E-commerce doesn’t seem to be going anywhere any time soon. In fact, it’s a growing industry with a projected 14.7% growth rate until 2027. And dropshipping is a significant factor in this growing industry.

For the past decade, the dropshipping business has proven a viable and sustainable source of income for those willing to step into an online business model.

But is dropshipping hard? You simply need to know how to get into dropshipping business and then grow that business into a success.

How Does Dropshipping Work?

In a dropshipping business, the entire transaction takes place online. There is no brick-and-mortar store for the customer to visit or employees to stock inventory. Either through your own website or a third-party platform, your dropship internet business sells products to customers at a retail price. A third-party supplier then handles the shipping, and you pay the supplier the wholesale price while pocketing the profit.

How to Start a Dropshipping Business in 2021

Entrepreneurs and those starting a dropshipping business often ask, is dropshipping worth it? Follow these steps, and you will learn how easy it is.

Find Your Niche Market

Whatever you’re into, chances are there’s a dropshipping market for you. For example, you could start a fishing gear or a fashion dropshipping business. Enjoy pets or technology? You will likely find a supplier and start dropshipping as soon as your store is set up.

Research your product, develop an easy-to-understand brand, stand out among the crowd, and then check out what the competition is doing. If there is no competition, you may be first to market. However, if there’s not enough demand for your particular market, you’ll need to start over.

The current top trending niche markets include power tools, tech supplies, beauty and health products, and more.

Select Dropshipping Supplier

Without a supplier, your dropshipping business dreams go up in smoke. To find the dropshipping supplier that carries your products, you can either contact the manufacturer first and work directly with them or search the internet for “drop shipping wholesale suppliers.”

Top suppliers that are currently dropshipping products include Oberlo, AliExpress, SaleHoo, Doba, Wholesale Central, and Worldwide Brands, among many others. If you’re wondering how many products should I start with for dropshipping, you’ll need to research the supplier’s products.

Develop E-Commerce Store

Another essential element in any dropshipping business is your e-commerce store. Instead of a typical brick-and-mortar store, this online website is where customers visit to purchase your products.

When developing your online e-commerce store, you can either utilize an e-commerce platform – such as Shopify, Wix, or Squarespace – and connect to a supplier like Oberlo with a plug-in. Or you can custom build a website and integrate directly with the supplier, usually through an API.

Unless you are a web developer with years of coding, it’s best to go with an out-of-the-box website and plug-in for easy start-up and learn how to launch a dropshipping business in a day.

Run Your Business

Once you have a supplier lined up and the online store all set, it’s time to get down to business. The success of a dropshipping internet business is determined by how much you work on your business, not the day-to-day elements of the company.

To grow your dropshipping business from a start-up to a successful brand, consider developing a business plan, getting your finances all set, and marketing your products. The “business of the business,” as some people call it, is what will ultimately determine your longevity in the market.

And don’t neglect personal health habits as you grow your business.

Ideas to Grow Your Dropshipping Business

If you’ve been in the game for a while and are looking into how to grow a dropshipping business, consider these dropshipping business ideas and find the best way to dropship:

1. Build an Attractive Website

Because the website is the front door of your business, you want it to be as attractive as possible. It should be easy for customers to navigate through the products, and the checkout process should be seamless and stress-free.

You may also want to refresh the look of your website. Maybe you need a different theme or colors in your store? Perhaps rebranding your company and doing a relaunch may be the answer.

If you haven’t updated your e-commerce store since you started the business years ago, it may be time for an upgrade. In fact, it’s a good idea to constantly be checking the design and functionality of your website. If you can improve the website’s UX (user experience), you can attract more customers and earn more sales.

2. Partner with Brand Ambassadors or Influencers

Influencers are essentially brand ambassadors who will praise your products and company to their social media followers and work to get customers to visit your website.

And you don’t need big names or celebrities to influence your potential customers. There are several different levels of influencers available for companies to work with to grow their customer base. For your dropshipping business, consider a micro-influencer with 1,000 to 100,000 followers.

Like any business, dropshipping business relationships are vital to growing your company. Whatever market you are in, there are influencers on social media to partner with that can help sell your products.

3. Create Digital Marketing Strategy

A dropshipping internet business’ digital marketing strategy should focus on SEO (search engine optimization), online ads, and social media remarketing campaigns, among other factors.

At the end of the day, the success of your dropshipping business comes down to your online presence, which is what digital marketing is all about. To grow your online business, consider the following questions:

• How easy can customers find your store?
• Do you have social media ads or PPC ads (pay-per-click) ads?
• Do you have an affiliate program?

These questions, and more, all relate to digital marketing and are critical elements for a successful e-commerce business. If you want to know how to grow a dropshipping business, consider focusing on your marketing efforts.

While a steady business fully booked through referrals only is a dream, it’s not always a reality, especially for small to medium-sized electrical companies. 

If you’re wondering how to grow an electrical business, marketing (and digital marketing, especially) is your friend. It can help you attract leads, gain more customers, and develop a solid digital brand presence that will boost your reputation and position you as a local electrical expert. 

Here’s how to get started growing your electrical business.

How To Market an Electrical Contracting Business

If you want to learn how to run a successful business, your electrical contracting business marketing plan should be multi-pronged. Electrical business startup costs can be high, but you can start making a profit faster with the right marketing employed.

While you might be more comfortable with traditional marketing opportunities like ads and direct mail letters, try these strategies on for size:

• Content Marketing – Content marketing shows off your expertise and positions you as the go-to source for all things electrical. It utilizes informational and how-to blog posts as well as social media to share valuable insights and build trust in your company. When someone needs electrical work, they’ll know they can rely on you for helpful service.

• Word of Mouth – Word of mouth is the ideal source of leads for any electrical business. However, this doesn’t just happen naturally. Customers need a push to share the good news, so consider offering incentives for reviews or referrals to friends and family.

• Local Directories – Getting your information listed in local business directories is one of the easiest ways for locals to find you. There are tons online, so do some research and develop a plan of action to work your way in.

