StartupNation

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• Top 10 Ways to Fund Your Startup
• 5 Ways to Retain Talent by Using Relational Intelligence
• How to Ensure Your Homepage Helps Your Business Reach Its Goals
• 5 Ways to Grow Your Startup Using the Power of Negotiation
• Hiring Mistakes You Could Be Making
• Reselling Basics: 6 Priceless Tips to Get Your Business Going
• WJR Business Beat: Focus on Sustainability Declines as Prices Rise (Episode 401)

Top 10 Ways to Fund Your Startup Posted: 02 May 2022 09:00 PM PDT Deciding to start a new business is exciting, but it can be tough to maintain that eagerness throughout the journey, especially when it comes to finding funding for your startup. Funding for any business can be challenging, but for startups, it's notably more difficult. This is because many traditional business loans require at least one year in business, or more, for funding. While this makes the process harder, it's not impossible. To help save you from some of that stress, we've compiled a list of the top 10 reliable ways to help fund your startup business. 1.     Fund yourself First-time business owners can have trouble finding financing without any traction to show for the business, making self-funding a great first option. Self-funding is a practical move when just starting to finance your startup. While it can be risky to put your savings into your startup, this shows confidence in your business. You need to be willing to bet on yourself, after all, if you're not willing to invest in yourself, you can't expect anyone else to either. Self-funding can involve using personal savings, borrowing from a retirement account or even taking out a home equity loan. Investing in your business this way allows you to maintain full control and ownership of your company; it also helps you avoid paying fees on any commercial loans. When you bootstrap funding, you stretch your resources as far as you can take them on your own, which shows commitment and resourcefulness to potential investors if you choose to reach out to them in the future for working capital. While there are many advantages to funding yourself, there are also some drawbacks. If things don't go well, you have to consider the risk of possibly losing your savings. It can also take much longer to save money before you're able to start and grow your business organically. 2.     Friends and family The people closest to you may be a good source for initial startup funding for your business, especially if traditional lenders aren't an option for your business at this time. Receiving business loans from people you know and trust shows a lot about your business and its potential. Professional business investors often look to see if you already have commitments from these sources before investing themselves. If your friends and family believe in the business, there's a much better chance an investor will, too, and provide the working capital needed. It can potentially be risky to borrow money from family and friends. Be sure to be upfront with them, letting them know that it's a high risk to invest in a startup, but that you will make the best decisions you can with the information you have regarding your business plan. Writing up terms and setting clear expectations for both parties can go a long way in making sure everyone understands and accepts the risks involved when providing financing for your business. 3.     Angel investors Angel investors or private investors are individuals or companies focused on providing financing capital for startup business ventures in exchange for ownership equity in the business. Unlike venture capitalists, angel investors provide working capital using their own money to invest in startups, usually during the early business funding stages when other investors aren't prepared to back them yet. Angel investors don't usually invest as much as venture capitalists, but they can offer mentoring and advice alongside the capital they provide. Working with an angel investor can give your startup more credibility as well as open up doors to high-profile contacts like lawyers, strategic partners, and investment bankers. One downside of choosing to work with a private investor is that you may have to give up a considerable stake in your company since they're providing funding so early on. Many cities have groups of wealthy private investors looking to provide working capital for interesting new business opportunities in their community, but they are often looking for at least some record of success. Angel investors also tend to look for a thought-out business plan and some evidence of gaining traction towards that plan. The best way to find an angel investor is through an introduction from a colleague or friend. LinkedIn, Angel List, angel investor networks, and lawyers or accountants are other great ways to find an angel investor. Related: Why Venture Capitalists and Angel Investors Look at Teams, Not Ideas 4.     Crowdfunding A newly popular and innovative way to source capital for your business is through crowdfunding. Crowdfunding is a way to raise small amounts of capital from a large number of individuals that are contributing personal investments to help fund your startup venture. Crowdfunding taps into the Internet and social media to make your campaign easily visible to a vast network of people, in hopes of gaining a good amount of exposure to your startup as you seek funding. Crowdfunding is a great way to gauge interest in your business venture as well as drum up marketing before you even launch. Essentially, crowdfunding platforms work by having an business owner create a detailed campaign page for their business. It will mention the goals, business plan, how they plan on making money, how much funding they need, and what they will be using that funding for. After the profile is set up, people or companies can contribute funds if they like the idea. Each small investment from a backer incrementally adds to your end goal for business financing. Most campaigns involve preordering a product and/or receiving gifts for donations. Crowdfunding is a great way to gauge interest in your business venture as well as drum up marketing before you even launch. Keep in mind that crowdfunding is a competitive market to earn money, and it takes a lot of effort on the entrepreneurial side to run a successful campaign. Make sure you have a solid business plan and consider whether the exposure from crowdfunding will be worthwhile, even if you don't fully fund your campaign, before pursuing this option. 5.     Small business grants Though hard to find, small business grants are worth seeking out as a form of financing for your startup. Unlike loans and investments, businesses may not have to worry about repaying certain grants or potentially giving up equity. Small business grants are money from the government or private companies awarded to businesses in need. Most of the time grants are provided without any expectation of being paid back. In essence, making it free money for your startup. These grants tend to be pretty specific. It's best to do research and find your niche before applying so you can tailor your business grant application to align with the goals of the grant your business is applying for. Groups such as women, small businesses, veterans and minorities may have a bit more luck finding a grant for their startup. There are tons of untapped small business grants available if you take the time to find them, and you could potentially be awarded a reliable and debt-free source of funding for your startup. Grants.gov and the U.S. Small Business Administration are both great resources to look for small business grants. 