Business Tips

Fundraising for a startup company is something that leads to a lot of excitement overall. Everyone is anxious to see what they are able to bring in, and it can all happen very quickly.

At the same time, startups also need to be worried about potential fraud. Whenever there is a new money coming in, there is a chance that some shady things can happen with finances.

Where is the money coming from?

It’s always a good idea to work on fundraising in a way that makes the most sense. Instead of getting money from a bunch of different sources and not really monitoring everything, it makes more sense to have a good tracking system so that everything is accounted for.

When startups are raising money and fundraising, money can be coming in fast and furious. It’s overwhelming, and a bit tedious, but tracking numbers is always recommended.

Look for fraud warning signs

If money is not always accounted for, it makes sense to look into things sooner rather than later. The last thing a startup company wants to do is find out later that they lost a lot of funds, and it could’ve been avoided early on if records were kept.

There is this common thought of trying to make money quickly, and some people will do whatever it takes to do that and reach those expectations. It’s a challenge to keep everything in perspective, and to even check whether or not certain things are done correctly.

Trusted brands and companies

One way to avoid fraud is to work with companies that have great track records already built in. They will authorize money for individuals and handle most of the complicated things that most people don’t want to deal with. Since all transactions and a log of money coming in and out is easy to monitor online, it makes it very easy as well.

Idea theft

It is important to have a bit of a start on a new idea when launching a new company. If it is a brand-new idea, someone else can take the idea and run with it. Make sure that it is built out to a certain degree before starting to do a lot of fundraising and giving the idea away. There are a lot of people out there who try to pounce on ideas and become first, as soon as they hear about it.

It’s best to keep everything a little hush-hush until a decent amount of funding is put together. Also make sure that a prototype is ready to go, because otherwise it’s not hard to catch up and make up ground.

Getting finances in order

With so many different options out there, it’s sometimes hard to figure out which companies can be trusted. iAdvance Now is one company that has gained a lot of notoriety in the last few years for its ease of acceptance. A person can apply online and get funds they need for a startup company in a matter of one business day.

As far as fast money is concerned, iAdvance Now is a company that stands out in a big way. They know what it takes to create a customized solution for every single business.

 

The life of an entrepreneur is filled with excitement and everyday challenges. In addition to being proficient in your industry of choice, there are many things you should take into consideration when it comes to pursuing success with your startup company. To help give yourself a boost when it comes to starting things off on the right foot, take a glance at the list provided below.

Find the Right Employees

Acquiring the right staff is one of the keys to building a strong foundation for your company. Place heavy emphasis on the importance of applications and devote time to honing your interviewing technique. Use recruiting software to give yourself an edge when it comes to sorting through candidates.

Find the Right Tools

You will want to make sure you have the right tools at your disposal to help increase your potential of success. Go out of your way to determine what products and services you will need when it comes to establishing the foundation of your business. In addition to tangible products, you will likely require the services of a multitude of professionals, such as those who can help you formulate a strong business plan. Determine the priority levels for the different tools you will need alongside the cost of each to help establish when they should be acquired and how. Before you go to launch your company and start working with consumers, you will want to ensure you have everything prepared first.

Have Passion for Your Work

To do well with your startup company, you will need to be willing to devote almost all of your time to pursuing its success. Make sure you are passionate about the industry you are looking to get involved in. You will want to love the sort of work your field entails as you will be spending all of your time engaging in work and research that is associated with it.

Demonstrate Your Value

Go out of your way to build your personal resume as an entrepreneur. This will help demonstrate your value as a leader which will positively impact your company’s reputation if done well. To help get your name out there, you will want to go out of your way to make yourself visible to others within your field. Look for opportunities to write guest blog posts for prominent blogs in your industry. Attend conferences and, if possible, look to get involved with speaking opportunities for similar meet-ups.

Create Content Frequently

Another way to help boost your value as a leader and positively impact your company’s reputation is to become an avid content creator. By creating content that is relevant to your field, you will demonstrate your proficiency in addition to having a method to attract more consumers to your brand. Content creation is an excellent way to broaden your audience. Look to implement content creation for a variety of media methods such as video and print media. By putting more content out there, you will also help increase the awareness of your brand which will ultimately attract a larger audience over time.

Always Look to Network

Always be mindful of the importance of networking. Take advantage of opportunities to meet others within your field by attending conferences, expos and other industry gatherings. Keep in mind that you might meet others who may be able to provide beneficial business insight when you are out and about during morning errands as well. Always keep your business card on you and conduct yourself as a professional regardless of whom you are speaking to and where you are.

