Social Small Biz

Blog

Platinum Rapid Funding Group CEO, Ali Mayar On 5 Best Tips For Financing Your Start-Up

by Leave a Comment

A picture containing indoor, person, table Description automatically generated

Even the best business ideas will not prosper without funding or at the very least, a financial game plan in place to support the business .

Regardless of the current market conditions, aspiring entrepreneurs will have to rely on good financing to find their footing and launch their products. Ali Mayar, the Chief Executive Officer of Platinum Rapid Funding Group, offers these tips for financing and sustaining a start-up to get you off to a solid start.

Prepare a Bulletproof Business Plan.

A business plan is essentially a blueprint of a venture. It may seem like a lot of work but every business that has ever experienced success required a map to help steady and guide its course. According to Ali Mayar, one of the best ways to convince an investor about the feasibility of your business is to have a solid, detailed business plan.

This plan will show the investors where you intend the enterprise to go, what your strategies are, and how you intend to grow it. At Platinum Rapid Funding, we take careful consideration of what is presented to us by a potential borrower.

We consider all prospects to potential business partners and as such, we want to see how serious and determined you are about your business. If you have a very good business plan, we are more likely to listen but it’s important to note that we don’t typically work with start-ups and new ventures. However, we realize that every business starts somewhere and establishing a relationship early on where we can help down the road is important.

Take Care of Your Credit Score.

Good credit scores are an indication of your credibility and reliability as a borrower and business partner. If your credit history is good to excellent, you are more likely to enjoy better interest rates and loan terms. The lender is also more likely to offer a larger amount to help finance your start-up. If your credit score is less than ideal right now, try to work out a solution to repair it.

Design a Reasonable Budget.

Even a good business plan will not be useful to you as a start-up entrepreneur if you cannot make a budget and stick to it. In fact, a budget must be integrated into the business plan as its core financial aspect. A start-up entrepreneur’s budget shows the lender how well they have planned for the expenses associated with running a business.

Lenders will examine this area to determine the entrepreneur’s level of understanding of the business and its demands. Very often, what is shown in the budget will reveal the capability of the entrepreneur to run a successful business. What this budget will show will determine whether or not the lender should work with the entrepreneur.

Seek Advice.

It is rare for beginners to get it right every time when it comes to a start-up enterprise. As such, I recommend getting as much information as you can about the industry and acquire advice from the right people, particularly those who have experience in the field. What people already know will prove to be invaluable to you

Ready to Take the Right Steps Down The Road?

As a start-up entrepreneur, you should try to optimize your opportunities and minimize the risks. When you’re ready to take your business to the next level (for example, after your first year in business) talk to us at Platinum Rapid Funding Group. We will help you work out the financial solutions to put your growing business on the best track possible for the future.

Low-Cost Ways to Promote Your Supplement Business

by Leave a Comment

Supplement nutrition is one of the quickest-growing markets in the world. Driven by the wellness industry, an aging population, better brand positioning, and a proliferation of private labels with high-quality products, McKinsey reports that the supplement industry “is now valued at $82 billion, with roughly 28 percent of that in the US, where sales increased by approximately $6 billion between 2007 and 2012.” Entrepreneurs are jumping on the bandwagon, but the increase of supplement options have made it hard to stand out. According to the Nutrition Business Journal‘s 2018 Supplement Business Report, supplement manufacturers rated the three most challenging aspects of online retail as challenges of online retail as “driving awareness of product, navigating Amazon, and standing out.”

If you are in the private label supplements business, you need to find ways to draw attention in a crowded field while not cutting into your bottom line. Here are three promotional strategies that won’t break the bank.

Get in the swag game

People love free stuff. That is the reason why people walk away from conferences — and the Oscars — with bags full of goodies. Not only does it ingratiate consumers to a product or entity, but free stuff serves as a constant, tiny reminder of that business in their lives. If you want to stand out in the crowded field of supplement nutrition, one easy way is to do so is to have memorable swag. Folders and hats are great, but consider getting branded promotional material with a wellness angle, like stress balls, branded yoga mats, or reusable straws. Another idea you should consider is to offer promotional pens. When you ship your goods to customers, something as small as a pen can easily fit in an Amazon box or USPS shipping envelope. Promotional pens are also great to have around the office for your own use, or as a favor when business customers drop by. High-quality pens can last for years, making them some of the most durable and convenient pieces of swag.

