10 Challenges Every Entrepreneur Will Face

| September 21, 2017

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In the world of boxing, if an opponent knows what to anticipate from his opponent, he has an edge. In war, if a country anticipates which side the enemy's going to attack from, the country has an edge. If you, as an entrepreneur know the challenges you'll face, you'll also have an edge.

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Retail IT

Retail IT offer complete retail management technology worldwide from the heart of south west London. Our aim is to bring the omnichannel management benefits that multinational companies enjoy to all sizes of retailer, from point-of-sale and eCommerce, to supply chain planning and forecasting.

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Thriving as an AAPI Business Owner: Common Challenges and Solutions

Article | May 31, 2021

May is Asian American and Pacific Islander Heritage Month. With the challenges currently facing the AAPI community, there isn’t a better period to reflect on the many positive contributions that AAPI community members contribute to society, culture, and the economy. While AAPIs have the highest rate of business ownership of all minorities, and those businesses account for half of all minority business employment in the United States, AAPI business owners continue to face a unique set of challenges.

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The best social media platforms for small businesses

Article | March 30, 2020

You probably know social media is an important tool for growing your business, but there’s a good chance you might be a bit overwhelmed with the number of different platforms out there. Not to mention the learning curve involved in trying to master them all! There’s no doubt the world of social media and internet marketing is a fast-changing landscape, but as the internet has begun to mature there are a handful of platforms that can definitely create results for the people who stay the course and try to master them. In this post, we’ll identify four of the big social behemoths, why they have the potential to create a lot of leverage when marketing your business, and which one might be the best for you to focus on.

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Small Business Grants: Get Free Funding

Article | September 5, 2021

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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Your Most Frequently Asked Software Questions, Answered

Article | July 19, 2021

We talk to a lot of people each day about which software is right for their business, which means we here at Software Advice understand the problems that small and midsize companies face. Whether it’s working out how to bring your business online fast to save the family-owned dairy farm, or helping you find scheduling software to make sure your appointments are more organized, we’re here to offer advice. No matter the circumstance, we’ve likely talked to someone in a similar situation to you. According to a survey run by Capterra, only 27% of small-business owners find software that meets or exceeds their expectations without compromise. That statistic might seem discouraging, but with proper planning and some expert advice, you can ensure you're getting the best software fit for your business.

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Spotlight

Retail IT

Retail IT offer complete retail management technology worldwide from the heart of south west London. Our aim is to bring the omnichannel management benefits that multinational companies enjoy to all sizes of retailer, from point-of-sale and eCommerce, to supply chain planning and forecasting.

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