How to Start a Business in 2015

Starting a business may seem like the pathway to financial freedom. However, there is much more to starting a business than you might imagine. Before you can begin the mechanics of opening your very own business, there are a few things to consider. The very first task that you need to accomplish is to find the money to cover your start-up costs. No matter what type of business you want to start, you will need enough money to cover beginning operating expenses. If you are opening a service industry business, you will not need to purchase any inventory; however, there are other expenses that are necessary. For instance, a simple example is the cost of opening a sole proprietorship.

Start-up Costs

A sole proprietorship is a business that is owned and operated by one person and it is the simplest to open. The startup costs are less than other types of business ownership, although the funding may be more difficult. Often, banks and other lenders are unwilling to lend large sums of money to untested businesses without collateral and suppliers do not usually extend credit until after the business has been established. It is easier to borrow from close friends and family in this case. Some of costs associated with a start-up are state and county licenses, advertising, leasing or renting a facility, supplies, and utilities. The costs vary with the type of business and it can cost as little as $210 and take about 4 days to get set up. At the very least, you will need to register the name of your business, apply for a tax identification number and, if you plan on having employees, set up unemployment and worker’s compensation insurance.

Advertising

The next step would be to get the word out. You may have started a business in a common industry, but you must have a something the others do not. It could be exceptional service, filling a need that others may have not noticed or providing more for the same amount of money that other businesses charge. No matter what it may be, potential clients need to know. Be very creative in your advertising, but do advertise. With all the traffic on the internet, you don’t need a large advertising budget. Many avenues of advertising are free or inexpensive. If you have a computer and a printer, you can make your own flyers. Using a power point application can help immensely. Don’t waste money on having a printing shop make them, it is not cost effective. You can also save money by doing your own legwork. Also, you must have business cards printed. In this case, it will probably cost less to use an online printing company than to make your own. If you are not ready to build a website, than use Facebook as your advertising media. Many small businesses fail in the first couple of years because their bottom line bottoms out. Wait until you have steady revenue before you spend too much in the beginning.

Accounting

When you are just starting out, be willing to do much of the work yourself. No one knows as much about your business as you do. Keep your own records and do your own bookkeeping. Accounting can get complicated, but until you have your business established, it is reasonably straightforward. If you need to, you can find a couple of simple classes or articles about accounting to get you started and many online classes are free. Make sure that you keep all your receipts and use log books. When you are ready to turn the accounting tasks over to someone else, ensure that you have trust in this person and implement internal controls. Keeping accurate books is the lifeblood of your company. You will need to know how much you are spending in order to keep revenue flowing.

There is an inherent risk in owning your own business as two out three businesses close in the first six years. You can beat these odds by being present and paying attention. Establish a rapport with your clients and your employees. Stay on top of vendors and suppliers and educate yourself about your small business tax liability. If you delegate responsibilities too soon, you have less control over the outcome. Allow your business to grow and mature before you take an executive role.

Business Trends in 2015

In 2015, the business sector will see a greater convergence of enterprise and marketplace by way of collaboration. Knowledge engineering and new leadership approaches will be at the forefront of trends in business intelligence and human capital. Customer equity models are part of the business intelligence scheme as well. The capture and analysis of data repositories establishes an aggregate composite about the use, desires, wants and needs of consumer behavior.

Consumer Market Trends

The global consumer market will demand niche segment products and services in a way never seen before in 2015. The biggest consumer economies of scale with a dense number of new innovations demanding new intelligence assets will be in the electronics and biotechnology markets.

Growing market demand for technological development in response to rising income levels in emerging markets will create channel marketing challenges for companies seeking market entry in those countries. Companies will be up against stiff competition by national manufacturers and service providers, as well as substitute products.

Finance models will also be undergoing change in 2015. The constraints placed on traditional bank institutions since the global financial crises of 2008, and subsequent regulatory reforms of those commercial entities, has placed new focus on industrial loan companies (ILC) by parent organizations seeking fewer restrictions on consumer finance in exchange for retail business.

Subsidiaries formed as ILC are especially important for companies seeking foreign market entry in emerging markets. Bound by fewer regulatory rules than traditional financial institutions, ILC are predictable as part of the wave of interest in consumer credit in countries like China and India.

Trends in Strategic Sustainability

Critical to the mission and vision of enterprise is the capacity of the organization to shape its knowledge fields along the lines of profitable values. Trends in business coincide with consumer market, technological innovations, and the competitive advantage associated with lean and agile strategies for growth.

Social responsibility campaigns are part of this operations focus; integrating environmental, community, marketplace, and stakeholder assets in one strategy. While investors continue to be the priority relationship in reporting of social responsibility benchmarks, the cost-efficiencies afforded organizations with well-developed ethics and risk management programs, not to mention charitable contribution have lasting results on sustainable growth.

The capacity of an organization to interpret key trends that will affect enterprise survival in 2015, will have an impact on how disruptions in systems of productivity are managed. Companies engaged in capacity building amid a sea of change, embrace new developments found in electronic exchanges, security updates, and shifting investor and consumer demand.

