Funding Options For Your Startup

Getting funding for a startup can be difficult, especially if you’re planning on working with a traditional lender. They typically look for high sales volume, strong credit history, and cash reserves. New businesses can tend to struggle when it comes to meeting these requirements. Before you start working with a traditional lender, it’s important that you understand your goals and the financing needs of your company so you can properly evaluate your funding options. Here are a few different ways you can acquire funding for your startup.

SBA Microloan

The Small Business Administration has a variety of loan programs that cater to startups. One of these is the microloan, which can provide a small amount of money to help fund working capital and equipment. Unlike other loans, the requirements for this program are less stringent. It’s even possible to qualify if you have poor credit, such as 629 or lower.

Venture Capital

Since venture capital is typically focused on high-growth companies, it usually only invests in those that are expected to succeed. If the startup doesn’t perform well, the investor’s return on their investment will be lost. Most venture capitalists also want to be on the board of directors of the company they’re financing, while some may even want a larger amount of ownership over the business. If you can get funding via venture capital, make sure you’re aware of the strings attached to it.

Crowdfunding

Crowdfunding campaigns have become extremely popular in the past ten years. Through a crowdfunding campaign, an entrepreneur can raise money for their business through an online fundraising campaign. In addition to giving away products or services, you can also encourage donations by offering gifts from hitting certain fundraising milestones. There are many great crowdfunding campaigns available on the internet, such as Indiegogo and Kickstarter.

Small-Business Grant

Grants can be hard to come by as competition for them tends to be high, but if you can acquire one you’ll essentially be getting free money for your startup. Unlike loans, grants don’t have to be paid back, and they can be used for anything your startup needs. If you’re in a niche market, such as minority or female business owners, you may have a better chance of securing a grant.

This article was originally published on RashadBlossom.co

Good Questions To Ask When Interviewing Potential Employees For Your Business

It’s time to find a new team member, and the pressure is on to find someone with the necessary skills and experience. However, can you determine if a candidate has the necessary skills and experience from just an interview? Before you start searching, it’s important that you prepare for the eventual interviews you’ll be having. Think about the kind of questions you can ask interviewees in order to properly gauge if they’re a right fit for your company. Check out this blog for a few great examples of questions you should ask the next time you interview a potential employee.

What Do You Know About Our Company?

Despite the abundance of information online, many candidates still don’t do their homework when it comes to assessing a company’s operations. This is why it’s important that you ask a few questions during an interview to get a feel for the candidate’s level of interest in working for you. Some candidates couldn’t care less about the type of job they have, as long as they have a job that pays well. While that’s okay, that may not be what you’re looking for in an employee.

Tell Me About A Time You Had A Disagreement With Your Boss And How You Handled It

One of the most effective questions to ask an interviewee is about a time they disagreed with their boss. This will give you a sense of their ability to resolve their conflict and find common ground. Aside from how they handled the situation, other factors such as their tone and how they communicated with their colleagues will also be taken into account. Emotional intelligence is vital in most jobs, and you want an employee who is able to be respectful and honest with their team and their superiors.

How Would Your Current Boss Describe You?

This may provide you with a sense of the candidate’s relationship with their previous managers. However, it’s also important to note that this information is only a reflection of the candidate’s opinion of the boss. Before you start searching, it’s also important to check references. These are typically the people who will provide you with a good idea of how their experiences align with the candidates.

Do You Have Any Questions For Me?

This last question usually ends the interview. The questions a potential employee asks can be extremely important. It shows that they’re interested in your company and that they’re not necessarily going to take any job that’s offered to them if it isn’t appealing. Most candidates will typically be prepared with a few questions, but if the discussion is lengthy and detailed, they may have already asked their own questions, which is totally fine as well.

This article was originally published on RashadBlossom.co

Habits Found In Successful Entrepreneurs

Entrepreneurship has skyrocketed in popularity over the years, especially after the COVID-19 pandemic changed the way a lot of people think about their careers. In a way, entrepreneurship is more accessible than it’s ever been. The internet and social media have made the ability to start your own business easier than ever, whether you’re just looking for a side hustle or want to make running a business your new career. With that being said, not everyone is cut out to be an entrepreneur. Many of the most successful entrepreneurs have certain habits that are naturally useful in running a business. Not sure if you have any of those habits? Look no further. Here are a few habits that are commonly seen in successful entrepreneurs.

