Amazing Business Essentials You Need for Your Startup This Year

/in /by

StrategyDriven Starting Your Business Article |Startup|Amazing Business Essentials You Need for Your Startup This YearWhen you are trying to run a successful startup there is a lot that you have to get right as a business owner. It’s important to hit the ground running, as well as to take strides that are going to help you achieve success right now. Being a small business owner in 2021 involves a fair amount of evolution and planning, and there are a lot of things that you can do that will help you to play a role in this moving forward.

Trying to improve your business as much as possible is one of the best ways of being able to take things to the next level. There are a lot of factors that you need to bear in mind if you want to take your company forward in style, and this is important. Trying to get these elements right is something that you have to figure out, and these are some of the key essentials you have to make sure you work on when it comes to improving your startup this year.

Change Your Marketing

Marketing is one of the most important parts of the business process, and there are a lot of factors that you need to keep in mind with this. Transforming your marketing to try to make it more relevant to the modern world and the changing tastes of customers is really important. There are so many ideas you can use that will help with this, and you need to try to make sure you come up with some of the best possible marketing ideas you can use to help improve the process and make the right decisions right now.

Improve Your Efficiency

One of the best things you need to make sure you get right as a business owner these days is coming up with ways of being able to boost your efficiency. There are plenty of techniques that you can do to help you improve this, and it is sometimes necessary to make changes to the way you choose to run your company, as this can make a big difference to how efficient you are. Look at ways of being able to do things more effectively, and there are a lot of ideas that will play a role in helping you to achieve this moving forward.

Boss Your Finances

It is important to be able to do as much as possible when it comes to improving your financial situation, and there are plenty of things that you can do to improve this. One of the best ways of being able to take the right steps to help you improve your financial situation is to hire an accountant. Bringing in bookkeepers to take charge of the money and budgets your business has is really important, and there are so many ideas that you’re going to need to make the most of as much as you possibly can. Understanding the importance of your company finances and keeping them in check is so vital, and this is something you need to work on as much as possible.

Stay Ahead of Your Rivals

Keeping ahead of your rivals is so important in 2021 when you want to develop any kind of success as a modern business. There are so many things you need to keep in mind, and coming up with ways of being able to achieve this right now is so important. You have to make sure you think about what you can do to get an edge on your rivals as much as possible, and this is something you need to make the most of right now. Getting an edge on your competition is so important as you need to be able to find a way of helping improve your business and attract more people to the process. Business success is all about marginal gains, and the more you can do to make the most of this, the better it will be moving forward right now.

There is a lot that you need to be aware of when it comes to starting a business for the first time, and this is really important to get right. Try to come up with some of the best ways of being able to improve your process as much as possible, and there are a lot of ideas you can use to help you here. Trying to help your business stand out and be more of a success is really important and there is plenty to consider here.

A Guide for First-Time Entrepreneurs: How to Strengthen Your Startup’s Foundations

/in /by

StrategyDriven Starting Your Business Article |First-time Entrepreneurs |A Guide for First-Time Entrepreneurs: How to Strengthen Your Startup's FoundationsThe actions that you take during the initial stages of your startup’s inception will make or break its chances of success going forward. If you want to ensure your maiden business venture’s long-term success, you must go above and beyond to strengthen its foundations.

Here are three things you must do to provide your first company with the best possible start to life:

Make great recruits

Your talent, hard work, and vision will only get you so far in your maiden business voyage. If you are to succeed in your first entrepreneurial endeavor truly, you need to surround yourself with a dedicated support network. Above all else, this means that you must go above and beyond to optimize your hiring process. Once you start making great recruits, you will begin to build a team capable of taking your startup from strength to strength.

As an inexperienced recruiter, you must empower yourself with an expert recruiting enablement platform. With Oleeo’s Recruiting Enablement solution at your disposal, you will be provided with the support you need to pinpoint and expedite the top candidates in your target talent pool. This will save you a lot of time and effort in your attempt to unearth potential employees, which in turn means that you will be able to dedicate more of yourself to the interviewing process.

