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5 Unique Ways to Fund Your Next Business Idea or Startup

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Personally, I’ve always thought it was quite tough to try and start a business in the offline brick and mortar world. In most cases, the numbers just don’t make sense and the startup and management costs are simply way too high. Take a look at the internet and how easy it is to start up an online business, brand or blog — and it’s more obvious than ever before.

However, just because it may be ‘easier’ and more ‘cost-effective’ to get started with an online business, that it will actually be easy to guarantee any type of success. Depending on the type of business you want to create, you very well might need some additional funding or capital to help get things moving. The good news is that you won’t need to kneel and beg at your local bank to try and get some money. Once again, the internet has made the process of borrowing money and getting funding even easier.

Today I wanted to share a few different methods and resources to help anyone get their hands on some much-needed cash when starting a business online.

PayPal Working Capital

Many individuals and small businesses are already using Paypal to accept and send out payments. Something not everyone knows about is Paypal Working Capital. In short, Paypal makes it extremely easy to borrow money through their account. Based on your history and revenue flowing through your account, you can apply for a Paypal Working Capital loan and instantly receive up to 25% off your annual revenue (flowing through Paypal). The great thing about this method is that Paypal charges only a small percentage and the payback process actually comes out as a percentage of each incoming transaction to your account. It’s also free to apply and your credit score won’t be affected.

Get a Small Business Loan

One of the most common ways to get your hands of some business money is through the use of a business loan. When it comes to working with banks and financial institutions, there are many different types of business loans to choose from (such as SBA Loans, Term Loans, Equipment Financing and a Business Line of Credit to name a few). As mentioned earlier, it’s also a benefit to working with any legitimate and trusted online banking sites to set any of these up. There is no longer a need to visit your local branch, as it’s way too fast and easy to compare and shop around different loan rates and introductory offers online.

Pre-Sell Your Idea

If you currently have a business idea that is based on your expertise or something you’d like to package up and sell, a great idea before investing a ton of money into the business, is selling if you can pre-sell your products or services before getting started. This is something we’ve commonly seen in the world of online marketing and selling courses online through webinars. It shouldn’t be hard for you to come up with a business plan and reasons why someone would want to buy your product. Pull all of this together and create a webinar for your audience, then sell the idea to them at the end. Give your audience an option to gain access early and become one of the first customers. Get enough of these customers and you might be able to prove your idea a profitable success before you even get started!

CrowdFunding

If crowdfunding has taught us anything, it’s that ‘anything’ can generate millions of dollars online if it’s pitched in the right way. Sites like GoFundMe and Kickstarter have raised hundreds of millions of dollars for new ideas, products, and services before they’ve even come to market. This concept is similar to the one above in that you are getting funding before actually selling the product, but most crowdfunding sites do come with their limitations and transaction fees in the process. To find the most success in crowdfunding, take the time to look at previous campaigns that have gone on to hit their goals and even more. It’s not just about the product, it’s also the message, delivery, and marketing of it.

Start with Your Own Money

When all else fails, or if you have some extra money set to the side, why not just invest in yourself? One of the best ways to fund your next business idea or startup is to actually put your own money into the company. Not only will this give you a bigger incentive to find success, it will also allow you to instantly save on interest fees and also allow you to start your company on the right food. Depending on the size and startup costs of your new business, this might be easier said than done — however, if you do have some money set to the side and are completed dedicated to making your business idea work, this is a great option for getting started.

How to Launch a Successful Business in 2017

As you can see, there are plenty of ways to invest in yourself and your business outside of the traditional methods used many years ago. Almost anyone can get their hands on some extra money to help fund their business idea, it’s just a matter of how much history you have behind you already, how you want to pay your loan back and what direction your business might be headed. No matter what option you choose, always focus your business on the end customer and their user experience to find the best long-term results.

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Entrepreneurship

Analyzing the Many Benefits of Starting a Home Business in 2019

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There are many people these days that would love to run their own business but many have no idea where they should start. Most are put off right away but the thought of raising enough money to start a business. However, what many people fail to realize is that in today’s digital era it has become far easier and cheaper to start a business because you can start it from home.

