While it might not be a nice image to consider, the fact of the matter is that the majority of businesses fail within the first two years. This is even more relevant when referring to the online community due to rife competition and the transient nature of many websites. Although many technical reasons could be to blame, even these tend to stem from incorrect preliminary approaches. This is why embracing the proper business mindset is critical if you hope to enjoy long-term success. What type of attitude separates the winners from the losers? How might technology be able to play a powerful role? If you are interested to learn how to start a business that will produce viable results, the information found below will be quite useful.

All About a (Realistic) Sense of Optimism

There is a massive difference between idealism and realism. Idealists believe that their business will succeed simply as the result of a novel idea. Realists appreciate that hard work and dedication are just as important. This is not to say that one’s sense of enthusiasm should be dulled, but rather that initiating a venture with both digital “feet” on the ground is always important. 

Optimism should also be tempered with resolve. After all, the best things in life come to those who are willing to put in the effort. It is therefore wise to erase these perspectives from your overall mentality:

• I will achieve meteoric success within a short period of time.
• The products will sell themselves with the right amount of exposure.
• A website only requires a few hours of work each week.

Many stories involving online retail success focus upon the end results as opposed to the preliminary efforts. Be prepared for hard work and the occasional setback. View these as learning experiences as opposed to stumbling blocks. If you are able to adopt this mindset, success will become much more of a reality.

Maintaining Your Momentum at All Costs

It is one thing to begin an online venture with enthusiasm and forward momentum. It is an entirely different concept to maintain such emotions when the going gets tough. The ability to embrace a stalwart attitude will often define the difference between success and failure. However, there are also many utilities and tools which have been designed to provide you with a head start from the very beginning. 

Professional e-commerce providers such as Shopify specifically cater to entrepreneurs, freelancers and others like yourself who have a firm vision in place. You will be able to leverage the power of numerous secure payment gateways, straightforward website design techniques and stellar levels of customer service if you happen to encounter a problem. In other words, you are no longer forced to become a coding or web design expert before your dream becomes a reality.

Psychology plays an important role within any business venture and the best way to avoid potential mistakes is to become aware of their existence.

To deal with the system, we all have to be adaptive to everything. No matter you are doing a job or maintaining a business, there will be rules. Or sometime, you will have to make some schedules and rules for your profession. But the proper performance will be possible only when the traders can manage some good performance. With the rules which you have made, there will have to be some good management. From there, the traders will also have to think about some proper strategies. Anyway, we will have to talk about some good performance in the Forex trading business. We all will have to do some proper work for our trades. And that will be possible with proper risk management. There is one thing which does not come to most of the novice trading mind. We are talking about market analysis. To manage some good income, the traders need good market analysis, as it will give you some proper trends. From there, good pips will come to your trades. But first, there will have to be some good thinking about the management of the working processes involved.

There will be less risk needed for the trades

To make a superior trading business with proper market analysis, the trading mind will have to be free. It will need to learn about the volatility of the marketplace. Moreover, there will be some good setups coming out of the proper market analysis. We are talking about using the Fibonacci retracement tool for some good management of the stop-loss and take-profit levels. In that system, the traders will also need some help from the trend lines. Without that, there cannot be too much worry for the trades. In the system of trading, there will have to be some good thinking of the management. Most importantly of all, the concept of controlling your trades will also have to be there. In this business, it is not so hard to manage. Just think of the most minimal reference from the risk per trades. About micro or nano level lots will be good for your trades. Also, try to use the leverage system minimally.

Use the price action signal

There are many ways to find profitable traders in this market. The successful traders in the United Kingdom prefer price action trading strategy as it allows them to analyze the important variables with an extreme level of precision. Being a price action trader, you must have access to the best online trading platform like SaxoTraderPro so that you get a precise price feed. Stop thinking about the low-quality trade setups and learn price action trading to adapt yourself to this dynamic market.

A good trading mind things mostly about pips

With some simple risk per trade, it will be easy for the traders to focus. But there some defects still remain. We are talking about the income from the trades. The risk will be controlling your performance with bad influences. With improper intentions, the traders will ruin their own businesses. The concepts of overtrading and micromanaging will come to the trading business. None of those are good for improving the quality of trading. You will also not be making some good income too. So, it is not so good for the right trading performance. You can handle that kind of business with the correct focus. We are talking about aiming for the pips from the signals.

In the system, you cannot win most of the time

There will be more help from the right ideology of the trading business in Forex. What we are trying to say is, the losing trades will be more in number. All of the traders (even the experts) will have to get some improper executions with poor signals. That is why the trading mind will remain intent on saving the trading capital.

A marketing consultant can work alongside you and your business to help you grow.

Thinking you have everything under control in the running of your business can feel great. However, where is your growth in sales? Do you have a marketing strategy in place to bring in new customers? A marketing consultant can help you identify areas for improvement in your business strategy and incorporate tried and tested methods to really grow your existing customer base.

If you’ve identified the fact that you need a little help with marketing your business online, hiring an expert marketing consultant is the way to go. By choosing the right one who can bring a ton of experience and knowledge to your business, you’ll obviously gain a lot of value out of it.

