How Can College Students Make Money Online?

Money is a very important resource, no matter what your status in life may be. And to a college student who is working on meeting school requirements and deadlines, it is essential to always have money available. But money is not always easy to come by. Not everyone who goes to college finds it easy to fund their education, with some people even resorting to loaning money. 

But if loans and educational funds are not viable, you might want to look into making your own money. In fact, with today’s modern technology and the popularity of online jobs, there are various ways for a college student to try earning their own money. Freelancing for one has been a growing trend among students who are finding ways on how to get out of student loan debt. 

Here are some of the ideal choices for students to start making money online to help them pay off debts, learn valuable skills, boost their resume or CV, and provide them with more leverage for student loan refinancing.

Become A Notary Public And Loan Signing Agent 

Want to make $100 an hour as a part-timer? Then why not work as a notary public and loan signing agent? Learn how to walk people through when it comes to filling out forms and contracts whenever closing on a new home loan. If you have a background in real estate, you may already know the various documents and contracts needed for loans. If not, you might need to sign up for a Loan Signing System certification. 

Start A Blog Or Website 

Do you have a passion for writing? Then you can start your own blog and earn money by doing what you love. A blog can serve a writer a number of ways. It can be your very own content marketing tool. It is also one way for you to build your credibility as a writer for a specific niche. 

Depending on what you niche is, you can use your blog to sell digital products such as ebooks or online courses. You can also look into including affiliate links in your content, selling private ads, or by monetizing your blog with cost per click (CPC) or cost per one thousand impression view (CPM) ads. 

Offer Freelance Writing Services 

Another way for you to make use of your writing skills and passion is by offering freelance writing services. As a freelance writer, you have a large market to explore online. Your prospective clients can include small to medium enterprises, startup companies, professionals and other freelancers. Mostly, these customers may be looking for someone who can create articles that convert for them. These articles can include website content, blog posts, guide books, sales email, product descriptions, manuals, and more. 

Do Online Design Work 

If you have an eye for design and is well versed in some of the graphic design tools available online, then you might want to look into providing professional design services. Many graphic artists are diving into the freelance industry offering their skills to businesses and professionals to create websites, logos, branding design, packaging designs, promo images, social media posts and more. So if you have a knack for creating striking graphic designs, this could be a great career to dive into. 

Design And Sell T-Shirts 

Do you have an eye for T-shirt designs? Then you can search for custom made t shirts near me and for selling purpose, college is the perfect marketplace. You can offer personalized and custom-designed T-shirts to your schoolmates or even start selling them online. 

You just need a small investment to purchase a computer with good specs for graphic design, along with your selected printing tools, and of course an inventory of shirts. Start creating eye-catching custom shirt designs and share them online on your website or via social media and start getting customers and building your T-shirt printing business’ reputation. 

Become A Calligrapher 

Calligraphy may be an old skill but its market is still booming. With a lot of people nowadays wanting custom calligraphy included in their personal items or event invitations, you can definitely start a living just by learning how to write artistically. You can even grow your calligraphy business and offer custom invitation designs, personalized stationery, custom signage, event design services, and more. 

Become A Translator 

Multi-lingual? Why not share your skills and get paid doing professional translation services. Many companies nowadays are looking into offering reaching out to more customers all around the globe. This means that they will need to speak the language of their prospective markets, and that’s where you come in. If you are well versed in speaking a certain language, you can earn a lot of money just by translating content from one language to another. You can translate documents, create subtitles for videos, or be on call to translate during customer service calls. 

Sell Items On Marketplaces Online 

If you are skilled in spotting cheap and quality products online or from a market nearby, you can try becoming an online seller. Create your online store or make use of some of the popular online selling platforms such as Amazon, eBay, Shopify, and more to sell products of your choice. Start by choosing a product niche that students like you might find interesting, such as cheap textbooks, fashion pieces, or stationery items. From there, you can start establishing your online store and filling it up with products. 

Become A Voice-Over Artist 

If you have a suave sounding voice or are very good at creating different voices, you might want to take advantage of that skill and become a voice-over artist. With the growing demand for video content on different social media platforms, you can start earning money just by lending your voice to professionals or companies. You can do voice-overs for how-to videos, video blogs, animations, translated shows, and more. Just invest in a good voice recording equipment and you are off to a good start. 

Become A Video Blogger (YouTuber)

If you are good at creating and editing video content, then you can become a video creator. Explore a specific topic that you may be very fond of and start creating videos that will rack up some views and subscriptions. It can be about anything under the sun, as long as it captures the attention of YouTube viewers, it can help you grow your number of subscribers and earn the popularity that you need to earn bigger on the platform. A professional YouTuber can earn 5, 6, or even 7+ figures annually if they can grow their following and leverage it for advertising revenue, product sales, and sponsorships. YouTubers are big earners still.

College Kids Can Make More Money Online

No matter what your skills are, university students will be able to find a great earning opportunity on the internet. With so many marketplaces for different types of products and the growing demand for skilled professionals who can share their knowledge via the internet, you are sure to find the right method to earn money in college.

10 Tips to Help Find Startup Investors

You've got an amazing idea but you need to find investors to make it happen. Unless you have been in the game for a while and already have been networking with people that are looking to invest, it might seem overwhelming when you are trying to get started.

You know your business is going to be successful once you get it off the ground but how are you going to make it happen?

Continue reading this article and we are going to give you tips on how to get investors for a startup.


Investors Are Out There

Before you get started looking for investors, you should know that they are out there looking for you, just like you are looking for them. There are people and venture capital (VC) firms actively looking for great ideas to put their money behind.

The following tips will help you find these VC startup investors and angel investors.


