In this article your will learn about the following:

• Your Business Scalability
• Investors Acquisition
• Partnerships
• Marketing
• Automated Solutions
• Stable Base
• The Team
• Education
• Scalable Business Examples
• Business Scalability Your Way

We, at MightyCall, believe in your success and our partnership with you, so we have laid out some of the advantages of having a scalable business as well as some practical ideas to get your small business on track to capitalize on the success you work so hard to achieve.

“Growth is never by mere chance; it is the result of forces working together.”
James Cash Penney, Founder of JCPenney

Whether you already own a company or are just taking the first steps towards the startup of your dream, you most likely imagine a bright future. Those who are ambitious always reach for the stars, and almost any small business idea can grow into a big enterprise.

Let’s be honest though, certain concepts have more capacity for scalability and expansion. Estimate your chances of real growth while considering the following points:

1. Your Business Scalability

Look at your current business. If the business is based on the owner’s particular skill or talent, then scaling is harder. It can only grow within the limits of the person’s capability and stamina.

Services provided by experts are almost non-scalable. The skill can be taught, but training and quality improvement take time and resources.

A truly scalable business is one that keeps low marginal costs while increasing revenue and works efficiently with less involvement from the business owner.

How MightyCall can help with this part of the process:

MightyCall offers a number of modern solutions such as additional numbers, international numbers, call recording, voice to text and many others.

2. Investors Acquisition

For investors, the best small business ideas are scalable. Startups that have a high potential for growth obtain sponsors. The power players don’t trust mere talk. They believe in a valid business plan and financial model. High profits, minimum employees, and low support — these are crucial criteria of gaining investor’s attention.

How many locations can you market with the product? Investors bankroll startups that can go worldwide.

Match your business concept so that it is attractive to sponsors, and let us advise you on how to fund small business and find your investor.

How MightyCall can help with this part of the process:

First of all, MightyCall helps lower your monthly phone bill so you don’t have to worry about running up your phone bill or calling long distances.

Additionally, with MightyCall you never have to worry about missing a call with call routing, after hours and call back widgets.

Finally, MightyCall offers international numbers so your business can grow with you.

3. Partnerships

Try to build a trusted business relationship with other market players.

Starting together as green implementers of small business ideas, you may share experience and discuss relevant issues. Collaboration and outsourcing reduce costs and make time for business development.

Even titans of the market chose to cooperate.

In 2006, Nike and Apple announced a partnership. Products of this union are fitness devices that connect to each other.

Making partners with existing market players is a forward-looking approach. It’s more advantageous than trying to outdistance them. In addition, franchising is one of the proven ways to scaling.

How MightyCall can help with this part of the process:

MightyCall lets you add unlimited extensions to your plan so you can create as many partnerships as you want and not spend a dime more on your phone bill.

4. Marketing

Don’t delay an efficient marketing strategy if you want your small business to become a market leader.

A startup needs to be noticed immediately.

It’s not about local promos and advertising campaigns, which are useful to attract clients here and now, it is about joining a global market and getting access to business conferences as well as participating in workshops. These are places to network and make proper acquaintances in different fields.

Visit Meetup.com for relevant events near your location. LinkedIn is also a rich platform of information, communities and events.

Invest in your business brand. It is a valuable asset that demonstrates who you are, what your defining feature is. It should be simple but noticeable.

Marketing is a continual process. Keep updating your product line, so you can attract new clients and innovate. Ask customers for feedback and work with their replies. People buy from those they trust. Remember, “Without customers, you don’t have a business. You have a hobby.” (Don Peppers & Martha Rogers, Return on Customer).

How MightyCall can help with this part of the process:

It creates brand consistency by allowing you to always be available to your customers in whatever capacity you choose with personal greetings and hold music that helps your brand essence show.

Furthermore, it allows you to integrate your phone system with your Facebook and Twitter.

5. Automated Solutions

Appraise your business processes. There are always repeated steps and circular activities that can be automated. This frees time for focusing on business growth.

Business process management consultants say that reduction of staff work-hours is possible with proper automation. For example, instead of depending on manual data entry and setting appointments, invest in a system that simplifies the work process for employees. Newcomers can then be trained quickly and easily and join the workflow without delay.

Carla Martinez, former PM at HICKIES (sneakers store), shared a success story of scaling due to “automating everything”. HICKIES used Zapier’s software for workflow automation. Zapier transfers data between web apps automatically without additional coding. All processes became sped up.

A business that provides services is built on a number of experts, their workload, and efficiency. While considering the scaling of this kind of business, the entrepreneur should particularly focus on automation. It can result in additional revenue with fewer labor hours.

How MightyCall can help with this part of the process:

Sometimes you need to be other places, doing other things. With MightyCall, you can easily reroute the numbers to an available team member or post after hours information. There’s a call queue feature as well as a VIP or block list feature all of which assist with automating the process and letting you decide what’s the most important thing for you to spend your time on in any given moment.

6. Stable Base

When a business is just launched it is the best time to invest in a solid foundation. Avoid cheap and quick software solutions; it’s not powerful enough for a growing entity.

The best software is one that is suited to a small business idea and can support it while growing, and maintain a huge enterprise while using regular updates.

Effective ERP system, e-commerce software, or communication platforms provide automation for most business processes. This is core for business scalability.

How MightyCall can help with this part of the process:

It’s a customized communication solution for any size and type of business. A cloud-based unified platform that provides reliable management of calls, e-mails, social media, and to-do lists, while many useful features (conference calls, activity queue) can be used and added.

Another example is a Xero accounting system.

The vendor offers a free trial for small businesses. Cashflow, invoicing, payments, pay runs — up-to-date financial data that’s easy to compare, maintain and review is what’s essential for each growing company.

Outsourcing of the business support services to professionals is worthwhile. You can concentrate on the core business.

7. The Team

No doubt you’ve put your heart in the realization of your small business idea, but the truth is that a large business can be overwhelming for an owner. You can’t control everything and be everywhere. Scalable business means you are less involved in its processes; your role transforms more and more into high-level supervision.

Build a strong team to do what they do best. Hire the right people so you can manage a scaled business without making every slightest decision.

How MightyCall can help with this part of the process:

It’s a customized communication solution for any size and type of business. A cloud-based unified platform that provides reliable management of calls, e-mails, social media, and to-do lists, while many useful features (conference calls, activity queue) can be used and added.

Another example is a Xero accounting system.

The vendor offers a free trial for small businesses. Cashflow, invoicing, payments, pay runs — up-to-date financial data that’s easy to compare, maintain and review is what’s essential for each growing company.

