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Are you a small business owner wondering what to do after the post-COVID-19 recession of 2020 finally ends? Have you thought about throwing in the entrepreneurial towel and going the corporate route? Do you sit up at night racking your brain for ideas about how to boost profits? If you answered “yes” to any of those questions, you’re probably willing to try a few fresh approaches and concepts. You have nothing to lose by implementing one or more of the suggestions below. All are designed to ramp up the power of your small firm and get you back on track to long-term profitability.
Establish Credit
If you’re just starting out, you’ve likely run into the corporate credit wall. It goes like this, whereas you apply for a small business loan and are turned down because your company has not established credit and you have not been in operation for two or more years. Not to worry, because you can work around the challenge by carefully paying all your company’s bills on time, using a secured corporate credit card, and shopping for lender who is willing to waive the two years in business rule. Establishing creditworthiness will open many doors to long-term success.
Get an MBA Degree
Having an MBA degree will attract clients and help you gain credibility as a serious player in your industry. Business owners who hold MBAs are viewed as sophisticated members of the corporate community. You can opt for an online or traditional degree without quitting work. Most colleges now offer night and weekend classes for MBA candidates. You’ll still have to come up with the tuition for this advanced degree, which could put a strain on your finances. Consider shopping for private student loans without a cosigner. With your personal credit and current employment, you’ll be able to apply for a loan that covers tuition, books, and fees. The advantage of going without a cosigner is that you won’t have to ask a family member or friend to put their credit on the line, and you’ll be establishing your own creditworthiness with each payment you make after graduation.
Dedicate Yourself to Community Causes
Even if you have only been in business for a few weeks, get involved in community causes, charities, public events, and job fairs. Getting your name out there is easy, free, and does wonders for bringing in new clients and making contacts. Look at what the most successful companies in your town do, if they take part in charitable causes of all kinds, support local disaster-relief programs, sponsor public sporting events like 10K races and walkathons, and deliver groceries to ill and elderly residents in the community. Put yourself in the public eye by doing good things for others and your efforts will pay off in the end.
Offer Free Seminars
Offer a free seminar on a topic you know well. For example, if you own a tax prep service, put on a free tax Q & A session at the local library and advertise it well in advance. Use events like these to do nothing more than make contacts and collect information from prospective customers.
