Funding Options For Business

Posted on 07 November 2017 (0)

Gotta Have the Funds

A lot of entrepreneurs have to seek out some extra money either to keep their business alive when going through a rough time or to help with its growth. So, planning how to fund your business is not really a topic that can be discussed in a short amount of time. Basically, if you want to externally fund your business, there are two ways to do it.

Using Debt 

If you decide to use debt, the investor will receive a note for their money. This note contains the important information regarding the terms of payment, which include interest and timing. There is one important benefit of using debt, and it is that you retain the complete ownership of your company. 

 

However, there is one downside when it comes to using debt, and it is that you are obligated to repay. Failing to meet this commitment can lead to a lender forcing your company into liquidation. 

 

Using Equity 

And then there is equity. Using equity to fund your business means finding an investor, and then turning over an ownership stake to them in exchange for their money. The benefit of using equity is that you are not obligated to repay, but the downside, however, is that you have to give up a part of the ownership of your business. This is something that can result in you losing some control over your company. 

 

Different Sources of Funding Your Business 

When it comes to both debt and equity, there is a lot of different sources of funding your business. Read on to learn about some of them. 

 

– Self-Funding 

A lot of entrepreneurs fund their businesses themselves. They do this by using their savings or personal debt. This can also be done by selling some of your belongings to generate money. 

 

– Family and Friends 

Your family and friends can provide you with either debt or equity funding. And even though this may seem like a good funding source, you need to be careful when it comes to selling a part of your business to them. Sometimes businesses just simply fail. So, make sure that your family and friends are aware of all the risks. 

 

– SBA Loans 

The Small Business Organization has a lot of useful programs that you could benefit from. Generally, in order to use these loans, you have to guarantee that they will be repaid. 

 

– Banks 

A traditional bank can make a small business loan. However, traditional banks usually require a track record and they often want the loans to be secured with assets. 

 

When it comes to funding your business, there are many more options that you can choose from. However, funding can be secured when you are persistent and have a good business plan.

 

Initiate a Sucessful Business Startup!

Posted on 01 November 2017 (0)

Business Tips to be Victorious

A successful endeavor is the result of the correct combination of idea, its implementation, immense hard work and investment. The same formula is applicable for the success of a business startup. The key to success is the correct combination of all the aspects.

Basically, a startup business is the term used for a venture which targets an unexploited niche. It is a unique venture; the need of that particular commodity is there in the market, but the idea of catering to that need is particularly new and thus casts a shadow over its reception and success.

The failure stories in relation to these ventures are more common than their successes. The rest of the article explains certain points which if taken care of; have the tendency of increasing the chances of success of these projects.

Be Successful

The first point is to clearly identify the area which requires a unique venture. This is the foremost point of concern. The particular need should clearly exist with an active market and consumers. Your venture should be able to easily bridge the gap between the producer and consumer. The untapped niche should have a huge potential and consumer ship in order to be successful both in terms of earning eventual profit and fame.

Investment is another important aspect. For any business to start capital is required, same is the case here. There is no need of a high amount of capital invested through means of financial instruments or borrowings as in case the startup fails the return would become a difficult job. The requirement is of ample amount of capital enough for acquiring relevant resources. The rest can be earned or put in the business once the success is visible.

Name your business a nice catchy name relevant to the job, and make a logo which catches the consumer attention. Market your business through the right means to the right people. Charge in market compatible rates for the product or service you are offering. Publicize the business and patiently wait to make a loyal customer base and turnover.

You need to have a team of passionate, dedicated and honest workers who know and understand the mechanics of a startup and help you through all the highs and lows. The business model and plan should conjugate together leading towards a single goal of success.

Another important factor to success is your response towards any unforeseen crisis. In the early days every business goes through some difficult spots, but only those survive which respond well in these timings. So always be ready with a backup in order to gain victory against such hurdles.

You as a leader should be passionate and motivate your workers to help you achieve this dream of yours. Passion, team work and the right target will surly make your start up a success and be the first step towards your journey to victory as an entrepreneur.

Work Smarter “Not” Harder!

Posted on 23 October 2017 (0)

This has been said since the invention of the wheel, I know. But it is essential to business growth and personal growth. We live in an incredible era where we can automate nearly our entire day. Or at least what would take a day in the generations prior. Everything from communications to laundry has been transformed by technology. But it doesn’t stop there, almost everything around you is possible due to advances in technology.

Technology is usually referred to as some type of electronic technology. However, even hammer have become more efficient due to our understandings in physics.

Technological advances in businesses

Even the hammer has advanced

 

 

So, no matter your occupation you can find technology to help you master the day. With business comes bookkeeping and record keeping tasks. Along with the need for increased communications.

We spoke to several Plumbers in Boise Idaho, to find out how they have managed to streamline their businesses. These owners had several things in common we thought might help to share. Some are industry specific and other could be applied to a broad range of businesses.

