Tips for Starting a Business Later in Life

People become more risk-averse as they age, making the prospect of starting a new business after 50 seem overly challenging and intimidating.

However, older entrepreneurs often have a strategic edge, thanks to their years of experience, established networks, and a clearer sense of purpose.

Plus, the emotional maturity and financial stability that typically come with age enable more informed decision-making.

If you’re ready to realize your entrepreneurial dreams, learn how to do so wisely with the following tips for starting a business later in life.

Ease Into It

When you were young, you could dive head-first into new hobbies and ventures at the drop of a pin. But as an older adult, your life is probably more rooted and requires time to adjust. 

Therefore, start your business venture slowly to reduce stress and ensure a smooth transition.

Begin part-time while maintaining your current job or commitments. This will help you test the waters and evaluate the viability of your business idea without overwhelming yourself. 

Then, you can gradually increase your involvement as your confidence and understanding grow.

Limit Your Risks

Mitigating risk is always important when starting a new business, but it’s especially important later in life when you have more to lose. 

That’s why you should keep your financial exposure in check by budgeting wisely and avoiding large initial investments in unproven ideas. 

Consider options like bootstrapping or seeking smaller, more manageable forms of funding to maintain greater control and minimize potential losses.

Know the Risks of Funding

On the topic of funding, securing it for your business is one of the biggest initial expenses you’ll have. You have the option of employing a rollover for business startups (ROBS), which uses your 401(k) savings to self-fund your venture without early withdrawal penalties.

However, you’ve worked hard for your savings, and if your business goes under, it’s likely that your savings will as well if you use a rollover. Instead, small business administration (SBA) loans can be a safer option that still caters to the needs of your limited-resources business.

Regardless, you should explore the differences between ROBS and SBA loans for business startups to see which you’re most comfortable taking later in life.

Use the Latest Tech and Resources

Keeping up with the latest technology and resources becomes more difficult as we age, but it’s so important for staying competitive in business. 

Here are some tools your small business will benefit from greatly:

• Digital marketing
• E-commerce platforms
• Customer relationship management (CRM) tools

These elements will streamline operations and reach a broader audience, so they’re worth learning and integrating.

Work With Advisors

Finally, consider collaborating with experienced advisors to navigate the complexities of entrepreneurship. Mentors and consultants provide valuable insights, helping you avoid common pitfalls and make informed decisions. This guidance lowers your risks, which, as we’ve discussed, is integral to entrepreneurial ventures later in life.

Starting a business later in life can be an enriching, rewarding, and lucrative experience if you’re willing to take the leap. These tips can set the stage for sustained success.

Safeguard Your Success: Essential Insurance for Small Businesses

Whether you’ve been a small business for years or you are just about to start your journey into a brand-new market, you enter knowing that with a business venture come many risks from multiple directions, and during these early stages, you must make sure that you are using all the necessary means to grow your business.

Regarding security, some things bringing in revenue and effective marketing strategies can’t protect you from. That’s when insurance comes in, there are multiple policies that can keep your small business afloat during uncertain times, especially as we are heading into a recession insurance seems to be a huge saviour in these moments.

So we have devised a list of all the potential policies that could be useful for your company.

What is Small Business Insurance?

Small business insurance is a broad term that encompasses a wide range of policies that provide security and protection from certain unpredictable factors and risks associated with owning a small business. 

These threats could include damage, theft, and employee-related risks. If these happen while you are insured, you will receive reimbursement for any loss of funds to protect your business.

Why Do Small Businesses Need Insurance?

Unexpected incidents can have a big financial impact on small firms. Any small firm could incur significant costs from a lawsuit, a natural disaster, or an accident at work if they do not have indemnity insurance. 

Coverage offers peace of mind in addition to financial security and business continuity, freeing up business owners to concentrate on expansion and day-to-day operations.

Insurance for small businesses can provide a defense against a variety of monetary hazards. These can include risks relating to employees, property damage, legal obligations, financial loss, and cyberattacks. 

