October 5th, 2007
The fastest way to raise funding is to rob a bank. But aside from being highly unethical…it is also illegal. So, let’s examine three legal and ethical ways of raising start-up capital and cutting costs.
1) Barter- Our ancestors used this system efficiently for centuries before money was created and you can too! Give away your services to others in exchange for theirs. For example, if you own a web design firm offer web design services to your accountant, your housekeeper, your lawyer, the milkman, etc. Not only will it build up your portfolio, you won’t have to pay in cash. Two pieces of advice-1) make sure both parties understand the expectations, 2) get it in writing.
2) Share Resources- This is a fun strategy that some of the biggest businesses use as well. If you and a colleague have similar needs, consider sharing resources. For example, if you could really use a new copy machine but find the price tag a bit high, find a friend to share the machine with. You could offer equal partnership of the machine or charge a fee for each use of the machine. This concept also applies to administrative assistants, expensive technologies, offices, artwork, and so on. It pretty much applies to everything and everyone, with the exception of spouses and children.
3) Give Away Shares/Profits-This is another tactic to save initial costs, but be sure to use extra caution with this. Giving away huge parts (or shares) of your company may seem fine in the beginning, but once the business takes off you may regret it. Can you imagine if Google had given away huge shares of their company when they started? The actual founders would have nothing left by now. On the flip side, if you use caution and play your cards well, you can leverage this technique to raise a lot of capital. Be sure to brush up on your presentation skills!
Bonus-Smart Marketing! Please please (pretty please with sugar on top?), leverage the internet to market yourself. I don’t care how small of a company you are-you can use this technique. If you optimize your internet marketing, there is no need to invest in other marketing channels and this is a huge cost cutting mechanism!
Posted in Business Profitability | 2 Comments »
September 23rd, 2007
Yes, you read correctly. Please stop reading my blog…if that is all you are doing. Stop reading and collecting information from any blog, site, newsletter-if that is all you are doing. Reading and collecting information is not enough. You have to implement it. I know so many business owners who attend every seminar and read every book in their industry, but they aren’t seeing results. A quick chat with them will reveal that they don’t implement most of the techniques and strategies-if any!
My main purpose with this site is to help you do business the smart way (the EASY way) and increase your profits. Most entrepreneurs love learning new things-it’s fun for them. I am no exception to this rule. I am a sponge when it comes to picking up new techniques, strategies, and technologies related to business. And I make it a point to not only apply them to my own business but to share them with you. So, please consider this post a call to action. How much knowledge have you acquired in the past few months? How much of it have you actually implemented? If your answer is "little to none"-please take a moment to ponder why.
Posted in Business Profitability, Managing Your Business, Web Entrepreneur Community | 5 Comments »
September 20th, 2007
Jay Hargis, of HR CleanUp, is offering a FREE Virtual Workforce Seminar Series in Boston. His goal with these seminars is to help you get better results and reduce your risks when it comes to virtual/remote employees. If you are a small business owner, virtual employees can help cut costs and increase efficiency.
Workshop #1: Selecting Virtual Employees: Tool and techniques for recruiting and selecting employees who will be placed in virtual or satellite offices. Tuesday, October 16th from 8:00-9:30 a.m.
Workshop #2: Giving Managers the Tools To Manage Virtually: Do your managers have the tools and experience necessary to manage a remote workforce? Are they coming to you looking for advice? This session will help you focus on the tools and techniques that line managers will need in order to manage remote employees. Tuesday, October 30th from 8:00-9:30 a.m.
Workshop #3: Developing and Mentoring Employees Virtually: How do you develop your talent when not everyone is located in a corporate office? How can you motivate and develop "at-home" workers. We will be focusing on developing your employees through virtual mentorship, training, good old fashioned management. Tuesday, November 13th from 8:00 - 9:30 a.m.
To register for any of the workshops, simply send an email to registration@neassessments.com
These sessions are going to be highly valuable so if you are in the Boston area or can make a quick trip there-definitely attend!
Posted in Business Profitability, Managing Your Business | 1 Comment »
