Business Grants Success Stories
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7. Cash in investments
While it's a good idea to have retirement savings and other personal investments, they might be put to better use. If you're already running a successful business, and you believe that investing in your growth will promise more in return down the road than your mutual funds, the choice is clear.
8. Raise your prices
Don't just do this reactively when costs of production or selling increase… or worse -- months after those costs increase. Keep an eye on the competition, determine what the market will bear, and plan on incremental increases.
9. Concentrate on what you do well
If you're a good manufacturer with a weak sales force, get into a joint venture where a company pays you up-front for the product, then takes over the distribution and marketing. Or if you have a great idea, but can't afford to go after it, get subcontractors to make it and sell it. Give them equity in your business to help ensure quality control.
10. Join associations with group insurance plans and other financial benefits
In addition to the networking and other benefits of belonging to business groups and associations, you can usually find a great deal on disability and health insurance, and you can provide added benefits to your employees. You can usually reduce the rate you pay to credit card companies, too.
11. Get the most from your credit cards
You probably get new credit card offers all the time. As long as you're not using your cards foolishly, you can shift balances from one new card to another, maintaining a low interest rate for a number of months. Look for bonus points and airline miles and use the card for as many business purchases as you can.
Next time, we'll look at how to go public… privately.
Grant file
What's the most important investment you can make in your business?
These successful entrepreneurs reveal what they've learned
Elsewhere in this issue, successful entrepreneur Michelle Calvert explains just how valuable her business plan was in helping her launch her public relations and website design business, Lucid Communications.
We hear this all the time. Businesspeople who successfully attract funding constantly stress the importance of your business plan. It tells the grant agencies that you've done your homework and shows that you know where you're heading. It helps you communicate precisely why you need the money and why investing in you is a smart move.
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