Business Archives - Rafferty Pendery

The Dos and Don’ts of Finding a Business Partner

Nov 30, 2020

Approximately 22.5% percent of all startups fail within the year of operation. What’s more, a recent study shows 82% of businesses fail due to poor cash flow management. Tech entrepreneurs must focus on their expenditure and revenue streams to ensure a healthy financial status. But there is another vital aspect to focus on: their business partners.

The persons or companies you bring on-board can directly impact your success or be a roadmap to hell. As a successful tech entrepreneur, VC, and international speaker, Raffy Pendery continues to invest in value-added partnerships to propel his business interests. Here is a detailed guide on the dos and don’ts of finding a business partner.

Do: Match Values

It is essential to choose a business partner who has similar goals and interests. Working with like-minded individuals is a recipe for success. Start by setting goals for your company before outlining responsibilities for each partner. Watch out for personality conflicts that may create a stumbling block to determining your business goals and values.

Don’t: Seek a Partner for the Wrong Reasons

The first step to finding a business partner is to ask yourself the question: why? Conduct a personal evaluation and establish objective reasons for getting into a merger or partnership. Creating a list of merits and demerits may help paint a clearer picture.

Do: Look for Complementary Skills

Find the yin to your yang, as they say. You should only bring in a partner if they have a complementary skill or capital. Evaluate your skills to find out your strengths and weaknesses. If, as a digital entrepreneur, you find yourself short in selling your products, look out for a marketing guru as a partner. Complementing skill sets can make up for the extra work needed to find common ground.

Don’t: Agree to Unequal Commitments

One of the most common entrepreneur mistakes is a lack of balance in commitments to the business. Unequal partnerships breed bitterness, which is a surefire path to sinking the business. When finding a business partner, ask the potential candidate-specific questions on the role they intend to play within the company. While it isn’t a legal requirement to file for equal partnerships, take it up as a practical reason to ensure your agreement will not turn into an ugly mess.

Do: Have an Exit Strategy

When finding a business partner, ensure that the individual or company understands and agrees to an exit strategy. Settling on an exit strategy clears the way for a smooth transition if the partnership fails. You may settle on the different options such as:

Selling to third parties
Taking the company public
Passing ownership in exchange for a significant buyout

Don’t: Settle for a Gentleman’s Agreement

While handshake deals are quite common, it is wiser to have a founder’s agreement drafted by an attorney. Without a written contract, you may have a challenge in dealing with issues that arise later on. The only other option may be an expensive civil lawsuit, which may drag on for years. Avoid any individual hesitant to put the agreement in writing.

Value-added partnerships are excellent recipes for the success of any business. They can help you finance, grow or even expand your business to global levels. With this guide, you can now find invaluable individuals for your business operations and those you should avoid.

What You Need To Know About Finding the Right Business Partner in Tech

Feb 4, 2020

You have a great business idea that you know will make an impact on the market. Running a business alone can be tough, especially if you are new to it. Even though there are those things you can handle on your own, can you run the entire business on your alone?

You may want to consider getting someone with the right skills and passion to help you. Otherwise, you risk burnout, even before your project starts. Finding a business partner is one thing, but getting someone with the right vision and skills in tech is another.

In this article, we’ll look at some of the challenges you’ll face when trying to hire contract coders, tech partners, or technical director.

Initial Research

You may start by doing a lot of research before you can even begin shortlisting candidates. You can explore websites such as Built-In, Founder2be, Angel List, Co-Founders Lab, amongst others. Most of the resources are free to use.

The next step is to make a point of meeting your potential founders face-to-face. Don’t forget to network with people at the events you attend. Talk to the organizer of the meetup and pitch your presentation. As a public speaker, you can attract a lot of attention, which could pull in potential business partners.

Tech entrepreneurs have launched successful ventures that were driven purely by passion. If you have such a drive, you need someone that will meet you at the same level. Sometimes you can hang on to skills and abilities, and end up getting the wrong match.

If you are a person with a lot of passion, you’ll be better off finding someone based on their personality, interests, and preference. Skills can be updated, but a lack of vision and a discordant personality often end up being problematic.

Defining Your Tech Partner

Tech entrepreneurs have to be organized and ready to handle multiple issues as they arise. Your idea may involve many moving parts that need technical expertise. Finding the right person is not easy.

