Infographic created by cyberpolicy.com
Infographic created by cyberpolicy.com
One question I ask myself before every purchase is whether or not I can afford something. Sometimes you might be tempted to buy something, but first you might want to consider whether you can afford it or not. Spending more money than you have is not always such a good idea as you have to pay interest on any loan you take. Even if you do not need to make any payments for the first few months, then ultimately you will still need to pay some interest. If you bough something with the money that you have, then it would simply cost you less than if you buy it with a credit card or by taking a loan.
With banks and other traditional funding avenues becoming more and more stringent with financing small businesses, many new entrepreneurs are laying their hope other alternatives to acquire the money they need to breathe life into their startups.
Funding from friends and family is one of the most common forms of startup funding for a good reason: banks and investors might not care for you as much as to risk their money on you, but those who are close to you and know you well might be willing to take a chance on your infant business.
Loans are arguably the best way for friends and family to back a business, because not only is the money in most cases enough, but lenders also agree on more favorable repayment terms than would be otherwise offered by a third-party agency.
The benefits of pulling family and friends together to see your vision through.
For a good number of entrepreneurs, this is one of the best chances they have of securing money to get a business off the ground. People close to you will always support your cause more generously than third-party contributors.
Furthermore, if a few of them have knowledge or skills that might be directly applicable to your business, bringing them on as partners and investors will transform them from simple contributors to motivated advisors.
In the unfortunate event that your startup doesn’t turn out as expected, friends and family will often be more forgiving than outside lenders and investors, and will even try to pull you back up.
Raising money from your personal network not only saves you money by avoiding creditors, but also sets you up for future investors who will be thoroughly impressed by the number of people you have rallying behind your business plan.
Always have a fallback plan.
In the eventuality that your friends and family do not end up raising enough for your business to spread its wings, it helps if you had an alternative funding initiative. Traditional lending institutions might not be as inviting but luckily, independent companies exist to give your business the financial jolt it desperately needs.
Online lenders aside, signing up with cash advance providers such as First American Merchant is a reasonable way for getting enough money to start and your small business.
The fact that you’re an entrepreneur probably already indicates you’re willing to take some pretty big financial risks, and you probably already have a strong understanding of the fact that significant risk can often also mean big reward.
You may understand the potential financial payoffs that come with taking risks in your business, as well as the possible pitfalls, but how can you translate your risk tolerance to investments outside your business?
You may decide that since you take so many risks in your business, you don’t want to utilize high-risk strategy in your other investments, or you may feel that since you already have a high risk tolerance, you’d like to translate that to investments outside of your business.
Regardless, the following are some things entrepreneurs should know about high-risk investments.
Unfortunately, there’s all too often the tendency to feel like the safest thing you can do with your money is stash it in a savings account, and that’s actually one of the riskiest things you can do. That cash is going to lose value because of inflation, which over time makes idle cash one of the top risks you can make regarding your finances.
Learn As Much As You Can
Many of the riskiest investment opportunities are not for the faint of heart, and you need to be backed by extensive knowledge before making any big decisions.
For example, if you’re considering something like penny stocks, think about reading reviews of the Tim Sykes challenge team so that you can see not just the potential upsides of this approach, but also the possible downsides, such as fraud and illiquidity.
As an entrepreneur, you’re probably very familiar with concepts surrounding venture capital, but perhaps from the other side where you were working to raise funding for your business. What about when you’re the investor?
Venture capital is considered one of the riskiest types of investment you can make, and it requires that you have the ability to conduct due diligence and assess the long-term prospects of a business before investing.
One reason this is particularly appealing to entrepreneurs is because they’re familiar with this process, and may know what to look for when they conduct research.
Something else to consider when exploring high-risk investment opportunities are high-yield bonds. High-yield bonds are usually issued by a foreign government or a company with a lot of debt, and yields can be as much as 15 to 20%, but there is the potential that these are junk bonds.
While there is certainly the potential that the investor will lose the principal, that’s not always the case which is why high-yield bonds remain appealing for investors willing to shoulder the risk.
These are just a few of the main things to consider and methods to include risk in your portfolio. Other options include forex trading, owning rental properties, and investing in emerging markets. Entrepreneurs tend to be a group that welcomes a more risk-filled portfolio because they’ve seen the payoff of financial risks in many cases, but also clearly understand the consequences as well.
If you want to grow your business, now is the time to begin. While there are many techniques that can help your organization start to thrive, you may find the following strategies particularly effective:
1. Purchase Products Online.
One great way to grow your business is by purchasing products online. This strategy is helpful because it can save time you might otherwise have spent standing in long lines or fighting traffic. Purchasing products online is also a great way for you to train your employees to become more technologically savvy. In the event that you are in need of attaining attwood replacement parts, you can get them from organizations such as MMI.
2. Buy Digital Marketing Services.
In addition to purchasing products online, make sure that you start buying digital marketing services. Obtaining these services will help extend your sphere of influence to the internet sphere. There are many digital marketing services you might want to obtain, and some of them include:
• content marketing
• email advertising
• web design and development
• online reputation management
• search engine optimization
• social media optimization
As you begin searching for the ideal digital marketing company, make sure that you select a team of industry experts who have extensive experience in the online advertising sector. Also try to select a community of marketing boffins who can offer you customized, cutting edge public relations services.
3. Implement A Reading Plan.
Although many business owners recognize the power of reading, not all of them engage in the practice regularly. Yet you should. Doing so will help ensure that you are continually being exposed to new ideas that can help you run your business more effectively. With this reality in mind, consider the value of creating a reading plan. You can start by setting aside 30 minutes a day to read a business-related book. Some of the books you might want to add to your list include:
How To Win Friends And Influence People
Good To Great
The E Myth
Think And Grow Rich
Rich Dad, Poor Dad
Getting Things Done: The Art Of Stress-Free Productivity
Who Moved My Cheese?
