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Guest Post by Megan Mosley Customers are the life of any business. Therefore, achieving a healthy customer base is key. Along with retaining current customers, many businesses find that generating new business is one of their biggest concerns.Before we talk about tips for increasing your customer base, let’s quickly expand on what we’re talking about. We’re simply talking about lead generation.In its simplest form, lead generation quite literally means the process for obtaining new leads (or a person/business you want to convert to a customer). Inbound and outbound marketing are typically used to create interest in the business or product. Recently, it seems that lead generation depends more on inbound marketing practices that help convert leads into customers in their own time than outbound methods which can seem more gimmicky. So, how can you expand your customer base to ensure a steady stream of customers? 1. Keep your business profiles and website current This sounds like a no brainer, but you’d be surprised by how many businesses fail to update their business profiles online. It may not seem like a big deal, but this can hinder your business, significantly. When people look up your business or use keywords to locate a product like the one you offer, they expect to find current information. If your business hours, location, phone number, etc. have changed, this should be updated immediately. If potential leads can’t contact you or have to do more than just a quick search, they will move on without hesitation. Up to date and accurate profile information makes it easy for leads to do business with you. 2. Be available Along with accurate information, people expect you to be available. This doesn’t mean you have to be present 24 hours a day, but rather give people options for reaching out to you. Fortunately, chatbots, social media, email, phone all make it possible for people to contact you even when you’re off duty. Making yourself accessible leaves communication channels open so people can contact you on their time and via their preferred method. 3. Provide exceptional customer service This is the root of all good. You may be thinking, customer service is great for keeping existing customers satisfied, but how can that get leads through the door? Your customer service is what will land you reviews, referrals, and good word of mouth, all of which help gain the attention of prospects. It’s up to you to find the right team to deliver. You have to be nice, attentive, and provide a good overall experience. Even in niche markets, you will have competitors; it’s not just your product that is going to get people to choose you. According to Gartner, 64 percent of people find customer experience more important than price. Numerous customer service statistics prove its importance. So if you want to expand your customer base, you may want to set a good customer service strategy in place. 4. Use email marketing Sharing insightful information can increase your customer base. You can share your knowledge with others via email marketing. In fact, there are a ton of ways to use email to get leads. You may offer a newsletter of all your latest content, or even an ecourse.By getting people to sign up for your email campaigns, even if they have never purchased your product, you have the ability to convert them down the line. Why? Because you’re establishing yourself within your niche, and building your relationship with them. 5. Ask for customer feedback and reviews One of the important things you should do is get customer feedback. This is often neglected or overlooked, but it is really one of the best ways to get more customers. A review can be the deciding factor in whether a customer chooses you or not. People rely on review sites, and if your business has reviews and your competitor doesn’t, you’ll likely find that more people will trust you and therefore choose you. A Zendesk survey found the influence of positive reviews to be quite significant for business. Of the respondents, 90 percent mentioned that positive reviews had an influence in their buying decision. interestingly, 86 percent of the respondents said the same for negative reviews.If you’re not getting reviews, take some time to reflect on why. 6. Market your content No matter what kind of business you have, content can draw people in. Whether you’re a lawn service giving tips and tricks for caring for a lawn, or an eCommerce clothing store providing style ideas. People may find you by first getting a hold of your content. Blogs, whitepapers, webinars, infographics, etc make you shareable too. Why? You’re able to share real advice which can be great for stepping up your social media profiles. Plus, a customer might be more willing to share content of yours when referring you to others. Content marketing can help you increase your brand awareness. You will have the potential to bring in new leads and ultimately increase your customer base. 7. Automate your marketing  Most businesses are turning to automation to eliminate tedious tasks and to streamline their processes. Plus, they have seen an increase in lead quantity quality, so it’s a win all around. In fact, as mentioned by Hubspot, those who use marketing automation tools have experienced a 451 percent increase in nurturing qualified leads. With that increase, it’s pretty clear to see why automation has been an essential tool in building a customer base. Besides making life easier on the business, it also improves efficiency, whether that means outreach, data management, or even product delivery. 8. Consider using referral marketing A referral is a huge compliment, and a great way for you to increase your customer base. Many businesses use referral marketing because it helps them produce quality leads, meaning ones that are likely to convert. But why is that? Well, it’s simple. Referral programs work because they rely on a level of trust. Information, businesses, and products shared by a friend are trusted more than any ad you can put out yourself, which is why you need a referral program. Nielsen has found that around 92 percent of people from various markets are more inclined to believe people from their own social circles. This is because people do not want to mislead friends, as that can affect their reputation. Referral marketing taps into the world of word of mouth marketing. As a business you are using your customers to reach new circles of people that you may not have been able to reach otherwise. The bottom line As you can see, there are a variety of ways you can increase your customer base. You may want to test out a few, or maybe even all of them. We will say that having updated business profiles, making yourself available, and providing good customer service are a few that you should implement no matter where you are in your business journey. Those are just good practices to have that will naturally result in increased customers.Megan Mosley is a Marketing Specialist at Referral Rock, a referral marketing software, who believes every business has the potential to increase its word of mouth. When she’s not working, she enjoys sipping on coffee and hanging out with her dog, Mollie.