Hit the conference circuit

In any field, your connections to buyers and fellow manufacturers can mean the difference between the life and death of your business. National and international conferences offer you a chance to find new clients and vendors, growing your network and thereby strengthening your business. Conferences also offer opportunities for career and professional development. The Center for Responsible Nutrition’s 2018 conference offered workshops on the human microbiome, pregnancy nutrition, and government regulation. Pursuing this type of continuing education gives you the chance to better position yourself in a changing field. Science and supplement nutrition are inextricably linked. If you have staked your livelihood on the second, you don’t want to be left behind by the first. Furthermore, you have a communication opportunity when you are tracking the latest info. As such, you can ensure your customers and buyers that their health is in informed and trustworthy hands.

Utilize your expertise

If you run a supplement company, chances are you know a lot about supplements. One of the ways you can stand out is by taking that knowledge public. Maintaining a blog is a well-known way to gain interest and juice your SEO, but today’s video-centric ‘net holds opportunities as well. Consider hosting webinars on a free platform like Google Hangouts. Webinars can, admittedly, be tricky — you do not want to bore anybody, and you want to offer genuine knowledge. But if you offer people something of value, webinars can be a very rewarding lead generation tool. The same goes with online video: Creating a series for Youtube could land you a following of people interested in your area of expertise, and people are more willing to trust purchases made by an expert.

The Dos and Don’ts of Allowing a Pet-Friendly Workplace

by Leave a Comment

Everyone loves the idea of bringing their furry friend to work, and it seems that employers are catching on. While it might be difficult to bring in cats or rabbits, more offices than ever are implementing dog-friendly policies for the benefit of their employees. In fact, studies have shown that dog-friendly workplaces are great at reducing stress, boosting workplace morale, and improving employee retention rates. It’s estimated that 81 percent of employees report that a dog policy makes them more loyal to their company. 

Better yet, a dog-friendly workplace is an attractive culture-improving effort which appeals to new employees. In an increasingly competitive job market, introducing dogs to your office is a great way to stand out from the crowd. 

If you’re one of the many employers who are thinking of implementing a dog-friendly workplace, here are some of the dos and don’ts you should follow.

Do: Make sure your workplace can accommodate dogs

This is, perhaps, one of the most important points on the list. If your landlord or property manager doesn’t allow dogs in the office, you could be putting your entire company at risk by bringing in man’s best friend. Once you’re sure that dogs are allowed in the building, however, you also need to ascertain your workplace is suitable for dogs. 

For example, it’s far easier — and safer — to bring dogs into an office setting than a restaurant or factory setting. Dogs are typically seen in office environments where employees need a break from the monotony of the computer screen. Because there are no sharp objects or workplace hazards, a mellow work environment is the best option to keep your furry friends safe. You may also want to consider the size of your office and the layout of your furniture. A little extra planning goes a long way when you want dogs to feel welcomed. 

Don’t: Neglect paperwork

Creating a dog-friendly workplace takes a lot of planning. Before you can bring pets into the office, you need to ready insurance forms, employee agreements, and written rules regarding workplace etiquette. 

At the end of the day, allowing dogs in your workplace is a liability issue. While the responsibility of the dog’s actions rests on the shoulders of the owner, you need to do everything you can to keep your employees safe. Most employers demand that dogs are up-to-date on their shots, are comfortable in crowds, and lack a history of aggression. Between dog bites and dog fights, any number of accidents can happen. It’s essential that have paperwork that defines clear expectations. 

Do: Invest in cleaning services 

Even the most well-trained dogs can have an accident from time to time. Hiring cleaning services might seem overboard for the small business owner, but preventing damage should be one of your company’s top priorities. When your company’s appearance starts to suffer, your employees’ morale will drop, the safety of the dogs is put in jeopardy, and you’ll end up paying more in the long run. 