Now let’s get more specific. While these strategies are a good starting point, you’ll want to employ several tactics with your marketing to grow your business.

Marketing Ideas To Grow Your Electrical Business

If you want to know how to grow your electrical business, look no further. Use these specific ideas right away and see the difference a little marketing can make.

• Organize Your Contacts in a Database – As you grow your contacts and customers, create a database where you can store all of their contact information so that it’s readily available to use for additional marketing like mail or emails.

• Be Diligent About Customer Follow Up – After you provide a great customer experience, be sure to follow up to ensure they’re happy with the work you’ve done. Doing this increases the likelihood that they will use you again down the road or refer you to a friend.

• PPC Advertising – Get in on this digital marketing tactic by creating online advertisements and only paying for the clicks you receive.

• Email Marketing – Take advantage of your contact list and send out promotions, loyal customer coupons, and any exciting news.

• Treat All Interactions as Sales Meetings – Whether you’re bidding on a project, meeting with vendors, or hosting someone at your office, use it as an opportunity to discuss your business services and treat the person as a potential customer. 

You never know when they may need work done or when someone they know will ask for a referral.

Now that you know how to market an electrical contracting business, let’s explore the benefits of modifying your electrical business plan.

Creating and Modifying Your Electrical Business Plan

Is electrical contracting a good business? It can be, especially if you have the right electrical business plan in place. Staying agile and responding to the market and changing customer needs is critical if you want to remain relevant and be successful. 

If you don’t have one already, you can find free sample electrical business plan PDFs online as a starting point. If you already have one, be prepared to change things as time goes on and learn more about how your target audience responds to your marketing strategies.

Should You Charge More or Find More Customers?

Need to boost revenue? It can be hard to know whether you need to start charging more or just find new customers. 

If you feel like your local area lacks electrical business opportunities, it may be time to charge more for your services so you can cover your overhead costs and make a good profit. 

However, if you see that there are untapped opportunities around, you just need to change your way of thinking to attract those leads to your business rather than the competition.

Utilizing Digital Marketing To Get More Leads

Digital marketing is hands-down the best way to get more leads for your electrical business right now. Not only does digital marketing deliver a better ROI than traditional marketing, but it is also more cost-effective, which is crucial for new businesses.

Try these digital marketing tactics to get started:

1. SEO for Electricians – Utilize SEO strategies to help your website rank better for relevant terms like “electrician near me.”
2. Build Strategies Around Insights – Use the data and insights from your electrician digital marketing efforts to start learning from customers.
3. Blogging – Write professional blogs on the marketing of electrical products and about common challenges/questions customers have.
4. Great Website UI – Design a website with the user in mind to reduce bounce rates and increase conversions, creating more electrician leads.
5. Online Reviews – Encourage online reviews to boost brand reputation.

While this is far from an exhaustive list, it’s an excellent starting point.

Growing Your Business Online

An essential part of working on your business is growing your business online. While traditional marketing and advertising may have been enough ten years ago, it certainly isn’t now. Consumers are finding their local electrical business online, so if you’re not there, you’re missing out on tons of potential customers.

Final Thoughts

While the task might feel overwhelming at first, an electrician marketing agency can help make it easy to learn how to grow an electrical business from the ground up. Use the digital marketing tips above to get a feel for areas you should be targeting to see results and growth in your electrical business.

How much thought have you put into the importance of bookkeeping?

If you’re unfamiliar with the purpose of bookkeeping or simply do it incorrectly, then these issues probably haunt you and your company:

• The payroll process causes consistent problems
• You pay too much in taxes
• The business struggles to obtain financing

In the following information, we’ll explain 5 important aspects of bookkeeping that reveal the benefits of bookkeeping. Use these tips to keep more money in your company’s bank account.

What is the Importance of Bookkeeping?

Bookkeeping helps keep your business in compliance with the IRS and helps you financially manage your company more effectively.

Many people think that bookkeeping mainly deals with keeping records organized. However, bookkeeping affects several areas of your business.

Keep Tax Files in Order

There’s no need to continue feeling stressed during each tax season. Bookkeeping makes sure that you don’t need to sift through piles of paperwork to get your tax return completed.

Everything remains organized and ready to report if you’ve done regular bookkeeping throughout the year.

Maintain Accurate Financial Records

It’s difficult to operate a profitable business when you can’t accurately understand where each penny goes.

Using bookkeeping services provides you with the records needed to see whether you spend too much in one or whether certain types of clients provide improved profit opportunities than other clients do.

Improve Cash Flow

How often do you find yourself hedging on financial decisions because you need to sit down, take another hour of the day, and slowly come to realize which way to go? You’ll have a clear view of business cash flow if your bookkeeping is up to date.

Understanding cash flow also helps when weighing the pros and cons of business lending.

Handle an IRS Audit Well

Business audits are not a common occurrence. However, it’s never an easy situation to navigate if it happens and your bookkeeping isn’t up to par. On the other hand, it’s simple to answer all IRS questions if your books remain in order.

What is Bookkeeping?

Now that you understand the importance of bookkeeping in business, let’s make sure you understand what it is.

Simply put, bookkeeping is a process for recording and keeping track of a company’s financial transactions. Bookkeepers provide the following services:

• Process payroll transactions
• Keep track of client receipts
• Issue client bills
• Create financial reports
• Fix accounting errors

Why You Should Outsource Your Bookkeeping

If you have any doubts about your ability to perform bookkeeping correctly, then you should outsource to someone who does it professionally. Here are specific reasons to outsource your bookkeeping needs.

Save time on training others within your organization on the act of bookkeeping. A professional bookkeeper can step in and get the job done correctly from the start.

It also ensures that your financial records are completely private. You’re likely to prefer that managers and employees don’t see everything about your company’s finances. A third-party bookkeeper will make sure that they communicate the financial health only with you or someone else you specifically designate.

Get a professional’s opinion about how your company’s bookkeeping should work. Should you use single entry or double entry bookkeeping? What types of transactions make the most sense to pay attention to? What areas don’t factor much inside your industry? Can your books support qualifying for a business loan?