Whether you want to provide a freelance accountancy or writing service, set up an online retail business, or even start your own drop shipping business, working from home is an ideal solution. You can enjoy many benefits when you set up your business from home and this includes keeping costs down to a minimum. In fact, more and more people have been able to start their own business these days thanks to modern technology and the online revolution, which is why has become so viable for many people.

Some of the Key Benefits You Can Look Forward To

There are many fabulous benefits that you can look forward to when you set up your own business from home. As mentioned earlier, one of the key benefits is that it is far cheaper to run a business from home than to worry about paying for business premises, business rates, bills, building maintenance and other unnecessary costs. All you have to do is set up a home office, which can be done very cheaply by investing in high quality used furniture and equipment. This immediately makes it more financially viable to set up your own business.

A second benefits is that you won’t have to worry about traveling to and from work every day, which will not only save you a lot of time and hassle but also a lot of money in gas or public transport fares. You can simply have breakfast at home and then stroll to your home office, settle down, and begin work for the day. This is a great way to enjoy working for yourself and improving your work life balance.

The sheer number and types of jobs you can do from home is yet another benefit you can look forward to. Many people these days set up as freelancers working from their own home office or set up a small business from home. You can consider all sorts of options ranging from online sales through to freelance writing, web design, accountancy services, and more. All you need to do is consider your skills and interest so you can better determine the type of home career that will suit you.

If you want to enjoy the benefits of being your own boss and working from home, setting up your home business has never been easier. Thanks to high speed internet technology and the online revolution, there are all sorts of jobs you can do when you set up a home office. What’s more, you have a far better chance of making a great income if you put in the work.  

The Financial Benefits of Starting Your Own Business from Home

You must also bear in mind the many financial benefits that come with setting up your own business from home. You can benefit from minimal upfront costs because you don’t have to worry about things such as paying for business premises and associated costs. You can also benefit from big savings when it comes to travel, as you won’t have to go back and forth from the office each day.

In addition to the many savings you can make by working from home, you also have to consider the boost in income that you can look forward to. When you work for yourself, you have the ability to boost your income dramatically by putting in the hard work and commitment necessary. This means that you can look forward to a far better quality of life for you and your loved ones as well as being able to enjoy far more financial freedom. Many people spend years working for someone else and still find themselves on a low salary at the end of it all. However, when you work for yourself you have the ability to more or less set your own income based on the amount of work you are prepared and able to put in.

Improving Your Future by Setting Up Your Own Home Business

With so many benefits to look forward to, it is very easy to see how working for yourself from home could help to improve your future. You can then look forward to not only the flexibility and freedom of being your own boss but the chance to enjoy a brighter and more exciting future doing something that you actually have an interest in.

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Entrepreneurship

5 Office Decor Must-Haves to Make Your Home Office or Workspace Pop

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When you work from home, you need to have a nice place in your house that is yours, which is also secluded from other noise and distractions. At the same time, you also want to make this an area where you can work and enjoy your atmosphere.

The same holds true for employees and professionals that have their own cubicle or workspace as well.

If you are looking to spruce things up and make your workspace more enjoyable, then you my friend, have come to the right place. Let’s jump straight to it. Below you’ll find the best recommendations to turn your office from drab to fab with four office must haves.

To kick things off, let’s take a look at what my home office looks like today! For more pictures and guidance on how I set up my home office, be sure to check out the full article here.

Now, let’s move on to five helpful decor tips that you can start using to improve your own workspace!

Office Must Haves #1: Natural Light

The modern trend is shifting toward spaces flooded with natural light. The effects of natural light both energizes and inspires your employees. It’ll increase their productivity and happiness. We’re talking large, clear windows with the curtains drawn back.

Evaluate your present sources of light. Open your curtains or shutters. Do they allow enough light to come through? If not, and if you can’t replace the windows, consider changing to full-spectrum light-bulbs.