1. Be Prepared

You might not know when you're going to meet someone looking for an opportunity. Be prepared before you even plan on looking for investors. You never know when you might meet an angel investor or prominent VCs along with other well-connected individuals.

Figure out how much capital you need and be able to show investors exactly how you're going to get their money back. If you aren't prepared, you could miss out on a golden opportunity but if you are prepared, you might stumble upon an opportunity of a lifetime.


2. Just Make Progress

If you don't raise all of the money in the first round, that isn't a big deal. Once you get enough capital to get started — get started!

Work on getting your product together right away and sell other investors on being a part of the project by showing them how much progress you have made.


3. Look for Industry Specific Investors

You don't want to work with just anyone. You don't only want money. When you are looking for investors, you should look for people that are experts within your industry.

When you work with industry investors as your partner, not only can their money help you — their expertise can also help you. Finding people that have "been in the game" for a while will help you rocket ahead of any competition that might be going at it without help from someone in the industry.


4. Show Value and Take It Away

When you are looking for investors, you are more likely to get investors if you don't need one. If you know that you have a lot of other options, you can show the value of your company and take it away by nicely letting them know you have other options.


5. Don't Skip the Relationship

Investors want to invest with people they know, like and trust. While you don't have to know someone for years, it is helpful to build a relationship with people before you ask them for money.

Go out, be social and meet the people that can make a big difference in your business.


6. Minimize Risk

Investors don't want to invest with people that aren't sure about their projects and the level of risk. 

Investors want to know that you have minimized risk as much as possible.

Investors' goals are to get as big of a return as possible in the shortest amount of time.


7. Check for Similar Businesses

A simple way to find investors that are willing to put money into your type of business is to see who has done it before. Look at other businesses that are similar to yours and see who put money into those businesses when they were first getting started.

Many of these people already understand how these businesses work and understand the risks. Since they understand the risks and how they work, they are likely to be less worried about getting their return back because they already know how it is likely to go.


8. Understand that Investors Aren't the Only Way

When you know that investors aren't the only way to go, you won't come off desperate when you are talking to potential investors. Investors are one of the most expensive means of funding your startup.

Consider traditional loans and other means of funding before looking for investors.


9. Network, Network, Network

You never know who you know and who the people you know have in their network until you ask. 

Don't be afraid to let people know that you are raising capital. You might even find out that someone of the people are know are looking to put their money into something that is going to bring them a good return.


10. Know Your Stuff

Before you start pitching anyone, make sure you know your stuff. If you don't show how much of an expert you are when you are speaking to the potential investors, they are likely to pass you up. These investors don't want to spend time babysitting you so they can get their money back.

If you don't make a good first impression, they are going to go find someone else that does know what they are doing and put their money into their business.


Find Investors and Make a Difference

Now that you know how to find investors for your startup company, it is time to make a difference in the world with your new company. Companies that are truly successful make a positive impact on the world and that can be you.

Feel like you need some additional help and information? We have many other articles that can help you on your road to a successful business. Browse our site, find your favorite section, drop a bookmark and come back soon for more great reads.

7 Ways To Save Money For Your Business

Managing company finances can feel like a tough task. That is why it is sometimes a good idea to get back to the financial fundamentals. Think about the simple money math. For example, the more your company saves, the more your company makes in terms of profits. The lower your expenses and utilities are, the more your business saves. That is basic business profitability for any company. 

Increase Monthly Income And Save Money With This Company

Saving money for your business practicing frugal finance sounds simple, right? Cutting company costs is the simple and perfect solution to all your biz woes right?

But cutting costs for your company is not always that easy. Every company has to navigate different types of expenses to save money for your business. 

Where can you save money, and where should you leave things as they are for your business expenses? One of the easiest ways to start saving is by comparing electricity suppliers. If you live in certain areas,you have the power to choose your electricity provider. Comparing different rates and detecting potential savings is a must if you want to keep your company's expenses under control.

You are hopefully ready to save money for your business on all types of expenses to reduce overhead and improve profitability. It won't always be easy, but it will be necessary to pump up profit margins. And we are ready to help your company out with its fiscal fitness right here at Frugal Finance. 

Read on and discover 7 surefire ways to cut company costs and improve your bottom line. 

7 Ways To Reduce Company Expenses


1. Use Low-Cost Advertising Methods

Traditional advertising is expensive. Whether you are running a PPC campaign or buying space in relevant magazines, the costs add up quickly. The truth is most small businesses can't afford the level of advertising necessary to see worthwhile results.

That is why many are turning to more cost-effective advertising solutions. If you rely on your website to convert customers, then turn your attention to search engine optimization. By improving your site's ranking, you will get more eyes on your business and thus more customers.

Even brick-and-mortar locations can benefit from inbound marketing, such as creating informative articles and YouTube videos.


2. Reduce Your Job Requirements

Experienced workers expect larger salaries. And that experience doesn't always translate into additional profits for your company. When you are filling a vacancy in your business, ask yourself if you really need an employee with five years of in-person training.

By hiring recent graduates, for example, you can afford to pay them much less. Although they are lacking in real-world knowledge, they will have the education they need to fulfill the role. Just be sure you choose candidates who excel at learning on the job.


3. Take Advantage of Frugal E-Commerce Platforms

On the low end, creating an e-commerce website will cost you tens of thousands of dollars. That is an expense that not every small business can afford. And even if it is in the budget, is it really a wise purchase for an ecommerce company on a shoestring?

Don't disregard e-commerce options that are readily available. Your business can use sites such as eBay, Amazon, and Etsy to curate and distribute sales. Yes, they will take a little off the top, but you will still save thousands as you increase sales volume. 