In Search Of Excellence
Start Growing Your Organization Now
There are many techniques you can implement to facilitate substantive company growth. Start implementing the techniques listed for you above to ensure that your organization starts to expand in a great way.
In the past, I listed a few types on websites can that generate money. This time I am listing some additional ideas:
• A site with online games, such as games using Flash technology can bring money even if you allow visitors to play the games for free. What you can do is offer some extra options that use points and sell these points for money. You can also monetize such a site with ads.
• Forums that are very popular are known to generate a lot of money from ads. What I think is challenging in case of forums that they heavily depend of the community. It you fail to build a strong community, then you might not see a lot of money.
• With Google being so popular it might be difficult to create a successful search engine, but on the other hand, if you have some innovative idea this might work. Take into account that your competition is very strong.
• A blog about a certain product. Just write news and information about this particular product and over time you should be receiving decent traffic. Of course, it would be wise to write about a product that will not disappear from the market in a short period of time.
I the future I will try to list some additional money making ideas.
If you want 2017 to be your organization’s most productive and positive year, you can begin the growth process today. While there are numerous strategies you might deploy to keep your organization growing in a dynamic manner, you may find the following techniques particularly empowering:
1. Find The Right Maintenance Companies.
Finding great maintenance companies will play an integral role in keeping your business on the road to great growth in 2017. This step is immensely important because maintenance services ensure that all of your equipment is kept in great condition, thereby increasing the likelihood that your machines and devices will function optimally. Without maintenance services, you’ll run the risk of faulty equipment slowing down your daily operations and increasing the employee’s susceptibility to work-related accidents. Business owners who are looking for wastewater treatment companies who can care for their water-related equipment can turn to the professionals of Sandling Industrial Services.
2. Utilize Public Relations Services.
In addition to finding the right maintenance companies, make sure that you find the right public relations company. PR services are important because they empower you to develop strong relationships with the media representatives who will be publicizing information regarding your brand. This could include anyone from reporters to journalists to influential bloggers. Attaining great PR services can also optimize your company’s presence in the online sector. Some of the PR services that a firm might offer you include:
• Media Relations
• Product Placement
• Media Outreach
• Search Engine Optimization
• Grassroots Marketing
• Editorial Placement
• Media Round Tables
• Social Media Optimization
• Print Placements
• Digital Placements
• Award List Monitoring
• Press Kit Creation
3. Make Employee Development A Must.
Focusing on the personal and professional growth of your employees is a wonderful way to keep your organization growing. This strategy works by ensuring that your staff members possess the confidence and skill set necessary to complete work assignments and interface with prospective clients in a manner that promotes optimized conversion. There are several ways that you can expedite and optimize the employee development process, and one of them is by having one-on-one meetings with your staff members. During these meetings, you can speak candidly with the employee regarding her or his professional goals and how they can be realized through your organization.
Start The Business Growth Process Immediately!
There are numerous strategies you can implement to make your organization increasingly successful in 2017. Three of them include finding the right maintenance companies, utilizing public relations services, and making employee development a priority.
One of the misconceptions about MBAs is that these degree programs are meant for individuals who want good jobs in large organizations. An MBA can help you get a better job in the corporate world, but the same degree can help you start and manage a successful business in any field. Here are more reasons why every entrepreneur should invest in an MBA.
The level of preparation determines the level of success in any venture. Some business ideas fail because of inadequate preparation. An MBA helps entrepreneurs to prepare for all aspects of their business, including communication, financial management, marketing, and business growth. Courses in these areas help entrepreneurs adopt the right practices and strategies in their businesses.
Most entrepreneurs start new ventures out of passion. An MBA helps them to turn their passion into a successful business. Online colleges like Villanova University offer an online MBA program to entrepreneurs who want to follow their passion and gain knowledge at the same time as running their business, which makes it a great option for new entrepreneur trying to expand their knowledge and expertise. However, make sure you ask “is the online MBA accredited” and “does the online MBA have any residency requirements?” before you sign up.
Many individuals pursue an MBA hoping to get a good job. For instance, graduates can get well-paying marketing jobs with an MBA. Entrepreneurs hire such graduates to develop their marketing strategies because they lack the expertise. Earning your MBA as an entrepreneur helps you gain knowledge and work independently.
Your business saves on labor costs because you can handle the responsibilities you would have assigned to MBA graduates. You can use the saved funds to develop your products or conduct further research. An MBA also helps you to make better strategic decisions, especially when launching new products or ventures. You can evaluate the risks accurately and make better decisions.
Some of the students you will interact with while pursuing your MBA are successful business owners. Many entrepreneurs have realized the importance of investing in an MBA, even after succeeding in their first ventures. You will gain useful information, insights, and ideas as you interact with other entrepreneurs.
Every entrepreneur is thrilled by the first glimpse of success. However, the business life cycle is not smooth. A business can achieve record sales in one accounting period and make a loss in the next period, depending on the prevailing market and industrial situation. Obtain an MBA to learn how business life cycles work.
The skills you will gain from the program will help in analyzing industrial and market trends. You can predict how each trend will affect the performance of your business and implement the right measures in time.
Many entrepreneurs are realizing the benefits of investing in an MBA. You too can benefit from the degree program and build the successful business you have been dreaming about. You will gain relevant skills and knowledge that will help you prepare for the next level of success in your career and business.