What’s the newest industry out there? Maybe you’re thinking of something marijuana related. Maybe you’re thinking of something e-cig related. Or, maybe it is something internet related. While all three of these are good guesses, they are wrong. The hottest new industry is actually headhunters to find startups for those in need of funding. Start up business funding is something that most every merchant needs, but cannot find – or doesn’t know how to find. While these services are great, merchants can save time and money just doing the research themselves.
Startup funding is tough to find, but it is possible. An online search can bring up banks, which are not the ideal place for any merchant to look for funding. Another big find on the internet is crowdfunding. This is a bit more complicated for startup merchants, as the “no strings attached” method seems great. However, there are a few catches. First off, funding is not guaranteed for those who set up a campaign. These rely heavily on social media friends and fans to give funds, and if you do not have a big social media presence, you may be out of luck. There is also the issue of how much the hosting sites will take for hosting the campaign. Most sites take anywhere from 10-30% – so you need to take this into account before setting up a campaign.
A better option – and the best for many – is to contact your merchant account provider. They not only house your merchant account, but also many provide a merchant cash advance option for those in need of a little extra funding. This is not a loan; it is instead a “buy in” to your future sales. When you make a sell that uses a credit card, a small percentage is taken from that sale and used to repay your cash advance. If you don’t make any sales, you don’t pay that day. It’s simple and fair.
While headhunters are great for finding startup merchants funding, you can do the work yourself – for free – with a little research. Just be sure that whatever funding source is legitimate and doesn’t have any catches.
So, you want to open a nail salon. While there are many around, not all are great. And not all offer great service and products. You can stand out easily, as there are many niches that you can grab onto. However, some tips are better than others when it comes to succeeding in this tough industry. Below are 10 tips for succeeding with a new nail salon.
1: Follow state board guidelines! This should be common sense, but if someone is in a rush, they may not be as clean as they should be. Make sure there is plenty of soap and Barbicide (if it is allowed in your state) for your staff to use.
2: Have extra funds. It can be hard to find the best small business funding option for your business, but it is worth the search. From crowdfunding to merchant cash advance programs, it is important that you keep extra cash on hand – and know where to find it when you are in a jam.
3: Keep retail new and stocked. This also concerns knowing your clientele, as well. If you are in a rural area with a low income, few are going to buy a $15 bottle of polish. However, if many are nail biters (as are their husbands and children), then matte, clear polish meant to keep one from biting their nails may sell for $15. Know your clientele – and if you are perplexed, just ask what they think you should carry.
4: Seriously – know your clientele! Keep a card with each client’s info – from name, address, age, birthday (for discounts, if you offer them), if he or she is diabetic, or if she is pregnant. Also, keep track of what polish they use. This can help identify a favorite when she cannot remember its name.
5: Extras are nice. Toe waxing can cost as little as $3 or $5 per client, and it’s a quick and easy thing to do. It is also something that is needed – but many nail salons do not offer the service.
6: Keep comfy. Wintertime is dreary, cold, and it gets dark early. Keep your nail salon inviting and comfy with winter fragrances, and offer up hot cocoa, hot tea, or coffee for clients and their guests.
7: Get the right lighting. Sure, decorative and funky light fixtures are fun, but if they give off the wrong strength of lighting, your entire operation can crash and burn. Keep it simple, and make sure that the light is proper.
8: Give discounts. Cops, EMTs, military men and women, and firemen and women are often overlooked, and you can get a good clientele by offering them a discount. It also helps you to know the local officers, so you know who will come if you have an emergency at your business.
9: Buy bulk. Buying your supplies in bulk amounts will save you money down the road.
10: Cross promote. Giving your business cards out can sometimes work, but cross-promoting with a local salon or clothing store can do even better.
A new study from the UK Commission from Employment and Skills (UKCES) found that women earn less than men in 9 out of 10 industries. But those in the finance and insurance jobs are the worst affected, where the gap is 40%.
The findings come just a week after Equal Pay Day on 9th November, representing the point in the year at which women are effectively working for free as a consequence of the gender pay gap.
The large pay gaps are highlighted within the energy, scientific and technical sectors where women are also under-represented.
Highest gaps are found in skilled jobs like finance, insurance and banking, where difference is of over 15 per cent. But admin or secretarial jobs, as well as sales and customer service roles have a smaller gap (6 per cent and 3 per cent respectively).
The study found that on average women across the workforce are still earning 19.1 per cent per hour less than men in 2014.
But when it comes to GCSE to postgraduate degrees, UKCES research shows that female student outperform their male counterparts.
“This research brings home the bleak reality of gender inequality at work in the UK. In spite of women’s real achievements in education, the gender pay gap stubbornly remains.
“Our research shows that occupational segregation is a key factor at play here. Women are under-represented in a range of sectors and occupations that offer higher paying roles – for example fewer than 10 per cent of British engineers are female,”
“As almost a quarter of women work part-time, they are also disproportionately affected by the low quality, and poor progression opportunities offered by much part-time work.”
“It is welcome that the government is moving to bring more transparency here, by introducing a requirement for the public sector and larger firms to publish information on gender pay differences.”
“However, there is clearly more that could be done by employers, education providers and careers advisers to create more and better opportunities for women and tackle patterns of occupational segregation.”
said Dr Vicki Belt, assistant director of UKCES.
The report also finds that:
From 2005/6 to 2013/14 the number of women taking Science, Technology, Engineering and Mathematics (STEM) degrees rose by just 2%, while take up for men across the same period grew by 24%.