Stop wondering about these things and get the expert opinion that puts your mind at ease.

Tips for Sole Proprietors When Bookkeeping for Startups

As a startup, it’s imperative to keep personal and business expenses completely separate. Open a bank account in the business name and pay all bills from that one account.

If you decide to do your own bookkeeping, then obtain quality bookkeeping software. Again, outsourcing to a professional bookkeeping service probably makes the most sense.

Select the accounting method that works best for your company. You can choose from cash basis accounting or accrual accounting.

Keep responsible records, make sure your books stay up to date, ensure that your inventory remains accurate, and file your financial documents correctly.

Tax Season Can Be a Breeze if Your Bookkeeping Remains Structured

The importance of bookkeeping, accounting, and auditing becomes crystal clear at tax time. Paying the wrong amount, filing late, or failing to pay quarterly taxes on time can get you into IRS trouble.

The accurate recordkeeping that results from bookkeeping is one of the best ways to stay on top of all business tax responsibilities. It also saves your company money because your bookkeeper can help make sure you never miss opportunities for spotting which expenses to legally deduct from gross revenue.

How You Can Implement Bookkeeping Into Your Business

Now that you know the importance of bookkeeping, here are some simple ways to use it in your company.

Track your income and expenses carefully. You should have a way to see the following items at a glance:

• Bills
• Receipts
• Canceled checks
• Bank statements
• Credit card statements
• Invoices
• Previous tax returns
• 1099 and W2 forms

Decide on using the accrual or cash method. Set up the payroll system for the company. Determine your tax obligations for the business. Keep meticulous records of income and expenses. Review this information continually and keep bookkeeping records up to date.

The challenge with implementing bookkeeping into your business is that you’re already busy operating the company. If you’re overwhelmed with fulfilling your regular role, then that’s another reason to outsource the bookkeeping role to a professional service.

Conclusion

All businesses should conduct bookkeeping properly. The importance of bookkeeping in agriculture exists. It’s also important for industries such as construction, transport, aerospace, education, and telecommunications.

The importance of bookkeeping manifests in several areas. You need the information provided by bookkeeping when applying for loans. You need it to perform payroll properly. It comes into play when saving money on taxes and paying taxes on time.

In a nutshell, it’s impossible to run a well-maintained and profitable business without performing the art of bookkeeping professionally and accurately.

The expenses that go into owning and operating a farm start to add up quickly, leaving farmers and growers short on funds and uncertain who to turn to for help. Because the agricultural industry can be deeply affected by natural disasters, heatwaves, a poor yield, and many other unexpected phenomena, many different loans and grants exist to help farmers in need.

Types of Business Financing For The Agricultural Industry

Whether you’re a new farmer or you’ve been in the industry for years, there are several options to choose from when it comes to agriculture business loans. Depending on your eligibility, you can apply for more than one type of loan.

USDA Loans

The United States Department of Agriculture (USDA) offers many agricultural loans or grants through its Farm Services Agency (FSA) to promote small businesses in rural areas.

There are four basic types of USDA loans:

• Farm ownership loans: funds to help you purchase or expand a farm, build a new structure, or update an existing building.
• Farm operating loans: funds to purchase livestock, equipment, and make small repairs.
• Emergency loans: funds to bridge losses from natural disasters, such as replacing or restoring a property, pay essential family living expenses, or refinance debts.
• Microloans: ownership and operating loans with shortened application processes to help small and non-traditional businesses.

In addition to these basic types of loans, the USDA offers Conservation loans and Highly Fractionated Indian Land loans to eligible applicants.

Standard SBA Loans

The United States Small Business Administration (SBA) offers loans to help small businesses launch and expand their operations. SBA farm loans can be harder to secure due to their high guarantee.

SBA loans guarantee 85% of small business loans less than $150,000 and 75% of larger loans greater than $150,000. The SBA will still pay the guaranteed amount even if you cannot make your loan payment.

Alternative Financing

In addition to conventional financing options, farmers needing more flexible and customized repayment plans can turn to alternative financing. Although high-interest and high-risk alternative financing operations have given the industry a bad reputation, countless legitimate alternative lenders help farmers save and build their businesses every year.

Taking Advantage of Alternative Financing Benefits

If you aren’t eligible for conventional loans provided by government programs or banks, you might consider alternative financing. Alternative financing has become more popular and accessible for small agricultural businesses throughout the US.

The benefits of alternative financing include:

• Flexible repayment schedules
• Faster access to funds
• Personalized loan agreements tailored specifically for you

Alternative loans are not meant to be long-term or quick solutions. Instead, alternative lending tends to act as a bridge for farmers to eventually qualify for low interest agricultural loans through conventional government programs or banks.

Alternative financing is also popular for those seeking a loan for an agricultural startup.

Business Loan Requirements: Revenue, Assets, or Time in Business

Agricultural loan requirements differ depending on which program or organization you are hoping to acquire a loan from.

If you operate a small agricultural business or you are hoping to take loans to start a farm, you should be prepared to answer questions about your revenue, assets, or time in business. Lenders may also require a business plan or for you to be located in a city or town with a certain population.

Revenue

Generally, a lender will require a year-to-date profit and loss statement or statements from the last two years. To qualify for a conventional loan, lenders want to ensure your business will be profitable and successful.

Alternative lenders do not typically require proof of profitability but might require you to meet annual revenue minimums.

The stronger your business’s financial history is, the more likely you will qualify for a loan at an affordable rate.

Assets

A lender may ask you to tie a fixed asset to your loan if you cannot pay the loan back. The fixed asset, or collateral, could be equipment or property.

If you’re applying for a USDA or SBA loan, the lender will likely require a list of collateral your business owns and what it is valued at.

Alternative lenders are less likely to require physical collateral for you to qualify for a loan.

Time in Business

Most lenders will want to know how long your business has been up and running. The longer you’ve been in business, the better. Proof of long-term success increases the likelihood that you will qualify for a loan at an affordable rate.