Take time to clearly define the function and responsibilities of the kind of partner you want. You can choose from three main options; CTO, Senior Programmer, or Tech Partner.

Tech Partner: Has the same skills as the co-founder, and shares the same vision. It could be a friend who shares the same passion or someone who has the expertise to take the company in the right direction. It can be a suitable option if you are launching and haven’t come up with a clear roadmap.
Senior Programmer: They usually have a lot of experience and skills in programming and web design. They have an understanding of the architecture and supporting platforms. They are best suited for a startup with a clear direction, but without a lot to offer.
CTO (Chief Technical Officer): They have a broader range of skills that you will need as a tech entrepreneur to start your own company. They have programming skills that they learned working on other successful ventures. However, they often demand a sizable technical salary.

There are several options you can choose when finding a business partner for your tech idea. You may choose to go it alone or hire a programmer or CTO. You need to be realistic about the kind of talent you want for your business. You can prevent a lot of issues by doing lots of research before making any major decisions.

In Conclusion

There are many entrepreneurs who have started successful businesses on their own, including Rafferty Pendery. As the tech entrepreneur Florida trusts, you can rely on his guidance to help your business or blog take off. After all, starting a business on your own can be daunting and nerve-wracking. Take time to research and vet your potential partners to avoid sticky issues down the line. Contact Rafferty Pendery today for more information!

4 Things To Consider When Starting a Business

Jan 31, 2020

You have an idea that you are sure will take off. You’re ready to take the next step to go from just an idea to an actual business. You’ve googled “How to start a business” but aren’t quite sure what steps to take first. Where do you start?

In 2014, 80% of small businesses made it to the next year. Your business can make it past year one too. Here are four things you need to consider as you start your new business.

Market Research

Your idea could be the next big thing, but if you haven’t done the proper research to gather information about your target audience and competition you won’t be able to get it off the ground. Market Research is extremely important in the first stages of a new business. It will help you to find your audience and potential customers. Knowing your target audience from the start will help you to save time and money as you’ll be able to focus on getting your message and product to those who are most receptive.

Funding

Every entrepreneur knows you can’t start a business without money. When you search “how to start a business”, funding is one of the most important steps that always pops up. Since money trees haven’t been invented yet (at least ones with actual currency), you’ll have to try a few different options to raise the funds necessary to launch and keep your business running smoothly.

how to start a business

Bootstrapping: Many entrepreneurs start by self-funding their business, also known as bootstrapping. This could be done by using saved funds, tapping into retirement savings, or taking a part-time job. You may also forgo a salary for an amount of time to keep that money in the business.
Crowdfunding: This tactic for funding a business has become hugely popular as of late. Crowdfunding is when individuals invest or donate to new businesses and receive a product or service in return. If you already have a stock of product prepared or a service to render, this can be a great way to raise funds.
Business Partner: Similar to bootstrapping, finding a business partner who can also invest in the business is another way to fund your venture. It can also help in the long run to have more hands to run your business and have more connections to network with.
Investors: Finding investors is something most entrepreneurs are constantly working towards. If you’re lucky enough to find a reliable investor early on in your business venture, this can make a huge difference for you financially. You just need to be ready to show potential investors how your business will be successful and why it’s worth it for them to invest in you.

Business Plan

When figuring out how to start a business, your business plan will be the foundation. It will help you know where to focus, what goals to work towards and how to grow. It may seem like a simple tactic, but a plan has the potential to make a huge impact on your success, especially in the beginning. Take the time to write out a detailed business plan and then ensure that anyone working with you is familiar with and understands the plan.

Legal Elements

Ensuring that you have considered all of the legal elements early on in your business venture will save you a lot of time and potential frustration. Do the proper research per your business to make sure that you have covered all of your legal bases. This includes registering your business, obtaining the proper permits and licensing, getting federal and state tax ids, and more. It may be worth it to talk with a legal professional to ensure that you have taken all of the proper steps.

In conclusion

Being an entrepreneur is no easy task. But if you’ve covered at least these four elements, then you are off to a good start. Follow Rafferty Pendery for advice every day on how to start a business, avoiding entrepreneur mistakes, how to succeed as a tech entrepreneur and more.

