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Blurred, defocused background of public event exhibition hall. Business trade show or commercial activity concept
In the world of business, everyone is looking for profits and the same goes for investors who will invest only where they think an opportunity for growth exists. It isn’t a prerequisite for start-ups to be working on a global level to attract these types of investors. They should just be concise and well directed to what market a particular start-up wants to tap into. This is measured in terms of a new company’s strategy, goals, and milestones it has set for growth.

So, what are the most important points that play a key role in attracting investors? Following are the points you should focus on if you are an entrepreneur or planning to launch a start-up. 

Business Model

Your business model should be comprehensive in its approach. You need to be clear about the economics of your start-up. If your model makes sense, investors will surely be attracted to provide funds for your idea. It is great for your model to be valid in various markets around the globe, however, it is a must for it to prove itself in the local market first. Another point that you need to clearly include in your model is how you will carve out a market share for your business, especially in the presence of competitors. Do not make your initial results your long-term estimates. Sometimes, people try new products on the market just because they find it somewhat interesting and not because that product is a part of their needs. Continually improving your strategy with changing market demands can also prove to be very beneficial for your company’s success and to attract investments.

Scalability

You need to adapt to the continuously changing demands of the market. Some of your strategies may become redundant, making your business less efficient. Such tactics must be changed to better suit the progress towards your start-up goals. Innovations, such as those in technology, make some aspects more efficient and the impact of these on growth should be analyzed comprehensively and adopted if the prospects seem beneficial. Investors are always attracted to a company that changes itself to keep up with the market.

Identify Competitors

Your start-up needs to clearly identify its competitors and, while doing this, there is one thing that you should know: Any kind of company or business (regardless of their model) that is targeting the same market segment as your company should be thought of as a competitor. Incorporating the advantages you have over these competitors and defining how you are going to grow over them into your strategy is what investors look for before making decisions about becoming a stakeholder in a company.

Compliance

Compliance is a very important aspect when dealing with global investors even though the local ones might not be finicky about it. Any start-up should ensure that it complies with all rules and laws. Things like taxes and company structure along with other compliances such as those relating to banking, FDI, employment and benefits must be in compliance. Global investors do not want to be associated as stakeholders to a business that is not meeting the regulatory rules and requirements.

Structure and Valuation

Familiarity with the structures of debt and equity is essential. A common stock has different requirements relative to convertible debentures and convertible bonds. Valuation methods can be different for different kinds of structures. It depends on your business strategy as to which valuation procedure suits you the most. Your idea of dilution and the amount you’re trying to raise should be well defined. Your plan should also be comprehensive regarding your break-even position.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

People visiting street food market called Buenos Aires Market in San Telmo neighborhood of Buenos Aires
The food truck industry is one of the fastest growing sectors in today’s world. Over the last five years, more and more people are switching to food trucks with new vendors catering to niche markets. Customers’ preferences keep changing when it comes to food; the unique flavors of different food trucks increase the options of getting a low cost, high-quality gourmet food. 

Why Invest in a Food Truck Business?

During the 2008 recession, unemployment was skyrocketing and the economic collapse forced many people to lose their jobs. In those times, food trucks started to appear in most cities within the U.S. Major cities like New York, Los Angeles, Austin, and Seattle had food trucks popping up all over different neighborhoods.

Investing in a food truck is lucrative because it’s everything that a customer would want… a quick bite, high-quality, freshly prepared right in front of them and reasonably priced. Affordable gourmet food was the only sector in the food and beverages industry that saw a boom, even in the tough recession of 2008, because affordable food was still a necessity for most people. We all have to eat to survive! 

Challenges in Establishing a Food Truck Business

The only setback in establishing a food truck business is the many regulations that vendors have to meet before they get their permits. In most counties, the laws specify the hours during which the caterer can operate along with the distance it covers; it must not be too close to a brick-and-mortar restaurant. As food trucks are offering affordable gourmet food, restaurant owners and other eateries are lobbying against the food truck industry.