For Banks, the best rule of thumb to go by for time in business is two years. Businesses less than two years old will have more limited options when it comes to selecting a lender. However, alternative lenders can provide funding for business that that have been operating for as little as 6 months.

Another way to qualify for farm loans with bad credit is to prove that your business has had long-term success and will continue to be successful in the future.

Agricultural Grant Opportunities in 2021

Government programs and other organizations offer grants to help small business owners launch their operations and stay afloat. A grant, unlike a loan, does not need to be paid back and can be an excellent way to increase your funds without entering into further debt.

The USDA offers various kinds of grants, including:

• Farm Labor Housing Direct Loans and Grants,
• Value-Added Producer Grants,
• pandemic assistance for farmers,

If you’re a woman searching for a grant, you can search farm grants for females 2021 to find other USDA grants. A few 2020 farm grants included the Farmer Resilience Initiative and At Home With Farm Aid to provide financial relief to farmers impacted by the COVID-19 pandemic.

Hemp Business Loan Opportunities You Can Apply For Today

Cannabusiness funding can be challenging to find due to strict legal regulations and cannabis’ classification as a controlled substance at the federal level. Although you won’t find hemp business loans offered by major financial institutions, there are alternative and private lenders that provide financing solutions. ROK Financial is able to work with some cannabis businesses to help provide them with the financing they need to grow their businesses.

Are you concerned about how to grow eCommerce business in a way that helps you overcome all your competitors?

Growing eCommerce business in today’s environment requires planning and paying attention to the changing needs of customers.

When you want to know how to grow eCommerce sales, the answer also lies in learning digital strategies that result in attracting new leads.

In this article, you’ll learn everything you need to know when it comes to understanding how to grow eCommerce business 2021.

Growing Your eCommerce Business Sales in 2021

Work on these main areas when you want to know how to grow your eCommerce business.

Use Omnichannel Marketing

This strategy requires you to exist on all the channels your customers expect you to. In today’s world, customers become frustrated if they can’t talk to you and get help via all possible channels.

These channels include:

• Text messaging
• Email marketing
• Website chat boxes
• Social media customer support
• Phone customer service

Your customers want to ask a question on your website’s chat box and then ask for the answer on your Facebook page. They expect that the person answering on Facebook knows they entered a question on the website. Your job is to integrate customer service in this omnichannel method so that communicating with your company seems seamless to customers.

Grow Internationally

If you want to know how to expand your eCommerce business, then you should start thinking internationally. Ask yourself how to personalize the experience for customers who find you from different countries.

For example, you might employ customer service reps who speak foreign languages that match the countries your customers live in.

Focusing on building web pages in different languages and competing in foreign search engine searches in Google is another way to grow internationally. Also, explore small business financing when considering ways to expand.

Third Party Marketplaces are also a great way to expand your business to different countries. For example, Amazon has fulfillment services that can ship your products and also handle customer service issues.

Focus on Customer Service

Everything you do must focus on how to improve the experience your customers go through to buy from your website. Give them customer-friendly features like free shipping or repeat-buy discounts.

Let them contact your customer service people on all channels. Make sure your policies favor the customer and give them easy ways to return products for refunds or replacements.

5 Tips To Generate Traffic & Sales

Here’s a breakdown of the top five things to know to increase your revenue.

SEO

Employ the proper search engine optimization strategies that help you outrank competitors. Improve the way you uncover keywords. Write better product descriptions. Understand user intent so that Google ranks your pages over competitor pages.

Social Media

Work on ways to increase engagement across your social media channels. Send these engaged fans to product pages for increased traffic and sales.

Use a Blog

Blogging is one of the most effective eCommerce growth ideas. However, it’s one that many eCommerce companies fail to put into place. Owners ask why customers would read a blog when they just want to buy products.

If you’re thinking this way, then you need to consider the ways your customers come to make buying decisions. Many of your customers read reviews and comparison blog posts before deciding to buy. Give them that content and then link them to your store to make their purchase.

Paid Ads

Develop paid ad campaigns that capture the attention of your best-fit customers on Facebook, Bing, Google, and YouTube. Drive that traffic to specific email opt-in offers and sales pages. Look for ways to use loans and lines of credit if you need extra funding.

Partnerships

Partner with influencers and get them to drive their audiences to your sales offers. Get on podcasts. Write blog posts for other big websites. Conduct webinars for partners with large audiences.

Digital Marketing Strategies To Boost Sales

Let’s discuss how to grow your eCommerce business with digital marketing. These represent some of the best methods if you need to know how to boost sales.

Create Full Sales Funnels

Don’t simply send traffic to product pages and expect great results. If you want to know how to get customers for eCommerce, then you should build out entire sales funnels. Make good use of every asset such as:

• Opt-in landing pages
• Thank you pages
• One time offer pages

Use Email Marketing

Don’t send all your online traffic to sales pages. Give customers valid reasons to join your email subscriber list by using discounts, product how-to videos, and other free incentives. Growing your email list allows you to make sales on-demand when sending sales offers and newsletters.

Improve Targeting with Paid Ads

We mentioned paid ads above. Continue to improve those campaigns over time by paying close attention to which targeting segmentation methods give you the best ad ROI.

Using eCommerce Effectively in Your Business

You must become better at the very act of eCommerce when learning how to grow a successful eCommerce business is important to you. Combine all of these strategies as you learn how to use eCommerce effectively:

• Use loyalty programs
• Provide discounts
• Highlight new products
• Show social proof
• Provide free shipping
• Use advanced product filtering
• Give multiple payment options

eCommerce Planning and Strategies

Build an eCommerce plan to guide all decisions into more profit. Your business plan should include:

• Clear goals
• A strategy to include the best technology and software
• Ways to measure numbers and analytics
• An understanding of all business costs
• Methods for integrating each department into a synergistic relationship
• A winning customer service plan
• Quarterly check-ins to consider what changes will bring improved sales numbers

Post-Pandemic eCommerce Growth Potential

If you want to know how to improve e-Commerce business in the post-pandemic world, then work on a mobile-ready customer experience. More customers are at home and they’re using their mobile devices to make purchases. They want the ability to use social media apps on their phones, see your product offer, and easily make a purchase.

