Tag: small business tips (Page 1 of 2)

6 Tips on How to Grow a Small Business

How to grow a small business
Small Business Tips: How to grow your small business.

Building a small business means working round the clock. No real vacations, no time offs, and no dumping the responsibility over someone else’s shoulder.

We’re not sure why you chose the grind.

But now that you have, we’d like to congratulate you.

You’ve made a bold move because only 5% of the world’s population chooses entrepreneurship.

It’s surely a tough journey.

But if you do it right, it’s just as rewarding.

In this post, we will cover 6 tips that can help ease your early days and help you lay a strong, unshakeable foundation to grow your business successfully.

1. Know that you’re running a small business, not a one-person business

how to grow a small business
How to grow a small business

Speaking of 2022, one of the most common mistakes people make when they begin a small business is that they assume they have to do it all on their own.

They do so with the intent of saving more and having complete control.

That’s a destructive approach unless you’re running a one-person business.

Recommended read: Self-Employed VS Small Business: Why the Difference Matters?

Finances, marketing, product management, customer service, and resource management are all different and demanding domains.

If you hold yourself responsible for everything, there’s a high chance you’re going to mess things up and burn yourself out.

Consequently, you may lose your existing customers, waste investments, and lose health.

Your business will suffer instead of growing. 

So, one of the first things you should do when trying to grow a small business is to accept that you need help and build a team to help with your business goals.

2. Know your financial options

For a small business to grow, it needs funds.

Many entrepreneurs choose to go the debt route by taking out loans or using credit cards.

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. 

You can follow this link to learn more about financing a new growing business.

3. Aim for a small, dedicated, and resourceful team

If you’ve been smart enough to realize the need for teamwork in growing your business, there’s another common mistake you need to look out for — building a big team.

And we mean that both in terms of quality and quantity.

You don’t need to hire big names (i.e., the best professionals in the industry), and you don’t need to hire a lot of people.

Instead, consider hiring only a handful of energized people. Prioritize soft skills, field knowledge, and professionalism over field experience.

If they’re good at learning and have a dedicated drive to work, they can help you make your business a success.

Remember, you can teach technical skills, but you cannot teach soft skills. If the person is skilled at what they do but not dedicated to work, they can only keep your business running.

They’ll never help you grow it because they won’t be interested in going the extra mile. So, look for people with the right drive.

Also, initially, it’s a good idea to hire someone who can take care of 2-3 roles instead of one. The smaller your team, the better you’ll be able to communicate and innovate.

4. Build a strong online presence

how to grow a small business with social media
How to help a small business grow.

Digital presence is a great opportunity for any business in the 21st century.

Even if your target audience lives in your vicinity, it’s essential to establish a website and maintain active social media pages. 

Why? Because: 

  • It builds credibility and helps you become an authority in the industry
  • It eases customer experience as they can approach you without leaving their home
  • It serves as a gateway to potential partnerships and investments

And the best part?

It’s much cheaper than physical advertisements.

You can begin marketing your business on Twitter, Instagram, Facebook, and YouTube simply by creating and sharing relevant content for your target audience without any substantial investment.

You can also try to create video content as it has taken over the internet. In a variety of settings, videos may captivate and involve your target audience.

There are options to create interesting short reels and upload full-length videos on well-known social media platforms.

Using any online video editing software, you may create and edit persuasive and appealing videos for your audience and attract the right kind of consumer attention.

Here are some easy marketing hacks to help kick-start your small business’s online growth.

5. Build a blog

how to help a small business grow
How to help a small business grow.

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.

Bluehostnow starting at $2.95/mo.

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.

Related: Blog Like a Champ in 2022: Easy Beginners Guide 

6. Keep a close eye on competitors

Small business owners often make the mistake of assuming it’s too early to compete.

But once you’ve entered a market, you’re already in the competition. 

Do not hold yourself back by either thinking too less or too much of yourself.

You’re in the field and are just as equal.