Another challenge is that the food truck industry is starting to reach its saturation point in some cities and localities. The high saturation can lead to lower profit margins and slow growth. Despite its challenges, the industry holds a promising future.

The Future of the Food Truck Industry

Food truck owners find new ways to use their mobile restaurant in order to keep their business lucrative. Most caterers have an understanding of running an off-site operation. For many restaurant owners and those willing to start a business in the food industry, a food truck is the best way to take their innovative dishes to other parts of the city.

Catering for Events

Apart from cruising in the streets or parking in a business center, a food truck can offer catering services for birthdays, spring breaks, weddings, and any other special or corporate events. Instead of a catering service, hiring a popular food truck brand will add life to any event. Catering to this niche market is an important step for the future of a food truck venture.

Several couples now prefer to have a late night snack at their weddings because it adds something new to the traditional wedding feast. Depending on the venue and client, they could order a full meal or snacks for guests to nibble on.

Low Cost of Investment

In the future, its highly likely that people may invest in a food truck rather than a full restaurant, bistro, or café. The preference of getting into this business shows that, for many people, investing in a food truck is much more feasible than opening a bistro or even a small café because it requires a minimal initial investment. A food truck is more likely to get profits more quickly as it has the option of changing its location or keep serving on the go.

Travelling to different locations and offering different types of drinks and food in various locations increases the market reach of a food truck.

Promoting a Restaurant Brand

The future of food trucks is promising as many large food brands are entering into contracts with food truck owners to promote their brand. In return, the major food brands offer compensation and sponsorship for promoting their product. Getting into a contract to promote a brand will increase the market concentration of both the food truck and the brand it promotes.

Conclusion

Despite its challenges and regulations by the city or county, the food truck business is booming and it will continue to do so in the future. Entrepreneurship is on the rise and this particular industry in food and beverages requires little initial investment. This makes investing in a food truck business lucrative as it has many other opportunities for expansion in less time.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

 

Interior Of Factory With Empty Work Benches
Cataloging the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems, at first glance, a hopeless task. Small businesses differ widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles. However, on closer inspection, it becomes obvious that they experience common difficulties arising at similar stages in their development. These points of comparison can be organized into a framework that increases our understanding of the nature, characteristics, and problems of businesses ranging from a corner dry cleaning establishment with two or three minimum-wage employees to a $20-million-a-year computer software company experiencing a 40% annual rate of growth. For owners and managers of small businesses, such an understanding can aid in assessing current challenges; for example, the need to upgrade an existing computer system or to hire and train second-level managers to maintain planned growth.

Developing a Small Business Framework

Numerous researchers over the years have developed models for examining businesses. Each uses business size as one dimension and company maturity or the stage of growth as a second dimension. While useful in many respects, these frameworks are inappropriate for small businesses. As great as start-ups can be for macroeconomic development, they can also be chaotic for a couple of reasons.

  1. The risk for start-ups is extreme and the total cost can be exorbitant. Founders put in more time, energy, emotion and capital than they ever thought would be required. And, since most fail, the total cumulative cost to launch start-ups that succeed is enormously underestimated.
  2. Start-ups disturb the price structure. While trying to get a position in the economy and before they know what it takes to capitalize business growth, a classic start-up exercise is to enter the market with low prices. This sounds like honest opposition and good for customers. However, established corporations do know what they must charge to sustain their business. And, even after a startu-p runs out of investment and leaves the marketplace, damage to the price structure remains.

