Dreaming of Starting Your Own Business? Here’s What to Expect!

Starting your own business can be one of the most exhilarating and terrifying experiences of your life, and that’s why many people are paralyzed by fear, unable to take the plunge. However, if you’re ready to start your own business, don’t let your fears hold you back! The truth is that starting your own business isn’t as scary as it seems, but it does require hard work and dedication. Follow these steps to learn what you can expect when you decide to start your own business!

This isn’t the easy road

Starting your own business isn’t for the faint of heart. It requires courage, perseverance, and dedication. The entrepreneurial road isn’t always a straight one either; there will be detours and failures but if you keep your head up, you’ll eventually reach your destination.

Failure happens, prepare yourself for it

Running a business is full of ups and downs. Being prepared for the tough times, will help keep you motivated during the good ones. We asked a business owner who has gone through it before, what they would tell their former selves if they could go back in time.

“Every entrepreneur, whether starting a business from scratch or growing one they inherited, will run into some bumps along the way. It’s inevitable–the question is how you get past them and continue moving forward when you feel like giving up.”

Are you ready for long hours and hard work?

So you’re dreaming of starting your own business. Congratulations, it can be a scary but incredibly rewarding experience. You might be thinking about how on earth you’re going to pull this off, and the fact that you’ll have no personal life because you’ll spend all your time at work. How can you balance being a new mom or dad with running your own business? Are you in school? Do you currently have a 9-5 job? There are so many factors that go into starting your own business, just don’t give up. Just be prepared. 

Have a vision, have an end goal in mind

The first step is finding your passion. What does this mean for you? It means really looking inside yourself and asking yourself: What would I love to do? Once you figure out what you want to do, make sure it aligns with your personality. If the idea of starting a business feels like the most exciting thing in the world and it meshes well with who you are, then go for it!

Plan out your start-up budget carefully

The start-up budget can vary significantly depending on a person’s needs and circumstances. One person may only need a few hundred dollars, while another might require a few thousand. When getting started, it is important to carefully plan out the start-up budget in order to avoid any financial setbacks later on. A great way for beginners to figure out how much money they need would be consulting with an accountant or CPA about their financials and creating projections for what their finances might look like in the future.

Don’t be afraid to ask others for help

One of the most important steps in starting your own business is building a support system. Get yourself on Facebook and LinkedIn so you can ask for advice and offer help when needed. Join groups or forums that talk about your area of expertise, join conferences or reach out to a mentor. Connect with an accountant, lawyer or other professionals who specialize in your industry, even if you don’t hire them initially.

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

Ready to Level Up? Here’s What You Need to Know

So you’ve got your business up and running and you’re doing really well, but there’s something missing… You’re ready to level up to the next level of your business, but you don’t know how or what to expect. Lucky for you, we have some insights on what it takes to go from a small business to an enterprise level, plus how this will change your business and what should be expected during the transition. Ready? Let’s get started.

Step 1: See Things Differently

If you feel like you’re hitting a plateau, it’s time to rethink how you see things. Don’t worry, it doesn’t take much. Step out of your comfort zone. The most successful people don’t limit themselves by what they’re comfortable with. They constantly push themselves to the next level in order to keep growing and expanding their knowledge. You never know when an opportunity will come along and when it does, you want to be ready for it!

Step 2: Become an Expert in Your Industry

Do your research. Read industry-relevant books, articles, and blogs. Network with people in the field who will share information and insights with you. Ask questions and show that you are a keen learner, willing to spend time gaining as much knowledge as possible.

Step 3: Build Relationships with Influencers

In this stage, it’s time to go out there and meet as many people in your industry as possible. Who knows what might happen! And hey, if you like the person you meet, send them a quick follow-up email with a personalized note just asking how they’re doing (you can even offer your assistance if needed). After all, without connections, why would anyone pay attention to what you have to say?

Step 5: Develop Killer Content

One of the newest tactics to help your business is social media. Some businesses have become social media rockstars. Companies invest time and money into creating great content to promote their business across all different social platforms.  That means quality, quantity, and being strategic. Quality is important because it ensures that your audience will continue to engage with you and not get bored of your posts.

Step 5: Become an Authority by Sharing Knowledge

Don’t underestimate the power of teaching what you know. Author or not, there are many ways for you to share your skills and teach your area of expertise to others. One of these ways is by putting together a book proposal and pitching it to publishers who would be a good fit for your work. Consider sharing tips on your social media platforms.  There are many other ways in which you can teach what you know and develop authority in your industry.

Step 6: Do the Hard Work First

By now, you should have a fairly decent idea of what you’re going to offer and how you want it packaged. Now is the time for an extensive marketing plan. Market research will give you valuable information about your target audience, their preferences, and how much they’ll be willing to spend on your product or service. Remember not all prospects are interested in doing business with your brand, so make sure that your marketing efforts are reaching out to them in ways that they’re most likely receptive to.