Or just purchase a discount domain name with a frugal website host and start selling on WordPress or Weebly if it is cheaper than Shopify, WooCommerce, and BigCommerce options.

If you are really set on owning an e-commerce store, choose to go with a premade solution. These have limited functionality, but your budding business likely won't need the versatility of a custom option. One of the best premade solutions on the market is Shopify. 


4. Slash Shipping Costs

Turn to the mailroom when you need major cost-cutting strategies. Shipping rates can vary between services and parcel sizes. By shopping around or changing distribution methods, you can effectively lower your overhead.

Negotiating even a small rate change can lead to big savings. Imagine making an extra dollar every time you ship a product. And if you've never audited your mailing network before, you can likely save much more.

USPS postal rates increase every year. Search for cheaper shipping solutions to pass the savings on to your customers or grow your business. Or even consider using a reputable 3pl service that is cost-efficient.


5. Work From Home

The location of your business will have a major impact on your monthly rent. For example, a high end urban office will cost you an annual $14,800 per employee. But the question is, do you even need an office in the age of remote work and digital technology?

You may not need a physical space depending on your product or service. And if you don't, then why pay for one? Telecommuting is an easy way to keep a low overhead.

Many employees also enjoy the flexibility of working from home. In fact, you may be able to offer a lower salary with this incentive.

When an office space is a necessity for some positions, you can still have the others telecommute. Maybe you need warehouse workers to handle distribution. But does your accountant need the office space?

You can get a smaller office with fewer workers. And that means much lower rates.


6. Cut Unnecessary Types of Expenses

What kind of incentives are you dishing out for your employees? If things are getting tight, it may be time to re-examine that luxury coffee machine in the kitchen. Nobody likes their perks being taken away, but it's better than having to downsize the company and let people go.

And it is not just about incentives. Cut your power bill by hooking all electronics to power strips. At the end of the day, you can turn these off to avoid losing money to standby power.

Anytime you make a payment, ask yourself if the service is necessary. And if it is, ask yourself how you can find ways to cut costs.

Over time, these small changes can lead to big savings. This can't be overstated enough for small businesses or bootstrapped startups on a lean budget.


7. Negotiate Better Rates

Every business works with a variety of vendors, whether they are selling office supplies or product materials. You should know that your rates are never set in stone. One of the best ways to cut company expenses is to head to the negotiation table.

You have more power than you might think when it comes to cutting company costs. Many vendors are willing to lower their rates. For them, making less money is better than making no money.

Do your research beforehand to see what others are paying. Renegotiating doesn't carry a large risk, but you don't want to insult your vendors with a ridiculous request.


Types of Expenses: Know When to Save and When to Spend

In general, cutting certain types of expenses in business is worthwhile. But you can't cut everything, even if you are a fervent frugal finance enthusiast. Sometimes you will profit in the long run by investing in things that truly matter, such as your product, employees, and partners.

It may appear counterintuitive, but employee happiness can lead to increased productivity and retention. By paying more now, you will get more value later and save on certain types of expenses your company could be liable for. Sometimes you do have to spend money to make money, as long as it is done reasonably and frugally whenever possible.

For more advice for your small business, head to the business category on our Frugal Finance blog. Frugal Finance is crushing company costs worldwide!

8 Steps To Set Up A New Small Business

Did you know that there are over 30 million small businesses in the USA? That is a lot of competition for new startups to take on.

The business world is more connected than ever before. More and more people are taking the opportunity to market their commercial skills to a broader national or even international market. 

If you are thinking of starting a small business, what do you need to know? What are your first steps in the business world? Why not take a few minutes to find out in our in-depth startup launch article. 

8 Steps To Setting Up Your New Small Business 

1. Define Your USP: Unique Selling Point 

Before you sit down and get to grips with your business plan, it is good to sit and think about what your product or service is offering. What will make it different from other products? 

Perhaps your unique selling point will be the materials that you will use. Perhaps you will use recycled materials and you can highlight this to customers. In other cases, you could be planning to use rare local ingredients. In any case, there is likely something specifically attractive about your product. 

Understanding your product's unique selling point will help you to have greater confidence in the product and market it more accurately later in the process. 

2. Create Your Business Plan 

Your business plan is the basis for your goals for the immediate future. It may only detail your activities for the next 2 years however, it will lay the basis for your applications for funding. What should you include in your business plan: 

• What does your company do and what model does it follow? 
• What are the current market conditions and how the company fare? 
• What is your product and how will you produce it? 
• What marketing strategy will you choose? 
• What funding will you need at each stage of the process? 
• How many people do you envisage working in your small business? 

Remember that your business plan is flexible and only outlines the initial years of your business life. You can update it during this time and use the lessons that you learn for your subsequent business plan. 

3. Analyze Your Market 

While your product may be sound, timing your introduction into the market is crucial. This will ultimately make or break the success of your business. When considering your market, consider how your competitors are doing and why they are succeeding or failing. 

When you conduct this research be as specific as you can. Find out how each demographic in your target audience will respond to your product and why. You can use survey groups or other methods to gain insight into public opinion and consumer confidence levels. 

4. Create Your Management Structure 

Next, consider who will help your business meet its initial goals. Who will you use in your management team what will each person do? 

Instead of simply quantifying how many people you feel you may need, you should create a profile for each role. Then, when interviewing for this role you will see whether this person meets your requirements, or is motivated to learn how to. 

5. Create A Marketing Strategy 

Since you have now performed a market analysis and have in place the people who will manage your business's main departments, you can plan to market your product. 

On the basis of the knowledge you have accrued about your market, you can begin to create your marketing strategy. 