Small businesses that lasted the financial crisis and aftermath did so by establishing exactly what it takes to run their business in the leanest and meanest terms. One of the consequences of this trial by fire is that these firms have emerged in better shape than after previous significant economic bookkeeping downturns. Here are six reasons:

  1. Fewer start-ups. There has been less price structure disruption since 2008.
  2. The banking industry has confirmed an unparalleled lack of business loan demand which is ironic in that interest rates have never been lower.
  3. Stronger balance sheets. Reduced debt plus methodical retailing, inventory, and supply chain practices that prevent inventory creep all improve important financial ratios.
  4. More gross profit. Rigorous expense control relieves pressure on gross profit from flat sales and pricing pressure.
  5. Enhanced capital and cash. All of the above practices contribute to profitability which, in the current environment, is more likely to be retained. Retained incomes push capital and cash in the direction of sustained operations and long-term success.
  6. More credit worthy. Firms that grow beyond organic funding will be more worthy of credit and preferred terms and rates.

Signs that your Start-Up is Maturing into a Small Business:

1)   Customer needs do not appear to be evolving rapidly.

2)   Consolidation by leading competitors is reducing economical intensity.

3)   Disruptive innovations and new applicants are gaining share only gradually and top out at relatively low levels.

4)   Marketplace shares of leading contenders have hardened and are changing gradually, if at all.

5)   The price, brand, and/or channel stratagem has replaced product innovation as key value drivers.

6)   Cash flows are progressively turning positive and being returned to investors rather than investment in the market.

Final Note:

Small businesses play an important role in any civilization. When they are first recognized, they represent ways that corporate owners test their business ideas in a market. Small businesses that create jobs for labor, in addition to the owner, offer even more economic stability. Providing a steady source of income for business owners and employees is just one reason they are important.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Leadership Concepts on Touch Screen
Whether big or small, every company is constantly fretful about handling money. For new businesses, this is even more imperative, as managing start-up finances is crucial to enduring a capricious economy and competition. Particularly, entrepreneurial ventures need to exercise cautiousness with their financial decisions from their incubation. Every business desires a financial structure that engenders profit to maintain their credibility. Entrepreneurs must equip themselves with good money management skills to ensure the success of their venture.

Not all businesses, however, are adroit at controlling start-up finances. This doesn’t mean that you should do nothing about it. Here are a few useful steps that will offer you a good direction to start with.

Educate Yourself on Managing Start-Up Finances

Not every business owner has a firm understanding of basic financial concepts. Many are unaware of the basic bookkeeping rules and lack knowledge about various key aspects. Even if you are planning to hire an accountant, it is imperative to educate yourself on certain basic accounting principles. The long-term success of your business depends on your ability to understand the financial structure of your business because you will have to rely on it for making key business decisions.

Financial statements encompass 4 vital details – balance sheet, profit and loss statement, cash flow statement, and statement of shareholders’ equity. The cash flow statement scrutinizes operational undertakings, investments, and other start-up finances. The balance sheet delivers evidence related to the business assets, liabilities and shareholder’s equity. The profit and loss statement reveals the grossed revenue for a financial cycle. Shareholder’s equity signifies the quantity by which the business is funded through common and preferred shares.

Getting yourself acquainted with such information will be vital for your future endeavors as a business owner.

Plan for Growth

Failure to make a user-friendly product is one of the major reasons of failure for new start ups. However, as an entrepreneur, you are faced with numerous challenges that can be hazardous for your business. As a new business, your focus should be on the target market and every other aspect of the business should be aligned towards your customers. This is the only way you are going to sustain a business.

Your start-up finances should follow a specific plan designed for growth of your company. To secure your venture capital and be eligible for funds, you need to show fast-tracked growth. Otherwise, you will lag far behind in the race. New businesses can run out of funds if the growth stalls in no time as they are unable to sustain losses for a longer duration of time.

Watch the Cash Flow

Managing your start-up finances demands you to establish a financial control that provides your business with a solid foundation. Key internal controls include bookkeeping, auditing, damage control planning and cash flows. These controls are necessary to ensure that your business stays on course in developing SOP’s and manages its cash situation, even in tough times.

