Finding the best way to make an online business profitable is always tricky as different businesses require different techniques. However, the bottom-line for every company remains the same – profit must be made. Financially empowering your online business and brand will weigh heavily on your mind as you venture into the world of online business.
Learn to Stop the Struggle
The struggle is real as you begin to build your brand. From building a strong team to accessing all the top quality tools and materials needed to drive your business, your finances will determine so much of how you move in your business. The trick is to build financial breathing room and some form of freedom.
The online game changes on a daily basis as many seek to carve out a piece of the American Dream for themselves, no matter what that may look like for the individual.
I've gone through researching everything from business loans to building business credit and I had to start from the basic viewpoint of “what does it take to run my business?” This article is all about helping you do the same, so you can get real with your finances and begin to empower yourself accordingly.
Key to Winning Online
Winning online requires that you put your best efforts into what you want to accomplish for your business. This might include long days (and nights) in the beginning just to stay ahead of an ever-changing game where the rules are sketched in quicksand and no goals are achieved in the same manner.
The key is to find your unique way of financially empowering your online business. Be it quick online sales, providing courses, writing books, selling merchandise for your brand or someone else, find how to get eyes on what you do without burning out or losing connections with your audience.
What Are Your Options
Now I'm nowhere near a financial “guru” or an expert because that's not my role or realm in this world. Instead, I can share all that I've learned so far (as I'm still learning) and help point you in the right direction of people I've learned from and places I've got information from.
Now I've found out about business credit but never knew how to build it for my own business. It almost seemed as though this was some hidden secret that only the successful and the few would ever experience. One major thing I learned as a Solopreneur – avoid building your business based on your personal credit. For the most part, you will need a decent amount of capital for that shit to work. Most of us Solopreneurs are not that lucky to have a family inheritance or “extra money” fall into our laps. Instead, we depend on our current income or government programs to help small business owners do what needs to get done.
More often than not we don't develop a foundational base for ourselves, so the financial aspect can be nurtured. Rather we “wing it” and cross our fingers hoping that we'll hit Green Gold online and all our problems will be solved. NOT. Here are the top three ways I've witnessed and experienced financial empowerment for my business and others:
Establishing Business Credit & DUNS
When I began researching I thought this option was damn near impossible or somehow illegal. That was total bullshit as too many people were going the illegal route to get something very legal established quickly. I first learned about a DUNS Number through Credit Suite. Over the years, a ton more Solopreneurs and financial businesses have weighed in and shared their own experiences as the process improves slightly as time moves on. Go through and research BEFORE building your dreams on this method. You still have to put in the work to establish this form of credit “worthiness.”
You can also learn more through SCORE, a New York-based organization.
Get Certified in Your State
I've finally taken the leap of gaining my own certification in New York State as a Black Woman Business Owner. Part of this was that I found people who offered to help me wade through all the legal paperwork and I took the time to sit my behind down to go through it all.
Most people don't get certified as a Minority/Female business owner because of the paperwork – part lazy, part daunting. Don't take this route. Find out if your state, municipality, or country participates in financially supporting opportunities for you if you fall into this category in one or both ways.
Go after grants that your government has created for businesses. Why struggle when there are financial opportunities set aside for your success? If you have questions, reach out to business financial experts who can help you and speak with your business accountant.
Partner Up & Promote Like Crazy
Be it through affiliations, influence, or partnerships, find a way to grow your brand recognition without having to do all the work. Affiliations allow you to help market someone else (or have others market for you) while gaining financial resources while helping someone else to do the same.
Keeping It Strategically Simple helps me stay on track with my own goals and business ventures. When I find myself slipping into the Land of Procrastination and Avoidance, I step back and redefine or confirm what my mission is. Strategies in business don't have to be complicated mazes that confuse you and your team.
Instead, create simplified maps that help you remain on track of what steps need to be accomplished in order for your Big Picture to be realized. Part of being strategic and simplifying your business life includes mapping out what your ultimate goals are, knowing & sharing what you want people to know, and starting to set up your business for automation & outsourcing.
No one wants to be part of a failing business, especially if it could have been prevented. Rather than wallow in disappointment or feel overwhelmed by high expectations, recruit help from others who are successful in either your market or a completely different market. They can serve as your inspiration and business mentors who will help lead you to improve your ability to financially empower your business.