6.     Personal loans Banks tend to be the first place small business owners turn to when looking for funding. For business owners with strong personal credit, a personal loan could be an option. Personal loans are made to the individual, not the startup business, and are based on the client's creditworthiness. There are disadvantages to using a personal loan for startup funding that you need to consider. When you take out a personal loan you're entering a contract with the bank as an individual, not as a business, and the obligation to repay is on you personally. This means that if your business fails, you are still personally responsible for the full repayment of the balance. Verizon Small Business Digital Ready: A free resource for grants, basic business skills, digital technology and more. 7.     SBA microloan If you have a good credit score, a well-thought-out business plan, and need less than $50,000 in working capital a SBA microloan could be a great option for your business. The U.S. Small Business Administration's SBA microloan program is specifically designed to provide funding to startups and small businesses. The microloan program is fully funded by the Small Business Administration, which partners with a group of designated intermediary lenders to provide new and existing businesses with up to $50,000 of working capital to grow their company. The Small Business Administration microloan program works by providing direct loans to eligible intermediate lenders who then administer the funds to eligible businesses. Along with providing funding, the lenders also offer up business-based training, technical assistance, and business management advice to help assist in the ongoing success of the newly established and growing business. With low-interest rates, and desirable terms and business perks, SBA microloans come with a lot of competition. The application and approval process is long and difficult, but worth it if your business qualifies. 8.     Line of credit If you're looking for a flexible source of funding for your startup, a business line of credit might be a great option. A line of credit is a form of funding that allows access to a predetermined amount of working capital. Basically, your business borrows money when it needs it and pays it back  only what is drawn on the line of credit. This type of revolving credit is a great option to overcome gaps in cash flow and grow a new business. A huge advantage of a business line of credit is that the business only has to only have to pay fees on the amount that has been drawn regardless of the total credit limit. The business can draw from a line of credit for almost any business purpose up to the credit limit, making it an ideal option for startup business funding. However, most traditional business lenders may require applicants to have at least six months of business history. Another key factor to keep in mind is that it typically requires weekly or monthly payments. So, determining your business's risk tolerance and financial stability before applying for a line of credit is a must. 9.     Invoice factoring Another form of funding that startups can access with very little time in business is invoice factoring. Invoice financing is a type of short-term funding that allows the business to convert your business invoices into cash advances by getting an working capital advance against the amount due on outstanding invoices. Invoice factoring is a great way to avoid cash flow issues and release money from invoices more quickly. This type of funding tends to be easier to qualify for because the invoices serve as collateral and requires very little time in business to be eligible. However, invoice factoring does tend to rely on your business having at least one invoiced customer to be eligible for funding. 10. Business credit card Business credit cards are another tool to consider when looking to fund your startup. When used responsibly, business credits cards can help provide short-term startup financing to get your business off the ground while helping to build your business credit by offering flexible payment options. However, be sure you have a plan to pay off your balance on time. Business credits are also a great way to keep your personal and business expense separate. A business credit card is one of the best flexible short-term loan options for startups and small businesses, but it does come with higher requirements and can have higher rates. Choose your funding wisely There are many ways to fund a startup, and all of them involve varying degrees of effort as well as risk. When you start to think about which path you want to choose, it's important to know all your options and assess which is the most appropriate for your business. Knowing your business financing needs and business goals will help you choose the right type of funding. Qualifying information to have available When deciding which financing option is best for your startup, gathering specific information about your business is essential. Most funders want to know where your business is at regarding growth and direction. Make sure to have the following information about your business on hand: Time in business Annual revenue Credit score Business plan Industry Determine your business goals After gathering your qualifying information, you'll have to determine your business goals and needs, as the type of cash flow your business will receive will be dependent on this. If your business is just an idea and in the infancy stages, seeking funding from family, friends, and yourself may be the best option. But if you have a more established business, a bank or an alternative lender or funder could be a better way to go. Identifying how much funding your business needs is another major factor. If you're looking at a large one-time purchase, a business credit card could make sense, but a line of credit may be better if your business needs continuous funds. Be sure to calculate how much money your business needs before it starts applying or reaching out to your network and funders for financing. Many funders and investors will also require a business plan before choosing to provide funding to your startup. The plan should include details such as an outline of your business model, funding needs and how your business plans to make a profit. Finally, you should go about compiling key documents. These can include business and personal tax returns, bank statements, financial statements, and any legal documents relating to your business. Conclusion Despite having limited financing options, securing funding for startups with little or no business history is still possible. While you work toward obtaining funding for your startup venture make sure you: Manage and build your personal credit. Work on your business plan. Choose the right industry. Utilize invested equity. Keeping this advice in mind, you'll be sure to find the best funding for your startup in no time.     The post Top 10 Ways to Fund Your Startup appeared first on StartupNation.