Guest Post by LendioAccording to Forbes.com, personal credit scores are “algorithms that attempt to predict whether or not you will repay your obligations in the future.” These algorithms consider numerous factors, such as the promptness of your bill payments and whether you pay your monthly credit card balance in full (opposed to the minimum).Also, it’s worth pointing out that your personal score is separate from your business credit score. While the two share some common DNA, your business score is based on elements specifically related to the running of your company, such as your number of trade experiences, payment history, and outstanding balances. The value of your credit score Your personal credit score can be worth its weight in gold. For example, a strong score helps you qualify for better rates on a vehicle or home loan, which can save you thousands of dollars. And, most importantly for entrepreneurs, it can open the door for the capital you need to reach your business goals.The good news is that credit scores are rising nationwide. Research shows the average FICO Score is now above 700. Surprisingly enough, there are more Americans right now with scores above 800 than there are below 600.Wherever you fall within that point range, you can put your personal credit score to work to secure financing for your business. As with vehicle and home loans, the higher your score, the more favorable the terms will be. And some loan products on the market are quite lenient when it comes to your score, making them ideal for those who are new in the business or have a less-than-stellar financial history.Here are a few examples of loans where your personal score can help you with qualification, even if your score isn't high enough to impress anyone other than your mother: Merchant cash advances When speed is of the essence, this type of financing can be hard to beat. That’s because a merchant cash advance allows you to borrow against your business’s future earnings, meaning you won’t need to deal with mountains of paperwork detailing your financial past.Merchant cash advances can range from $5,000 to $200,000, and you can often get that money in about 24 hours. Because approvals are based more on the performance of your business than your personal financial history, people with low personal credit scores can often qualify as long as you’ve got at least $2,500 in monthly credit card transactions. ACH loans Similar to a merchant cash advance, an ACH loan is predicated more on your business’s finances than your own credit score. Lenders will focus on the average daily balance in your business account, then approve you accordingly.ACH loans fund much quicker than traditional loans, though the amounts are usually on the smaller side and the interest rate can be rather high. It’s worth noting that with this type of financing, the payments will be withdrawn directly from your checking account. Business lines of credit As a flexible form of financing, a business line of credit often jives perfectly with entrepreneurs who are launching a business. Similar to a credit card, a line of credit gives access to cash that you can use at your discretion. When you need money, you simply borrow (and then repay) the specific amount you need.The size of your line of credit can range from $1,000 to $500,000. And it can be used for everything from buying bulldozers to paying your employees. When it comes to qualifying, as long as you bring in at least $50,000 in annual revenue and have a credit score of 560 or above, you could be a solid candidate. Bolstering your credit score If your score isn’t quite where you’d like it to be and you’re interested in accessing a broader array of loan products, don’t worry. Credit scores aren’t a caste system where you’re locked into your current position. With discipline and strategy, you can improve your score and begin tapping into the benefits that come with it.For starters, never be passive when it comes to your credit score. Monitor it regularly and look for actionable ways to improve. You also might find errors that make you look riskier to lenders, resulting in less favorable terms and higher interest rates. Research shows as many as one in five Americans have such errors on their report.You may also want to consider partnering with a credit repair expert who specializes in repairing credit. They can quickly spot errors, identify areas for improvement, and provide multiple strategies for elevating your score. By focusing your efforts on credit repair, you could save thousands of dollars with lower interest rates, as well as having more doors swing open for you when seeking capital.Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." 

Guest Post by Jane HurstChoosing a website builder for your business can be a daunting task. There are many available to choose from, but you want to be sure you invest wisely. Here are eight tips for picking the best website builder for your business. Priority When choosing a website builder for your business, you need to figure out exactly why you want a website builder. Your experience level and whether you will have an online store are factors in determining which website builder is right for your business. Some website builders are for beginners and others require language and other computer knowledge. If you know what your website builder will be used for, you will be more likely to choose the perfect website builder for your business. Budget Once you know what you will be doing with your website builder, you have to figure out how much you are willing and able to spend. You want a good website builder that is within your budget. This is something you do not want to skimp on. Be sure you have enough budgeted to get the best website builder for your business. Established companies You want to look for established companies when searching for a website builder. There are older and newer reputable companies out there. You want to be sure to end up with one that has traffic and a good reputation. A company might look good, but you want to do your research and make sure it has great credentials before handing them your money. A business that has been searched for and has good ratings is one to consider. You might want to ask other businesses which ones they use. Word of mouth can sometimes help you choose which website building company to invest  in. Ease You want a website builder that is relatively easy to use. If the person using the website builder has knowledge about computer languages and programming you can choose a more intricate website builder. You want as many employees as possible to be able to use the website builder without experiencing any confusion or frustration. Once the website builder is established, you need to be able to use it to its fullest extent. Be sure to get a website builder that will be easy for your employees to operate. Support When researching website building companies, be sure to check their support staff. You want to have a reliable support staff in case anything happens while you are using the website builder. More business website builders are catering to the needs of their customers. You want a website builder that has good support in case of emergency or just minor frustrations. A company that does not have a good support staff will not be able to help you in a timely fashion and you will end up losing money waiting for your support to arrive. SEO You want a website builder with a good search engine optimizer built in. SEOs are important for web traffic and promotion. If a website builder does not have SEO features installed, you should look at another website builder for your business. Website builders should include SEO features in their design to help you gain the most from the web. Customer service You want a website building company with great customer service. You can find out about their customer service reputation by researching the company. A reputable company will have honest and informative customer reviews that actually go into detail about situations. A five-star review that just says they love the company is not helpful when researching customer service. A review that says they had a specific problem and this is how the company solved it is a better review. Take the time to make sure the company you choose has good customer service. Refunds If you take your time and do the research on website builders you should not need to worry about refunds. However, even the best companies have problems sometimes and you want to be sure to cover your back. Research the refund policy of the website builder you are interested in. Be sure you can get your money back or equitable product. You do not want to be stuck with a company that makes you unhappy. See if you can test the product before fully committing to buying it. Choosing a website builder for your company can be a daunting task, but if you take the time and do some research it should not be as difficult as it once seemed. Look up customer reviews and be sure the company is established before investing any money into it. Make sure it is a reputable company with good products that will help build your business and establish your web presence. Jane Hurst is a writer, editor and avid traveler from San Francisco. Contact her at About.me.

