At Moolah, while striving to provide the best credit card processing for small businesses, we go further by also thinking about businesses’ success. Starting a small business is tough. It is estimated that at least half of businesses fail within their first few years. While there is no one reason for this, it is clear that when starting a small business, it is important to take certain considerations and avoid certain mistakes. Here are some big things to consider when starting a small business.
A good business model or product solves a specific problem. Its solution to this problem is what it sells to consumers. However, many business owners go into business without identifying a problem or their solution to it, which leads to wasted time and money, and ultimately, failure. Make sure your business finds a problem that exists as well as a solution to it, so that you can offer this to consumers.
Though a business should start by identifying a problem and finding a solution to it, it cannot stop there. It needs to know who this problem is facing. If you’re not intimately aware of who your target is, you risk missing the mark and losing money. Find your market so you can invest your money wisely and reach the people that ultimately need the solution that you are trying to provide.
Small businesses should test the market before fully developing their product. You can develop a minimum viable product, which will allow you to gauge consumers’ response to your product and determine how best to develop and market it, and how to stay relevant.
Businesses should be lean, especially when starting up. There are many ways not to take on too much weight. You can start by identifying what your business cannot exist without, from space, to equipment, to personnel, and starting with that. You can put thought into your hiring practices, considering hiring temporary or part-time employees, outsourcing some tasks, or hiring freelancers, in order to limit your full-time staff. However, you do it, try to limit your weight, and aim towards growing only in ways you deem essential.
Ignoring security is a major way to lose money and jeopardize your small business. In fact, the costs of not maintaining security could lead to bankruptcy. That’s why it is so important to protect yourself. It is important when choosing a payment processor to look for someone who provides PCI-compliance and fraud protection. Through our partnership with Authorize.Net, we at Moolah offer a suite of PCI compliance help from DataGuardian. It’s how we help safeguard our customers from fraud and security threats. That is one of the many reasons we pride ourselves in providing the best credit card processing for small businesses that want to grow.
At Moolah, while striving to provide the best credit card processing for small businesses, we go further by also thinking about businesses’ success. Starting a small business is tough. It is estimated that at least half of businesses fail within their first few years. While there is no one reason for this, it is clear that when starting a small business, it is important to take certain considerations and avoid certain mistakes. Here are some big things to consider when starting a small business.
A good business model or product solves a specific problem. Its solution to this problem is what it sells to consumers. However, many business owners go into business without identifying a problem or their solution to it, which leads to wasted time and money, and ultimately, failure. Make sure your business finds a problem that exists as well as a solution to it, so that you can offer this to consumers.
Though a business should start by identifying a problem and finding a solution to it, it cannot stop there. It needs to know who this problem is facing. If you’re not intimately aware of who your target is, you risk missing the mark, and losing money. Find your market so you can invest your money wisely and reach the people that ultimately need the solution that you are trying to provide.
Small businesses should test the market before fully developing their product. You can develop a minimum viable product, which will allow you to gauge consumers’ response to your product and determine how best to develop and market it, and how to stay relevant.
Businesses should be lean, especially when starting up. There are many ways not to take on too much weight. You can start by identifying what your business cannot exist without, from space, to equipment, to personnel, and starting with that. You can put thought into your hiring practices, considering hiring temporary or part-time employees, outsourcing some tasks, or hiring freelancers, in order to limit your full-time staff. However you do it, try to limit your weight, and aim towards growing only in ways you deem essential.
Ignoring security is a major way to lose money and jeopardize your small business. In fact, the costs of not maintaining security could lead to bankruptcy. That’s why it is so important to protect yourself. It is important when choosing a payment processor to look for someone who provides PCI-compliance and fraud protection. Through our partnership with Authorize.Net, we at Moolah offer a suite of PCI compliance help from DataGuardian. It’s how we help safeguard our customers from fraud and security threats. That is one of the many reasons we pride ourselves in providing the best credit card processing for small businesses that want to grow.