5 Ways to Retain Talent by Using Relational Intelligence Posted: 02 May 2022 09:00 PM PDT The following is adapted from “Relational Intelligence: The Five Essential Skills You Need to Build Life-Changing Relationships” by Dr. Adam C. Bandelli. Stress affects all of us differently. Since the start of the COVID-19 global pandemic, employees have had to deal with various challenges in both their personal and professional lives. The lines between our responsibilities at work and those at home have become blurred. To adapt and adjust to these circumstances, employers have had to find new ways to keep their employees engaged and retain talent. Companies have also needed to find ways to provide emotional support to enhance employee mental health and well-being. Research conducted by our team at Bandelli & Associates has found that employees are more vulnerable to the negative impact of stress inside and outside of the workplace if they have not built strong positive relationships at work. When leaders help make work interesting, social, and fun for their employees, stress levels decrease, employee engagement rises and organizations retain their talent. Positive workplace relationships provide a source of emotional support that is hard for anything else to replace. So how do leaders build great relationships with their employees? What skills do they practice to provide the emotional support needed to lead thriving organizations? Great leaders practice the five essential skills of relational intelligence. Relational intelligence is the ability to successfully connect with people and build strong, long-lasting relationships. Relationally intelligent leaders practice five specific skills that enable them to create cultures where employees feel supported emotionally. Great leaders take time to establish rapport during the early stages of relationship development with people. They are intentional about spending time to understand others and learn about their employees on a deep level. They embrace individual differences by showing an acceptance and appreciation for people from different backgrounds, personalities, and experiences. They develop trust by honoring commitments made to their people, creating consistent processes for work to get completed, and being transparent and authentic in how they provide emotional support to their employees. And they cultivate influence by having a genuine and sincere desire to support the development and growth of their people. Attract Talent by Creating an Empathetic Company Culture So, how can you use the five essential skills of relational intelligence to provide the emotional support your workers need? Here are five ways: Lay the foundation: Great relationally intelligent leaders know the importance of establishing rapport with their people. Rapport building takes place during the initial stages of relationship formation. This is where leaders need to be proactive in creating safe spaces for their employees to communicate their thoughts, emotions and feelings. Key areas to focus on include: making a good first impression on your people, drawing your employees into conversations by being open and transparent, and finding common ground with them. This serves as a first step to building a culture where employees feel emotionally supported. Check in on a regular basis: When it comes to understanding others, great relationally intelligent leaders go out of their way to learn about their employees on a deep level, and they do it on a consistent basis. They do simple things like kick-off one-on-one conversations simply by asking how their people are doing and feeling. They use their emotional intelligence to understand how to read emotions—in both themselves and others—so that employees feel valued and appreciated. They are strong active listeners who ask probing questions that go beyond surface level conversations. And they know how to show empathy towards their people. Give your people a pass: Great relationally intelligent leaders know the power of diversity and embracing individual differences. They create inclusive cultures where people feel that they can be themselves. Inclusion means making people feel accepted and that they have a voice regardless of race/ethnicity, gender, age, sexual orientation, personality, and religious or spiritual beliefs. It also allows leaders to understand the challenges people may be facing and provides the flexibility to adjust workload and performance goals when needed. People sometimes need a pass like a mental health day or a three-day weekend to refresh, recharge, and rejuvenate. Remind your employees to practice self-care: When you're developing trust with your employees, it is critical to be vulnerable and extend trust so that you can strengthen relationships over time. Even before the pandemic started, many employers began creating mental health programs that encouraged self-care practices. This showed their commitment to providing emotional support for their people. Today, for many of us, working from home is the norm. People can put in 12 and 14-hour days on a regular basis, and this takes a toll on mental and emotional health and well-being. Encourage your people to take time for themselves each day. Create programs in your organization that provide opportunities to learn about things like mindfulness training or other types of self-care techniques and/or best practices. Provide your employees with