by My Commercial Capital | Jan 23, 2023 | Blog
Nonprofits need to put significant effort into their marketing activities because their operations often depend on their ability to generate monetary or in-kind donations from individual donors, foundations, and government grant sources. Marketing is particularly important for organizations that generate revenue from their operating activities. Educational institutions and affordable housing developers, for example, must often compete with the marketing initiatives of for-profit business entities. Here are some ways that nonprofits can effectively market their mission and services.
Create Outstanding Proprietary Content
People who are interested in contributing to nonprofits by making donations or volunteering their time will often start a directed search for opportunities online. Marketing for non-profit groups must reflect adequate attention to creating a conspicuous presence with high search engine visibility. Furthermore, people who learn about a nonprofit through its outreach activities need to be able to find information about it online which successfully demonstrates the scope of its work and its ability to use resources well. Good proprietary website content in addition to active social media participation conveys credibility and resourcefulness.
Enhance Online Presence on Third-Party Platforms
Marketing for non-profit organizations involves careful attention to nonproprietary content. The information that people find about nonprofits on third-party websites can play a big role in their overall perception of them. Marketers must put some time into developing organizations’ account profiles on nonprofit directories such as Idealist and VolunteerMatch. Likewise, nonproprietary content with links can augment initiatives to expand online outreach initiatives.
Create Messaging That Resonates with People
Nonprofits which operate in service areas that do not have full public support must be particularly purposeful in their presentation of relevant information about their cause. Marketing for non-profit organizations should include an emphasis on more than one practical benefit of their work. Messaging that they can direct to several different interest groups helps them create awareness about multiple sides of complex issues such as housing, education, or medical care.
All nonprofits achieve their designation as charitable organizations by pursuing objectives that benefit the public. Nevertheless, the need for a nonprofit to address a specific unmet need or the practical utility of the work that it does may not be apparent to everyone. When nonprofits are creating marketing material, they need to present their mission and activities strategically. They cannot assume that the importance of their work or how they seek to advance it is within the realm of common knowledge. Marketing activities are nonprofits’ chance to both educate and persuade their target audiences.
by My Commercial Capital | Jan 20, 2023 | Blog
There has been a dramatic increase in the number of small enterprises that rely on freelancers and consultants instead of full- or part-time workers. However, employers need to know the ins and outs of the independent contractor categorization to comply with U.S. Department of Labor (DOL) and Internal Revenue Service (IRS) rules before entering into an independent contractor arrangement with a worker.
What is an Independent Contractor?
A company or individual that provides services for a third party is considered an independent contractor. A contract is signed between the two parties outlining the contractor’s responsibilities, payment, the scope of work, and other terms. Businesses frequently use Independent contractors as a cost-effective alternative to hiring new employees to fill temporary roles.
How Do Employees and Independent Contractors Differ?
DOL: When deciding if someone is an independent contractor, the Department of Labour looks at the type of work and how much control the person has over it. It also looks at the worker’s chances of making or losing money, how long the relationship will last, and more.
IRS: The IRS considers a person to be an independent contractor if the person paying them only has control over the results of the work, not necessarily how it is done. An independent contractor fills out the IRS Form W-9, and the IRS Form W-4 is filled out by an employee.
Previously, the IRS employed a 20-factor test to assist businesses in determining whether someone was an independent contractor or employee. However, it has now compressed these into three categories.
Relationship of the parties: Does the company offer any benefits? Is the work arrangement governed by formal contracts or oral agreements?
Financial control: Is the business in charge of the financial aspects of the worker’s job?
Behavioral authority: Can management determine which tasks get completed and how they’re completed?
