Wednesday, November 24, 2010

7 ways to help your business

Being a business owner is not always easy and sometimes finding money to expand or even to start is hard. Here’s some ideas for finding extra money.

1.) Subletting part of your premises. There are many businesses that go hand in hand. If you are not offering a service similar to another business you could advertise or ask around to see if anyone might be interested in renting space from you. In one of the salons I worked they looked at the possibility of subletting one of the rooms in the back to a beautician, or the nail table to a nail technician or even renting chairs to hairdressers. There are a lot of options if you think outside the square.
2.) Apply for a Government grant. There are a variety of them out there to help small businesses. This site allows you to select your state and see what grants/workshops/assistance is available to you.
3.) Find sponsorship. With a good written proposal about the benefits of sponsoring your business and what you would like in terms of sponsorship you have a much better chance of other businesses saying, ok, I’ll help you.
4.) Find a silent partner. This is a big decision. A silent partner basically helps fund but not run the business and receives some profits in return. This might not be so easy if your business is not doing so well and it depends on how comfortable you are opening your business up to someone else. It can be a great help though.
5.) Business counseling and advice is available for free through the government. They have access to a lot of information and things to help. They might even be able to negotiate better deals for your current rent/loans/whatever is costing you a lot of money.
6.) Sell things on consignment. Is there a business which is compatible with yours which would be interested in having things in your business on consignment? It gives you the opportunity to sell things without paying for them first.
7.) Have a sale. A sale is what a lot of people do first but it is not always affective. Most people are looking for a big discount with sales and when you are in financial trouble it is not always possible to give a large discount.

If your business is costing you more and more money and you are just unable to keep up with expenses it might be time to consider closing. As hard as it is sometimes it is not worth holding onto a failing business. Some turn around and become profitable again, but many do not.

It might help to have someone sit down and look at it objectively to see if it is worth keeping or where you might be able to plug some leaks in the business budget.

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