At all times you will need to vigorously monitor the cash situation and readjust your forecasts according to the current scenario. This requires setting up maximum purchase limits for everyone so that your business does not run out of cash at a critical time. You will need to oblige all expenses to be recorded on invoices to support audits as well as maintain positive cash flows. Start-up finances should also take inventory management into account, as your chosen method of recording it will have a significant impact on your taxes. If you are filing taxes for the first time, inventory and payroll taxes are two things you need to be concerned about the most.

Evaluate your Achievements

Key Performance Indicators (KPIs) are techniques to measure a company’s triumph in accomplishing business goals. You must create KPIs across multiple departments so that performance can be accurately measured individually.

You should ensure smart KPIs that are Precise, Assessable, Realistic, Pertinent and Well-timed. Goals that are too broad don’t usually have an end date and aren’t within your control. Thus, they are doomed to fail. Start-up finances should be used efficiently to align with the core objectives of your business and eventually help in long-term success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

Businessman drinking coffee on abstract city background with business screen. Finance and analytics concept. Double exposure
It is exciting to initiate a start-up business. Nonetheless, your business adventure can turn into a scary reality if you lack the creative wisdom to read the market and manage your small business finances well. Developing a unique business strategy and dealing with all of the admin involved is surely an intimidating task. For entrepreneurs who are good at numbers and have expertise in accounting, it may be easy to manage and maintain their financial books. However, most entrepreneurs may be good at conceiving a creative idea for a start-up business but lack accounting knowledge, skills, and experience which restricts them to manage their business’ books and finances accordingly.

The Success Lies In Accounting

Undoubtedly, accounting is the most crucial aspect of running a business. It doesn’t matter whether your start-up is of small scale or large, the core of business success lies in accounting. In the early stages of small business development, it is most essential to keep your start-up on track. You can only expect to give your start-up an ideal kick start if you have the know-how to track and manage your money effectively. Entrepreneurs usually lack money-management skills which pushes them to either outsource their accounting activities to a professional or automate their accounting systems using advanced bookkeeping and accounting tools and techniques.

A small business needs a lot of attention right from the very beginning, especially in the accounting and finance domains. For that, you need to come up with a comprehensive money-management plan or else your start-up will fail like the majority of start-ups usually do. The fate of the business solely relies on your efforts on the accounting side of the business  as well as epic judgment based on current and future accounting projections. Therefore, if you expect to get your start-up on track or put your small business on the road to success, you need to do following things.

Open a Bank Account

Manual recording and cash management of all accounting transactions will land you in a deep mess, if not now, then inevitably. It’s best to open a business bank account for the ideal management of money. Keeping your personal and business account separate will make tax season far less complicated. Moreover, it will give you a clear picture of your finances, i.e. the influx and outflow of cash, which is healthy for a small business in each and every sense.

Co-mingling your personal and business accounts will probably land you in deep trouble for mismanagement of finances, which may even lead you to a point where it would be better off to close the business rather than continuing it further. You need to play the right card (opening a bank account) in the initial phases of business development for getting your start-up on track.

Track and Monitor Your Expenses

Tracking your expenses for a defined accounting period is probably one of the most important steps in accounting. For a small business, tracking expenses is not an alien job. All that you need to do is record all business transactions right away for avoiding accounting discrepancies. A small business usually qualifies for unique tax breaks or deductions. If you expect to claim those tax deductions, it is the requirement of the IRS to keep records of everything you spend such as bank and credit card statements, bills and receipts, invoices and proof of payments, previous tax returns(if any), canceled checks and any documented evidence that support your claim expenses.

Establish a Bookkeeping System

In business terms, bookkeeping is the day to day process of recording transactions. For a small business setup, you likely have three options to manage your business transactions; you can do it yourself, you can hire in-house support or you can outsource this activity to an outside party. The bookkeeping decision usually depends on your business’s structure, size, and accounting needs.