Before interacting with a new client, it is customary to request certificates of insurance as a way to establish your reliability and provide a safety net in case something goes wrong.

What Type of Insurance Do I Need?

Depending on your business type will dictate the order of urgency for you to pick out certain insurance policies. Therefore, keep your eyes out for policies that directly impact you and make a list of what takes priority.

Key Man Insurance

Talented, committed, and capable individuals are the foundation of any successful company, but none of us can predict what the future holds. 

According to research, 59% of firms think that if a key person passed away or suffered a serious illness, they would have to cease operations in less than a year.

A key man insurance policy can protect a business against the financial impact of a key person's death, terminal illness, or, if selected at an additional fee up front, a specific critical illness. 

The money from the policy is given to the company directly to help replace the important employee and help with any profit loss.

There are many types of key man insurance policies, and of course, not one size fits all. Further research would be required, and a discussion with a business insurance firm would be best to see which policy suits your needs.

Cyber Insurance

It is essential to safeguard against cyber dangers, especially in an increasingly digital society. With the rise of e-commerce companies, it seems only right to be protected in this ever-changing landscape. 

Cyber liability insurance can pay for legal fees, compensation, and damage restoration, among other expenses related to data breaches and cyberattacks.

While this is dependent on the damage, there are always solicitors who specialise in the sorts of events that could be covered by your insurance. This gives you peace of mind that not only will you be protected with your claim, but there’s a chance of you getting it back.

Employee Liability Insurance

In the United Kingdom, employers' liability insurance is legally required if your company has employees, so this one is non-negotiable. 

It’s good to know if you are considering starting a small business or wish to expand from your solo mission and employee staff. This insurance is required even if they work part-time or temporarily.

This covers workplace injuries, whether they are on the job or contract a disease as a result of their work for you. It safeguards your company. 

There are heavy consequences associated with not having this insurance, and it is not worth the risk for any small business. It could potentially be the end if this were the case.

Public Liability Insurance

For every type of business, including small companies, public liability is one of the most important kinds of insurance. It pays for compensation claims and legal fees if your company is found liable for an individual's property damage or injury. 

To guard against unanticipated events, public liability insurance is essential, whether you own a business, operate a café, or offer services where the public could be entering.

Even in small office jobs, you might have a day where family members could come or you have volunteers, and delivery people. 

Accidents happen all the time so you need to ensure that you are protected at all costs while also making the public feel secure. It could be double the damage if this insurance policy isn’t in place.

Professional Indemnity Insurance

Professional indemnity is crucial if your company handles client data and intellectual property and provides guidance, consulting, or professional services. 

It can pay for the price of making up for losses or harm brought on by careless advice or services given to clients. While you never think this might be the case for you, nothing is impossible, and it could be something that one of your employees does.

Final Thoughts

Always being prepared for the unexpected is the best route forward when it comes to being a small business. Any small hiccup could be the reason it fails and with so much on the link it’s not worth the risk when insurance is a small payment each month.

How to Do Your Taxes When You're Self-Employed

Whether you’re a freelancer, full-time entrepreneur, or something in between, being self-employed means it’s entirely up to you to complete the paperwork and send in the right amount of money to your tax agencies. 

If you want to keep as much of your hard-earned cash as possible, it’s important to be organized and stay on top of your tax responsibilities throughout the year. 

Luckily, there are plenty of apps and services out there that can help you do this. Here are four tips for doing your taxes when you’re self-employed:

Work With a Professional

Don’t do your taxes yourself—find an accountant to help you. Working with a professional can save you money in the long run. If you are just taking advice from random people online or inexperienced friends, you are probably paying too much in taxes.

Many accountants offer free consultations so take advantage of this service. It’s worth getting an outside opinion as there are many deductions and exemptions entrepreneurs would otherwise miss out on.

Keep Your Documents Organized

Experts from companies like Right Choice Insurance and Taxes Inc. encourage entrepreneurs to keep their business and personal expenses, receipts, and other documents organized throughout the year. 

Organizing is key to simplifying your taxes come April. You should also save money throughout the year to ensure you have enough money to pay for your taxes once the paperwork is complete.