So, make sure to regularly conduct competitor analysis and learn from their flaws and strengths.

A key tip to boost your growth by 10x is to look for that one complaint that your competitor receives frequently and fails to address. 

Good luck!

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How To Start an Online Business and Succeed

how to online business start

Did you know that every day you procrastinate starting your online business it’s affecting you?

Yup, that vision you keep seeing for yourself and your family gets further from you when you don’t start.

But it’s not too late!

I’m going to answer all the questions you might have regarding starting an online business for the first time.

A few of the basics including what type of online business you should start, how to scale it, and what makes an online business successful.

franknez.com

Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.

Lets get started!

A little bit of background before I break this down.

I left my 9-5 working for the family business in order to start my own online businesses.

One of them is a hybrid model.

With this business I sell a service and product remotely.

The second online business is 100% online, earns 5-figures per month, and I don’t sell any products or services!

This is the type of business most of you might want.

And I’m going to break down step by step how you can do this too.

Key Points and Questions

  • Where and how to start an online business
  • Online business ideas for beginners
  • What makes an online business successful
  • How to scale an online business
  • What type of online business should you start
  • Why are online businesses popular nowadays
  • How does an online business work
  • Why online businesses fail
  • Can an online business make you rich

why are online businesses popular nowadays

Online businesses are attractive because they tend to provide people with a freedom like no other.

People like you and I are ditching our 9-5s to provide value online and at scale.

Which leads me to the second reason why online businesses are so popular.

You can scale an online business quicker and larger than a traditional business.

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

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:

  • Blogging
  • Providing online services and consultation
  • Reviewing products

If you prefer the following, you’ll need a platform:

  • Selling a product
  • Entertaining
  • 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.

Ask yourself:

  1. Would you rather provide a service, provide information, or sell a product?
  2. Are you looking for a more hands-on experience or more virtual experience?
  3. Do you want to earn money per project or passively?
  4. Will your startup require a lot of capital, or very little to no capital?
  5. 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.

Blogging

blogging

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.

Read: Blog like a champ in 2021: Easy beginners guide

Online Services and Consultation

online business services

If you already come from a consultation background, you may find this online business idea to fit your expertise.

Find a niche you’d be interested in providing value to.

Consulting may revolve around relationship advice, marketing consulting, social media consulting, business / sales, financial, etc..

This online business model will require you to be available on call or chat when a prospect reaches out.

A website could be a net for you to catch fish.

You may accept payment with Zelle, Venmo, Cash App, or PayPal for example.

Examples of online services

You can provide online services through your own website, or through a platform like Fiverr.

Services you could provide may include:

  • Reviews (blog or single website)
  • Site building
  • Social media management
  • PowerPoint building
  • Graphic designing / vector / digitizing
  • Video editing / audio editing, mixing (engineer)
  • Training / Health, diet schedule

The costs of your services and consultation will all vary depending on your niche and expertise in your field.

An online business based on consultation and services only will be limited to scaling unless other monetization is included in your business model.

You might want to provide affiliate products that can provide further value to your customers.

This will allow you to earn a commission for every sale you make on top of your consulting and service rates.

You can also incorporate a ‘blog’ section where you can direct your website visitors to and earn revenue from displaying ads.

E-Commerce Store

ecommerce store

E-commerce is the way to go if you’re looking to sell products online at scale.

There are two type of products you can sell online.

  1. Physical products
  2. Digital products

Selling products online are a great way to diversify your income.

You can either have a full-on Amazon store as your main online business, or you can create a small store to earn extra revenue on the side.

Physical Products

Physical products will require you to drop ship directly to your customers via manual entry or using an automated system.

The best platforms for this niche are Shopify, BigCommerce, and WooCommerce.

But if you want to build an e-Commerce business you’ll want to go with Amazon.

You can set up your own branded store with these platforms and use them to ship sell and ship product out to your customers.

This type of online store is scalable when you’re selling product that’s trending and in high demand.

Find your niche and cater them using your own online store.