By keeping these tips in mind, you can help prepare yourself and your startup company for success.

 

You’ll have conversations with a lot of people before you open your own business. You’ll definitely speak to your family and your partner to ensure that you have their full support. You’ll speak to the most knowledgeable and honest of your friends, who’ll help you to sound out your idea and decide whether it’s a worthwhile pursuit. You might even speak to other business owners you know and get some starter tips from them, so you don’t start off on the wrong foot and doom your new venture before it’s even got out of the starting blocks.

There’s one more conversation you should be having before you make the decision to cut your ties with your current job and strike out on your own in the world, though, and that’s a conversation with yourself. There are some questions only you can answer, and you owe it to yourself to look yourself in the mirror and answer them before you proceed to the execution stage of your carefully-written business plan. Without any further ado, here are those questions.

“Do I Know My Boss’s Job Inside Out?”

Almost everybody reading this will have thought at some point that they know their job better than their boss does, and that they could outperform their boss in the same role. Some of you will have been correct in that assessment. Thinking you could do your boss’s job and knowing you could do it are two different things, though, and much of the time we don’t get to see everything our boss does – we only get to see the parts that affect our own job. The only way to know whether you’re better than your boss is to do your boss’ job. If you’re starting your own business, you’ll almost certainly be taking on all the responsibilities of your current boss has, and perhaps even your boss’ superior, if such a role exists. If you don’t have any experience of managing budgets or people, you’re not ready to start your own business, no matter how skilled you are. Get promoted first, get the experience, and then branch out.

“Is My Business Idea Future Proof?”

How well do you understand the current trends within the business area you want to work in? More importantly than that, how well do you understand what’s likely to change with those trends in the future? A sudden change in technology could make your business obsolete overnight. Twenty years ago, opening a casino was a surefire way of making money. Now, physical casinos don’t make as much money because mobile slots websites or their sister sites offer players more choices, and often better chances of winning, too. The internet existed twenty years ago, and so the creation of mobile slots should have been foreseeable. When the internet arrived on mobile phones, mobile slots were obviously round the corner, but many companies still didn’t heed the warning. A few years from now, it might be the case that vegas slots are replaced by virtual reality casinos. What future technologies could impact your business, and how do you propose to mitigate those risks?

“What Problem Does My Business Solve?”

Great businesses solve problems that exist either within a service, or within wider society. All the best start-up companies of the past ten years have been solutions to problems. What problem does your business solve? It doesn’t have to be a major problem – for example; a low-cost travel company would solve the problem of some people not being able to afford to travel. For the customers of that company, cheap travel would be a must, and the company is the only place they can find it. Without a problem to solve, there’s no need for your company to exist at all. Whatever you’re selling – whether it’s a service or a physical product – there has to be a target group of customers who will view it as a ‘must-have.’ If it’s only a ‘nice to have’ your business idea probably isn’t strong enough, and you’ll likely find you don’t attract enough custom to keep the business running.

“What Am I Willing To Sacrifice To Make This Work?”

Running a successful business is enormously rewarding. Getting a business to the point of being successful is enormously difficult. Unless you’ve had the greatest business idea in the history of the world, and have an immediate route to implementing it, you’re going to have to work harder than you’ve ever worked in your life to get there. This is inevitably going to involve some sacrifice. What’s your limit? Are you prepared to give up all the time you spend with your friends? Are you ready to pass on vacations for the next few years? Could your relationship stand spending less time with your partner? If you have children, could you cope with seeing them less because you’re working long hours? Are you happy to give up on luxuries so you can pump all of your money into the business? If the answer to any of these questions is ‘no,’ then don’t do it.

“Whats My Backup Plan?”

Nobody wants to think about this question when they’re in the middle of setting up a business, which is a big mistake. This is the most important question of them all. Even with the best planning in the world, it’s possible that your new business just won’t work out. Most of them don’t. Planning for failure is not the same thing as planning to fail – it’s quite the opposite. Planning for failure means you immediately know what to do next if things don’t pan out as expected. Would it be possible to return to your current job if you’re able to part on amicable terms? Would the experience you accumulate in the process of running the business qualify you for a senior role elsewhere? If so, where? Can you put some money aside for the eventuality of the business falling through, and trust yourself to spend it only to support yourself after the business has failed rather than throwing it into a failing business? You need an exit strategy and a means of survival outside of the business during your first few years of trading. It’s your safety net. Once that’s in place, you can trade without fear.

