Many people want to start businesses, yet they do not know how and where to get the funds needed. Here are some of the sources of business funds which you can obtain easily.
1. Personal loans
One of the best ways in which you can capitalise your business is by borrowing from your relatives and friends who have surplus funds. Such a loan has no interest, though sometimes friends or relatives can charge a lower interest to cover the lost opportunity for their money. For sure, personal loans are viable and attractive business proposition—it is the best way to finance your business with the least cost.
2. Personal savings
The best way to capitalise your business is by using personal savings. With this kind of business funding, there are no worries whatsoever about interest or principal payments. In the case of business failure, you will only lose the invested money.
3. Credit Cards
The other good way for you to fund your business is using credit cards. In fact, credit cards have a lower interest rate compared to pawnshops or loan sharks. Admittedly, it is not recommended that you use loan sharks and pawn shops to finance your business. For you to get the most of your credit, purchases should be made right after the cut-off date. By so doing, you will ensure that the credit is reflected in the bill for the month that follows.
4. Bank loans
Whether you want to pay for marketing, hire premises, pay for staff or acquire assets, you can always apply for business loans, grants and funding from a variety of sources, especially banks. Banks are normally the common sources of business funding. Nevertheless, you must prove that you are worth before your loan application is considered. Admittedly, bank loans are not the best business capital for startups. For one to qualify for a loan, one must show a track record in the business supported by feasibility studies and financial reports.
The above are four sources of funds for starting a business. Others include Consignment of goods, investment liquidation, and leasing.
Giving a sales pitch is a daily routine for almost any person engaged in any industry, and in any capacity, that person is in. However, it is unfortunate that most entrepreneurs don’t spend enough time and effort to craft a compelling sales pitch. That is why most of them get nervous whenever they are called upon to stand and deliver their sales pitch before a throng of business owners. Thus, it goes without say, preparing a perfect sales pitch will liberate you, make you sound more natural, help you make more worthy connections, and, ultimately, exponentially grow you and your business.
But what is the ultimate sales pitch?
A sales pitch is a brief overview of something you are trying to sell to people. It is the simplest, yet most versatile tool any professional can use to make their case with immense success. Whether you’re hunting for a job, or requesting for secure funding, or drawing clients, the nature of your sales pitch is what determines if you’ll succeed or not. The ultimate sales pitch should be concise, precise, and compelling. It should stand out and sound sincere.
The Structure of an Ultimate Sales Pitch
The ultimate sales pitch has one single most important objective: to convince listeners that you are worth an appointment. It has a definite flow: the particulars of the one making the sales pitch, hook, outcome or target, and a conclusion.
Particulars of the Presenter
It is a given that when making a sales pitch, the presenter needs to very briefly introduce themselves, the organization they work for or with, and their role in that society.
This helps the audience to relate to the presenter better. The presenter does not have to use fancy titles to describe their position in the said organization; they only need to explain in layman’s terms the kind of role they play in the business, and the audience will trust them better, and, thus, can relate well.
Hook
By the time the presenter is done introducing, five precious seconds are already past, and the audience or listeners are close to tuning out. Many skilled presenters believe that the optimal course of action to prevent this is to draw their attention by briefly stating something thought-provoking, funny, or controversial. However, you’ll need to be careful if you are going to say something controversial. The hook shouldn’t last for more than seven seconds.
The Outcome and Target of the Sales Pitch
Here it is important to state the benefit of the sell to the listeners or sellers. However, it is noteworthy that people don’t care about the benefit, but how the benefit is going to improve their business or life.
When stating the benefit, it is crucial to target your pitch by getting specific. Being specific with the target shows the audience that you’ve put enough thought into that which you are pitching to. It is also prudent that you don’t just target those in the room with you; rather, target their contacts, or the entities they work for or with.
Take for instance that the presenter of the sales pitch is in a team of commercial real estate brokers, in such a case it helps if the presenter mentions that he/she is looking for small businesses which are experiencing fast growth at the moment.
The Conclusion
It is possible that most people in the audience were not paying attention when you introduced yourself; they weren’t paying attention until you presented your hook and made a well-crafted outcome statement and then they were caught in rapt attention. So, as you wind up, say your name again, and throw in a pithy tagline to embed yourself and your sales pitch in their memory.
The Characteristics of the Ultimate Sales Pitch
There are important features that will make your sales pitch stand out from the rest. For example, the sales pitch has to be:
—Dynamic– the ultimate sales pitch needs to be dynamic and be adjusted to the unique needs and demographic of each audience.
—Concise– most networking groups limit presenters to a 30-second pitch. Thus, it is prudent to learn how to make the intros brief.
—Authentic– Seasoned entrepreneurs can see through dishonesty. Therefore, try to make your sales pitch as authentic as practically possible by not using a misleading language or making promises you won’t honor.
—Respectful– Don’t try making yourself look good at a competitor’s cost.
—Confident– If you are not confident about the brand you are representing, then you shouldn’t be pitching it in the first place.
Deploy the strategies listed above and you will be able to craft a compelling sales pitch that will bring you more business.
Did you know that 82% of consumers have stopped buying products and services from a company because of bad customer service? Simply put, when a customer lands on your page, they should be able to contact your business through various channels; this can include a physical business address, live chat or phone number.
2. Carrying Excess Inventory
Holding on to inventory is always an added expense. Unfortunately, most newbies order heavy stock under the assumption that clients will come knocking as soon as they launch their website; this is seldom the case. And although making orders constantly may also be expensive, it is better than having a warehouse full of products that aren’t moving.
3. Not Building an Email List
It’s quite clear that customers are becoming more sensitive towards unwanted communication from online business; the reason why building an email list is fast becoming one of the most crucial requisites for online business success. After all, email marketing allows you to send informative content to current clients and prospects that have an interest in your business.
Here’s a video with some more tips:
Lastly, although staying clear of these mistakes may not guarantee the success of your online venture, it boosts the odds.
3. Credit Cards