Category: Small Business

Do you sell a monthly membership? If not, you might want to consider it.

3 reasons why:

1: Monthly memberships mean residual income. You sell a membership once and you get paid for it month after month until the person cancels.

2: Selling a membership generally isn’t any harder than selling a one-time product, yet you get paid a whole lot more for the same effort.

3: If you offer a trial membership, it’s even easier to get new subscribers. In fact, it can be easier than selling a regular one time product. Yet you can make a LOT more, as this case study will show.

Michael Hyatt has a membership site called Platform University. Twice a year he opens the site up for enrollment. Of course, you can take new enrollees into your membership site as often as you choose, but Michael likes to do it just twice a year – probably because it seems more exclusive that way.

Membership costs $37 a month.

But when his recent launch ended, he decided to offer a $1.99 trial membership to anyone who didn’t take the full $37 a month membership.

So after the one week trial period ended, he sent out an email to everyone who didn’t become a member.

In the email he offered a 7 day trial for $1.99, but the catch was they only had 24 hours to grab it.

That email went out to 40,000 people. 819 signed up for the trial offer.

(If you’re going to do the math to see how much 819 times $1.99 is, you’re going to miss the point. But it’s $1629)

Of those 819 people, 292 cancelled the membership before it rolled into the $37 a month auto payment.

That sounds bad, doesn’t it?

It’s not. Because that means 527 new members paid their first $37 a month.

At $37 a month, that’s an additional $19,499 of monthly recurring income that Michael never would have had if not for the trial membership.

And things get even crazier, because the average member stays for 17.3 months, which is a lifetime value of $640.10 per member.

Which is to say, that $1.99 trial offer resulted in over $300,000 in revenue.

Wow.

Really, it makes you wonder why he doesn’t just offer the trial membership.

But here’s the thing: By spending a week or even two weeks selling the membership at full price, he really builds the value.

So when he does offer the one week trial for just $1.99, it such a no-brainer that people sign up in droves.

The campaign to get new $37 members is really a campaign to show people how valuable the membership is, and set it up so that the $1.99 is simply too good to pass up.

If he had ONLY offered the $1.99 membership, he would not have properly established the value of the membership, and I don’t’ think his results would have been as good.

And all of this isn’t even counting the members he did sign up during that week long campaign at $37 a month each.

So how can you use this in your own membership?

First, you want to provide plenty of value inside your membership so that new members stay for a long time.

Find out exactly what members want and give it to them. Have a place inside your membership where members can actually request new features be added to the membership

Next, really establish the value to prospects. Use lots of testimonials to show how your membership helps members to achieve their goals. You want to build the value so high that cost of membership seems low by comparison.

Lastly, offer your trial membership for only a day or two before closing it. This gets people off the fence and grabbing the trial before it’s too late. You can always open the trial back up again in a month or two, as you see fit.

Finally, track your numbers. See how many people sign up at the regular rate, how many sign up for the trial, and how many convert from the trial to the regular paid membership

And of course keep track of how long members stay. Find ways to get them to stick around longer and you will exponentially increase your monthly income for even bigger paydays.

One more thing – imagine working your tail off to get your membership up and running. You might invest, say, two months into finding out exactly what people want, setting up the membership and filling it with content, software, etc.

Then imagine four months beyond that – you’ve got hundreds or even thousands of members with more joining. You’re making residual money on people who joined months ago. In fact, every month your income increases. You invest part of that money to continue to provide the content, software or services that members get, and the rest is yours.

What type of routine do you have in place for your carpet cleaning customers? Sure, there should be a customized plan for your different clients, but all of them will have similar methods included. There are certain aspects that should be implemented in every cleaning program you conjure up. You can use whatever type of equipment you deem necessary, whether it’s a truck mount or portable carpet cleaning machine.

A good carpet plan should consist of daily and long-term cleaning. This should include vacuuming all high traffic areas as needed. The idea of a carpet care routine is to reduce soiling and to increase the longevity of the carpets in a property. This routine can be used whether you have residential or commercial customers, or a combination of both.