The First Steps To Starting Your Own Business

Aug 8, 2019

According to one study, 82% of people learning how to start a business will fail, due to cash flow problems in their startup.

That’s a pretty big deal. It means that if you plan and launch your startup in a way that will avoid cash flow problems in the first place, you’ll have eliminated the single biggest risk in launching a business — dramatically increasing your chance of success.

Whether you want to learn how to start a business to support your travels or creative life, or whether you have a unique product or business idea that you’re passionate about, it’s important to start on the right foot with your business planning. To help you avoid common entrepreneur mistakes, the following entrepreneur tips will help you determine how to start a business.

Conduct Research

Since you’re learning how to start a business, you’ve probably already settled on a business idea you’d like to get into. But before you take off and run with it, you’ve got to compare that idea to what the market wants.

To be successful, a business has to solve a real problem, fulfill a real need, or provide something people genuinely want.

However, for a new business to succeed, it isn’t enough to just offer something the public wants. The public has already been getting what they want, or else doing without it, for a long time. Your job as the business owner is to convince them that your offer is going to be better for them than anyone else’s. It’s not enough to give them another option — you’ve got to give them an option they can’t say no to.

On the surface that may sound daunting, but it’s very doable, as long as you’re willing to do some hard thinking.

You can identify what the market wants by talking to your target customers directly; by starting a blog on your target industry, and building an audience of ideal customers; or just trying different ideas until you come upon one that sticks.

The following are some questions you should try to answer, as you formulate your ideal business idea:

Is there a real need for this product or service?
Who needs this product or service?
Who is my ideal customer?
What other businesses are currently providing this product or service, or something similar?
How much competition is there for my idea?
How will my business idea fit into the existing market? How will it contrast from other options already available?
Am I a member of the community I’m trying to sell to? Am I my own biggest fan and customer? Will I enjoy building this product or providing this service long-term?

The last question may be the most overlooked idea for aspiring entrepreneurs, often considered only as an afterthought. It’s important to remember that your business is going to be your full-time job, at least at the beginning. Make sure you’re doing something you’ll genuinely enjoy.

Make a Business Plan

Before you can start building your business, you’ve got to have a plan for what you will do. Your business plan will act as a blueprint, guiding your decisions from startup through initial growth to keep you on track.

A business plan doesn’t have to be complicated. If you’re funding the venture on your own, and it’s just going to be you and perhaps one or two other people working on it part-time, a basic one-page outline of steps to follow is all you need.

If you’re going after investor funding, you will need a traditional business plan to show investors or banks. This type of plan is usually very long, very thorough, and very specific. Business plans of this kind always provide a common set of information that investors always look at before deciding on whether or not to invest in a startup.

Even if your business is going to be simple — a blog that you intend to monetize, for example — it’s still incredibly important to have some kind of written plan. It doesn’t have to be long or complicated. You just need an idea of where you’ll be going and what you’re going to do before you get started.

Armed with these insider tips for entrepreneurs, you’ll be well ahead of the competition when you launch your startup.

Five Reasons to Hire a Lawyer When Starting a Business

Jun 14, 2019

Small business owners often save money by trying to wear as many hats as possible. However, when it comes to legal issues, sometimes this strategy is penny smart, but pound foolish. In other words, it is often cheaper to prevent a problem from arising than to fix the problem after it has already arisen. Here are five areas where a lawyer can help a business as it launches:

Entity Formation

Intricately intertwined with the question of how to start a business is the issue of the legal business structure to be used. Often, an entrepreneur will start a business as a sole proprietorship or partnership without fully appreciating the risks involved. Lawyers can explain the differences between sole proprietorship or partnership, on the one hand, and a limited liability entity such as a corporation or limited liability company, on the other hand. More importantly, a lawyer can help form the entity in the relevant state to ensure that all the benefits are there when they are needed.

Contracts

Almost any agreement, whether written or oral, can form the basis of a valid contract. One of the most important tips for entrepreneurs is to have a lawyer on board to help navigate the startup business through the field of contract law. For example, finding a business partner can supercharge a business’s growth and give the business the safety net to avoid failure. In fact, over 80% of businesses fail due to cash flow issues, according to a study by U.S. Bank. However, defining the relationship between the business and the business partner is often done through a contract that specifies the rights and obligations of each party. A “silent” or “passive” business partner is different from an “active” business partner. An equity business partner or venture capitalist is different from a business consultant. Having a lawyer who can define the role of each party in a contract may avoid future problems.

