Running an online business gives entrepreneurs an incredible chance to expand and scale their operations. While offline business requires a physical presence — offices, retail outlets, and kiosks in every location — an online business can operate entirely with virtual storefronts and digital real estate. Expanding is simple, and scaling businesses to new heights can be achieved without the need for expensive outlets and physical locations.Still, there are some major errors that newbie online entrepreneurs tend to make when they scale their businesses. From expanding too quickly to moving in all the wrong directions, the road to running a large-scale online business is paved with potential potholes. These five strategies are designed to help you achieve worthwhile business optimization, and take your business to new heights without endless difficulties and setbacks.1. Stick to the 80/20 Principle.
Pareto’s Principle — known as the 80/20 principle — dictates that 80% of your returns — in this case, business profits — will come from just 20% of your actions. Your goal in running an internet business is not to do as much as you can, but to achieve as much as you can. Focus on the ultra-profitable 20% that contributes to your business, and eliminate as much of the fluff as you possibly can.2. Whenever possible, add products to service businesses.
Service businesses are a good short-term model, but as a long-term earning option alone, they are not good. The main issue with service businesses is the lack of scalability and long-term earnings potential. By running a service business, you are essentially tying a value to your time and working to that alone. It is an effective use of your time to create a product, and use your time to amplify its sales. Which leads us into the next strategy.3. Package and sell your information.
Informational products are a major hit, especially in the online world. From guides on mastering online business to simple how-to sets for learning a new skill, informational products make up a huge percentage of online sales. If you have got skills that would otherwise only be valuable in a service business, why not package them into an information product that you can sell online?4. Focus on marketing before you start your business.
The make-or-break component of any online business is that marketing. The internet is crowded, especially for small online businesses, and there is no chance to survive without a large customer or client base that knows how to find you. The world’s most profitable companies invested in marketing before they expanded their businesses, and you should too.5. Set a value for your time, and don’t waste it.
You have set up your online business, invested in some manual and paid marketing presences, and have started to earn over $100 a day. The only problem is that it is taking almost 12 hours to do it. There will be times, especially when running an online business, that you will rack up a reasonably impressive daily earnings total. Ignore it. Daily totals are deceiving and are not an accurate metric for judging online business success.What is much more valuable is the amount of time that goes into that income. Set a minimum value for your time, and create an online business that gives you options on where to spend it. Sometimes services might be worthwhile, other times product-based work might be the best solution. Either way, set a minimum cost for an hour of your time, and design a business that allows you to earn above it.
Five Online Business Optimization Strategies
Business Capital Solutions In Canada: Accessing Proper Cash Flow & Commercial Financing
Business capital requirements in Canada often boil down to some basic truths the business owner/financial mgr/entrepreneur needs to address when it comes to financing for businesses.One of those truths? Knowing the true state of their financial condition and what financing they do and don’t qualify for when it comes to meeting commercial lending requirements in Canadian business.Business Loans In CanadaWhether you are smaller or start-up firm looking for information on how to get a business loan or a larger established firm looking for growth financing or acquisition opportunities we’re highlighting 3 mistakes that commercial loan seekers like your company need to avoid making when addressing, sourcing and negotiating your cash flow / working capital and commercial financing needs.1. Understand the true condition of your company finances – These are almost always successful addressed when you spend time on your financials and understand how your financial statements reflect your access to commercial loans & business credit in general2. Ensure you have a plan in place for sales growth and financial needs as it relates to commercial financing3. Understand that actual hard facts about cash flow which is, of course, the lifeblood of your companyCan you honestly answer or feel positive about all those 3 points. If so, pass Go and collect $ 100.00!A good way to address your company’s finance plans is to ensure you understand growth finance solutions, as well as how to manage in a downturn – i.e. not growing, losing money, etc; It’s never fun to fund yourself in an economic or industry downturn such as the COVID pandemic of 2020!When we talk to clients of new or established businesses it seems they are almost always talking about sales, so the ability to understand and focus on the differences in their profits and cash fluctuations is key.How do cash flow and sales plans and projections affect the type of financing you require? For one thing sales growth usually starts out by consuming your cash, not generating it. A poor finance plan will drag your business down and addressing financing simply gets tougher and tougher.Three basics always emerge when it comes to your search for the right business capital and financing.1. The amount of financing you need2. The type of financing (debt/cash flow/asset monetization) The business loan interest rate will be dramatically affected by whether you choose traditional or alternative financing