While this is a viable option, it’s not the only one and definitely not the smartest in the long term.
Small business growth hacking is all about minimizing risks.
So, instead of taking on additional debt, consider these financial options:
Crowdfunding: This is a great option if you have a solid product/service and an audience that’s willing to invest in your business.
Family and friends: You can always approach your loved ones for financial help. Just make sure you have a proper structure in place and treat it like a business deal by creating contracts, specifying interest rates (if any), and having a clear repayment plan.
Grants: Check with the government or other organizations for business grants that you may be eligible for.
Blogs are also a part of your online presence. But if we were to recommend one aspect of digital marketing that can boost your small business’s growth by leaps and bounds, it would be blogging.
How so? Well, blogs help you build customer relationships and generate leads.
Basically, people read blogs to learn something new. When you share bits of your business and educate them about subjects relevant to your product/service, it helps them trust you and regard you as an authority.
It also helps them view you as an approachable and customer-friendly entity when they interact via comments or emails.
Plus, if you link your blog with an analytics tool, you can monitor the traffic and get some very useful data to generate leads. You can further narrow down your target audience or market your service/product to them via email marketing.
Now, blogging need not be on websites only. You can maintain a blog wherever you’re likely to find the majority of your audience. If you target other business owners or CEOs, it’s a good idea to maintain a blog on LinkedIn.
Plus, this approach is highly resource effective. It takes only about 30 minutes to share something valuable with your target audience (no need to go fancy, use free tools like Canva to design graphics and pair them with value-adding content).
If you’re blogging on a social channel like LinkedIn, you will have minimal platform costs. And if you have a website, you’ll only have to pay around $20 – $60 monthly.
An online business will provide you with the freedom to work from home or anywhere else in the world.
If you value the freedom to travel then know that this is what an online business can provide for you.
Travel While You Work
Also known as the laptop lifestyle, traveling while you work requires discipline.
However, the lifestyle provides a freedom working in a desk will never provide.
Notice I said travel while you work not work while you travel.
That’s because life changes when you get your freedom back.
You’re technically working all the time while enjoying your surrounding freedom.
The first taste I got from the laptop lifestyle is when I went on vacation to Rocky Point while working a sales commission job.
And even though I was on vacation, I still had obligations for my clients.
We were in this beautiful luxury apartment with a stunning view of the resort and ocean.
That day we arrived I had emails to answer and clients to call back.
Keep in mind at that time I was managing my clients from an office.
That’s when I first discovered this freedom.
Here’s a picture of my son Frankie chillin as we unpacked food in the apartment.
I knew that if I wanted a life like this, I would need my online businesses to out-earn my salary.
That’s not how it happened though, I took the leap and eventually went all in.
More on that later!
Scalability Skyrockets Your Income
So not only do you get your time back but you have the advantage of earning a ton of money with an online business.
The reason being is that most online businesses can be scaled MASSIVELY.
Online businesses can all be scaled very differently.
Some are easier and quicker than others while a few businesses do take more time.
Now, just because some online businesses are easier and quicker to scale, it doesn’t mean they don’t require a lot of hard work and attention to detail.
An online business is still a very real business.
Your new business will require you to put your real life skills to work in order to manifest your career goals and that dream life.
Online businesses are the reason why you see and hear about a lot of younger people earning 6-figures per year just from their laptop.
I’ll get more in depth on how you can scale your online business a little later.
Here’s how you start.
How Do You Start an Online Business?
How do you start an online business, right? Where can you start an online business?
These questions usually leave beginners a little mind boggled.
How exactly do you turn nothing into something?
The answer is actually quite simple.
You’ll need a website or online platform to use depending on your niche and type of business you’d like to create.
Your website will be your foundation to your entire online business model.
It doesn’t matter what type of online business you create, but you’ll need either a website or platform to begin.
I would personally avoid a free website like WIX only because it will not provide you with the tools necessary to scale.
The purpose of an online business is to scale it enough to provide you with the financial freedom you deserve.
So, for starters, I recommend building your own site using Bluehost.
It’s very easy to use but if you don’t want to spend the time personalizing your own site you can always pay a few hundred to thousand dollars to a professional who will use the same platform.
What type of online business models require either a website or platform to begin?
If you are interested in the following, you will need a website:
Providing online services and consultation
If you prefer the following, you’ll need a platform:
Selling a product
Visually informing or training
It may not seem like a ton of options but believe me there are many niches within each of these categories.