Good Money Management

One of the most important factors that entrepreneurs must consider when it comes to money management is being able to maintain a steady flow of cash. This is not just about being cheap, but it also means being able to avoid going broke when the business is starting to realize its full potential.

It’s also important to remember that every dollar that you spend is helping you reach your goals. Many of the most successful entrepreneurs have lived below their means because they’d rather invest their money in furthering their business goals as opposed to living the high life. 

They Have Routines

Having a consistent routine can help you be more productive during the day. It can help prepare your body and mind for the next step, and it can improve your health. Having a set of routines can also help keep you focused on your goals and prevents you from getting too tired. Many of the most successful entrepreneurs create and stick to routines that help keep their energy levels up and their brains ready to take on the next challenge.

They Stay Up To Date

One of the most important factors that you can control when it comes to running a successful business is making sure that you’re up to date on the latest industry news and trends. Having this information will allow you to make better decisions for your company. Today’s business world is constantly changing, regardless of what industry you’re in. It’s important that you stay up to date with these constant shifts if you want to keep your business afloat.

They Know When To Take A Break

According to studies, people spend around 3.5 hours a day on the internet. For entrepreneurs, this figure is higher. Unfortunately, studies also suggest that the more time that you spend on social media and online, the more likely that you will develop depression.

To avoid these things happening, it’s important that you take a break from your computer or phone for a few hours each day. This can help you recharge and connect with the world around you. It can also help you manage your stress levels. After taking a break, you can jump back into your work ready to take on the next challenge without burning yourself out.

This article was originally published on RashadBlossom.co

Tips For Hiring Your First Employee

Hiring your first employee is a huge step for any startup. It shows that you’re willing to take on more risk in order to make your idea a reality. It also shows that your business is beginning to grow. But hiring that first employee can be a difficult process. You need to find someone that understands what they’re getting themselves into, that is passionate about your company’s mission, and is willing to put in the work to achieve the company’s goals. So how do you do that? Here are a few tips to help you along the way.

Hire As Soon As You Can

Even if it’s a bit tight, hire someone as soon as possible. Having someone on board will allow you to focus on the things that are most important to you, and they’ll give you the necessary boost of creativity and brainpower to get the job done.

Many founders are reluctant to hire even when they know that they’re overworked. This can lead to them kicking themselves after realizing that they’re not getting enough done.

Don’t Just Look At Track Record

One of the most important traits of a skilled hiring manager is his or her ability to see potential. This includes looking for someone with a passion for missions and causes that are similar to yours, and someone who has the necessary skills to excel at what they’re doing.

One of the most important factors that a hiring manager should consider is finding someone who is passionate about their passions and skills. Even if a person has not yet found a way to fully unleash themselves, if their position can help them do so, they’ll most likely see results. It shouldn’t always be about the person you’re hiring’s track record.

Make Them Part Of The Team, Not Just An Employee

When hiring your first employee, you have a major choice to think about. You can either consider them an employee, who will be expected to perform certain tasks or a member of the team that has dedicated their time to making the company’s vision a reality. While yes, they’re ultimately an employee of the company, it’s better to look at them as someone who is passionate about helping the company meet their goals as opposed to another body who comes into the office, gets their job done, and goes home. They should be a part of major business decisions, and they should be treated as an equal, not an underling.

This article was originally published on RashadBlossom.co

The Process of Filing Bankruptcy

Bankruptcy involves more than paying a filing fee and listing creditors. It’s paperwork-intensive, quite complicated and should involve you consulting with a bankruptcy attorney.

The Process of Filing Bankruptcy

Before beginning the bankruptcy process, here is what to do:

1. Gather Necessary Documentation and Information

One needs to gather information on their income and debts from the following documents:

  • Past six months of paychecks
  • Past two years of income tax filed returns
  • Copies of all current due bills
  • Copies of documents that creditors sent
  • Credit reports

2. Estimating the Value of Assets

One must provide a list of their possessions and estimates of value, no matter their worth. For automobiles and real estate, online valuation estimates may be enough. But for household items and personal items like valuable art, clothing, jewelry, you may need an appraisal.

