Common Lending and Financing Options for New Small Businesses

KYLA STEWART | December 27, 2019

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Trying to establish or grow new business with inadequate funding often ends in failure unless some sort of support is pursued. Usually, such kind of support will come from lending and financing options and perhaps through the formation of a partnership with interested parties. Since the former is relatively easier to acquire and manage as compared to the latter, we have compiled some of the ways in which to acquire it based on your personal tastes and preferences

Spotlight

Askinosie Chocolate

Askinosie Chocolate is a small batch chocolate manufacturer located in Springfield, Mo., sourcing 100% of their beans directly from the farmers. Shawn Askinosie, founder and chocolate maker, travels to regions of Ecuador, Honduras, the Philippines and Tanzania to work directly with the farmers and source cocoa beans for his chocolate. This allows the chocolate to be traced to the source and labeled Authentic Single Origin Chocolate. It also enables Askinosie Chocolate to profit share with the farmers, giving them a Stake In the Outcome.

OTHER ARTICLES

14 Ways a Small Business Can Level Up Their Project Management Game

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What are Marketing Strategies for Small Businesses?

Article | June 9, 2021

December 2019 was just the start of something sudden and drastic change a world was about to witness and changed the pattern and working of business completely. Covid 19 has been a major economic shock for both large businesses as well as small businesses. Marketing their business became difficult and was even more difficult and challenging for small business owners. The impact of COVID-19 was enormous on small businesses. Pandemic was a time to come up with new marketing strategies for small businesses. Here are few promising marketing strategies for small businesses during COVID-19. Effects of the pandemic on small business Small business was the hardest hit due to the onset of the pandemic and effects of the pandemic on small business has been severe. The unprecedented nature of COVID-19 brought up widespread closing of businesses, factories, and stores around the world. Temporary closure of businesses due to pandemic reflected income losses to business owners due to inactive months. As per a recent study, 34% of U.S. small businesses are still closed. COVID-19 continues to be challenging for small businesses forcing them to shut down their business permanently. As per the recent survey, about 22% of U.S. small businesses have closed in February. Effects of the pandemic on a small business stay the longest. Customers being reluctant to rush to stores for their purchases considering their safety has reduced the business for small business owners. As per the survey conducted by McKinsey, almost 47% of small business owners are concerned about their sustainability in the market, and about 57% of the owners are concerned about the lack of customers. What are the challenges faced by small business during the pandemic? COVID-19 magnified the pre-existing challenges of small businesses along with the addition of more challenges. The new challenges faced by small businesses during the pandemic are money management, work-life balance and fatigue, government regulations, client dependency, and going for an online platform. However, the Small Business Administration (SBA) of the federal government came forward to help businesses. The federal government enforced the Paycheck Protection Program Act (PPP), by the CARES Act, aided the small business loans with the fund. Switching to digital is a new need of an hour to ameliorate the involvement of new and existing customers and having social media presence. Sharing the best marketing strategies for small businesses to overcome the challenges during the COVID-19 pandemic. Best Marketing Strategies for Small Business Get Website for Online Presence Do you need a website for small businesses? The answer is yes. Websites are like a business card to reach out to the customers; with the absence of a website, you will be missing out on the major chunk of the market. Simply by making your online presence you will create the most important asset for your small business. It is a channel where you will exhibit the information about your brand, who you are, where are you, what can you offer, and how potential customers can reach out to you. You can grab traffic information from your website through a search engine. The data and analytics provided such as how many people visited your website, time duration spent by people on your webpage, demographic details of your visitors, and many more enables the success of your website. Google My Business Listing Google My Business is an effective part of digital marketing strategies for small businesses. It is cost-effective for small businesses and gives your business visibility on Google and beneficial for targeting local customers. Google My Business provides you with a free set of tools increasing your reach with higher online visibility. Google My Business is affordable for both small and large businesses. With good reviews from the customers or if you rank in the top 3 of Google My Business listings you can pull many leads, and gain credibility and trust for your business. Email Marketing Email marketing strategy is an important and critical part of marketing strategies for small businesses and works best during the COVID-19 pandemic. Email is the highest converting channel that helps in nurturing leads. Email marketing for small businesses is cost-effective and involves showcasing new products, important business updates, special offers, prompting your recipients to click through your website. Other benefits that email marketing for small businesses offers are easy to automate, immediate communication, easy to track and optimize, and easy to set up and run. Content Marketing Content marketing during COVID-19 for small businesses has been at the center of business marketing strategy. Content marketing is creating