Examples of Independent Contractors
Some examples of independent contractors include:
- Freelance writers and graphic designers
- Real estate agents
- IT professionals
Advantages of Using Independent Contractors
Lower overhead since the contractor is responsible for the overhead costs
Independent contractors are often experts with a specialized skill set in their area
When the project is finished, you can opt to offer another project to the independent contractor or not
Disadvantages of Using Independent Contractors
They may not be available when you need them
Unless specified in the contract, any work the contractor does on your behalf may not be legally your property
You may be subject to an audit by the IRS, the DOL, or another regulatory agency if they determine that contractor more accurately fits the employee definition
Bottom Line
Hiring an independent contractor can save money when a company has one-time needs or wants to get something done that a regular employee can’t. An independent contractor can be a great asset to your team if you pay them properly and follow all applicable regulations set forth by the IRS and the Department of Labor.
by My Commercial Capital | Jan 13, 2023 | Blog
To successfully run a firm, you must be able to distribute responsibilities to your staff. It’s also important to have the last word on all projects or choose people you trust enough to grant final approval if your company is larger. There are many different organizational structures to choose from, and each one will help you clarify the duties and responsibilities of the various people and departments within the company.
What Does Organizational Structure Mean?
A company’s organizational structure consists of its policies, procedures, roles, relationships, and duties, all of which work together to decide how the business will operate to achieve its objectives. It also oversees the reporting relationship between middle management, upper management, executives, and the organization’s owners.
Types of Organizational Structure
There are eight organizational structures, each of which is either centralized or decentralized.
1. Hierarchical Structure
This is a centralized organizational structure. The company’s chain of command begins with the board of directors and extends to the chief executive officer through the rest of the organization from top to bottom. A staff director oversees all divisions under this organizational structure and reports to the CEO.
Pro: Higher-quality, more specialized work
Con: Lack of independence
2. Functional Structure
This is a centralized organizational structure where each department head is the staff director.
Pro: Specialized, self-sufficient teams
Con: Does not encourage cooperation among departments
3. Divisional Structure
In this centralized organizational structure, each product or service team has full autonomy.
Pro: Departments are more autonomous
Con: More internal competition as opposed to external
4. Flat Structure
This is a decentralized organizational structure where almost employees have equal power, with executives having slightly more authority.
Pro: Employees are more independent and engaged
Con: Lack of supervision and mentorship
5. Matrix Organizational Structure
This centralized organizational structure allows workers to move between departments as needed.
Pro: Dynamic employees with diverse skill sets
Con: Potential for constant changes
6. Team Structure
This decentralized organizational structure allows supervisors to collaborate with employees from other departments as needed.
Pro: Transparency, growth, and productivity
Con: Confusion and disorganization
7. Network Structure
This decentralized organizational structure not only streamlines communication between departments inside a single office but also between offices and their respective teams of freelancers, third-party firms to which certain tasks are outsourced, and so on.
Pro: Helps define the organizational structure for multinational corporations
Con: Potentially vague when it comes to decision-making processes
8. Projectized Structure
This is a decentralized organizational structure where teams are assembled for projects and disassembled upon project completion.
Pro: More flexibility and versatility.
Con: For workers, this could mean increased stress and less prospects for advancement.
Bottom Line
The most effective organizational structure differs from company to company. Consider the size of your company, the value you place on employee engagement, your tolerance for risk-taking and innovation, and your desire for a flat organizational structure when making your decision.
by My Commercial Capital | Jan 6, 2023 | Blog
Any budding entrepreneur who wants brand recognition and support should consider opening a franchise. People often think buying a franchise is too expensive, but you can get started for less than $10,000. This article is for people who want to be business owners and are interested in owning a successful franchise. We’ve compiled a few franchises that require an investment ranging from $3750 to upwards of $1M.
$24,999
Jazzercise: Initial investment costs range from $3,750 to $21,750
Cruise Planners: Initial investment cost starts at $10,995
$25,000 to $49,999
Bar-B-Clean: Initial franchise costs start at $30,000, and the average initial investment is $31,950.
Class 101: The total investment expenses range from $45,890 to $63,300, and the franchise fee is $32,900.
Tutor Doctor: Initial franchise costs range from $44,700 to $49,700, with an estimated initial investment range of $73,295 to $100,995 (depending on the territory).
$50,000 to $74,999
Fetch Pet Care: Total costs range from $68,000–$76,000.
Caring Transitions: The total investment is $58,912 to $82,712.
ShelfGenie: Minimum investment is $70,100
$75,000 to $99,999
FastestLabs: Initial startup expenses range from $83,309 to $96,650.