Digital Products

Digital products on the other hand are a lot different.

You’re not selling hard copy of anything here.

A digital product could be a video, a course, an e-book, an audible, art, etc..

You can sell your own self published e-books using Amazon KDP and other products using a Shopify store.

If you have a blog you can also integrate WooCommerce with WordPress and sell directly to your readers from your website.

A digital product can earn you passive income / leveraged income while a physical product might require more of your time.

If marketed correctly, it can also scale much higher; especially if presented to a huge audience.

Reaching The $10K Mark: How Perseverance Overrides Adversity

Reaching The $10K Mark - Sales

In my eBook, Reaching The $10K Mark, I talk about the adversity I faced during my sales journey to reaching $10K per month in sales.

Every time I was close to reaching my goal the waves would come crashing down on me further pushing me away from the tide.

This motivational eBook captures the world of every aspiring seller striving to make it big in their sales career.

This is the first digital product I created and I wrote this with a lot of heart.

The moral of this story is how perseverance overrides adversity.

I wanted to create something personal that showed another person that we are all human beings and that we all come across setbacks in life.

My goal is to inspire you to keep going.


Become a YouTuber

Become a youtuber online business ideas
Online Business Ideas – YouTube

Lights, camera, money!

YouTube is a great platform for you to provide value at a massive scale.

YouTubers for the most part entertain no matter the niche.

Like blogging, you can share your knowledge and expertise in video format whether it be a vlog, instructional videos, or illustrational ones.

Anyone can create a channel and upload videos no matter your niche.

This type of online business will require you to be a little tech savvy, or outsource that work to those who are.

How Do YouTubers Earn Money?

Like bloggers, YouTuber’s main source of income is through displayed advertisement.

However, as your channel grows you can also leave affiliate links in the description of your videos to diversify your income from your viewers.

The amazing thing about YouTube is that once you’ve monetized your videos, you begin to earn money in your sleep.

As long as people are watching your videos on loop you will always be earning money.

This is what’s known as leveraged income.

If you love to travel, you only need to pack up your filming gear and move it with you to produce content no matter where you are.

How Can I Incorporate YouTube With My Niche?

If you’re into tech you can always review products or film unboxing videos.

People love this type of content.

You can then diversify your income by leaving amazon affiliate links to the type of gear you use in the description area of the video.

If your audience loves your channel to the point where they want to support your work they can always become a patron.

My patrons altogether cover most of my website’s monthly expenses.

If you’re a trainer, you could combine the use of YouTube with your website to generate leads.

Not only can you upload content to YouTube, but you can also provide consultation or 1-1 virtual training sessions.

It’s really all about creativity and leveraging these ways of earning money online to benefit and scale your online business.

How to scale an Online Business?

So how exactly do you scale an online business?

Audience is key. You’ll need a lot of eyes on your product, service, or content to scale your online business.

Once you’ve figured out how you’ll be monetizing your online business you’ll need as many people as you can get over to your website.

The more people that see you means the more possibilities you have to earn big money.

#1. Produce quality content

Quality content is going to be the foundation to your online businesses’ success.

People want to consume and buy quality product, services, and content.

Take as much time as you need to ensure your content is superior to that of your competitors.

Forget what they’re doing, just do what you know how to do but do it exquisitely.

Quality content never fails to be noticed, recognized, and appreciated. In fact, quality content has a higher chance of being shared on social media and referred through word of mouth.

Everything on this list can be perfect but if you’re not producing quality content then your online business will not be taken seriously.

Take your time to learn something if you have to or invest in the tools to make your presentation look and feel better for the engaged user.

#2. Search Engine Optimization (SEO)

Search engine optimization is the key to a successful and high ranking website.

You build your SEO by using the correct keywords and building backlinks to your website.

When you’re building your website you’ll want to make sure you’re using keywords that reflect what your online business is offering.

This will give you a higher chance of being found organically on Google, Yahoo, and Bing.