Full-spectrum bulbs offer up the same spectrum of light as our sun. You can choose wavelengths that imitate morning, afternoon, or evening sunlight to create an awesome office space.

#2 Plants and Flowers

In addition to natural light, plants and flowers will lend your industrial office an organic quality. Don’t settle for fake flowers. Regardless of what you’ve been told, they won’t give your office an organic feel.

Stick with the real stuff. Potted plants work wonders. If you water them every few days, you’ll have them for years.

Bouquets of flowers are far better, but they can be expensive. You can always compromise. Buy fresh flowers during the summer at farmers markets. They’re much less expensive than florists.

For the rest of the year, keep a few potted flowers around. Lilies are our recommendation.

#3 Interactive Whiteboard

Whiteboards are paramount in today’s communal workplaces. They offer your staff a place to throw around ideas and think through strategies. If you leave your written work on the board between sessions, your staff will unconsciously continue developing ideas.

It’s also a simple way to keep all your business’s ideas in one place. It’s much easier and less time consuming than dozens of back-and-forth email chain letters. With whiteboards, you can take in the entire scope of your strategy in one glance.

Don’t worry, they’re not hard to find. Here are a few suggested online stores for office goodies (outside of Amazon):

Next, let’s talk about your furniture choices.

#4 Comfortable Chairs

No, we’re not talking Barcaloungers. We’re talking office chairs, seats, and stools. The only reason to furnish your office with uncomfortable chairs is that you want to push people to leave. That works fine in cafeterias and coffee shops.

For everything else, think ergonomically. When your visitors or your staff sit in a comfortable chair, their stress levels decrease. This leads to an increase in their productivity.

Comfortable chairs are also a sign of prestige. They work the same as a stylish desk or a gorgeous bouquet of flowers. They signal people that you care about more than the function of your space.

You also care about the people in it.

#5 Add Some Minimalist Art and Photos

Have you ever been to a home of office where there are pictures and photos all over the place? Sometimes it can get quite overwhelming.

There is nothing wrong with having motivational messages or pictures of your loved ones around you, but there are nice ways to set this up as well.

Try to stick with only a few art frames or photos on your desk, and make sure they have a nice frame and compliment the area around you.

It also couldn’t hurt to add some motivational posters to your walls for those days that you need an extra work ethic pick-me-up.

Motivational_Posters_Zac_Johnson_Office

What’s Next?

Now that you’ve discovered our office must haves, it’s time to start shopping. But, before you do, evaluate your present office style. Look at your color schemes and overall style. Then you can match your new goodies and your old.

Was this information helpful? Then come to pick through our library full of other helpful articles.

So long and good luck!

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Entrepreneurship

Pros & Cons of Offering Small Business Benefits Packages to Employees

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If you are planning to expand your business from a one man company, to a multi-person organization, you will likely need to start thinking about employee benefits and how you might be spreading the best packages across your employees and staff. As much as I love the concept of being a sole-entrepreneur, if you want to grow and scale your business in size, this is just another process that is required to have in place.

Wondering if you should go the extra mile for your employees?

79% of employees would choose a benefits package over a salary increase. But a small business may have as much to lose as it has to gain by offering a benefits package.

Below, we’re taking a look at the pros and cons of offering a small business benefits package to employees.

Pro: Attracting Quality Employees

The most obvious advantage of offering employee benefits lies in the quality of candidates it helps attract.

A flat salary actually has limited use to the modern worker. It may help pay for basic living costs, but it leaves many of the big stresses of life up in the air. A single look at life insurance quotes will be enough to show you what your employees are up against when they’re trying to cover everything with only a salary.

Add the medley of other life expenses, and it’s clear to see why employees are getting pickier about who they work for. By offering a benefits package, you can attract employees who are more serious and selective about their careers.

Pro: Giving Something Back

“But I already pay a salary!” we hear you cry.