Use Software to File Your Taxes

If you’re self-employed, you likely know all too well how complicated it can be to file your taxes. Thankfully, there are plenty of options for filing your taxes that are designed with independent contractors in mind. 

These programs streamline much of what is involved in filing taxes, making it easier than ever to accurately report income and expenses. The best programs also offer tips for deductions and credits you may not have considered.

Don't Forget Your Deductions

Knowing what deductions are available to you when you're self-employed is important, but can be tricky to navigate. Self-employed workers may deduct many of their business expenses in much the same way that employees do. 

Office supplies, computer equipment, and Internet service can all qualify as deductions if they're used exclusively for your work.

If you’re self-employed, filing your taxes can be quite confusing. Save yourself from the headache of mishandling your taxes by considering these four tips.

Top 7 Things You will come to Know Through Business Credit Reports on Other Businesses

Do you run a small business in one of the major cities of the US? How often does your payment gets delayed or stuck with your clients? Once, thrice or, multiple times in a month? Well, facing such situations frequently could lead your company to bankruptcy. 

So, the question is how to minimize such risks and improve your cash flow? Simple, get a business credit report of your potential customers through leading business credit and risk management companies.

Once you have got the credit report of your prospective clients, you can check their creditworthiness with ease. A comprehensive business report of other companies will let you know how capable they are of conducting problem-free business with you. 

That means whether they can pay your bills on time, maintain a healthy financial relationship with you, and facilitate your company's growth. Let's see what information you acquire when you get business credit report of other companies:

1 - How financially secure are they?

2 - What risks might you need to face when conducting business with them?

3 - How do they compare with the rest of your prospects?

4 - Will they pay your debts on time?

5 - Is there a solid reason to do business with them?

6 - Can you be confident about your credit decision regarding them?

7 - How likely are they to shock you when you review their credit report for a limit increase?

Collectively, all this information will give you a rough idea of how good or bad a decision could be to accept your prospects as the client. With this complete information, now let's move to another important topic:

What are the main reasons to get credit reports for other businesses?

1 - Prevention is more important than cure

Going through the details in a thorough business credit report provides you with the confidence whether or not you should involve in business with another company. 

It doesn't matter whether you want to supply your products or services to other companies or need them to provide you projects to work on; a credit history analysis is essential.

2 - Gain deeper insights into the company's ability to pay

If you want to take an in-depth look at a company's financial transactions before coming into business with them, buying a business credit report is necessary. 

All you need to get a business credit report for multiple operational firms is to get in touch with a prominent business credit report seller in the US.

Remember, a simple credit check about your prospects can help you understand if a customer can pay for the products or services you offer in a limited time or not. 

It will not just save your time and resources following up with late payments but provide total peace of mind as well.

3 - Check if they were bankrupt some time ago

Do you know that business credit reports contain details about bankruptcy as well? Yes, you might not know this, but a company's credit report shows if they have past legal notices or whether their directors were part of the bankruptcy. 

Thus, it can prevent you from working with a company that could expose your organization to high risk.

4 - Monitor suppliers you work with

Do you count on a bunch of well-known suppliers to run your business? If you do, it would be beneficial for you to access their credit report. 

Knowing their financial status will help you anticipate if they can help you maintain your cash flow properly and make crucial business decisions down the line.

5 - Reduce the need to hire collection agencies

Staying abreast of the financial situation of your prospective clients helps you minimize the chances of collaborating with debt collection agencies to extract your money. 

Hence, it will reduce your unnecessary expenses in the future if you get business credit reports on other companies in the initial phases.

6 - Keep an eye on your competitors

Do you want to remain updated with the critical financial activities of your rivals? Then, getting credit reports of your competitors will be a wise decision. It will let you know detailed information about their business development and financial position at present. 

Besides all this, you can also see if there are any legal filings against them and will their business survive in the next two to four years.

What's more, when you have so much information at your disposal about your opponents, you can create and implement strategies to be ahead of them and maintain the top position of your company in the market. 