There are three different levels of carpet cleaning, which are as followings.

Level One

The first level of your carpet cleaning plan should be routine cleaning. This consists of cleaning habits that should be performed daily, weekly or more regularly. This is especially important for vacuuming. The areas that need to be vacuumed consistently include:

• Entry foyers
• Reception areas
• Corridors and common areas
• Elevator cabs and lobbies

The areas that don’t require much vacuuming include:

• Private offices
• Meeting rooms
• Board rooms

Level Two

Interim cleaning is the second level and is highly necessary for maintaining the integrity and beauty of a carpet. This is a light clean that is done in between deep cleanings using a truck mounted carpet cleaning machine. You can use a portable carpet cleaning machine for this purpose. This is ideal for offering a quality clean without much down time for drying. The areas of focus include those that are the most exposed and prone to soiling.

Level Three

Once or twice per year, deep cleaning should take place. The methods used should clean the carpets all the way down to the padding. The frequency of these cleanings will be determined by where the carpet is located, how effective the carpet care routine is and the intensity of traffic. You can also simply read the manufacturer’s maintenance instructions. It’s best to perform deep cleaning before heavy soiling takes place. You can use a portable carpet cleaning machine for the job or one that is truck mounted. Let your customers know that they should schedule this well before soiling becomes visible.

Whether you’ve been planning events for family and friends or just for fun. If you are ready to start planning events and get paid for it, these strategies will get you started the right way. Turn your passion into profit with the most important steps you’ll need to be successful.

1. Research your market

You will need to do some research before taking the big plunge into business. Conducting your market research is an orderly way of learning about the people who will be buying from you. Essentially will need to uncover if there’s demand for your service, how much and for what areas. Market research will virtually cost you nothing with access to the internet and a computer.

2. Create a Business Plan

A business plan is a written description of your business future. It summarizes what you plan to do and how you plan to do it. A business plan should never be skipped as it will provide you with the most detailed guide for setting out your future business goals and being able to track if they are being achieved.

3. Register your business

It is important to register your business and secure your business name legally to make your business operations official. This is an important step for setting yourself up as a serious, trustworthy and professional service provider. This is also the time to think about what type of business structure you would like to have. Will this be a sole proprietorship or will you be working with a partner? These are just some questions to think about as you go about registering your business.

4. Setup your business structures

It is highly recommended that you put essential business structures in place before taking on any event planning clients. These include naming your business, obtaining event insurance, setting up a business bank account and speaking with a lawyer to ensure that your contracts and other business documents are suitable for your business.

5. Establish your event planning fee structure

Pricing is a struggle for most new event planners, so if you do not have this figured out you are not alone. Determining your pricing structure, particularly when you are new can be a rather difficult task. When I first started planning events it was mainly for family and friends and I charged $0, not even for supplies!. When I started planning events for paying clients I was even more clueless as to what my pricing structure should be, and I would seriously undercharge for my services in an effort to not lose out on potential clients. You can avoid this by tracking your cost, the amount of time it takes you to plan an event and your desired hourly wage to determine the sweet spot for your prices.

6. Enrol in an event planning course/program

The field of Event Planning has become more established as a professional career, it has also become more competitive for event planners as a result. In the past, it was never required that event planners have both event planning education and design skills. This has changed. Event planners are now expected to possess a basic level of skill, experience, and education to be competitive in the industry. This means that you will need to have an impressive portfolio as well as professional development courses to prove your skills and expertise. Search for courses that can improve your skills and enroll in them. Even better if they offer a certificate of completion to prove your newly acquired knowledge.

7. Volunteer to gain experience

Knowing what to do is the first step, but knowing how to do it is the second. Volunteering provides you with the skills and experience you need to impress your clients and build trust. This is a great way to improve your portfolio when you are new to the industry without experience. Check out your local non-profit organizations and offer your services for free to get started.

8. Promote your event planning business

Once you’ve written your business plan and know what to charge for your services, the next step is to develop your business branding materials and begin marketing your services. A brand identity such as a logo, website, and business card will leave an impression in the minds of potential customers!