Outsourcing of the business support services to professionals is worthwhile. You can concentrate on the core business.

The best company structure is streamlined so that trusted people have leading positions. As head of the company, a business owner needs to focus on their main strengths and landmark issues.

8. Education

Investing into your and your team’s education is one of the most powerful strategies a business owner can implement to become more scalable.

“The greatest asset of a company is its people.” – Jorge Paulo Lemann, a Brazilian billionaire investment banker and businessman

Developing this asset by sending your team members to various workshops, courses, or even universities, will eventually result a team of devoted specialists who will apply their new skills and knowledge directly to your business. Your team will feel like it is growing and developing in the direction that interests them, which will make them want to stay and do more for the company.

Scalable Business Examples

• Software — a classic and obvious sample of a scalable business. Once the product is ready, additional copies are released with much lower costs.
• E-commerce — any product or service provided via the internet is scalable. Information business, webinars, some kinds of consulting services can be delivered to the mass of people using only a Skype camera and microphone.
• Replicated products — are similar to the previous bullet. Today online stores compete favorably with shopping malls. Extension of delivery regions and product variety are just two points to consider for scaling opportunity.
• Social media — Facebook, Twitter, Instagram. It seems like any new platform for sharing photos and impressions is welcomed. As recently as 2015, Periscope (a worldwide video-sharing source) and The League (a dating application for the “elite”) appeared.
• Downloads — music, books, games, applications are similar to a software’s scalability. The once launched app can be downloaded thousands of times a day.
• Line production and franchising — most processes of line commodity production are automated. The net cost is relatively low, but always keep an eye on the quality. Never let down clients’ expectations, it forms loyalty. When a person comes to McDonald’s, they want almost the same Big Mac they had the previous time. Ray Kroc set a standard of the smallest specifications including weight, sauce amount and fat content in every burger.

Business Scalability Your Way

On the path to scale your business, don’t let failures break you down. Instead, make it work for you and learn your lesson. Dream big and let no one unsettle you on your way and let MightyCall partner with you as you continue to grow your business.

The post 8 Tips to Make Your Business Scalable first appeared on MightyCall.

Business professionals agree that apart from being an affordable high quality service, MightyCall performs especially well in the following categories:

Ease of use. Spend time talking to customers rather than wasting lengthy hours figuring things out. Everything you need is in one place with MightyCall and its professionally crafted user interface.

Quality of support. Enjoy the best business-level customer support on the market for all plans. MightyCall is here for you 7 days a week. Chat, submit a ticket, call us, book a live onboarding session, or send us a feature request to receive the response in the shortest time.

Ease of set-up. Experience the intuitive design starting from the very first moments. MightyCall will be there for you with the multiple tutorials and a free live onboarding session with one of our support operators.

What is G2?

G2 is known among the industry professionals as the biggest and most reliable tech marketplace in the world, where companies can research and find software. Through user evaluations, G2 Crowd enables clients to select the top tech services on the market. G2 creates a remarkable and unique B2B marketplace by offering over 300,000 verified user evaluations to more than one million purchasers each month.

What is MightyCall?

One of the nation’s fastest-growing VoIP service providers, MightyCall, has won numerous prestigious industry recognitions, including the Inc. 5000 list, IT World Awards, Fastest Small Business Implementation by G2 Crowd, Top Performer Award from SourceForge, and more. Over 25,000 organizations worldwide are grateful for MightyCall’s role in the most effective consumer communication.

The post MightyCall Receives G2 Leader VoIP Award for Fall 2022 first appeared on MightyCall.

But what does that mean, exactly? How do small business owners and entrepreneurs re-start their long-stalled engines and reopen their businesses after COVID?  It’s a tough and tricky situation, especially seeing as the virus isn’t leaving uniformly- nor are the cumbersome and frankly burdensome corona regulations that small business owners have had to deal with.

To help you with what’s frankly going to be a bananas task, we put together a list of the common questions and subjects that small business owners around the nation have been concerned about when it comes to re-opening after the coronavirus.

“Cleanliness is next to managerliness”- Spongebob Squarepants

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Disinfectant. It’s been our friend for over a year now, and the odds are it will continue to be our friend for a good while to come. But how much do you need? How much is too much? How little is too little? If you want a huge amount of detail, click here for a CDC report on the whole shebang (that’s the US government’s Center for Disease Control). If you want the skinny, here are a few of the biggest questions regarding a very un-sanitized subject.

Do I need to disinfect my workplace if it has been unoccupied for 7 days?

Good news! The virus may have lasted a long time in our minds, but on surfaces, it hasn’t been shown to last more than seven days. You should still clean, because…it’s gross if you don’t? But when it comes to the coronavirus, if you haven’t been to your workplace for 7 days and no one else has been—in other words, it’s been closed that whole time—then you don’t have to worry especially about dirty surfaces giving you the ‘rona.

How many times should offices be cleaned or disinfected to prevent COVID-19?

This one is up to you. Maybe you’re an Adrian Monk-type and even outside of pandemic life you still need to clean your doorknobs and surfaces every five minutes.

Well, the good news is that you don’t need to do that even in a pandemic- but you shouldn’t do it once a day either. The CDC urges business owners, who clearly know best how much traffic they’re getting through their stores or places of business, to come up with their own plans- but then to stick with it, and update/evaluate as much as necessary.

Likewise, if you create a bleach/water solution, make sure to make a new batch every twenty-four hours, which is the time period that the CDC says most bleach solutions will be effective for.

Navigating Coronavirus Rules and Regulations

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So now this is a pretty dicey situation, especially for small business owners in the United States- they have to pay attention to federal, state, and local rules, the violation of which can lead to hefty fines.

What’s made more difficult is that plenty of times these rules seem to change on the fly, to the degree that one could assume it’s almost sort of guesswork. But either way, rules are rules, and they must be followed to avoid losing even more cash than coronavirus has probably already cost your business.

How do I follow federal coronavirus regulations?

Well, truth be told, the federal government *is* putting out regulations- but mostly for itself. Due to the states having so much power in the US, the federal government can’t regulate most small businesses when it comes to the coronavirus. Truth be told, it probably doesn’t even want to regulate them- the United States is frankly, an immense country, and coronavirus is ravaging different regions at sometimes vastly different rates.

How do I follow state or local coronavirus regulations?

There is no federal website which has constant updates on all of the constantly changing state and local coronavirus regulations. Your best bet? Check out your local Chamber of Commerce. They’re built around helping small businesses, which means the odds are that they’ll be able to clue you in on what your small business is supposed to be doing, and what you don’t have to worry about doing.

