It has been a whirlwind for me lately, although it is really just the end result of a lot of a work at a hobby. Of course gambling is a really risky thing by definition, gambling means taking a lot of chances. At any rate I have been using a system of sorts to make wagers on betting web sites. At any rate I figure out which games I want to bet upon, usually around five to ten games. The idea is that I want to limit the possibility that I will completely bomb out. In large measure I have pretty much lucked out on a lot of the games I have won. At any rate the last two weeks I have gotten all of the bets right except for one and I came very close to winning that. It was pure luck, but I had been winning a good deal of money over the past few weeks. Continue reading
Many people fail at business because they try an age-old business killer called “trying to sell to everyone”. If you are starting your first business, or any type of small business it makes more sense to identify a niche and to make sales to them. Selling to a niche has the potential to earn you big money. If it’s a well-defined niche hungry for whatever you’re selling. With a niche, you increase the probability you will capture the hearts, minds, and wallets of your target market. Trying to sell to everyone will almost always fail in a new business because the masses tend to spend their money with known companies. Few people want to gamble on a new, unknown company. To increase the possibility you make money, identify a niche and be certain you take the steps to appeal to them. Review the five steps for developing a niche that will be drooling to buy your product:
STEPS FOR FINDING YOUR NICHE
1. First, you must define a market you would like to target. Your goal should be to become a big fish in a little pond rather than a little fish in a big pond, where you are ignored. Understand the needs of the market you have chosen, then capitalize on those needs.
2. You must decide three things. First, whether your product is useful or not. If it is, who would get the greatest utility from its use? Second, if you’re able to answer the first question, you must decide how you will differentiate it from what’s offered by competitors. Third and finally, you must determine how you will most efficiently get the word out to your target market.
3. You want to establish yourself as the go-to company for whatever it is, you’re selling. Many alleged business specialists suggest establishing yourself as an expert. I almost agree. But realistically, becoming an expert in a world full of them is unlikely. Your goal should be to become an expert over time. Thus, you don’t have to try to establish yourself as the leading expert. You don’t have to beat other experts initially, aim to join them.
4. Create a specific message or a group of them, that speak to the niche you plan to target. Business is conducted on an emotional level. Once you identify the niche you plan to target, seek to build a community around the product or service, for which you are trying to capture their interest. Communicate with them often and be certain to appeal to their emotions and the benefits they will derive from use of your offering.
5. Be certain you remember you have three limiters in trying to reach your niche. Your objective, your budget and the most effective means of delivering your message. When you’re a new start-up, typically your budget is small. But, your objective would always remain to make the members of your niche aware you’re available. Both initially and over the long run, you would look for inexpensive or free methods to get the word out. To the extent possible attempt to get your company or your offering listed everywhere you can. Online you should both join and create groups. Offline, be certain to be an ambassador for your company along with anyone else you can get to toot your horn. When you’re starting out use flyers, brochures, and business cards. All of which can be put together for a little money. As you begin to earn profits, you might establish business pages on social networks. No matter what you’re selling, there are probably people looking for it on Facebook. Facebook remains the king of the hill for social network marketing. But don’t overlook Twitter, Google +, LinkedIn, Pinterest and any of the big social networks. When you begin to make money, you can buy paid advertising in the future, to the extent your profits exceed its cost.
Managing working capital effectively is an essential business discipline, regardless of the stage of business’ life-cycle you have reached. During a start-up or growth phase, many businesses grow rapidly, run out of cash and fail. They simply do not keep pace with the business’ increasing cash needs. Established businesses must also pay close attention to cash flow and maintain adequate working capital to pay suppliers and expenses as they fall due.
In my experience, business owners often overlook two essential questions when addressing their working capital needs. Firstly, how much they require and secondly, how they will finance or fund it. Determining your business’ “cash conversion cycle” is often a good indicator of your working capital needs. It’s determined by calculating how quickly your business converts its purchases (materials, inventory, etc) into cash received from customer sales.
Managing Working Capital Effectively
You can use other working capital ratios or measures to review working capital needs. Ratios such as inventory turnover, creditor days, and debtor days can be used to help identify potential concerns or trends. Regularly reviewing them will help you prevent inadequate liquidity and cash flow and enable you to take proactive action before it’s too late.
