Archives for November 2016

According to recent studies, over 90% of new businesses fail during the first year of operation. Lack of funding is one of the common reasons for this. Money is the bloodline of any business and that long painstaking yet exciting journey from the idea to a revenue generating business needs a fuel named capital. That’s why, at almost every stage of the business, entrepreneurs find themselves asking- How do I finance by startup?

Below are some funding options that can help raise capital:

1. Self- Funding – It can be hard to save but starting with your own money avoids things like interest’s fees and monthly payments. Even ask family and friends to contribute, you never know until you try. I will say this- this option is only suitable if your initial capital requirement is small. Some businesses need a large capital from the start, so self-funding may not be a good option.

2. Crowdfunding – Crowdfunding is taking a loan, pre-order, contribution or investments from more than one person at the same time. The best thing about crowdfunding is that it can also generate interest and hence helps in marketing the product or service alongside financing. I recently held a successful crowdfunding campaign through Kiva.com that gained my business $5,000 capital.

3. Angel Investors – Angel investors are individuals with surplus cash and a keen interest to invest in upcoming startups. They can also offer mentoring or advice alongside capital. Angel investors have helped start up many prominent companies, including Google and Yahoo. Just be sure to know what your investors wants in return, some may require equity into your business. Here is a list of a few New York City angel investors: New York Angels; 37 Angels; Empire Angels;  Jumpstart Angel Network; Tri State Ventures.

4. Contest Winning– Recently, there has been an increase of competitions and contests for small businesses. Entering and winning these competitions can gain capital and also increase exposure for you and your brand. I have entered in a few and although my company hasn’t won yet, I gained exposure just from competing. Just google- Small Business Competitions and tons of websites come up

5. Bank Loans, Lines of Credit and Credit Cards– Of course, these are the obvious and the route most entrepreneurs take before exploring other options. While these options work and can sometimes be faster than others, it is important to keep in mind interest rates, costs, etc because you can build debt fast which can be detrimental to your business’s credit.

6. Government Grants and Programs– Federal, state and local government offer a wide range of financing programs to help small businesses start and grow. If you comply with eligibility criteria, government grants can be the best funding options. You can visit sba.gov and search for grants the best suits your business.

There are many ways to fund your startup or small business, you just have to educate yourself on the best option for you and your business. I have been successful in using these steps and have gained capital as well as exposure for my business. If you don’t know which option is best for you, I suggest investing in an accountant or consultant. Some offer free first sessions which can help with your initial questions and concerns

Becoming a business owner is a result of learning how to manage your time effectively and adopting the mindset of a productive person. During that journey, you also realize that personal organization is key.

But once in business, you see so many other things that need to be organized so that all systems can be in place, clients can be happy, you can stay sane and keep the workflow going.

You may end up living and working in chaos by not optimizing the different procedures, doing some administrative tasks over and over again, having to ask your employees the same questions, writing way too many emails until an issue is fixed, not having an effective meeting because other remote workers have forgotten about it or aren’t prepared for it, etc.

Fortunately, there are tools that can help you deal with all this.

Below, you’ll see some organizational and scheduling tools whose purpose is to make your life and business easier, save you time and worries, and help you and your staff get things done quickly and efficiently:

1. Calendly

This popular app is created to make scheduling appointments and meetings easier than ever.

It works in a great and simple way too. All you do is set your preferences as to when you’re available. The software then creates a simple link for you to share with any client that wants an appointment. You can even add it to your website and social media accounts and let them do the rest. Once they click on the url, they see all your available hours and pick one, depending on their schedule. The event is then added to your calendar.

The benefits of using Calendly are many.

It saves you a great deal of time as you don’t need to exchange emails or get on the phone with a potential client. What’s more, this option for scheduling a meeting in an instant leads to more clients in general, as during email or phone communication there are many other factors that can make the person change his opinion.

To test all this out, you get a 14 day free trial.

2. Acuity Scheduling

Another tool to make your business more organized.

With it you allow clients to see when you’re available and book an appointment themselves. Together with that, they can make the payment and even have the option to reschedule.

Also, the app allows you to send reminders, follow-ups and personalized confirmations to make a connection with the customer.

The whole experience is sophisticated and the tool looks and works professionally.

You can use it for free, but to enjoy all the features it offers, prices range from $10 to $34 per month (together with a 14 day free trial).

3. Wunderlist

This organizational tool helps you manage your tasks effectively, and all work projects while collaborating with your team.

Some of its features are time reminders, recurring tasks, prioritizing (by adding stars to key items) and delegating work to your team and following their progress

It serves as the ultimate to-do list. You can use it from all devices and the data is saved instantly all the time, which saves you a lot of stress.

Enjoy a 30 day free trial to see to what extent it helps your business.

4. Asana

Another big name in the game of managing team tasks and conversations.

Organize all the content for meetings, lists and tasks, while communicating with the team in real time. At the same time, be able to track your employees’ work by seeing what the next steps are, how far someone’s gone, and when a project is due.

Basically, everyone knows what they should be doing at any moment of the day or step of the way, and that saves the need for questions, emails or calls.

You can use Asana for free if your team has no more than 15 people. For more features and team members, there’s a premium version.

Now you don’t need to organize all the work yourself. These tools are here to help you, save some precious time of yours and let you use it in more effective ways, like working on the business instead of in it.

Choose one today and start organizing your business and life.

Business cards are being used less and less as people exchange contact information electronically over email or through social media. But even in today’s advanced digital world, the business card is still the most powerful networking tool. Believer or not, a business card has a more lasting impression than just exchanging contact information. They are a personal marketing tool in a professional or casual environment.

According to Business Insider, “your business card isn’t just a calling card, it’s a snapshot of your brand.” This makes your business card extremely important when making first impressions. Here are some way to maximize and utilize your business cards.

• Make them unique– Create an interesting design, or use an eye-catching pattern. You can even play with textures and shapes. However, depending on your field, it may be best to go for a more traditional card.

• Unique but simple– Try not to clutter your card with information that is not useful. Also, make sure the text is easily readable.

• Add your social information– Meaning your Instagram and Twitter and other social networks.

• Always have a stack on you– Seems obvious, but you never know who you’re going to meet and where. Even in the gym or on the subway.

• Be selective– Quality or Quantity. Don’t just hand your card out to everyone you meet. Talk with people beforehand and make a connection that is worth exchanging cards

• Ask for their card first- It is common courtesy and now you have their information to follow up

• MOST IMPORTANT- FOLLOW UP- Remind them where you met and even if the business isn’t right for you, see if you can help them by connecting them with someone else. Favors go a long way.