How to Turn a Nest Egg into a Windfall - The Groundwork

Is launching a small business or a start-up the recurring character in your dreams for a brighter future... except you don’t know the first thing about casting the part? Even in this economy, however you slice it, there’s money to be made by taking the entrepreneurial big leaps - the news bulletins are awash in success stories, rags-to-riches tips and even the odd oh-no-he-didn’t gasps. What’s to say yours won’t be the next business venture that carries the day on Wall Street? 

If you don’t have money to burn - and who does, these days? - but you’re considering putting your savings on the line for the chance of striking it big, take every precaution before plunging in head-first. Remember that some failure is predictable from the get-go and so, you should consider hedging your bets as best you can before putting your head on the block. 

1. Use online tools by way of planning ahead - the gung ho and the gunshy alike stand to profit from not going into a potentially costly affair on a wing and a prayer. Sorting out your finances beforehand, accounting for the initial expenses and tallying all the risks involved in founding a company are all necessary steps. A painless, free option is resorting to the Internet as your personal go-to financial adviser, which you can learn more about through just a couple of clicks. Playing it safe (being cost-conscious) and smart (getting customized financial advice) will save you money in the future.

2. Don’t discount the helping hands - even if this might not be the best time to play the market, there are still investors out there willing to gamble on start-ups. As for your presumably scanty knowledge about the investment game, you just need to keep in mind that thinking opportunistically about any venture, however dear to your heart, is all it takes, even if you’re not used to framing decisions in an economics-centric manner. If your business objectively needs more cash than you can provide, an angel investor or a venture capitalist can certainly be approached to shore it up. Even a friend or relative might be willing to pony up, just as long as you both agree to separate your professional relationship from the personal one.

3. Look out for new developments - take the trouble to scope out what other are doing and how the industry you’ve chosen to enter is faring. If you’re not yet sure about what area to go into, the Internet will provide you with more than one good idea and if you’re tech-savvy, all the better, as there are tens of avenues to choose from (of which mobile communication is the hottest right now). Regardless how advanced the industry of your choice already is - and you can look that kind of info up online, via business data aggregators, as well as putting in the legwork and the research work needed to get a read on all the players - think outside the box on ways to improve it.

It’s only at this point that you can start fine-tuning your concept, drawing up a business model and picking a catchy name for your new company. Once you get your ducks in a row, and the financing in the bag, there’s nothing preventing you from going after your dream full speed ahead.

Aussie Startups in Need of More Government Support for Success

The coming federal elections in Australia seems to have amplified just about every issue on the political agenda, while also making advocates of various causes all the more vocal and outspoken. Australia’s startups, for one thing, are expressing their intention of becoming a more central pawn, on the country’s economic chess board. This view is not without just reason, as Australia’s economy is a worthy topic for debate, especially in the face of an approaching election poll, set to happen in under three weeks, as of the date this article was written. Factor in all the recent talk about Australia becoming a major digital economy at a global level, by 2020, as well as the figures, which say some 60 per cent of the country’s workforce is employed by a company with 5 staff members or less. If there was ever a time for small, emerging companies to get their voice heard down under, then now seems to be it, by all accounts.

This view was also substantiated by a report published earlier in 2013, following research conducted by one of the world’s leading financial analysts. The report, paid for by the Australian branch of search engine giant Google, attested to the startup sector’s immense potential for growth. According to the research, in two decades, Aussie tech and IT startups might be able to rake in $109 billion for the country’s economy. That’s about 4 per cent of Australia’s gross domestic product, a sizeable ratio further improved by the 540,000 new jobs tech startups stand to create by 2033. Optimistic as these stats might look, they are still dreams scribbled onto a piece of paper, without some serious effort from the educational sector, major corporations, the federal government, as well as the entrepreneurs themselves – the same report concluded.

Australia is known worldwide as fertile grounds for startups. Its Internet access rate is good, as is the tech literacy standard of its population. What’s more, local small businesses also have access to facilities that stand to lower their overheads. Several companies, for instance, now choose to rent out serviced office space in Sydney, in order to avoid paying long-term rent for no good reason. They only employ a small number of workers, outsource most tasks and only need a business location for meetings and conferences. The digital communication sector has also been awarding facilities for companies just starting out. All is well, it seems; so, then, why aren’t Australia’s startups doing better?

