Category: CLear Charge Solutions

Starting your own business can be a challenging but rewarding endeavor. From developing a solid business plan and choosing your payment options, there are many steps involved in turning your entrepreneurial dream into a reality. Here is some essential information and practical advice to help you navigate the complexities of starting your own business and increase your chances of success.

Starting a small business is a thrilling prospect for would-be entrepreneurs. If you like to do things your own way, then running your own store, restaurant, or salon gives you total control — not to mention the potential to earn more money than you would as an employee. However, starting a small business requires more than just passion: it takes research, planning, and dedication. This article looks at five important things to consider when starting your own business.

The Benefits of Owning a Company 

Owning a company can have personal, financial, and social benefits, such as:

• Flexible hours: Set your own schedule and take holidays when you want. And if your business thrives, you can delegate more and more tasks to employees.

• Creative freedom: Every creative decision — from branding and marketing to what kind of soda you stock in the fridge — comes down to you. You have the ability to execute your specific vision.

• Earning potential: There’s no limit to how much you can earn from running a small business. Scaling up, franchising, and partnerships all offer gateways to higher income.

• Community engagement: Setting up shop alongside other businesses can be socially fulfilling: you’ll get to know your regular customers and business neighbors.

Tips for Starting a Small Business  

In the United States, 18% of small businesses fail within their first year — often due to poor management, lack of marketing, or lack of financing. So it pays to come up with a strong business strategy that will get you through the difficult early days and put you on track for success.

1. Make a Five-Year Business Plan 

A clear and focused five-year business plan isn’t just about setting targets for yourself. If you want to land funding from a third party, you’ll need a convincing plan to sell your vision. Your five-year business plan should include:

• Mission statement: What your business is about

• Market analysis: Why you believe the business will succeed in the current market

• Company legal structure: Options include C or S corporation, general or limited partnership, sole proprietor, or limited liability company (LLC)

• Product line: What goods or services you plan to sell

• Funding requirements: How much you want from investors (as debt or equity) and the specific terms of the investment

• Financial projections: Financial outlook for the next five years, with a quarterly or month-by-month breakdown for the first year

2. Know Your Audience 

Knowing how to do market research for a startup is just as important as knowing how to run one. Before you start thinking about storefront designs, inventory, and staffing, you need to be confident that people want to buy what you’re selling. What are the demographics of your potential customers? What is the level of market saturation in your target area? How much are people willing to pay for your offering?

Be sure to understand the local demographics in any area you are considering a brick-and-mortar store. A children’s clothing store will do better in an area with many young families, while a modern barber shop will get more traffic in an area with young professionals.  Useful market research tools for small businesses in the United States include these consumer spending statistics from the Bureau of Economic Analysis and the Consumer Price Index (CPI) from the Bureau of Labor Statistics. You can also carry out your own research through surveys, questionnaires, and focus groups.

3. Use Products and Services Built for Small Businesses 

If you’re opening your first restaurant, you’re unlikely to be using the same equipment as a multinational company like McDonald’s. But that can actually be a blessing in disguise. Important tools like your point-of-sale (POS) system don’t have to cost an arm and a leg.

For example, SumUp POS Lite is an entry-level option suited to new businesses with a single location, comprising all the hardware and software you need to carry out transactions with no monthly fees. And you can always upgrade to a more comprehensive solution if you want to expand your business. Other essential investments like accounting software and security systems can usually be obtained on a basic plan suited to smaller businesses, while insurance providers sometimes offer small business discounts on commercial property or general liability insurance.

4. Create a Clear Identity 

Branding can be the most fun part of setting up your own business. However, every element of your business — name, logo, interior design, digital marketing assets, inventory, menu items, etc. — needs to form part of a cohesive identity so customers will remember you clearly.

If graphic design isn’t in your wheelhouse, be sure to get professional help for your logo. This little symbol of your identity can help you cut through the noise and get ahead of competitors. It’ll also end up in more places than you might predict, from business cards to third-party delivery apps. Working with a professional designer ensures you think through best practices and each use case to land on an identity that is consistent and practical, along with eye-catching.

5. Reward Your Customers 

Customer loyalty programs for small businesses are a tried-and-tested strategy for retaining customers. You could use a simple punch card system, but starting with a digital loyalty program through your POS system instead provides huge advantages:

• Build a digital customer database that can be leveraged for marketing efforts

• Segment your customer database by their spending habits to make tailored promotions

• Customers won’t lose their card (or be able to forge stamps!)