Many hosted services are offered over the web for a variety of business needs. The general term used to refer to all of these is cloud computing. Cloud computing allows online companies to use resources over the internet rather than build and maintain their own in-house infrastructures.

Cloud computing is a trendy term that can be heard everywhere these days. Simply put, it refers to storing and accessing information and applications over the web instead of getting them all stored on the hard drive of your computer.

Storing or running programs from your hard drive is called local storage. This means that everything you need is physically there with you, making access to data easy and fast, especially for the one computer and the others connected to it through a local network. This was how many industries functioned for a long time before the cloud came along.

The “cloud” refers to the internet. This calls back to the times in office presentations when the internet was represented by a puffy cloud that accepts and gives information as it hovers above everything.

You may be using cloud computing at some aspect of life without realising it. This applies to online services that you use to send email, edit your documents, stream films or TV shows, listen to music, play games online, or store files and images. Cloud computinga makes all these things possible behind it all.

The first services to use cloud computing are a couple of decades old, rising fast so that a wide range of organisations are already using the service. This includes startups to big corporations as well as non-profits and government agencies.

Cloud computing at a glance

According to a study by the IDC, 50% of information technology will transition to the cloud within 5-10 years. Among the industries that rely heavily on data are the financial sector, telecommunications, technology, health care, government, advertising, retail, gaming, energy and data services.

Furthermore, 82% of companies have found significant savings in moving to the cloud. 60% of businesses already make use of cloud-based IT for operations. 82% of companies are also planning for a multi-cloud strategy.

These stats show that cloud computing holds much promise as a rising industry as well as a valuable resource for companies to take advantage of.

Cloud solutions for business

There are three different types of cloud solutions that businesses can choose from to find the best fit – private cloud, hybrid cloud and public cloud. Each offer different features and benefits. But with each type, the end result stays the same: cloud computing can be done wherever you are, at any time.

Private cloud

Private cloud works in industries with concerns for privacy, including medium businesses and more established enterprises that need to meet standards for security and compliance.

One example is IoT companies, such as those who trace customers through their phones. Other examples include health data companies, e-commerce sites that store credit card data, industries with high intellectual property concerns, and companies that emphasise data sovereignty.

Private cloud is managed by an in-house team of IT personnel or by a private host.

Private cloud offers complete control and flexibility, enabling businesses to manage their own dedicated resources within a third party datacentre.

Hybrid cloud

Hybrid cloud is for companies that prefer the security offered by private cloud. This type of cloud solution is best for workloads that are highly dynamic and prone to changeability. This includes enterprises that can be split into two spheres, sensitive and non-sensitive.

Hybrid cloud also works best for businesses with seasonal data spikes, big data processing, and those with workloads involving API compatibility and requiring solid connection to a network. Hybrid cloud takes its name from the fact that it is managed by both in-house and external resources.

This mix of private and public clouds offer blending of such services as Office 365 for email with other applications that businesses don’t want to be made available in a shared environment.

Public cloud

Public cloud is for industries that have a significant amount of data with no major concerns for privacy. Companies that use this service opt for a pay-as-you-go structure. This type of cloud solution is managed by third party providers.

Industries that use public cloud include those in development and testing, development platform, training servers, one-off big data projects and websites with public information, product descriptions and brochures.

Public cloud is perfect for services, applications and storage that are made publicly available as well as those that use shared resources that are managed by the cloud provider.

More benefits in the cloud

Now that you know the different types of cloud solutions available, it’s time to go over the benefits of moving to the cloud. As a growing trend, cloud computing offers many. Here are five of them.

1. Time-saving, on-demand services

Cloud computing features self-service delivery for different types of workloads and needs. What makes it so attractive to businesses is that any service can be available on-demand. This effectively removes the need for companies to maintain in-house IT staff, especially for small businesses, or manage physical computer resources.

Cloud hosting allows users to get access to their files from any device, anywhere and at any time. This means that files don’t get stored in just one computer, enabling faster operations and availability. Storing in the cloud also makes it safer for businesses to protect their files, with faster backup options and recovery in cases of breaches or similar scenarios.