and publishing high-quality content including, articles, emails, online courses, podcasts, and videos to reach out to the target audience. Content marketing is a must for small businesses because it is highly result-oriented. Content marketing helps small businesses to create trust and long-term relationships with customers and potential prospects and gives better exposure to your products or services. Blogging Blogging has proved to be one of the successful marketing strategies for small businesses during the COVID-19 pandemic. Starting up a blog will help you generate organic traffic and increase awareness for your brand, in return will improve your website’s rankings on the search engines. Blogging is a part of content marketing offering information about relevant topics to customers, in your case, it will be about your business. Starting a blog is important for small businesses because it helps you think in new ways, it is great for marketing, it allows you to share your expertise, and it creates a 2-way conversation. Google AdWords More than 40,000 search inquiries are made on Google every second, so you can imagine the reach of audience your business can gain. Advertising on Google is of great worth for small businesses. Google AdWords is considered a more expensive and competitive form of marketing tactics; they are paid ads but are also one of the most powerful marketing strategies. In Google AdWords, Google assigns a quality score to your Ad depending on your Click Through Rate (CTR), relevance, and landing page your ad sends traffic to. Google AdWords gives you immediate results and ranges up as per your budget. Using Social Media Platform Using social media marketing is relevant and non-negotiable for small businesses because it helps to build wide awareness for their brand. Today’s world is social media savvy. Social media platforms have no more remained just a fun platform to socialize or connect with but have turned into a powerful tool for business reach by engaging with potential customers. Presence on social media can help small businesses to build up a rapport with customers, gain an opportunity to promote their products or services to larger audiences. Facebook, Instagram, Twitter, Pinterest, and LinkedIn are a few of the social media platforms that are highly active, hence proves to be one of the easy marketing strategies for small businesses. Use the Power of SEO Business slowed down in the pandemic and businesses are reluctant to commit. Once an impressive website is developed, search engine optimization (SEO) is one of the impactful marketing strategies for small businesses. SEO is a time taking strategy to show the results but in the long run, SEO marketing strategy surely brings you the desired success. SEO is to optimize your website and content for google search engines so that your business ranks higher on searches. Higher the rank on google search higher the chances of traffic drive to your website and higher the chance of your website being clicked. With the practice of the above-mentioned strategies for small businesses during COVID-19, you will bring a boost to your business. FAQs What are the marketing strategies in COVID-19? The world has heavily relied on technology as in the age of COVID-19. New marketing strategies have been brought fore-front to leverage the business growth and reach. Email marketing, content marketing, blogging, SEO, are marketing strategies to name which are emerging as powerful promotional tools. Is Email Marketing effective for small business? Email marketing has been the biggest benefit for small businesses during the pandemic due to its cost-effectiveness and use of time. Email marketing is the most impactful marketing channel during this time because it allows business owners to build relationships with new customers, past customers, and leads. How Content Marketing helps small business? Content marketing is a key strategy to introduce your business to a new audience and increase brand awareness, reach, and domain authority. Content marketing during COVID-19 for small business is becoming important for small businesses majorly for generating leads and sales. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the marketing strategies in COVID-19?", "acceptedAnswer": { "@type": "Answer", "text": "The world has heavily relied on technology as in the age of COVID-19. New marketing strategies have been brought fore-front to leverage the business growth and reach. Email marketing, content marketing, blogging, SEO, are marketing strategies to name which are emerging as powerful promotional tools." } },{ "@type": "Question", "name": "Is Email Marketing effective for small business?", "acceptedAnswer": { "@type": "Answer", "text": "Email marketing has been the biggest benefit for small businesses during the pandemic due to its cost-effectiveness and use of time. Email marketing is the most impactful marketing channel during this time because it allows business owners to build relationships with new customers, past customers, and leads." } },{ "@type": "Question", "name": "How Content Marketing helps small business?", "acceptedAnswer": { "@type": "Answer", "text": "Content marketing is a key strategy to introduce your business to a new audience and increase brand awareness, reach, and domain authority. Content marketing during COVID-19 for small business is becoming important for small businesses majorly for generating leads and sales." } }] }

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Spotlight

Askinosie Chocolate

Askinosie Chocolate is a small batch chocolate manufacturer located in Springfield, Mo., sourcing 100% of their beans directly from the farmers. Shawn Askinosie, founder and chocolate maker, travels to regions of Ecuador, Honduras, the Philippines and Tanzania to work directly with the farmers and source cocoa beans for his chocolate. This allows the chocolate to be traced to the source and labeled Authentic Single Origin Chocolate. It also enables Askinosie Chocolate to profit share with the farmers, giving them a Stake In the Outcome.

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