Guest Post by Dan Matthews Launching a new venture can be a thrill, but it’s easy for those emotional highs to quickly come crashing down to earth after the rubber hits the road. Here are a few tips and strategies to help you maintain your sanity in the early days of your startup, enabling you to launch your business with a bang. Organize Having an organized office or workspace is a critical step in launching a business. Whether this is a brick-and-mortar storefront, a traditional office space with cubicles or a bullpen, or even an online workflow platform like Trello or Asana, it’s critical that you take the time to optimize the space for your employees.This isn’t just a trendy way to keep your staff content and your turnover rate low; it actually affects productivity significantly. One study with hundreds of software developers from dozens of companies showed that employees' productivity differed by as much as 10 to 1. While many factors were taken into account, the organization of an employee’s workspace tended to be even more important than things like compensation. A disheveled and unorganized workspace hardly serves as a confidence booster. Make sure your workspace, whatever form it takes, is well organized and conducive to your employees. Lean on good counsel You can’t go at it alone when launching a business. This doesn’t mean that you have to hire a huge staff or have experts actually on your payroll, but having a group of seasoned professionals who you trust can give you a powerful edge over the competition. The wisdom of having a group of councilors to lean on is as old as the hills. It allows you to crowdsource the best ideas possible. In addition, when you have ideas yourself, it gives you a collective (and wise) sounding board to bounce them off of.Don’t be afraid to lean on the advice of trusted friends. It’s easy to be scared away from sharing your business ideas in the fear that they’ll be stolen or shot down. If you find a group you truly can depend on, however, they can be invaluable when it comes to parsing through various thoughts and options. And this is never truer than when a business is just starting. From marketing and day-to-day operations to more complex, behind-the-scenes aspects like payroll or handling investors, every aspect of a company can benefit from the crowdsourced counsel model. For example, a study by the University of Alabama at Birmingham Collat School of Business demonstrated that crowdsourcing platforms like Estimize were an excellent source of information even in the tricky business of generating earnings estimates, with the tool forecasting accuracy 58 percent of the time. The diversity of opinions and lack of a single bias can make crowdsourced council, even with more detailed subjects of expertise, which can be invaluable during the highs and lows of a startup’s first few years of operation. Have a business plan in place Never underestimate the power of a business plan. It gives you something stable to fall back on when things don’t go quite the way you expected. Make no mistake, curveballs are inevitable with any business venture. However, while rolling with the punches can be an excellent life mantra, it won’t get you very far on its own in business. It’s essential that any new venture is founded on a thought-out plan that gives an owner recourse in the event of an emergency or important decision. It’s also important that a plan be as detailed as possible, taking into account things like funding, income, and expenses. Understanding taxes and how they can impact your business is critical, as is recording company benchmarks, goals, and mission statements in order to have a clear-cut filter to view any important decisions through. Having a plan in place can help you keep your head on straight when facing things like  dealing with startup debt or making tough decisions. Here’s an excellent resource to help guide you through writing a basic business plan. Balance your time Finally, it’s easy to get swept up in the details. However, when you’re saddled with so many new responsibilities, it’s important to take the time to navigate them wisely. It’s hard to delegate, but trusting your employees is critical in the early stages of a startup. It’s also helpful to look for tools that can streamline various tasks, rather than simply doing everything yourself.Taking the time to start your business with a plan and organized workspace in place, making an effort to be mindful of your time, and seeking out wise counsel for big decisions are critical factors in any fledgeling company. When attended to, they can grease the wheels, setting up your startup for the best chance for success. Dan Matthews is a writer, musician, and dog fanatic who would love to be outdoors hiking with his dog right now. You can find him on Twitter @danielmatthews0.