Another way to grow beyond these pandemic times is by creating a more personalized customer experience. For example, tag customers in your email service provider so you’re sure to send emails that fit their preferences.

Conclusion

You should now feel more equipped for how to grow an eCommerce business. Every step of the way, focus on the needs of your customers. If you use customer wants and desires as the guiding elements of pricing decisions, for example, then you shouldn’t have any issues with increasing profits.

When the pandemic hit, the first thing you thought of was most likely the health and wellbeing of yourself and your family members. Then your mind shifted to how you will be able to keep your business afloat during uncertain times. For some, this meant closing the doors, for others it was a time to rethink your marketing plan and ways you can still attract and retain customers. Many business owners pivoted and adjusted their marketing efforts during the pandemic and many of these new ways to conduct business have poured over into a “post” pandemic world.

Focusing On Your Customer’s Needs

Although marketing during and after the pandemic can be difficult, the most important thing is to consider your customers’ needs and how you can meet those needs in new ways.

Take for instance, if you have an older clientele, moving your business practices completely online may be a challenge. However, you could send direct mail to your clients with necessary information informing them you are fully open and operational, and direct them to a website where more information may be accessible to them at any time.

If your service provides subscriptions or allows people to pre-pay for your services, you might offer clients the ability to pause, extend, or even cancel their service (with minimal penalty). This will show your clients that you care about their wants and needs, and it will hopefully bring them back around in easier times.

Moving all of your services online (if they can be) is another way your customers can interact with your brand without having to leave their homes. Integrating chat bots, so clients can interact with you, increasing email marketing to promote discounts or sales, and coming up with different ways to possibly deliver your goods and services for those that may have not provided that option in the past. Making your business as accessible as possible is extremely important as clients are looking for safe and seamless ways to get what they need.

The Importance of Clear Messaging During a Pandemic

Clear messaging is essential whether it be informing clients of refunds, pausing of services, new ways to receive your products and services or health guidelines that need to be followed when entering the establishment. Making sure that your clients clearly understand what you are trying to convey is extremely important. This will allow for a seamless transition between you and your clients, and make them comfortable during these uncertain times.

Analyze Trends & Strategize with Marketing

Using your analytic trends, you can quickly figure out what marketing strategies work for you. Marketing during and post COVID is a lot different than before because you have to re-think your entire marketing strategy and pivot to new methods of advertising.

You may have to invest more on your website, paid online advertising and SEO (if you previously have not done that before). Investing in these strategies can help drive more traffic to your website and increase exposure and new clients.

Another way that you can utilize marketing strategies is by connecting with your previous clients in a different way to let them know that your business is still alive. Perhaps investing in a social media strategy. Posting pictures of your products and services, and video on ways that clients can interact with your brand can bring more attention and another free way to get in front of existing and potential clients.

Reimagine The New Normal In Your Industry

You might be wondering how everything will fall back into place post-pandemic. The truth is, no one really has that answer. The best you can do as a small business owner is roll with the punches (as you normally do) and have the ability to pivot at any given moment.

Identify trends within your industry and make sure you are giving yourself the competitive advantage. If your entire industry has integrated into online services and you neglect to make the complete transition, people will be more inclined to go with a digital option. The pandemic has made people more prone to spring for anything contactless, including any needed services. You will have to refocus your business into this new image of normal.

You must also remember that maintaining relationships are the most crucial part of maintaining your business. Keeping your clients happy will benefit your business in the long term.

The Verdict

In many ways, marketing overall has changed over the past year and half. Almost every business has had to re-think strategy, and make quick decisions regarding their business.  The most important thing is to be prepared, and keep your clients needs in mind. Many businesses are still adapting to the new normal, and making changes daily in regards to their business. It’s important that you are constantly optimizing your business plan to be more modern, innovative, and prepared for any unforeseen events.

In the same way that you set up car insurance or health insurance, small businesses also need some coverage in case of an unforeseen event. Business insurance will be the most significant factor that’ll determine if a company will continue to operate or fail due to a loss or lawsuit against it.

While some business insurance policies protect every business and organization, others protect specific companies against certain risks. Let’s talk about the various types of business insurance available and which one your business needs.

The Different Types of Business Insurance

Business insurance comes in different forms, but you may not need more than just a few of them, especially when you’re just starting. Here are some of them:

General Liability Insurance

General liability insurance is an essential insurance type for every company. This insurance protects your business against claims from a third party (such as a vendor, client, or customer) about property damage or bodily injury due to the service or product your business provided.

The insurance covers settlements, lawyers’ fees, court costs, and judgments.

Professional Liability Insurance (PLI)

PLI (also known as errors and omission insurance) provides coverage for mistakes or failures that result from professional services. Hence, all professional service providers, including lawyers, architects, contractors, doctors, and others, need this liability insurance since the general liability does not cover it.

Disability Insurance

Disability insurance protects your employees and guarantees that they’ll receive a certain percentage of their salary if they experience any injury or illness that made them unfit for work. For instance, if an employee cannot come to work because they contracted a disease like Covid-19, they are entitled to disability benefits.

Worker’s Compensation Insurance

This insurance policy is usually a legal small business insurance requirement, and it provides risk coverage to employees who get sick or injured from doing their job. Because it is typically state-required insurance, you don’t want to take it lightly.

Commercial Property Insurance

This insurance is among the most important policies that every small business owner must have. It is one of the business insurance required by law for every business with a physical presence.

The policy covers your business’s office space, equipment, furniture, inventory, and other properties against damage or loss.

Commercial Auto Insurance

If your business has a company vehicle, then this insurance is necessary. The insurance covers risks from property damage or bodily injury caused during the use of the company vehicle. For instance, if your company vehicle runs into another car while one of your employees is running an errand for the company, commercial auto insurance can cover the cost that results from the damage.