British Swim School: Average starting costs range between $93,700 and $125,850.
Screenmobile: The initial franchise investment ranges from $91,975 to $183,770 and covers everything from the franchise license to the promotional materials and equipment to the required training and even a trailer.
$100,000 to $249,999
Molly Maid: Depending on the scope of service, the upfront cost might be anywhere from $110,000 to $155,200.
Brightstar Care: Initial investment costs can range anywhere from $105,735 to $170,457.
iLoveKickboxing: The price tag can range anywhere from $185,000 to $245,000.
$250,000 to $499,999
Menchie’s Frozen Yogurt: The average overall cost is between $300,000 and $350,000.
School of Rock: Initial investment costs can range from $322,500 to $521,100
Skoah: To open a Skoah franchise, a minimum investment of $260,000 is needed.
$500,000 to $999,999
ZIPS Dry Cleaners: The price tag may be anywhere from $729,700
The Goddard School: Investment expenses typically range from $698,300 to $873,600.
Dogtopia: Initial investment costs range from $668,298 to $1,444,264.
Over $1M
Sonic Drive-In: The total investment for a typical Sonic, excluding land, ranges from $1,242,200 to $3,537,700.
Sky Zone Trampoline Park: Getting a Sky Zone franchise requires a minimum net worth of $1.8 million.
Woodhouse Day Spa: The initial investment is projected to be between $1,231,617 and $1,833,067.
Bottom Line
One way to enter the business world is to invest in a franchise. Take advantage of a well-known brand name while reaping the benefits of being your own boss. Owning a franchise can yield substantial financial rewards if you create a solid strategy for expanding your business and increasing your revenue. Contact My Commercial Capital to finance your franchise investment.
by My Commercial Capital | Dec 30, 2022 | Blog
From the outskirts of rural communities to the heart of metropolitan hubs, you can find food trucks selling everything from gourmet French crepes to authentic Thai street fare. Becoming a food truck owner might be the perfect fit for you if you have a passion for serving your neighborhood, value being your own boss, and don’t have a lot of money for startup costs. If you are thinking of launching a food truck business, this guide is for you.
Startup Costs
The initial investment needed to launch a food truck business depends on various factors. There are also one-time expenses and location-specific costs.
Examples of one-time startup expenses include purchasing the food truck, advertising, website design and legal fees. And then, there are recurring expenses for salaries, leasing equipment, credit card processing, and even gas.
Funding Options for Your Food Truck Business
Acquiring funding for a food truck business can be challenging. Create a sound business plan first. Good personal and business credit increases your chances of getting a business loan.
Funding can come from a variety of places, including:
- Community sponsors
- Opening a business credit card
- Crowdfunding
- Personal investors like family and friends
Create a Food Truck Business Plan
It is essential for food truck owners to create and maintain a business plan. A good business plan should incorporate these elements:
- An executive summary
- Company description
- Market analysis
- Organization and management
- Service or product line
- Marketing and sales
- Funding request
- Financial projections
- Appendix
Finding a Food Truck for Sale
There are several resources out there to help you find a food truck, including
- Local online classifieds
- National online classifieds
- Leasing and franchising
- New custom trucks
Pros of a Food Truck Business
- Business ownership: Several tax advantages come with owning your own business
- Freedom: You’ll have complete control of menu items, events to vend at, employees, etc.
- Mobility: You’ll be able to bring your business to different locations
Cons of a Food Truck Business
- Time: Long hours are the norm
- Competition: You will likely have a lot of competition
- Ordinances and zoning: Each location has different rules
Food Truck Permits and Ordinances
It’s crucial to research the various areas you are considering and the necessary permits and regulations. Some things to consider include the following:
- Food safety
- Seller’s Permit
- Zoning and parking
- Vehicle license
- Fire certificates
- Employee Identification Number (EIN)
- Business permits and licenses
Bottom Line
Once everything is in order, running a food truck business can be fun. Create a business plan with a full analysis of your projected costs if you want to start a food truck business. Once you have a budget, you can apply for financing.
by My Commercial Capital | Dec 23, 2022 | Blog
When most people think about “retail”, they think about online shopping. While there are many retailers who are finding their success online, there is still a market for brick-and-mortar stores. Most of these also have a website, but shopping in person simply can’t be replicated online.