How does an online business work?
An online business provides value online, and you get compensated online.
Your online business will earn money depending on what type of service you provide.
You will get paid depending on how your online business is monetized.
I’m going to go over this more in detail down below.
What Online Business should I start?
The online business you start is going to depend on these 5 major key points.
Would you rather provide a service, provide information, or sell a product?
Are you looking for a more hands-on experience or more virtual experience?
Do you want to earn money per project or passively?
Will your startup require a lot of capital, or very little to no capital?
How important is mass scalability to you?
By answering these 5 questions, you’ll have a grasp on what type of online business you’d like to create.
Below you will find a number of online business ideas that will help you identify which model aligns with your needs.
Online Business ideas for beginners
I’m going to break down all the things you can do with these online business models.
Your personality and intuition will naturally gravitate towards a specific idea.
This is a writer lovers paradise.
Blogging allows you to share your experience, knowledge, and stories at massive scale.
What makes blogging an attractive online business model is that just about anyone can provide value to an audience based on a particular niche or subject.
Entrepreneurs are blogging about really just everything!
Here are some blogging topic ideas:
Write about your experience in ‘X Industry’. Maybe you love the industry you work in or are an expert in it. Write about it and answer questions people might have on a variety of subjects pertaining to your industry.
As long as there’s a real interest in it, you can blog about pretty much anything. People are earning money blogging about travel, teacher life, mom or dad life, pet life, college life, automotive, tech, and so much more!
How Do Bloggers Earn Money?
Bloggers earn money through a number of ways.
One is through display advertisements, like the ones you see on my website. T
he second way bloggers earn money is through affiliate programs.
Bloggers can earn a commission for making a sale of certain products or services.
Bloggers may even sell their own products or services online.
How Much Money Do Bloggers Make?
Bloggers can earn 3 to 6-figures per month depending on how you monetize your website.
My website currently earns 5-figures per month.
Scaling your audience is key to scaling your online business.
If starting a blog interests you be sure to read the beginners guide below.
It will walk you step by step on how to start using a self-building website platform called Bluehost.
The process is very easy and only takes minutes to set up.
Deciding to close down a business is never easy—specifically, the paperwork associated with it and whether or not you still have employees.
Having to lay them off and sell your assets can be troublesome if there is a lack of demand for them in the market. Hence, making your work even harder.
There might be certain things you should be considering and keeping in mind before you close down for good.
This may include all the financial obligations and other liabilities you must meet before you can shut down your business. If you have been in the industry long enough and are willing to close down your business for good, this article is for you.
Read this article to learn about the eight things to consider before you close your business for good.
8 Things to Consider Before You Close Your Business for Good 550
In this section, we tried to outline the eight things you must do before you close your business altogether.
● Submit A Notice of Dissolution
When closing down a business, you will have to file paperwork that declares that you are closing it down. You must submit the notice of discontinuation to the corporate registry in your local city or area.
When trying to close down a financially solvent business, you must also go through the formal process of member voluntary liquidation.
The company’s assets will be liquidated, any legal problems will be resolved, and any unpaid creditors will be compensated by a professional insolvency practitioner who has been appointed as liquidator.
Before you shut down your business, you should remember that you have to pay off all your due taxes. This includes the taxes from last year that are being carried over to this year and must be paid off.
When settling taxes or liabilities, you should be able to show that you are financially solvent and can pay the dues on time.
● Inform Your Staff
When closing down your business, you must inform your staff and employees beforehand. This is because they need to prepare alternative ways as you will be closing down as a business.
Furthermore, you also need to assure and inform them that you will provide them with their due payment for their work.
You should send all the necessary documents to your tax center with payroll accounts containing EI premiums, income tax deductions, and CPP contributions within seven days.
● Clear Your Company name
Canceling your business name is necessary when you are closing down your business. This is because if you do not clear up your business name, it will keep showing that your business exists in real-time when it doesn’t.
● Disable your bank accounts
While you remove your business name and cancel it, it is essential to erase anything associated with it.
It may include business bank accounts and cards related to it. Make sure to cancel all the credit and debit cards and close the bank account.
● Tally up your supplies
If you are the type of business specializing in selling goods instead of services, you might have closing inventory at the end of the month that you couldn’t sell.