For some, that reason is to be found in current government policies. The serving Prime Minister, Kevin Rudd, also spoke recently on this topic. Rudd explained that Australia needs to be ‘smarter’ about the facilities it puts at the disposal of entrepreneurs. The model does seem to work, if one were to judge by the example of a digital publishing startup which made headlines in recent weeks. The company managed to raise a massive amount of money for initial capital purposes, and the bulk of that partially crowd-funded amount came through as a government grant. The business, which bases most of its activity in the cloud and aims to serve as a quick publishing service for desktop and mobile devices, raised no less than $785,000.

Of course, the company’s managers are wiser than to place all their eggs in a single basket. News of receiving the government grant came in right after they had return from a Berlin accelerator program for startups. The rest of the money came from investors, with over 50 per cent of the remainder donated by a syndicate of Brisbane-based angel investors. The entrepreneurs say most of the money will go into scalability improvements, as they aim to have the company go global as soon as possible.

Five Helpful Tips for Starting a New Business Start Up

Starting a new business is a long process that involves a large amount of work. It is also incredibly rewarding when successful. Startups need to make smart decisions and plans even before the business is officially running. Good planning can avoid many common mistakes made by startups. Five tips will help anyone to start a new business successfully.

Create a Strategy

The first step when starting a new business is to develop a strategy and overall vision. This is normally condensed into a business plan that can be used to raise capital. The strategy should cover the first five years of operations. It should include capital expenditures, estimated income, overhead and labor costs as well as product marketing strategies. This business plan becomes the roadmap for the new company.

Define the Legal Structure

The next step should be to define the legal structure of the startup. Many options are available from sole proprietorships and partnerships to limited liability companies and private corporations. This step requires some paperwork especially if other people are included in the structure. You should consider hiring a lawyer in order to expedite the filing process and minimize any complications. According to a prominent Mullins lawyer, a lawyer can also help to clarify which legal structure is best for the startup.

Hire a Good Staff

Most startups will need some type of staff. This could mean an information technology specialist to run an ecommerce website or a salesperson to work in a storefront. It is important to hire only qualified and experienced people who can help the business. Individuals should not be hired based on friendships or the idea that a position will appear later. It is important to consider who will handle the finances of the startup, the payroll, distribution and customer service. Hiring experienced and talented staff will help to make the business successful.

Identify Potential Customers

It is important to identify potential customer segments in the market as early as possible. This involves looking at the type of people who should be interested in a product or service. Identifying target customer segments will help to drive marketing and advertising efforts. It also helps with brand development over time. Identifying customers can be done through testing, small online campaigns or even through analysis of competitors.

Outsource When Necessary

The final tip for a new business is to outsource different jobs when necessary. A startup is not likely to have the assets or the expertise to handle every single area effectively. Outsourcing elements like payroll, order fulfillment or customer service will reduce costs and provide superior results.

Shared Office Space: The Incubator of the Internet Age

There was a time, not too long ago, when every business that dared to call itself legitimate had an office. This necessity created many of the images that we associate with business success today. Who doesn’t imagine the friendly secretary in the lobby, the coveted corner office, or the wood-paneled boardroom when they think about what it must be like to have a successful company? These are nearly universal images, but they have less and less to do with business now that the information age is reaching maturity. 

Many modern businesses don’t have offices, and more of them are being founded every day in coffee shops, libraries, and living rooms. An internet connection is one of the only barriers left between a merchant and a consumer, and the global recession has encouraged even large companies to re-examine what a traditional office actually offers them. There are several distinct advantages to abandoning office space.

First, there are very few communication problems left. Even the most complex teams can be easily managed with collaboration software, and these teams can now be located all over the world. Second, most interactions with both customers and clients will occur online, anyway. Finally, office space is a major expense considering both the previous points. It’s certainly too much of an expense for most start-ups that are still trying to get off the ground.

That said, there are many advantages that an office offers. Most significantly, it is a place for people with similar interests and expertise to connect and develop. The kind of spontaneous collaboration that happens in offices is hard to replicate when communication is done online. However, there is a way to capture the best of both worlds through shared office space.

Those who run internet businesses probably don’t have enough employees to make office space worth it. That doesn’t mean they won’t enjoy a space dedicated to work, and being around people who share the same interests and industries. 

What is Shared Office Space?

Shared office space comes in many different forms. Typically, when someone who owns office space has trouble renting the property whole, he or she will experiment with selling access to space within the office instead. Sometimes, businesses will end up with more space than they need, and try to use up the rest of the space by sub-letting it to other small ventures or individuals. Other times, the office space will be specifically designed so that it can be used as shared office space.

The result is the same. Many different people, affiliated with many different businesses, will end up enjoying the same office space. In most cases, only a few businesses will be represented. However, some offices will be shared between dozens of different people working independently on their own businesses. The shared office may be organized so that everyone has their own enclosed room, or as an open space where territory is only defined by the position of the desks.

