No successful marketer decides to start their own agency because they love accounting. Not even the most passionate digital marketers who love getting deep into the data, like I did when I started Adficient.
Some entrepreneurs were put on this earth to start, run, and grow businesses. And then there are business owners who started as enthusiasts and turned their real-life passions into their livelihood.
Whether your passions include playing video games, crafting, designing clothes and accessories, or helping your community, that emotional investment can be all you need as a foundation for a lucrative business. If you want to power your business to loftier heights, take note of these seven inspiring business ideas that started off as pet projects.
On Tuesday, September 5, I had the pleasure of interviewing Ross Blankenship in a Q&A-style webinar to talk about what he looks for in startup investment opportunities. We received a lot of great questions during the event, a few of which we ran out of time to address live. Here are Ross’s responses to those remaining questions:
They say “the more, the merrier,” and in most cases it is undeniably true. But for a tight-knit team of founders, widening the circle to bring in your first employee is a big—sometimes daunting—milestone. As such, getting the timing right is absolutely vital.
Going from entrepreneurs to employers, your team may be wondering if a new worker will lift your business to new heights or sink your prospects. So, when should you hire employee number one?
For some, a great idea for a business comes a lot easier than the capital needed to get started. This has led to one of the most important ways the Small Business Administration (SBA) supports business owners. Through their loan guarantee program, the SBA helps ensure entrepreneurs have access to capital regardless of their financial background.
When it comes to conveying what your company is passionate about, many business owners start by putting pen to paper and writing out their mission statement. Obviously, this is important. As a brand, a mission statement allows you to own your organization’s public-facing story. But aside from what you write about your commitment to your community, there’s another way you can demonstrate what your company stands for and how you plan on changing the world: Your budget.
The way you spend your business’s capital represents not just what your team values, but what you value as a leader. You want to build a budget that paints an accurate picture of how you prioritize each part of your business.
The startup model has its flaws—instability, naiveté, long hours—making startups one of the last places one would think to look for an example of high-functioning business operations. But amidst the madness, startups that succeed are doing one thing better than more traditional small businesses and other startups: streamlining process.
My colleague recently wrote about the importance of closing your business’s books at the end of your fiscal year. A few of you reached out to us after reading her post, asking for more about some of the financial statements that Melissa mentioned.
We’re happy you asked!
If you run a startup or other business in the midst of growth, you picked a hell of a time to embark on your entrepreneurial journey. We’ve reached a point in the global marketplace where the tools and products out there designed to help you manage your company are virtually limitless.
The question then becomes: Where to begin?
The landscape of business resources is vast and weeding through the internet is time consuming... so we did it for you! As of April 2016, here’s a comprehensive list of resources you should know about, from marketing to sales to teamwork to legal help and beyond:
For a startup to survive and succeed, it needs to manage cash flow with utmost care and skill. Founders and business owners often find it challenging to maintain a steady handle on their burn rate, and this has become a common reason for many startup failures.
Even if you’ve reached profitability or raised a significant amount of capital, you can still fall short if you don’t manage to meet your overhead, payroll, and other operating expenses that keep your business afloat.