Guest Post by Rebecca Lake Running a small business doesn't necessarily mean staying small. At some point, you might decide you're ready to grow and scale your business up to the next level. According to Accounting Today's 2018 Small Business Accounting Insights Survey, 70 percent of small business owners expect their profits to increase in 2019. There's just one thing you might need to see those plans through: a reliable source of capital. When working capital isn't readily available, or you'd rather keep your cash reserves intact, getting a loan could be the next best option for your business. Using a loan to power growth allows you to maintain control of your business since you're not sacrificing any equity. And with so many loan options to choose from — including bank loans, Small Business Administration loans, and business loans from alternative online lenders — you can find one that fits your needs and cash flow precisely. If you need some inspiration for how to use a loan to expand your business, here are four ways you can put one to work: 1. Update or buy new equipment Equipment might be an integral part of your business. For example, if you own a construction company, you may rely on heavy machinery such as backhoes or front-end loaders to get the job done. Or, you might use computers and other office equipment to keep your tech startup humming along. Making upgrades or additions to your equipment inventory can help with your expansion plans if it allows you to serve your clients or customers more efficiently or grow your customer base. The downside? Buying or leasing equipment can be expensive. Taking out a loan to cover the cost means you don't have to make a dent in your cash savings. Another plus of equipment financing is that you may be able to use the equipment itself as collateral, rather than pledging business or personal assets. And having up-to-date equipment can give you a competitive edge within your industry or niche. 2. Increase your marketing reach A solid marketing strategy can be critical to your business success. Your marketing campaign should be designed to target your ideal clients or customers while producing a maximum return on investment, in terms of increasing revenues and profits. Opening up the scope of your marketing plan, or revamping it altogether, could encourage business growth if doing so enables you to connect with a wider audience. For example, you may have concentrated marketing on just one or two channels, such as social media or email. Launching a full-scale promotion that includes a combination of digital, radio, print, and television ads could substantially increase your business's visibility. A loan might allow you to plan a larger budget for marketing than you would if you were drawing the funds from your everyday cash flow. You could also use a loan to hire a team to handle the nuts and bolts of marketing and promotion for you if you'd rather direct your time and energy toward a different growth effort. For example, a web designer could update your website, and a social media manager could oversee your social campaigns while you work on developing a new product. 3. Expand your business offerings Adding new products to the mix can attract new customers if those products are highly sought after or you're one of only a few businesses offering them. New products may be ones you develop yourself or existing products you purchase from a supplier. In either case, a loan can help meet those needs. For instance, you could use a loan to cover the costs of researching and developing a new product line from start to finish, including purchasing materials, producing your initial prototype, and paying manufacturing costs. If you're purchasing completed products to sell, a loan makes it easier to buy in bulk so you have sufficient inventory to meet customer demand. A loan could also come into play if you're operating a service-based business. If you own a hair salon, for example, you may want to move beyond cutting and styling and broaden your services to include facials, brow waxing, manicures, pedicures, or massages.With a business loan, you could cover the initial costs of hiring and training new staff to handle those services, purchasing any necessary equipment, and advertising your newly expanded service line. 4. Upgrade your business premises One final way to use a loan to expand your business involves where you do business. Upgrading your business premises, either by making structural improvements or opening up a new location, can pay dividends in terms of growth. If you own a restaurant, for example, updating the interior or launching a second pop-up location can bring fresh attention to your business and draw new customers. Renovating your premises can also benefit your business if it leads to increased productivity among your employees. Remodeling your employee workplace so that it's more comfortable or has a better flow could make it more conducive to keeping your team focused and on task. The payoff to you is a business that runs more smoothly, with less time (and hopefully, less money) wasted. Match the loan type to your business expansion plans These examples are just some of the ways you could use a loan to expand your business; the possibilities are virtually limitless. Your needs or growth goals may be different, and that's important to keep in mind as you compare small business loan options. A working capital loan, for instance, may be better for short-term needs while a term loan could be a better fit if you're making a large-scale growth investment. As you consider which type of business loan is best, check the fees, interest rates, and repayment terms carefully. Ideally, the loan you choose to expand your business should fit not only your vision but your budget as well. Rebecca Lake is a financial journalist covering small business, investing, and personal finance. Her work has appeared online at U.S. News and World Report, Investopedia, and The Balance. She also works with top banking and insurance brands, including Citibank, Ally, Discover Bank, and AIG.