This arrangement can sound very confusing to those who haven’t experienced it, yet. However, shared office space offers several serious benefits to the people who take advantage of it. 

What Benefit Does Shared Office Space Offer to Start-Ups?

There are several important benefits that shared office space offers to startups and other small businesses. For many people, shared office space is attractive because of the cost. Shared office space is very cheap, often only a fraction of the price of normal offices. This makes a huge difference in major hubs like New York and London. Most start-ups would not be able to have any space where they could meet people professionally if they were not able to take advantage of shared office space.

The most significant benefit of sharing office space is likely the opportunity it offers to meet forward-thinking people who are in the same industries. Many shared office spaces try to develop a “culture”. That is to say, they try to lease shared office space to people that share the same interests. Some shared office spaces are populated almost entirely be people who are running social media businesses. Others may be focused on accounting or finance.

It was never easy for small business owners to meet one another. It can be a very lonely life. Shared office space is one of the first modern developments to allow these business owners to meet and work with each other on a daily basis. Many people who have tried shared office space say it works like an incubator. It’s much easier to learn and develop in an industry when you are surrounded by people who share both your interests and your motivations.

It may not be easy to find shared office space where all the tenants are in the same industry as you, but it is at least easy to find shared office space all over the world. 

Where Can Shared Office Space Be Found?

Shared office space can be found in almost any major city, and it is also showing up in a lot of smaller towns as well. Shared office space can be found through traditional classifieds like those on craigslist, but there are also some websites that now specialize in matching people who want office space with those that are setting up shared arrangements. 

Should You Consider Shared Office Space?

Shared office space might be a good fit for you depending on your situation. If you only have a few employees, it can be a great way to save some money on full office space. If you are self-employed as the only person in your business, you may benefit from having a change of scenery and somewhere you can focus only on work with no interruptions.

You should also consider what you have to gain by meeting other people who could help you with your business. It can be very hard to find mentors and people who share your vision. Sharing office space could give you that opportunity.


About Simeon Howard

Simeon G Howard, born in Hampstead London, started his first business at age 21. By age 25, this serial entrepreneur had founded Your City Office Ltd, a Virtual Office and Office Space brokerage firm. Drawing from his past experiences, he and his partners have quickly built and developed one of the UKs leading organizations in this industry.

Related articles

• The Benefits of a Wireless Network in Your Office (50plusfinance.com)
• How to Make Money off Instagram (50plusfinance.com)
• The Importance of Serviced Offices in UK for Businesses (savealittlemoney.com)

How to Get a Financier/Investor for your Business

To kick start a business, the most essential thing you need is money. You can call it finance, investment, capital or whatever you like but money is the base rule of starting a business. With the storm of poverty levels and financial crisis brewing above our heads as we head into 2013, everyone is looking to establish a stable and well-earning business. Money is the bond between you and your business and the more money you invest the better outcome you’ll get. To start your business in a rocking fashion, you need to invest a rocking amount of money which, most people cannot do so the best thing to do is to find an investor/financier or even accounts receivable lenders who will invest the money and you’ll do all the work.

 

How it works

How the whole aspect works is that when you need or want to start a business, you need an investment for which you need to ask others. People who have a whole lot of money but don’t like to work will answer your calls and provide you with an investment so that you can start your business. Now, there are many ways to settle your debt, either you pay the total amount of the person’s investment back to them, pay them monthly, or give them their share out of all the profit every month. 

What type of people to target?

First of all, you will need to find a perfect target for your advertisement. This target varies from business to business but there is one type of target similar to all businesses: People that have a lot of money but don’t like to work. 

How to find an investor

There are numerous ways to find an investor which include advertising but the most effective way of finding an investor or financier is to rely on your personal relations and social networks. This means that you would have to talk to the people you know who meet your requirements and you consider them potential investors. 

How to know if they are the perfect investor for you

How to know if they are the perfect investor you ask? Well, first of all they are perfect if they have a mutual understanding with you and are willing to work side by side. They are also the perfect investor for you if they have the ability to co operate with you in tough times, provided any arrive. 

How to convince your potential investor

After you have found your perfect potential investor, the next step is to convince them into investing in your business. You must be very effective and convincing in this particular part of getting an investor so that you win the heart of your potential investor and gain their trust. You must be very precise in convincing them and see to it that you do not lose their interest but only gain it.

This was a brief explanation and step by step guide on how to get an investor for your business and make sure they’re the right one. This guide also tells you the basic information you need to know about getting the perfect investor and working side by side with them so that it benefits both of you.

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