You can sell this remaining stock with discounts to liquidate the asset to have some cash in hand. especially if you have a business that contains perishable stock.
● Clear off any liabilities that remain
Paying your taxes is important. However, the paying of other liabilities is very important as well. Hence, try to pay off all the liabilities as soon as possible. This may include debt remaining to suppliers or landlords.
Sometimes, people cannot communicate with you further when you close down a business. This is because you are no longer operating, and they have no valid reason to talk to you about debt or possible future prospects.
In such cases, you must leave some sort of information or method of communication, for example, for your suppliers.
Ending a business journey respectfully and in a good manner is what makes you a good businessperson at the end of the day.
Overall, we tried to outline the possible eight things to consider before you close your business for good.
Therefore, we hope you can understand what to do when closing down. From liabilities to staff notice, we hope you got all the aspects of what should be done when closing down a business.
VDRs are not only superior to cloud storage in terms of security and functionality.
They are simply made for different deals and your business.
You can ultimately reduce everything to remote work without unnecessary worries, forgetting that data can be stolen or compromised.
Online data room software is an ideal documentation solution.
Most large companies have already understood how important it is to have remote access to data in a safe place.
That is why competition in the market is growing, and providers offer more and more different tariffs at affordable prices.
If you need not only remote document management through cloud storage but also safe storage for your files, read more about M&A data room software.
Flexible Workflow Permissions and Management
Is it possible to give different access levels to a single document to other employees?
Of course, if you use a virtual data room.
Here, you can get all the keys to convenient document management for employees without leaving home.
With a VDR, you may both revoke access to some and grant it to others at the same time.
The process that used to be complex back in the day is now easy to coordinate in two clicks.
It is also easier for the administrator to carry out checks because all activities and operations are monitored centrally.
No unnecessary third parties and excessive intervention in the system.
The system also lets you configure your workflow such that only one person can work on a single item at a time.
You can also configure files to retain versions as they evolve.
Each version will store particular metadata, allowing you to go back to the previous version without extra effort.
In addition, the user receives complete control over how much access you grant to whom, so you are precisely protected as you want to be.
From Real Estate Documentation to M&A
For those companies in which paper transactions occupy an essential place, datarooms have become a real revolution. Among them are:
mergers & acquisitions.
Document management is now a very convenient process that saves resources and time thanks to an optimal automated system.
Furthermore, digitization of the process allows you to control the sending of files and access levels remotely.
Real Estate Documentation
VDRs allow users to share different data during negotiations on real estate projects.
It can be both drawings of assignments and final words in the form of reporting.
A virtual data room helps to transfer data centrally and remotely.
The files can be saved as a digital archive at the end of the transaction.
In the 21st century, it has become very convenient to interact with international companies on the go.
You no longer need to change locations.
Moreover, for reporting, you can share data even from home.
Now managers have only the task of file sharing security, but an electronic data room can cope with this.
Virtual data rooms are particularly suitable for including remote specialists, such as consultants or supervisory board members.
Mergers & Acquisitions
Deadlines for closing the sale of the company are a weak point for mergers and acquisitions.
An M&A virtual data room makes the process more prudent and transparent, which speeds up the conclusion of the transaction.
In addition to the ability to revoke access and give it different levels to individual folders and files, you can even restrict the ability to leave the data room without mutual consent.
Common Document Management Features
Online data rooms make document management and collaboration as effective as you always wanted.
Now the traditional meeting room has transformed into a fully digital experience.
Previously, when sending a document, the owner completely lost control over it, but now the situation has changed.
It is unnecessary to send it using VDR. Instead, you can share access as a reader so that no one can copy or edit the information.
Moreover, there are unique protection systems that restrict third-party access to files.
Moreover, you can provide access not for everything but for a limited time. Therefore, it is convenient to do this throughout a specific project.
Additionally, the system saves reports on the adjustments made. It can be seen not only when they were committed but also by whom. This will prevent the possibility of information flow.
There is also the possibility of access only in the browser and data deduplication.
Moreover, it is also convenient to carry out operations in parallel in several documents at once. Creating a single database of documentary information allows you not to worry about data loss.
The document search system allows you to easily and quickly find the necessary data and any information in the repository. In this process, you can save a lot of time without needlessly interrupting tons of wastepaper.
All these functions together simplify doing business and make it centralized. So, the manager himself can evaluate everything that his employees are doing from a bird’s eye view.