Guest Post by Lauren Wiseman The modern consumer doesn’t buy out of necessity alone, and brands can no longer use pricing as their main selling point to attract a loyal client. Even companies that sell physical goods can no longer rely on dry facts when presenting their unique offer to a certain audience. Every brand, product and service-based, needs to sell values and promises first and foremost. A car is no longer just a vehicle, but your reliable companion on a road-trip adventure. In a similar sense, a plumber is no longer just a handyman, but an expert who will improve the function of your home. If you are looking for viable ways to market your service-based business and help your customers understand what makes you unique in a sea of similar offers, then look no further than the following tactics. They are designed to help you make the most of your brand’s authenticity and turn even the simplest of services into experiences modern consumers will love. Define your uniqueness In this day and age, you cannot afford to be just another New York chef or one of many fitness trainers in Melbourne. It’s all about finding, refining, and presenting that special something that makes you memorable and unique in the eyes of your target audience. Without that “edge”, you cannot expect your customers to perceive your particular skill as unique – simply because it truly isn’t. Every market has subcategories and specific “gaps” for that spot your brand should fill. In the pursuit of uniqueness and the best way to express it, you should conduct thorough research of both the market and your competitors. Mimicking their offers will get you nowhere, but you can learn from them and tailor your own offers to target your customers better. Craft a flawless digital presence Even with an incredible team of experts under your wing and an impeccable service record backed up by hard-earned credentials, the world will never know your true value if you stay in the shadows of the brick-and-mortar past. Simply put, you need to translate that wonderful service of yours into the digital realm in order for your customers to be able to relate to your business and fully appreciate your services. For instance, even something as simple as professional bus hire in Sydney can be transformed into an experience that will be worth your while with the help of the right digital approach, such as transparency and ease of navigation. If you make your offers clear with the use of imagery, pair it with rich, descriptive language, and pack it all into a seamless, intuitive presentation, you can rest assured that even the most mundane services can become alluring. Rely on reviews and feedback After you’ve built a fine digital presence, remember that your audience will only be able to trust you if others have given you their trust and you haven’t failed them. Asking for feedback on a regular basis is essential because you can learn from customer comments and improve. Make sure that your business is not only registered on all relevant business directories but that you enable feedback and reviews wherever possible. Of course, use them as a part of your own website as well, so that clients can see quotes almost as soon as they visit. Regular surveys can also help you reveal any gaps in what you do and provide you with invaluable insights as to how you can attract more clients in the future. Connect via social networks Selling physical goods comes with the perk of using alluring images, whereas many services are more abstract, and it can be difficult to give them a visual identity your audience can relate to. However, as a living entity, your brand can come to life even more through social networks. From  interactive contests and engaging comments to discount offers and handling customer service queries via social networks, you can use these platforms to increase visibility as well as brand awareness. Social networks are also perfect for establishing a more personal, one-on-one connection, which is vital when you respond to criticism and when you share positive reviews. These modern communication options are essential for service-based businesses to get traction online. Deliver awesome content Finally, producing content that is inspiring as well as useful is one of those strong points for service-based business models. This is that portion of your digital existence where you don’t aim to sell, but to provide value in the form of solutions, how-tos, educational infographics and video guides. These serve to tell a story, as well as build your company’s reputation. Content is your best possible outlet for establishing authority and making sure your brand will be perceived as a reliable source of information, which will, in turn, increase your chances of winning your audience’s trust. Not to mention the likes, shares, comments, and other reactions your content can inspire. Marketing a service-based business will always pose a challenge. However, if you take these tips to heart, your company can stand the test of time and build a reputation of excellence in your industry.

Guest Post by Joseph Brady If you’ve ever read stories of castles and the knights who guard them, you understand what it means to establish barriers. Barriers for your business are a similar concept. It means to fortify your business against new competition that can enter the market and steal your customers. Establishing business barriers is playing defense. Rather than attack any singular competition, strengthen your own business instead. The best businesses and companies have proved that focusing on your competition and what they’re doing leaves less time to focus on your own business. Create an intent for your business to deliver more value, rather than imitate or repurpose what your competition does. When you’re armed with the right strengths, your current and any future competition will find it a real challenge to break down your walls. Any business with high entry barriers is most attractive to prospective investors and financiers. Building on your value stream is the most important component of business barriers. Your competition is irrelevant when you’re continuously generating value for your business. While factors like government regulations, stringent business requirements, or even exclusive skills required in your industry can build some initial barrier to entry, it is up to you to strengthen your business past this first line of defense. Initial market-entry barriers Patents The starting point of establishing market barriers to entry is owning a patent proprietary to your business. Your competition can’t use or sell the patented invention in the territory of the patent. Even a pending patent application of a pending utility patent can act as a barrier to entry because the competition does not know if the patent will be issued or not. A famous example of this is the pharmaceutical industry, where companies can be barred or banned from manufacturing or marketing the medicine until the patent for the original company is granted. Even if a patent is granted, it doesn’t solve all problems. Even more difficult is protecting the patent and names like Apple and Samsung fighting it out in court are the prime examples of this.    