What age group will you be advertising to? What social media channels do they tend to use? Will you also incorporate traditional forms of advertising such as television and radio? Should you set up a PPC advertising strategy online to attract attention to your product? 

The answers to these questions will form the basis for your marketing campaign. 

6. Plan Your Funding And Costs 

As you bring your business plan to life, you will be better able to predict your outgoings. This is important as you will need to relay these to investors and others who will provide funding. 

You will need start-up cash. This is immediate funding that allows you to start production. This cash will cover office space, computer, and telephone needs amongst other initial outgoings. 

Potential investors will want to know how many employees you have and how you will retain them. Will they be direct employees with wages and health plans? Perhaps you will rely on freelancers and other self-employed workers who will create a pay stub and care for their own taxes. 

Investors will want to see that your economic business plan is waterproof before they will be willing to invest. 

7. Register Your Business Name 

Next, you will need to register your business name. This may not be as easy as you may think. 

You should first conduct a search to ensure that your preferred name has not already been taken by another company. After this, you will be able to pay a small fee to claim it as your own. 

Your business name is important as it is the name that people will use to identify your company for many years to come. It should be relevant and memorable. Your name is also important as it lays the foundation for the next step. 

8. Develop A Brand Identity 

Branding is one of the most important steps that your company can take. Branding is the image that your customers will see for years to come. It will include your company name and perhaps some artwork. 

After you have confirmed your company brand, you can start to incorporate it on your website, on your business cards, your social media webpage, and more. Your first job is to spread that logo as far and wide as possible and build up interest in your SMB. 

How To Start A Successful Small Business And Much More 

In today's super connected world, there are more opportunities than ever to start a home or small business. You simply need to learn what skills you have and how to market them. 

If you are interested in learning more about the latest business and lifestyle developments, then we are here to help. 

We gather the latest information on top business topics and more and bring it to you via our feed. Why not take a look to see how we can help your business on a budget today.

What Is An LLC And How Does It Work?

There are now over 32 million businesses across the United States.

Due to the benefits owners get through asset protection, a good chunk of these businesses exist as Limited Liability Companies. While there are several other options on the legal structure you can pick for your business, what you settle on depends on your objectives.

If you are asking yourself, “What is an LLC and how does it work?” then here is a guide to help you understand this legal business structure better.


What Is an LLC and How Does It Work?

A Limited liability company is a business structure created by state law that exists as a legal entity that is distinct from its owners.

An LLC combines aspects of a sole proprietorship, a corporation, and partnership to create a structure that ensures the owners are not personally liable for its liabilities.

You can form an LLC to own certain assets (for example, real estate, houses, boats, vehicles, etc.) or use it to run a business.

The owners of an LLC are known as members. You can have a Single-Member LLC that’s owned by one person or a Multi-Member LLC owned by two or more people.

Once you pay a filing fee and successfully file the LLC formation documents with your state, you can become a member.

An LLC exists as a separate entity from its owners. As such, in the eyes of the law, you as the owner are not the same as the LLC. That is essential because it helps manage asset protection and is arguably one of the most significant benefits of an LLC.

For example, let's say you are a member of an LLC and happen to accrue a business line of credit worth $50,000,000 that goes unpaid beyond its tenor. When the lender decides to take legal action to recover their money, they will not come for your personal assets.

Instead, they will file a case against the LLC, and the entity will have to use its assets to repay the loan. In that sense, what you own as an individual remains safe.

When you own place assets or a business under an LLC, the ownership moves from you to the entity. Therefore, all legal documentation will show that the owner of the asset or business is the LLC.


How Do You Form an LLC?

When forming an LLC, you begin by selecting a business name for it. Don't forget that the name you choose must be in line with your state’s rules.

Once you have the name, you must prepare the Articles of Organization (known as Certificate of Formation or Organization in some states). You can file the documentation with the Secretary of State by mail or through some of the best online LLC formation service providers.

If you plan to conduct business in another state other than the one the LLC’s registered in, you will need to register in the state of interest. Just like when registering with your state, you will also need to appoint a registered agent for your LLC in the state you plan to operate in.

There are several regulatory and tax requirements you need to be aware of when forming an LLC. These are:

Employer Identification Number: The EIN is mandatory for Multi-Member LLCs, even if you don't plan on hiring any employees. In the case of a Single-Member LLC, an EIN only becomes necessary when you want to hire employees or choose to be taxed as a corporation.

Sales and Employer Taxes: There are cases where you will need to pay sales and/or employer taxes in LLCs. It is wise to consult a tax professional during the registration stage to discover what obligation you’ll be responsible for.

Business Licenses: Depending on your area of operation, there are licenses you may need to acquire from the state or local authorities. Consult the necessary state agencies to confirm all the licenses you need to get, so your LLC becomes compliant.

In many states, once your LLC is operational, you will need to file annual reports along with a filing fee.


How Do LLC Owners Get Paid?

When forming an LLC, every owner puts in something of value that will help run the organization. Typically, this is money or other assets.

Every member's contribution goes to their capital account and is a part of the total capital available. The capital account will show any changes in the LLC’s ownership.

Your capital account begins with your capital contribution, grows with your potion of the business income, and decreases due to withdrawals or business losses.

When the LLC makes a profit, your share goes into your capital account (as do any losses). You get paid out of your share of the profits through a business check, which reduces the amount in your capital account. That is referred to as a draw or distribution.


Do LLC Owners Get Taxed?

Since you are an owner and not an employee, you don't receive a salary. As such, what you get paid isn't directly taxed like a salary would be. The tax you pay is tied directly to your share of the profits or losses that the LLC makes.

However, this tax applies to your entire profit or loss portion, whether you withdraw it or not. Let's say you earn $10,000 in profits and only withdraw $2,000 from your capital account. You will still need to pay tax on the entire $10,000.

