Being able to fund your startup or finding the right funding  source on time has meant the difference between realizing your life long dream and letting it die even bore it could start off. There are quite a few regular ways of funding such as personal funds, help from friends and family, bank loans, angel or VC funding etc. I found an interesting article about 3 alternative ways of funding which could help you with much needed cash. Now, they do have pros and cons so they should be considered carefully but I thought it would be a good idea to share them nonetheless. It is authored by David Nilssen and the most important parts are posted below.
by David Nilssen
If you’re already a successful business owner or have just received a generous inheritance, you’ll have no trouble financing a new venture. Not only do you have cash, but banks are probably lining up to loan you money. You’ve already got it, so you don’t need it, but that’s exactly when financial
institutions (and people) are anxious to give it to you.

 But what about the rest of America’s aspiring entrepreneurs? There are plenty of smart, ambitious and hardworking folks who need to secure financing to build or buy a business. 
Traditional small business financing—such as the Small Business Administration (SBA) loan programs—can be very difficult to secure, so if you’ve gone down that road and been denied, you are not alone. And I am here to tell you that there is still opportunity ahead: There are other ways to fund your business—some of which you may not even have heard about yet—and one of them will be right for
you. So, to make your search a little easier, here are my top three alternative options for funding a business:

1.  Portfolio Loans
Many entrepreneurs fund a business by selling securities they personally own and then investing the cash they earn from the sale into their business. What those entrepreneurs may not realize is that there’s an option to use a portion of a portfolio to invest in a small business or franchise without selling the underlying securities. A portfolio loan allows you to leverage the value of your portfolio assets into a revolving line of credit with a loan-to-ratio value (a lending risk assessment that lenders use) between 65 percent and 90 percent. These loans can offer fair interest rates and a longer amortization timeframe, and generally they move from application to approval in just a few weeks. In addition to attractive terms, entrepreneurs can continue to reap the rewards of appreciation as their stocks increase in value.

What to watch out for:
Unlicensed and unregulated lenders are what you need to avoid. The Financial Industry Regulatory Authority strongly recommends using their
 FINRA BrokerCheck tool to verify the licensing status and background of promoters, lenders and anyone else involved in the transaction. And if the value of the portfolio declines and the borrower has drawn down the entire line, the borrower may have to bring in outside capital, or sell securities, to maintain the appropriate loan-to-ratio value.

2.  Rollovers as Business Startups
Rollovers as business start-ups (ROBS) are also known as 401(k) rollovers,
 
and they’re becoming more and more popular. Some estimate that 30 percent of new franchises each year are funded through this arrangement. ROBS allow you to invest up to 100 percent of your existing retirement assets into a business or franchise by migrating your retirement funds into a new account that then operates as a stakeholder in your business. Migrating the funds this way allows entrepreneurs to avoid paying taxes and penalties for withdrawing funds from their retirement account early; simply emptying all or a portion of your retirement account before turning 59 ½ incurs sizeable penalties and regular income taxes. ROBS began fairly recently, with the Employment Retirement Income Security Act of 1974 (ERISA), which was designed to encourage investments in
small business.

What to watch out for:
 
In order for ROBS to work smoothly and avoid IRS penalties, the arrangement must be set up to exacting standards. Unless you’re extremely well-versed in tax or ERISA law, you should seek the help of a qualified professional to initially form and provide ongoing administration for the plan.
Put simply: Hire a firm that specializes in these types of transactions.

3. Unsecured Credit
Another method of funding a new business is through an unsecured line of credit. (The traditional version of this method—using a secured line of credit—is to use your home or other business’s assets as collateral.) If your personal credit is strong, an unsecured line of credit can be a good way to get your hands on up to $125,000 in startup capital. It’s called “unsecured” because the lender does not require you to pledge personal assets as collateral. Many entrepreneurs prefer not to pledge their personal assets while in start-up phase because a successful outcome is uncertain. For a new business, your application will most likely include a 
business plan and up to three years of earnings projections. Be prepared to explain exactly what you’ll use the money for, so the lender will feel confident that you’ll be able to pay it back.

What to watch out for:
There are many unsecured programs available with varying interest rates and origination fees. Shop around for the best program but do not apply until you’re certain of the direction you want to proceed—too many hard inquiries into your credit history in a short period of time can damage your credit score and decrease the likelihood that you’ll be approved for a loan with favorable terms. If you have any negative reports (like late payments) on your credit history, make sure you resolve them before seeking an unsecured loan.
 
 
By Sunil Srivastava
For most small & medium business owners and their management team, it’s often a challenge to take the time to stand back from the daily business operations and be able to take stock of their performance and long-term strategic issues. It is however imperative that they review their progress and understand how to get the best out of their business & implement the steps necessary to make them profitable & prosperous.
What makes a business tick?

 Businesses that understand ‘what makes them tick’ are the ones that are most successful and profitable. They also do not develop complicated development strategies. They understand that the best strategies are usually the simplest as they are easier to communicate, understand and implement.