ongoing support: Cultivating influence is about having a positive impact on the lives of your employees. To do this, you must provide ongoing support to your people when they need it. This can be simple things like weekly check-ins or bigger events like a team meeting to celebrate successes and milestones. Today's employees want to feel that their work matters, and that it contributes to the greater good of your organization. When their personal lives become challenging, it's important to provide them with the flexibility needed to make the appropriate adjustments. This can be as basic as letting them complete their work at night if they need to watch their children in the early morning hours. Leaders will develop dynamic, life-changing relationships with their people when they practice the five skills of relational intelligence. To provide the emotional support needed to retain your workers, be intentional about the relationships you develop with them. Make sure that they know you care just as much about them as you do about their work efforts. If you do this, your employees will feel they have the support needed to be successful in their roles. It will also help you to drive employee engagement, increase your peoples' job satisfaction, and retain the talent in your organization. Sign Up: Receive the StartupNation newsletter! The post 5 Ways to Retain Talent by Using Relational Intelligence appeared first on StartupNation.

How to Ensure Your Homepage Helps Your Business Reach Its Goals Posted: 02 May 2022 09:00 PM PDT If you want your online business to flourish, you need to ensure you get your website's homepage right. This is because it will provide the first impression people get of your brand, and you'll need it to be a good one.  An excellent homepage will help your small business grow by facilitating the buyer's journey, informing visitors about your brand, and building critical relationships with customers that will turn them into loyal brand ambassadors.  So, let's look at how you can guarantee your website's homepage supports your business goals and helps propel your company forward.  6 Essential Web Design Elements to Boost Your Website's Conversions Ensure people can hire or buy from you right there When potential customers land on your homepage, you must make it as easy as possible for them to take the next step with your brand. This will increase your chances of making a sale and create a smooth user experience that helps customers find the information they are looking for.  You can make it simple for users to learn more about your company or progress in the buying journey by: Giving a clear and easy-to-spot call to action (CTA), so customers know exactly what they need to do next.  Providing a sophisticated search feature to help people find what they are looking for.  Making it easy for them to get in touch with a real person to answer their questions before they make a purchase. Designing an intuitive navigation menu so customers can quickly find the products or services they require.  For inspiration, take a look at this example from RMIT Online, an online university. Their homepage is incredibly user-friendly because it provides a simple form above the fold that allows visitors to instantly sign up to receive more information about the establishment's courses.  The homepage has an intuitive design that provides its readers with the most important information right away without requiring them to search through the site. It also provides a simple call to action (CTA) in the top-right corner to encourage prospective students to learn more, and there is a simple form that people can fill out to learn more about the programs at RMIT University.  Another excellent example comes from US Search, a public records search tool. This background check service uses its homepage to get right to the point about what they have to offer and how customers can take the next steps with their company.  The homepage uses clear language to ensure people know exactly what the company does, which can increase the chances of people using their services. Plus, it has a minimalist design to send prospective customers in the right direction, as all the graphics draw the eye to the bright blue button that will move people forward in their customer journeys.  Lead with your story Your website's homepage is the perfect place to tell your brand's story and give visitors a taste of what you have to offer. After all, homepages are often the first point of contact between a business and its audience, so it's important to make a good impression.  No matter how big or small being open (and somewhat vulnerable) to sharing your story is a great way to connect with your audience on an emotional level and give them a reason to invest in your products or services. When done correctly, storytelling can be an incredibly powerful marketing tool that helps you build trust with potential customers and establish your brand as an authority in your industry.  MikeVestil.com starts off by telling his origin story, using his homepage to share the inspiring journey that led him to become a successful entrepreneur. With a few simple sentences, he gives visitors a clear picture of who he is and what he does, which makes it easier for them to trust him and decide if they want to work with him Earn trust from the outset with positive reviews  As a small business owner, you need to know that people value word-of-mouth recommendations and product reviews over any other marketing technique. So, you can build trust and offer social proof by highlighting positive customer reviews right on your homepage.  