Continue Refining Your Methods

By embracing strong accounting tools, techniques and practices, you can expect to turn your small business adventure into a big success. You need to modify your systems and methods in order to manage your accounting tasks effectively. For ensuring the long-term success of your business, you need to create a system and upgrade it constantly for helping you to maintain your profitability and improve your bottom line. Staying on top of your game will allow you to streamline your processes that will not only get your start-up on track but will also help you grow and expand your business operations.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Group of diverse people are waiting for a job interview
Undoubtedly, employees can change the fate of an entire company. They can turn a small business venture with a unique idea into a successful high-scale business. They are either the troubleshooters or the troublemakers. Top-quality employees are capable of bringing positive improvements to a business under the supervision and pro-active direction of the entrepreneur.

Due to an increased turnover percentage in recent times, recruiting and hiring top-quality employees for a new business has become challenging. Now, Human Resource departments have to work days and nights to hire competent employees to get things moving in the right direction. Bringing the right people into a new company is extremely important in today’s highly competitive business environment. As the resources are limited, companies cannot afford to spend money on retaining under-performing employees. Therefore, HR has become more conscious than ever to recruit and hire top-quality employees so that their company can achieve their strategic goals seamlessly.

There’s certainly no secret spell to recruiting and hiring quality employees. All that you can do is refine the existing recruiting and hiring strategies. Attracting a potential pool of candidates for final selections may seem hard at first. However, there are ways that you can encourage potential candidates to get connected with you for initial screenings. Since employment opportunities have significantly shrunk due to a severe wave of economic crises over the years, now you can access more suitable candidates who are ready to give your new business start-up an all new hike.

Here are four tips that can guide you in hiring top-quality employees for your new business start-up.

Develop an Accurate Job Description

Job descriptions help employees know their tasks and responsibilities on the job. It gives a clear picture of what employees need to do and their roles to get different tasks done. Therefore, as an HR manager, you are required to ensure that an effective job description for each position is drafted at the highest possible level. The job description should reflect the roles that each employee will play in the organization on a successful hire. Start-ups usually lack the skills to draft effective job descriptions. This activity can even be outsourced.

Hire the Right Person for the Job

We encourage you to develop profiles for hiring the ideal employees fit for the key positions in your business. Giving a  leadership level position to an inexperienced person is the biggest blunder you could possibly make. Before giving someone a key position, you must identify the skills and attributes of a person and make a wise judgment if you expect to achieve positive results. One thing that must always be kept in the mind is that you can never find a true match if you don’t match candidates against a specific profile.

Use Social Media and Digital Channels for Job Promotions

In order to develop a winning pool of candidates, you need to develop a marketing framework for job promotions. Social media channels, like LinkedIn, are the biggest and most effective platforms where you can find competitive employees working in key positions in different organizations. You can promote job openings for your start-up, perhaps with the specific job description and pay-scale limit, in order to entice competitive employees. Recruiting and hiring top-quality employees requires you to be competitive, capable, compatible, committed, cultured and, most importantly, flexible. If someone has all of these things, you shouldn’t miss out on hiring that person, even if you have to pay a little extra.

Screen by Phone and Select Suitable Candidates for Assessment

Initial screening is critical, especially if your business is a new start-up. This way, you get to know more about the applicants and who is best-qualified for the next phase. This will save a tremendous amount of time. Once you have screened the applicants by phone and chosen the ones qualified enough to move on, you can bring them in for a face-to-face interview. The applicants have to pass through all of the stages for a successful organic hire.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Hand pointing at abstract drawn lamps and business sketch on concrete background. Idea concept
Whether you are a start-up enthusiast or an experienced businessperson, if you are planning to begin a new venture this year, there are certainly some business ideas that are better than others for your next start-up. Considering everything, eventually you have to ask yourself what excites and inspires you so that you can render joy and peace of mind.