Become a great leader

No matter how many employees you hire during the initial stages of your startup’s inception, you need to showcase that you are a great leader right from the off. This will aid you in your bid to maximize the day to day efficiency of your workforce, which in turn will have a profound impact on your startup’s capacity to turn over a profit.

To become a better business leader, you must:

  1. Don’t just work over your team — work alongside them as well
  2. Remain humble and grateful at all conceivable points
  3. Understand that nobody is perfect
  4. Commit yourself to continuous learning and professional development
  5. Attain regular feedback on your leadership performance

Build a robust business plan

Building a robust business plan is one of the most important tasks you face as a startup company owner. As well as providing you with some much-needed direction, this strategy will also help to make your organization more appealing in the eyes of investors.

To build an effective business plan that actively grows with your company going forward, you must:

  1. Determine the exact purpose of your plan (guidance, investment, etc.)
  2. Create a company profile
  3. Document the financial aspects of your business (including your prospective fiscal aspirations)
  4. Research your target market and study your competitors
  5. Draw up an executive summary

If you want your startup business to grow from strength to strength over the coming decade, you must fortify its foundations. Performing this crucial task will provide you with the robust platform that you need to scale your market in the future.

4 Considerations Before Starting a Business

/in /by

StrategyDriven Starting Your Business Article |Starting a business|4 Considerations Before Starting a BusinessBeing the boss is a fantasy a lot of people have because it’s nice to feel in control and like you’re in a position of importance. The idea of developing a business is also very impressive and satisfying, knowing that your hard work paid off and has given you that independence, allowing you to break free from working under someone else. However, although starting a business is an incredible feat and very rewarding, it is also very challenging and can be risky. If you have been contemplating whether or not you should start a business, here are four considerations you need to make before you do it.

1. Is Your Idea Any Good?

Firstly, is your idea any good? To answer this question properly, you will need to do some market research to get a better idea of how your business will meet consumers’ demands and how it will stand out from other companies offering the same as you. Your idea might be reasonably good, but if the market is already saturated with businesses doing the same thing, you might not have much luck getting noticed unless you have excellent branding and a plan to bring something new to the table. Additionally, if your idea is not that common, are you sure this is something consumers want? Research! Research! Research! That is the only way you’ll know whether your idea is bankable.

2. How Much Help Do You Need?

Running a business is a lot of work, and although you might think you can do everything yourself, the reality is that you are going to need a bit of help somewhere along the way. How much help you need will depend on your business’s nature, but it’s important to think this through and whether you have someone who is willing to help you out voluntarily, like a friend or relative, or if you need to hire some staff. The latter is better if you can afford this, as you’ll get more out of people if you can pay them for their time.

3. How Will You Keep Your Business Safe?

It’s easy to get carried away with your idea and start thinking about marketing strategies, branding, renting office or retail space, designing a website – all of which is important. However, one of the most essential things you need to worry about is how you will keep your business safe? You must get business insurance as soon as you incorporate your company to make sure you have the right cover to protect you from accidents, lawsuits, damage, etc. You should also make sure your Cyber Security is impeccable, as protecting your company’s data and customer data is a top priority.

4. Why Are You Doing it?

Finally, why do you want to start this business? As this venture will demand your attention and commitment, you need to be doing it for the right reasons. Are you passionate about your business idea? Is this something you have always wanted to do? Don’t try and start a business just because you’re bored with your current job or think it will be an easier way to make money. You will need to have the passion and ambition to drive your motivation and get you through the tough times.
Starting a business can be very exciting, but before you do, ask yourself these questions to make sure you’re thinking it through.

Starting Your Own Business

/in /by

StrategyDriven Starting Your Business Article |Starting your own business|Starting Your Own BusinessYou’ve had a business idea in your head for some time and you’re just now ready to put it into action. Maybe you have a fresh, new startup plan that you’re ready to build from the ground up. Or, perhaps you plan on buying an established small business. Either way, starting your own business is an exciting, albeit challenging, life journey, that can be very fulfilling.