Trademarks

“How to start a business” is different from “how to build a business.” Critical to building a business is that business’s reputation and goodwill. Trademarks are the link between the consumer and a business. If every auto repair business was called “Joe’s Garage,” consumers would have no way of distinguishing the Joe’s Garage that the next door neighbor loves and the Joe’s Garage that ripped off a relative. A lawyer can not only help an entrepreneur to secure trademark protection so that no other business uses the same name or logo, a lawyer can give an entrepreneur tips on avoiding problems with other business’s trademarks.

Zoning and Licensing

“How to start a business” leads naturally to “where to start a business.” Common entrepreneur mistakes include assuming that everything is legal as long as the landlord does not object. However, there is an entire legal structure that defines what businesses can do, where businesses can do it, and what licenses are required. For example, in certain states, hunting guides and outfitters, audiologists, and unarmed security guards need licenses. Similarly, some state and local governments restrict where a business can feed the homeless, raise chickens, or build a church. A lawyer can assist entrepreneurs with zoning and licensing for their new business.

Taxes and Compliance

A common entrepreneur mistake is to forget that the only things that cannot be avoided are death and taxes. While no business owner should pay more than their fair share of taxes, it is equally true that no business owner should evade taxes. A lawyer can help entrepreneurs to make sure that they only pay the right amount of tax. Moreover, an ongoing relationship with a lawyer can ensure compliance with other local, state, and federal agency regulations, such as fire and building inspections, family leave, workers compensation, unemployment insurance, and many other business regulations.

In researching how to start a business, an entrepreneur should consider the role professionals, like lawyers, can play. Often, hiring a lawyer when starting a business can avoid problems and their associated costs down the road.

Start an Entrepreneur Blog Now to Gain More Traffic For Your Business

May 20, 2019

Apple, notably one of the biggest names in the tech game changed how we communicate and share information. It shrunk the entire world down to pocket-sized proportions, making everything more accessible. To make matters more impressive, Jobs did all this working out of a garage in Palo Alto, California.

Now, thanks to our modern technology and the ideas and principles he left behind, it’s easier than ever to follow in his footsteps. Around 69% of entrepreneurs have founded companies right out of their own home. It’s an impressive feat, and if you ask any young business owner, it sure beats working a typical nine to five.

Utilizing the web efficiently by mastering your social media skills is the key to success. But no social media channel can hope to survive without starting a blog. This simple tool can help a business grow in ways you never dreamed of.

How an entrepreneurship blog can help your business grow

A blog adds more personality to your business’ site. Not only can it help establish the tone of your business, but it also helps your website rank better on Google when it utilizes SEO marketing. You’ll also be creating easily sharable content that can be sent to every corner of the web. A blog even can help you market your products or services, providing a useful way for you to share engaging content and reviews with your audience.

What to Write About

A business owner can write about their particular set of skills as well as their achievements. This is vital for an up-and-coming entrepreneur. Here are some possible topics for your entrepreneurship blog:

Common entrepreneur mistakes
Entrepreneur tips
How to start a business
How to finance your startup

Use your experience to sell your skills to your readers. By sharing your knowledge on a particular topic, you’ll find your business growing in no time. Use your entrepreneurship blog to make connections with individuals who value your advice. Try gaining ideas for your entrepreneurship blog by following industry leaders in your field.

Setting up your blog

If you’re convinced that starting an entrepreneurship blog is the right decision for you, here are some easy steps to help get you started.

Select a domain name. Preferably something short and simple.
Search for web hosting. You’ll need a hosting provider if you want your blog to look professional. Through a web hosting service, you will have complete creative control over the look of your blog.
Come up with a publishing schedule. You want to remain consistent. Even if you only have time to post once a week, try to commit to a set time.
Find an appropriate theme to suit your style.
Brainstorm your first post.
Write, proofread, and finally publish your first post.
Don’t forget to share it on social media!