Adopting “better business practice” will help you manage cash receipts from debtors (also known as “accounts receivables”). Providing easy payment methods, developing and adhering to credit policies, and following up on late payments will all help. However, you’ll need to consider any possible negative effect these may have on your customers. For example, customers may go elsewhere if your credit terms are unfavourable to them.
Paying close attention to paying your suppliers and expenses (“accounts payables”) is equally as important. Pay invoices when they are due (rather than paying early); check invoices for accuracy, negotiate credit terms, and utilising any prompt payment discounts will all help. Remember that in doing so you’ll need to ensure that your suppliers continue to supply you with materials, utilities, etc.
Economic Order Quantity
For many business, an important area of good working capital management is in managing inventory. Determining optimum stock levels and the ideal time to re-order inventory will help preserve cash. The “Economic Order Quantity” (EOQ) calculation will help you to determine how much inventory you need. It will help you to balance “holding costs” (warehousing space, etc) with costs associated with ordering stock (“delivery charges, etc). EOQ will also help prevent you running out of inventory by determining “safety levels”.
Irrespective of whether your business is a start-up or not, managing working capital effectively will be vital to your success.
Mark Gwilliam FCCA CA is the founder and Director of Chakra Partners, an internationally recognised finance & accounting outsourced company.
He advises executives & small business entrepreneurs on complex challenges including strategy, risk management, managing shared-service centres, operations and how to run successful businesses. He combines his natural enthusiasm for sharing his knowledge with his proven ability to provide practical down-to-earth solutions for clients. He’s written several eBooks and regularly writes business articles.
Unless you’re a Seasonal or Retail based business, it’s no secret that business will slow down around the holiday season. Right around October is where you can see a big drop in sales. These Holiday months can be rough on small businesses, so How do you continue your company’s growth into the holidays? If you agree that there might not be any customers to sell to during this time, what do you do with the extra time?
It’s crucial to not become idle and complacent during this Holiday season. As a business owner, there’s always things to be improved on and not hustling through the Holiday season can allow competitors to close in on your market. No matter what industry you’re in, there’s always challenges that need to be addressed. The harsh reality is – businesses fall victim to the Holiday slow season and end up closing doors.
Stay ahead of competition and prepare for the Holidays. While others slow down and sit around, get the edge with these 4 tips.
Follow up on overdue Invoices
If you’re a small business, there’s a high chance that there’s outstanding invoices that haven’t been paid. With the additional downtime, make an effort to cash in on these invoices. Sometimes it’s as easy as invoices that you forgot about. Other times, it’s more difficult cases that need to be sent to collections – either way, you shouldn’t leave money on the table. Any money coming in is helpful to your books.
Make sure to keep note of why invoices are outstanding. Later, you can improve your billing process this way to ensure no more leaks.
Trim fat by cutting expenses
It’s easy to allow monthly expenses to get out of control. When business is doing well, you don’t notice the small thing. But You don’t have to wait until urgent times to do a review of your business expenses. There’s always ways to cut back. Where to start? Try Asking your employees. For Example: You can reduce your marketing expenses if your employees know that the ROI won’t be good or You can ask for email subscription/marketing services to be suspended a month. Finding ways to trim your expenses will give you extra cash flow into the new year.
Another expense you can look into reducing is your payroll. You can increase your employee morale and satisfaction by offering an option to have 1-2+ weeks of unpaid vacation. Some Employees will appreciate this option as they cherish time with their family and loved ones. In exchange, you get to reduce payroll for the month, and It’s a great way to keep everyone happy.
Build up a cash reserve
It’s always good to have a 2-month operating cash reserve, regardless if it’s the Holidays or not. In the months leading up to the last quarter, stash away some money for your cash reserves. If times get rough, you’ll be glad that you have it. You never know if you might need it for some unexpected tax liabilities or other operating expenses.
Reflect and Plan your attack
During the slow season, you should reflect on the past year of business. Meet with your accounting department to see what month was the busiest, then plan accordingly. Plan to apply strategies that were the most successful and make a note of what services or expenses offered the best ROI. Then Challenge yourself with a realistic goal that you want to beat. This will encourage growth and serve as a benchmark for you to work toward.