Trade secretsA trade secret is the “secret ingredient” of your business. If your company has a specific recipe, algorithm, process, or formula, then you can file it as a trade secret, which cannot be obtained by other companies, even through legal means. Companies like Coca-Cola and Kentucky Fried Chicken (KFC) have their recipes exclusively filed as a trade secret. It is your business’s responsibility to protect the trade secret.  If it is let out, there’s not much you can do to protect it.Monopoly rightsEstablishing key rights with the right people in your area can be a useful barrier to entry. It can be a little costly but an exclusive relationship with the best suppliers, distributors, licensers, financiers, endorsers, and even customers can be one of the best investments to make for your business. Your competition won’t have a chance of even breaking into the market, provided you put the effort into maintaining these relationships. Second-line of barrier to entry Economies of scale Any business that produces at a larger scale has reduced manufacturing costs which can be a competitive advantage. This is known as economies of scale. If you have an established profitable business, consider expanding or franchising your business to meet this barrier of entry. Although this isn’t easy on the piggy bank either, several financing options can help businesses do this. For businesses that are new to the market, trying to scale their business up right away isn’t a feasible choice which can give you the upper hand. Tactical approach As an established business that has been around for awhile, you have the ability to take risks that your early competition cannot afford to take. Offer products or services on sale or at cheaper prices which can slightly dip in your profit margins without throwing your business off balance. If it isn’t sales, you can reduce your profit margin through other profitable means to establish a barrier.Marketing and advertising Marketing and advertising is one of the best ways to get a quick boost above your competition. Create great advertisements, organize a brilliant marketing plan, or reach out across social media. Anything and everything you can do to engage with your customers brings their loyalty towards your business and brand as well. Attend local events and become a well-known name for the industry. The best marketing technique is through word-of-mouth so make sure your customers have a great experience at your store and share their reviews online and with their circles of influence. The more your business is known, the less your customers will acknowledge any competition you might have. Third-line of barrier to entry High research and development costs Another place to invest your profits is on high research and development to take your business forward. Putting an effort into research and development shows your competitors that you’re into serious business and in for the long-term run. This can help improve all other barriers to business as well, by identifying critical factors that can strengthen your foothold in the market. Market shares Even if your business doesn’t have a great intellectual property portfolio, if you have a loyal customer base, your strategy can be to build a great product and invest largely in customer acquisition and market shares. Even though it may not seem like it, this is a subtle barrier to entry strategy most businesses use.Some of the best brands in the world came to be household names by building their own barriers against competitors rather than fighting against them. Building lines of defense, being adaptable and innovative to suit changing needs, and improving the overall customer experience isn’t easy. Focus on the options that are in line with your industry, and continuously build, expand, and protect your barriers. Your competition is sure to land in the moat. Joseph Brady is Senior Director of Digital Marketing for Reliant Funding, a provider of short-term working capital to small and mid-sized businesses nationwide. He has more than 14 years of experience in B2B digital marketing, optimization, and operations, with a focus on the financial services market. 

Pleasant Grove, UT - January 7, 2019 - Lendio has been named the 2019 Consumer’s Choice Award recipient in the business loans industry by BestCompany.com, an independent consumer review site. Lendio was selected to receive this recognition from among 116 other business loan providers based on a comprehensive market index score and the feedback of verified customers through reviews. "We wish to recognize Lendio with the Consumer’s Choice Award for 2019. They've earned it,” said BestCompany.com CEO Landon Taylor. “Our hope is that this recognition will highlight a company that is doing business the right way by taking care of its customers and always looking for ways in which it can improve." Lendio distinguished itself from its competitors by providing an impressive network of lenders, a simple application process, and quick funding. That, combined with an extremely high customer review score of 4.6 out of 5 based on more than 180 real customer reviews, propelled Lendio to an impressive overall score of 9.2 out of 10, the highest in the industry. "Just as BestCompany.com takes the guesswork out of finding a reputable business, Lendio takes the guesswork out of finding reputable business financing," said Brock Blake, CEO and founder of Lendio. "As a leader in the small business lending industry, Lendio places utmost value on customer trust and loyalty. It is an honor to be awarded BestCompany.com's seal of excellence.” To read consumer reviews for the top-rated business loan provider, view Lendio’s profile on bestcompany.com. For additional information and comparisons, access the full list of business loan companies considered for this award, as well as their respective scores and customer reviews. About Lendio Lendio is America’s largest small business loan marketplace and connects borrowers with a wide variety of financing, including short term loans, business term loans, SBA loans, business acquisition loans, and more. Since its inception in 2006, the company has facilitated more than 40,000 small business loans and over $1 billion in funding. Lendio’s network is comprised of more than 75 industry-leading lenders, including PayPal, Bank of America, American Express, Chase, Kabbage, Fundation, Headway Capital, Funding Circle, Lending Club, and more. For every loan facilitated on its marketplace platform, Lendio donates a percentage of funds to low-income entrepreneurs around the world through Kiva. Visit the company’s website to learn more about Lendio. About BestCompany.com BestCompany.com ranks and reviews companies across hundreds of different industries. Unlike many other review sites, companies listed on BestCompany.com cannot buy their position, nor is a company’s ranking manipulated or inflated by BestCompany.com for financial gain. Instead, a company’s ranking is based on BestCompany.com’s proprietary Best Rank algorithm, which is powered by verified customer reviews and an objective set of ranking criteria. For more information on how BestCompany.com scores and ranks companies, please visit the How We Rank page.