Think of it this way: is a salary enough compensation for the many long hours of their life an employee spends at your company? After all, we only live once. A salary represents the minimum possible compensation for the raw labor an employee provides.

In truth, most employees provide a lot more than that.

Offering benefits can give something back to the people who spend that time bringing success to your company. It also shows them that you value them as individuals with personal lives and circumstances.

Pro: Driving Motivation and Retention

A business needs more than warm bodies to become a success. It needs employees who are engaged and motivated. Motivated employees will work hard, innovate, and even boost sales.

Extra incentives are a great tool to add that extra spark of motivation. Employees with access to benefits feel they’re there for more than the “daily grind”. Not only are they less stressed, but they’re also more positive about the company they work for.

Over time, that means more productivity and less attrition through employees moving on to better opportunities.

One of the benefits of offering company health benefits to employees should be clear: fewer sick days. Your staff might take more days off for smaller problems, but the upshot is that those smaller problems won’t progress into more serious conditions.

Pro: Creating Brand Ambassadors

Even for megacorps that have achieved the status of a household name, marketing makes up a huge percentage of their business spend. For small businesses, it can bleed them dry.

So, the value of free marketing is clear. But free promotion doesn’t begin and end with social media. Have you considered the value your employees have as brand ambassadors?

People expect employees to be a little cynical about the company they work for. It’s a real achievement to turn that cynicism into positivity. A benefits package could lead to your employees singing the praises of your company.

Positive word-of-mouth about your company then starts with your employees – and ripples out through their social circles and online presence.

This is also something Sarah Lahav, CEO of SysAid, had to think about. Founded in 2002, the company has grown their customer base to over 10,000 companies, while also serving locations in more than 140 countries around the world. This simply wouldn’t have been possible as a single-person company, but being a brand ambassador and an image for her company, Sarah continues to see daily improvements and growth within the company.

Con: The Visible Cost

The additional cost of offering benefits isn’t always welcome for a small business.

On top of that, a small business also won’t have a lot of buying power to negotiate cheaper rates. For a small business, benefits might turn out to be a luxury you can’t afford.

Benefits can also obscure your cash flow. The price of insurance can fluctuate over time. Any benefits you offer based on reimbursement are unpredictable.

It’s vital for a small business to control its cash flow. Providing benefits is often undesirable for small businesses, as it introduces uncertainty.

Con: The Hidden Cost

The full cost of offering benefits isn’t obvious at first glance. We’ve outlined the obvious costs, but what about the hidden costs of a benefits package?

Offering benefits sucks up a wealth of administration time. You might even need new hires capable of delivering the details of your benefits scheme. That heaps extra costs on top of the obvious cost of offering benefits.

As you offer more benefits, your administrative time increases. For a small company, those costs can run out of control. This isn’t an option for some small businesses that struggle to control their cash flow.

Con: Legal Pitfalls

When you enter the insurance game, you’re also entering a legal minefield.

Making a misstep along the way could leave you subject to legal action. That could be a deathblow for a business operating on thin margins.

Legal action against your company will soak up time and money. It’ll also drag your reputation through the dirt, making it harder to attract quality employees in the future. It could even damage your brand.

You could take extra care to make sure this doesn’t happen, but that’s yet another expense on top of the cost of providing benefits.

Con: Finding the Benchmark

Information is one of the most powerful weapons you can have against your competition. But it can be hard to figure out what sort of benefits package your competition has on offer.

In contrast to offering a flat salary, that makes it tough to decide where your benefits package should stop. You’ll need to put some serious work into finding out what candidates in your industry are searching for.

If you lowball your benefits package, the accompanying reduction in salary will drive candidates away. Overextend, and you risk bankrupting your business. You need to find the balance that keeps you competitive.

The Small Business Benefits Package: Yea or Nay?

The exact situation of every business is different, so we can’t tell you whether a small business benefits package is right for you. But we’ve given you enough info that you’re now equipped to decide whether it’s the way to go for your business.

Looking for more business advice? Check out our top podcast episodes.

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Hi, I’m Zac Johnson

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