It’s not easy running a business. But between balancing your books, keeping your employees happy and solving problems daily – sometimes you forget about relaxing. Our final piece of advice is about stepping away. Taking a Vacation won’t destroy your business. The best time to take some personal time off is during the Holiday slow down. Going away for a vacation can do wonders for your thought process. According to (Forbes), 3/5 people reported having better clarity with their thoughts after an extended vacation. Use our tips to ensure productive use of your downtime.
A small business owner wears many hats. Often, they are responsible for finding business, customer service, sales, advertising, and bookkeeping. This is in addition to the duties surrounding the actual service or product the business provides.
There are many resources available on the internet to help you wear your many hats with more confidence. Here are some of the most useful courses, websites, and other resources you can access now.
1. The University of the People
The University of the People is an online, fully accredited university, based in the United States. They offer tuition-free associate and bachelor degrees in Business Administration, Computer Science, and Health Science.
One of the greatest bastions of self-directed education, Coursera offers instruction in on a variety of topics. Learn how to market yourself, and improve your personal brand. Take a class on bookkeeping or accounting. Or, sharpen and expand your marketable skills.
3. Open Culture
Open Culture bills itself as a repository of free cultural and educational resources found on the internet. Their list of videos, courses, and audio files, related to many different aspects of business management, will keep you busy for days.
4. Small Business Administration
The Small Business Administration should be the first stop for every self-employed entrepreneur. Their website offers free courses, downloads, and videos to help you on every step of your path. Learn how to write a business plan, find funding, do market research, and so much more. The SBA also offers a mentoring program for new small business owners.
5. Free Management Library
If you want the knowledge that comes with participating in an MBA level business program, but don’t want the expense, the Free Nonprofit Micro-eMBA is for you. You get access to all the lectures, readings, and assignments that you would in a full university course. But you get to do the work at your own pace, and all for free.
The iTunes app gives you access to hours of podcasts. Many prestigious universities and schools have partnered with Apple to bring you audio and visual files straight from the halls of Ivy League business schools. Enjoy top notch instruction from schools like Stanford, Harvard, and UC Berkeley.
Udacity is one of the newer faces in online self-directed education. Their courses concentrate on web and computer technologies. Take one of their free courses, or invest in one of their paid offerings. If your business is web or computer based, their offerings can help you find new services and products to help grow your business.
8. MIT OpenCourseWare
Best known as the gathering place for academic elite to explore engineering, science, and other futuristic technologies, MIT offers many past lecture courses for your personal development. They offer courses that cover many topics, including classes in business and entrepreneurship.
Another new website catering to the self-educated crowd, edX offers a variety of courses that a small business owner or entrepreneur will find indispensable. They also offer certifications that prove you put in the work. Their MicroMasters program will have you feeling like an expert in no time.
10. Code Academy
Computer technology is the future. If you find your computer programming skills are holding you back, look at the courses offered by Code Academy. Their short, interactive tutorials and lessons will get you up to speed with what you need to know to tackle lucrative online markets with confidence.
11. HubSpot Academy
This one is for all you keyboard warriors! If you are attempting to carve a slice of the internet marketing pie for yourself, this is the site for you. You can work towards a certification in inbound marketing, email marketing, inbound sales, content marketing, and many other offerings. Most courses are free.
12. TED Talks
Make this your one-stop source for information, entertainment, and inspiration. TED talks cover the whole fabric of life, from personal stories to motivate to advant garde and unusual instructions and solutions.
13. ALISON Diploma in Social Media Marketing
If you want a quick yet thorough guide to effective social media marketing, the diploma in Social Media Marketing might be what you need. This free course will take you from social media newbie to media marketing master in under 20 hours.
What on earth could small businesses learn from the tiny house movement if your industry is unrelated? It comes as no surprise that the growth, mission, popularity and purpose of the tiny house movement have grown over the past decade. People are joining this movement for financial freedom, environmental and leisure enjoyment. These owners reduce skyrocketing maintenance costs and living expenses that come from soaring mortgage payments of capacious houses. This movement also frees up more time to spend with family and travel.
Over the past decade, we have seen the increase in restructuring, downsizing and corporate dismantling by many large firms. According to the U.S. Small Business Administration, 99.7 percent of all employer firms are small businesses. While this percentage is an impressive number, there are some great tips many small businesses can take away from the tiny house movement.