3. Calculating Expenses

You’re required to provide your monthly expenses for things such as:

  • Insurance
  • Lease or car loan payment
  • Mortgage or Rent
  • Food
  • Clothing
  • Gas and maintenance
  • Medical expenses

4. Completing the Bankruptcy Petition, Schedules and Statements

This is the more difficult part.  And I reiterate – though you’re not required to – you should probably hire an attorney to handle the entire filing process for you.  You can lose assets if the papers are not completed correctly, or if you complete papers for the wrong chapter of bankruptcy.

5. Take the Pre-Bankruptcy Credit Counseling Course

Every individual who files for bankruptcy, must complete a credit counseling course before filing.  The course can be completed via telephone or online and usually can be done in 90 minutes or less.

What to Expect After Filing for Bankruptcy

Once you file for bankruptcy, you receive a number for your case. Creditors will also get a notice of the filing. A few days after filing for bankruptcy, a meeting will be set for you to meet with the bankruptcy trustee and your creditors, if any of them decide to appear. 

The final step is receiving a discharge order, which frees you of all dischargeable debt.  You will receive the discharge order about 3 – 4 months after filing a chapter 7 bankruptcy.  You will receive a discharge order in a chapter 13 case after you’ve made all your plan payments, which typically takes 3 – 5 years.

This article was originally published on RashadBlossom.org

The 8 Things Every Successful Entrepreneur Knows

Successful entrepreneurs all have a few qualities in common. What is it that sets successful ones apart from the unsuccessful ones? You might be wondering if you have what it takes to make it as an entrepreneur in today’s world. If so, here is what you need to know about the qualities of successful entrepreneurs

  • Discipline

Regardless of the product, they create or the business they are in, all successful entrepreneurs are disciplined. They stay focused on their goals and work hard, even when it would be easier to quit. They do not allow excuses or fear of failure get in the way of their achievements, but instead, work through every hardship.

  • Internally Motivated

Successful entrepreneurs are also internally motivated. They do not have bosses to answer to or a certain number of hours to clock in every week. They rely solely on their internal drive to push them every day. 

  • Passionate

Another quality that all successful entrepreneurs share is passion. They love their work and are willing to put in the effort it takes to see their dreams become a reality. They will often work around the clock because they genuinely want to spend their time pouring into their businesses. 

  • Relational

Most successful entrepreneurs also put a strong emphasis on relationships. They generally recognize that they cannot be successful on their own. They need to build teams of people around them, as well as networks of other business owners.

  • Risk-taking

To succeed as an entrepreneur, you must be willing to take risks. It’s also essential to have good instincts regarding which risks to take and which risks should be avoided. Successful entrepreneurs have all taken significant risks, and they haven’t allowed themselves to be deterred, even if those risks didn’t pay off.

  • Innovative

Successful entrepreneurs are also innovative. When something doesn’t work out as they planned, they find a new way to do it. Even when they have a good product, they are continually looking for ways to make it better. They strive for continuous improvement in all aspects of their business. 

  • Competitive

Successful entrepreneurs all have a competitive spirit. They thrive on challenges and enjoy winning. They aren’t afraid of other businesses in the same market because they believe they can beat them through hard work and innovation. 

  • Willingness to Fail

Lastly, successful entrepreneurs are willing to fail because they recognize that failure is an essential part of success. If a person is paralyzed by the idea of failure, they will almost certainly fail as an entrepreneur. You must shift your perspective and begin to see failure as a stepping stone on the path to success, rather than a roadblock.

This article was originally published on RashadBlossom.co

Bankruptcy Alternatives Amidst The Pandemic

The pandemic has affected almost everyone financially in some way. Many people do not have friends they can borrow money from seeing as most of the people they know are also experiencing financial turmoil. The government has tried to alleviate the problem by offering unemployment reliefs and payrolls for small businesses, but it is not enough. Here are some ways people can avoid or delay bankruptcy during these times.

Inform the Mortgage Lender in Due Time

Someone who has been laid off and cannot pay their monthly rent or mortgage should quickly inform their mortgage lender. The lender may agree to give you a forbearance – a temporary period during which no mortgage payments are due.

Pay the Credit Card Minimum

You should put some amount away to pay your credit card minimum any time you receive a government relief. During the crisis, it is advised that unemployed people should not pay more than required toward their credit cards. And, if at all possible, stop using credit cards.  The interests charged on the credit card can hurt an individual’s financial stability

Consider an Inexpensive Car

If someone is unemployed, they are probably not using their car as often. However, many people still have to run errands with their vehicle even when they are not going to work. Therefore, car expenses may be drastically reduced. Yet with little to no source of income, the individual may want to trade in the car and get a cheaper one. The economy will eventually recover, and one can always get another car. The most important thing for now, however, is surviving.