If you are a Single-Member LLC owner, taxation happens slightly differently. The Internal Revenue Service (IRS) treats all Single-Member LLCs as sole proprietorships. Thus, any losses or profits the LLC makes pass on to you.

Consequently, you won’t need to file a separate tax return for the LLC, as in the case of Multi-Member LLCs. That is because all the LLC's income or losses will be reported on your personal federal tax return.


Protect Yourself From Personal Liability With an LLC

Many business owners are partial to forming an LLC because it protects their personal assets from any liabilities the business incurs. An LLC comes with other requirements you also have to pay attention to for it to succeed. Before forming one, ask yourself, “What is an LLC and how does it work?” To get a more in-depth understanding of how to operate under such a legal structure.

Are you looking for more ideas on how to start and run a business? Check out more of our company content for top tips that can make you a better entrepreneur.

7 Tips on Small Business Marketing

One of the greatest setbacks that recent events has caused is hurt the economy. And no one has been hurt more than small businesses.

If you run a small business that has taken a hit during the recent events, you want to figure out how to recover your business and start building your revenue once again.

You need to consider a small business marketing plan in the new economy.

But what exactly do you need to do to market your small biz in the Coronavirus economy? We have put together this guide to help you get your company back in business! Keep reading to learn more about small business marketing done right.


1. Get a Helping Hand

The first step is to get a helping hand from a digital marketing agency. A digital marketing agency will know how to keep up with the trends post-recession and will help your business adapt to them.

They will assess how badly your business has been hurt during the lockdown and will be able to advise you on how to bounce back. They will be able to analyze your marketing efforts once you reopen for business and help you devise the best strategies moving forward.


2. Create a Landing Page

You should create a landing page to promote your business or a particular product/service that you are offering.

This will rekindle an interest in your business as the public will be ready to start shopping once again. On the landing page, you should mention how as a society we have all had to endure the hardship of the COVID-19 lockdown.

This landing page should also request action on behalf of your customers. This can be asking them to come into your physical store, purchase your new product/service, sign up for your newsletter, or mark their calendars for the reopening of your business.


3. Make Announcements Through Social Media

As your business gets close to reopening, you want to make these announcements through social media.

These can be in the form of Facebook posts and/or Instagram stories. Utilize social media to inform your customers that you are back in business. You can also directly contact your customers and offer them an incentive to revisit your business. Perhaps you can offer a discount if they show up on an opening day or at any time during your first week of reopening.

You need to aggressively use social media to spread the word about your business, it's reopening, and any new products/services that you are offering.


4. Keep an Eye Out for Guidelines

Though lockdowns may have eased in your area, there is always the possibility of a second wave and further lockdowns.

You have to keep an eye out for any guidelines that your government may impose. You also have to keep in mind that though people may be eager to go out, there will still be precautions and people may still be worried about the virus.

You want to assure your customers that your business is adhering to the guidelines. These are a great way to market your business. For example, you can advertise how your place of business has followed the guidelines for reopening as required by the government. 

You can also advertise that hand sanitizer will be available on your premises or that you will require customers to wear a mask if they wish to patronize your establishment. Advertising your company's adherence to the guidelines is a great way to market the business.


5. Create a Long-Term Marketing Plan

As your business has been drastically affected by the COVID-19 pandemic, you now have to start thinking long-term.

Create a long-term marketing plan that outlines at least six months. You have to lay out your plan for how your business will adapt and recoup losses for six months.

This can include aggressively marketing your business just before reopening (as mentioned previously), updating your Local SEO information, and offering further incentives such as discounts to bring your customers in.

You may also want to specifically advertise how your business has helped customers in the post-COVID economy. You can even advertise how it has helped your employees - this shows that your business is dedicated to helping workers - many of whom have lost their livelihood due to the pandemic.


6. Reach Out to the Community

As mentioned in the previous tip, you should consider updating your local SEO. This means that your local community should have updated information on your business.

This will include updating Google My Business and Bing Ads Management information. Your business should indicate hours of operation, contact information, and any guidelines related to COVID (i.e., wearing a mask, etc.)

You also want to reach out to your community and let them know that you are here to provide a necessary product/service that can help everyone enjoy life or get back to "normal." Start calling local residents and past customers about your offering. A top VoIP phone system can help you with cold calling, telemarketing, and customer service. The cost of voip calls is very low so it is a smart investment for any small business. Keep calling consumers and return messages promptly.

If you are able to hire, now is the time to start marketing any vacancies. Creating jobs is a big help to your local community.


7. Consider a Virtual Event

Even if it's not usual for your business to have events, you may wish to consider a virtual event to market your business.

This can be as simple as having a Zoom conference call where a few select customers can have a chat about your business and what you offer. Or it can be a live stream where you can discuss what the business is doing to reopen. You can discuss your new products/services (that you've also marketed on social media) and how you have been adhering to post-COVID guidelines.

These virtual events are becoming more popular among brands and its a great way to interact with your customer base. You can also use a virtual event to recruit any potential new employees in the age of the Coronavirus pandemic.


Back in Business With Small Business Marketing

Now that you know the steps for the perfect small business marketing strategy, you are ready to be back in business. Follow these steps and you'll surely see your business thrive once again in the post-COVID economy.

Tips On Leasing Space For A Salon Business

Contrary to popular knowledge, most business owners rent their business spaces instead of buying or building. Renting is more convenient and affordable because it gives you the freedom to move or close down your business if things go south. Renting is also cheaper than the latter. Salon business owners are some of the renting enthusiasts. Before renting a space for your salon business, there are a few things you need to know. These property lease terms include: 

What Are The Terms Of The Lease? 