But when in doubt, contact your state or local government! There’s no reason not to. Picking up your phone and placing a call (or sending an email, if things aren’t time-sensitive) are the best way to get up-to-date information about when you can re-open your small business after COVID.

What are the biggest mistakes small businesses make when re-opening after coronavirus?

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This one is pretty important, which is why it’s getting its own section. After a year of on and off closures, it’s understandable that you’ll be chomping at the bit to get back in action.

But here’s the thing- before you do anything, take a deep breath and pause. Lots of people are still incredibly nervous about catching the coronavirus and will probably continue to be so even after it is no longer rational to be afraid to go to businesses. Some businesses have even found that opening up immediately was not inherently profitable. So take some time to calculate, to figure out exactly how much you’ll need to take in, and to figure out how much you’ll be spending by being open.

Speaking of being open – don’t be afraid to mess around with your hours. Obviously, when running a small business some consistency is necessary; in an ordinary situation, changing your hours on a whim would only serve to lose you customers and hurt your reputation. But this isn’t a normal situation; people are going to be understanding if your hours have suddenly changed and you are only open from 9 to 12, or not at all on Wednesdays.

For those businesses which have been able to stay open in the pandemic- don’t throw the baby out with the bathwater. If something was working, be it a switch to digital or some other shift, maybe try to keep it going in the future?

What should businesses do during the disease pandemic?

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What happens if the lockdowns come back? Well now that’s the fear, isn’t it? What happens if we start coming back, the vaccines are flowing, and them BLAM, some random variant comes out of who knows where and we’re suddenly back to square one?

This is where that “don’t throw the baby out with the bathwater” comes back into play. Keep the strategies you were using if you stayed open during the pandemic.

And if you didn’t stay open? Well, think proactively. Much as snowstorms in Texas probably have made a lot of folks think twice about making fun of their friend who keeps a week’s supply of potable water at home, why not get ahead of the next variant closures by building your business into a more flexible model? At the aforementioned US Chamber of Commerce, they’re on it, with a handy pros and cons list of permanently shifting your business to a more virtual-oriented setup.

Taking your business digital

Taking your business into the digital realm takes consideration; there are a lot of moving pieces (literally and metaphorically) when transitioning to an all-digital business, so, as we said above, don’t’ rush into anything. One of the biggest things to keep in mind, however, is communication. With an all-digital small business, you won’t end up with a single hub from which to have all of your employees.

Fortunately, there’s a way to turn that seeming negative into a huge positive: going with a virtual phone number from MightyCall. MightyCall’s virtual phone number gives you access to a plethora of features, including a digital “headquarters” — an online web panel and Mobile App for iOS/Android. This makes it simple for your employees to make calls with unlimited extensions, assign and distribute calling tasks, get mini-CRM functionality built into their phone, send business texts, and a whole ton of other stuff.

Importantly, your staff (and, naturally, you) can make and receive phone calls with any internet-connected and sound-capable device, making it even easier to complete your physical-to-digital transition. Take a look at our amazing features or learn more about how VoIP works!

We’re almost over the COVID mountaintop…

…and we can see the beautiful, virus-free town below. But there’s still a mountain to climb down from; so while you’re doing so, make sure to follow our above steps, try not to dangerously rush down the slopes, and before you know it, this’ll all be a thing of the past. But your small business won’t be —  because you prepared.

Learn more:

Save and complement this guide with our laptop lifestyle guide for small business owners wishing to manage business on the go, then follow up with tips from entrepreneurs on business growth during COVID and an expert look at what the business future will look like post-crisis.

The post Reopening Your Business After COVID: How to Get Back Up After Your Business Was Locked Down first appeared on MightyCall.

The survey, carried out via global market research company Ipsos, asked over 12,000 people ages 18-65 about their leading digital engagements and e-commerce behaviors in 2021.

If you’ve been wondering what’s going on inside your customers’ heads recently, and if your marketing strategies are still relevant, here’s what’s up, and how your small business can benefit.

Time management is top for consumers

Facebook’s survey reveals that people are taking increased ownership of their time. Consumers want to achieve more in less time.  No wonder they prioritize technology and products that are efficient and integrate well with other services.

86% of people are actively looking for ways to make their life more simple and convenient. 72% of them are willing to pay for it.

Top on people’s reasons for time-management are family time (65%), exercise (62%), and traveling (59%).

? Whatever is a priority for customers, should be a priority for businesses. If you’re an entrepreneur, now is a good time to ask yourself how you can a) fulfill this consumer need with your product or service b) get the word about it out there. In other words, how your customers will know about your efforts to fulfill their time-management needs.

Consumers want a shopping experience that’s closer to friendship than business

Amazon will always have its place, but it’s no longer the Alpha and Omega of online shopping. More and more consumers are turning to niche products and brands for a more personalized shopping experience. And they’re finding their next favorite brand on social media.

Instagram, Pinterest, and Facebook pages engage a growing number of customers. More than that, they allow consumers to actively participate in their social life, forging relationships that resemble digital friendships more than business interactions. And that’s a win-win for everyone.

56% of respondents said social media allowed them to deepen their relationship with brands. Another 43% said they’re looking forward to exploring more interactive shopping options in the future (e.g. Live Shopping and Augmented Reality).

? As a small business, think of ways you can make your shopping experience more interactive, up close, and personal through social media. Think of your brand pages as a medium for conversation and friendship more than sales and marketing.

Online communities are the place to network, support, and do business

In the era of global lockdowns, the online world has become our resource and support hub for online networking and support. But today, online entrepreneur communities like these are moving away from the realm of optional support groups to ultimate power communities.

60% of respondents are part of an online community and 65% have nothing against brands being part of their online communities. 

? For small businesses, especially ones that have social media growth as part of their strategy, discretion and being helpful is still the top requirement for brands in the online community space. Don’t mistake online communities for brand social media pages. What is appropriate for one space isn’t appropriate for another.

People want to support and partner with local business

Small business, especially local small business has just gone through one ordeal of a year in 2020. Your consumers know that. And your partners know that too. The good news is, both want to help.

97% of respondents are actively supporting local business. 24% of those people are entrepreneurs themselves.

? Finding new partnerships and supporting each other’s back can be not only a good way to survive COVID, but grow your business in unexpected ways. Many entrepreneurs “lucky” enough to have business in times of COVID success stories  were precisely the ones that extended a hand to complementary businesses and formed partnerships that will long outlast the pandemic.

More in News: Second PPP loans and new stimulus check: learn how to get yours today

The post New Survey Reveals 2021 Trends in Digital Engagement and eCommerce first appeared on MightyCall.