Business Interruption Insurance

This insurance protects you against financial losses if your company cannot operate because of a covered loss event. It also covers additional costs associated with resuming operations.

Business Owner’s Policy (BOP)

A BOP combines all significant insurance policies in one package. It covers basic coverages that the state requires every business owner to have, including vehicle, liability, property, crime, and business interruption insurance.

Tips To Choose The Right Insurance Policy For Your Business

Selecting the right insurance policy for your business will play a role in your business’s success. These tips will help business owners choose the right insurance policy for your business:

• Get acquainted with the various available insurance types.
• Find out the state-required insurance that’s peculiar to your state, lenders, and clients.
• Honestly, analyze your industry’s risks because every industry has its peculiar risks.
• Don’t prioritize business insurance charges/prices over the coverage it provides. Ensure that you allocate a substantial percentage of your business budget to getting the right insurance policy.
• Find out the factors that contribute to your insurance cost. Such factors may include your company location, total assets you wish to insure, your company size, etc.
• Remember to factor in your deductibles. A deductible refers to the specific amount of money you must spend before your insurance policy starts paying some or all of your claims.
• It’s advisable to buy more insurance than your company needs because a suit may still cost your firm a great deal even if the court dismisses it.
• Ensure you choose a top-rated insurance provider you can trust to handle all your insurance needs. Some of the best small business insurance includes USAA small business insurance, progressive business insurance, and Geico business insurance.
• It’s also essential that you read the business policies from your insurance providers carefully, as each provider has its limits, exclusions, deductibles, and exclusions.
• Ask for help when you’re not sure what else to do.

Do I Need Liability Insurance?

Every business will benefit significantly from liability insurance. Not only does it protect your business, but it also protects your personal assets against a lawsuit. You’ll need liability insurance to protect your business after an injury occurs at your office premises.

If a case then ensues, you’ll not have to pay for the expenses out of pocket.

Liability insurance for business will also provide compensation if your products, services, or employees damage someone else’s property. However, note that liability insurance does not make provisions for deliberate or illegal conduct.

Liability insurances protect both the policyholder and the third party who might have suffered an injury due to the policy holder’s carelessness.

Does Law Require Business Insurance?

Most business insurances are optional, but Some states require you to purchase specific business insurances depending on your business type. For instance, a company with employees may need to buy workers’ compensation insurance, while certain professions require professional liability insurance.

Also, according to federal government policy, every business with staff must have unemployment, workers’ compensation, and disability insurance.

The Requirements To Qualify For Business Insurance

Each insurance has its specific requirements. For instance, before a business can qualify for a Business Owners Policy, it must operate in a low-risk industry, have less than 100 employees, make at least $1 million annual revenue, have an office space, and require fewer than a year of business interruption insurance.

You can find out more about business insurance requirements by state from insurance providers and other concerned government authorities.

Do All Small Businesses Have Insurance?

All businesses benefit from general liability insurance, but not all of them require professional liability insurance. Also, a sole proprietor may not have workers’ compensation insurance since he doesn’t have any employees. In the same light, a business that doesn’t have a business vehicle may not have commercial auto insurance.

If you’re a new business owner and wonder if you need to get insurance for your business, the answer is YES!

Disclaimer: Make sure you consult with your attorney or insurance advisor on any necessary insurance needs for your specific business. 

Whether the economy is struggling or doing well, learning how to grow a property management business can ensure it’s around for years to come. Small businesses often fail because of growth strategies that go overboard or don’t ramp up enough. Only 25% of small businesses last longer than 15 years, highlighting the need for a proper growth strategy. Here are some property management growth strategies you can implement to build your business.

Starting a Property Management Business

Learning how to build a property management business starts with location. In real estate, this is often the magic bullet. It determines how much you’ll pay to acquire properties, what you can sell them for, and how much rent you can get. If you’re managing properties for other owners, location will determine your share of the profits.

Perform a market assessment on properties in markets your business wants to build its base in. You can apply methods like a cost-benefit analysis to determine if these properties will generate enough revenue to meet your personal goals. Forecast out one year, three years, and five years to start. Keep in mind that you may break even in the first few years, but not turn a profit.

Considering neighboring or even long-distance markets can open up your possibilities and revenue streams. While it’s easier to start with certain types of properties, such as townhomes or single-family homes, you can expand your portfolio once you gain ground. You might consider expanding into small commercial properties or look into managing entire neighborhoods for homeowners’ associations.

As you learn how to start a property management company, you’ll want to check into ways to keep costs down while acquiring more properties.

Tips to Manage More Properties and Cut Costs

A home management business can be influenced by seasonal demand. Although demands for showings, inspections, and listings might surge in the spring and summer, the volume could go down in the fall and winter. This will depend on the local market and will probably vary if you manage properties in different areas. Local tourism, property types, weather patterns, and overall market conditions can influence seasonality.

To keep costs down, don’t hire more employees than necessary. See if outsourcing some of the extra work from seasonal demand makes sense. It’s possible to hire licensed inspectors on-demand or look for inspectors who are willing to work on contract instead of as a full-time employee. There might also be professionals who are willing to show properties on a freelance or contract basis.

Other property management ideas for businesses that can lower costs and increase your portfolio is to take over other property management companies. You can keep these employees on or streamline their roles once you take over. You’ll get the expertise of these staff members without having to hire additional people or spend money on training for existing employees. Implementing a mentoring program can help smooth the transition and get all employees on the same level.

Marketing and Promotion for Property Management

Marketing and promotion begin with property management prospecting ideas. If you’re unsure how to promote a property management business, here are some ideas to get you started.

Look for investors. You can try networking at in-person or virtual events where property investors are likely to attend. Your business can also host its own event to provide information on the local market and what your management company does. You can build a list of prospects and potential contacts that can help grow your business – either immediately or down the line.

Create a referral and reward program. This can work in your favor in two ways. First, you can offer residents who rent your properties an incentive to refer other tenants to you. You can do this for both short-term and long-term rental properties. Some property management companies take on timeshares or vacation rentals, while others focus on tenants that stay for a year or longer.