Though you may be earning a handsome salary from your current job, it may not be offering you the adequate happiness, flexibility, and independence that you truly deserve. Remember, having a higher quality of life and more freedom are always better than making more money. In fact, your happiness and satisfaction immensely impacts your workplace productivity. Hence, if you are simply unhappy with your present employment, it is time to either switch jobs or follow your passion.

With that in mind, the following are ten exciting business ideas suitable for your next start-up. Fortunately, you can run most of them as a location-independent company. Certainly, they are great for you if being a digital nomad is your inherent lifestyle.

1. Photography or Video

If you are creative enough to capture a story through your camera, then photography or video-making are suitable professions that you can turn into your next start-up. In fact, these business ideas are the type of jobs that you practice as a freelancer or as a side business along with your 9-5 job. Just remember, choose an exciting niche and stick with it. If you love capturing weddings, focus on that. Likewise, if you specialize in filming promotional videos or taking professional head-shots, market that expertise.

2. Smart Device Repair

You see smart devices like tablets and cellphones in just about everyone’s hands. Regardless of what location we are talking about, almost everyone uses them to converse, surf the internet, and even for online commerce. And, more importantly, everyone relies on them. When the devices break or perform poorly, people need someone to help repair them. Irrespective of your location, you can fix those devices and make this business idea your next start-up.

3. Website Flipping

Website flipping is the activity of buying and selling websites on existing platforms with an aim to make some fast cash. There is obviously an art to this business idea which requires some research. However, once you have a good hand over it, it can simply be your next start-up to earn money.

4. Vacation Rental Management

With an expanding tourist industry, vacation rentals are rising at an exponential level. And, this segment is certainly one of the hottest business ideas in the hospitality industry today. Especially when you reside in a highly preferred tourist destination, you could easily manage apartments from homeowners who simply do not want to handle the hassle of listing, cleaning, stocking and dealing with prospective guests, thus, turning this opportunity into your next start-up.

5. Education Contents and Courses

If you are an expert in some arenas and are passionate about sharing your knowledge, skills and experience, then creating educational content and courses relevant to your expertise is one of the smartest business ideas that you can easily turn into your next start-up. In fact, there are many people out there seeking new education and to expand their set of skills. Thus, offering great instructional content can enable you to earn easy money.

6. Coaching Services

Piggybacking on the fifth great business idea, why not become a coach in an area that you are an expert in such as health, business, bookkeeping or computers? Becoming a coach is easier, irrespective of your location. Make the most of tech tools like Skype or Udemy to provide coaching services online and turn it into your next start-up. 

7. Writing

If you enjoy writing and people love what you write, consider turning your art of writing into your next start-up. This can earn you great money depending upon how you use it. Blogging is one of the easiest ways to do this. There are money websites like Make a Living Writing, the Write Life, and Be a Freelance Blogger who pay their guest bloggers a handsome amount.

8. Guided Tours

If you are located in a tourist area and love being around people, then guided tours are a great business idea that you should consider turning into your next start-up.

9. Social Media Management

Unsurprisingly, businesses are spending big budgets on social media management because of its potential to boost their business. As may people are well versed in social media, managing this can be an easy area to become an expert on. This potential business idea will earn great income and, we know, it’s not going anywhere any time soon!

10.  Ad Management Agency

This is relevant to the previous business idea. Although ad management can be trickier than social media management, it is far easier than website development or app debugging, yet still offers a great income. Also, learning it is simply takes as little as a few weeks. Thus, if you want to get into a new business as soon as possible, attempting to establish an ad management agency would be a great next start-up.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Portrait of successful African-American businessman smiling during meeting with colleague at coffee break
Accountants and bookkeepers play a pivotal role in determining and defining the growth of your business. They can handle and tackle many more things than tax returns and payroll. Start-Ups looking to stay on top of their game from the very beginning need to hire a professional accountant to ensure smooth financial operations and maximize profitability. Do you need a specialized start-up accountant or bookkeeper for your business?