Who knows, they are already paying attention to your financial health by getting your business's credit report from renowned credit reporting companies.

Summing-up

Now that you know how to deal with delayed payments in your business, it's time to call a well-established business credit report seller and ask them to provide their services. 

Once you are part of their customer base, you can avoid numerous risks that you may come across down the road.

5 Factors That Can Influence Your Business Loan Approval

If you are heading a large business needing expansion of a particular section, or a small business owner wanting to scale, or a budding entrepreneur, your priority is to secure funds at the right time. We want to focus on the term ‘right time’ because if a financial institution is unable to disburse funds at the right time, you may lose out on a lucrative opportunity.

Now that you understand the significance of timely disbursal of loans, you need to ensure preparedness during the business loan application process. No one wants a loan application rejection as it will lead.

Let’s say that your organization is ready for new business loans, but you are unsure about the subsequent process, this article can get you covered. Here is a list of five factors that influence your business loan approval. Read this to know

Factors that Influence on Business Loan Approval:

A Healthy Credit Score/History:

The most basic and obvious factor for a successful loan application is a high credit score. Financial experts suggest that it is essential for a business owner to keep the personal credit score as high as possible. When it comes to small business loans, financial institutions take into consideration the personal credit score of the business owner. 




The borrowers with a credit score of 720 or higher get better interest rates. Alternate lenders or NBFCs try to fill in the void created by financial institutions by providing new business loans to borrowers with a credit score as low as 500. Hence, small business owners with low credit scores prefer private NBFCs for ease & speed of funding. 

However, good credit history is always a prerequisite for easing out the approval of new business loans. Timely payment of dues, transparent transactions, invoicing of every purchase with dealers are something that can help you build a good credit history.

Age of Business:

Occasionally, banks & NBFCs see the age of business, cash flow, statement of transactions, and other factors in approving your business loan. For small business owners, the APR or annual percentage rate is usually higher. 

Once your financial partners can see some traction in your business, they will follow up with better interest rates. However, many private lenders specifically provide small business loans. All you have to do is to gauge your requirements using a business loan calculator.

Collateral:

Financial institutions reduce lending risk by asking small business owners to use their assets as collateral to secure the business loan. Not being too rigid, lenders allow small businesses to use their stock, equipment, and similar business assets as collateral. Alternatively, institutions like NBFCs offer collateral-free small business loans as well.

Type of Business:

The type of business plays an impending factor in your loan application. If your financial partner considers your kind of business to be riskier, then things may get slower, with financial institutions charging higher interest. Complete market research about the potential of your business can be used to convince your banking or NBFC partner to believe in your vision.

Business Plan:

If you are a new business owner who would like to get started or an existing business owner who wants to expand the organization, you need a plan in place to show to the banks or NBFCs. If the business plan is impressive enough, then the following process is typically faster. You need to explain the purpose of the loan, vision, and other factors to structure your business plan well.

Conclusion:

The above factors play an important role in making your loan application faster and more effective so you can focus on your business aspirations. Also before processing for the loan must check the business loan eligibility for easy approval. Having a thorough understanding of the lenders’ requirements can make things more comfortable during the loan application process.

Renew Your Home Office Equipment Without Losing Money

There is no better way to improve your working environment than renewing your home office equipment. Despite the idea being brilliant, doing it the wrong way may end up costing you a lot. That is why you need to come up with practical ways to do so. Some methods may require you to sell your iPhone while others don’t. 

The ideas below have proven to be very useful in ensuring you don’t waste too much money renewing or updating your home office equipment. You can use them to achieve your dream home office, inexpensively.

Go for affordable equipment

In case you have something that is completely damaged and needs a replacement, it is always a good idea to go for an affordable alternative. It may mean taking a second-hand chair or going for a new chair but one that costs a lower price. 

By doing so, you are going to have a piece of new furniture in your home office, and the good news is that it is not going to cost you a lot. When going for second-hand chairs, make sure you look out for any faults before purchasing. You want something that is in excellent condition for it to last longer.