When you start a dog-friendly workplace, you should invest in regular cleaning services. This includes frequent vacuuming, regular mopping, and the carpet cleaning Orlando experts to get the job done right. This will help prevent damage to the carpet and the floor underneath it. Without maintaining the quality of your workplace, you might need to pay for repairs down the line. 

Once you achieve these goals, then you can start investing in the fun stuff. Be sure to provide plenty of toys (ones that don’t squeak!), brushes, water bowls, lint rollers, and any other supplies you think your office might need. You should also invest in a few gates and pens to block off areas where you don’t want your dogs to go. 

Starting a dog-friendly workplace can do wonders for your office culture. When you’re ready to welcome dogs into your company, be sure to follow these tips.

Quantified Commerce Shares Insight on The Future of Online Shopping

by Leave a Comment

It’s easy to assume that the e-commerce industry focuses solely on metrics — think market share, annual growth rate, total sales, and so on. But there’s more to the game than numbers; the industry is continually evolving in a bid to penetrate every corner of the planet. No one understands that better than Quantified Commerce, one of India’s biggest D2C (direct-to-consumer) brands in the cosmetic subspace.

Their story highlights how online shopping is making inroads into previously-uncharted (and perhaps hostile) territory. You see, India hasn’t been as accommodating as other markets have — almost 40% of e-commerce startups have closed shop or relocated in the last couple of years. But Quantified Commerce aren’t ones to falter in the face of a challenge.

Steered by Agam Berry (co-founder and managing partner), the company have grabbed a roothold in India and spread their tentacles worldwide. So whom better to provide a glimpse into the future of e-commerce? Here are some of the trends they expect to emerge:

E-commerce will continue to spread

Sounds bleedingly obvious, but it’s worth remembering that online shopping mostly been a privilege of urban dwellers. Still, the last few years have witnessed a massive rise in internet rural penetration, especially in Asia and Africa. That’ll of course open up avenues for e-commerce merchants.

D2C will be the new norm

Or rather, the future belongs to those who embrace the model. Today’s shoppers demand instant gratification; they prefer brands that provide a straight path from discovery to purchase. That’s best achieved by going the D2C route.

Content marketing will go visual

 It’s becoming clear that content can only draw interest when presented in the most concise format. On top of that, studies have shown that visuals generate more shares and conversions compared to text. So don’t be afraid to leverage the medium, more so video, to the maximum.

Short-form will rule

As highlighted above, concision will grow in importance as platforms become crowded with content (and consumer attention spans shorten as a result). This, combined with the preference of mobile over desktop, has brought micro-content (specifically short-form videos) to the forefront. Expect micro-content to have a bigger say on the social media landscape in the not-so-far future.

Social Selling

Speaking of social media, the need to expand revenue options has compelled networks to reconsider their stance against social commerce. And truth be told, it does make sense to be able to sell directly within social platforms— that’s where most people prefer to spend their time, after all. That said, the jury is still out on how the public will respond to the new outlets.

Innovation will drive success

Drone delivery stole all the headlines when it debuted a couple of years back; this is testament to how big a role innovation will play in the 20s and beyond. But that’s not to say only groundbreaking concepts matter — any idea that solves a problem or adds value counts. Besides, it’s easier to achieve a stream of small innovations than it is to reinvent the wheel.

3 Business Travel Destinations

by Leave a Comment

If you’re currently researching plausible business destinations for upcoming business trips, simply continue reading to discover three strong contenders!

3 Business Travel Destinations:

1. Paris

If you plan on conducting business in Europe, it’s well worth considering planning a business trip to Paris as Paris is one of Europe’s business hubs. In fact, each year over 10.5 million travelers visit Paris on a work-related business trip. Many of whom visit Paris to take part in one of the 400 business shows which are hosted in Paris each year.

If you’re looking to expose your business or products to a new market or new distributors, it’s well worth planning to exhibit your business at a trade show which caters to the industry in which your business operates.

Alternatively, if you’re looking for a central, easily accessible location for business contacts in Europe, to meet up for a conference or meeting, you can’t go wrong selecting Paris as your destination. After all, Paris is located just two hours from downtown London. As an added bonus Paris boasts numerous state of the art conference centers, which are ideal for hosting such occasions.

