I recommend a startup advisor — provided you can devote the time to make the most out of your advisor’s expertise, talents, and connections.  

If you just go through the motions without leveraging what your startup advisor has to offer, then it will be a waste of time. But if you are committed to accepting advice and mentoring, and you pick the right startup advisor, you can accelerate your business’s success.

So exactly what does a startup advisor do? And when exactly do I need a startup advisor? In this piece, I’ll answer those questions and many more.

The Ins and Outs of a Startup Advisor

What is a Startup Advisor?

A startup advisor is a person who provides industry or subject matter advice, mentoring, and/or networking connections to a startup entrepreneur or startup business.

A good startup advisor also acts as a sounding board. He or she is someone the founder of a business can bounce ideas off of — and talk through problems with.

You probably won’t find everything you are looking for in one person. For that reason, some entrepreneurs assemble advisory boards consisting of multiple advisors. This way they get a range of advice, skills, and support.

What Does a Startup Advisor Do?

There’s no one-size-fits-all for the role of a startup advisor. What a startup advisor does for you and your business will depend on what you need. For example:

• A high growth tech business may need help raising equity funding or strategic alliances with big tech players.
• A local business, on the other hand, may need a startup advisor with industry knowledge, accounting skills or deep marketing expertise.

If you were writing a job description for a startup advisor, that description could be very different from business to business.  

Needs change over time, also. In the first six months of your business you may need advice about forming your company, setting prices, recruiting staff, finding office space, or getting your first customers. A year later, you may need help opening doors to industry distributors or expanding internationally. So the skill set of the startup advisor you seek may depend on the stage your business is in.

Advisors typically add value in five ways:

1. A startup advisor offers knowledge or skills you don’t already have. A valuable startup advisor is someone who augments your own abilities. In other words, he or she knows what you don’t know, or has skills you don’t have. A good advisor compensates for your weaknesses.
2. A startup advisor may have connections you don’t have. A startup advisor can be invaluable to open doors to potential partners, investors, service providers, and key executive hires. A startup advisor with a long list of contacts may be able to get you an introduction and your phone call returned. After that, it’s up to you.
3. A startup advisor devotes enough time to meet your needs.  You can’t expect an advisor to be a full-time or part-time employee. However, you don’t want an advisor who is impossible to reach, or impatient and distracted. It really isn’t about a set number of hours.  It’s more about whether the startup advisor gives undivided attention when you need it. It could be just a half hour, but that half hour may help you avoid a costly mistake.
4. A startup advisor is someone you can develop a good rapport with. A startup advisor may be invaluable as a mentor or sounding board, to talk through problems, strategies, and what ifs. That’s why it’s important to have a good “fit” with your startup advisor. If the two of you have different value systems — say one of you is committed to bootstrapping but the other thinks investors are the way to go — or if you grate on each other’s nerves due to different communication styles, you’ll stop talking. Then what’s the point?  
5. A startup advisor is someone you trust enough to be honest with.  Both sides need to trust each other enough to speak openly, even disagree. Ultimately, the founder will have to follow his or her own judgment. A good startup advisor will not take offense if the founder doesn’t follow advice. After all, the advisor is there to advise, not make the final decision.

When Do I Need a Startup Advisor?

The answer to this question is going to be different for every business. Some entrepreneurs find it helpful to seek out a startup advisor from the get go. Others wait until they run into new challenges or growth opportunities. Or they seek out a startup advisor when they start hesitating to make certain decisions.  

Generally, you’ll want to seek out a startup advisor when you have a specific reason for doing so.

This could be that you’re just forming your first business venture and aren’t sure about some of the legal and compliance issues facing your business. It could be that your business is facing product development issues. It could be that you are considering a new product or service, and want to bend the ear of someone more experienced.

You must be able to devote time to communicating with your startup advisor. If you are so busy you don’t have the time to talk with an advisor, wait a few months until your workload settles. Just don’t wait too long, until the business is in a crisis. Startup advisors are for big picture guidance or addressing a specific issue, not crisis management.

What Should I Look for in a Startup Advisor?

As a founder, you will want to look for a startup advisor who delivers the specific abilities, skills, and advantages you need — at that point in time. As you search for startup advisors ask these types of questions:

• What could I use advice on most, right now?  Marketing? Legal? Accounting? Sales? People management? Compensation? Manufacturing? Something else? Then look for startup advisors who offer that kind of expertise.
• Would a key introduction help me accelerate the business?  If so, who do I need introductions to?  Does the advisor I’m considering have those connections?  More importantly, is the advisor willing to make introductions (not everyone is)?
• Could I benefit from kicking ideas around with someone experienced?  How much of a sounding board or mentor do I need? Some startup advisors bring decades of business experience and a broad perspective. That could be more valuable to a new entrepreneur than subject matter expertise.   
• What kind of format works best for me?  Structured board meetings? Informal lunch meetings? Quick phone calls? Skype video calls? Online chats? Emails? Is the advisor willing and able to work in my preferred format?
• How much time ideally would I like from my advisor?  If you simply have questions on a narrow topic, then a one-time call may suffice. But if you’re looking for ongoing guidance, then you’ll likely want monthly or quarterly meetings or calls, with email communication in between.
• Could I communicate well with this particular advisor?  As you talk with a potential startup advisor, see if that rapport is there. In other words, how easy is the person to talk with?  How available? If you can’t be open or if you feel the person is impatient or cutting you off, you won’t get value.