As the world becomes increasingly interconnected, more and more professionals are pursuing tech-related careers. Growing numbers of online computer science degree graduates end up becoming expert software developers and data analysts.

Gaining knowledge in trending specialties like artificial intelligence, software development, data science, cybersecurity, and user experience will provide businesses with that much-needed edge over their competitors.

1. Digital Payment Systems

Social distancing measures and quarantine guidelines have led to rising online sales, deliveries, and an increase in non-cash payments. Because of this, businesses should make the transition to an online retail space if they haven’t already. The pandemic has led to an acceleration in the adoption of digital payment systems, including mobile. Optimizing the checkout process and accepting a variety of payment types can expand the target market for your goods and services. The ability to order ahead or book services in advance is also a valuable asset for every business. Providing special promotions and detailed how-to guides can help customers adjust to these new systems.

Learn more: PayPal Rolls Out Contactless QR Code Feature Perfect for Small Business 

2. Contactless Delivery Systems

More than ever, taking protective measures in the food and service industry is vital to prevent the spread of the virus. Contactless deliveries enable businesses to leave a delivery at a person’s doorstep and conduct interactions electronically when possible. This prevents the need for close human contact between the delivery person and the recipient. To streamline the process, investing in an app notification system with scheduled booking times as well as electronic receipts will benefit all parties involved. Proof of delivery and cross-platform integration are also useful features to have. Training employees to maximize the potential of this technology will help businesses maintain their high level of service.

3. AI-Powered Chatbots

The quality of customer service can make or break a business’s entire reputation. If a customer’s questions and concerns aren’t addressed in a reasonable amount of time, they can get frustrated and go off and find an alternative. In-demand services like government, healthcare, and financial institutions would benefit from adopting a chatbot service to respond to basic questions during this time. However, organizations need to have a clear understanding of what is involved in this process, including what can realistically be achieved in terms of cost savings and resolution time. For instance, overly detailed concerns would still need to be coursed through a customer service representative.

Learn more: “How Do I Automate My Small Business?” Experts Talk Dos and Don’ts

4. Virtual Mobile Health Services

As consumers grow more concerned about their health during this worrying time, healthcare companies need to find new and creative ways to serve the needs of their patients and customers. Telehealth has seen a surge in popularity, with virtual mobile health services becoming more widespread. Non-urgent consultations can take place online through video calls and online questionnaires, with the option to obtain in-person care if needed. It also enables medical providers to prescribe medicine, monitor those with chronic conditions, and provide digital coaching in addition to virtual visits. After-hours consultations and self-service options can also be provided.

5. Video Conferencing Tools

No matter the industry, video conferencing tools have a significant part to play in improving the quality of communication across teams. Platforms like Zoom and Skype have seen a boost in popularity, as the rise of remote work has lead to the need for virtual meetings. However, many of these tools have varying degrees of privacy features and security in place. As a result, making use of complex passwords, using waiting rooms, and moderating channels will help ensure that meetings are limited to the intended guests. In addition, using a neutral wall or a blurred background can help users protect the privacy of their home environment.

6. Cybersecurity Tools

The advent of virtual tools is accompanied by increasing numbers of data breaches that can threaten the entire structure of a business. Examining your system for vulnerabilities can prevent hackers or unauthorized personnel from gaining access to your private records. Some of the major trends that businesses should watch out for include the return of remote desktop protocol to take control of systems. This is a consequence of having weak identity and access management and lacking two-factor authentication. Increasing adoption of the cloud will also impact the development of security models, so consulting a professional will help ensure that your remote workforce remains secure during this time.

Learn more: 7 Cybersecurity Statistics for Remote Workers

Final word

While technology does have its place in supporting businesses during the events of a pandemic, it can also function as a double-edged sword if not used correctly. Ensuring that employees familiarize themselves with these tools and services will keep everything running as smoothly as possible as we make adjustments during this period. As organizations around the world acknowledge the impact of digital transformation in driving business growth, taking advantage of these solutions can ensure continuity in the face of the new normal.

Article by Danielle Sanders

Danielle Sanders is a Wyoming-based fin tech consultant and writer. She dedicates her time to helping businesses understand and adopt emerging technologies. When she’s not in a meeting, you’ll likely find her hiking on her favorite trail with her Boxer, Molly.

The post What Technology Can Help Businesses Adjust During a Pandemic? first appeared on MightyCall.

Against this background, the real hope women-owned businesses find is in helping each other. And to their credit, they’re doing it exceptionally well. Many corporations and smaller non-profits led by female founders have developed personal funding programs for femalepreneurs, mompreneurs, and black women-owned businesses. As women, we’ve managed to not only extend emotional support to our sisters but offer financial help in the toughest of times. 

Below, you’ll find coronavirus relief funds pivoted towards women-owned businesses. All of these programs are available nationwide and are not limited to a certain locale. So have a closer look and apply now, or check out our other resources below.

1. Verizon Small Business Recovery Fund 

Grant amount: $10,000 

Application period: Final round starts May 14

The Verizon Small Business Recovery Fund is open to help coronavirus-impacted businesses. Entrepreneurs of all genders and races are eligible, however, priority will be given to minority-owned businesses including business owners of color and femalepreneurs. The fund is made possible thanks to a 7.5 million dollar investment from Verizon. Support to business owners is carried out in three rounds throughout spring 2020. Funding can be used to compensate for payroll, rent, utilities, and other costs. Learn more and apply here.

2. Spanx Red Backpack Fund

Grant amount: $5,000

Application period: On a rolling basis, April-August

In light of the coronavirus crisis, Spanx founder Sara Blakely donated $5 million to back 1,000 female-owned businesses. Having once started Spanx with, all in all, $5k in savings, Sara wants to seal the positivity karma with both financial and community support to women in business. To make it possible, she’s paired up with GlobalGiving.org where you can tell the story of your business and apply for a $5k grant on a rolling basis. Applications are open for about one week each month, from April to August.

3. Moms As Entrepreneurs relief fund for mompreneurs

Grant amount: $500-$1,000

Application period: From May 18 

Non-profit Moms as Entrepreneurs (MAE) is launching a campaign, called “Moms As Entrepreneurs Give Life. Give Community Fund”. This national fund wants to uplift mompreneurs in the challenging times we’re all battling. Unlike the above funds that are aimed at covering bigger expenses, this relief fund is perfect for female solopreneurs who don’t have payroll expenses but still need day-to-day help with basic supplies and costs. More information may be found on the MAE website.