The value of talent in recruitment models will continue to affect the outlook for companies relying extensively on human capital this year. Make or break decisions about intelligence offered by one candidate over another will reinforce educational background and continued training in support of the knowledge base in ‘learning’ organizations. Finally, new forms of leadership are on the horizon. The near future is open to visionaries that have the right industry and regulatory knowledge to make and execute decisions that will result in profitability.

Trends in New Enterprise Technologies

Now that business and technology have merged as one, systems approaches to operations are the singular most influential basis to business communications. If companies integrated out-of-the-box virtual solutions into IT administration in the past several years, the import of new technology-enabled products and services to further growth of customer contact, categories of on-demand services, and choices, and user engagement with new intuitive interfaces will drive business in 2015.

Management of technology is predicted to create the highest yield market opportunities for companies in the next phase. Real-time agility is the key to increasing the proficiency of enterprise systems used in an operational capacity. Shaping customer relationships and enhancing customer satisfaction through the use of technology innovation will be business-critical for every enterprise.

Businesses will also look for measures of enhancing social impact of leading-edge technologies. Employee training activities will be required to keep pace with the introduction of new leading-edge technology solutions that are about to become staples in business strategy. Outsourcing of IT administration is also likely to continue as a lead service industry model in 2015. More regulation of information systems infrastructure across jurisidictions is expected by next year.

Best Franchises for 2015

One of the best ways for those that are looking to own a business to invest is to buy into a franchising opportunity. It provides business owners that have all the knowledge and experience that comes with running a business an opportunity to be an owner without the process of starting the business and getting it off the ground. This may be an area where some owners are not as experienced and may not be as successful that could keep them from exhibiting their real strengths in business. Also, franchises are businesses that have been proven to be successful in their given market. This means that they will have a high likelihood of doing the same for the franchisee that purchases them. Those that are having a harder time procuring a business loan might have an easier time doing so if they are using it for a proven business model with a track record of success.

Buying into a franchise is a great way for a person to get their feet wet with regards to business ownership. There are many different options when it comes to franchise opportunities from retail stores to fast-food restaurants. Here are some franchises that are performing well right now that may be a great option for those that are looking to own a franchise in 2015. Some of them are stalwarts on the franchise scene that are predictable and some may be less thought of opportunities that are money makers.

• Subway – This is an obvious choice for franchisees. The sandwich company has been in the upper echelon of fast food companies for years. This may seem like a boring pick. But, the restaurant yields results for its owners. Sometimes the old saying “If it ain’t broke, don’t fix it” really rings true. This restaurant chain is one of the instances. Subway has built its brand on providing healthier fast food options and the current market is flocking towards that. Another reason that Subway is a great option is that it is relatively inexpensive to buy into the franchise and there a many different financing options available for those that are interested.

• Pak Mail – With the global business climate constantly changing logistics are an industry where there is money to be made. One of the most important aspects of logistics for a business is shipping and receiving. A Pak Mail franchise will capitalize on just that for its owner. The Colorado based company has been in business for 30 years so the there will be brand recognition when owning this company. The total investment to own a Pak Mail franchise is less that $200,000 making it a very viable option for franchisees. Those with shipping experience would be hard pressed to find a better franchise opportunity than Pak Mail in 2015.

• 7-Eleven – People in today’s marketplace want to get everything they can in one place. This is why convenience stores have always been a premium opportunity for business owners. It provides them with the ability to sell products at a slightly higher mark up because of the convenience involved in buying them. 7-Eleven has a made a resurgence in recent years. It has even climbed to the number 2 spot on the Entrepreneur Magazine’s fastest growing franchises in 2014. This makes it a very healthy option for business owners looking for a proven company to buy into.

• Great Clips – This is another company that capitalizes on the people’s desire for convenience. The company has provided quick hair cuts since 1982. Some of the ideal highlights of the company are the fact that they are open nights and weekends and require no appointment. This makes it very convenient for people to get a hair cut when they are working or on the go. This is why the company has been so successful. The company is always growing. Buying into this franchise is a great option in 2015.

• Liberty Tax Service – Liberty is another company that made Entrepreneur’s list of the fastest growing franchises in 2014. This company would be a great option for an accountant or someone with the experience in the financial industry to buy into. One drawback of the company may be that the revenue generated would be seasonal as the company will obviously be busier during tax season. There is also very little overhead associated with owning a company like this.

Any of these companies would be a great option when it comes to franchising opportunities in 2015. The key to buying into the right franchise opportunity is for individuals to buy a business that operates within a marketplace where they have experience and is not too much of a stretch for them financially when it comes to getting started. Franchising is a great opportunity because it provides business owners with a proven business model that has previous success. It always gives them brand recognition right out of the gate. It may come at a little higher cost when it comes to getting started. But the benefits far outweigh the cost when it comes to starting a franchise with the right company.