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Ideas for Newbie Entrepreneurs in 2020

Ideas for Newbie Entrepreneurs in 2020

26
Jun 2020
24
Jan 2025

The business environment has changed rapidly for the young entrepreneurs in the first few months of 2020, and the overall outlook for many industries hasn’t been exactly rosy. That may be enough to stop some people in their tracks. Is it really a good idea to create a start-up in this business environment?For those who are willing to look, though, opportunities abound. Tech businesses specializing in remote work and delivery services have been flourishing. As much as the environment is challenging, it’s also a rich space for reimagining the way people go about their daily lives.If you’re pondering a new business in 2020, take a look at some of these innovative ideas.

Everything Online

In March 2020, almost every business owner scrambled to move their operations online in some way. While some businesses have to be operated out of a factory, many others can take advantage of eCommerce and mobile apps to keep running.Tools for remote work, such as video conferencing and online workspaces, have boomed. Some innovators have looked to ways to create events in online spaces. Plenty of media companies are offering up entertainment in new and exciting ways, such as through livestreams.

Seeking New Ways to Connect

Self-isolation, social distancing, and quarantine have made it more difficult to connect with friends and family. As such, people are looking for new ways to stay connected, as well as new ways to connect.A business idea that brings people together in a new way could go far in 2020.

Focus on the Essentials

The current business climate has also caused people to refocus on the essentials: food and medications. If your business is related to medical equipment, pharmaceuticals, or food, you likely have a good chance.Innovative ways of bringing people essentials will be at the top of the hot list of ideas for entrepreneurs in 2020.

Funds Make It Real

No business can get off the ground without the right funding. If you’re looking to start a business, then you should make sure you know all about business loans, merchant cash advances, and other funding options. With them, you can make a good idea a better reality.

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The Pros and Cons of a Merchant Cash Advance

When considering financing options for your small or medium-sized business, a merchant cash advance (MCA) may seem like the perfect alternative to a traditional business loan. While there are certainly many benefits to this type of lending choice, there are also some cons to keep in mind when determining whether an MCA is right for you. Learn more about pros and cons of a Merchant Cash Advance.

Benefits of Merchant Cash Advance

PRO (Benefit):  MCAs are available to those with poor credit

Business loans typically require a business owner and business to have good credit ratings. On the other hand, merchant cash advances consider your future sales projections, not your credit history. Since MCAs are repaid using future credit and debit revenue, a poor credit rating and collateral aren’t relevant to the lender.

PRO(Benefit): MCAs get you cash faster

The approval process for a merchant cash advance is much quicker than a business loan. In some cases, a business owner can have the money requested in their bank account in less than 48 hours.

Cons of Merchant Cash Advance

CON: Lenders are unregulated

The MCA industry is largely unregulated, which makes it possible for some lenders to charge hefty interest fees and take advantage of their customers. Be careful, read reviews, and ask questions of your lender before you decide on a merchant cash advance.

CON: Daily deductions can hurt cash flow

Repayment of a merchant cash advance occurs by deducting funds from credit card receipts, sometimes on a daily basis. Make sure to check with your MCA provider the repayment details of the plan you are signing up for.Merchant cash advances are an alternative lending method for small business owners who need cash fast and may not have the collateral or credit to get bank loan approval. However, before you apply for an MCA, make sure you do your homework, ask questions, think about pros and cons of a Merchant Cash Advance and if you need advice on alternative lending solutions, we are always here to help.

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How to Attract Customers to Your Store in 2021

The world has moved into a brand new era of retail. COVID-19 has forced many businesses to move their operations online or risk bankruptcy. Such a drastic change in the global world of retail begs the question, do customers really want to visit retail stores in 2021? Well, let us be the first to tell you, yes they do. Online shopping might be convenient, but it can never offer the same experience as a retail store. So, with COVID-19 becoming more manageable in certain parts of the world, businesses have once again opened the physical doors for their customers and begun selling in stores. If you need to refresh your memory on how to attract customers to your stores in 2021, here are a few tips to help you out.