 

Over the years, Ali Mayar, CEO of Platinum Rapid Funding, has seen quite a bit. He has experienced a lot of good and bad in the business world, and it’s been a challenge at times, to say the least.

While many people just need to experience success and failure themselves to get a feel for it all, there are certain lessons out there no one wants to learn the hard way. Below is a list at five that Ali Mayar specifically points out.

To get, you must give

This is a pretty cliché tip to keep in mind, but it’s very true in the business world. Early on, people should be focusing on giving as much as possible. This is all about building relationships and doing some of the dirty work to get to the top. The right people will notice all the hard work in the beginning, and it will eventually pay off.

This means going the extra mile and developing strong relationships with those in a specific industry. When no one else is putting in the extra work, it’s a perfect time to shine.

Stay organized

It’s easy as a business owner to become so busy that organization takes a hit. The office doesn’t need to be spotless, but it helps to stay organized from the very beginning. By setting a standard, it will be much easier to assess certain things down the road. No one wants to be in a situation where they are struggling to find where anything is.

Organization also keeps everyone on the same page as far as meetings and deadlines are concerned. By putting in that extra work to stay organized, it presents a much more professional look.

Listen to veterans in the industry

As a young, energetic business-minded person, it’s very easy to blow off people in the past and think that everything is easy. It’s not easy, and veterans in the industry have a proven track record to show they know what they are doing.

Yes, business is always evolving, and what worked in the 1990s doesn’t work the same way right now. It still doesn’t mean that veterans in the industry don’t know what they are talking about. More often than not, they are a very beneficial tool to lean on.

Effort goes a long way

Anyone trying to make it in the business world should pretty much forget about working a standard 40 hour a week. It’s more competitive than ever, and people are pouring in hours and hours of work to get to the top. Effort doesn’t necessarily guarantee success, but it’s needed to have a chance. Don’t come up with a great idea, and then mail it in, hoping it somehow magically happens.

Don’t obsess over competitors

It’s not always about doing everything a competitor does to try to gain an edge. More often than not, in the business world, the minor differences stand out. Pay attention to them, but never obsess over what they do.

For more business advice, success tips and what it takes to start and maintain a business, visit Ali Mayar’s website or follow him on Facebook.

 

Merchant funding is a loan opportunity that may not be for everyone, but it can help out some business owners. Nobody knows the advantages of this type of funding better than Platinum Rapid Funding Group. This is just one of the ways they help business owners come up with the funds necessary to make their company thrive.

How hard is it to get approved for merchant funding? It’s fairly easy, as long as business owners meet a few minimal requirements.

Credit score

The first thing that platinum rapid funding group, as well as other companies, look for is a basic understanding of who they are working with. While the company considers an owner’s credit score, business history and revenue over the last few months, none of this has to be perfect.

A huge reason why so many people use merchant funding is that the requirements or not as hard to meet. Credit score might be looked at, but it by no means has to be great. This is more of a check to make sure that a business owner is not completely reckless.

Monthly credit card transactions

The repayment process for merchant funding relies on a company making money through credit card transactions every single month. It doesn’t need to be much in the beginning, but there does need to be signs of progress.

Unlike banks that need 4 to 5 years of history as a business, it doesn’t take nearly that much time to show that you are worthy of a merchant cash advance.

The best part about this type of repayment plan is that the monthly payment is never going to be overwhelmingly high. Since it goes off of money made, a certain percentage is always taken out.

Attention to the details

As long as business owners put together a strong plan, there is a good chance of having success with the approval process. This goes for any merchant cash advance company. This means filling out the initial form correctly, presenting a solid outline when talking to a customer service representative, and more.

Most people do end up getting approved but treat it like a job interview. Don’t give them a reason to not approve you for funding. Remember that these are companies that need to be smart themselves to work with quality individuals. If they give money away to just anyone, they could be in some trouble.

Willingness to be flexible

Finally, people should always be willing to be a little flexible with the amount of money they are asking for. Maybe a business owner is asking for a little too much, and the company comes back with a counteroffer. After crunching the numbers, they may feel this is a smarter amount of money to work with.

There is always the opportunity to turn down the offer, but there is no guarantee another company is going to provide more funding. Asking for just a little more than the amount needed will allow some wiggle room.