• Offer rewards for both in-store and online purchases

• Your POS system provider can market your business to customers across its network

Choosing the Right Small Business POS System 

Above all, small businesses require simplicity, reliability, and low startup costs when investing in their first point-of-sale system. With its cloud-based operation, SumUp POS delivers on all three counts, helping brand-new stores, restaurants, and salons take care of transactions, inventory management, customer relationship management, and much more.

Ready to launch your business? Choose secure and reliable advanced credit card payment processing. Call today at (877) 847-4478. Check our IG for more information.

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Reference: [https://www.sumup.com/en-us/business-guide/starting-a-small-business/]

Selling products online has never been easier. With the rise of e-commerce platforms and digital marketplaces, anyone can start their own online business. But, like any business, you must build a solid foundation before launching your digital shop. Follow these steps to give your new online venture a flying start.

You have a viable idea, a catchy brand name, and a fleshed-out business plan. Now what? The internet has made it possible for small business owners to turn their passion into profit. Selling your product or service online is a more accessible and lower-cost alternative to the logistical hurdles and high up-front costs that a brick-and-mortar business demands.

However, as with any business, you need to establish a strong foundation before launching your digital storefront. Follow the steps below to help your new online venture hit the ground running.

Step 1: Decide your business structure

Claiming the proper business structure is important because it dictates the legal and tax requirements you need to satisfy. Most small business owners either file as a sole proprietorship or an LLC.

Do your research before making a decision, and if you have additional questions, we recommend consulting with an attorney to determine the best business structure for your online store. Because each business structure also comes with varying tax requirements, you should also reach out to your local tax professional to field any questions.

Step 2: Get the proper permits and licenses

Wait, you need a license even if you’re running your business online? Yes! And depending on where you live and operate your business, you may need to obtain several business licenses.

Getting the proper e-commerce business licenses and permits is crucial to ensuring your online business operates within the law. Don’t stress, though. Most of these licenses are easy to obtain.

The good news is that you don’t need many business licenses, and the ones you do need are relatively easy to acquire. Again, licensing requirements can vary by state, so check with your state’s licensing boards to ensure you’re applying for the appropriate licenses. Some of the most common online business licenses include:

1. Business Operation License

2. Employer Identification Number (EIN)

3. Doing Business As (DBA) License

4. Seller’s Permit

5. Sales Tax License

6. Home Occupation Permit

7. Occupational License

Step 3: Choose the right platform to sell your products on

Small businesses’ shift to e-commerce has exploded in growth over the last several years. Nowadays, 63% of shopping journeys start online, making online shops an increasingly lucrative option for selling your products. When it comes to sales channels, you have a few options to choose from.

Option 1: Create your own store

Many popular online storefronts include a fully-customized page builder to create your own store within minutes. These stores offer an all-in-one package deal; website, blog, SSL certificate, third-party app integrations, social media sales channels, and many other tools.

Option 2: Sell on marketplaces

If you’re not quite ready to launch your online storefront just yet, there are plenty of online marketplaces to choose from to help get your online business off the ground. There are several e-commerce marketplaces where you can sell your products. Some marketplaces cater to niches, while others are generalists. Some of the most well-reputed online marketplaces include:

• Amazon

• Handshake

• Etsy

• Chairish

• Swappa

Option 3: Sell on social media 

Currently, you can list, sell, and promote your goods on Facebook and Instagram. You’ll need a Facebook business page and Instagram business account to get started, but both platforms offer comprehensive guides on how to get your shop set up in no time!

Step 4: Determine what payments you’ll accept

There are several ways to get your products into customers’ hands. You can sell through an online marketplace, social media or add a shopping cart to your own website by integrating a payment processor app.

When it comes to the number of payment methods your online store should accept, the more the merrier! Beyond credit and debit cards, don’t forget to consider accepting digital payment methods like Apple Pay and Google Pay.

Step 5: Decide how you’ll ship your product

Depending on what you sell, you’ll need to set up a supply and inventory management method and determine how to deliver your product to your customer. Before you list your shipping rates, it’s necessary to estimate your costs and their impact on profits.

Not surprisingly, 96% of customers report that free shipping impacts their purchase decision, and 25% are more likely to abandon their cart if shipping costs are too high. But higher fulfillment costs will drill into your bottom line. That’s why it’s essential to calculate the most competitive carrier pricing and shipping options for your online business.