For short-term or vacation properties, you can offer renters a discount on their next stay if they refer a friend. If you decide to concentrate on residences with long-term leases, you can offer tenants a reduced monthly rate, waived fees, or a one-time credit for referrals.

Other marketing and promotion strategies include a social media presence and producing online content through blogs. You can attend industry events in your markets. Interact with landlords and other management companies to get a better sense of market conditions and partnership opportunities. They may know of people who are looking for rentals with criteria that didn’t match their properties. Other landlords and management companies may be willing to provide referrals if you do the same.

Investing in Your Brand Reputation

Creating a solid brand reputation means offering the services and amenities tenants are looking for. It also means embracing ethical business practices and going above and beyond tenant expectations. Choose a target tenant persona or profile based on demographics and lifestyle behaviors. Align your brand with a purpose that resonates with your target population’s identity, interests, and values.

For instance, adding or improving amenities like onsite gyms and recreational facilities can make your properties more attractive. Keeping up with maintenance and sending care packages to tenants when they renew or move in can add a personal touch.

How You Can Obtain More Property Management Listings

Here are some useful ideas on how to obtain property management listings.

Leverage technology. Make sure you devote a section on your website to capture potential listings. This can be as simple as a link to a Google form where people can fill out the information on available properties. Or it can be a landing page with videos that show the process of listing an apartment or home with your company.

You can also use social media to advertise you’re looking for new listings. Join forum conversations and look at discussions on apps like NextDoor and other social media pages that pertain to your markets.

Owning a small business can be stressful, to say the least. Applying for a small business loan doesn’t have to be stressful at all, though. And understanding how to get a low-interest business loan can bring relief to your company in just a few hours.

What Is a Small Business Loan?

A small business loan is financing sought by a company’s owner to start a new small business, purchase an existing small business, or infuse the current company with cash for various reasons (such as improvements or expansion).

It’s good for borrowers to have an understanding of how small business loans work before applying. Business owners should also understand that there are typically two types of small business loans: low-interest and low-cost loans.

Let’s look at the difference between the two.

Low-Interest Loans vs. Low-Cost Loans

The lowest business loans typically have longer terms and lower interest rates. Therefore, low-rate business loans may be more affordable and attractive to small business owners, but they are usually more expensive in the long run.

Low-cost loans have higher interest rates and shorter loan terms, making it harder for borrowers to quickly repay the loan. However, this may be a good option if you need a merchant cash advance type loan.

The main difference between low-interest and low-cost loans is the total amount that business owners repay over the loan’s lifetime.

How to Get a Start-Up Business Loan or a Small Business Loan

If you are looking for the best small business loans for start-ups or expanding your company, here are some options for your consideration.

SBA Loan

SBA Loans originate from the Small Business Administration department of the federal government. And although it’s a government-backed loan, business owners don’t need to work directly with the government to apply for or receive financing.

Rok Financial can help companies apply for and receive an SBA Loan, to which there are many benefits.

There are several types of SBA loans, each with various requirements and benefits. The two most common government small business loans are the Standard 7(a) loan and SBA Disaster Loan.

Standard 7(a)

With the standard 7(a) loan, business owners can apply for working capital up to $5 million and pay as little as 0.25% in loan fees. It’s also common to get a loan with a 3-7% interest rate. You won’t need any collateral for financing less than $25,000, and borrowers can typically get SBA approval within ten business days.

SBA Disaster Loan

Many people needed a 2020 low-interest business loan in the COVID-19 epidemic. Along with the CARES Act, the SBA provided small business loans during COVID-19, including the Payroll Protection Plan Loans and Economic Injury Disaster Loans. Some of these options are no-interest business loans.

An SBA Disaster Loan is a low-interest loan for small businesses, renters, homeowners, and non-profit organizations in a federally declared disaster zone or state of emergency. Depending on the type of disaster loan you qualify for, you can receive between $200,000 to $2 million.

Traditional Bank Business Loan

Many business owners can work with their neighborhood bank for a low-interest long-term business loan. It’s the most traditional type of financing option, with borrowers receiving a lump sum of money to be repaid over several months/years with interest.

Business owners who borrow from a traditional bank typically see interest rates between 2.55% and 5.4%. However, small business bank loans are usually much harder to qualify for, with qualifications including an excellent credit report and proof of an established and profitable business.

Loan terms vary depending on the specific lender and the borrower’s eligibility.

Medium-Term Business Loan

A medium-term business loan splits the difference between low-interest and low-cost loans. Their loan terms typically have a repayment period between one to five years and are usually more affordable than other small business loan options. Even though medium-term loans are easier to qualify for than other loans, the interest rates are generally in the 20% range.

Qualifications for a medium-term business loan usually include proof of one year in business, a credit score higher than 600, and a minimum of $90,000 annual revenue. Business owners who prefer medium-term loans can usually work with banks, credit unions, or online lenders for this type of financing.

Business Lines of Credit

A business line of credit is an excellent option for business owners who need more flexibility in their financing. A line of credit works very similarly to a credit card, except with higher limits and better interest rates. But you don’t get an actual physical card.

Business owners who are approved for a line of credit can keep the money in reserve – interest-free – until it’s needed. Once you draw money out, then you pay interest on the amount withdrawn. The benefits of a business line of credit include accessing the funds when you need it, however much you need (as long as it’s within the approved limit).

Those looking to receive a business line of credit can work with the SBA, a traditional loan, or even online lenders for this financing option.

What Factors Decide Your SBA Loan Interest Rate

When considering how to get a low-interest business loan, Rok Financial recommends an SBA loan. Although they are not the easiest loan to qualify for, the loan terms are favorable for business owners who meet the qualifications.

So what decides a borrower’s eligibility for an SBA Loan? These factors include:

• Proof of at least two years as a business
• Credit score 620+
• At least $100,000 in annual revenue

The Average Interest Rate for SBA (Small Business Administration) Loans

Once you qualify for an SBA loan, the following determination is how much you want to finance, the loan length, and if you get a fixed or variable rate.