- Compact and mobile: Owners of tiny houses downsize to reduce the overabundance of clutter, high mortgage payments, and freedom to do more things they want to engage in. They have the capability of hitching their home on the back of a vehicle and can save money on hotel costs when traveling. Depending on your type of business, with the ease and digitization of many applications and smart devices, you can mobilize your business and take it anywhere. Even if you relocate, your business can be just as portable. Small businesses may be compact in scale, but can be substantial in their return on investment.
- Energy and cost-efficient: Tiny house owners save money by lower operating costs, energy usage, and maintenance costs. You will find innovative ways to curb your budget in certain areas that will free up money for other important business investments to grow your business. Small businesses may not use up as much energy and power as larger organizations. You can operate more efficiently as well as effectively.
- Environmentally conscious and sustainable: Tiny houses may be built using environmentally friendly and repurposed materials. They are built to last but are as unique and aesthetically appealing as the details in a larger home. Small businesses can apply similar eco-friendly elements and recycled supplies to their organization. Make a statement with personalized and customized brand installations on a smaller scale, but with great innovative curb appeal.
- Technological advantages: Technology is not as big and bulky as it once was. Tiny houses can embody the same level of digitization as larger homes, just on a smaller scale. At one time, big businesses had the upper-hand with harnessing more advanced applications in technology. Nowadays, not only is technology more advanced and constantly evolving, many elements are far more affordable than they’ve ever been.
- Innovative: While tiny house living is not a new phenomenon it is increasing in popularity. The idea of living a quality life on a small-scale pushes us to new levels of residential creativity. We are inspired to try something new, creative, and innovative that will make us stellar in our industry. Since many quality products and services are more affordable and reliable, small businesses can make quality purchases and outsource services that will save on equipment and personnel budgets.
Just because a small business may adopt a few ideas from the success of the tiny house movement, some of these applications may not be feasible or appealing to your particular industry. You don’t have to sacrifice quality for affordability. Small businesses have the power, however, to promote their business with creative, personalized and exceptional customer experiences, regardless of size and budget.
Blueprint to starting a business -from ideas to implementation.
Starting a business, where do I begin? Information overload. I’ve complied what I’ve learned over the last 8 years of being on the internet.
-Write down a list of services in your area that could be filled.
-Write down a list of what your hobbies, interests are.
-Research and see if there is a need for the service. Check if there is competition. If there is, see if you can do something easier/better/different. Is there a problem you can solve for your customers? In our area, I would love a delivery place that offered healthy foods such as good old-fashioned green beans with a hamburger instead of fries. Research a need in your area and see if you can fill it. Research the laws in your state. If you’re thinking of starting a bakery, check with your local health inspector to find out what is allowed. If you’re thinking of running a business out of your home and will have customers pick up orders, make sure and check with your local business zones. Some areas may not allow excessive traffic, it’s best to do your research.
-Once you’ve decided what you want to do, research the business name and make sure it’s available. You’ll need to register it with the state. Most states allow you to do this online for a minimal fee.
-Taxes- get legal. If you’re selling a product, see if you need to collect state sales tax. In my state, I collect taxes on products purchased in my state only and then forward to the Department of Revenue once a year.
-Buy a domain name with your business name. 1and1.com and GoDaddy offer domains. This usually costs less than $10 for a year.
-Hosting-ask friends and family for referrals. I love my host. Uptime is very important as well as response time. I host with a smart entrepreneur who owns her own servers and monitors them regularly. If there is a problem or I have a question, I know that she is one email or phone call away. I don’t get referred to another person for another issue.
-Create a website. There are tons of ways to do this. There are many templates you can find, both paid and free. I’ve used both, plus created mine from scratch as well as paid to have my website created from scratch.
-Shopping cart-How are you going to sell your product/service? There are as many shopping carts out there as there are ways to start a business. A free shopping cart that is easy to use is Mals-e. It integrates easily with Paypal.com. PayPal also has their own shopping cart and buy now buttons. When considering a shopping cart, look at the features that you are going to need. Are you selling 20,000 different products? If so you’ll need a shopping cart that lets you use Excel or other programs to upload information. If you’re selling 10 or even 50 items then Mals-e will probably work for you. Mals-e creates a HTML button to insert into your page. The customer is taken to a secure form where they input their payment information.