To give you an idea of what this could look like, let's study a company that uses positive reviews to build trust with potential customers as they browse their homepage.  Excel Builders, a Maryland-based home building company, includes testimonials from homeowners who were happy with their services right on their homepage. They have chosen three distinct reviews that showcase the company's high-quality standards and expertise. All of these factors shown in the testimonials help build trust right away with potential customers as they learn more about what the company can offer them.  You can use testimonials on your homepage to build trust with potential customers, too. Place these reviews in a prominent position on the page to show customers that you offer trusted products and services.  This is a great way to show that you understand your customers, their needs and their goals. So, they'll be excited to work with you.  Ignoring Website Accessibility: Could It be Killing Your Conversions? Focus on engaging homepage copy No matter your niche, the copy on your homepage is critical. Your homepage will usually get the most traffic on your site, so your content needs to be engaging and help your audience understand the value of your products or services and why they should buy from you. Remember that you don't need to write huge blocks of text to make an impact. Instead, here are some ways you can craft excellent homepage copy:  Focus on the benefits you can offer customers right away, so potential buyers know what you offer and why they should do business with you.  Use headings and subheadings to break up your homepage content and help users find the information they are looking for.  Use lots of bullet points in your homepage content to help readers skim it and read your information on any device.  You'll be competing with thousands of other websites for attention and sales, so your homepage content needs to be incredibly interesting to ensure customers engage with your site. Be sure to write short sentences, use bullet points and structure your homepage content in a way that will drive more sales throughout the year. Showcase awards and qualifications Highlighting your awards and accolades is a great way to demonstrate your expertise because they'll serve as a concrete sign that you're an expert in your industry and potential customers can trust you.  Here are some ways you can display your qualifications and awards on your homepage:  List all your relevant awards with badges on your homepage to build confidence with your audience.  Showcase your qualifications with certifications that are relevant to your industry to show prospective buyers that you have the education needed to deliver a great product or service.  Show specific training that your company has completed in your industry. This can show that you have specialized knowledge that can add value for buyers.   To give you an idea of how you can display your accolades on your website, here is an example from Monmouth County Criminal Lawyers, a law firm. To showcase the knowledge and expertise of their staff, they list various awards and associations the firm is affiliated with. Notice how they use the logos of recognizable award providers and associations that potential customers might be familiar with.  By showing they've received prestigious awards and are members of professional associations, the firm shows its employees are experts in the field of law. Use strong imagery Strong visuals are essential for grabbing visitors' attention and showing them what your business is all about. You can use your homepage imagery to help your audience understand what you offer and entice them to learn more about your products and services. You can use relevant images and videos on your homepage to drive more engagement and get potential customers interested in your products or services that can lead to higher engagement and more sales.  Take a look at this example of strong homepage imagery from LawnWorx, a lawn care and pest control company. Since they offer lawn services, the company has used an image of a residential home with a manicured lawn to show the quality of the services they provide. This strong imagery will help the user to envision what their home could look like if they invest in LawnWorx's expert services. This can then help drive potential customers through the buying process.  You can use the same strategy on your homepage. Your images should be high quality and appealing to your visitors, and you can ensure this by choosing images that have a high resolution and are crisp.  Summary Your homepage can have a huge impact on whether your online business succeeds, so be sure to optimize it to help you reach your essential business goals.  This will give visitors an excellent first impression of what your company is all about and inspire them to convert. So, take the tips in this article on board and it won't be long before you start to feel the positive effects.  Verizon Small Business Digital Ready: A free resource for learning basic business skills, the latest digital technology and more. Plus grants! The post How to Ensure Your Homepage Helps Your Business Reach Its Goals appeared first on StartupNation.

