Want to Start a Business? Here's 7 Financial Tips For Success

Want to Start a Business? Here's 7 Financial Tips For Success

You will need all of the guidelines you can get when it comes to starting a business today. The following 7 guidelines are necessary and crucial to financially securing your business long before you open the doors.

1. Do plan to start with your own money, not someone else's. The money to start your business will come from your right or left pocket. In fact, there are three pools of money you should have before your start a business: an emergency savings account, enough budget to go from 12 to 24 months without a paycheck, and the first year of operating capital to run your business.
2.  Do request major funding long before you need it. Maybe you recently saw The Social Network, the movie about the launch of Facebook, and thought that you could score big dollars fast from venture capitalists? Think again. Realize that getting money from VCs and angel investors can be a longer-than-expected process, sometimes 6 to 12 months to secure. 
3.  Do seek "trade credit" from vendors and suppliers. Too many entrepreneurs dream of going to a bank and getting a business loan or line of credit for their enterprise. But maybe you don’t need a traditional bank loan at all to launch or grow your business. If you can get your vendors and suppliers to agree to provide you with trade credit—i.e., the ability to pay for goods and services over time—you can creatively and more frugally run your operations.
4. Do get buy-in from your spouse/partner. Many new (and veteran) entrepreneurs will tell you one of the biggest dream killers they’ve encountered is an un-supportive spouse. Make sure your partner is on board with your entrepreneurial ambitions. If not, you'll face a host of financial arguments and money-battles that will be counter-productive to you building a business and to your relationship. Read more here.

While preparing your business with the best financial steps you can make, you will need to document your financial plans. You will need a business plan created exclusively for your business and the financial future of your business.


IWRITE professionals can help you produce the most effective and professional business plan for your startup.


Contact them today for assistance.

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The First Step to a Successful Business: Writing a Business Plan Says Amazon Founder

 The First Step to a Successful Business: Writing a Business Plan

The advice below comes from the Founder and CEO of Amazon, Jeff Bezos.

Jeff Bezos is an American entrepreneur who played a key role in the growth of e-commerce as the founder and chief executive officer of Amazon.com, Inc., an online merchant of books and later of a wide variety of products. Under his guidance, Amazon.com became the largest retailer on the World Wide Web and the model for Internet sales. -Wikipedia

"So, you want to start a company...Well, the first thing you do is you should write a business plan, and so I did that. I wrote about a 30-page business plan. I wrote a first draft.."

"You know the business plan won't survive its first encounters with reality. It will always be different. The reality will never be the plan, but the discipline of writing the plan forces you to think through some of the issues and to get sort of mentally comfortable in the space. Then you start to understand, if you push on this knob this will move over here and so on. So, that's the first step." -Source

Now is the time to get your business plan started. If you don't have a business plan, you will never really know exactly what you want to do; where you want to go and ultimately what your goals are for the future. A business plan can open many doors for you as well as make your business goals visually clear.

We are in the business of helping businesses start off right and get them going in the right direction.

IWRITE does business plans at an affordable rate. If you need help getting your thoughts and ideas on paper and need our expertise in writing a business plan for you, contact us now for a free consultation HERE.

How You Can Turn $1,000 Into $1 Million with Your Business

 How You Can Turn $1,000 Into $1 Million with Your Business

In the following article, it describes how a few businesses were interviewed and how they turned a small amount of money into a serious cash flow with their own businesses. Are you put for the challenge and the reward?

Read below about a how these people did it:

Many of these individuals started businesses with less than $1,000 and are now earning more than $1 million per year in revenue. All of them bootstrapped their own business with no outside cash and a minimal capital investment from their own bank account. Here is a brief primer on bootstrapping a business.

So how does one start with very little money and turn that into $1 million per year? Here are five stories of regular people building million-dollar businesses. Also keep in mind many of these businesses came from a passion of what they loved to do.

PostcardMania. Joy Gendusa was a freelancer who wanted to buy some postcards to advertise her business. She was shocked by the unnecessary fees she had to pay just to get some postcards made, so she decided to start her own postcard business with a friendly price structure for customers. PostcardMania was born.