Digital marketing consultants are usually experts in all areas of online marketing. They’ll have a significant number of years’ experience in the industry, meaning they’re more than qualified to help you gain great results for your business.

So, why should you hire a marketing consultant? Here are 5 advantages of getting expert external help:

A fresh pair of eyes.

Hiring a professional who knows the marketing industry inside out is a crucial component in improving your online marketing strategy. A consultant will be able to come in and look over your current efforts, highlighting areas that could be worked on or amended. An internal staff member will know too much about your business’ strategy and goals to be able to look at it from an outside perspective.

Expert knowledge.

As we mentioned earlier, a marketing consultant comes with a knowledgeable background, but some will also ‘specialise’ in a certain field. For example, you may find a digital marketing consultant specialising in SEO or content marketing, and depending on the areas you’re lacking in, choosing a specific consultant will enable you to focus on a specific area and use your budget and time more wisely.

Time saving.

Hiring an expert to help with your marketing will save you the time and effort of researching what to do and implement your findings. Consultants will also have practiced different methods of marketing over the years. They can share with you which methods can really work for your particular business and which you should steer clear of.

As you’ll be targeting specific areas, you’ll be spending less time thinking and trying to pinpoint exactly what you need to work on, and more time focusing on the problems you’re facing. This can prevent those small issues from being huge ones later down the line. The time saving aspect will also save you money in the long run.

Increase your conversion rate.

When you’ve worked with your marketing consultant to come up with a new strategy, next comes the implementation. Implementing your tried and tested strategy will help you to see an increase in conversion rates and sales.

Sales matter. Without them, you wouldn’t be able to keep your business afloat. A consultant will help you to convert visitors to your site into genuine, paying customers. They’ll be able to monitor your efforts too and identify things that your customer really responds well to.

Deadlines.

Running a business is always dependant on deadlines, but where marketing is concerned, it can be very difficult to force yourself to stick to them. Surely the day-to-day processes are the most important thing?

In fact, without a marketing strategy in place, you’ll minimise the chance of finding any new customers or holding onto existing ones. A marketing consultant can help you put those deadlines and targets into place to ensure these are met in good time, even alongside the running of your business.

Hire a marketing consultant to help your business thrive.

Take these tips on board to secure a better marketing strategy and to see a more positive return on investment. Have you used a marketing consultant in the past? Which areas of marketing are you struggling with at the moment? Share your experience with us!

This post was in collaboration with Bigfoot Digital, digital marketing consultants in the UK. For more information about their services or to get in touch with a member of their team, visit their website: https://www.bigfootdigital.co.uk.

Whether as a way to diversify investments or for political reasons, more people than ever are applying for second passports. According to recent figures, there has been a 45% spike in the number of second passport applications in the last year, predominantly in European and Caribbean nations. But although it is partly high-net-worth-individuals (HNWIs) who are responsible for these figures—the Guardian notes that prices range from $100,000 to $2.5 million—the real beneficiaries of citizenship by investment (CBI) are the countries themselves.

After all, as CS Global Partners note, applying for a second citizenship involves a substantial financial contribution to that territory’s “society, the economy, and other state interests”. These countries often use the money they receive via CBI programs to encourage tourists to visit, often through construction and redevelopment of hotels, which in turn creates new employment opportunities and generates renewed demand for further investment.

These are most often in sectors such as leisure, entertainment, and food and drink, but there are other areas where individuals with a second passport can provide economic benefits to nations who run CBI schemes.

Investments in the real estate sector

Much like how they can provide money and employment opportunities to the hotel and hospitality sector, CBI programs also often obligate applicants to invest in real estate in exchange for a second citizenship. Indeed, some CBI schemes allow applicants to invest in real estate in the country, which can provide a wealth of opportunities for interested parties.

Setting up a business in a country which runs a CBI program can help boost economic growth there, getting a nation in on the ground floor of startups and emerging sectors alike. This will then not only increase job prospects for its citizens but increase the country’s reputation abroad as a trailblazing hub for SMEs.

The best citizenship by investment programs

• Kitts & Nevis

One of the most well-regarded CBI programs currently operating, the two-island nation of St. Kitts & Nevis, is putting the money of those with second passports to very good use. According to BDaily, the tourism sector contributed to 26.8% of the country’s 2017 GDP, and much of this would have been made impossible without CBI, which has helped improve investments into infrastructure, including a new Ritz Carlton hotel.

• Dominica

The CBI program of Dominica is one of the most financially viable available, costing only $100,000, Dominica’s CBI program is consequently one of the most popular available. It was also ranked the best in the world by the Financial Times’ PWM report – CBI Index. The program also provides visa-free access to over 130 countries, including Hong Kong and the entire European Union.

• Lucia

St. Lucia has a world-class tourist industry  and a thriving entrepreneurial scene, with government-funded incentives to bring local and international SMEs to the country. Many of the companies involved with these programs are already prospering outside of their home country, and many of these success stories would have been impossible without the financial contributions provided by the CBI program.

When your business needs an injection of cash (and what business doesn’t, at one point or another?) there are two potential routes you can follow. One is debt financing, where you borrow the money you need.