Thanks to modern technology, you can start a business from the comfort of your own home. You’ll also market your business and entrepreneurship skills without ever leaving the house. For more information on starting an entrepreneurship blog, rely on the talent of Rafferty Pendery to begin.

3 Skills to Master in Silicon Valley

May 13, 2019

If you’re trying to become an up and coming tech entrepreneur, getting into Silicon Valley isn’t as easy as it looks. Nowadays, it seems that every tech guru and digital marketing expert is trying to get a piece of that valuable pie. So, how do you stand out among the crowd?

If you’re wondering how to succeed as a tech entrepreneur, here are some of the top skills you should master to take Silicon Valley by storm.

Copywriting skills

In the world of tech, nothing is more valuable than someone who knows how to write. Amidst the jumble of code and numbers, few techies have learned how to express themselves articulately, let alone transfer their knowledge onto paper.

This is why copywriting has become so essential in tech startups. No successful business can succeed without a copywriter with experience in effective messaging, creative writing, and marketing copy. When you want to stand out among the other tech geniuses in the room, a little creativity goes a long way.

Financing skills

Unless you majored in business, it’s likely that you only have a basic understanding of finances and accounting. If you’re a marketer or computer engineer, get ready to roll up your sleeves. Diving into an introductory finance course can work wonders.

While you don’t need to become an expert in financial modeling, being able to interpret graphs and understand how they work in real-life applications is essential.

Public speaking

If you’re afraid to speak in front of a crowd, you will always remain a member of the audience. Public speaking is a valuable tip that any industry can benefit from, whether you’re a tech entrepreneur, a teacher, or a lawyer. Public speaking incorporates a variety of skills, including persuasion tactics, preparation tricks, and vocal projection. If you suffer from speaking anxiety, a crash course in public speaking is the best way to conquer your fears.

Did you know that women-owned businesses are growing at double the rate of businesses owned by men? If you want a slice of this valuable pie, learn these skills to stand out. When you want to become the next big tech entrepreneur in Silicon Valley, rely on the skill and experience of international speaking guru, Rafferty Pendery.

What Challenges Do Lawyers Often Face?

May 10, 2019

Whether you’re a small firm lawyer or an attorney for the supreme court, there are a few common issues that any legal professional can experience.

If you’re thinking about joining the legal field, here are some of the most common challenges that you could face as a lawyer.

Grappling with new technology

Now that everything is available online, lawyers have experienced challenges trying to outline the law for their client. While it’s recommended that a person seeking legal counsel get as much information regarding their case as they can, some are being influenced by unreliable online sources. This can create numerous hoops that a lawyer has to jump through as they correct untrue pieces of information.

New technology has also impacted trial proceedings. Dashboard cameras on cars and other monitoring devices have transformed how we view criminal cases. When piecing together who’s at fault, these new pieces of technology can make or break a case.

Changing regulations

Between marijuana legalization and increasing environmental regulations, lawyers have to become experts regarding law changes and what is considered a criminal act.

This can take more time than you expect. While many of these laws are expanding rights and preventing environmental harm, a lawyer must set aside ample study time off the clock.

Public speaking issues

Not all lawyers are naturally outgoing. In fact, between 58% and 64% of lawyers have speaking anxiety. The courtroom heralds confident public speakers, making this source of anxiety detrimental to a criminal case.

This is also a common issue among tech entrepreneurs and those wondering how to start a business. While many think that public speaking is an innate talent, it’s actually a learnable skill that takes practice and dedication to master. If you’re one of the many lawyers or new entrepreneurs who struggle to speak publicly, rely on the experience of Rafferty Pendery.

Rafferty Pendery is an international public speaker who wants to help you succeed. Whether you need help avoiding entrepreneur mistakes or you need tips to quell speech anxiety in the courtroom, Rafferty Pendery can teach you to wow any crowd. Contact Rafferty Pendery today when you want to become a public speaker with confidence.

How To Start A Business: The First 3 Steps You Need To Know

Apr 25, 2019

Starting a successful business takes dedication, concentration, and a fair amount of courage. It also requires a commitment to completing the necessary steps that build a great business. If you’re wondering how to start a business, follow these initial steps to give yourself a stable foundation for the future.