Repurpose some things in your home

There are items in your home that are no longer in use. They are simply collecting dust in a corner somewhere. You may take these things, clean them, and see where they fit in your home office. 

For instance, you can take the shelf in your bedroom and use it as a work shelf where you keep your books and other working equipment. What makes this idea brilliant is the fact that you don't have to use any money but instead make use of the already available items.

Sell items you are no longer using

If you can't repurpose or reuse an item, you can sell them and get cash for specific office equipment. The first thing you should think of is to sell your iPhone. Platforms such as Sell My Mobile offer good cash for mobile phones such as iPhone 5s. 

That means you don’t have to worry about going through your bank account to get the money you need to renew your office equipment. The idea thus saves you cash while getting rid of phones that you are no longer using. It is a win-win situation, and the best part is that you get to update your home office equipment.

Trade with another item

Another method that works best is trading equipment for another. There are so many people out there who have what you want, and you have what they want. Figure out where to get those people. 

You may enquire from friends or search online. Once you find them, go ahead and make a trade. Doing so, you get to lose what you don't want for what you want. It is an excellent way of getting something you can’t get even if you sell your iPhone. 

It is also an easy way to update your office without losing money. What makes this method more difficult than that of selling your iPhone 6s is the fact that finding people to trade is somehow tricky.

The information above contains remarkable ways through which you can update your home office equipment without spending a lot. Some like selling your iPhone 5s or iPhone 6s can help you make the changes you need without spending your savings. 

The best part about each of the methods above is that they are not only convenient but also very useful. You have to apply them appropriately.

How to Avoid Low Credit Problems in Small Business

Having low credit scores is a problem for many small businesses when they’re getting started. This is because it takes time to establish your credit. Here are some of the solutions that you can use in order to avoid falling into these common pitfalls of low credit in small businesses.

Track Your Progress

Keeping track and creating a budget when it comes to your expenses is going to help you stay out of trouble. Falling behind on paying bills negatively impacts your credit score. It can be difficult to dig yourself out once you start to fall behind. 

Set reminders of when things are due and track your progress to stay on top of your expenses. There are all sorts of software packages available that are designed to help you navigate the financial aspects of your business.

Analyze Risks

The risk that you present to banks and other types of lenders could be holding you back. Make sure to analyze and research your credit risk. This can be difficult for small and large businesses to do accurately and effectively. 



Look into a highly accurate credit risk analysis provider to help you determine your credit risk and how to fix it. They’ll be able to tell you where you need to focus your efforts in order to overcome certain problems.

Prepay Bills

For some contracts, you may be able to prepay for a year. This can help you to have one less thing to handle on a month-to-month basis. It also looks good on your credit report because everything is being paid on time. 

This is important for the long-term health of your credit score. Not having more credit than you can handle, keeping up with your debt load, and having enough assets to keep your business operating are what combine to create your credit rating.

Incorporate Your Business

Many small business owners make the mistake of not going about creating a separate entity for their company. What this essentially does is remove your finances from the equation in terms of your business. 

It also makes you look better if you’re trying to apply for a small business loan. Using personal finances as a crux to help your business along is going to hurt you in the future, so try to incorporate as soon as possible.

Establishing credit and recovering from a low score can be hard to overcome. Use these tips to help you avoid the difficulty of a low credit score for your small business.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan

3 Financial Secrets of Successful Business Owners

There’s more to owning a successful business than just coming up with an idea and selling your product to the public. Business owners need to be talented marketers, communicators and most importantly, they need to be savvy with their funds.

If you want to improve your financial skills as a business owner, then keep reading to discover the three qualities that all financially savvy entrepreneurs have in common.

They Use Credit Wisely

If you’re attempting to build your small business and you’re putting everything you need on a line of credit or on account, you’re completely shooting yourself in the foot and potentially sabotaging your enterprise before it’s even gotten off the ground. 




When you start your business in debt, you’re creating a situation where your profits don’t have to only exceed your initial investment, but your mounting debts and interest fees as well. If you’re short cash, you’re better off finding an investor than you are utilizing credit.