4. Doonie Fund for Black femalepreneurs  

Grant amount: Up to $500

Application period: Currently open

The Doonie Fund for black women in business was founded by Digitalundivided CEO Kathryn Finney. Since April 2020, it has supported over 500 black women-owned businesses with micro-grants. Though the grants consist of only one to several hundred dollars, they are a spot-on aid for investing in things like marketing, so you can keep growing your business at a time when each penny counts.

5. iFundWomen fund for women entrepreneurs 

Grant amount: Micro-grants

Application period: Distributed on a rolling basis, currently open

iFundWomen (IFW) is a crowdfunding platform for women. The iFundWomen relief fund is open to female entrepreneurs who’re using the platform for crowdfunding. You can also see the success stories of women who won a grant here. To apply for a grant, you must register a crowdfunding campaign on the IFW website and then take part in the micro-grant program. If you’re new to the idea of crowdfunding, check out our beginner’s guide at the link below. Now is a great time to get support from the community. 

Learn more

In case you’ve missed it, here’s more COVID-related funding available for everyone. Check out Facebook’s Grants for Small Business and our beginner’s guide to saving your business with crowdfunding (with success stories from business owners like you). 

The post 5 Coronavirus Relief Funds for Women-Owned Businesses  first appeared on MightyCall.

With all the weight and hope we’ve been carrying on our shoulders for the past months, we can’t wait to get our families, our life, our businesses back. We can’t wait to get “normal”.

But the challenge we face isn’t adapting to the current period of limitations and hoping they’ll one day swing back to “normal”. Our task is to fearlessly look into the future of business and get ready for the permanent changes ahead of us.

Here’s how those changes will look like.

It’s not just businesses: audiences are going remote too

Just a few months ago, remote work and virtual client interactions still merited a ton of speculation among companies of all sizes. As we see now, lucky are those who didn’t jump in the last wagon. Yet looking ahead, we’ve got to understand —  the future isn’t just about the convenience of remote work for employees. Remote environments will impact clients no less, experts argue. Long after the pandemic, they will remain the new normal of customer interaction.

Tracey Shappro, CEO and President, VISION Production Group 

 Over the past months, “content” has evolved into such a key feature of business interactions, that we may soon relinquish the psychological notion of “lead” as the preliminary step to “client”. As the current crisis has shown, every business has to build a digital environment that already treats users as clients, and does so on multiple levels. Even for brick and mortar stores, physical presence alone is nowhere near enough to attract audiences from now on.

For this reason, Tracey Shappro recommends focusing on “content [that] can be made available 24/7 in a variety of forms to extended audiences around the world”. An approach like that will instantly shift the entrepreneurial focus from “lead” to “customer” and will be more relevant with each year.

The future is in the cloud, the security is in our hands

Whatever business challenge we’ve got to solve, we can solve it with cloud technology. Cloud technology is reliable, budget-friendly, and extremely mobile. Most importantly, it’s our life-saver in times like these. Cloud tools aren’t just the mobile apps we’re all used to or the cloud storage that saves your phone from overdrive. Today, we use everything from cloud medicine to cloud banking to cloud telephony.

Most experts agree that cloud technologies are generally safer than keeping sensitive data on company servers. “Cloud computing is often far more secure than traditional computing because companies like Google and Amazon can attract and retain cyber-security personnel of a higher quality than many governmental agencies,” says Vivek Kundra, Executive Vice President at Salesforce.

That statement goes with a few sidenotes, however. First up, with the advance of mobile technologies and home-based IoT devices, we often see a lack of protection on the business end. Employees don’t protect their mobile devices like they do their PCs, and when you have a team using cloud tools via mobile apps, you must ensure that data remains confidential. VPN is an absolute must to protect mobile devices across Wi-Fi connections when working from home and in public places.

Another aspect is checking client data agreements against the terms & conditions of the cloud tool since some services disclose uploaded data to third parties. 99% of us don’t read those “terms&conditions” before hitting “register”, but as a business user, you have that responsibility before your clients. Meet these two simple conditions, and you’ve got a business infrastructure that’s mobile, safe, and future-oriented.

Business communication is transforming into participation

From the first-ever “word of mouth” to Shakespearean drama to the present “participation age,” as Scott McNealy called it, communication has never stopped evolving since humans existed. Neither has the necessity of communicating ideas. What is changing though, is the symbiosis of many conversational channels into a highly personalized and, let’s not be afraid of the word — emotional — experience. In times like the present, we understand that it’s the human, warm connection  — not just a “convenient” channel like chatbots and AI — that’s making a huge difference for our business.

Paige Arnof-Fenn, Founder & CEO of Mavens & Moguls 

 As we move into the “new normal”, what Paige Arnof-Fenn calls the power of  “empathetic communication with transparency, truthfulness and timeliness”will permanently influence business success. Think of the current “home-based” time as a transition period to create meaningful conversations across all platforms — phone, social media, web, email.

If you need help minimizing stress in managing those platforms, powerful and budget-friendly technology can always help. For example,  MightyCall is a platform for business conversations. It’s not just a business phone system, but  comes with its own CRM, integrates with calling widgets, and email forms. So your team has a no-hassle environment for conversations with clients, from any place including home.

But no matter what tool you use, the crucial part is to stay authentic in your conversations with clients. As Paige says, “Maybe the silver lining is that this crisis reminds us that we have always needed each other and we have learned that everyone is struggling right now to find a new normal so the key is to show our humanity and compassion while we look out for one another.”

Digital transformation is not a luxury

Digital transformation feels like a big word. And that’s precisely part of the problem why smaller businesses find it a bad fit — and have been avoiding it until being hit with the concept of the “new normal”.  In reality, digital transformation has been around for a considerable time, but often hasn’t been “the norm” for small business.

Many smaller teams feel they don’t have the resources, personnel, and time for digital transformation. As we’ve seen due to COVID19, however, a lack of resources is not enough of an excuse when the only alternative is closing shop.

If any tech aspects of the digital world feel strange to navigate (and it’s absolutely normal, they do so for all of us), the answer can be as simple as filling in the gaps with outsourcing.

Eric D. Dickmann, Founder, The Five Echelon Group 

 For a small business, it’s vital to outsource your “Achilles’ heel”, or any part of your business structure that’s weaker than others. The person who helps you with this doesn’t have to be a full-time employee, but rather an on-demand professional. You can pop into a freelance job marketplace like Upwork to research, find, and hire a part-time digital business advisor, digital marketing professional, virtual assistant, and even virtual CMO.

This doesn’t mean that a business has to overlook other channels and opt for all-around digitalization. As Eric adds, “Networking and word of mouth have always been an important source of new business but we need to be digital in everything we do. “The main point is to fortify your business fortress from all sides.