2. Singapore

Just as Paris is one of Europe’s most important business hubs, Singapore is currently one of Asia’s most visited business hubs and for good reason. One reason why so many business travelers flock to Singapore is that its government is pro-business and offers investment grants to both local and domestic businesses who can prove that they can run profitable, innovative businesses from Singapore.

Furthermore, Singapore is also home to many wealthy businessmen and women who are interested in awarding entrepreneurs with the necessary funds to take their business to the next level, in exchange for a small stake in business owner’s businesses.

Like Paris, Singapore is also easily accessible. In fact, there are currently over 300 individual airlines which fly to Singapore from over 400 international destinations. So if you’re looking to host a business meeting or conference designed for international participants, it’s well worth seriously considering choosing Singapore as your destination.

Another reason why Singapore makes a great destination for a business trip is that it’s easily navigatable as Singapore is a small, compact city and country which can easily be traversed by foot, train, bus, and taxi.

3. South Africa

If you’re interested in conducting business in Africa, the only destination which you need to visit is South Africa as it’s home to several large cosmopolitan cities which offer lucrative business opportunities! Some of South Africa’s business hubs include Johannesburg, Pretoria, Durban, and Cape Town. All of which offer modern hotels and conference centers.

One of the bonuses of doing business in South Africa is that you’ll be able to tick off a few of your bucket list activities such as embarking on a safari and climbing to the top of Table Top Mountain, whilst you’re in South Africa.

So if you’re looking for a business destination which offers plenty of world-class attractions as well as world-class business facilities it’s well worth adding South Africa to your short list of plausible business destinations.

If you choose to visit either South Africa, Singapore or Paris on your next business trip you’ll be sure to be able to take your business to the next level and to make valuable business contacts!

6 Brilliant Budgeting Tips

by Leave a Comment

In order to ensure that you don’t blow your monthly budget, it’s well worth continuing reading to discover 6 brilliant budgeting tips, which are guaranteed to make budgeting a little simpler.

6 Brilliant Budgeting Tips:

1. Don’t go shopping with your friends in order to socialize

If you frequently shop with your close friends as a form of socializing, it’s well worth meeting your friends for a walk instead or inviting your friends to socialize at your home as if you shop with friends you’re far more likely to make impulse purchases which you don’t really need. As it’s highly likely that your friends will encourage you to purchase items that you’re tempted to purchase.

Instead, only purchase items such as clothes when you’re alone. As you won’t be tempted to give in to peer pressure or to shop simply to feel part of the group which you’re socializing with.

2. Increase your monthly savings each time that you get a raise

If you’re fortunate enough to get a raise at work, make sure to increase the amount of money which you put aside into your long-term savings account each month when you receive your disposable income. As if you’re earning more, you should be saving and investing more, not spending more.

3. Keep your long-term savings account and everyday account as different banks

While it may seem a little inconvenient to have your everyday bank account at a different bank to your long-term savings account, the truth is that if you have both accounts at the same bank, you’ll be far more likely to transfer money from your long-term savings account to your everyday account on a regular basis. Which will have a horrendous effect on the balance of your long-term savings account.

4. Don’t feel pressured to stick to the exact same budget all year long

Many individuals make the mistake of assuming that they should stick to the same budget all year long. However, the truth is that no two months are alike and some months will incur large expenses which are out of the ordinary, so don’t be afraid to reassess your budget at the end of each month.

5. If you have a partner, make sure to budget together

There’s no point writing up a detailed, carefully thought out budget if your partner is likely to blow your mutual funds on extravagant luxuries, that you never agreed to spend money on. So it’s definitely a wise idea to sit down with your partner each month to create a monthly budget together.

However, arguments can arise if you try to budget your personal disposable income as a couple. So it’s a great idea to ensure that you both have a monthly personal allowance which you can both spend as you see fit! As even in a long-term relationship, it’s still important for couples to have a degree of healthy independence.

6. Ensure that your most important bills are paid automatically

Set up direct debits to ensure that your most important bills are paid in full each month via handy automatic payments.

So if you’d love to make budgeting a little simpler, it’s well worth testing out the six brilliant budgeting tips listed above.