According to TSG, 45% of companies that use private cloud solution in their operations have enjoyed significant reduction of the time it takes to install applications. This time-saving feature enables companies to enjoy faster processes and improve productivity for employees.

Cloud computing can make integration easier for you. A lot of cloud computing applications include an Application Programming Interface (API) where you can find apps that are compatible instead of having to pay to have them customised for you so you can integrate them.

2. Flexibility

One of the biggest benefits offered by cloud computing is its flexibility. People on your team can access files and information that are relevant to work anywhere and on any device. In a highly mobile world, this is especially important.

Moreover, many companies now offer flexible working arrangements, such as remote workers and telecommuting. With cloud computing, employees can access work files even when they are not in the office, making it easier for them to work wherever they are. For small businesses, this also makes it easier for them to easily manage their operations wherever they are.

Increased flexibility and mobility enable businesses to let their employees use the devices they are comfortable with. This can include tablets, laptops and smartphones, helping employees improve their personal productivity.

With this type of elasticity, companies are able to scale up as their computing needs increase as well as scale down when they decrease. This saves them from having to invest in infrastructure that may not be needed later on in time.

3. Lower costs with pay per use

One of the best immediate benefits of moving your business to the cloud is that there is significant financial savings involved. Cloud computing fully makes use of hardware. With virtualisation, the value of the physical server is increased, giving businesses the opportunity to do more with less.

Cloud computing enables businesses, especially startups, to decrease the need for physical space, power usage, IT resources and more. As a result, there is a lower need for installation, maintenance, upgrades and costs for support and hardware. For SMBs, this is a valuable way of saving resources so they can concentrate on online growth.

Cloud-based resources are measured at granular level, which means that users only pay for the workloads and resources that they use. You also don’t need to buy software anymore or pay for someone or a team to update or install the software, manage email or file servers or run backups.

The benefit of cloud computing is that all of the applications and services are taken over by the cloud vendor, instead of you having to be responsible for any of it.

4. Improved collaboration

Productivity is increased by cloud computing due to its accessibility. Since everyone who needs access to files and data can get them wherever they are, there is less need for employees to be in the same room. This is especially relevant for workers or employees who need to travel a lot.

Teams in different locations all over the globe can readily collaborate on projects without needing to actually meet. Easy sharing and real time updates on files are facilitated, and more things will get done with web conferencing for meetings.

Cloud computing lets small businesses grow quickly online. It’s faster, easier and more convenient to sign up for a cloud-based app than to purchase a server, run it, and install software on it. Expansion is cheaper as there is no need to invest in hardware and software for the startup.

Cloud-based applications can also be accessed on common web browsers at any time. This means that users across the company can adopt to the applications without the need for intensive training. This is especially valuable for businesses with employees in different locations.

5. Enhanced security with instant updates

There is increased security for companies as software is automatically updated, bugs are fixed and content is remotely stored.

Those who have doubts on what the cloud has to offer are concerned about the safety of data outside the company’s internal firewall. The truth is, due to the robust security standards established by ISO, safety is increased when cloud solutions are used. Moreover, cloud providers are strictly required to follow the rules.

As a result, risks are reduced when it comes to loss of laptops containing confidential information as well as the threats of hackers. You can also remotely wipe sensitive data from lost laptops and gadgets so nobody else can access them.

When it comes to ensuring security with the cloud service you choose, you need to know first where your data is stored. Firewalls, detection and prevention tools as well as data encryption can help prevent intruders from getting at your information. However, you still need to know where your data goes when you stop with the service or in cases where the cloud provider closes down. Dedicated hardware is what cloud computing providers need to pass the highest security guidelines.

Data backup is recommended to make sure that you can increase your control over your data. Ensure that the data centre you’re using takes security seriously. Find out what security measures are in place in the server and data centre where your data is stored.

Managed services are also a valuable option in making your data and apps stronger. This includes managed antivirus, firewalls and detection tools. High quality cloud providers offer these to allow for better security.

On top of it all, updates, including on security, are automated.