Step 7: Go on Tour

If you’re prepared and ready to take on the world, here are some ways you can get yourself and your products out there. Start by coming up with a plan, which should include where you want to visit, how often, what size audience you want to reach, what costs are involved, and how much space you’ll need. If you don’t want to go on a world tour yet, check out your city’s Pop up shops. You can be a vendor and showcase your products and business to the different areas across your state. 

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

4 Tips For Developing A Successful Growth Strategy For Your Small Business

If you have built your small business through hard work and determination, you should be proud of what you’ve accomplished so far. But if you want to continue to grow and strengthen your company’s position in the marketplace, you need to develop a growth strategy, which will help ensure that your company remains profitable and relevant. These four tips will help you create an effective growth strategy for your small business that will help it continue to thrive in the years ahead.

1) Start From The End

Incorporating these four tips into your growth strategy will help ensure you stay on track with your plan.  When developing a growth strategy, start from the end to make sure that all of the steps in between lead up to achieving this goal. Consider how each step can be measured and recognize that it takes a lot of time and effort for anything to succeed in life. Don’t forget to have fun while doing all of this hard work!

2) Know What You Have To Work With

Use a SWOT analysis to outline your company’s strengths, weaknesses, opportunities and threats. You can use this information to create the best possible plan for your business. But whatever you do, make sure that you know what you’re working with in order to not just form a plan but an achievable one as well.

3) Assess The Competition

It is important to assess the competition as it relates to your growth strategy. We recommend starting with a SWOT analysis to consider: Strengths, Weaknesses, Opportunities and Threats. Use this information to create a competitive advantage and identify what you want to do better than your competitors. Understand Your Industry, understanding the industry in which you operate will help you develop a strategy that will address potential obstacles that may arise in different markets. Conducting market research can be helpful in understanding how much of the market share there is for specific products or services, where consumers are most likely looking for them, and how many competitors exist for those same products or services.

4) Get Feedback Regularly

Feedback is important for growth because it allows you to see what strategies and tactics are working and which ones should be changed. Feedback from customers, employees, partners, and investors can help you pinpoint areas of success as well as obstacles in your company’s way. Regardless of the method for feedback gathering, there are two important things to remember: first, the more often feedback is sought, the more responsive business decisions will be. Second, feedback needs to come from a wide variety of sources.

Partner with United Funding Group

 In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

5 Tips for Staying Organized and On Track as a Small Business Owner

It’s hard to stay organized and productive when you’re running your own business, especially if you have limited time to complete tasks that require a lot of concentration. Here are five tips to help keep you on track and stay organized as a small business owner.

1) Keep a list of your daily tasks

It can be easy to forget about the little things when you’re running a business. However, in order to keep your life balanced and maintain some sort of work-life balance, try starting each day with an outline of what needs to get done (this could include things like: shopping, marketing or networking).

2) Add dates to your calendar

Create weekly recurring events in your calendar on Friday or Saturday night to spend time doing your own personal activities.

Prioritize getting eight hours of sleep, eating well, and exercising at least three times per week. 

Learn how to set priorities for what to work on each day so you’re not running around like a chicken with its head cut off. Scheduling my time has been instrumental in improving my workflow process.

3) Set aside time for important tasks

Planning your week on Sunday night can help you know what to focus on. Make sure to allocate time every day for completing tasks that take priority. When you’re overloaded, do one thing at a time, from the top of the list, rather than jumping around. You’ll get more done in less time by focusing on one task until it’s completed before moving onto the next task.

4) Use tools to track your progress

Evernote is an organizational tool that allows you to organize your ideas and documents into notebooks. For example, you can have one notebook dedicated to blog posts, another one dedicated to upcoming deadlines, etc. You can also keep track of everything that you do during the day (meetings, deadlines, emails sent) by simply taking notes while on the go with their mobile app. Todoist is another organizational tool that creates a daily task list by allowing you to prioritize tasks with preset tags.

5) Break down long-term projects into manageable steps

All too often, these sorts of projects can seem daunting, and difficult to figure out how to tackle them. In this post, I want to provide you with some specific steps that you can take to make it much more manageable.

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

Thinking of Starting a Business…A Few Steps to Clean Up Your Debt

It’s hard to start your own business if you can’t get approved for a small business loan! Borrowing money from a bank or other financial institution requires an application process and approval by the lender, which means that your credit history will play a role in whether or not you qualify. So what do you do if you have some negative marks on your credit report, like past-due bills, overuse of credit cards, or late mortgage payments? Here are three simple steps to clean up your debt and fix your credit before applying for your small business loan.

Step 1: Create a Budget

Set up a spreadsheet with one row for each of your expenses. Track your spending on it every day (or as often as you want) by updating the amount in the column next to the item you spent money on. Once you’ve tracked how much you spend, get out your bills and create two more columns. The first column should say Available Income – this is money that is not going towards any other expense, like your cell phone bill or insurance. The second column should say Loan Amount – list out what amount you would need in order to cover all of your expenses.

Step 2: Negotiate with Creditors

If you cannot afford to make the minimum payments on your credit cards, it is best not to take out any new ones until you have the ability to repay your existing debt. First, get a realistic idea of what you owe by tracking how much money you are paying in monthly installments. Second, set up meetings with all of your creditors if possible. Third, find out what they will be willing to do in order to help you clean up your debts so that you can make some more manageable payments going forward.