Automation as a productivity tool

While the world embraces minimalism as a trend, the web is buzzing with productivity hacks and tools. Ironically though, all of these tools are just other apps that we clutter our phones with, further nourishing the app market that caters to decluttering our digital life.

The tool that impacts small business productivity is smart automation. Automation means setting repetitive tasks on repeat and treating your PC and phone as a Marie Kondo home: minimalistic and down to the essentials. All your apps should create an information flow similar to a waterfall flowing into a single clear source.

Like every other solution, automation isn’t a one-size-fits-all deal. You have to be picky about the tasks you perform in a live manner (e.g. customer support, personalized marketing, feedback channels, etc.) and tasks you automate (e.g. repetitive information, information flowing into multiple channels instead of one). As Slack and Flickr co-founder Stewart Butterfield puts it, “There’s a lot of automation that can happen that isn’t a replacement of humans but of mind-numbing behavior.” Use the latter as a yardstick for your selection.

When researching productivity apps, focus on those that actually cut back on your “app time”, like Zapier. We love Zapier because it integrates with literally thousands of apps, allowing you to create an information flow from one app to another. For example, use Gmail with Google Drive to automatically save email attachments to Drive whenever a new attachment arrives. (You can do the same with Dropbox, OneDrive, etc.) Another great option is integrating MightyCall’s business phone system with Zapier to get your call history and contacts automatically sent to Google Sheets, Slack, or CRM.

Final word

We’re living in a time that’s setting new criteria for living, socializing, doing business. The future of business after COVID plans on being safe, mobile, and allowing us to do more than business.

To extend a helping hand  — whether to a friend or stranger, with warmth and gratitude —  even a thousand miles apart is something we can start doing right now, without waiting for tomorrow.

The post The Future of Business After COVID: Experts on What to Expect first appeared on MightyCall.

The last months have hit small businesses in the non-digital space the hardest. From your favorite bakery next door to an event planner you hired for your kid’s graduation party, to niche lifestyle brands, the economic crisis leaves countless small business owners gasping for ways to grow their brand and scale business in the short and longterm.

What can these businesses do to keep their brand alive and keep growing during the pandemic and its economical aftermath?

We posed the question to small business owners nationwide and were overwhelmed with the creativity of these entrepreneurs and the positive changes they’ve already seen as a result of their tweaked business model.

Here’s how entrepreneurs from some of the hardest-hit industries are scaling their business and growing their brand as we speak — and how you can follow their example from home.

1. Scale, search, and deliver

You’d think growing a business in the event industry is the stuff of dreams right now. Especially if you’re living in the epicenter of COVID-19 like Michelle McKenna Shuey, Founder at The Effortless Affair.

This NJ – based mompreneur thinks differently.  For Michelle, scaling her business after having all events postponed or canceled through the summer didn’t mean giving up. Instead, she’s come up with quite a few permanent additions to her business model.

I have pivoted to a party delivery business… I drop party boxes to your door containing a local bakery cake, on theme paper plates and napkins, candles, banner, balloon, craft for birthday child as well as a birthday crown. I also include a Spotify playlist for the party and a list or virtual entertainment with pricing.

2. Go the extra mile with customer care

When challenge hits, it’s OK for people on both ends to be stressed out and in the dark about the future. But as a business, it’s also your job to provide an island of safety and certainty to your clients so they can count on your product/service.

Justin Hill, Owner of Hill Law Firm is used to dealing with client stress but has doubled down on customer care in recent times.

Often, when our clients come to us, they are already in a stressful situation. The current pandemic has only exacerbated the anxiety and uncertainty that they feel. We’ve learned that our quick responses to clients and meeting options have really helped to alleviate some of the stress that they feel.

Learn more: 5 Customer Support Tools That Work While you Sleep

3. Go international

For non-digital companies, taking your brand to international level is often a risky step. How do you know if the investment of time and costs will pay off and that you’re on the right track? Entrepreneurs like Kimberly Crisostomo Bavington, Founder of Art Classes for Kids, prove that small businesses shouldn’t be afraid to grow their brand in the international arena.

We’ve had an interesting transition moving the business from 100% in-person group classes and private lessons to 100% virtual classes and FaceTime private lessons. It hasn’t been easy…for us to digitize all of our lessons and think outside of the box to try and give kids a similar experience on the computer as they do in our studio.

Though she calls the process “extremely time-consuming”, Kimberly notes parallel “extreme success” in online classes and plans to keep them a permanent feature of her brand.

Learn more: Best Website Builders for Small Business that Put you First

4. Recruit and train non-local talent

Some sectors are more tied to locale than others.  Insurance and insurance development agencies are one such example. This often means that hiring and growth are limited to one geography. At least, until the business has no choice but to literally widen their horizons.

Tony Caldwell, CEO of One Agents Alliance (OAA), explains how a geographically constrained small business can move recruiting, training, mentoring and support services online, and while others are closing shop, go on to open new doors.

The communications methodologies and virtual teamwork tools we’ve embraced allow us to hire employees wherever we find them. This is already opening up our talent searches and we hired a new employee from 1,500 miles away in early April…At the same time we are expanding our geographic reach for the planting of agencies [and] expect to put three new agencies in California in May.

5. Become an authority to your audience

The demand for information from home is currently skyrocketing and smart businesses are already finding ways to meet that demand. Being useful to your customers through not merely sales but informative content is extremely important at the moment, notes Jasmine Young, Founder & Chief Executive Officer of Southern Tax Preparation & Services, LLC.

Refocusing has allowed us to establish ourselves as an authority in the accounting/finance industry,” Jasmine says. “The amount of participation in our live videos, the overwhelming amount of direct messages to our social media accounts, the client referrals from our audience, and the increase in revenue is an obvious indication that our decision… was a step in the right direction.

6. Create your own digital media platform

When 80% of your business caters to brick and mortar shops that are indefinitely closed due to COVID-19, the math is simple: you either live on the 20% or you get creative. This is exactly what happened to Leslie Scott, owner of Walton Wood Farm.

I took Seth Godin’s advice and built my own platform, a podcast titled, Rewriting Dad, based on my family history. My personal care company, Waltonwoodfarm, is the mid-roll sponsor.

So what does a family podcast have in common with scaling a beauty business? The magic lies in connecting to your target audiences through a network of multiple channels and linking those back to your product. The result is your very own brand infrastructure.

