For many people, launching a business is the fulfillment of a dream. Owning a company allows you to call the shots and reap the financial benefits of your success.
Success isn't guaranteed, however. One out of every five new businesses closes its doors within the first year of operation. It takes a lot of work to build a new business. It also takes vital resources that can give your business a competitive advantage. The tips here can help you access the resources your business needs to thrive.
There are resources to help you find qualified employees.
Take advantage of a Ziprecruiter free 30 day trial when you're hiring. Ziprecruiter is a high-tech job board with smart matching tech to help you find applicants with the skills you need. Your job openings are evaluated by Ziprecruiter's artificial intelligence (AI) system and distributed to hundreds of matching job seekers. You can enjoy your first month of Ziprecruiter free, making it easy for small businesses to capitalize on Ziprecruiter.com's services on a tight budget.
To get started, opt to set up a free trial, create an employer account, and provide the information the prompts request. Once your account's ready, you can make your first job post and start matching with potential employees.
The SBA can help you secure financing.
The U.S. Small Business Administration (SBA) guarantees loans for qualifying small businesses. Thanks to their loan program, you may qualify for a low-interest microloan, 7(a) loan, or 504 loan. Microloans provide up to $50,000 in funding to cover operating expenses, such as purchasing supplies and paying salaries. 7(a) loans offer up to $5 million in financing that can be used to make your first purchase for your new company.
The funds can be used to rent or purchase a business location, purchase equipment, and order supplies. Businesses can acquire up to $5 million through 504 loans and use the funds to renovate or expand their property or purchase new equipment. You can also use the SBA's lender match program to find a lender who offers loans backed by the SBA.
Turn to the SBA for expert business insights.
The SBA offers business advice to help you launch and operate your new business. Learn about how to do market research and create a business plan. Their information can also help you prepare a start-up budget and an operating budget. The SBA also provides information about managing your finances, paying taxes, and protecting your business from cyber threats.
Using credit cards can help you track spending.
Credit cards are a great way to track spending. Instead of relying on individual receipts your finance department tracks when balancing the books, credit card statements make it easy to track company expenses and account for spending.
Turn to financial experts and review their assessments when you compare credit cards to ensure you find the best credit card for your business needs. Some credit card offers are worth pursuing, while other credit cards may have high-interest costs and annual fees. You can also compare rewards credit cards to determine if you can qualify for a credit card that might benefit your business.
Insurance professionals can help you determine what types of insurance you need.
Find an insurance agent and work with them to ensure you have the business insurance you need for your company. Businesses can be held liable for personal injuries and data breaches, making it crucial you have liability insurance to cover your legal costs and any settlement costs stemming from a personal injury lawsuit.
Cyber insurance protects you from suits stemming from data breaches. You may also need key person insurance to protect your business from potential losses suffered if one of your essential employees becomes ill or dies. Other types of insurance businesses need can include health insurance, life insurance, and auto insurance.
Businesses need multiple resources to succeed. Using a hiring site can help you find qualified employees to work at your company. You can turn to the SBA for financing and crucial business information. Review credit card comparisons to find the best credit card for your business. It would be best if you also worked with an insurance agent to ensure you have all the insurance your business needs.
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