Step 3: Get Help from Expert Sources

The next step is to take care of your credit. Paying off any delinquent or bad debts will get rid of the negative marks on your report, which is important if you plan on applying for a small business loan. You’ll want to first set up an appointment with an experienced bankruptcy attorney in your area who can advise you about which type of bankruptcy is best for you based on how many assets and debts you have, as well as how much income you make. The process may cost several thousand dollars (unless Chapter 7 is an option) but will immediately start wiping out some of those bad debt charges from lenders that are dragging down your credit score.

Step 4: Do bank loans help? 

Not all financial debt problems are created equal. If you’re in debt, there’s likely more than one way to get help. And before seeking that help, there are a few things you can do on your own. Consider the following steps if you want to take charge of your finances without bankruptcy or loan modification:

– Track your income vs expenses. It sounds pretty basic, but it’s critical when evaluating whether or not you’re financially able – or can afford – to pay off any outstanding debts (or credit cards). You might be surprised by what doing this reveals.

Where do I go for financial debt assistance? 

1. If you have student loans, the first step is to review all of your loan offers and choose the best one based on the loan type, interest rate, lowest fees, etc. This will help narrow down your selection of offers. The Department of Education (DOE) also has information about how to get help with student loans if you need it.

2. Pay off high-interest credit cards or any other high-interest debts before applying for business financing so that they’re less likely to charge you excessive fees while paying off the debt over time.

Once that debt is low…

Now that your debt is low, you can start looking for ways to fund your new business. Decide on the type of small business you want: If you’re not sure what type of small business to start there are plenty of resources out there to help. Next, you will need to figure out where the funding will come from for your start-up.  The easiest way to do this is with personal savings and/or retirement funds (though many people don’t have these). You could also ask family and friends for investments in exchange for shares in the company. Another option would be to go through an accelerator program like Techstars or Y Combinator which offers equity-free grants in exchange for 5% – 10% of your company’s future earnings. 

Now that you have a few basics to clear up and fix your credit, get started on your journey to opening up your very own business!

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

What You Need to Know Before Starting an E-Commerce Business

Starting an e-commerce business has both benefits and drawbacks, and you’ll want to be aware of both before deciding if this is the right business model for you. Here are some important pros and cons of starting an e-commerce business to consider.

The Pros

The advantages of starting an e-commerce business are innumerable: consumers can purchase products at their convenience, sellers enjoy complete control over pricing and inventory, and returns are easier to process. Unlike brick-and-mortar stores, an e-commerce business is an inexpensive and low maintenance, making it the perfect opportunity for someone who doesn’t have much time or money. Some cons of starting an e-commerce business are that you may need more start-up capital than expected and the competition is high with even small businesses selling online.

The Cons

It may be tempting to throw up a quick website, buy some inventory, and sell whatever items you have available. But before you get too far down that road, make sure that it’s actually worth your time and money. Other disadvantages of starting an e-commerce business include losing the advantage of personal contact with customers and spending hours entering information into your website. Running a successful e-commerce business is no easy task so unless you’re prepared for the many challenges, consider finding a different way to earn your living.

Things to Keep in Mind

The reason that small and medium-sized businesses start with e-commerce is that they don’t have the funds necessary for a storefront, and doing so online allows them access to clients all over the world. The majority of these businesses are funded by outside investors who, in return, receive a share of ownership. One major downside to starting a business this way is that you must pay rent on your physical space even if it’s not being used right now.

Who to reach out to for advice

There are many aspects of starting a successful e-commerce business that need careful consideration. Some things you should consider before starting your own e-commerce business are whether or not you have the knowledge, financial resources, and determination required for success. Also, you should determine what type of goods will you be selling, your niche in the market, and whether there is enough potential profit from your target market. The risks in opening up your own e-commerce store include the competition with existing brands and that costs may exceed profit. All businesses involve risk and it’s up to you as the founder how much risk you want to take on.

What E-Commerce businesses are the most successful

The most successful e-commerce businesses have a balance of high-quality products, competitive prices, and low overhead. When you’re starting out, price competition is usually a bigger factor because not many people know about your business. They might be more likely to order from the first site they find that offers what they want at the lowest cost. It’s good to set realistic goals for your first year in business so you can see how things go and adjust accordingly. As long as you’re providing your customers with good customer service, healthy inventory turnover rates, and high margins on sales volume, your company should be okay.

First step to opening an E-Commerce business?

Opening up an e-commerce business requires a significant investment of time and money before you even have a website up and running. To start off on the right foot, here are four things you should know before starting: 

1) A small store is just as viable as a big one

2) Customers might still need to touch the product in the store

3) There are reasons not to expand internationally

4) Shipping prices can vary widely depending on the distance. 

The initial investment into opening your e-commerce business will depend on what type of online retailer you want your company to be, but with so many different options out there it’s difficult to pinpoint exactly how much it will cost.

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com