They Know Tricks and Delegate

There’s always a way around a financial roadblock. For example, if you own a trucking and hauling company, you’d be wise to know that you can use trucking factoring to convert those unpaid invoices into instant cash assets. Financially smart small business owners know these tools and use them to their advantage. 

If you feel overwhelmed or don’t have a lot of financial knowledge, consult with someone who knows the financial experience of your industry better than you do, such as an accountant or financial planner.

They’re Frugal in Their Personal Lives

Any financial planner will tell you that you never want to put too much of your own money into a business. However, that doesn’t mean that entrepreneurs shouldn’t be frugal in their personal lives, especially when they’re still in the process of getting their business off the ground. 

While no one wants to think about their business failing, it’s important that if your business goes kaput tomorrow, you have enough money saved to live on comfortably until you can find a different means to support yourself.

Owning a small business can be one of the most rewarding things you’ll ever do in your life, but it can also be the riskiest. Incorporate these three secrets into your entrepreneurial financial strategy to ensure that you don’t break the bank while attempting to turn your business dreams into a reality.

Tips to Get the Right Idea for Your Start-up

When it comes to starting a new business, the most common question that pops up in people’s mind is how to get the right idea to get business off the ground. Business involves a great amount of investment, which is why careful deliberation over a niche you choose for your business is extremely crucial. Not only you have to focus on what is propitious but also you have to analyse your skills and interest.

Coming up with a business idea requires extensive research; you must know about the trends, longevity, demand and above all your finances. Not all business niches can fall within your budget. You will have to maintain the balance between both. However, you can take out payday loans from direct lenders with no credit check from AOneFinance if your savings a have fallen short of cash. Here are the tips to get the best business idea for your start-up.

Your idea must aim at solution to a problem

Of course, you will not choose a niche at which you are not good at all. Jot down things that you would like to do and would not like to do in your business life. Once you have prepared a list, find out which will serve you most of the satisfaction. Focus on the idea in which you have interest. For instance, you have decided to deal in jewellery. 

Well, it does not mean that you are going to open a jewellery store where you will wait hours for a customer to call on your shop. This is just a category. Now brainstorm everyday problems that revolve around it. For example, people have jewellery but they do not have jewellery stand. From there you get the idea. 



If you design jewellery boxes and tie up with stores to sell them to their customers. You will be able to earn commission, and once the demand of your product soars, you will be able to sell them online through Amazon.

Create a market of your idea is unique

You can come up with a business idea that is unique and has no market at all. Perhaps you would have identified a thing that could be a problem down the road. This futuristic vision will help you in the long run. 

Proactive approach is always welcome in the business world. Create a market by letting people know about the futuristic problem as well as the solution you are ready to provide them beforehand. For instance, the level of carbon dioxide and carbon monoxide is on the rise due to consumption of fuels at large scale. 

A car manufacturer company can introduce new models that consume either less fuel or run on electric battery. Another example is if you are dealing in cosmetic product line, you can manufacture a product that does not let makeup evaporate in sweat. Proactive approach will help you prevent the problem before it arises, which is a must for a successful business.

Think how you can make people’s lives easier

Coming up with a unique business idea does not mean that you have to manufacture a new product. In fact, you can add new features in the existing product. You just have to think how you can ease your customers’ lives. There are numerous products around you. You can pick any of them and think how you can add new features to them.

Find what people are looking for on social media

You must know who your target audience is and what they need. Social media is the best platform that can help you about their needs. Join communities and forums, ask questions and discuss problems. Before finding a solution to a problem, you must know what exactly the problem is. 

Once you have given the solution, do not forget to take their feedback. Whether your product served their needs or not. Ask them what problems they had while using your product and then work out to remove flaws.

Consider your hobby into turning a business

Not all businesses aim at providing solution to a problem. A jeweller or an owner of ice cream parlour does not provide solution to a problem. They are doing that business as they want to do it and they are good at it. The ultimate goal of any business is earning livelihood. Why not turn your hobby into business if you can do it? 

