If you need to fund your startup, you also need to have a solid business plan, persuasion skills and patience. That said, here are four ways to raise capital for your startup:
- Family and friends: A low-interest, loose-structured loan that allows you to repay once your business starts generating a profit is ideal.
- Angel investors: In exchange for a stake in your business, they can provide expertise as well as capital. Also, if your venture doesn’t take off, the investor doesn’t expect repayment.
- Crowdfunding: After joining a crowdfunding platform, you explain your idea and hope it attracts several investors. Crowdfunding is based on different models, including equity investment, as well as rewards-, donation-, and loan-based financing.
- Loans and grants: It’s difficult to obtain a bank loan unless you have assets, and if your credit score is low it’s even more challenging. Online lenders are an option you can explore.
It happens to us all, where despite the best intentions, we’re having an off day. A small business owner who manages a chronic illness shares five tips for turning your unproductive day around: prioritize what needs to be accomplished; create an ambience that fosters productivity, like natural light; change up the scenery to refresh your body and mind, such as taking a walk; limit distractions (social media in particular); check in with an “accountability buddy” who doesn’t judge and can provide you with support.
Anymore it’s nearly impossible to avoid getting distracted, but over time the effects can really hurt in terms of lost productivity and declining revenues, and that oppressive lurking sense of missed opportunities. Eight overachieving members of the brain trust of high-level entrepreneurs, The Oracles, share their strategies for sharpening your focus and prolonging your concentration. Their recommendations range from physically bunkering down in a secret location to resisting the compulsion to do it all. All are actually pragmatic, although a few are somewhat unusual, indeed.
A contributing editor to Inc. held a roundtable discussion with six CEOs who have figured out how to set and get the best out of a remote workforce, from companies such as Buffer, Basecamp and 10up, from what expenses are unique to distributed teams and how they deal with different time zones to how to recruit remote workers and how to determine if a potential hire isn’t a good candidate for remote work.
While structuring your small business as an LLC (Limited Liability Company) should protect you from any liabilities your business should incur, it doesn’t shield you from having your personal credit score weighed when applying for a loan. If you’ve already established a great business credit rating, you’re in good shape. But for the small business owner just starting out, traditional lenders will loan money based on the owner’s credit rating, “because it is traditionally more extensive and varied.” In this article, the author discusses what lenders look for, and some good news: if your bad credit is preventing you from getting a business loan, there are options available so you can get your new endeavor off the ground, which she further explains.
Ready to get your social on at the biggest tech ecosystem event of the year? The OneEleven Tech Summer Social will be returning for its 5th year on July 19th, from 6:30 p.m. to 10 p.m. It’s to take place yet again at the OneEleven Railyard. Besides “a guest list of the who’s-who of tech,” the event will have food, music, and an open bar. Early Bird tickets are on sale now for $15, and will end at midnight on June 7th.
According to Bloomberg, corporations paid outside consultants $39.3 billion last year. Generating an annual average income of $175,000, corporate consulting has become a lucrative opportunity to generate both multiple and passive income streams. For business and marketing agency owners, freelancers, and entrepreneurs who know how to train, here are six ways to cash in on your expertise: training presentations and lecture series; creating online licensing courses; executive coaching, which is especially lucrative; setting up training programs; creating content; and contracted “done-for-you” projects such setting up a corporation’s podcast or managing its social media accounts.
A Canada-based venture capital firm that invests in early-stage technology companies, Good News Ventures, has announced its strategic venture capital partnership with the Holt Fintech Accelerator Program. The Holt program is based in Montreal, and the joint partnership will work with companies around the globe, and specifically in Montreal and Toronto. Good News Ventures invests in all Fintech sectors with a special focus on Artificial Intelligence (AI), IoT, Blockchain and Cybersecurity. The Holt Accelerator is currently undertaking a global search for the next 400 Fintech entrepreneurs to take part, and encourages candidates to submit their applications through its website by July 29th.
U.S. Bank estimates that 82% of businesses that fail is due to cash flow problems. While entrepreneurs understand the significant investment required to launch and run a startup, they sometimes underestimate the money they need to cover expenses. Four of the considerable and necessary expenses that new businesses should plan for are: legal services, accounting services (taxes), loan interest on funding, and for both ecommerce and brick-and-mortar startups, product shrinkage.
According to a report by The Canadian Press, “any Canadian business that collects personal information about residents of the European Union — whether they’re tourists, students or online customers — risks maximum fines of $30 million or more if they violate a sweeping new EU privacy law” that recently took effect on Friday the 25th. Known as the General Data Protection Regulation (GDPR), the law also affects small- and mid-sized Canadian businesses, many of which have only recently become aware that they are subject to its requirements.
A spokesman for the Data Catalyst advisory council, Jack Ward, criticizes the bill for failing to account for the potential “death sentence” that smaller companies may face if they’re found non-compliant. Other criticism points to the higher administrative costs of complying with GDPR’s sweeping provisions. The founder of Kirke Management Consulting, Ale Brown, counsels her smaller business clients to make it a top priority to quickly respond to requests for access to personal information, or for corrections to data on file for them.