Research and refine

Before you make any moves to start your business, hop online and do some research about the industry. Learn what companies already exist in your field and if anyone is already offering a version of your business idea. By knowing what current brand leaders are doing, you can find ways to make it better or deliver the same services for a lower price. This small amount of research can help you refine your business plan and give your blossoming business a strong “why” from which you can build.

Outline a business plan

That business plan is the blueprint that will guide your company through its start-up phase and into an established business. Without a business plan, it is all too easy for a new company to run into costly mistakes that they could have easily avoided. The exact type of business plan you need depends on your type of business and its needs. If you will be looking for financial support from a financial institution or investors, you will need a traditionally long and thorough business plan to show them. If you aren’t seeking additional support, you can work with a simpler business plan that is made just for your use.

Plan your finances

You don’t need to be a billionaire to start a business, but you do need to make an initial investment. As about 82% of businesses fail because of cash flow problems, you will also need to be sure that you have enough funds to cover the ongoing expenses that come up before you’re able to turn a profit. Prepare for all of these fees by putting together a spreadsheet that estimates the startup costs of your business and what you’ll need to keep it running. From those numbers, you can start constructing plans for obtaining loans and grants to get your business off the ground.

Learning how to start a business certainly isn’t an easy task, but it is possible. With well thought out plans, good tech entrepreneur advice, and trusted partnerships, you can soon realize your dreams of starting a new business.

The Big Comeback: How To Start A Business After Experiencing Professional Failure

Dec 21, 2018

They say that 9 out of 10 new companies fail within the first couple of years of being in business. While most business owners want to believe they are the 1% who won’t fail, they must take the proper precautions just in case they do.

Is it possible to bounce back after experiencing business failure? Let be honest, it’s probably going to be a difficult task.

Fortunately, there are thousands of failed entrepreneurs that had to start over after their first business flunked.

If you have experienced a professional failure in the past, here’s how to start a business and recover from it all.

1. Evaluate Where You Went Wrong

One of the first tips every entrepreneur should take when learning how to start a business after you’ve failed is to evaluate where you went wrong the first time.

There are so many lessons that need be learned in order to run a successful business. Between money management and marketing — retracing your steps will help avoid failed entrepreneurship in the future.

2. Figure Out Finances

As tempting as it might be, you’re not able to “wing it” when it comes to the finances in your business.

This time around, make sure you that your return on investment supersedes your expenditures. Also, verify that you’re spending well below your means and saving for the slow months.

3. Reinvent Your Brand

We’ve all heard of the phrase “If it not broken don’t fix it.” But what do we do if we realize our brand is broken?

One of the first lessons you should embrace when learning how to start a business is figuring out ways to always reinvent yourself. If your old tactics aren’t working, figure out different ways to bring fresh innovative content to your site and business.

4. Accept Past Failure

Overcoming the discouragement that comes with failure can be one of the most difficult tasks. After you’ve invested so much time and effort in your business, bouncing back can be hard.

Accept your past failure. Don’t be too hard on yourself. Find comfort in those you love and remember that discovering yourself outside of your business is sometimes a necessity.

5. Rebuilding Your Inner Circle

It’s easy to isolate yourself when you’re constructing your own business. Because it usually requires long hours, many business owners find themselves very lonely and disconnected from their circle of encouragement. That includes family and friends.

Learn How to Start a Business and More!

Whether you’re looking to learn more about how to start a business or simply want to grow your own business, we’re here to help.

Rafferty Pendery was founded over 10 years ago and since then, we’ve strived to become one of the primary platforms for business owners trying to grow their company.

Have questions? Want to collaborate? Feel free to contact us and a member of our team will be more than happy to reach out to you.

How to Start a Business From Scratch On a Tight Budget

Nov 21, 2018

Do you have the next great business idea? Are you ready to hit the ground running and devote your life to getting your dream off the ground?

If so, you may be wondering how to start a business and build a company on a small budget. Thanks to the internet, your budget doesn’t have to hold you back.

Today you can now get started for less than ever, so leave those angel investors where they are for the time being. We’ll show you how to start a business without giving part of your ownership away.

Read on to learn more about how to start a business from scratch.

You Don’t Need an Office Space (Yet)

Starting your business may not require a physical office space and the additional overhead required by your office space.

After all, it’s not just the cost of the office. You’ll need to add in insurance, furnishings, and expenses like parking.