Look for an Alternative Job

The lockdown has driven many companies to develop new opportunities that all employees can explore. It can be easy to sit back and wait for the economy to improve before finding another job. However, this should not be the case. An individual should identify their skills and find out what they can do right now. For example, there are many work-from-home jobs that now exist, such as web design, proofreading, content writing, and much more.

This article was originally published on RashadBlossom.org

How Entrepreneurs Can Recover From Burnout

Business burnout is generally becoming exhausted from always trying to make an organization stronger. Business owners know how damaging this can be to the overall income and brand name. Here are 5 tips to help businesses going through a burnout recover:

1. Stop Forcing

Business owners sometimes feel tired from work but still feel the need to accomplish something before resting. Everyone’s brain needs time to recharge now and then before resuming handling complex tasks. There are also detrimental health side effects to working for long hours, like staring at a computer or laptop. It affects the back due to the sitting posture and eyes due to the light from the screen.

2. Take Frequent Breaks

Many individuals start working the moment they open their eyes in the morning. They reach out for their laptops or smartphones, lose track of time, and work up to lunchtime. It is essential to set apart 15-30 minutes intervals after working for an hour or two. During these breaks, a walk or some exercise can do the body well before engaging in work again.

3. Take Care of the Body

The body requires care to reciprocate this with energy. One of the best ways to avoid burnout is to eat healthy foods consistently. Working through an entire day requires a balanced diet of proteins, carbohydrates, and vitamins after every 3-4 hours. A bottle of water should also be close by and refilled frequently.

4. Change of Environment

Working in the same office every day can make you feel too ordinary and uninspired. Switching to a different environment like a library, coffee shop, or somewhere great outdoors can freshen up the mind. For entrepreneurs who work from home, a switch from the home office to the kitchen or balcony can do the trick.

5. Find Time for a Vacation

Many business owners can work an entire year without even taking a vacation. Everyone needs a break, even from their favorite hobby. It reduces the pressures of work and refreshes the body and mind.

Conclusion

Business burnouts kill the productivity of an organization by creating inconsistent progress. It damages the balance and steady approaches to operations. Firms that have already crashed can start the recovery process by following the tips above.

This article was originally written on RashadBlossom.co

5 Benefits of Employee Engagement

In today’s business environment, companies need happy and engaged employees to satisfy their customers. Employee engagement is the degree to which employees are passionate about their work, committed to their boss, and willing to contribute to company success. Engaged employees not only care about their paycheck but also their work, meaning they are intrinsically motivated.

Engaged employees go beyond their call of duty to do things that are not in their job description. They are deeply invested in the company’s long-term goals and understand that their daily responsibilities contribute to achieving these goals.

Here are the benefits of employee engagement.

1. Lower Turnover

The hiring and employee onboarding process is a significant investment for a company. Investing in employee engagement helps firms retain top performers and reduce turnover by ensuring workers are happy and satisfied. For organizations experiencing a mass exodus, improving employee engagement is a smart move to reduce turnover.

2. Increased Productivity

Intrinsically motivated employees tend to work harder and efficiently because they enjoy what they do. When employees are engaged in decision making, they develop a sense of belonging. They feel that their presence is valued and reciprocate this by performing at the best of their ability.

3. Less Absenteeism

Engaged workers enjoy being at their workplace. Such workers don’t even mind working on the weekend. On the contrary, disengaged employees lack a sense of responsibility, and thus they don’t mind not showing up.

Engaged employees feel that they are part of the organizations they work for, and they know that the organization’s success solely depends on their efforts.

4. Increased Employee Satisfaction

Employee satisfaction is a focal point when it comes to company success. Low job satisfaction has a detrimental impact on a company’s time and money. Engaged employees are enthusiastic about their day to day responsibilities.

When employees are satisfied, they develop an emotional connection with the organization they work for and are likely to produce high-quality work, which is beneficial to both the company and the customer.

5. Higher Profitability

This goes without saying. When employees work harder and strive to produce quality work, customers become happy. Happy customers come back repeatedly and refer their friends, family, and colleagues to that particular company.

This article was originally published on RashadBlossoms.co