Your business concept is awesome and you know it. But you need startup funds and a way to convince investors that they’ll see a return on investing in your business. The thought of putting together a business plan that will effectively “sell” your business concept to seasoned investors is intimidating, but it’s also essential in getting the funding you desire. A well rounded business plan will provide you with valuable insight into your business, its potential for success, and the areas in which you may want to fine-tune your operating model. (more…)
In the first year of your business’ life, the success of a small company hinges on lowering its overhead expenses which can make all the difference between insolvency and survival. To ensure that your business stays as financially lean as possible, take the following six tips into account when creating and establishing your company budget.
Cut Your Staffing Costs
It is not uncommon for businesses to feel overwhelmed when trying to create an effective brand. There are so many factors that play a role in your brand’s growth that it might seem like there are too many little things to worry about in the process before you get to the more important areas. But never fear – focusing on these five things will help you stay on track when it comes to your brand.
1. Get a Logo Design
Having a logo design created is one of the first and most important tasks you should focus on when developing your brand. The logo will be the face of your business and will either stick in consumers’ minds or be easily forgotten. Work with a professional designer to come up with a design that will speak to your target audience and represent your brand well. (more…)
You’re bound to make more than five mistakes as a neo-entrepreneur (young and fresh entrepreneurs who are less experienced than their older, more established counterparts), especially during the startup years. Entrepreneurship means going through a lot of uncharted territory and interestingly enough, many of these mistakes stem from characteristics that make a person an entrepreneur.
Entrepreneurs who succeed tend to share the following traits: (more…)
During the early phases of a start-up it is even more so important to put everything in writing. You are laying the foundations to what may hopefully grow into a solid corporation. Many will feel the relationship with the chosen partner is strong enough to withstand any potential disagreement. (more…)
The process of starting or operating a small business can be difficult and discouraging at times. Where we can gain the biggest amount of inspiration is by visiting and learning more about successful online businesses and the innovative founders behind them. Their stories, particularly for the founders of Dropbox, Instagram, and Tumblr, reveal that it’s still possible for anyone with enough skill and determination to build a savvy and successful company. (more…)
Despite the fact that the world of entrepreneurship has been largely male dominated throughout history, the tide seems to finally have shifted, and over the last 20 years or so, women have been starting businesses at a higher rate than men.
Crystal Culbertson and Lisa Hufford may not be household names like Mary Kay Ash and Oprah Winfrey, but they both founded companies that made more than 10 million in revenue in 2010 and have experienced enormous growth in the last three years. How much growth? Try over 3,700% for Hufford’s consulting company, and more than 16,000% for Culbertson’s IT firm. (more…)
There are a ton of social media sites and services out there. Nearly every major network has a handful of tiny competitors, who all hope that they can attract even a small percentage of the unique visitors checking out their behemoth counterparts. Understandably, this can create some confusion for new businesses. Which networks should you focus on? Do you need to have a profile on every single one? Or can you just hit the big guys and skip the little ones? Well the answers aren’t a simple yes or no, but there are some questions you can ask yourself to help figure out where you should focus your resources, and who you can ignore.
1. What is the size of the service?
Do you dream of checking statements and dwindling balance numbers? Drive yourself into a frenzy trying to budget as carefully as possible from month to month? Worry that a slow month may very well kill your business? Our guest poster today is Sarah Holt from the Consulting Guru and she’s dishing the best advice on how businesses can avoid freaking out and find their focus on the financial front.
Did you know that most businesses are in the red for at least a few years before they start to prosper? Starting and running your own business can be one of the most challenging things you’ve ever done and from a financial standpoint, it’s easy to let the debt weight on your shoulders rule your mood. But when money is scarce, there are four great ways to keep your chin up, both for yourself and your business! (more…)