-Are you secure? If you will be accepting credit cards, you will need to be certified PCI compliant for credit cards. Some shopping carts take care of this for you. I currently use Ultracart and they offer PCI compliance with their cart. I have a SSL certificate that I pay a yearly fee for. To get the certificate, I had to prove who I was and get it verified. This protects both you and your customer.
-Learn Search Engine Optimization (SEO)-Learn it and keep learning it. This is how you get the best search engine results, which can mean the difference between your business making a profit or losing money. If your website is optimized correctly Google and other search engines will find you and send traffic to your website, resulting in more sales. Cricket’s search engine optimization class is the best and it’s free!
-Now that your website is up and running and you have a working shopping cart, it’s time to advertise. When you built your website you used keywords that others would find you with, right? It’s important to understand that just because you have a website up and running, it doesn’t mean customers will magically find you. There are many new websites going up every day so yours has to stand out. You can start by adding original, unique content using your keywords. To find your keywords, use a keyword finder. Google has a free one. Another way is to brainstorm. What would you type into Google to find you? Who needs your services? Who is your target market? Where can you find them?
-Accounting- set up a method to keep track of sales and expenses. It doesn’t have to be complicated. It can be as simple as an excel spreadsheet or even old-fashioned pen and paper. QuickBooks is a popular program that is easy to set up and maintain, just do it from the beginning or you’ll spend time backtracking to put information in.
-Marketing plan-Create a map of where you’re going and how you are going to reach your goal Get your free business marketing plan workbook.
-Ideas- Keep track of all your ideas. I write them down and put them in my folder of ideas that could be implemented with time and money.
-Have a support system. I have a fabulous group of women who have their own specialties. I’ve learned so much from them. When I’m having a bad day I can go to them and vent. It’s extremely important to have a support system in place. Realize that you can do this but it will be hard work, long hours and little pay up front.
-Work, Love and Enjoy- My best advice comes from Kay Green, work your business like a business every day. Set up a business schedule and stick to it. Work on your business every day. My friend and mentor taught me this. She went from one product to having a storefront and being a leader in child safety and baby products, all within less than 10 years..
-Read these tips, make notes and read it again. Remember that although this is step by step, it can be accomplished by doing more than one thing at once. When you’re an entrepreneur you will wear many hats. If there’s something you don’t know, reach out to your network and ask for help.
According to Richard Branson CEO and Founder of Virgin “A business’s long history is meaningless if it doesn’t provide the best-designed, most reliable products or services at competitive prices and back up those offerings with the finest customer service. In these fast-moving times, longevity is more the exception than the rule. According to a 2012 study by Richard N. Foster of Yale University, the average lifespan of a company listed in the Standard & Poor’s 500 index has decreased to just 18 years, from 61 years in 1958.
Are you becoming complacent?
Almost no products are so good that they cannot be constantly improved on. In the UK they have a great saying: like painting the Forth Bridge in Britain,” which is an unending task. This is because the painters of this massive bridge in Edinburgh were never done – once they had finished painting it, they then were needed to immediately start again. The task came to an end in 2011, because workers had switched to a new kind of paint. This is a great example how your businesses product development should be a similarly endless quest for improvement.
According to Bluecorona Small Business Statistics for 2016/2017
- 66% of small business owners say that finding new customers is a top concern.
- 40% of small business owners say that retaining customers is a priority.
- 43% of SMBs says that improving customer experience and retention is their top strategy to improve revenue growth.
- 30% say that keeping up with technology advances is a major concern of small business owners.
What is Future Proofing?
The term “future-proof” refers to the ability of something to continue to be of value into the distant future; that the item does not become obsolete. This information can be distilled into many principles depending on industry group which can then be applied to many areas.
10 Ways to Future Proof your Small Digital Business
- Work with millennial and change your thinking.
- Think from your client’s standpoint and create a positive product experience from this viewpoint.
- Common Q&A if you get the same questions try re-writing your website copy to better answer common questions.
- Focus on creating a long-term client not just a one-time sale.