5 Ways to Grow Your Startup Using the Power of Negotiation Posted: 01 May 2022 09:00 PM PDT Negotiation is one of the fundamental parts of staring your own business. Everything from acquiring a business loan to clinching deals with new clients and settling prices with suppliers will take an element of bargaining and compromise. For some, this type of haggling comes as second nature; but for others, the mere thought of business negotiation makes them break out in a cold sweat. Fortunately, it's a skill that can be learned with a bit of practice, preparation and adaptability. Read on for five easy-to-adopt pointers on how to achieve success in a negotiation, in order to get your startup swiftly off the ground. Do your homework If you've learned anything thus far in your entrepreneurial journey, it's probably that there is no such thing as being too prepared. When meeting a new client for the first time, make sure you have sufficient knowledge of them and their business. Research exactly what their business does, what their role and responsibilities are, what you can do for them. If possible, research information on existing or past relationships they have with other businesses like yours, as well. Perhaps you're planning a deal with a supplier, instead. If so, be sure to arm yourself with competitor rates and discounts. Shopping around to get quotes from a number of places will give you bargaining power when it comes time for the sale. Don't accept the first price you're quoted, as it's probable that you can negotiate a better rate. Similarly, when applying for a business loan, be ready to talk through your business plan and financial record. The banker will want to know exactly where the money is going and needs to feel confident that you'll be in the position to pay it back. Related: 10 Techniques for Better Negotiation Respond to behavior Good negotiation technique is very much about tailoring your behavior to the circumstances. For example, an individual who is generally easy-going and friendly in their day-to-day manner could decide to play hard-ball while negotiating. This means that it can be hard to predict how an individual will approach your discussion, so you need to be prepared to adapt to all possibilities. If you're haggling prices with a supplier and they're being cooperative, there's no reason not to be cooperative in return. On the other hand, if you're in a client meeting and the client is acting in an overly dominant or aggressive manner, nothing will be gained from mimicking this behavior. Instead, keep a cool head. If they react negatively, the best thing to do is reschedule the meeting for another time. As a new business, you don't want to burn any bridges with potential clients (or accept poor deals), so it's best to come to important decisions when both parties are being compliant. Allow a bit of give and take The most effective negotiators are calm, pleasant and helpful, as likability usually leads to influence. Plus, negotiations are a two-way street, and the best possible outcome is one that is mutually beneficial for both parties. Are you in the process of signing a new contract with a client, or making a prospective new hire an offer of employment? Try to gauge what the other side is hoping to get and decide in advance where you would be happy to make concessions in order to meet in the middle. Work on building a good rapport with whoever is on the other side of the table by demonstrating that you're attentively listening to them and taking their thoughts into consideration. When a mutual respect has been gained, you'll both feel more inclined to strike a compromise. As a bonus, you may even build a long-term professional relationship that can prove invaluable in the future. Be prepared to walk away Unfortunately, not every negotiation is going to end with the outcome that you want. Enter the discussion with a clear idea of what you'd like to get out of the arrangement and what the minimum is that you'd accept. Never say yes to the first offer. If you don't make a counter offer, the other party may feel that they have been too generous and attempt to renegotiate a tougher deal. Likewise, if it doesn't look like you're going to achieve a desirable result further into the meeting, don't just settle for the sake of it. Walking away is far more sensible in the long run than agreeing to terms that you're unhappy with. Calling their bluff is always an option, too. Sometimes the mere threat of calling it a day can make the other side more compliant, as they might not want to lose the opportunity you are offering. Promptly get the deal in writing Once you've come to a verbal consensus, put the agreement in writing as soon as possible – whether this be a client contract, supplier agreement or offer of employment. It's common for deals to die or become derailed due to delays or a lack of momentum. If you take too long to get it in writing, the other side may try to renegotiate terms. At the very least, outline the terms in an email within 24 hours of the deal, so there's a paper trail and evidence of the agreement. This will serve as a temporary agreement while the formal document is being written up and signed. If you bear these five points in mind ahead of your next negotiation, you're sure to feel more prepared, more confident and in a much better position to leave with a successful outcome. Originally published Feb. 20, 2019. Sign Up: Receive the StartupNation newsletter! The post 5 Ways to Grow Your Startup Using the Power of Negotiation appeared first on StartupNation.

Hiring Mistakes You Could Be Making Posted: 01 May 2022 09:00 PM PDT Bad hires happen. However, they happen a bit too often. Studies show that nearly three out of four employers admit to hiring the wrong job candidate. Maybe HR was in a rush to fill an important role or you hired someone because you knew the applicant and they seem nice enough. Or, someone didn't take extra time to look into references and job history. The list of reasons for a bad hire goes on and on. Not only is it a financial burden, but a bad hire can also negatively affect employee morale. Adding an unqualified employee to the workforce can force supervisors to spend extra time training and managing them. Additionally, a bad hire may not mesh well with their coworkers, and miscommunication issues can arise. Other employees can begin to lose confidence in the company. HR Experts and Business Leaders Share Their #1 Tip for Hiring Top Talent Eventually, a bad hire will realize they’re wrong for the position and leave voluntarily. However, this won't happen every time. You, or a trusted employee, will have to fire them and restart the hiring process. It becomes a waste of time, energy and money. So, how can you avoid all of this? It may seem obvious, but it has to be said. Don't rush the process! Hiring someone too quickly can force human resources, or yourself, to neglect essential background checks and/or pre-employment screening. Avoid using premade job descriptions or other templated job posts. They don't thoroughly describe your company culture or the open position. Furthermore, mistakes can happen during the interview. Ask open-ended questions instead of "easy" ones. Don't be afraid to ask follow-up questions or probe for further details to answers. Personality is important, but it shouldn't be the sole reason behind a hire. Good jokes and charming wit can't compensate for quality work in your company's time of need. Must-read: How to Staff a Strong Culture on a Shoestring Budget Even if it means a slight delay, taking the time to be thorough in your hiring process is the best and most effective way to go. The right person for the job will show up, even if your business has to reopen the job search. For more tips and mistakes to avoid, check out the infographic below. Infographic provided by Global Verification Network StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here The post Hiring Mistakes You Could Be Making appeared first on StartupNation.