Cut Down on Customer Waiting Times

The number of COVID-19 patients may be decreasing, but the pandemic is far from over. People are still taking some precautionary measures, and the general public doesn't want to hang around your store waiting for their turn at the cashier. You should optimize the customer experience to make sure that individuals can come in, buy something, and leave within the span of a few minutes. This might not bring in new customers, but it will keep older ones returning.

Offer Incentives to Customers

E-commerce might not have the same feel. But, it's still superior when it comes to convenience. You need to give the shoppers an incentive to drive out to your store and actually spend time indoors. The world has gotten accustomed to shopping online, and you have to drag them out of their houses by offering incentives. This can be a coupon, a discount code, a buy one gets one free deal, etc. An example of this would be the Costco hotdogs. The store has been selling its hotdogs with a price tag of $1.50 since 1984. The company is honest about the fact that they're losing money annually because of the hotdogs, but it does give an incentive to individuals to visit the store and eventually buy products while they're there.

Curb Appeal

If you haven't opened your store in the past year or so, there's probably some cleaning to do. That's not all. You should definitely consider doing some renovating to offer customers a welcome sight. Also, keep your store clean and hygienic and make sure that your customers know that. Your visitors will always appreciate you abiding by COVID-19 SOPs even while the pandemic is declining.

Conclusion

Regardless of what strategies you employ to attract customers, it’s going to cost you and your business money. If you’re trying to get back up on your feet and regain some financial stability, 2M7 Financial Solutions can help you out. 2M7 offers merchant cash advances that can help businesses bounce back post-shutdown. We can provide your business with a merchant cash advance when you need it. Contact us today to learn more.

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2M7 Featured in CanadianSME Magazine: “Ways to Secure Funding for Your Small Business”

2M7 Financial Solutions is honoured to be featured in this month’s CanadianSME Small Business Magazine, with an interview highlighting small business financing advice from 2M7’s CEO, Avi Bernstein. From his insights on the state of the lending landscape, to his expertise on the challenges facing small businesses today – Avi provides insider advice on alternative lending options that can help small businesses secure the funding they need to operate and grow their business.

In the interview, CEO Avi Bernstein discusses the many factors that traditional lenders use to evaluate whether a business qualifies for a loan, and why this digital credit score algorithm method of evaluating businesses, is increasingly resulting in small businesses being denied funding from lenders such as banks and credit unions.“

Rapid shifts in new technologies, increased competition, and the state of the economy have led to an increased need for financing, but it is becoming increasingly more difficult from small businesses to access funding from traditional lenders,” said Avi, when asked about the challenges that small businesses face when it comes to securing funding. “Most small businesses need loans to bridge the gaps during uncertain times such as these, but small business owners continuously struggle to secure working capital.”

For over a decade, 2M7 has been dedicated to leveraging its expertise in the Canadian lending landscape to help as many small businesses as possible to get access to the working capital they need. This dedication has led to the development of a proprietary algorithm which uses a unique approach to evaluate risk and determine credit worthiness – enabling 2M7 to fund businesses that might not otherwise qualify for a traditional loan.

Furthermore, the 2M7 team strives to provide an alternative lending solution that better meets the needs of small Canadian businesses than traditional loans. With minimal requirements and simple terms, 2M7 has designed a straight-forward borrowing option that essentially provides small business owners with a cash advance that is deposited directly into their bank account within 24-48 hours, to use immediately within their business as they see fit.2M7 Financial Solutions continues to be at the forefront of the innovative technologies and processes that are transforming the Canadian financial industry in order to help grow the small businesses that are the backbone of our economy. As the industry continues to evolve, the 2M7 team is committed to continuously improving its flexible funding solutions and working closely with small business owners to better meet their changing needs.

To read the full interview, click here to open page 37 of this month’s digital edition of CanadianSME Small Business Magazine.

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