7. Build rapport through transparency

As a marketer for your brand, should you lighten up the mood and avoid the topic of COVID-19 or confidently approach the subject? When tackling this delicate topic, Vivien Adrian, PR at UNDONE, a global personalized watch brand, says transparent engagement with your audience is a fantastic way to scale your business.

In light of the current situation, we have implemented more messaging to highlight what UNDONE is doing to keep its employees, community, and courier services safe,” Vivien says. “We are [also] working on multiple campaigns that touch base with our community being stuck at home, highlighting ‘staying safe, staying positive, and staying individual.

8. Lead your team with example

Right now is a difficult time for teams of all sizes. Employers successful in scaling their business through crisis are the ones that don’t leave their own. Extending a hand to your employees, paying salaries, and not firing those who’re in dire situation themselves can be a tough decision. Whether you believe in karma or not, in business everything that goes round comes round.

A moment of calm and peace is what Raquel Tavares, Founder of Fourth & Heart has her heart on doing during a crisis like COVID-19.

Moving with a “people first” movement, I publicly vowed to not fire any employees as well and to find any cash runway through other cuts. Additionally, I wrote a note [to] my team and my group of investors on the plan to be put in place as a response to COVID.

Final word

Growing a business during the unprecedented time of a pandemic is a heroic effort for small business. But as the above entrepreneurs prove, scaling your business and building the future of business after COVID is not only possible but critical at this time.

As actress and author Fannie Flagg once worded it:

“Don’t give up before the miracle happens”!

At MightyCall, we’d like to do our part and help you cope with handling business communications effortlessly. See how below.

The post Business in Times of COVID: 8 Success Stories of Growth During a Pandemic first appeared on MightyCall.

With no personal guarantees, credit history, or paperwork needed to get a small business loan, Shopify is giving aspiring e-commerce owners carte blanche to try their hand at entrepreneurship. Moreover, it’s bound to widen the demographics of small online businesses. The new risk-free loan will motivate U.S. merchants to open millions of e-commerce stores.

Why is Shopify giving out $200 loans?

Online businesses are some of the most budget-friendly ways to get into entrepreneurship. With a lot of business hassles eliminated (i.e. extended documentation, store rental, hiring staff, etc.), online businesses can do business in ways undreamed of by brick and mortar stores– from drop shipping to digital services. They also don’t need any kind of office, with work often being coordinated from home.

Shopify credit has been offering loans to Shopify merchants in the U.S. since 2016. However, they have never been this accessible before. The new $200 starter loans take the ease and diversity of setting up an online business a step further and supplement what the first-time online entrepreneur is usually missing: starter funding for essentials like marketing and advertising.

As expressed in his Twitter post, Kaz Nejatian is sure that $200 Shopify starter loans will be in demand and will lead to greater diversity in the online marketplace.

Screenshot via Kaz Nejatian’s Twitter profile

Nejatian has countless examples up his sleeve of how a few hundred dollars at the right time can give wings to a business. He is sure Shopify’s new loans will open entrepreneurship doors to those for whom they’ve been shut before.

How are Shopify’s $200 loans different from a regular loan?

One of the greatest things about Shopify’s $200 starter loans is they’re really risk-free. Which in turn, means they’re guilt-free for your business.

To get Shopify’s $200 loan, you won’t have to offer personal guarantees or go through the dreaded credit check. Shopify provides the loan for a period of 12 months. You pay it back automatically as a fixed percentage from sales, every 60-day period. This includes the loan amount plus a fixed borrowing cost calculated on an offer-by-offer basis.

The main difference with Shopify’s starter loan is that in case your online business doesn’t make any or enough money to repay the loan, the sum will just be deducted from your bank account. This will not affect your credit history in any way.

How can I get Shopify’s starter loan?

While it’s easy to get into the program once you’re eligible, Shopify does have territorial restrictions for getting into its loan program, plus several platform requirements.

To qualify for Shopify’s starter $200 loan (or a greater sum of your choice), you must:

• Have an online store registered in one of the currently 14 eligible U.S. states: Arizona, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, North Carolina, South Carolina, Utah, Washington, Wisconsin, or Wyoming.
• Have a Shopify business or use Shopify Payments
• Link your bank account to Shopify. This is where Shopify deposits your loan. In case your business makes no revenue, it will deduce the loan+fixed borrowing cost amount from your savings.

Final Word

Shopify’s $200 starter loans are perfect for e-commerce first-timers setting up a dropshipping or niche craft store (handmade products that don’t demand a lot of investment in materials) — industries that can launch on an initial investment of as low as $150-$200.

Invest this amount in your first social media ad, branding, consultation with a business coach, etc. If you’ve been waiting for “the right time” to try a hand at online business entrepreneurship, this is it.

For more experienced business owners, Shopify Capital offers loans and cash advances to business owners ranging from $200 to $1,000,000.

New to online business? Get the heads up on starting a virtual online business: How to Sell Virtual Products from Home

The post Shopify Launches $200 Loans Perfect for E-Commerce First-Timers first appeared on MightyCall.

Without the need to invest in store rental on a permanent basis, pop-up stores are the ideal compromise for e-commerce entrepreneurs. With a pop-up shop, an e-commerce-based business can forget about the challenges of off-season sales and connect to wider audiences during the peak times of the year when their business is most profitable.

Pop-up retail is also the best way to give your business exposure during the busiest season of the year: the post-Thanksgiving through Christmas holiday shopping sprees.

What is a pop-up store?

Pop-up stores are temporary or seasonal stores (often kiosks) that can be set up in practically any location. There are several general types of pop-up stores:

• Store-within-a-store  — this pop-up model means renting out a portion of a store where your products can be displayed
• Kiosks/booths/stands —kiosks and product stands can be placed anywhere — even in the middle of a street but they are most popular in shopping mall hallways and at local markets
• Co-working and event spaces  — very popular locations for pop up retail, these locations have to be booked in advance if you want to be in for a specific time-frame
• Short-term storefront rental — a great way to test out if you’re ready for a real shop. Grab these offers while they’re available, and make sure your rental contract isn’t long-term if you’re planning to move out by the end of the season.

Consumers love pop-up stores because they offer the same kinds of niche products customers usually shop online for. Unlike online stores though, a physical pop-up store lets customers see and touch the products in a live environment. This way, consumers get the best shopping experience of both worlds — the unique market range of online goods and the convenience of a real shopping experience.

Even retail giants need pop-up stores

It may seem like retail giants such as Macy’s and Kohl’s have huge enough presence to not worry about the perks of pop-up shops. In fact, nothing could be further from the truth.

As early as this weekend, Kohl’s is opening up a holiday pop-up shop in NYC and Macy’s is in full swing with their new Macy’s STORY concept.