One of the most important things you need to know when renting or leasing a space for your salon or any other business is what the lease entails. You can find out all this information by reading the lease or rental agreement fully, word for word. Some people ignore this step because they find the document or papers to belong and uninteresting. However, you must know what it contains because it is like a contract. The lease usually contains general terms about the contract and all the agreements between you and the landlord. Therefore, you need to read it so that you can see if whatever is written in the document is the same as your agreement. 

This is an especially important move if the landlord is the one who made the document. It would be best if you made sure that they got the terms right. If there are any details that you do not agree with, you can go back and negotiate with the property owner, then make the necessary changes. Make sure you don't ignore the dates, payment figures, and other special terms. You also need to check your freedoms and those of the landlord when terminating the lease. 

How Easily Can Your Clients Access The Space? 

Another important factor to consider before renting or leasing a space for your salon is the accessibility of the area. Clients are an essential part of the success of any business, especially a salon. Therefore, you need a place in an area with a lot of foot traffic because the foot traffic will act as a marketing strategy for your business. You also need to check if the area has a parking space for your client's vehicles because salon services take time, and your client needs to be assured of the safety of their vehicles. It would help if you also had an area near transportation so that your clients can get to and from the location easily. Accessibility is, therefore, an important factor when choosing the location. 

How Many Clients Can Space Accommodate? 

The size of the space is also an important element you need to know. The size of the space directly influences your business size and the number of customers you can handle at a time. This means that you have to consider how many employees you have, the quantity of equipment, and your overall business needs. For instance, if you want the business to accommodate a beauty salon, spa, and other beauty services, you will need a large space. It is also worth noting that the business size affects the cost of renting or leasing it. 

It would help if you also considered whether or not the size of the space is expandable. If you intend to maintain the location for a while and expand your business in the future, you may need an expandable space. Getting an expandable space is a good move because you do not have to pay a lot of money for a large space, but if your business is successful, you can always expand it. 

How Is The Security In The Area? 

Security is a mandatory requirement when looking for any business space for hire. It would help if you had a place that will offer safety to both your employees and clients. Therefore, you need to look into aspects like the crime reports of an area. Note that the security of your business location directly affects your profits and marketability. 

Final Words On Salon Leases

You can also consider things like the sanitation of the space and its physical appearance. However, space's physical appearance is not too important because you can always change things by painting and interior decoration. Note that the cost of leasing the property or space is also a vital factor to consider if you are looking to find salon space.

Financing Challenges Faced By Small Businesses

Most businesses focus on spending money to make money with the goal to grow and expand. For that, companies require funding, which is a formidable concern for many. 

Financing is the backbone of any business, whether it is small or big. With cut-throat competition out there, it is a challenge that is faced by every industry — it is more apparent for small businesses due to their size and the uncertainty regarding its return on investment. So, they often do not qualify for conventional financing. 

The above chart shows that most small businesses (32%) are started with cash. From purchasing a physical location to advertising your products and offering online services, every small business needs capital at the initial stage. First, it's raising the capital and then comes its management. 

Most entrepreneurs launch their company on a shoe-string budget. According to a recent financial survey of startups, 60% of businesses started with less than $10,000. Raising $10,000 is relatively easy for larger, more established firms while smaller companies find it rather challenging to cough up such a large sum. When it comes to financing small businesses, there seem to be several factors at play. 

Mentioned below are some of the financing options and challenges associated with them that are faced by small businesses. 

1. SBA Loans 

A Small Business Administrative (SBA) loan refers to the amount of money borrowed from a bank or a financial institution to start or expand a small business. When determining how to get an SBA loan, the qualifications considered are quite a few. With the necessary tools, no company is rejected from securing such loans. However, a small business faces challenges when they opt for an SBA loan. 

Challenges Faced In SBA Loan Financing 

• Banks and Financial Institutions are not willing to offer loans to small businesses. A survey has revealed that banks denied 82% small business loan applications in 2024. Banks and financial institutions deem small business loans as far riskier than lending to big firms. 

• There are certain charges associated with processing a loan application that is borne by the borrower. These charges are the same for small businesses opting for smaller amounts as for big companies that are seeking to secure massive amounts. For a small business, these charges and fees are enormous, which may become a burden on the business itself. 

• Banks and financial institutions demand higher interest rates from small businesses to cover higher risks associated with them. It can be depicted from the graph below, where 46% of the SMEs faced such an issue. 

• Usually, a small business cannot offer a collateral to the bank despite having workable business plans. 

• Often banks will require personal guarantees/mortgage on individual properties of the owner of a small business. 

2. Debt Financing 

The term Debt Finance refers to a situation when a company sells bills, bonds, or notes to investors to raising working capital for the firm. The investors who purchase these bonds, bills, or notes also receive a promise from the business that they will get their money back along with interest at an agreed rate within a stipulated time frame. 

Challenges Faced In Debt Financing 

• A small business is hampered by the unavailability of records, which could be presented to the lenders to determine the creditworthiness of the borrower. There is an aura of uncertainty around the future performance of the small business which does not go well with the investors who seek security for their investment along with the stipulated returns. 

• Most small businesses are unable to provide a valid credit score from a reputable agency. 

• Investors would want security for their investment before disbursing funds to the small business. Since debt financing is risky, security can be obtained through detailed business plans, the financial strength of its owners/directors and a list of business's assets (if there are any). 

• As a rule of thumb, an investor would not increase the amount of debt to a small business until there is a corresponding increase by the company towards the collateral. It means that every time you go to the investor for a loan, they would require you to put in more equity into the business. Most of the time, this is not possible for the owner. 