Identify inherent talent and use it to earn money. If you think that you can become a language trainer, you should open your own institute. If you think you have writing skills, you should try to become a novelist or freelance magazine writer. Over the time, you will be able to open your own publishing house and have a team of editors and writers.

If you want your business to be successful, you should identify your skills and talent. Do in which you are good at.

How an Idea Becomes a Marketable Product

For the world’s leading entrepreneurs, it is no secret that the first step towards creating any life-changing product is to formulate and develop a winning idea. 

While turning that winning idea into a marketable product may seem like an intimidating process, the truth is that adequate time and preparation in the product development process can allow you to succeed in ways that you may not have believed possible.

The Importance of Research and Development in Product Realization

Even on a small scale, a solid approach to research and development in the early stages of concept revision can significantly boost the likelihood of a product’s success. Putting effort into market research will enable you to better understand the potential place of your product within the current marketplace. 

A person who develops an idea for a new mobile app may wish to see if similar applications already exist, where they are sold, and how much customers pay for their use.

By understanding the landscape in which you will market and sell your new product, you can give your product a better chance at thriving in a competitive market.

Sourcing Quality Product Components

It isn’t enough that your product have an attractive outer casing or flashy marketing gimmick; you’ll need to ensure that you’re building a quality product with quality components. 



Just as you would want to use the best ingredients available to you in order to cook a dinner for your family and friends, you’ll want to ensure that your product is built with the best components available in your price range.

Make sure the components central to your product, such as rigid flex circuit boards, batteries and other electronic necessities, will adequately fulfill the needs of your customers and will last more than a few months. Without a functional and reliable product, your idea will stand little chance of winning over buyers in the long-term.

Seeking Feedback

Whether you’re seeking advice from trusted mentors or scheduling full-scale focus groups to study what the public thinks of your product idea, seeking feedback is a vital step towards understanding the strengths and weaknesses of both your concept and your marketing plan. 

When you solicit the viewpoints of others, you’ll allow yourself the chance to spot design or conceptual flaws that might otherwise derail a successful product launch. Instead of waiting for your product to hit the market, use feedback to prepare in advance for any hiccup that may arise in the development and marketing process of your product.

Turning a great idea into a great creation is often a product of time, effort and responsiveness to the needs of customers. With the right approach to research, product components and critical feedback, you’ll find that a successful product launch is well within your abilities.

How to Protect Against Seasonal Fluctuations in Your Small Business

Running a small business is hard enough without throwing seasonal fluctuations in cash flow into the mix as well. While some may believe that seasonal changes only affect businesses such as Christmas ornament retailers or swimwear shops, the reality is that every small business owner will experience a dip or sudden rise in sales at some point throughout the year.

Whether it’s going without an income for months, or experiencing a sharp influx of sales to the point where you run out of inventory, seasonal fluctuations can cause many overwhelming problems for business owners. Today, we're going to tell you the best ways that you can prepare your company for those unexpected highs and lows.

Have a Clear Plan

Do you already have a business plan in place? While this should cover topics such as your target market, product research, and more, it’s also vital that you think about what would happen in the case of fluctuations, including both an influx or reduction in sales. Study your industry well in order to predict shortfalls or opportunities and prepare for them accordingly.

Track Your Progress

If you’re not keeping on top of sales, market changes, and customer enquiries from the get-go, then fluctuations in cash flow will take you by surprise, meaning that you’ll be ill-prepared to deal with them. When it comes to making informed decisions in your business, this data is key - not gut feelings or hunches.

Make Your Business Scalable

No one wants to throw money away on resources they won’t use, so the trick is to be able to scale your resources up and down as needed. Demand and your need for resources go hand-in-hand, so don’t over-commit. For example, if you only need additional assistance for 3 months during the year, don’t commit to a year-long contract with a member of staff.

Diversification is the Key

By diversifying your products or services, you can better protect your small business from the harmful effects of seasonal fluctuations. You could diversify where you sell (geographic diversification), what you sell (product diversification) or who you sell to (customer diversification). 