First, find an automated way to bring leads in. If your planning on growing you need to invest in marketing and/or marketing automation. With local marketing being highly effective on Google, Bing and the other search engines. Find a professional to work with. It is a tough thing to do yourself due to time constraints. But it has tremendous potential and ROI, so automate and/ hire out.

Social Media is popular these days and be highly effective as well. The problem is, there are too many platforms to manage. Find a good social management platform to tie them all together and manage from one spot. You can post one time and it hits multiple platforms. A good option is Hootsuite, but there are several out there.

Second, automate scheduling, in the Plumbing industry there are several scheduling software’s which are designed to suite the need of a plumbing company. Things like parts used, time spent and change in schedules. Likely for your industry there are similar platforms. If effective, they should tie together 4-5 tasks into a single dashboard. Allowing you or the office staff to easily manage.

Lastly, Invoicing or billing and payments. This is sometimes overlooked until the end but will ease the stress if you figure it out sooner than later. We recommend using an accounting platform which can also invoice and record those invoices as they come in. QuickBooks is the go-to and a solid option. They have multiple levels of service to fit most any small to medium business.

Another key take-away was use payment terminals on-site, with your phone or tablets. If you bill monthly, set up recurring payments, it will be easier for everyone.

These are just a few examples of how you can streamline your business and its processes. We recommend going through end-end on your processes to determine where you can use technology to be more efficient.

Set yourself up for success by figuring these things out as you start and not 2 years down the

 

road.

 

 

Rise and Grind!

Posted on 17 October 2017 (0)

Outwork Your Competitors, Period.

 

Starting a business is not easy by any stretch of the imagination. There are challenges coming from every which way and the problems you have the better. That sounds backwards, right? Think about it though, if your problems are helping find solutions either for your client or your business success, that means you’re making progress.

Most “wantreprenuers” think they can start a business and have overnight success, Facebook style. Yeah not likely! Even in the case of Facebook it took Mark several years to build the empire he has, the first years he was grinding in his dorm room or however the story goes.

A true entrepreneur realizes the work involved in building a successful business, even a local service business. It’s not “if you build it they will come” it’s, If you Build it, work your butt off, maybe they show up.

Getting your clients is one aspect along with legal compliance, invoicing, delivery, customer management the list goes on and on. As you dive into this journey, be prepared for the unforeseen.

A daily routine is not 9-5 its more like 24 hours, as things come up you have to get them done. Don’t let them pile up and bury you for the next day. The good news is your competitors are likely sleeping, giving you the upper hand.

Rise and Grind, not work later than your competitors, as you’re getting started, get up and start earlier. Like the old timers say, the “early bird get the worm”. There’s a lot of truth behind that.

Early in the morning our minds are fresh and more creative, after a good breakfast especially. A good idea is to save your mornings for more of your creative chores, and the evenings for more of the routine monotonous tasks.

The whole point is you should work, work and work some more to enter a market and edge your competitors out or introduce a new product or message.  Maybe in five, ten or fifteen years you will be able to let off the gas pedal and have your business on auto-pilot. Then you can enjoy the life the rest of the “wantraprenuers” so eagerly seek.

Rise & Grind!

Focus Your Activities for Success

Posted on 10 October 2017 (0)

We identified reasons why your business isn’t growing in the earlier post and know let’s talk about how you can jump start your success!

 

Have a Plan

It been said before “poor planning = poor performance” in a number of more colorful ways, but that’s the truth. If you don’t have a plan you end up just flailing in the water. Our days, weeks, years are so busy and we have numerous distractions come up each and every day. Without a plan you will simply not perform at your capability.

Having a plan for each day helps you prioritize the activities of your day and shut out distractions. Your daily plan should be focused on actions that help you achieve your ultimate goal, “America wasn’t built in a day” or something like that 😊

As well focusing on your priorities helps put those distractions in perspective and eliminate a lot of the busy work.

Have a Routine

Having a routine helps us both mentally and physically and ultimately helps our daily progress. Your routine should focus not only on your business goals for that day but should also have a time for exercise and/or meditation. This will help clear your thoughts and keep you focused on your goals throughout the day.

Exercise is phenomenal for our bodies and minds as it releases endorphins which are known to improve our mood, giving us a better attitude. That attitude will come across throughout the day and improve relationships at home and work.

As important is to make time for your family as they support you. If you have kids at home its especially important to show them the attention and teach them the life lessons they deserve. Making all the money in the world will never replace memories and lessons you can share with your kids.

Routine at work is as important. Many times we juggle multiple projects or tasks and having dedicated times to manage each task will help keep momentum of the whole company.

Execute Accountably

It’s great to have a plan but you must Execute! We all know someone who plans everything to death, literally. They plan so much they miss there window of opportunity or run out of resources. So its important to have a plan and to have someone who you trust hold you accountable.

It sounds 2nd grade but the truth is the most successful entrepreneurs in the world have or have had mentors. That’s a primary job of a good mentor, helping you develop a plan for success and then helping you stay on track.

Mentors don’t have to be family members, colleagues or personal friends; however, they can be. They can also be other local business owners, teachers, or influencers who you trust and who has accomplished what you are attempting.