• Investors are reluctant to offer short and medium-term loans to small businesses since a long- term loan can be secured with the help of mortgages. Small businesses, on the other hand, rarely seek long-term investments because they are more expensive and do not suit their business model. 

• Investors usually demand higher interest from small businesses compared to their larger peers. From the investors' point of view, the higher rate of interest covers the higher risk involved in working with a small business. For the company itself, the higher rate of interest becomes an extra expense. 

3. Equity Finance 

Equity financing is a process in which capital is raised through selling shares of the company at stock exchanges. The company offers ownership to the public (investors) so that they can raise money in an equity financing deal. 

Challenges Faced In Equity Financing 

• The stock market does not trust small businesses. Even if the stock market allows them to offer shares, it will be of little value. Consequently, the company will be forced to issue more shares to raise just a small amount of money. 

• A typical investor in the stock market has a choice of investing in big established firms who have a proven track record of paying good dividends. In the presence of such firms, it is implausible that an investor will invest in a small business. 

• Even if an investor chooses to invest money in a small business, he will not be able to resell those shares in the market when he needs cash. 

Face The Finances 

It is true that financing a small business is indeed a tough nut to crack. Once you have considered the viability of each financing option, it can help overcome your problems. The rise in capital ensures money management in the form of reduced debt and cash flows, which can help your business survive in tougher times. 

You need all the help you can get to improve funding for your small business. Read more articles on money management and ditching debt right here on the Frugal Finance Blog!

4 Options To Start A Business With No Bank Loan

An inability to access finance kills off many great business ideas before they even get off the ground. It doesn't matter how great the idea might be, how original the concept is, or how many potential customers might buy your product or service - if you can't put together the money to get started, it is never going to happen. That is a major problem for freelancers and for people trying to leave the world of employment to set up on their own for the very first time. 

The first port of call for anyone looking for a business loan is a bank, but traditional banks aren't always very helpful. If you have no track record in business and, therefore, no way of demonstrating that your business can turn a profit, they are disinclined to lend. They are even less likely to lend if you have had personal issues with cash or credit in the past. You might have the best new business idea anyone's ever heard, but if you defaulted on a credit card three years ago, a bank almost certainly wouldn't give you the money you need to turn that idea into a reality. It sounds crazy, but it is true. 

Perhaps we’re being too hard on banks. After all, if a friend came to you asking for a $1000 loan on the basis that they might be able to pay it all back to you next year if their idea works out, would you give it to them? Lending for a new business is, from a bank’s point of view, like playing UK Online Slots. Most of the money that a player bets on an online slots game is lost. Occasionally you will get lucky and land a winner - and the winnings might even be far greater than the losses - but there is no way of knowing how the bet will turn out until you have placed it. If banks operated like online slots websites, they would all be out of business. They’re usually against high-risk lending, and that’s why it might serve both you and them better to look at an alternative means of financing your business - an alternative means like one of the options we’re about to outline below! 

1. Peer To Peer Lending 

This P2P route still involves borrowing money, but it cuts banks out of the deal. Peer to peer lending is a process that connects people wanting to borrow money with people - or perhaps even groups of people - who are in a position to lend it. Typically these people will be involved in or have an interest in the industry you’re looking to do business in, and so they are likely to have a better understanding of your business model than a bank would. 

Typically speaking, a peer to peer business loan comes with lower rates of interest than a bank loan. They're also open to people who've had credit difficulties in the past - although if you've had credit issues, you can expect your initial interest rate to be a little higher because of it. Go through a reputable broker rather than straight to an individual for your own protection, but there's no reason not to at least give this option a look. 

2. Crowdfunding 

Not every business or business model is suited to this method, but if yours is, this might be the easiest way to get your idea off the ground. Rather than approaching one company or one person for a large loan, you can take small amounts of money from hundreds - if not thousands - of people. The nature of your product or service is of vital importance here because it will have to be something people genuinely want and need for them to be motivated to contribute, but if you can spark their imagination, you might find that the public is more generous than you ever imagined. 

While this method would have been unthinkable a decade ago, it’s become increasingly common during the past five years and is likely to be more common in the years to come. Just remember that you’ll have to ‘reward’ your investors in some way, whether that means a free product or service in return for their investment or a longer-term share in your new company. 

3. Grants 

There might be a grant scheme available to people opening businesses within your chosen sector - and you might not even know it exists. In fact, it's more likely than there is a grant scheme available than there isn't - there are grants and similar programs available for almost every type of business imaginable. Finding the right one might take time, but it's time worth investing. 

Grants generally come from governments, and governments are keen to help small businesses get off the ground because they're the employers of the future. There will be paperwork to fill in, and you might be in for a long wait, but waiting until the money is secure and in place is often better than diving in with borrowed money and being under pressure to make repayments immediately. If you're unsure of where to look, make an appointment with a citizens' advice bureau or a similar service to assist you. 

4. Mortgaged Equity 

We imagine that part of the reason you’re interested in setting up a business alone is that you want to be your own boss. Because of that, bringing in a partner might not appeal to you - especially a silent partner who will take a percentage of your earnings, but won’t be doing any work after their initial investment. You might be able to raise the money you need by, for example, selling 20% of your business to a future investor, but you may not be comfortable with losing 20% of your ownership before you’ve even opened your doors. 

The way around this is to mortgage your equity. You could get the money you need by offering an investor ten, twenty, thirty, or whatever percentage of the company you need to sell to bring money in, and then agree on a deal where you buy them back out of the company over time. It is a form of lending, but there is usually no interest charged as part of the deal because the silent partner is taking a percentage share of profits. You would need to find the right investor to agree to this deal - but they are out there, and the only thing you lose by looking is time. 