The simpler and easier it is for everybody to understand what delivers profit, the easier it is for them to align and support the strategy. The ability to identify and crystallize the most important performance metrics is a simple & effective way of communicating strategy. It also ensures that everyone is focused on a simple model that drives profit in a consistent & repeatable way. These businesses know the main business drivers and use the most important success metrics to monitor their performance against these drivers, and they use this information to ensure they have:
  • winning products or services that people want to buy and will continue to want to buy
  • clear objectives simply set out and communicated to all staff to motivate them
  • a dedication towards continual improvement
  • effective management information and financial control
  • efficient services and distribution
  • dedicated management with the right information & business responsibilities
  • Compliant with regulations and minimum disruption to routine.

Business Ownership & Organization Checklist

Selecting the right business structure is a very important decision for a business owner as it affects personal liabilities, taxation and levels of control in the business. The wrong business & financial structure can act as a constraint on the development of your business and cause problems. Hence
having the right information should enable you to determine the right structure for your business.

Businesses can be Sole Proprietorship, General Partnership, Limited Liability Company, Limited Liability Partnership, C Corp, S Corp, etc. Make sure you talk to an Attorney / CPA to determine the right fit for you.

Use this checklist to determine if the business structure is right for you.

Management & Governance Checklist

 A Business owner has to understand the value in their proposition to customers, including the tangible and intangible benefits their products or services provide.

Businesses must establish and manage the process for setting vision, mission, strategy and direction in order to achieve superior performance. These then need to be translated into plans, projects and actions throughout the organization.

Use of this checklist will help you understand the  importance of clarity of vision, mission and values in a business’s offering.

Are You Creating Value through Your Business?

 Your business has to add value. Make sure your selling price covers all your costs of production and promotion. You cannot sell below cost for very long without going bankrupt. Remember also that working more closely with your customers and suppliers can bring competitive advantage. Understanding the value drivers in your business is essential for maximizing your company’s
potential.

Use this checklist to look at the factors that can improve or destroy value for your business.

Are You Proactively & Effectively Managing Innovation?

Innovation is all about continuously moving ‘up the value chain’ and adding value in each and every product and service. Successful businesses understand the importance of innovation and incorporate processes into every aspect of their operation to innovate continuously. Innovation is essential for business survival in today’s highly competitive markets where it is increasingly difficult to differentiate between products and services.

This checklist covers the areas that you should consider to ensure your company manages innovation effectively.

Do you know your Business’s Financial Health?

A mix of daily earnings, equity, long-term/short term borrowing, creditors and lines of credit funds a business. It is important that the right balance is struck between these. Each has a cost and you have to be sure that you understand it and are able to pay it.

Understanding your financial position is an important step in evaluating the health of your business. Cash is the life-blood of any organization and must be closely managed to ensure the business can survive and grow effectively. Understanding the basic concepts of cash flow will help you plan for any unforeseen eventualities that may occur.

This checklist will help you analyze the financial health of your business and help you calculate the financial ratios that you need to know. 

Do you know your Business’s Physical Health?

You have invested in physical assets such as machinery and equipment. It is essential that you get the most from your investment, but you must also keep an eye on replacement. Technological change is rapid. You should not allow your processes to become non-competitive. Effective asset management helps to improve productivity and performance and reduce costs. This checklist covers the areas that you should consider to optimize your company’s use of assets.

This checklist will help you analyze the physical health of your business.

Do you know your Market Dynamics?

Information about your market and your competitors will enable you to plan your business
strategy and your business structure better. While it may be difficult to build up a complete picture, you should seek to obtain as much information as you can from your customers, trade bodies, suppliers, competitors and the media. Getting a good understanding of how your market is expected to develop is essential if your business is to make the most of its opportunities and remain competitive.

This checklist looks at the competitive dynamics in your market.

Do you continually improve your business?

Quantity without quality could ruin your longer-term market prospects. Quality is a measure of your ability to meet the needs of your customers in a more cost-effective way than your competitors. Be careful to avoid ‘over quality’. Your products and services need only meet your customers’ needs and what they are prepared to pay, not exceed them.

Best value requires businesses to ensure continuous improvement in their performance,
and to demonstrate a commitment to sustainable development.

This checklist looks at the factors affecting quality in your business to examine where there may be opportunities for improvement.

 Is your Team Optimized for Success?

Management is all about achieving success through people. Manage them properly and enable  them to maximize their own contributions to the success of the business. Good people management is at the heart of achieving a successful, high performance business. 

This checklist looks at the key criteria for achieving success through people.

Are you ready for Growth?

Consider whether you want or need to grow. If you decide to grow then do so in a manner that the business can sustain. Appraise the time it takes for you to bring a new project on stream. Match the market with all the resources necessary to achieve your objective. As markets mature, companies need to find new sources of growth. Businesses that are not growing through new product and service introduction are likely to be in decline, as their existing sales portfolio inevitably matures.

This checklist examines the key drivers for growth and managing growth.

Are you in compliance with Rules and Regulations?