Hiring A Specialized Start-Up Accountant Gets You One Step Closer To Success

A specialized start-up accountant is the need of the hour to accomplish a startup’s short and long-term ambitions. Accounting is where the difference between success or failure is created. It helps your company grow and move forward in the right direction. Without a second thought, it is one of the most crucial aspects of keeping your company profitable. Making financial projections and assumptions requires you to have a clear picture of your company’s financial worth in the market. However, doing all of this alone is nearly an impossible task. It becomes mandatory for start-ups to hire the services of outside accounting/bookkeeping individuals and agencies to take the business venture one step closer to a successful endeavor.

A specialized start-up accountant makes things simpler for you in many ways such as managing payroll and making decisions regarding potential new expenditures and overhead. However, there is nothing worse than hiring an unprofessional or inexperienced accountant for your new business start-up. Since an accountant can make or break the game, you need to hire the right person for the right job to improve efficiency and performance. According to studies, accounting is the secret key that unlocks the doors to success. Hiring a specialized start-up accountant that is suitable to your business requirements and specifications makes your start-up profitable.

Knows the Art of the Game

A specialized start-up accountant can drive your business to profitability by sharing their accounting wisdom, skills, and expertise. A fragile accounting setup at the very beginning can kick your business out of the competitive race within just a year. Hire a trusted business advisor, accountant, or bookkeeper who can get your business on the right track.

A specialized start-up accountant plays a predominant role in the growth and evolution of your business. Their skills beyond accounting are where the real art lies and that’s where your trusted professional will work for you. A qualified and seasoned accountant can manage your finances, cash flow, income, and expenses as well as review your bookkeeping and financial records better than anyone else around. Experience, coupled with a wide variety of accounting skills to tackle complex situations, counts more than anything else when it comes to going beyond only accounting.

Understands Start-Up Culture and Space

The best thing about specialized accountants is that they understand the start-up culture and space as well as the growing needs of a business. Through their wealth of experience, they will give you their best informed advice for resolving complex business situations. The needs of every business largely differs from on to the next, making it clear that advice to resolve certain matters is imperative. From initiating a business venture and applying for loans to financial audits, a specialized start-up accountant can make your life much easier with each and every step.

Saves You Time

Entrepreneurs are largely known for conceiving a unique workable business idea. They may be good at the management side of business, but most of them lack skills in the accounting side of it. This indicates that a professional accountant or bookkeeper can help you save time, allowing you to focus more on what you have the potential to do best—your business. Find the right specialized start-up accountant who will help you save time and effort by giving guidance when required.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Development and growth concept. Businessman plan growth and increase of positive indicators in his business.
Recent reports by Sageworks, a financial information company, revealed the industries that are most and least profitable over the studies of previous years. According to their research, businesses that are service based have low start-up costs, although they require specialized procedures of training and function services which fare well in today’s market. This includes law offices, real estate brokerages, and accounting/bookkeeping firms.

On the other side of the spectrum, businesses and retailers related to the food industry struggle in sales, with farming and grocery stores seeing close to no growth at all.

Bierman, a business analyst, said “Because of their volume based business model and competitive markets, margins tend to be smaller. Grocery stores and manufacturing companies are good examples. Oftentimes their goods may be considered commodities and to charge extra for a loaf bread may drive consumers to a different store over time.”

If you are starting a business or planning to do so, here are some of the most and least profitable businesses in recent years.

Most Profitable Businesses

Tax Preparation, Accounting, Payroll Services and Bookkeeping

Not sure which business to start? Well, if you are good with numbers, an accounting firm will be the ideal option to invest into. Over the previous years, tax preparations, bookkeeping, payroll services and accounting have seen a remarkable increase of 17.84 percent in the growth of sales.

They are likely to gain profits because their start-up costs are low and all you have to pay for is your employees, technology, and training. Alongside, it is a service-based business, therefore, no amount of money has to be spent on inventory. All one has to focus on is obtaining effective employees and build a reputable name for their business.

