Business Credit Cards for a New Business

If you are a new company starting out then having a business credit card is a must. Business credit cards for a new business are hard to figure out at times so this article will go over exactly how to choose the right one that is going to work best for your company.

Every business credit card typically comes with some sort of perk, whether it be cash back, lower interest rates, high credit limit, missed payment forgiveness, etc. Before you even start looking for business credit cards for your new business you need to sit down and think about which perk you want more than any other for your business. Always remember that the goal of any business is to maximize profits so whichever perk will help you accomplish this is the one you want to seek.

Once you have decided on which credit card is the best then it’s time to start shopping around. I usually recommend starting with smaller banks or credit unions in town. The reasoning behind this is whenever something goes wrong, and in business it will, you will need the support of a bank that can help guide you through any sort of credit issues. The advantage here is if you pick up the phone and call the bank you will typically get someone at that branch office not a call center in the nether regions of the planet.

If you decide to go to a large bank or retail banks you always see advertised, the advantage with these companies is the long standing history. This means that any issue you have more than likely they have seen it a thousand times already. The downfall is when you call for support typically you’ll be routed to a call center and most of the times not within your country.

Regardless of which large or small bank you choose always call and setup a discussion about your goals for your business credit cards for a new business. This way the bank and you can start a new relationship and they will be able to help pick out the best business credit card for your new business for your company.

Always make sure you fully understand the terms you and the bank are agreeing to especially the interest rates. With the recent recession banks are willing to issue business credit cards for your new business but sometimes they are attached to a higher interest rate that can hurt you business if you are not careful.

Just Say No to New Business

Any business person will tell you just how difficult it is to say no to new business. It seems counter intuitive especially in this economy and for anyone trying to achieve their sales goals. But let me tell you from experience, it can be one of the best things you can ever do to grow your business.

How do you say no? How do you know when to say no and why? These are just a few of the questions I’m sure you are asking. You need to have well defined qualifying criteria to assess fit of new opportunities by answering the following questions. Who is your ideal customer? How big are they? How much budget should they have for your product or service? Do they value what you have to offer? Who is the ideal buyer? What industry or geography are they in? What is their persona? What are their points of pain? Are they in a financially viable industry? Where are they in the buying cycle? What is the status of their relationship with the incumbent firm? All of these questions and more need to be answered before you can say no to anyone.

Once you’ve answered those many questions then you are ready to create your target filter. A target filter is the set of guidelines you use to determine whether or not a new opportunity is a good fit for your business. When you are done creating your target filter you should be able to consistently and with discipline know when to say no and why. To test it take a few of your existing ideal customers and test the them against their criteria. If they pass 80% of the tests, then you are on the right track. If they fail, you may want to assess whether your target filter criteria are right of if you’ve got an existing customer on your roster that really doesn’t fit anymore.

We learned how to create our target filter when we were introduced to the Whale Hunters methodology for landing big deals. Our target filter has saved us many hours of chasing business and wasting our time on new opportunities that don’t fit. Typically chasing one of these “non-conforming” opportunities results in either us not winning the business, or if we win it, lower than average profits and short-term customer dissatisfaction and turnover. Saying no early to business that doesn’t fit allows us to pursue fewer, higher quality deals and has translated into a 50% close rate for new clients. Our customer relationships are much more satisfactory and profitable because they are a good fit from the beginning.

So, if you want to just say no to business that doesn’t fit, develop a strong target filter, apply it consistently and with discipline. Learn to say no to new business and watch your bottom line grow!

Starting a New Business – Tips For All New Entrepreneurs

You have decided on starting a new business to fulfill a long cherished dream.

You wish to be Your own Boss and make your own decisions and earn more money. By starting a new business you hope to get a sense of accomplishment and pride which would not be possible when you work for a Boss. This is great but to fulfill your dream there are certain very essential steps you should take and if done systematically, you will certainly reap the rewards for your efforts.

Self Confidence:

The main foundation for success is self-confidence. People with self confidence achieve success much faster than others. They also inspire confidence in their colleagues, subordinates and their customers. Self confident entrepreneurs are willing to take risks and go the extra mile to break new ground or achieve success. You must be confident that you will succeed and that failure is not an option. Build your self-confidence.

Choosing the Right Business:

What is the nature of the business you propose to start? You have to identify the products for which there is a need and which you will be happy with. It does not matter even if there is a similar business in town but what you have to find out before starting a new business is whether there is space for additional business. A market survey will help you make the correct decision.

Location:

Location is another important factor you must consider when starting a new business. Even with the right products a new business cannot survive unless it is located in the right place with easy access and parking facilities. A new business has to survive, beat the competition and succeed in a competitive environment.

Goals:

Once you have decided to start a business your first step is to set your goals on running a successful business. The nature of the business you wish to do. The amount of money you can invest and the returns you hope to get. Will your spouse be participating in the business or working in regular employment. Set you goal so that they are attainable.