The financial system is a network of financial organizations, which carry out and regulate financial activities, the ministry of finance, the treasury, the central bank, the tax service, stock and currency exchanges.
There are budgeting, financing, investment, banking, taxation and insurance are the main forms of financial activities. Financial assets flow in the system from savers to borrowers, who use them. Savers and borrowers are linked by financial intermediaries. They are banks, finance, investment and insurance companies.
The heart of Britain financial services industry locates in the famous “Square Mile” in the City of London. It is one of the largest financial centers in the world. The world’s largest banks and financial markets located there. For example, London Stock Exchange, the Foreign Exchange Market, the Financial Futures and Options Market, Eurobond and Eurocurrency markets.
2. The financial activities
The modern market economy is populated by three types of economic agents, whose interaction constitutes economic activity. There are budgeting, financing, investment, banking, taxation and insurance are the main forms of financial activity.
Financial assets flow in the system from savers, which act as sources of funds, to borrowers, who use them. Savers and borrowers are linked by financial intermediaries. They are banks, finance, investment and insurance companies. And the ministry of finance, the treasury, the central bank, the tax service and other governmental organizations also carry out and regulate financial activities.
There are stock and currency exchanges, commercial banks, producers, finance, investment, insurance companies, and special financial-credit institutions such as investment founds, pawnshops, trust companies – all of these types of economic agencies carry out the financial activity, which is a backbone of any financial system.
Banks play very important role in any financial system. Banks are classified as commercial banks and central banks.
Commercial banks open accounts for their clients and receive money on current and deposit accounts. These funds they use to provide loans and for investment. They also collect cheques, discount bills, transfer money, buy and sell securities and do other commercial operations. The main purpose of commercial banks is to make profit.
The main purpose of central bank is to control monetary system. It helps government provide monetary policy by regulating supply, cost and availability of money and credit. It is the county’s leading bank, which act as banker to government. It issue banknotes, regulate activity of retail banks and provide services related to the public debt.
According to the changing business environment the role of the financial manager has undergone a sea change.During 1980’s the finance manager had a traditional role to play ,his task was mainly confined to procuring cash,maintain accurate records ,prepare reports on the company’s current financial position and performance and manage cash to save the company from insolvency.However this role gradually transcended and has now changed into a gigantic task with the growing complexity in the business environment,globalization and also with the enlargement of the size of the business.
Today’s finance manager is well versed with the overall financial functioning of the organisation and is capable of dealing with the problems and decisions dealing with the management of the financial operations.Now he is very much involved with with the total amount of capital employed by the firm ,with the allocation of funds in various financial projects and financial activities and is less concerned with the procurement of funds and now the finance manager is more concerned if at all the funds have been properly utilised.Therefore the role of the finance manager is much exact.In order to tackle the functioning of this financial operations he has to have a broader range of skills,a strong grasp on the nature and scope of all firm and financial operations and a thorough understanding of how the firm operates in averse situations and operates in a market place.Therefore their task are more centralised on the liquidity and profitability of the firm.
Today,undoubtably the role of Financial managers have not only become exciting but also challenging,because it entails effective and quick decision making process,tact,requisite skill,intelligence and foresight in order to match the fast moving and technologically complex corporate environment.There can be problems at times where it becomes increasingly alarming for the company to function smoothly,the problems can relate to:
Selection of new proposals for capital investment,Dividend declaration,Procurment of long term and short term capital,optimal use of working capital and increase in the value of firms common stock.Therefore the role of the finance manager centres around efficient planning and control of flow of funds right from inflow to outflow of funds.The modern financial manager has very important role to -play in the effective management of the company.He has to have knowledge of financial markets and financial statements in order to take financial decisions or any corrective measures,concerning the firms operation.The financial manager is highly specialised job today ,no area of management can function smoothly unless its financial aspect is sound and effectively managed,the responsibilty totally rests with the Finance manager.Hence shows how important a Finance manager is to the organisation.
In the early words just to express that how crucial Finance is, I would like to tell you that Finance is the life blood of business. Finance is must for every process of business. In a business you will be requiring finance for trade, industry and commerce. Finance is required for establishing, developing and operating the business efficiently. But more importantly without adequate finance no business can survive and without efficient financial management no business can prosper and grow.
Basically in more easy words, finance is the study of money management. Finance is everything, it’s not only about raising the funds but it is also about how to utilize the raised up money. Financial function has two approaches. Traditional approach: Main function of finance in traditional approach is limited to rising of funds. In this approach emphasis was laid on the study of rising capital, institutional sources and current practices of finance. Traditional approach is descriptive in nature and has many advantages but modern approach is far more descriptive and has much more advantages than the old or traditional one.
Traditional approach was analytically not sufficient. It was lacking as the measurement of numbers was not getting possible. Modern approach is not limited to procurement of fund rather it has a huge involvement in planning, control and administration of the funds used in business activity. There are three basic decisions related to financial management. These decisions are namely Finance decision, Investment decision and dividend decision. These all three carry a huge importance when it comes to finance decision. Finance decision is important as it decides the capital structure of firm. It is responsible for the decision related to the amount of Equity or debt in a capital structure. Then we have Investment decision, it is very crucial as it allocates the funds of a firm to the desired or needed place. Investment decision caters the allocation of funds either as fixed assets or as current assets. Thirdly what we have is Dividend decision. It is one of the most important decision as it caters the allocation of income. I mean, the purpose of dividend decision is to distribute the money among the shareholders of the company. So the three main decisions should be crystal clear to you. Make sure you keep these things in mind as you know, without efficient financial management no business can prosper and grow.