- Read about marketing trends and the directions on technology
- Eliminate untrustworthy or toxic people from your life, this could be a lifelong friend, family member, a dishonest bank that has cheated for so long it’s become common practice, or even your mortgage broker who breaches your client trust and confidentiality.
- Monitor What direction your top 5 closest competitors are doing and create an average for your new direction if a new change is needed.
- Have a upsell strategy built into your product purchase process.
- Train your staff right from the start on exactly how to carry out the tasks they are expected to complete.
- Cut your costs, all businesses have expenses. Most businesses have expenses that can be cut. Don’t wait until you need to cut your operating costs to start eliminating unnecessary services and expenses from your monthly burn rate. Take a look into the expenses that don’t equate to your basic bottom line and ax them. Remember for every dollar you save it’s then directly reflected to your profit.
Small Business Digital Marketing that Converts
If you know anything about small business, then you know its overall mission is to attract customers that are interested in your products and services. You might have tried Google ads, or FB and social media marketing to some success. The problem with many digital marketing methods is you pay your money and cross your fingers that sales with convert. I have personally tried almost every type of digital marketing you can think of and the only one that sticks out for me is official email marketing. Email has been the only marketing method that provides the ability to grow massive contacts databases easily and responsibly. With email marketing you can send out thousands of emails an hour and have a web-based dashboard manage and automate the entire technical process. If I had to choose only one digital marketing platform to build my business it would be email marketing.
On developing YOUR unique expression through business to reflect an elegant simplicity with depth and meaning.
1. Be Nimble
Take a page from the tech startup playbook, and adopt a “Rapid Prototyping” mindset.
You’ve gotta start somewhere, and you won’t know until you take the action, see the results, and learn from real reactions from real people.
Don’t chase your tail in circles, waiting for all those marketing exercises to look perfect. Stop thinking if you get the approval of some business coach, your business will be bulletproof.
Hone in on your genius by doing good work… and see where you excel.
Be willing to pivot. Commit to excellence, not convenience.
Don’t get too attached just because you’ve invested time and money in some training or certification. Everything builds up to a final expression that’s uniquely yours because you’re bringing to the table a one-of-a-kind combination of skills and experiences.
2. Don’t Spread Too Thin
We’ve been told a million and one things we need to “fill the funnel” – the freebies, the tripwire, the eBook, the online course, the big group program, the small group program, the private coaching, and the live event.
When those coaches break up the numbers and show you how to get to “6 figures,” it sounds pretty darn good… if you can do 7 things all at once.
Yet, chances are, you’re not a genius in delivering every single format. You may suck at some and drag your ass on others… people can smell it miles away if you aren’t excited about it.
If it’s just something to check off the list, don’t do it.
You don’t have to fill up every single “rung” of what a “business model” should look like. You don’t have to offer everything everyone is selling.
You need to find the expressions that allow you to be in your zone of genius as much as possible. And get unapologetically good at it.
3. Redefine “Leveraging”
What about “leveraging?” You may ask – because that’s another irresponsible sound byte so many are tossing around.
Irresponsible because it’s defined rather narrowly in most cases and often send us down a rabbit hole.
Think outside “leveraging = 1: many” box in the form of digital products, online courses or group programs.
(Note that you have to invest time and effort to create those content before you even get paid… there’s always an opportunity cost. Is it the best way to spend your time and genius? Have you done the work to make sure you don’t hear cricket when you launch?)
Leveraging can just simply mean that you hone your skills, get amazingly good at it, articulate the value and relevance so you can charge a premium.
4. Forget “Charge What You’re Worth”
This is my big pet peeve.
Don’t tie your self-worth with what people pay you… so disempowering.
I’ve heard coaches being told in whatever training that they’ve to charge some crazy amount per month (even if they’re just starting out)… otherwise, they’re not doing it right.
Before we talk number, let’s talk what the number is about.
It’s about what you bring to the table. It’s about how you create meaning and deliver value.
It’s about whether you can say it out loud with confidence and conscience.
Your fee is only as good as what people are willing to pay – and it depends on how confidently and genuinely you can articulate the value, and do good work to deliver above and beyond your promise.
Those who charge $10k a month, and make it worth every penny and more, didn’t start there. They deliver, and they demand a fair exchange for the value they create for their clients.