Don’t be discouraged if you aren’t seeing your online business pop up on Google right away.

SEO takes time to build but trust me, Google will automatically start ranking you after a few months of being active online.

Meta description, titles, subheadings

SEO is also heavily influenced by your website or platforms description, titles, subheadings, images, and even what is being vocalized in a video.

The more you stay on topic means the higher chance you’ll have at ranking higher in the organic search and recommended results.

#3. Social media marketing

Scaling your online business is heavily dependent on the use of social media marketing.

You’ll need to identify which social platform best connects with your target audience the best in order to drive traffic to your website or platform.

Get involved in Facebook Groups, relevant Twitter topics, or even network using LinkedIn.

Every niche and every website/platform will connect with a group differently.

Sometimes it takes time to find which will work best for your online business but you must find it.

Sharing your content, service, or product on social media is the first step towards promoting your online business.

Once you’ve worked on your SEO, you’ll want as many people as possible to click on these ‘backlinks’ leading them to your landing page or video.

Google loves backlinks and actually ranks you higher when you have plenty of them which means you need to consistently be sharing content that drives people to your site.

Also read: Innovative Ideas for Marketing

#4. Be consistent

Search engines begin to ignore you if you stop producing content so be consistent.

This is the part of building any type of business whether it’s online or traditional that requires patience.

You cannot expect to produce content once or ten times and start seeing huge results.

It takes time and effort.

Consistency is going to improve your marketing and pitching skills online.

It’s also going to make you produce better content for a bigger audience.

When search engines see your links have been spread around consistently for quite some time, your domain authority begins to climb meaning your visibility also begins to climb.

#5. Brand your online business

The fifth tip to scaling your online business is to brand it.

Branding your business is more than just a logo.

It’s the character of your business, the personality, and the likeability.

Your brand should attract your customers or audience and make them feel like they belong.

Did you know that you can evoke emotion through colors?

I get a little more into detail here with this marketing strategy, but the key is to create an identity.

When you create an identity, people will remember you and come back for more.

This is how you can get your customers to use your services again, buy another product, or indulge your content every day.

In the beginning, your brand will change from time to time.

This is 100% okay. Branding is about discovery and this takes time.

Your brand will slowly begin to reveal itself to you as you continue to push forward.

What makes an online business successful?

what makes an online business successful

To me personally, an online business is successful when it is able to provide you with a certain freedom a 9-5 can’t.

Whether it be more family time, personal time, recreational time, or even money, it’s different for every individual.

Perhaps you’re making a little less with your online business than you were from your corporate job but at least now you have more time with your family.

I see this as successful.

Maybe you keep scaling it and now you earn your previous salary every month.

I’d say that’s tremendous success.

My online businesses have provided me with the freedom to work from anywhere I please and to earn money in my sleep.

I could work less hours, but my work ethic doesn’t allow me to.

I have to constantly be providing value because as an entrepreneur, nothing is truly every secured and my family’s financial freedom is that important to me.

I make every minute count and I’ll ease off the gas pedal when I reach certain milestones.

Work hard now rest later!

Can an Online Business Make You Rich?

can an online business make you rich

I think you know the answer to that.

Due to how scalable online businesses are they can certainly provide substantial income to by most standards be considered to be wealthy or rich.

They key to your wealth will heavily resonate with the amount of people you’re able to provide value to.

You will become wealthier if your scalable model can reach 1 million people oppose to 100k people.

There is no shortage of people by whom you cannot provide your services to.

It’s a matter of figuring out how to get in front of them.

Everyone is fighting for attention one way or another.

Your job as an entrepreneur is to figure out how to stand out so that your product, service, or content is seen.

The marketplace will then decide whether or not your product, service, or content is worth buying, using, or indulging in.

So, be sure quality is always the first thing in mind when building your online business to provide value at scale.

Why Do Online Businesses Fail?

Like almost anything else in this world, any endeavor will fail once you stop working on it.

It’s really that straight forward.