The other is equity financing, where you sell a stake in the company. The latter unfortunately dilutes your ownership, and of course your share of the profits, so we’re going to concentrate on debt financing.

What is debt financing?

As already stated, debt financing involves borrowing the money you need to power business growth. However, if this immediately makes you think of bank loans, think again.

Certainly, a conventional term loan is one avenue for debt financing, and in many instances it’s the right route to take. However, the business finance market has proliferated in recent years with the emergence of alternative lenders, so here are some of the options on the table.

A term loan

This is what most of us think of when we hear the word “loan”: you borrow an agreed amount of money and pay it back, plus interest, over an agreed period.

Line of credit

Acting like an overdraft, a business line of credit allows you to borrow and repay at will against an agreed credit limit. The flexibility is unrivalled, and whilst interest rates tend to be high you will only pay when you are actually using the facility.

Credit card

A business credit card is once again a fairly expensive way to borrow, but as with a line of credit will allow you to borrow and repay at will.

Merchant cash advance

With a merchant cash advance, you can borrow an agreed sum and repay it via a fixed percentage of your daily credit card sales. The advantage is obvious: you will never have to make a significant fixed payment during a quiet period for the business. The main disadvantage is once again the cost, as this is a notoriously expensive way to borrow.

Invoice factoring or discounting

With invoice factoring or discounting, you can borrow against your invoices as soon as you issue them, with repayment being made when your customers pay you.

This means you effectively get paid immediately and can revolutionise your cash flow; opt for factoring and you can even outsource all collections activity to the finance company.

What are the advantages of debt financing?

The big advantage of debt financing is that you don’t have to give away a stake in your business, and your lender has no control over the way in which it is run. Allow a business angel or other equity investor to take a stake and you could find yourself having to contend with a quite different vision of the company’s future.

What’s more, any interest you pay on your borrowing can be fully offset against corporation tax, and if you opt for a long-term loan you can spread the repayments over quite a number of years, thus reducing your monthly outgoings. Better still, if you opt for a fixed (rather than variable) interest rate loan, then you will always know how much you have to pay.

So, what are the disadvantages?

The first problem you may face is having to provide security for the loan.

Certainly, it’s possible to find unsecured finance, but this will generally require an excellent credit score and a proven track record in business. For relatively new companies, a secured loan may be the only option on the table. Whilst this significantly reduces the lender’s risk, it substantially increases yours.

With an unsecured loan, your lender would have to obtain a court order to seize your assets in the event you fail to repay; with a secured loan, they can simply take the collateral, so be extremely careful about pledging personal assets such as your home.

Secondly, of course, you will need to budget for the repayments, which will significantly reduce your free cash flow and could create problems further down the line. However, as with anything in business, you have to speculate to accumulate – and the rewards can be significant. I would suggest looking at this article on calculating your DSCR to ensure you can afford the loan repayments before leaping in.

What can debt financing do for me?

Take out debt finance when you need it and deploy the money wisely, and you could take your business to the next level. Here are just a few of the things you could with a loan:

Improve your cash flow

Cash flow is the lifeblood of any business, and virtually every company hits a cash flow crisis at one point or another. In fact, cash flow can be particularly problematical for businesses that are profitable and fast-growing.

This might sound perverse, but they will have to purchase raw materials, and potentially take on new people and equipment, to serve major new customers in advance of getting paid. Having a cash cushion on hand can make the difference between staying in business and going to the wall.

Invest in a marketing campaign

One almost universal truth in business is that people are not going to beat a path to your door to use your product or service. If you want to join the big league, you will need to launch a marketing campaign, and these can be notoriously expensive. But by financing the right campaign you can achieve a step change in your company’s performance.

Hire new people

Any company is only as good as its people, and if you want to take on the most prestigious customers in your sector then you will need the very best people to service them. Of course, the best people tend to be the most expensive, hence the need to borrow.

Purchase new equipment

Similarly, it’s important to have the best equipment on hand, and once again there’s every chance that you will need to borrow in order to invest.

Move to larger premises or open additional offices

If you’re running a business where customers come to see you, then you’ll know that first impressions really count. Getting the right premises or opening a network of local or overseas offices can set your business on a very positive route.

Refinance existing debt

Finally, if you already have debts, taking out additional finance may allow you to consolidate them into a single, lower monthly payment, thus freeing up cash flow. As an added bonus, if your business has developed significantly since you last sought finance, you may be able to achieve a much lower interest rate.

A few tips when you’re seeking debt finance

First and foremost, remember to talk to the full range of lenders, as banks and alternative lenders apply quite different acceptance criteria and tend to have very different application processes.

Secondly, consider the possibilities of all the finance options above, and make sure that you understand their relative costs. For this reason, it is vital to find out how much you will pay back in total, including any interest. A simple interest rate won’t communicate this, and to make life more confusing some loans have their costs expressed as a factor rate instead.

Once you have all the options on the table, you can take an informed decision and take a vital step in propelling your business to the next level.

Written by Carl Faulds

As Managing Director of Cashsolv, Carl offers advice and support to overcome cash flow problems and identify possible underlying problems that can be addressed to ensure a positive future for your business.