Business Plan:

Prepare a Plan as to what strategies you propose to adopt to achieve your goals. If you are not capable of preparing a plan, obtain the services of a consultant or a friend who is running a successful business. This should include cash flow and break even analysis. Unless you have a proper plan before starting you are bound to loose your way somewhere down the line and adopt survival strategies such as obtaining loans on higher interests or mortgaging your business.

Knowledge and Skills:

When starting a new business it is certainly advantageous to possess some knowledge about your new business or some working experience in a similar business. If you do not possess sufficient knowledge and skills, you can always employ someone who has these skills but this should not deter you from starting your business. With determination and effort you can always learn as you go along.

Promote Your Business:

Many new entrepreneurs spend substantial amounts of money to start a business but hesitate to spend money in advertising and promoting their business. People should be made aware that a new business has opened in town. Advertisements in the local newspapers and the distribution of flyers and brochures will create awareness and bring in customers. A website that is constantly updated will certainly be very helpful.

Conclusion:

Once you have achieved your immediate goal of starting a new business, you have to get a steady stream of customers and ensure that they have a great experience in doing business with you. As Jeff Bezos the founder of Amazon.com says “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”

Tips for New Business Owners

1. Plan. Plan. Plan. There is a reason why experts and loan professionals suggest writing a business plan and a marketing plan before starting a business. With a plan you can adequately prepare ways to reduce risk. It will also give you a true indication of a particular market condition, competition and other options available to you. Doing your research early on will save you tons of money later. New Business Owners and old alike must always plan. With a plan you will be 1000% more successful. If you don’t know what you need to do each day or what you need in your plan, ask someone. Don’t be afraid to ask someone for their help. We all have had to learn from someone else either through interviews, books or by watching them. Most people don’t mind you asking for their expert advice and are often flattered to be asked for their expertise.

2. Get clear about what it is you want from your business and then set goals to achieve that. Don’t just say you want to make a lot of money. Write down how much you want to make and by when. Also write down what it is you are going to have to do to get there. It is important to know why it is important at this point in your life that you want to start a business. Trust me on some days you will need to have this reason at the forefront of your mind just to keep it together.

3. Hire a coach or mentor. Get someone who has already accomplished what you want to accomplish to teach you. Who wouldn’t want to save 10, 15 or even 20 years of mistakes and challenges by just hiring someone who can help with the process not to mention all of the money you stand to gain and save by learning from an expert in your field.

4. Decide on a budget. Determine early on how much money you can afford to spend each month. But more importantly you need to know whether or not you can even afford to be in business and how much risk you can take. Remember, it takes money to make money. Be willing to put aside a certain amount of money each month for your business. What can you afford to spend? What are you willing to spend in order to be successful? Some vendors you deal with will you ask you what your budget is.

5. Be willing to speak on your area of expertise and then plan to do it consistently. Speaking puts you in a position of authority and people will think of you first when they need what you offer and also will come to you for advice.

6. Write on your area of expertise. Write articles, books, in journals, newspaper columns, press releases and anything else that will show people you are an expert in your field. The same goes as above your potential client will see you as a celebrity if they see your name in print.

7. Get a website. Every business needs a website. This is vital in today’s competitive marketplace. Your market size suddenly grows 10,100, 1000 times larger when you can compete national as well as international. Don’t limit yourself. Your competition will have a website. It is no longer a sheer luxury but a necessary component of being in business.

8. Diversify. Don’t put all of your eggs in one basket. It is important to cultivate multiple streams of income. It is also a good idea to keep your pipeline full of clients that you can nurture and eventually sell to. There is nothing worse than depending on a handful of clients to pay your mortgage. Not sure what other streams of income are available to you, look to see what your competition is doing. Do they offer additional services, accessories, cross sell? Can you offer an information product with your product or service?

9. Hard Work is required. There is not one business open that doesn’t require some serious work and more than you would put in if you worked for someone else. Just because you started a business don’t think it will be easy, the work has just begun.

10. Test. Test. Test. It is important to determine where you are getting the most return on your dollar. Remember the 80/20 rule here. Keep a log of where and when you advertise. This is important because you need to know what worked and what didn’t. Use some type of code in each advertisement so you’ll know where the customer heard about you. Coupons or discounts are great way to keep track of advertisement. This is great for the customer as well.
11. Learn all you can. Never stop learning. When we stop learning we merely exist. Experts are usually the highest paid in their field because they make a concerted effort to learn all they can. Read as much as you can. This will more than likely give you an edge on most of your competition. Most people get comfortable after being in business for a while and stop learning and growing. Attend all the seminars, teleclasses, webinars, trainings, conventions, association meetings you can find in your field. Take notes and apply what you learn immediately. It is equally necessary to learn about other areas particularly latest technology, sales and marketing, administration, human resources, finance/accounting and pricing despite the business you are going in.

Remember consistency and repetition is important to your business success. What sets you apart from someone else is your ability to take action often and quickly.