There's no doubt today's technology is capable of some astounding feats. But it's not just advances in social media and cellular phone technology – much of the cutting-edge tech hitting the market is specifically geared to help small business owners.

As a franchisee selling industrial sheds and other products, you can count on the support of Shed Boss. However, you can also make your life easier and improve your business' chances of success by embracing modern technology.

The Grattan Institute recently reported that small and medium enterprises employ two-thirds of private sector workers and are responsible for half of private sector gross domestic  product in Australia.

However, many of these businesses struggle with reduced productivity due to their failure to take advantage of technological innovations.

"Today mobile devices, e-commerce, cloud computing and other online innovations offer opportunities for firms of all sizes," the Grattan Institute said.

"Cloud computing – the delivery of on-demand information technology services over the Internet – is a case study for how online technologies can benefit smaller firms."

Unfortunately, many Australian small businesses do not make use of modern tech like cloud computing.

"Many are not aware of the benefits or believe they lack the skills to capture them. Some are concerned about transition costs, data security and privacy. Networks are too slow or unreliable for cloud services in some areas," the Grattan Institute continued.

While issues such as slow networks may be unavoidable for some businesses, there's no reason things like fear or ignorance should stop business owners from making the most of the tools they have at hand.

In today's market, it's more vital than ever for small business owners to make use of all the gizmos, gadgets and programs at their disposal.

Shed Boss knows this, which is why we provide our franchisees with training and innovative software to help them handle everything from designs and quotes to project management.

Becoming a Shed Boss franchisee and selling premium-quality, custom designed sheds can be a lucrative endeavour.

However, as with any small business, it will likely take money to make money, especially in the early stages.

For this reason, the most difficult challenge faced by small business owners when they first attempt to get their enterprise off the ground is obtaining start up capital.

Options available to you

Unless you have sufficient savings put away, chances are you'll need to borrow money in order to start your business.

Borrowing money from family and friends is often the easiest – not to mention cheapest – way to gain start up capital. However, keep in mind that mixing money with personal relationships can lead to complications.

Your best bet will probably be taking out a loan from a local financial institution.

Credit unions and community banks can often be a superior choice to major banking institutions, especially if you've done business with them in the past. It's easier to develop close relationships with smaller banks, and this can work in your favour when it comes time to borrow. 

Whereas a large bank may be strictly focused on your finances, a smaller financial institution you have history with might be more willing to make allowances.

Making your business desirable

At the same time, no matter where you choose to borrow from, it's essential to make yourself an attractive candidate.

A strong credit history can go a long way to help, but even more important is having a detailed business plan in place.

Fortunately, becoming a Shed Boss franchisee comes with a built-in business plan and the support of a large company to back you up. This can make obtaining the funds you need easier than going it alone.