Cloud service providers can regularly update offers, giving customers the most up to date technology possible. This can include software, servers and computer processing power. Customers can avoid wasting their time maintaining systems and updating them once new features roll out. Suppliers take care of those themselves, out of sight.

As a result, businesses can focus on growing their business while enjoying the best that the latest technology has to offer.

To round up, the top benefits you get from cloud computing include:

– Saving time resources with services that you can enjoy on-demand

– Flexibility and mobility of access

– More affordable services with pay per use

– Better collaboration within teams, especially for overseas or traveling employees

– Heightened security measures in place plus automated updates

If you are a business owner who often goes on trips to promote your services and products at conferences, exhibitions, and trade shows, then you might enjoy the satisfaction of using these banner stands at your next promotional event. You can use these types of banners at craft fairs, exhibitions, and events. This is because, these can give you a professional touch to the display that clearly and successfully promotes your services, goods, and brand message to the target audience.

If you have traveled to trade show or a fair, then you might know how tough it might be to set up your stand and make a professional and convenient unit that is priced moderately as well. Many small businesses work with certain estimations and therefore might not be able to afford for expensive booths which are custom-made and delivered by the exhibition supply companies. However, instead of struggling by packing your stand onto a transportation mode, you can simply carry these with you as you walk to the exhibition hall. And once you get there, you can easily and quickly assemble it and place it on the display in a right professional manner for the target customer.

Roll up banners are made from a very lightweight material, cost-effective and can also convey the brand message in a professional and skilled manner. These placards are also custom printed and available in various styles like pop-ups, pull ups, retractable placard displays which are intended for traveling exhibitors to use. They measure 800 mm x 2050 mm in width and height and it is designed to enable it to roll into an aluminum housing which works as a base of the stand. Normally they weigh five kilograms less and they are highly portable and easy to transport from place to another.

Most these come with an optional carrying case that has a handle and shoulder strap to enable you to carry them around easily when you need them. These are great value for money because of the accurate amount, you can get your basic stand which includes a fabric bag and graphics. The fact that these are durable, portable and available in various sizes to fit your promotional requirement makes worth the bucks.

In recent times, these are developed with more advanced technologies to make sure that these promotional tools are custom-made completely to find your specific requirements. You can also model the base of these in various ways to complement your graphics. Environmentally conscious business people can also use the eco- friendly solutions like as a pine and bamboo stands for these banners. With a good roll up banner, you can benefit most out of your event as you get to target on effective ways to toss your services and products to the target clients that visit your stand. These are just a few benefits of them. Talk to a provider to find out more about the advantages of using the right material a the graphics to be included.

Be it for floors or foundations, countertops or patios, the importance of cement cannot be undermined. This has become such an integral part of our homes and commercial buildings that people are now even growing increasingly interested in cement furniture. It is not incorrect to say that concrete will always be needed. There will also always be a need to keep it polished and looking its best. Since concrete has become so essential for our homes and structures, many new concrete polishing businesses are making their way into the market.

If you, too, are interested in starting a business, read on to find out what you should keep in mind. Research is crucial As with every business, the role of research cannot be undermined when you are trying to become an entrepreneur with your very own concrete polishing company. It is imperative to learn all about installing and polishing before you step into the market. For your own concrete polishing business, it is also extremely necessary for you to know the ins and outs of staining and grinding since these processes are related to this in many ways.

Research is crucial

Next, you should know which equipment and machines are necessary. Since decorative concrete gives the best results when polished and installed fresh, it is important for you to know which methods exist in the industry. Before you start your own concrete polishing business, you should have a clear picture about polishing and decorating existing concrete flooring and installing new flooring from scratch. The decorative process, too, must be studied at length before you start your own business.

Licensing

Once you have done an adequate amount of research on the processes involved in cement decoration and polished cement, it is essential for you to know the rules and regulations of your area before you start your own business. It is very likely that you might require licensing before you start your business. Whenever people need concrete to be polished, they often look for a contractor who is not only licensed and experienced but also bonded. This is important since installation is a complicated process.