There are several considerations when it comes to starting your own company. While there are many technical and legal steps you need to complete to open your doors for business, this article is focused on the personal qualities necessary to be a CEO. Here are some suggestions to keep in mind when chasing your entrepreneurial aspirations.

Make sure you’re ready.

Timing matters, but at a certain point, there likely will never be the perfect time to start your own business. For every reason to take the leap, there might be several factors that point to why you should wait. That is why it’s essential to ask yourself if you’re in the right mindset to take on the challenges that come along with owning a company. Are you ready to turn your career into a 24/7 lifestyle? If the answer is yes, then shoot for the stars.

Say goodbye to your 9-5.

Speaking of adopting a 24/7 schedule, understand the limitations of a work/life balance when you become the owner of a business. When you eat, sleep, and breathe your career, time becomes a lot more valuable. You’ll always be on the go, forcing you to adapt your old ways of doing things. To avoid over-scheduling yourself, you’ll want to find time-saving solutions to give yourself more hours in the day. For example, you can use a household delivery service and have your weekly staples brought to you, saving you time otherwise spent at the store. And with a personal assistant app, it’ll be easier to keep track of your daily to-do. Finding little ways to save you even just a few minutes will add up over time.

Set reasonable and realistic goals.

Especially if this is your first venture as an entrepreneur, being realistic about your goals and expectations is fundamental in maintaining your sanity. Optimism is important, but naive optimism can hurt you. Owning your own business has a steep learning curve and every day will have its own lesson. Your company probably won’t outsell your competitors in your first month of business, and that’s okay. Set goals that will encourage you to create the best company possible, and if applicable, be a great leader to your team. Perseverance and patience are key in helping you learn and grow as an entrepreneur, and will pay off in the long run.

Find a mentor.

The only people who will understand the trials and tribulations of starting a new company are other entrepreneurs. Because of this, surrounding yourself with others who have had similar experiences as you can prove to be an excellent resource for you to consult. You can bounce ideas off of them, share goals, and receive constructive feedback, a fundamental component of success and growth. If you don’t know any other business owners in your immediate circle, you can still find people to connect with by other means. Go to networking events, check out your city’s startup incubator, utilize a mentorship network like SCORE, or turn to LinkedIn, Twitter, and other social networking sites to find like-minded individuals. You can find a mentor practically anywhere. It’s up to you to invest in the relationship so that you can benefit from the knowledge and experiences that they have.

Have a stable financial footing.

It should be no surprise that starting a business costs money. While it can pay off tenfold in the future, there is significant financial risk involved. You’re likely leaving a well-paying and stable job when starting this journey, which is already a risky endeavor. Not to mention there are plenty of startup and ongoing costs required to keep your company afloat. You’ll never eliminate the financial risks associated with entrepreneurship, however, you can protect yourself from too much financial harm. Best financial practices are to minimize your personal expenses, reduce or eliminate debt, improve your credit score, and have an emergency fund ready. Additionally, considering the type of business structure you want to implement, such as an LLC or S Corp, can have lasting impacts on your personal liabilities and taxes. Taking the time to determine what structure fits your company best will help ensure that your finances stay in check.

Starting a new company is an exciting and fulfilling journey. However, the challenges that come along with it make it so that it isn’t for the faint of heart. Take the appropriate steps to prepare yourself mentally and financially for this new trajectory in your career.

Six Easy Ways To Raise Capital For Your Business

/in /by

StrategyDriven Starting Your Business Article |Raise Capital |Six Easy Ways To Raise Capital For Your BusinessRaising capital for your start-up or small company is probably the biggest challenge most entrepreneurs face when starting a business. This is not only a serious obstacle but also a popular excuse for many business-minded people. From renting production space or office to hiring staff and buying goods and equipment, everything you do to take your idea to profitable business requires money.

Luckily, the success stories of all the entrepreneurs show that capital is available to everyone if you turn to the right resources and get a little creative with your capital-raising options! Below we share six ideas on how to get money to fund your business.