While this might sound like a lot of hard work, it could be as simple as selling your winter stock during the summer months online to those living in the Northern Hemisphere.

Be Realistic

It’s important to be realistic about your expectations (rather than setting them too high), particularly during the beginning stages of your business. After all, no one wants to stretch their business, nor should they suffer from the dreaded ‘business owner burnout’. 

If, at the end of the day, you’ve sold your stock and met your budget, then this is a far better situation to be in than one where you’ve got tonnes of excess stock and are unable to pay your employee wages.

Avoid Ignorance

If you do experience seasonal fluctuations, it’s vital that you take action immediately to counteract its harmful effects. Start by seeking the advice of a business professional and then begin working on a solution. 

Can you offer a special promotion during a slow period or stock up on items which are the most popular? These are just some of the questions you will have to navigate as you work to protect your business against seasonal ebbs and flows.

Through taking on this advice, you’ll soon have a small business that isn’t just scalable, but also effectively protected against seasonal fluctuations. Onwards and upwards!

Author bio: Melanie Doncas is a content writer for Lumi, an Australian fintech specialising in unsecured business loans. She is passionate about helping SMEs, entrepreneurs, and startups to grow their business.

How to Protect Against Seasonal Fluctuations in Your Small Business

Running a small business is hard enough without throwing seasonal fluctuations in cash flow into the mix as well. While some may believe that seasonal changes only affect businesses such as Christmas ornament retailers or swimwear shops, the reality is that every small business owner will experience a dip or sudden rise in sales at some point throughout the year.

Whether it’s going without an income for months, or experiencing a sharp influx of sales to the point where you run out of inventory, seasonal fluctuations can cause many overwhelming problems for business owners. Today, we're going to tell you the best ways that you can prepare your company for those unexpected highs and lows.

Have a Clear Plan

Do you already have a business plan in place? While this should cover topics such as your target market, product research, and more, it’s also vital that you think about what would happen in the case of fluctuations, including both an influx or reduction in sales. Study your industry well in order to predict shortfalls or opportunities and prepare for them accordingly.

Track Your Progress

If you’re not keeping on top of sales, market changes, and customer enquiries from the get-go, then fluctuations in cash flow will take you by surprise, meaning that you’ll be ill-prepared to deal with them. When it comes to making informed decisions in your business, this data is key - not gut feelings or hunches.

Make Your Business Scalable

No one wants to throw money away on resources they won’t use, so the trick is to be able to scale your resources up and down as needed. Demand and your need for resources go hand-in-hand, so don’t over-commit. For example, if you only need additional assistance for 3 months during the year, don’t commit to a year-long contract with a member of staff.

Diversification is the Key

By diversifying your products or services, you can better protect your small business from the harmful effects of seasonal fluctuations. You could diversify where you sell (geographic diversification), what you sell (product diversification) or who you sell to (customer diversification). 

While this might sound like a lot of hard work, it could be as simple as selling your winter stock during the summer months online to those living in the Northern Hemisphere.

Be Realistic

It’s important to be realistic about your expectations (rather than setting them too high), particularly during the beginning stages of your business. After all, no one wants to stretch their business, nor should they suffer from the dreaded ‘business owner burnout’. 

If, at the end of the day, you’ve sold your stock and met your budget, then this is a far better situation to be in than one where you’ve got tonnes of excess stock and are unable to pay your employee wages.

Avoid Ignorance

If you do experience seasonal fluctuations, it’s vital that you take action immediately to counteract its harmful effects. Start by seeking the advice of a business professional and then begin working on a solution. 

Can you offer a special promotion during a slow period or stock up on items which are the most popular? These are just some of the questions you will have to navigate as you work to protect your business against seasonal ebbs and flows.

Through taking on this advice, you’ll soon have a small business that isn’t just scalable, but also effectively protected against seasonal fluctuations. Onwards and upwards!

Author bio: Melanie Doncas is a content writer for Lumi, an Australian fintech specialising in unsecured business loans. She is passionate about helping SMEs, entrepreneurs, and startups to grow their business.