If the marketplace didn’t react well to your service or product and you quit then you were the reason for the businesses failure.

Instead of tweaking and perfecting your product or service you rendered in self defeat.

Online businesses fail when their owners are defeated by adversity and barriers along the way.

An online business is not worth failing over.

The upside is too valuable.

Write that down in case it ever gets overwhelmingly difficult for you. “An online business is not worth failing over. The upside is too valuable”.

Online Business Courses

Should you attend them?

This is a financial literacy blog and financial literacy says don’t sign up for online business courses when in the end, you end up learning from experience instead.

I didn’t take online business courses, but I did attend a private college and earned my associates degree in business administration.

I was left with $50k in debt and didn’t know how to sell, apply social media marketing, or file taxes for a small business.

You have to understand that any school offering you any online business management degree is scamming you.

They’re a business themselves.

They will teach you theory and give you a good grade for your efforts and presentations.

But they will not teach you how to become a successful entrepreneur. That you learn on the streets.

Online Business School

I’d be lying to you if I didn’t personally look into online business schools after I received my associates degree in order to ‘further my education’.

It wasn’t until I began earning money in a sales position where I learned that there was no need for me to attend an online business school.

Online business school wasn’t for me at this point.

In fact, my business professor wasn’t a very successful entrepreneur. He owned a volleyball team but the startup was a partnership.

And he had given up on it and referenced selling his half to his partner quite often.

Online Business Management Degree

If you’re thinking about getting an online business management degree through an online business school, I would take financial literacy a little bit more seriously.

You can invest the money for your tuition into your startup instead!

The money could go towards gear for that YouTube channel or towards your domain name and website configurations.

There’s so much more you can do with that investment.

An online business management degree will not teach you the real world aspect of running a business or managing people.

Start off small and work for a small business to gain exposure and experience.

Learn the ropes and start with data entry.

I began my journey managing a small team due to my leadership skills, not through my degree.

Start there and see how much further that takes you.

Start Your Online Business Today

Franknez.com

Stop procrastinating.

You got this!

Get excited about it and start taking your first steps towards that new life.

That vision you keep seeing is the preview to life’s upcoming attractions.

And if you’re lacking strength to get started then I encourage you to borrow mine.

Borrow my strength to start.

I believe in you.

References

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8 Things to Consider Before You Close Your Businesses for Good

should I close my business? When to close your business
Should I close my business? When to close your business for good.

Published by FrankNez Team.

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

what to consider before closing down business
What to consider before closing down business

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.

You can learn about declaration of solvency before preparing the document needed.

●     Settle Your Taxes

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.

You can learn more about debt when closing down your business.

●     Provide your contact details before leaving

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.

Conclusion

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.

Since you read this article, you might be interested in learning about other kinds of investments.

Related: How to Start an Online Business and Succeed

Frequently Asked Questions

What are the contributing elements to the company’s closure?

The most common reasons a business may actually close down are insufficient capital, personal use of funds, poor location, and poor management. All of this mainly leads to the failure of a business.

When should I shut down my company?

It’s time to think about closing up shop if you see that your business and personal partnerships are hurting significantly.

There is no correct time to shut down your business, but if you notice the financial solvency of your business is curving down, you should probably shut down.

How can you determine the value of a small business?

The total value of the company’s assets, including inventory and equipment, is added, and all liabilities and debts are subtracted.

Which is preferable: closing a business or selling it?

You should always consider selling before you end your company. As a result, the business will be able to pay you well for the time and effort you put into it.

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Virtual Data Room: Effective Document Management Software

Virtual Data Room - Management Software
VDRs (Virtual Data Room) – Management Software

Published by FrankNez Team.

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

Virtual Data Room - Flexible Workflow and Management
Virtual Data Room – Flexible Workflow and Management – Management Software

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:

  • loan syndications;
  • private equity;
  • 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.

Board Communication

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

Virtual Data Room - Common Document Management Features
Virtual Data Room – Common Document Management Features – Management Software

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.

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