Guest Post by Scott Lindsay   Being an entrepreneur allows great freedom and ensures you are earning a living doing something you love. However, approximately 90 percent of startup businesses will fail. This failure is almost always due to the people who started the business, their habits, behaviors, and other traits.   If you want your business to fail, these 10 traits will have your business venture underwater in no time: 1. Make plenty of excuses Personal responsibility is never fun, so make plenty of excuses regarding why things are not getting done or working out as you had planned. Always blame others for your misfortunes and the problems that your business experiences.   Blame the economy, use the excuse that you ran out of time, and target your employees or business partner. This will make it much easier to swallow the failure pill once your business goes under. 2. Be lazy whenever possible Running a business is a lot of work, but if you are the boss, you shouldn't need to actually do any of it. Push off all of the work on your employees and other people associated with your business.   Sleep in late, spend your nights spending the money your business earns, and do not bother learning more about your industry. The lazier you can be, the faster your business will crumble. 3. You know everything You started a business, so this means that you know everything about entrepreneurship and your industry. There is no need to learn more. Let your ego be your guide in this venture.   If you find yourself stuck, let your pride stop you from asking for help. Ensure that your confidence remains high even when your profits hit an all-time low. 4. Procrastination is king Work is hard. It is more fun to sleep in and enjoy your hobbies. Procrastination allows you to focus on the fun while putting the actual work on the back burner.   Running a business means needing to complete multiple tasks every day. Some of these are mundane and many are completely overwhelming. Breaking these down into smaller tasks makes them easier to complete, but it is even easier to just procrastinate and ignore the work. 5. Stop listening and just talk You are the boss, so what you have to say is more important than anyone else in the room. You are going to run your business according to your terms, and the opinions of others are just noise.   Effective leaders listen more than they talk. But, as a budding entrepreneur, you clearly have the experience and knowledge necessary to succeed, so just keep talking your way to business failure. 6. Risks are just not necessary The safe zone is comfortable, like a soft blanket that envelopes you in warmth and makes you feel good. Risks will just push you into an uncomfortable place and force the growth you feel you do not need.   In truth, risks are a necessary obstacle that you must overcome to build your business. However, risks are hard. They force you into an uncomfortable place, so you might as well just skip them so that you can experience that lack of success that comfort brings. 7. Envy the accomplishments of others Before you dipped your toe into the entrepreneurship pond, you looked at others who found success. Keep focusing on them instead of yourself. Let envy guide your thoughts and decisions.   When you run a business, you need to put most of your focus on it. This is especially true in the early stages. However, if success is not your ultimate goal, keep reading Forbes and envying those who clawed their way to the top instead. 8. Continue hoping that others fail No matter your industry, numerous businesses are opening and operating. You want to be number one and the easiest way for this to happen is for the other entrepreneurs around you to fail miserably.   Focus on their failures. Hope that they do not succeed. This is much easier than putting in actual work to help your business venture succeed. 9. Money fixes everything If your business has a problem, just throw some money at it and it will go away. Don’t worry about your budget or finding more creative ways to solve issues. Money will be there to help you through the toughest times.   Of course,  money is not an infinite resource and will eventually run out. Successful entrepreneurs find creative solutions, but just keep throwing money after your problems until you quickly bring your business down. 10. Keep fearing change Change is uncomfortable. It forces you to abandon everything you once thought to be true and right. Since change is hard, there is no need to try it to ensure success in your business venture. Instead, resist change and keep failing in the same ways while hoping for different results.   Make note of these traits and behaviors. If you have them, you either need to change or be prepared to put up a “closed” sign permanently on your company’s front door.     Scott Lindsay is a lifelong entrepreneur with over 30 years of small business experience and currently runs the home business website called VETTED OPPS. He achieved financial freedom in 2008 and now spends his time helping others find business success.  

Part two in our two-part series As seen in part one of this series, business owners often get a mix of both good and bad advice, especially when they are just starting a new business venture. No two businesses are the same, so receiving business advice from another business owner may not exactly apply to every business situation. It can be a challenge to determine what business advice you should follow. A few more business owners shared the best and worst business advice they have received along with their best advice. Here's what they shared: Deborah Sweeney, Owner of MyCorporation.com Best Business Advice: "The best advice I received was from a non-business owner (my mom) and that was to be patient and calm. I have learned in business that there is no need for everything to happen right away. Good things come to those who wait (and work hard). My mom had this great advice as I purchased my company out of Intuit back in 2009. It has been very valuable insight because I have remained patient and worked diligently on the growth and success of the business. Year after year, we continue to grow and thrive and to develop new ideas that help our business grow and our customers thrive." Worst Business Advice: "The worst advice I have received is to take on investors just for the sake of quick growth. Sometimes investors are self-interested. While a business can grow faster with a large investment, it may not always be the right strategy. Every business and every business situation is different. There is no one-size-fits-all approach to business. If the business is growing organically and, as the business owner you are thriving, there is nothing wrong with that. Sometimes it is best to take it steadily and not give up ownership interest in your business." Her Advice: "I would give my younger self the advice of being calm under pressure. Think things through. Do not react too fast. There is no right answer, but reasoned answers are always better." Blair Koch, CEO of The Alternative Board Best Business Advice: "The best career advice I ever received was from my dad: 'Don’t get greedy... You can’t lose by taking a profit.' He