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Small Business Survival
The Importance of a Policy and Procedures Manual for Small Businesses
A policy and procedures manual is just what is says, an outline of all the key procedures for various processes within the business. Although a policy and procedures manual can be a lot of work and it would not seem to be that important with so many other pressing concerns in the early stages of
Business Partnership Top 2 Challenges
Although the idea of starting a business with your best friend may sound like a great idea, these relationships often become very complicated. Partnerships can put tremendous strain on friendships. Whether the business succeeds or fails, conflicts inevitably ensue. Often the former is the greatest source of tension. 1. One partner feels the other partner is not working as
Ego, the Pitch, Estimates, Purpose and You – General Tips for Capital Raising Summarized Into 5 Paragraphs
Put Ego AsideMost successful entrepreneurs have reached out to friends and family in the beginning. I've come across too many who let their pride get in the way of fundraising and believe that they can do it all themselves i.e. getting investors from cold calls. Reach out to those who believe in you and don’t
Be Wary of Capital Raisers Who Cold Call You
Be wary of companies or individuals that claim they will find capital for you, especially if they are cold calling. All to often they are simply in the business of getting money FROM you. Here are some warning signs: A poorly crafted website often with typos and grammatical mistakes indicating that it was hastily put
No More Than 1 – 2 Drinks with Potential Investors
Drinking With Potential Investors Although it is important to sometimes build rapport with a potential investor, it is best to do this in a non-alcoholic or limited alcohol environment. Meeting for lunch or after work and having a beer may be a good way to open up and discuss the opportunity, but be sure that
Applying for Small Business Grants
Grants are great if you can get them. There are many different types of business grants that are available through government programs which are created primarily to incentivize economic development and promote entrepreneurship and free enterprise. The Challenge with Grants The challenge with grants is that they usually require a lot of work and can be
Raising Capital from Friends and Family
The main reason friend and family capital is the easiest is because these are people who know you and trust you. It is this trust that is the main reason they are investing, less so because of the business plan. If you are looking outside of this group then it is more about the business