With your product decided and created it’s time to get down to the other requirements, financial being one of those. The idea is that you understand by the end of this article what is financially required for your business.
Once you have added up all the costs for your business, you can then determine whether you have enough to cover the rest. If you don’t, consider getting a business loan. Keep in mind that you will have to repay the loan along with interest. There are a variety of sources that you can go to for a business loan.
Family and friends - The great part about family and friends is that they love and care about you. When they give you a loan for a business, you might not have to pay interest, but just the loan. In some cases, you might not even have to repay them. Some family members might take the place of an investor to obtain a certain percentage of the business’ profit. Either way, start with family first before you go on to anything else.
Bank loan - There are various business loans available through the bank, however, the interest can be very hefty. It’s best to find one with a lower interest rate and ample amounts of money that they can loan to you.
Investors - Bitcoins and Crypto currencies have a lot of investors that are willing to fund innovative business and products. You can also find investors from the venture capitalist. The good part about this is that with these investors, you won’t have to deal with interest rates. All you have to do is pay a certain percentage of your profit to them.
Equity Financing - You could go down the route of equity financing. Equity financing occurs when a business gives up a percentage of its ownership to an investor. The main advantage of equity financing is that there is no obligation to repay the money acquired through it.
Once you have obtained the proper loans and ways to fund your business adventure, then you are on your way to networking and forming a team as well as outsourcing experts. It is clear there are various options when it comes to funding your business, it is now up to you to decide which option best suits you and your business needs.
Networking is an important part of creating a product and starting your own business. Keep in mind that experts and connections are everywhere. You just need to be in the right place, at the right time.
However, we are not psychic, so how do we know when to be there and where to be? It’s simple; you just have to get out of your comfort zone. This entails getting out of your house, being at the coffee shop, going to the gym, walking in the park, taking your dog to the dog park, or anywhere with people. This is to expose yourself to the public, when you are with people, you are most likely to strike up a conversation with them.
A conversation usually leads to what you do for a living. If it so happens that the person is a web developer or in the same industry that you’re creating your product, you might need his expertise. When you know the right person, it can take your business to the top.
The best place to network is at a coffee shop. A coffee shop like Starbucks is where all the freelancers, web developers, writers, marketers, e-commerce experts and business folk can be found. After all, knowing the right people can make a huge difference to your business. Plus, the café atmosphere is very relaxed and inviting and a great place to have a conversation.
Another thing that you should take advantage of is Shapr. Shapr is a networking app that acts just like tinder. You put in your profile and what you are looking for. Every day, Shapr will match you up with potential individuals who are experts in your area and could potentially help you. If you are interested in meeting them, you can swipe right, if you are not then swipe left. Once you match with the individual, you can chat with them to see what they have to offer. If both parties are interested in doing business, then you can exchange contact information. Just imagine how many people you can connect and collaborate with if you are given 15 potential matches every day. Therefore, Shapr is a must have tool for anybody who is starting a business or interested in creating a product.
Don't leave out all the many social media networks that have groups and forums attached to them. Having a business Facebook page is a great place to start and it is easy to search for groups to join on Facebook that would be interested in your business or product.
You should now be inspired to get out there and meet people, you cannot network on your own, and it also may be fun interacting with a varied group of people.
When time is money, you must look for ways to save yourself time for you to get on with other aspects of the business, by out sourcing some work you will be able to do so. This process is commonly know as BPO or Business Process Outsourcing. Let’s take a look at how this can be done and what resources are available to assist you in doing so.
The problem that entrepreneurs face is finding an expert at an affordable price. Usually, when you hire someone, people who are very good at what they do will charge an arm and a leg per hour. The cost can add up and can cut into your profit margin. The best thing to do is to outsource experts from various platforms. There are platforms that show individuals with their portfolios and websites that showcase their skills. Some individuals charge per hour while others charge per project, their prices are negotiable. They are often way cheaper and more affordable than hiring someone from a job site.
The majority of these experts or teams that are in the platform are freelancers and work remotely so you don’t have to waste time meeting with them face-to-face. Plus, these platforms operate as project managers. They organize projects and provide deadlines to make sure that these freelancers or experts will complete your task on time. Below these words you will find a video with more information regarding outsourcing and companies you can use to get any outsourcing work done. I will also leave links to these companies below.
As you can see there are lots of options available to help make things run smoothly, all of the above are good choices, you should easily be able to find what works for you. On this page I will leave links to companies offering different services that will help you on your journey to creating a product or starting your very own first start up. Also watch the videos on this site all of them have valuable information on different options for you.
PCP - Informative videos and articles with the budding entrepreneur in mind. With an eye to seeing you grow and succeed.
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