shared this with me back in my 20’s after I helped take a company public. At the time, it was a bit of a conundrum for me to determine when to sell shares and how to know when the stock would be at its peak. The 'don’t get greedy' phrase helped me realize that my goal shouldn't be making the MOST profit, but rather, making the most profit while maintaining my peace of mind. I apply this business principle to this day." Worst Business Advice: "'Working more means working better.' Putting in an obscene number of hours with no break (I worked with someone who ended up in the hospital for working too many hours) will decrease efficiency and block you creatively. Don't neglect time with family and friends in favor of your job." Her Advice: "The most important thing when starting a business is to set objectives that are manageable and achievable. Typically, people set really big goals and then give up soon after, because they don’t know how to tackle achieving them. Break your goals down into 30, 60, or 90-day objectives. This way, they are bite size and not so overwhelming. When you complete the first 30, 60, or 90-day goals, then set the next 30, 60, or 90-day goals. Make sure to celebrate your accomplishments along the way." Matthew Ross, COO and Co-Owner of RIZKNOWS and The Slumber Yard Best Business Advice: "The best piece of advice I've ever received was from one of the investors in our company. He's a well-respected angel investor who has built and sold several companies. The overall theme of what he stressed was to focus on a specific niche. Sometimes business owners get too caught up in capturing the entire market in which they operate and, as a result, their brand or product doesn't stand out from the crowd. Instead, we've had success focusing on specific niches within industries. For example, one of our websites focuses strictly on bed-in-a-box mattresses that are sold online instead of going after the entire bedding industry as a whole." Worst Business Advice: "I won't say who said this to me but the basic gist of our conversation was that I had to move extremely quickly in order to gain market share. Needless to say, I took his advice and I ended up over-hiring which hurt our bottom line and actually hindered our efficiency. I learned that sometimes it's best to move at a comfortable pace. If you're constantly trying to rush, you may find yourself getting out over your skis." His Advice: "Don't be afraid to try new strategies and campaigns, but do it in a way that won't overwhelm your employees or hinder profitability. If it takes a little more time than you want, that's okay." Jason Patel, Founder of Transizion Best Business Advice: "The best business advice I've ever received came from my mentor, Don. He said that it's important to charge what the services are worth. It's not fair to the business to offer time and money when the exchange is unfair to you or your workers. The business is a living, breathing creation, and you need to do right by it. This attitude will go a long way because you can build better solutions for your customers." Worst Business Advice: "Someone I know who's more of an entrepreneur du jour said that I should live my life and start taking money out of the business right away. If I had listened to him, I would have taken the blood and oxygen out of the business before we had grown. We wouldn't be where we are today if I had followed that advice." His Advice: "If you have a new product or pricing structure, test it by talking to customers, giving them the product, and implementing good feedback. You need to iterate, adapt, and change. Just as technology and the means through which customers consume good and services change, so should your products. Your product is never perfect, so get started and test your product in the market."   Lindsey Dinneen, Owner of VidaDance Studio Best Business Advice: "The best advice I've ever received is to never look at the competition. Focus on innovating and coming up with great new ideas to market your business and sell your product or service in ways that consistently delight and surprise your ideal customers." Worst Business Advice: "The worst advice I've ever received is to be everything to everyone. That's a terrible way to go about growing a business. You simply can't be everything to everyone, and trying to be will cause serious headaches and unnecessary stress. Instead, zone in on your target demographic and cater your services/products specifically to them. The smaller and more defined the demographic, the better, and the easier it will be to sell to them." Her Advice: "The biggest piece of advice I can offer is to know that you will never be ready. You will never be able to have an airtight plan that eliminates the risk and uncertainty that comes with starting your own business. The key is always to take action. Be okay with never being ready, and take daily action steps that move you closer towards achieving your personal and professional goals. One thing I remind myself of often is that being nervous means that you care." James Heidebrecht, Owner of Policy Architects Best Business Advice: "'Don’t be a generalist; focus on what your strengths are and learn where you are weak.' Of course, when you begin you’ll be doing everything yourself and you’ll need a general knowledge of systems so you know what others are doing. But as soon as possible, delegate what you’re not good at to someone or something else. I hired a virtual assistant within the first year who took care of admin and client follow up so I could focus on sales which is my strength." Worst Business Advice: "'Go all in. Sometimes a side hustle is the best way to get things started, especially if you're transitioning from another career.' I know some people feel you should 'burn your bridges' but there's nothing wrong with beta testing different ideas before jumping both feet in. Don’t quit your regular job until you absolutely have to — I continued to work in broadcasting while building my business. And it is possible to do many things on a shoestring budget." His Advice: "If I were to offer only one piece of advice to someone starting a new business it would be to niche down. Take some time and drill down on your idea, typically you can find a sweet spot that the maddened crowd has missed. This will distinguish you from your competitors. There are tons of startups out there and the key to success is to find a need and fill it. I think a lot of people approach this in a very generalized way. The thing is if you take this approach you're just one of many and you're offering nothing original to a market that may be oversaturated. Once you are up and running you can always expand your business but this will give you a head start."     Go all In. Sometimes a side hussle is the best way to get things started, especillay if you're transitioning from another career. I know some people feel you should "burn your bridges" but there's nothing wrong with beta testing different ideas before jumping both feet in. Don’t quit your regular job until you absolutely have to - I continued to work in broadcasting while building my business. AND It is possible to do many things on a shoestring budget.