Get to work. Don’t put yourself on the pedestal. Put yourself in the trenches.
5. Get Out Of the Bubble
All the coaching, programs, and training are putting us in the echo chamber.
It took me almost a year to detox so I can hear mySELF think.
Do what’s right for you. Don’t get sucked into sound bytes and rhetoric.
We’re seeing a backlash to all the sales messages, online courses, and coaching program in this space. When everyone wants to sell you something that sounds just like the next guy, the market gets jaded, skeptical and resistant.
You need to be surer than ever what YOU and your business need at this moment before investing. It’s not “if you’re unwilling to invest in yourself (and whip out the credit card now) you can’t expect others to invest in you” rhetoric – which is selfish, fear-based BS.
It’s not just the money. It’s the TIME and mental space – if you spend time and mental space on one thing, you won’t have it for others that actually matter.
6. Be Honest With Yourself
At the end of the journey, YOU are what matters.
Enough asking your Facebook group buddies how to make your decisions. Don’t be intellectually lazy. Take responsibility.
Most people you meet along the way will eventually fall off – what you do needs to be meaningful to you.
Ling Wong:: Intuitive Brainiac | Creativity Mentor | Copywriting Alchemist. Author of “Copywriting Alchemy: Secrets to Turning a Powerful Personal Brand Into Content that Sells” now available on Amazon.
Through her unique blend of marketing coaching, content strategy and copywriting process, she helps the maverick-preneurs uncover, articulate & transform their WHY into content that connects, resonates and converts – by way of an intuitive yet rigorous iterative process born out of her Harvard Design School training and 15 years experience in the online marketing industry.
Ling is Inbound Marketing, Content Marketing, and Email Marketing certified. Through her writing engagements with various SaaS and marketing companies with the goals of driving organic traffic, building readership and increasing conversion, she’s well-versed in topics including online marketing, content marketing, eCommerce, conversion, UX, social media marketing, and more.
She helps coaches, consultants, service professionals, solopreneurs and small businesses apply these best practices to their specific business models and circumstances.
If you have a solid business plan, you may want to look for potential investors. While this is a difficult step, you may want to stay ready. It’s suggested that you should talk to hundreds of potential investors before choosing the right one for your new business. Here are a few good ways to look for the best investors.
Start-up Launch Platforms
You can contact companies that offer research, information and assistance to new business owners. They help you start your business and look for the right investors. These companies have millions of members all over the world. So, you can get in touch with a good company that offers these services.
Another way is to look for angel investors. They will offer funds in addition to provide advice, mentorship and access to valuable contacts. As a matter of fact, this is all what you need in order to get your business started and then run it with great success. Make sure you do try out angel networks. These organizations have a list of tons of angel investors who help new businesses with their funds.
Just like other sources, crowdfunding sites give you access to different types of good investors. They include common people who want to be part of the next big thing as well as philanthropists who want to help others with their dreams. Aside from this, crowdfunding sites may include accredited investors looking for fresh ideas for investment.
Actually, each site has different focal point for incentivizing investors. Therefore, we suggest that you read up on each site to choose one that aligns with the powerful strategic goals you have set.
Incubators And Accelerators
Since your new business is like a baby, you need to work with a good accelerator or incubator. This way you can get the investor resources to grow your business. These investors perform a big role and help you turn your ideas into a business.
At times, some incubators and accelerators provide physical space so you can establish your office. Since other start-ups will share the same physical space, you can share ideas growing your businesses together. Start-up accelerators like Ycombinator and TechStars provide advice and many other services to investors like you.
Small Business Administration
You can also contact the Small Business Administration for funding. The organization has been offering solid programs for the stimulation of the economy. Basically, they offer loans and grants to small start-ups.
Social Networking Sites
Aside from LinkedIn, many social networking websites can help you get in touch with different types of investors. These sites help you to contact investors all over the world. Moreover, they promote your products or services in other countries of the world as well. Some good names in this field include Meetup, Cofoundr, Startup Nation and EFactor, just to name a few.
Private Equity Firms
If your start-up has great potential to grow into a big business, private equity firms can help you. They can provide you with millions of dollars so you can grow your business. You can check them out as well.