For example, if you’re in the beauty sphere, you could offer to provide in-home services to your client (think lash tech or on-demand blowouts).

If this isn’t an option, you could set up a low-cost location in an established salon.

Stocking a product? Start with a small inventory that you can manage from home or have your inventory shipped to a third-party seller like Amazon FBA.

Consider e-Comm

Vehicles like Amazon FBA and cheap web hosting can help you get your business off the ground if your business is selling a product. In this case, throw the majority of your budget into your product inventory and marketing strategy.

Youtube hosts a wealth of information about how to get started in eCommerce. Need a little kick in the pants? Small business titan Gary Vee is a great source of inspiration. He turned his parent’s liquor store into a $60m online wine business.

Proof that starting small doesn’t have to limit your potential for growth.

Buy It Used

If you need tools or tech for your business, buy it used if at all necessary. Sadly, many small businesses that don’t closely watch their expenses go under.

Because of this, you can often get clothing racks, dress forms, and many of the other things you may need at big discounts.

Websites like Craigslist can be a great tool when looking for the thing you’ll need to start your business.

Hire Slowly

Extra employees can make running your business a lot easier, but save that luxury for when your business is turning a hefty profit. You’ll need to be okay with devoting the majority of your time to getting your business off the ground for the first couple of years.

Enlist the support of family members who you may need to step in to help with things like child-care or helping you sort through Christmas season orders. With hard work and a great support network, you’re sure to be a big success.

How to Start a Business and Build an Empire

Looking for more great advice on how to build your business from scratch? We’re here to help every step of the way.

Check out our blog for more great tips on how you make your new business a success.

5 Reasons Why You Should Hire a Business Coach

Oct 29, 2018

There comes a point in any business lifespan when a little help is needed. But when your business is your baby, it can be difficult to let go and ask for help.

That’s where a business coach can be the answer your business needs.

You wouldn’t expect a sports team to get better and grow without a coach, so what makes you think your business is any different?

Let’s look at 5 reasons why you should hire a business coach to push your business to the next level.

1. Push You Outside Your Comfort Zone

It’s very easy to get caught up in our own ways of thinking and doing things. There’s a comfort level there that draws us in and keeps us there.

But a business coach will help push you out of that comfort zone. And that’s one of the best things that can happen for a business!

There’s a whole world of new ideas and opportunities you may have never thought of before. Some of them will challenge you and some of them will surprise you.

They always say nothing grows inside a comfort zone. And neither can your business. A business coach will know just how to get you out of that rut.

2. Increase Your Income and Creativity

Often times we have mental roadblocks that make it almost impossible to come up with new business ideas. But a business coach can steer you past those blocks, getting the ideas flowing again.

With those blocks gone, your creativity now has room to gain momentum. And with that brings opportunity for more income.

Whether it be new products to sell, a new service you can offer, or whatever else you come up with, a coach can help you break the creativity drought and generate new income.

3. Identifies Your Strengths and Weaknesses

Having a fresh set of eyes come in and evaluate what you’re going great and what could use some work is invaluable information.

It’s hard to take a step back and critique your own processes and results. But a business coach can come in and look at things from a different yet professional perspective.

They can help you boost the things you’re already doing well. Plus help you come up with strategies to strengthen in areas that may need it.

4. Get Encouragement and Support

We all need a bit of encouragement and support from time to time. Especially in the competitive market of the business world.

When things get busy and overwhelming, it can be easy to second guess so many things. But a business coach can be the cheerleader you need when you need it most.

It’s amazing how support and words of encouragement can motivate you and lift your spirits. And many times, that’s exactly what we need to keep our businesses running full steam ahead.

5. Hold You Accountable

When you’re on your own, it’s tempting to let a task slide down your to-do list. Or give excuses on why a goal keeps getting procrastinated.

But a business coach will hold you accountable for all that.

They know the goals you want to reach. They keep track of your progress along the way. And if you start slacking off, they’ll know… and call you out on it.

That’s the kind of motivational kick that can finally get you to your end goal!

A Business Coach is Good for Your Business

If you want to get your business to the next level, a business coach is just the person to guide you there. With their expertise, the sky is the limit!

Needing tips to dominate your marketing plan? Check out our blog post on how to do just that!