In this article, we’ll outline the steps that you need to follow to open a retail store.
8 Steps to Open Your Retail Store
Think of an idea, create a business plan
First of all, you need to think of an idea and create a business plan. Ask yourself these questions:
- What do I want to sell?
- Who will be my target customer?
- What type of prices will I have?
- Who are my local and industry competitors?
- Who will be on my team?
Of course, there are lots of other questions that will need to be answered, but these questions will help you get started.
Once you have answered these, you can consider your business funding options and marketing ideas. These can be addressed in your business plan. You may want to find out how you can attract investors and the various types of business loans that are available.
You’ll need to consider your fixed and variable costs. This may lead you to the discovery that you should start with an online business and expand into a physical location in the future.
Choose your store’s name
Next, you will need to come up with a name for your store. There are a few things you should keep in mind:
- Meaning: the name should mean something to customers
- Simplicity: the name should be easy to say
- Uniqueness: choose a name that is original and unique, not similar to competitors
The name of your business does not impact your success, so this shouldn’t be your primary focus. However, you do want to give it some thought.
Don’t forget the legalities
In order to remain compliant with government entities, you’ll need to consider the legalities including business structure, regulations, and getting the proper licenses and permits.
If you’re opening a retail store, you’ll need certain business licenses and permits, including:
- Basic business operation license
- Employer identification number
- Seller’s license
When choosing a legal structure, you’ll follow the same steps as other businesses- but understand that becoming a sole proprietor is risky. You’ll want to choose a structure that doesn’t put all of the responsibility on one owner. Most retailers choose to establish an LLC or a corporation to limit their personal liability.
Choose your location
When opening a physical store, you must find the best location. You may be tempted to choose a location based on the cost and hope that you make enough money- but there’s something to be said about being in a busy area of town. A location in a busy part of town may cost you more, but it may translate into a lot more customers.
When looking for the best location, think about your target demographic and where they typically hang out. Then, try to find a space in that area. While this may sound simple, it makes the most sense. If you don’t put your business where your customers are, they are less likely to shop with you.
Create a personal experience
Online shopping offers convenience that a physical location does not. When shopping online, the store is open 24/7. Therefore, in order to find success, you must add value that your competitors do not.
This often means creating a personal experience for your customers. Many retailers find that offering samples or allowing customers to try on clothes increases their success. Online retailers simply can’t offer this type of personal experience. Your primary focus when creating your business should be your customer.
Build relationships with vendors
When opening a retail business, you’ll need to establish relationships with vendors. As a small business owner, you’ll face some unique challenges- but you must take steps to consistently please your customers. One of the best ways to do this is by establishing relationships with your vendors. If you can do this, you will be set up for success. This may be challenging if you use overseas vendors.
Explore opportunities for marketing
One of the most important steps in building a successful business is marketing. If you have an online business and want to expand to a physical location, consider experimenting with pop-up shops. This is a shop that is opened in a temporary location for a short period of time.
This will allow your business to move around and attract new customers. A pop-up shop can help you determine whether or not your physical location would be successful.
Other marketing opportunities include social media and/or in-store discounts. Sales are a great way to increase foot traffic to your store. No matter which marketing tactics you use, you must find creative ways to reach your customers.
Plan a grand opening
When opening a retail store, plan a grand opening. This doesn’t mean that you need to spend a lot of money- but you do want to make a big deal. Reach out to your local media outlets to let them know about it. This is a great way to get the word out without spending money on marketing.
In addition to media coverage, put your grand opening information on social media and other channels for several weeks in advance. Don’t wait until a few days before the event to mention it.
Keep in mind that it doesn’t have to be a major deal, but you should take it seriously. It won’t make or break your business, but it will make people aware- and hopefully get them excited- about your business.
Conclusion
When opening a retail store, there are certain things you need to do. Keep these in mind to improve your chances of success. If you need help, contact My Commercial Capital today. We can help you get started.