Reselling Basics: 6 Priceless Tips to Get Your Business Going Posted: 01 May 2022 09:00 PM PDT We live in an exciting world where it's pretty straightforward for anyone with an entrepreneurial spirit to start a business. However, you don't need a groundbreaking idea to launch a company; you can resell other brands' products. That's an excellent way to get your business going without starting entirely from scratch. Many people rely on reselling as a side hustle, but you can quickly turn it into a profitable business if you play your cards right. Although the reselling business model is not a novel concept, many people still don't understand it. This guide is an ideal starting point if you're an aspiring entrepreneur looking to dive into the reselling world and get your piece of the pie. Pexels What is reselling? The history of reselling takes us back to the early 2000s when many platforms for reselling sneakers were launched, helping many people turn a side hustle into a full-time job. Reselling is a form of drop-shipping that includes purchasing products from manufacturers, suppliers or other sources — and reselling them to consumers. Resellers typically buy items at lower prices and sell them for more to turn a profit. The practice is called arbitrage, and it can be retail (sourcing products from brick-and-mortar stores) and online (finding reselling opportunities online). Platforms like Amazon and Etsy are some of the most prominent resellers worldwide. Etsy doubled its revenue in 2020, witnessing a 110.75% year-over-year increase, hitting a record $1.7-billion revenue mark. Amazon is even more impressive, making $469.8 billion in net sales in 2021. How E-Commerce Startups Can Win in the Visual Economy Six essential tips for starting your reselling business The reselling world has fierce competition, making it challenging for newbies to stand out. The following reselling tips and tricks will help you cut through the noise and springboard your new company to success. Professionalism is a necessity. Professionalism is the first characteristic that distinguishes successful resellers from those who fail. The more professional you are, the higher your chances of building trust and long-term loyalty with customers. That means higher revenue and profits. Understanding and applying the principles of professional selling will help you seize more opportunities and drive continuous business growth. It all starts by creating value for consumers by understanding their needs and offering solutions to address their pain points. Delivering value translates to sales, but that's not the end of the road. You must nurture customer relationships and provide an enjoyable experience to keep the door open to more future deals. Being professional also means behaving ethically and morally — not hounding customers, responding positively to all feedback, being honest, transparent, polite, and responsive. You can still build a brand regardless of the fact that you're selling someone else's products. Reselling someone else's products doesn't mean there's no room to build a brand. Hundreds of branded resellers stand as a testament to this business model's potential for success. However, you can't build long-term success without a solid marketing and branding campaign. After all, many of your competitors sell similar or, often, the same products. You must develop a marketing plan to prop up your brand and keep it recognizable and relevant. Here are several actionable steps for building a reseller brand: Define your goals. Short-term and long-term goals will guide you and help you measure your success. Create value. Determine your unique selling proposition (USP) and highlight your brand's benefits on relevant landing pages. For instance, a unique loyalty program or a subscription model can make you stand out from other resellers. Build on your uniqueness, and you'll create a thriving business. Increase brand awareness. Spread the word about your business on social media and through paid ads. Advertising on social channels will also raise your brand awareness, expand your reach, and drive more sales. Improve your website's user experience. Your website must look professional, load quickly and provide a frictionless shopping experience. Being fast, mobile-friendly, error-free and easy to navigate is necessary for higher conversion rates. Build an email list. Email is an excellent communication channel for helping your target audience learn more about your business and nurturing customer relationships. Exclusive content and offers will compel people to sign up for your email newsletter. Measure your success. Tracking your goals and KPIs (key performance indicators) will help you assess your marketing and branding campaigns' effectiveness and optimize them for higher conversion rates. Don't forget to A/B test different offers to see what motivates your customers to buy and what makes them bounce.  5 Ways E-Commerce Entrepreneurs Can Make More Data-Driven Decisions Find inexpensive product sources. Lower prices are some of the top factors for sharpening your competitive edge. People will flock to your website to get their hands on cheaper items of the same or higher quality than your competitors' products. To make lower prices feasible, you need to find affordable product sources. You can find cheap products for resale at brick-and-mortar retailers, including thrift shops, consignment stores and resale outlets like Goodwill. Flea markets and storage units are also worth considering. However, you have significantly more options online.  