A bonded contractor will not only ensure that the task is completed, but clients will not even have to worry about any damages caused due to negligence since they will be covered by the business. Insurance, too, is necessary since your clients will be at ease that they will be provided with quality services without any damages.

Equipment

When starting this business, having the right equipment is crucial. This equipment includes machinery to collect concrete dust, an upright concrete polisher, and even a handheld polisher for surfaces which are small. Additionally, it is always a good idea to have epoxy and stains in supply when you start your own concrete business.

Advertising

Once you have all of the knowledge and equipment to set up your concrete polishing business, advertising is what you will need to focus on. In addition to online advertising on forums and through websites and blogs, it is important to use your store front to your advantage. Advertising in local newspapers and on local television channels is also a great way to get your business known by people. It is also extremely important to keep in touch with professionals of the industry since they will be able to help you a great deal owing to their experience.

Maximizing office space can go a long way to achieve valuable cost savings and efficiency to make sure overheads are kept to a minimum. With rent prices on the rise for premium office space, any start-up business will need to take positive steps to get the most from their working environment. Here are a few tips to maximize your office space:

Great creative with storage

The modern office is growing more paperless, which is not only good for reducing the necessary storage space, but is also great for the environment. The storage options that use the least amount of floor space are the most desirable. The vertical unit that stands floor to ceiling is a practical choice. It can vary in design to include cabinets, lockers or shelves. This is able to provide enough space for the unavoidable paper, while still keeping the work space relatively clutter free.

Minimize desk space

A simple solution to make the floor space in your office appear more spacious is to install the more compact desks or workstations. A great technique to determine the size of the office furniture is to create a scale drawing of the office layout and available space. Carefully calculate the needs now and in the future to ensure the work space is comfortable and spacious enough for the entire workforce.

Create flexible space

An office with multi-functional space is certain to give the more flexible place to work. A room limited to hosting meetings can take up a lot of floor space, and it will often be left empty. A more efficient way to use the space is with a temporary meeting room that is easily created using office screens. Short-term partitions are simple to erect in a few minutes.

Mezzanine floor

A mezzanine floor is a perfect addition to the office space that has the available overhead space. By installing a mezzanine it is possible to create a second floor that can make a practical storage area. Also, this can make a cost-effective way to increase space without have to move to the larger and more expensive premises.

Office accessories

Careful consideration should be given to the purchases for the day-to-day running of the business. It is easy to fill an office with supplies like a large photocopier or fax machine, but if this type of equipment isn’t essential it may be possible to do without. This less cluttered office is certain to make the most conformable working space.

The beginning stage of a business is considered as the most challenging stage as it comes with many windstorms. However, most of the cyclones come in the initial period of any startup business are not pre-defined. So, it is impossible for you to predict most of the windstorms that are coming. You can only predict some of those cyclones that are likely to come in your way. This is an informative post with will be telling you an extraordinary way by which you can tackle the known portion of your business tempest. We are discussing, how you tackle the beginning tempest of your startup business. But yes, you will not get the answer to your question, why the initial stage of a business is considered as the most challenging stage, throughout this post. We are not even discussing the availability of business capitals or the providing agencies.

Market research & feasibility study is considered as a great weapon for dealing the beginning tempest of any business that is going to be established. It is necessary, too. Before you start a business, whether it is a product based business or a service based business, you must go through a feasibility study. While doing the research, you can include these ten factors.

1. Present & future demand
2. Projected gap
3. Market movement
4. Product acceptability
5. Competitor frequency & effectiveness
6. Availability of raw materials
7. Price feasibility
8. Transportation system
9. Availability of skill fullness
10. Customer volume

The involvement of expert minds is suggested to you if you want to study the market in a better way. You can even invite a third party if you are keen in projecting a small portion of your budget. At least, we suggest you invest some money in making a good market research, followed by the feasibility study.

Before you apply for a business loan to any lending agency, it is very important for you to know about the existing competitors who are dealing with the same product or service. The acceptability of your existing competitors will define the acceptability of your business which is definitely an important factor to know about. Another thing is the customer volume and their taste. Your business volume should not bigger than the customer volume. It is better if the delivered product or service is compatible with the taste and demands of your startup business customers. The decided price should not be higher than the market price. Do not prefer a low price, too. It should be uniform and compatible with the current market. Finally, a proper market research is really a safe way to tackle the beginning tempest of a projected business.