Legal Services

Similar to accounting, legal firms are a service-based industry that have seen a positive growth in sales of around 16.89 percent over the past years. They have small start-up costs that mostly include employees holding law degrees. Although an investment is required in special employee training and education, legal firms are able to generate a good amount of money.

Management of Enterprises and Companies

A 16.75 percent growth was noticed in this business realm. Therefore, it is a wise decision to invest in this industry. Typically, these businesses consist of privately owned banks of holding companies that are supposed to advise and further assist other companies in making essential and important management, operational, and financial decisions. Although the offices are niche and mostly offer services that are specialized with skilled employees, these kind of companies often bring in a considerable amount of profit.

Offices of Brokers and Real Estate Agents

The real estate industry has seen an increase of 16.6 percent over the past few years. Although the industry fluctuates and this can be hugely affected by changes in the market, it is wise to invest in this business when an increase in positive trends is noticed because real estate agents make good amounts of money when the business start-up is up and roaring.

Least Profitable Businesses

Gas and Oil Extraction

Gas prices were lower in 2017, similar to past years. Firms that are operating in the gas and oil industry have been noticing a drop in sales of around 4.24 percent. With major fluctuations in the market, competitors, and incredible barriers to entry, this may not be the best business to invest into.

Beverage Manufacturing

According to research, this is not the first time that beverage manufacturing has been on the list of the least profitable businesses to start. Although it covers both alcoholic and non-alcoholic drinks, the latest technology trends have introduced soda fountains and other types of drink dispensaries. Alongside, people are becoming more health conscious, due to which beverage manufacturing is declining. Over the past year, more than a 1.49 percent drop in sales growth was noticed.

Bakeries

Whether it is due to major competition or high costs of start-ups involving kitchen supplies, equipment, and overhead bakeries that are commercial, bakeries have been on the decline for a while now. According to research, a 0.81 percent drop in sales growth was noticed.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Shot of a financial businesswoman using touchpad while presenting her idea to her coworkers while on business meeting.
Partnering with outsourced services for the acquisition of the highest quality planning and strategy for a fraction of the cost is pivotal to success. Businesses–small or big–no longer prefer to hire in-house teams to manage certain tasks that can be outsourced to third-party service providers. The reason is obvious, they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources; time, labor, and money which restricts them to hire in-house accounting and bookkeeping professionals. It’s safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small business to a large company, every business establishment needs someone to promptly and effectively manage their financial accounts, pay bills, send out invoices, reconcile bank statements, and manage debtors. Maintaining separate finance departments to tackle financial matters is not only a hassle but also a huge expense. That is why most businesses outsource their financial matters. Looking at the bigger picture, most start-ups lack the wisdom to tackle difficult bookkeeping and accounting-related issues which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories are the direct result of hard work, toiling, and commitment along with sincerity that guarantees a secure future.  An experienced and qualified accountant or bookkeeper can serve the right needs of a business with creative wisdom like no other, all the while making better financial decisions.  Beating your competitors with numbers is quite a different story which means you need to employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services with fear of the integrity of vital data that is highly prioritized by the business would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is not satisfied with.

What Business Accounting Consultancy Services Do On Your Behalf?

Most start-ups lack ideal cash management skills which is the biggest reason why they fail to make their mark and manage their business operations successfully. This kicks them out of the competitive race which creates room and gives a chance to others to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision making.

Accounting and bookkeeping professionals can help you in many of the following ways.

  • Financial forecasting and planning
  • Analyze financial statements on your behalf and recommend ways to overcome cash flow issues
  • Determine the profitability of your business
  • Monitor influx and outflow of cash and help you achieve the right strategic fit
  • Expand your business with critical financial insights and knowledge
  • Save a lot of time and money and help you focus on the core of the business
  • Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have better understanding and knowledge than most of us. They know the tricks of the trade and are masters of the game as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you are expecting to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices in place to equip and enable your business for success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.