solutions. Private business loans in Canada come from non regulated commercial finance companies most often known as ‘ alternative lenders ‘. These lenders are typically highly specialized in one ‘ niche ‘ of business financing and may be Canadian firms or branches of U.S. banks and non-bank lenders3. How the financing is structured to be manageable with your day to day operationsWhat Finance Company In Canada Can Meet Your Borrowing Needs & Why Is Capital Important In BusinessLet’s identify and break down key financings your firm should know about and understand if they are applicable and achievable to your business. They include:A/R Financing / Factoring / Confidential Receivable FinanceInventory finance / floor planning / retail inventoryWorking Capital term loansUnsecured cash flow loansMerchant working capital loans/advances – these loans are geared toward short term cash needs and are typically one year in duration. Loan amounts are typically 15-20% of your annual sales revenues.Royalty financeAsset based non bank business lines of creditTax credit financing (SR&ED bridge loans)Equipment Leasing / Sale leasebacks – Equipment financing in Canada is used by almost 80% of all companies looking to acquire new, and used, assets.Govt Guaranteed Small Business Loan program – Government Loans in Canada are sometimes referred to as ‘ SBL’, aka Note: BDC Finance solutions are available from this Canadian non-bricks and morter crown corporation. A small business loan via the government-guaranteed loan program comes with true flexibility around term loan duration, market rates, no pre payment penalties, and of course the low personal guarantee that is required by borrowers. These two ‘ government ‘ loan solutions are often perfect for financing a new business.If you’re focused on not making mistakes in your business finance needs and want to capitalize on the solutions your competitors are probably already using seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your cash flow and commercial financing needs.
All About Exfoliating for Organic Skin Care
If the Bible were about skin care there would only be five commandments. Exfoliating is the second of the five commandments of skin care. Unfortunately, most people actively follow only one of these five commandments/rules; most people only do 20% of what they should be doing for proper skin care. Dermatologists, cosmeticians, and beauticians could, and have, for years given tips and recommendations for great skin care. However, most of these tips are irrelevant or are less effective if you are not fulfilling the five most basic rules, needs, necessities, requisites, and requirements for great skin. These five rules should be considered the foundation for any great skin care system. Like any foundation, they can be built and expanded upon (for example by the said tips by skin care professionals mentioned above) – you just have to get the basics covered first. We recommend that you use organic and all natural skin care products because the dangers of using harsh (potentially carcinogenic) chemicals on your skin are simply not worth the risk – however, even before you consider using organic skin care products you should at the very least be following the five commandments of skin care.ExfoliatingAlthough exfoliating is one of the most important steps in a skin care regimen, it is far too often completely skipped by people. This is a big skin care mistake; every type of skin will benefit from exfoliation at least twice a week. The reason that you need to continually exfoliate is because the lower layers of skin regenerate new skin cells and new skin which are pushed up to the top layer of the skin leaving dead skin on the surface layer. Exfoliation will remove these dead skin cells as well as any excess oil, dirt, makeup, dust, harsh chemicals, and any other pollutant left on the top layer of the skin after cleansing. Effective exfoliation leaves the skin soft, refreshed, and smooth. Effective exfoliation will also allow toners and moisturizers to penetrate deeper into the skin. A note of interest here is that in the same way that exfoliation opens up your pores for toners and moisturizers to penetrate deep into the skin it can also allow dirt, dust, harsh chemicals from skin care products, and other pollutants to penetrate deeper into the skin so you want to make sure you close your pores before going about your day. It has been suggested that men have softer skin than women over the lifetime of their skin likely because they shave everyday which helps to remove the top layer of dead skin which is a form of exfoliation in itself. These dead skin cells need to be gently exfoliated off the surface layer to prevent clogged pores.Just like cleansing, you want to make sure that you do not over-exfoliate which can cause surface irritation and redness and may cause your natural oils to spiral out of control. You also want to make sure you gently exfoliate in a circular motion. Do not scrub too hard; your skin is not a garage floor and should not be treated like one. Be very gentle with your skin to prevent premature aging. You may want to aim to exfoliate anywhere from twice a week to every other day. You will have to do some trial and error to find the right balance for your skin. Some people like to use an exfoliating cleanser to keep things simple but if you insist on having two separate products like we suggest it is best to cleanse before you exfoliate so that you can clean dust and grime off the top layer of skin before opening up your pores. Just like cleansing, you want to spend about three times longer rinsing your skin than scrubbing. Also, some people only like to exfoliate in the winter months or use different scrubs for the summer months and the winter months. This is because in the winter the dead skin cells on the surface can dry your skin out even more so than summer months because the skin is already prone to drying and produces less sebum in the summer. For this reason, at Giddy Organics, we offer scrubs that are designed for winter months as well as scrubs for summer months.