Step 6: Spread the word 

While you’re working through the previous steps, you’ll also want to drum up excitement for your online business’s official launch. Your pre-launch and overall marketing strategy should be outlined in your business plan, but if you’re still struggling to determine the best way to reach your target market, we have some guidance to help get your product in front of the right people. By building up audience excitement and anticipation through social media and various advertising methods, you’ll set your business on the fast track for a successful launch.

Getting your online business off the ground doesn’t have to be an overwhelming experience. Covering your bases and completing the steps on this list means spending more time doing (and getting paid for) what you love!

Take your business to the next level. Launch your online store and reach a wider audience. Our secure and reliable advanced credit card payment processing can help you grow your business. Call today at (877) 847-4478. Check our IG for more information.

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Reference: [https://www.sumup.com/en-us/business-guide/online-selling-guide/]

The holiday shopping season can be hectic for businesses of all sizes. With increased competition and heightened consumer expectations, preparing your business for the holiday rush is essential. By implementing a well-thought-out strategy, you can maximize sales, enhance customer satisfaction, and position your business for long-term success. Here are four key strategies to help you prepare for the holiday shopping season and drive sales.

Early preparation for the holiday shopping season helps small businesses boost sales, overcome challenges, and stay competitive during the most critical sales period of the year.

The final months of the calendar year are an opportunity for small businesses to maximize their sales and profits by targeting holiday shoppers. Getting a head start on your holiday sale plans several months in advance can ensure you’re prepared to make the most of the upcoming shopping season.

Here’s why it’s so important for retailers to start holiday season preparations early and some strategies you can use to set yourself up for success.

Why start holiday season prep early?

According to an American Express Survey, over 65% of small businesses report that holiday shopping directly impacts their overall financial health.

Kat Connor, co-founder of XO Marshmallow, said product-based businesses see the last quarter of the year as a time when revenue potential is the highest.

“During this time, everyone is struggling to finish out the end of year strong, and you often run into shortages, price hikes, or other seasonal surprises. As a business owner, you don’t want to be surprised — surprises tend to cost money,” said Connor.

Similarly, Nicole Pomije, founder and CEO of The Cookie Cups, noted that early for the holiday shopping season allows you time to adapt to any unexpected challenges and get ahead of your competition.

“The earlier you begin, the more time you have to fine-tune your inventory, marketing strategies, and customer service processes. It also gives you the flexibility to adapt if unexpected challenges arise, such as supply chain delays or changes in consumer behavior,” Pomije explained.

Tips for planning ahead for the holiday season

Here are four things you can do several months ahead of the holiday season to prepare for the uptick in year-end sales.

Hire seasonal workers early

The best thing your small business can do to get ready for a busy holiday season is to hire your holiday team as soon as possible.

“Start hiring in late summer or early fall so your employees are fully trained and ready to hit the ground running,” Connor said.

Get ahead on holiday social media campaigns

The late summer and early fall season is a great time to solidify your year-end marketing campaigns and iron out the details for any holiday promotions you want to offer.

Connor recommended working on your holiday social media strategy now and planning out as many posts, collaborations, and content on your social platforms ahead of time as possible. Otherwise, your social media presence may suffer if you don’t have the time to dedicate to it during the holiday rush.

“If you are already planning out October [through] December, go ahead and plan out your January and February,” Connor said. “This will set you up to have a moment of rest between the holiday and new year and stay in that upswing operationally.”

Audit your inventory and digital presence

For retail businesses, Pomije suggested conducting a thorough inventory audit before the holiday rush.

“This helps identify bestsellers and underperformers so you can stock up on the right products,” Pomije said.

Pomije also recommended using this period to refresh your website and any e-commerce channels you use to ensure they’re ready for increased traffic and are optimized for mobile shoppers.

Try something new

The holiday season is a great time to try new sales strategies and expand your offerings to capture more attention from shoppers.

For example, Pomije said her company is offering new themed Winter Wonderland Cookie Baking Kits for Kids this holiday season. The kits will be on shelves in hundreds of Kohl’s stores nationwide.

For XO Marshmallow, the year has been filled with experimental, limited products and experiences, and the plan is to continue that through the holiday season.

“This year, we are working on hosting a lot of events and having a few fun exclusives at our cafe space in Lincoln Park (Chicago). Our strategy always involves giving the customers what they love and throwing in a few sweet surprises,” said Connor.

Make the most of the holiday shopping season. Our secure and reliable advanced credit card payment processing can help you capture more sales and grow your business. Call today at (877) 847-4478. Check our IG for more information.

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Reference: [https://www.uschamber.com/co/grow/marketing/holiday-season-planning]