Don’t let regulations put you off. An integrated approach to information will mean that many of the demands of the tax man and others can be met from the same information source that enables you to run your business better. It is important that you comply with statutory and other regulatory obligations. Non-compliance  is costly and could put you out of business.

This checklist covers the key areas of compliance that businesses need to be aware of.

 Epilogue

 In summation, the on-going economic downturn means that now, more than ever, small companies need to take a good look at the fundamentals of their businesses, and understand how they can improve performance, strip out any unnecessary costs and focus on the right strategy to survive and take their businesses forward.

When times are tough, knowing exactly what you are facing and being realistic about what needs to change will put your business in better shape to respond quickly to further changes in the market (be they positive or negative) as they occur. Using these checklists will place you in a better position to understand areas of weakness in your business and your potential exposure to the downturn. However, the key thing is prioritizing which areas require immediate attention
and identifying appropriate actions to deal with them.

Suggested actions you could take:
     
  1. Improve your decision making – With all the information & insight you have gathered, value creation & creating a competitive advantage should drive all your business decisions.
  2. Seek fresh perspectives: Business owners and managers are often so close to the action that they lose objectivity. It might help to talk to a trusted professional such as your CPA, Accountant or mentor.
  3. Evaluate your Strategy: Now that you have access to more current and relevant data, evaluate your strategy and see if it aligns with your mission, vision and core values.




 
 
The tricky task of balancing work and personal life is an art form for most small-business owners. Feeling pulled in every direction? Learn some ways to achieve balance in your life.
 
 
Every business, especially start-ups, need new customers and hence spend a great deal  of their limited time engaged in prospecting. The most common mistake they make is depending overtly on "cold calling". It is definitely one of the ways, it is absolutely not the most effective one. In fact, as stated below, there are quite a few other ones out there. A better idea is to mix them up and see what works best, because  converting a "cold prospect" into a "warm client" is not an exact science but rather an art that is perfected over years of trial & error .
1. REFERRALS - MAke friends & influence people.
2. CONTENT MARKETING - Educations based marketing.
3. NETWORKING - Meeting people & promoting your product / service.
4. eMAIL MARKETING 
5. WEBMINARS 
6. SEMINARS
7. SOCIAL NETWORKING
8. FOOT PROSPECTING - Going Door to Door
9. ADVERTISING - When you do have the money
What do you think? Do you have a better approach you would like to share? If you need help acquiring new customers or retaining the existing ones, feel free to contact us.
 
 
Ditch. Dare. Do. are the 3Ds of personal branding mantra which successful Executives follow. Below is a very useful infographic from which one can learn and uncover their  brand. It can help you determine your ideal role so that you can be influential, indispensable and hopefully, incredibly happy at work.
 
 
Save time and get more done--all with just a smartphone. Here are ten tools you'll need.
By Ilya Pozin Sept. 26, 2012
I’m on the go a lot, which means I spend just as much time–if not more–on my phone as I spend on my computer.

This would not have been possible even just a few years ago. But luckily, technology has made it easy to be more and more productive with just a smartphone. Here’s a list of 10 mobile apps I love that help me save time and get things done.

1. MobileDay

I use conference lines frequently when I’m working with people from all areas of the globe. These calls typically all have their own conference number and conference code. When calling from my cell, it’s a huge annoyance to have to search my email on my phone and keep track of all the dial-in codes. The MobileDay app works with any conference call service by looking through your calendar, reminding you of the call, and with one click calling the conference line and dial any necessary codes for you.

2. Google Wallet

This app saves you the time of digging out your wallet and searching for the credit card you want to use. Instead, if your phone is enabled with near field communication, all you need to do once you’ve registered your cards is open the app, pick the card you want to use, tap the back of your phone to an NFC checkout register, and be on your way. All your information is securely stored on Google’s servers, which you can remotely disable if you lose your phone.

3. WriteThat.Name

One of the biggest hassles I run into is when I need to quickly call someone who’s not yet saved in my phone contacts. I then have to search through my emails to find the phone number. This is way too time consuming. Although not an app, WriteThat.Name improves mobile productivity by automatically scanning the signatures of people that email you, extracting their information, and merging it with your contacts in both your email and phone. If they haven’t emailed you before, WriteThat.Name adds them as a contact or if they already exist, it updates their information for you. Also, it’s important to me that my contacts don’t just live on my phone. With WriteThat.Name, they are stored in the cloud, so they’re safe even if something happens to your phone.

4. Slice

The Slice mobile app keeps track of everything you buy online. When your inbox is flooded with numerous emails everyday, it’s hard to keep up with all your online purchase receipts. All you have to do is tell Slice the email addresses you use for these purchases and the app will keep track of all your orders for you.

5. Hipmunk

I do a lot of traveling. Hipmunk speeds up the process of planning those trips, whether my schedule is flexible or very precise. The site has data from nearly every airline and hotel. It’s similar to Kayak but it’s smarter. Hipmunk displays results in a visual timeline or map. You can see departure times or hotel locations with one quick glance. The simple visual makes the results seem more relevant to my needs, which saves me the time of sorting through options that won’t work.