Gendusa started the company with no capital investment and used the money from the first customer to pay the printer for her first postcards. In the early days, the payment schedule was tight. She had to get money from the customers and use that cash to pay her printer, but she kept bringing in new business and eventually built up a little bit of cash.

As PostcardMania continued to grow, Gendusa noticed customers asking for other services. They would say things like, "Who built your website?" or "Can you do email marketing too?" So PostcardMania started branching into those areas as well. Today, the company offers all sorts of advertising and marketing for its clients and makes close to $20 million per year.

As you can see direct sales and marketing is what made her business the success it is today!

Blue Buddha Boutique. Rebeca Mojica went to a Renaissance Festival and noticed a unique metal belt made from chainmaille rings. After searching for something similar, she couldn't find the belts anywhere and decided to try and make her own.

Mojica spent $20 on that first set of rings and sold a few belts to a few friends and family. However, it wasn't until she started teaching other people how to make the belts that she really saw the potential for a business.

Mojica began teaching chainmaille classes and decided to sell the rings and pliers needed to make the belts to her students. She made $300 the first time she sold the supplies. Soon after, Blue Buddha Boutique was born and it rapidly became one of the top sellers of chainmaille jewelry supplies. Blue Buddha Boutique now has 13 employees and is set to break the million dollar mark in 2012.

M&E Painting. Matt Shoup worked as a painter during the summers in college. When he was let go from his job his financial services job a few years later, he decided to start a painting business.

Starting with just $100, Shoup woke up the next day and went door to door in his neighborhood, knocking on houses that looked like they could use a paint job. He enlisted a few friends for help and M&E Painting made more than $500,000 in that first year. Seven years later, the company has more than 4,000 customers and makes between $1.5 and $2.5 million every year. Source

As you can see, the passion to do what these business owners did, resulted in an overflow of revenue for them and with very little money. It did not happen overnight, but with hard work, dedication and a will to do their best, true success happened for them and it can happen for you!!

Take some time out to see what you've been wanting to get started. You may never know what you are losing out on if you never get your business idea and business plan into motion. 

IWRITE can help you with your business plan and get you started on your way to not just dreaming of being a success but really living it!

Find Out Why Some Start Ups Succeed and Others Fail

 Find Out Why Some Start Ups Succeed and Others Fail

Why do some startups succeed and others fail?

The Business Insider has some interesting insight on the subject:

Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein put together a Harvard Business School working paper to answer that question, Performance Persistence in Entrepreneurship.
In it, they answer things like:

• Do first time entrepreneurs have it harder?
• What's in a VC's name?
• Are successful entrepreneurs skilled or just lucky?

Check Out a few of those answers below:

Do serial entrepreneurs have a leg up on first time entrepreneurs?

Answer: Yes. Serial entrepreneurs are more likely to build successful startups.
According to the Harvard researchers, there is performance persistence in entrepreneurship.
They write, "All else equal, a venture-capital-backed entrepreneur who succeeds in a venture (by our definition, starts a company that goes public) has a 30% chance of succeeding in his next venture. By contrast, first-time entrepreneurs have only an 18% chance of succeeding and entrepreneurs who previously failed have a 20% chance of succeeding."  

But we have to state that no one should give up on their dreams for a start up business. Where there is a will, there is a way. We believe if the business dream is desired and sought after to its end, it will be fulfilled.

Who is more likely to get a VC's check; a founder who failed at their last venture or a founder who succeeded?

Answer: If it's the same VC firm, the failed entrepreneur.
Failed entrepreneurs are more likely to get funding than successful entrepreneurs from the same VC firm.
Strange but true.

Is running a successful venture skill, luck or timing?

Answer: Successful entrepreneurs are skilled at timing the market.


Here's why:

According to the Harvard paper, "The industry-year success rate in the first venture is the best predictor of success in the subsequent venture.  Entrepreneurs who succeeded by investing in a good industry and year (e.g., computers in 1983) are far more likely to succeed in their subsequent ventures than those who succeeded by doing better than other firms founded in the same industry and year (e.g., succeeding in computers in 1985).

Read more on the 10 Harvard findings here.

To get started with your business venture, make sure to check out our services. A business plan is your first step to success in your new business.

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