Keeping these factors in mind, business owners may find the lowest small business loan rates as follows:

• Loans $25,00 or less typically have an interest rate between 4.25-6%
• Loans $25,000 to $50,000 usually have an interest rate between 3.25-6%
• Loans $50,000 to $250,000 typically have an interest rate between 2.25-6%
• Loans more than $250,000 generally have an interest rate between 2.25-5%

SBA Loan Credit Score Requirements

Most SBA Loans have a requirement of at least a 640 credit score. Business owners with credit scores of 680 and higher should have a better chance of being eligible for this government small business loan.

Online Applications for Interest Rate Inquiries

If you are interested in an SBA Loan with Rok Financial, apply today. A business financing advisor will contact you within 24-hours about your eligibility for low-interest business loan.

There is more to a successful landscaping business than just using the right equipment. As a business owner, you should understand how to grow a landscaping business.

In this guide, you will learn how to get more lawn care customers, business tips to grow a successful landscaping business, and the pros and cons of owning a landscaping business.

5 Tips to Getting More Lawn Care Customers

No matter what led you to start a lawn care company, it’s always good to look for ways to improve and grow the business. And a growing business can mean more profits for you!

Here are five tips to getting more customers for your landscaping business.

1. Have a Website

If you’re wondering how to run a landscaping business more successfully, consider creating a website immediately. Or, if you already have a website, consider improving it. When you have a website, it gives your business credibility and potential customers the confidence to hire you.

Your website should have a memorable domain name, web pages that explain your services and prices, and a phone number or form for people to contact you to request your services.

If you already have a website, when was the last time you checked it? Is it up-to-date with current and accurate information? Are there areas you can add, such as an existing customer login for invoices and scheduling adjustments?

A website is a great tool to attract new customers and communicate with your current customers. It gives legitimacy to your business and just may be the thing you need to grow your landscaping business.

2. Expand Your Service Area

When considering how to grow a landscaping business, another thing to look at is expanding the area where you provide service. Add neighborhoods or communities to the north, south, east, or west of you and grow your customer base purely on location.

You will want to do market research if you are casting a much wider net into unknown communities. Check if there is already a landscaping company in the area and consider ways to share the market. Will your prices be higher or lower? Or will you offer services that are not already provided?

Going into the unknown may be scary, but there are customers there waiting for you, so why not expand?

3. Diversify Your Services

If expanding your area is not an option, consider diversifying the services that you offer.

For example, if your landscaping business offers basic lawn care needs, consider adding premium services such as lawn maintenance, a landscaping design business, or even extreme weather services. If you live in the north, add a snow removal service. If your business is in a place where tornadoes and hurricanes are common, consider adding storm clean-up services.

Simply stated, the more revenue streams that you have, the more opportunity to make money.

4. Word of Mouth Referrals

A positive reputation is a great way to grow your business. If your landscaping company is known for quality service and exceptional care, your customers will rave (hopefully on social media), and your landscaping business will grow.

But it takes hard work and dedication to build that fan base. You will need to consistently work at doing the right thing for your customers and solve issues that arise in a positive and timely manner. But when you prove yourself to your customers, then they will do the work for you of growing your business by word of mouth referrals.

5. Social Media Marketing

When you have a website, social media platforms can help to grow your company even more. Let’s face it, Facebook and Instagram are some of the first places customers look when researching a company.

On your social media pages, you should consider asking current customers to leave a review. You can also share behind-the-scenes content, current specials or deals you’re offering, or spotlights on your team and the work your company is doing.

Social media marketing can also include ads on social media that target potential customers. It’s a fantastic way to increase customers and grow your landscaping business.

Three Keys to a Successful Landscaping Business

Whether you’re just starting out in the lawn care industry or have been around for a few years, here are three lawn care business must-haves.

1. Work On Your Business

To have a long-lasting landscaping business, you should work ON your business instead of IN your business. This means that you employ the right people to do the day-to-day tasks while you focus on the bigger picture of business development and strategy.

When you work on your business, you have time to develop a strategic business plan, consult with marketing firms, and consider expansion opportunities. It’s an essential key for a successful and growing landscaping business.

2. Networking

Networking is interacting with others to develop professional or social relationships. In this case, you will want to network with other landscaping companies, local business owners in industries adjacent to landscaping (such as the hardware store), and people in general who may have contacts for potential employees or customers.

You never know what benefits today’s networking can bring you tomorrow.

3. Personal Development

You probably can’t expect your business to grow and succeed if you are unwilling to grow and develop successful personal health goals. As you learn and grow as a person, you can influence your employees, customers, and community.

With hard work and determination, your personal development can significantly impact your company’s culture and become a key ingredient in the recipe for a successful landscaping business.

The Pros & Cons of Owning a Landscaping Business

There are lots of pros and cons of owning a landscaping business. Let’s take a quick look at a few of them to help you understand how to grow a lawn care business.

Pro: Simple Business Model

Whether you service one neighborhood or one hundred, the landscape business model is typically quite simple. You have few overhead costs (labor, equipment, etc.), and it’s easy to duplicate or scale as needed.

Pro: Always in Demand

Another pro is the constant demand for lawn care companies to work in good and bad economies. And if you offer severe weather services (such as snow removal or storm clean-up services), you can also work year-round.

Con: Lots of Competition

Because landscaping is an easy industry to enter, many companies are entering the market nearly every day. From the neighborhood kid trying to get extra videogame money to larger companies offering services at lower prices, your landscaping company will need to find your niche in the market and retain as many customers as you can.

Con: Overhead Costs (Labor & Equipment)

While landscaping businesses don’t typically have a lot of overhead costs, the ones that you do have can be pricey. Labor itself is the biggest expense, and the turnover rate is high. And don’t forget about equipment costs, an expense that can creep up on you if you don’t budget for maintenance and upkeep.

Start Your Lawn Care Business Plan

When considering how to expand a lawn care business, keep the above information in mind. Use these landscaping business tips, pros, and cons to build a flourishing company. If you need any help or have questions, please contact us at ROK Financial today!