed, this type of loan is much harder to get and aggressive vetting of any property purchased is done.
3. MicroLoan Program: This is a loan program that is provided through non-profit, microloan intermediaries to small businesses who have less than perfect credit. These loans are only up to $35,000 and can have a term length of no longer than eight years in total.
4. Economic Development Program: This program offers free counseling and low-cost financial training to small businesses.
5. 8(a) Businesses Development Program: This program offers assistance to the development of a small business that is owned/operated by someone who is classified as socially and economically disadvantaged. This typically means women and minorities.
6. Disaster Loan Program: Homeowners can receive long-term and low-interest loans to rebuild or repair a damaged property to pre-disaster conditions. The SBA will determine the cost of repairing or rebuilding the property structure, the ability of the applicant to repay the loan and whether or not the applicant can get credit elsewhere.

The SBA loan industry can be split up into three categories, which are:

1. The largest banks in the United States, which is typically the Bank of America and Wells Fargo, generate most of the SBA loans. These banks use computer systems that make the process much quicker to allow people to get loans through the SBA that they would not have been able to receive elsewhere.
2. SBA loans are used quite often by banks of all sizes to finance the purchase or construction of business owner-occupied real estate. Banks will offer loans through the SBA only for this purpose and only for properties and business owners that the bank would have found too risky to give money to on credit without the backing of the Small Business Administration. These often include gas stations, car washes and motels.
3. SBA loans are used to allow a person to buy a business. Commercial lenders will get a referral fee to business brokers who help someone buy or sell a business and for this reason, the funds for this typically come from smaller banks and finance companies that operate for this purpose specifically.

The Small Business Administration exists to help people start or continue to operate their business. In tough economic climates, the SBA can be one of the most beneficial and highly sought after organizations in the country for entrepreneurs. Anyone in the United States who is thinking about starting a business should seriously look to the Small Business Administration for assistance.

First Published: EntrepreneurJourney.com Oct 16, 2010