Who Can You Trust to Help Build Your Online Business?

Whether you are experienced with managing traditional brick and mortar companies or if you are entirely new to the online and tech start up industry it is important to look into finding professional guidance to help getting any business model off of the ground. Building an online business with a mentor by your side is a way to move forward with plans you have in place with confidence and excitement.Determine Your NeedsBefore seeking out an expert online mentor it is imperative to consider the needs you have with running your business and what you most require help with during day-to-day management tasks. Understanding the type of assistance you require is a way to scope out mentors who have experience in similar industries and specialize in the areas you need help focusing on more professionally while running your business.Create a Business Plan and OutlineCreate a business plan and outline to review in-depth the overall methods of reaching consumers, the demographics and how you plan to offer your content, products or services to those who are genuinely interested in following your brand and company. Having a business plan ready when seeking out a business mentor that is right for you is a way to ensure you are selecting the right professional to come on board to provide additional guidance throughout your journey.Having a business plan thoroughly complete can help to expedite the process once you begin comparing online mentors who specialize in businesses and assisting entrepreneurs, ultimately allowing you to save time when implementing new strategies.Things to Look for in an Online Business MentorWhen you have made the decision to hire an online mentor that specializes in business it is important to review various things to look for in an online business mentor that is right for you and the future growth of your company.Review the experience any online mentors have that is relevant to the type of industry or market you are currently working in. Finding a business mentor with more experience in your market and industry gives you the competitive edge when developing strategies and continuously building the audience and demographic you are targeting.It is also important to review past experience, education and credentials of the business mentors you are working with online. Reviewing portfolios and past positions gives you more options when you have multiple choices while searching for a business mentor who specializes in building, managing and growing online businesses.Talking to an online mentor who specializes in business is also recommended when you want to work with someone who meshes well with your own personal attitude and approach to managing your business. Although mentors are likely to provide advice and help with decisions it is ideal to work with a professional who shares similar goals and visions for your company to work well with one another.Check Official Websites, Portfolios and Professional Communities Once you have found an online mentor you believe in who understands and want to help your business it is also highly advisable to search for more information about the professional prior to making a decision. Check official websites, portfolios and even professional communities to verify the experience and credibility the mentor claims to have before making a decision.Asking for referrals from those who have worked with the mentor in business online is another way to feel confident and reassured when moving forward in creating new plans, strategies and marketing campaigns for your online company or eCommerce store.Working with the right expert online mentor is a method of gaining insight into how to properly manage and grow your business while also learning about various aspects of handling all decisions for your company in the future. Understanding the benefits of working with an online business mentor is ideal when you are determined to outperform competitors and become a true leader of your own destiny.

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 Canada

Whether 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 general

2. Ensure you have a plan in place for sales growth and financial needs as it relates to commercial financing

3. Understand that actual hard facts about cash flow which is, of course, the lifeblood of your company

Can 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 need

2. 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 lenders

3. How the financing is structured to be manageable with your day to day operations

What Finance Company In Canada Can Meet Your Borrowing Needs & Why Is Capital Important In Business

Let’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 Finance

Inventory finance / floor planning / retail inventory

Working Capital term loans

Unsecured cash flow loans

Merchant 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 finance

Asset based non bank business lines of credit

Tax 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.

Stan has had a successful career with some of the world’s largest and most successful corporations.

His employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) In 2004 Stan founded 7 PARK AVENUE FINANCIAL – He is an expert in Canadian Business Financing.

10 Simple Steps to Online Business Success

So your online business sucks and you’re feeling like a failure… Bet you thought running an online business was easy didn’t you. I bet you said to yourself:”I have this fantastic idea to start an online business and sell what I love and am passionate about and thousands of people are going to come running to buy my products now that I’ve got a website.”That’s it, you’re done and there’s no looking back now! You’ve got your online business and you’re going to make tons of money now aren’t you?! Or, are you?The reality of the situation is, many people start a business online everyday, yet almost all of them fail to execute a few simple steps that would inevitably lead them to success. Nearly all of us at one point in our entrepreneurial career has thought that we had a great idea that everyone wants or needs and they were just as excited about it as you are. The fact of the matter is you are an expert within your particular niche and that is what you are passionate about. But how are you going to share that passion, let alone your products and services with your target audience? Here are a few simple steps you can follow to ensure you succeed with your internet business.Step 1 – Know Your Target AudienceThe idea of knowing your audience goes deeper than identifying who they are, where they hang out and what they want however. Take the time to get to know your target audience. Ask them questions and learn what it is they seek from you. Online surveys are a great way to hear directly from your target audience. Use the free service from SurveyMonkey to create an online survey and ask your target audience as well as your email list subscribers to answer the questions. Their free plan allows you to create 10 question surveys and is very useful.Step 2 – Plan Your BusinessThis is a topic I cover in greater detail in my free 15 day training course. No online business can succeed without a plan. You must create a plan of action to implement for your online business before you can ever hope to succeed. This applies whether your a brick and mortar real world business or strictly operating online, having a plan of action greatly increases your chances of success!Step 3 – Follow the LeaderIdentify who the industry leaders are within your target market or niche and follow them closely. Learn from them to identify what led to their success. Take from them what works best for you and apply the lessons you’ve learned to create a more specific and personalized method to success for your online business.Step 4 – Devise a Marketing StrategyThis is an area where many online business owners fail. If you want your online business to succeed, you need to learn how to market your business. Having a well thought out marketing plan is a major key to your online business success.Step 5 – Pay Attention to OpportunityOpportunity exists everywhere, you just need to learn how to identify it. This is done through practice, practice, practice. The best way to learn how to identify opportunity is to learn how to be a better conversationalist. Opportunities present themselves in the most unlikely of situations usually. Learning to simply have conversations with others almost always leads to some form of opportunity presenting itself to you. Learn this art and your online business will go far!Step 6 – Create Actionable GoalsGoal setting is a key requirement for you to succeed at anything you do. Set actionable goals you need to achieve in order to attain success within your online business. Each goal is a small step toward the success you seek. Make sure to include dates for when you intend to achieve your goals. Including dates gives you something more to shoot for. Also, be specific about what you intend to achieve. For example, to have a goal of “make more money” is not an actionable goal. Instead, apply an amount and date to make the goal more realistic and achievable such as “I intend to make $10,000 a month by December 31st, 2010″.Step 7 – Work Your Business EverydayThis one is a little tricky. When I say to “work your business everyday” I mean within reason. You need to find a balance, especially if you are just starting out. You must work your online business everyday, even if it is for only 30 minutes a day. Each small step you take toward your goals is a part of a larger effort to achieve success.Step 8 – Don’t be a Pencil PusherMan if I had a penny for every time I’ve seen this one! Don’t get stuck in the preparation phase of your online business. To many times I’ve seen aspiring online business owners continue to prepare or organize their online business. You’ll never be 100% prepared so quit straightening your pencils and organizing your desk. You know what your action items are, so take action and just do the things that are going to make you money!Step 9 – Create Content that MattersMake sure to provide your target audience with quality content that meets their expectations and provides value. Your target audience is looking for value and will follow you fiercely if you provide it. Answer their questions and provide for their needs and you’ll find they will help you succeed.Step 10 – Build a Relationship ListNo, no, I don’t mean you create an online dating service… You should be actively building an email subscriber list and communicating with them on a regular basis. Doing so allows you to build a relationship with your subscribers which leads to customer loyalty as well as repeat buyers. An email list is by far the single most important requirement necessary for any online business to succeed.Well I’ve certainly given you a lot to think about, so stop sucking and get’er done!!!To Your Success!
Sean Smith