Blog #Tag 3

A lot of people are afraid of asking for a raise at work, but when you think about it -- worst case your boss says no, best case your boss says yes!

1. A good sense of timing We mean this in two ways: 1) Picking the best moment to launch your company. This is always a balancing act determined by a great many factors including: the ebbs and flows of your industry, the success or faltering of competitors, the availability of startup funds, and your own personal circumstances (having a baby in a month? Maybe don’t try to start a new company right this minute. Want a baby in 3 years? Jump on it right now.) And 2) Getting your business plan completed and making decisive moves to get your business off the ground quickly. We’re not saying to rush – by all means, take the necessary time to develop your plan carefully – but so many startups fail simply because they wallow in early development and never even get off the ground. 2. The cleanest budget on the block A common mistake new business owners make is thinking as long as they can get their hands on a big enough chunk of money, they can plop it in a business checking account and surely it will suffice to cover their expenses. This is wrong and stupid and no - we’re not even going to pick nicer words to say that. It is crazy important to have a super detailed budget before you spend a single penny. If you aren’t an expert at budgeting, enlist the help of someone who is. Considering that a lot of startup CEOs tend to be more “big picture” thinkers, crunching numbers is not a popular favorite task. As such, is too often glazed over. Just…don’t. Every area of the business should be carefully accounted for and the budget should be adhered to as closely as possible. Speaking of which… 3. Self-discipline We aren’t only talking about money here, but to be sure, exercising self-control and sticking to your budget is definitely a must. In every way, running your own business – especially during its startup phase – requires discipline in all areas. Our tips: decide ahead of time on goals for each day/week/month, rather than just deciding on what hours you will work. We’re all about a work/life balance, and are not ones to suggest letting your startup take over your life completely, but the simple fact is that startups require a bit more nurturing than established companies. Decide what needs to be accomplished by when, and force yourself to stick to your benchmarks. It’s better to pull a couple of long days than to get woefully behind.

Step 1: Have a Business Idea Create something that will differentiate you from the others. Every business starts with an idea. Yet it’s not enough to bank on this idea alone. You have to act on it. Most successful business ideas often came out of a need to solve a problem or from an unexplored opportunity in the market. Some are derived from already existing business concepts but with marked improvements in quality, efficiency, or packaging. Don’t just start a business for the sake of starting one. Create something that will differentiate you from the others. Determine your strengths, uniqueness and construct your business idea around these qualities. Step 2: Conduct Market Research Evaluate and explore your business idea then set your personal and business goals. To find out how feasible your idea is in the real world, it needs to be backed up with research and statistics. Market research will help you evaluate the potential of your business and prepare for the challenges that you may encounter. As what Benjamin Franklin once aptly remarked, “The one who fails to prepare, prepares to fail.” Identify your market, competitors, and realistic opportunities. Evaluate and explore your business idea then set your personal and business goals. This is an important stage that will lead you to formulating your business plan. Step 3: Make a Business Plan Business Plan is like a blueprint of the different aspects of your business, such as sales, marketing, advertising, promotion and location. Once you have a clear and realistic view of your ideas and goals, you need to transform them into a concrete business model. This is like a blueprint of the different aspects of your business, such as sales, marketing, advertising, promotion and location. As you develop your business plan, important decisions will be made and this is where your market research will come in handy. The business plan will serve as the core of your business and will be a valuable tool in its implementation and the evaluation of its success thereafter. Step 4: Secure Funding Assess the need of funding your chosen business. After you have finalized your business plan, it’s now time to realize it. Finances will be your next concern. There are several options of getting the funds for your business. You can use your personal money or get a loan from the bank. You can also opt for alternative lenders like Kabbage, OnDeck or CAN Capital. For even bigger funding, you might want to consider applying to a venture capital firm for several million dollars worth of investment. There are also other means of funding such as angel investors and crowdfunding sources. You can learn more about them in “How to Secure Funding for Your Startup