You have this great business plan. Now what do you do? You want to get your business up and running but you are running low on funds. There are quite a few options. One option is to look into a loan through the U.S. Small Business Association. There are three options: a basic 7 (a) loan, Certified Development Company (CDC) 504 Loan, and Microloan. Another option is to apply for a loan through a bank or even another financial institution.

SBA loans are loans you get through the U.S. government. A lot of loan supervisors who work at banks are there to help you with the process of getting a SBA loan. If you are unsure where to start when applying for a SBA loan, definitely go to your local bank branch and see if they have a loan supervisor who works with SBA Loans. They will help guide you through the process and most likely will have valuable advice. They can tell you if they think you are ready to apply for a SBA loan or if you should go and update some financial information or update your business plan to make it more sell-able.

In order to find out if you are eligible for a SBA loan there are some things you need to look into. One of those is making sure your business qualifies as a small business. You can go and look using the North American Industry Classification System Codes. that has all the information you need to see if you are a small business. Your business also has to be set to earn a profit, be in the United States, have some invested equity, use the funds for business related purpose, not be delinquent on any debts to the U.S. Government, and be able to show the need for the funds from said SBA loan.

Another option for loans other than SBA loans are going to a bank or another financial institution and doing a loan using your own credit as a backing for your start-up business. Most banks require the same information. Basic information – your basic information, credit score, financial records, a plan of what you’re going to do with the money, how you are going to repay it, a business plan with numbers and data. If you have a partner they will want their information as well.

When it comes to starting a business and applying for loans there are many options. The best advice you can ever receive is to make sure you research into all options and pick the option that is best for you and yours business. Do not rush into anything because you feel like you HAVE to, take the time to look at all the options, and make an educated guess.

Do you want to avoid hiring a bad business broker? Actually, you should ask some important questions in order to make sure that you don’t end up hiring an inexperienced professional. Given below are some red flags that you may want to watch out for. Read on to know more.

1. Experience Counts

Actually, you should go with a professional who has a proven resume. You can contact the International Business Brokers Association to know more about the credentials of a good broker. Aside from this, if a professional wants to be an IBBA-sanctioned Certified Business Intermediary (CBI), they have to record years of experience on the job in addition to hours of classroom hours.

2. Beware of Generalists

If you think you can read up on a good broker on Google, you are right. But it’s not enough. What you need to do is make sure that your professional is the best fit for your organization. If you are just starting out, you should look for a professional who has tons of experience working for the type of business you operate. Working with a generalist is not a good idea.

3. Size Matters

It’s also important to know if the broker can handle the large transactions. For instance, if they usually handle deals of $10 million and your deal is just $3 million, you won’t get the attention you deserve, according to experts.

4. Negotiate the Fee

Usually, brokers charge a commission for their services. So, if a professional asks you for an upfront payment, know that it’s a red flag. While the average commission charged by brokers is 10%, you can negotiate it. For instance, if you know someone that will prove good for your business, you should negotiate for a lower rate.

5. Avoid Overcommitting

You will have a long relationship with the professional. On average, the broker may take between 9 and 12 months to sell a business. The broker may assemble a solid marketing package from time to time.

While the broker may ask you to sign an exclusive contract, you don’t have to sign the contract for a year or longer. The minimum length of the contract should be 6 months. Some people negotiate a 90-day contract and get it renewed for another 90 days. It’s easy to decide whether a professional is good or bad in 3 months.

6. Trust Your Gut

Although you don’t need to have the broker meet your mother, you have to go with a professional who you can trust. What you need to do is work with the professional as a team and try to make a great chemistry. If you are not sure about a broker, you should trust your gut. By trusting your instinct, you will have a higher chance of hiring a trust worthy professional.

So, these are a few considerations that you should make when hiring a good business broker for your business needs. Hopefully, your business will have a great broker down the road.