B2B marketplaces like Alibaba, Amazon Business, Tundra, Faire, Mirakl, TradeGala, Boutsy and SaleHoo are some of the top sources of cheap items you can resell. B2B wholesale liquidation marketplaces like Quicklots, BlueLots Liquidation, B-Stock and BULQ also offer excellent deals from leading retailers. Cross-listing platforms are a lifesaver. Listing your offers on multiple e-commerce platforms takes a lot of time. That's where cross-listing apps come into play. Cross-listing apps enable you to integrate multiple platforms in one click, create bulk product listings and cross-list them across all desired marketplaces, saving you a lot of time. They also let you upload and edit product photos to present your items in the best possible light and are perfect for keeping track of your inventory. However, not every app offers the same features. For instance, a Vendoo vs. List Perfectly comparison reveals that their image-editing tools may not meet all your needs, and you might need add-ons to cross-list items on multiple marketplaces. So, conduct thorough research before choosing an app to ensure you get the best value for money. Pexels Interact with the community. It's safe to say most of your target customers hang out on social media, the best platforms for building meaningful relationships with them and attracting more buyers. Fostering two-way communication on relevant social networks is crucial in humanizing your brand and enticing more people to engage with your business. You'll build trust and loyalty, generate qualified leads, boost conversions and sales, and increase revenue. Besides interacting with customers and generating leads, social channels offer many more opportunities, from market research and gathering feedback to networking with fellow resellers. Harness their power, and you'll grow your new company quickly. Manage your inventory well. Managing your inventory well will eliminate the risk of issues like being unable to locate products ready for shipping and angering customers with late delivery, incorrect orders or missing products. Such situations could drive away consumers and damage your reputation and sales. Utilize a reliable inventory management tool to organize your stock, track and manage orders, and supercharge efficiency. Many cross-listing platforms offer similar features, so look into those if you decide to use them. Conclusion Reselling is a brilliant way to enter the entrepreneurship world without investing into product development and design. You can quickly start generating profits and scaling your company, opening up opportunities to expand to additional markets and build a global brand. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here The post Reselling Basics: 6 Priceless Tips to Get Your Business Going appeared first on StartupNation.

WJR Business Beat: Focus on Sustainability Declines as Prices Rise (Episode 401) Posted: 29 Apr 2022 08:26 AM PDT On today’s Business Beat, Jeff talks about a recent survey showing that as prices rise, as many as 60% of consumers are beginning to put less emphasis on a company’s focus on sustainability and more on simply finding the best price. Tune in to today’s Business to learn more:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE. Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we'll feature you on an upcoming segment of the WJR Business Beat!      WJR Business Beat Transcript Good morning, Paul! At a time when we now know that consumers want to do business with companies that stand for more than just making money, when it comes to focusing on doing good things to protect our environment, there’s a threshold at which consumers begin to back off on their focus on that. Of course, we all want to ensure that we leave a great future to our kids and grandkids, where it now appears consumers are beginning to pump the brakes, however, when it hits them really hard in the pocketbook. In fact, a recent survey shows as prices continued to mount, as many as 60% of consumers are beginning to put less emphasis on companies' spending on sustainability, which of course passes those costs along to consumers and much more emphasis on buying from companies who simply provide their products or services at the best possible price. The data comes from a survey commissioned by the New West End Company and of the consumers who expect their cost of living to rise even further in the next 12 months, price of products and services are now topping their list of considerations when shopping. So much so that even if that comes at a detriment to the environment. The findings are in sharp contrast with data that shows that 3 in 10 consumers say they have been more aware of the environmental impact of their personal shopping habits, and they want to do something about it. And that is carrying over to a degree at least with some shoppers ,who are doing whatever they can, even in the face of having to spend more, such as recycling clothing, buying secondhand items and walking or taking public transport to the shops rather than driving. Jace Tyrrell, CEO of New West End Company, says with consumer prices rising it isn’t surprising that consumers are having to make difficult and compromised decisions about how they spend their money. So, Paul, let's hope enough of us find ways to maintain a focus on sustainability while shopping for the best prices. And for those of us in business, offer helpful suggestions on how your customers can buy the goods they want and yet still feel good about a focus on sustainability. Do that, and you’ll win new customers and keep your existing ones. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here. The post WJR Business Beat: Focus on Sustainability Declines as Prices Rise (Episode 401) appeared first on StartupNation.

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