After acquiring STORY in 2018, Macy’s has been reinventing shopping with an immersive experience seemingly materialized from an Instagram-perfect story. Having started out with the delicious Color STORY, Macy’s pop-up stores switch narrative every few months to present products and brands around a single theme. This holiday season, Macy’s is featuring a cozy log cabin stuffed with holiday goodies and giftables.

Pop-up stores for e-commerce

If you’re in e-commerce, a pop-up store can bring you some great benefits along with terrific exposure of your brand — elements that are sure to spill over into both the “real” and online worlds.

What are the benefits of a pop-up store for e-commerce? Let’s look into a few stats:

• 80% of global retailers who  opened a pop-up store said it was a success.
• Opening up a pop-up shop cost them  less than $5,000, according to 44% survey respondents
• 51% of respondents noted increased market visibility, while 46% noted increased sales and another 46% a boost in social media engagement, according to the same survey.
• Rent for a pop-up store is as low as 20% of regular rates
• A pop-up store is a win-win for online and regular shoppers: by giving your online followers a live space to try out and test your products, you’re also marketing your online store to regular shoppers

In addition to the above benefits, a pop-up shop model creates a sense of urgency and excited anticipation for your customers. Knowing that your store will be there only for a short time, consumers stand a great chance of grabbing that terrific product or deal without putting it off “for later”.

Whatever your niche and store location,  design your pop-up store with Instagram-worthy sharing in mind. Don’t forget to put up posters or other ads with specific hashtags to make sharing easy. These will promote your business across social media channels and ensure that your success continues to build, regardless of the shopping season or location of your store.

Is your business ready for the holiday season? Look into our guide to perfect voicemail greetings to make your customer interactions extra special this holiday season — and thank yourself the whole year to come with increased customer satisfaction and loyalty!

The post Pop-Up Stores Transform Holiday Retail for E-Commerce first appeared on MightyCall.

Facebook unveils new Libra cryptocurrency

In a fresh-out Libra white paper, Facebook announced the soon-to-come launch of its cryptocurrency, developed by Facebook’s own Blockchain department founded in 2018 and famed for its ‘secretive’ workings.

The Blockchain-based cryptocurrency, named Libra for the Roman unit of weight measure (and bringing to mind the association with the French ‘libre’, meaning ‘free’) is designed for almost free money transfers between friends on Facebook, Facebook Messenger, and WhatsApp. Ultimate goals include in-app purchases and e-commerce.

“We believe that the world needs a global, digitally native currency that brings together the attributes of the world’s best currencies: stability, low inflation, wide global acceptance, and fungibility. The Libra currency is designed to help with these global needs, aiming to expand how money works for more people around the world.”

– Libra white paper

Unlike cryptocurrencies such as Bitcoin, Facebook’s Libra cryptocurrency is referred to as “stablecoin”. This means that it will not be an “alternative” to global currencies, but rather a new ‘stable’ digital currency.

Libra will charge close to zero fees for national and international money transfers, giving it huge potential to become the world’s top digital currency. It is also designed to give the 1.7 billion people in the world without bank accounts free access to internet purchases and online money transfers.

Libra privacy speculations

Amidst official disputes about Facebook’s privacy violations, US and UK officials met announcements about the coming Libra cryptocurrency with concerns.

The U.S. Senate Committee on Banking, Housing, and Urban affairs addressed a letter to Mark Zuckerberg. It was filled with security, trustworthiness, and privacy questions underlying the Libra cryptocurrency.

In its turn, the Libra white paper underlines (and in its way, answers to) the security and reliability of its Blockchain and new technologies:

“’Move’ is a new programming language for implementing custom transaction logic and “smart contracts” on the Libra Blockchain. Because of Libra’s goal to one day serve billions of people, Move is designed with safety and security as the highest priorities.”

Impact of Libra cryptocurrency on e-commerce

To fund, develop and launch Libra, Facebook founded the Libra Association. The founding members and investors include several dozen corporations including payment giants Mastercard, Visa, and PayPal; technology companies and marketplaces Ebay, Uber, and Spotify; and nonprofit organizations Mercy Corps and Women’s World Banking, among others.

The Libra project is set to launch in 2020, by which time the scope of partners and investors in Facebook’s Libra Association is planned to reach 100. Facebook is currently encouraging developers and companies to work with Libra and plans to launch incentives and rewards for Libra cryptocurrency-friendly merchants.

The financial backing of global corporations and the growing network of partners means that Facebook’s Libra currency has everything needed to become a game-changer in the e-commerce market.

The post Facebook’s Libra Cryptocurrency May Revolutionize E-Commerce first appeared on MightyCall.

The longest ever government shutdown also had an impact on small business: as the U.S. Small Business Administration (SBA) was closed for most of January, all small business loan processing was closed for that time.

All of this may sound like a gloomy forecast and may even be enough to put your dream of a small business on hold. But don’t go there just yet– there’s plenty of good news for up and coming entrepreneurs.

The SBA is back to business

Having overcome its hardships of the previous month, by mid-February the SBA is fully back on track and is functioning without any glitches. In fact, the percentage of approved SBA loans for regional and community banks (these are the ones that process a lot of government-backed loans) dropped by just 1% in January –the toughest month for SBA.

In the words of Beth Goldman, Director of SBA’s largest office,

“The SBA processed more than 1,100 7(a) loans worth half a billion dollars in its first week back after the shutdown.” – Forbes

For business owners who ultimately need government funding to start off their business, this means there’s no reason  not to go through with the plan.

However, though any startup involves capital, SBA loans aren’t the only way to go for small business. In fact, the percentage of U.S. business owners applying for loans is steadily dropping while approval rates are increasing. In 2017, 40% of business owners had loans – down 5% from the year before.

You may not need SBA loans

Every aspiring entrepreneur goes through the ultimate question: how much starter capital is good enough and how much is not enough?

A recent survey by Kabbage, a financial services platform for SMB, tackled this question the scientific way: with statistics. In fact, their findings may have solved the riddle for everyone who prefers financial independence to government funding.

Here’s what they found: “58% of successful small business owners launched with less than $25,000. A third started with less than $5000.”– CNBC

The estimate of good startup capital depends on industry, with some of the least expensive fields ($5000+) being online retail, construction, and landscaping.

If this sounds like your kind of expertise (and your kind of budget) there might not be any reason to let go of your dream or make yourself dependent on government funding or SBA loans.  All you need is to evaluate your strengths, do the research, and be confident about creating something special.

The post SBA Loans Are Back but You Might Not Need One first appeared on MightyCall.