Start With Your Own Savings

Creating a new company and running your own business can be risky. Also, this level of risk sometimes prevents traditional lenders from providing loans to entrepreneurs. This can become even more difficult if the business owner hasn’t invested his or her own money.

If you take your business dream seriously, you can consider using your savings as a source of capital. Or maybe you are willing to refinance or take out a second mortgage. You should definitely look for available options of personal financing if you are ready to take risks and comfortable with the potentially bad consequences.

Talk To Your Friends & Family Members

Your friends are always there when you need them, therefore, raising capital through your closed ones is another viable option. Try to contact your buddies to get some money to raise capital, but think about how they can benefit from the idea of lending you money and what form the funding will take. For instance, you can ask for some debt financing and then pay it back with interest, or simply you add them on as partners in your business.

Similar to your close friends, your family members and relatives can be an entrepreneur’s first point of contact for raising capital. The peculiarity of the family is that they will always be ready to help and support a good idea with financial help. The bond between your loved ones is very strong, and even if you don’t have a very good business plan, you can still raise money from your family. Remember that the amount of funds collected from your family members may not be enough; however, it is a good start.

Regardless of what you decide to do, make sure to be honest with your friends and family, realistic about how much money you need and clear about the risks; otherwise, you will not receive money even from your best friends.

Apply For Business Grants & Loans

There are various types of lenders and debt products for small business – banks, government agencies, credit card companies, online lenders and microcredit programs. All of them offer term loans, invoice financing, lines of credit, cards, cash advances and much more.

For instance, since nowadays many businesses are dealing with the consequences of the global pandemic, Coronavirus Business Interruption Loan Scheme (CBILS scheme) provides the small and medium-sized businesses with two fast and effective solutions to beat the cash flow crunch. CBILS lenders offer a hassle-free CBILS loan and a flexible CBILS revolving credit facility to get financial support and fund your business, whether you need to hire more employees, pay for your workplace or create an emergency reserve of capital.

Find Angel Investors

Angels investors are people with a surplus of funds who are usually interested in investing in new start-ups, but it is also possible to raise money for a small business in return for an ownership stake. Furthermore, they work in groups of networks to collectively review proposals before investing and can offer mentorship or invaluable advice alongside the capital.

Knowing this, angel funding can be a great source of capital for your business. First, you must have a succinct, clear and memorable pitch and a solid business plan. Since angel investors aim to fund a potentially profitable business with clearly outlined services or products and experienced leadership, you should capture their attention with enthusiasm and promising data on the current situation and future potential of your company.

In addition to visiting different events, such as fundraisers and conventions, to find angel investors, there are also various online platforms that can help you find the right people and fund your business. Angel Capital Association, Angel Investment Network and Gust are considered the most versatile online platforms for finding an angel investor for your business.

Or Venture Capitalists

Unlike angel investors, venture capitalists usually want to invest in slightly more stable and mature companies, and sometimes want to have a voice in the direction of the business and the management of its day-to-day operations.

Since venture capitalists are responsible for achieving a certain return for a firm or fund, they need positive cash-flow companies with proven products and a high potential for growth. If your company meets all these requirements, you can apply for an investment in a venture capital firm. It’s not an easy task, but many small businesses have been successful in getting the much-needed capital.

Raise Capital Through Crowdfunding

Crowdfunding is a new and quick way to increase start-up capital. Instead of focusing on a few people like your friends, investors or banks, this funding option allows you to make small amounts of money from many investors at the same time.

To launch a successful crowdfunding campaign and raise capital for your business, you need to present a detailed description of your business. This includes the goals of your business, the value of your service or product, plans for making a profit, how much funding you need and for what reasons. Then anyone can read about the business and contribute money if they like the idea.

At the same time, you should be aware that crowdfunding is a competitive place to get funding, so unless your business idea is absolutely rock solid and can convince regular consumers with a simple description and a few images online, you may not be able to raise money for your company.