One of the easiest options is to borrow from friends and family, they are typically less stringent when it comes to your credit report and the expected return on their investment. Credit cards are also a viable option and great when it comes to cash flow management. You could also choose to go with a bank loan which comes in all shapes and sizes, from micro loans of a few hundred dollars to six figure loans by major national banks. Private lending is an option when the bank says “no” however will put you through the same investigation the bank did , however they specialize in an industry and are more likely to loan out to a higher risk candidate. If all else fails you enlist a savvy financial advisor to seek out Angel Investors, these are venture capitalist who rarely look at investment under one million dollars. (Allen, 2012)
In order to make sure a business keeps on track one will need managers. There is a level of reporting that a business manager does called “Managerial Accounting”. Managerial Accounting reports on cost of an organizations products and services. Some examples would be; budgets which are the quantifiable expression of the plan, performance reports which often compare the budget with actual results. The goal is to look for any deviations thusly variances. Other managerial accounting includes reporting revenues, sales logs, stocking and another statistics that will determine the overall profitability of the business. (Horngren and Foster, 1987) (Kaplan and Atkinson, 1989)
Once you have started your business you will need to market your product. In order to market your product you must deliver a perceived value and manage the customer relationship with you and your products. One of the most cost effective ways to market a product is through the use of the internet; specifically through the use of social media outlets such as Facebook®. “Overall, with more open media and economies, consumers are to some extent moving closer together in needs.”(Kumar, 2004) Social media marketing has made it easier than ever to target your audience; in less than a click of a button you can target your audience by demographic location, geographic location, behavioral patterns and Psychographic analysis. Not since the invention of the television have we been able to connect so quickly and market to our target customer.
With social media all of our favorite brands are just a click away, According to the Social Media examiner Facebook® has more the 900 million users (Fox, 2012) A recent example is the 1-800-flowers.com® A-dog-able™ line of products. The company added the product to their line of product in 2011 with very little media placement. The only thing they did to originally promote the product was post it on their face book page. The A-dog-able™ quickly became one of the company’s best selling arrangements, outselling the popular standard Fields of Europe™ by thousands of orders. By taking their relationship with the customer and using their “friend” status with their customers as platform they were able to quickly execute the launch of a new product through effective relationship based marketing. (Noodls®, 2011)
“Brands aligning themselves with causes are not only securing