Keep Company Costs Low

Other than all of the above, keep your costs low. Start from your bedroom if you can. Don’t hire anyone until you physically can’t keep up with orders on your own. Do as much as you can online and keep overheads low that way. Getting a new business through its first twelve months will be one of the hardest things you have ever done - but it’s possible, and you can do it!

How To Start Your Own Storage Space Rental Business

Self-storage spaces are storage units that make an excellent space-saving solution to both individuals and businesses. People need storage solutions to temporarily store their belongings while downsizing, business purposes, or when relocating to a new place. Storage facilities are secure, convenient, and easy to find options for people who are in need of temporary storage. 

While it started with traditional ways of direct booking, its scope now has expanded to online reservations. Not just that, traditional self-storage solutions have given way to peer-peer self-storage management software. While storage space rental business generates a healthy and stable cash flow, it is important to be unique in the market to grow and sustain your business. 

How Do Storage Space Rentals Work? 

The basic functioning of self-storage platforms is similar to Airbnb. Just like how house owners list their properties in Airbnb, people who have unused storage space can register within the website and people who want to avail vacant storage spaces can visit the same website to pick the right option that suits them. In other words, storage space rentals work just like Airbnb for storage space. A storage space rental platform is not just a website that facilitates storage space bookings, instead, it is a trusted community marketplace for people to list, search, and book self-storage units. 

Let’s see how it works for storage space owners and renters. 

For Storage Space Owners 

People who have an extra storage space unit will register their listing on your platform and outline specifications like location, size of the storage unit, pricing, terms and conditions, and other details. Once the profile is created it undergoes a series of verification processes to verify the identity of the storage space owner. When a user requests to book storage space, hosts can either accept or reject the booking based on availability. They can also chat with potential renters and leave reviews once the business interaction is closed. Self-storage rental platforms work as a great channel for storage space owners to make money and utilize their vacant space productively. 

For Renters 

Airbnb for storage space makes it easy for renters to find the best deal of self-storage spaces near them. Guests can search through the available filters like location, size of storage space, etc. to find a suitable listing. To get started with browsing listing, they also have to create a profile on the platform with personal information and other necessary details. 

Users can also take advantage of the in-app communication system to chat with the host before booking the space. Once they have found the desired listing, they are either book it instantly makes the booking. Self-storage space rental marketplaces allow users to make payments either by cash or pay online within the platform itself. 

The Business Model Of Airbnb For Storage Space 

The business model of storage space rentals allows storage space owners to rent out their units to users who seek short term storage solutions. If you want to start a storage space rental business on a budget or you don’t own any storage space, building a peer-peer rental marketplace is a great idea as the initial investment is considerably low. Considering the revenue strategy, the primary way your platform makes money is through commission charges. You can charge a commission fee for both renting and hosting from each booking. Premium listings, in-app purchases, and additional services are some of the alternate ways to generate revenue. 

How To Create A Self-Storage Management Platform? 

Self-storage solutions make a lucrative business idea as it is more affordable when compared to traditional storage units and it is much easier for users to book and make payments securely online. The very first step to set up your storage space rental business is to build a website that facilitates users to list, search, and book storage spaces effortlessly. Let’s see in detail how to create a self-storage management software for your business the best way. 

Define The Core Features 

When it comes to building storage space software, the most essential part is to clearly define the features and functionalities of the platform as your business success lies in the same. A peer-peer rental platform based on the Airbnb business model will have three user groups, the storage space owners (hosts), the renters (who wants to book the storage space for rent), and the admin (who manages and control the activities of both hosts and renters). 

So here are the core features of a self-storage management platform 

Registration, Authorization, And Account Creation 

Airbnb for storage space allows both users to use the platform through registration on the site. Users must be able to sign up using their email, phone number, or even social logins. Additionally, include an authentication feature that allows users to switch their rules between hosts and renters. Once they successfully register, they must be able to create their account by inputting personal information like name, mail id, password, etc. 

Listings 

Storage space owners must be able to create their storage unit listings on the website along with the detailed information of storage units and pictures. Specifying information like unit size is very critical and it helps to ensure that customers can reserve the right space before turning up with stuff that doesn’t fit. 

Communication System 

Your storage space rental platform must integrate a messaging system that allows both hosts and renters to communicate with each other. 

Booking System 

Customers must be able to search and book storage spaces by checking the availability of the storage space. You must also allow them to book rentals and later pay for it online through a secure payment gateway. Storage space owners must also be able to see new booking requests, active bookings, and past bookings. 

Online Payment Integration 

Set up a full-fledged online payment system so that it is easy for renters to make payment and for renters to accept payments for services effortlessly. The secure payment gateway integration comes handy for both users to make and receive payments on the go. It also facilitates a channel for the admin to charge a commission fee for each booking that takes place on the website. 

Decide How To Build The Website 

To build the storage space software, you have two options- either to build it from scratch or to use a white label solution to build it the easiest and affordable way. As you might already know, building the platform from scratch is the most elaborate and difficult, and expensive way to do it. Whereas, white-label solutions or ready-made scripts are ready to deploy programs that help to create a storage space rental website for your business with all core features and functionalities. You can choose to customize the template to any level to create the website according to your unique business requirements to fulfill the needs of your target audience. 

Start A Smart Storage Rental Space Business 

Both individuals and businesses rely on self-storage units to store their stuff. Each of these storage units is a small business on its own terms. Hence, building a self-storage management software can be a lucrative business. Self-storage unit businesses are listed as one of the most profitable small businesses as they have a margin of 11%. To gain a competitive edge in the market with fierce competition, aim to offer the most convenient and secure storage space rental solutions to your customers.