How Do I Find a Startup Advisor?

In my experience there tend to be two different approaches to finding startup advisors, depending on whether your business is:

• A high growth startup
• Any other kind of business

High growth startups, such as Silicon Valley tech startups, are often focused on getting venture capital or angel investment. Or they participate in an accelerator that provides a package of startup services including advisory support.  

Startup advisors for high growth startups tend to be investors in the company. They may receive an equity stake in exchange for participating as a startup advisor.  

Of the 500,000 to 700,000 new businesses that start in the United States each year, only a tiny percentage are “high growth” or part of an accelerator program.  

The vast majority of startups are not high growth, but instead are bootstrapped. They may get help from friends and family, or use credit cards or personal savings or some other means of getting off the ground.

If yours is a non-high growth business, you may not have the funds to pay advisors or have access to Silicon Valley insiders. If that’s the case, you’ll have to rely on volunteer advisors — or get creative.  

Here are some practical ways to find a startup advisor, on the shoestring budget of a typical non-high growth startup:

• SCORE:  SCORE offers plenty of startup advice on its website. But more importantly, it will pair you up with a mentor. You can search online to find a mentor with the expertise and skills you are looking for.  Then you meet with the mentor. SCORE mentors are volunteers and their services are free. However, you must follow SCORE’s program methodology.
• SBDC Centers: America’s Small Business Development Centers are a network of places where small business owners and startup founders can get advice and assistance.  Often located in local universities, the SBDC centers provide free or very low cost assistance. The best place to start is to find the closest SBDC center to you. Keep in mind, you have to fit into the programs and structures of the SBDC process.
• Online Groups:  Perhaps you’d like a less structured arrangement where you can participate a few minutes a week or as you have time. In that case, check out forums and online groups. Facebook groups like “Business Startup Experts” offer helpful insights and informal access to experts in a variety of industries.
• Local Advisory Programs:  A variety of local programs exist which will assemble an advisory board to assist your business.  For instance, the nonprofit Athena International offers PowerLink, a program that matches women business owners with a volunteer advisory board for one year.  
• Consultants and Service Providers:  If you have very specific needs, and some budget to pay service providers, consider seeking out a service where the provider offers advice and counsel, in addition to delivering services. For example, if you’re looking to form a corporation, by choosing a provider that is willing to guide you while providing services, you get the best of both worlds.
• Peer Advisory Boards:  One of the best ways I’ve found to get startup advisors is to ask peers and local business leaders you respect to be your informal advisory board. Typically you will find these advisors through networking and among your contacts. You may not be able to pay a dime. But you might be surprised at how many will say “yes” for the pure satisfaction of being able to support another entrepreneur!  Don’t hesitate to approach someone and say “I am assembling a volunteer advisory board which will meet quarterly, and I respect you so much I’d be honored if you’d be on my board” or something to that effect. The worst that can happen is the person will be flattered but will say no.

Make it Happen

Don’t overthink getting a startup advisor.  Sometimes just having someone to talk with can make all the difference in maintaining a positive outlook and growing your business. Make it happen!   

The post Do I Need a Startup Advisor? appeared first on CorpNet.

Of course, stress can be subjective. One person’s definition of stress may be different from another’s.  But this list can help you sort through the different ways to finance your business that are less likely to cause you stress or at least allow you to choose what you consider to be low stress.

Here are some lower-stress financing options for your small business.

Low-Stress Ways to Finance Your Business

Apply for Working Capital Loans

Working capital loans are meant to help businesses pay for the day-to-day or ongoing expenses of running a business, not expensive or long-term assets such as buying equipment or real estate. For that reason, they are usually smaller than traditional business loans and can be easier to obtain with a less strenuous application process.

Typically, you can apply for working capital online just by offering a few details about your business, or by going through a finance source you already have a relationship with and literally clicking a few buttons. For instance, you may be pre-approved for a certain amount from an existing financial services company.   Examples of working capital loans include PayPal Working Capital (for PayPal Merchants), Square Capital (for Square Merchants), and Chase Quick Capital (for Chase business banking customers).

Use the money to even out cash flow or stock up on inventory you know you’ll sell during the Holidays.

Today’s working capital sources make paying it back easy. The lender automatically deducts a small portion from your funds to repay the amount periodically.  You won’t have to remember to make payments!

Finance Equipment

If you are buying new equipment, one of your best options to finance your business purchase might be through the manufacturer. For example, if you’re purchasing new computers for your office, you can get financing options through manufacturers such as Dell. Then you don’t have to absorb the entire cost upfront.

Applying for this type of financing is usually fairly straightforward since the company you’re purchasing from wants to make it as easy as possible for you to do business with them. Often it’s a simple add-on to the purchase transaction itself, and can be approved in a matter of minutes or a day or two. Payments can also be relatively low compared to other loan types. It’s fast, it’s easy — and you get flexibility to invest in the tools you need now rather than stressing the business to pay for the purchase in one lump sum.

Apply for Microloans

Microloans are small loans usually from a few thousand dollars, up to $50,000 — with the average being $13,000. And because the amount is smaller than a typical commercial loan and microloan companies try to make the process easy on small businesses, the process of getting one tends to be streamlined. Non-profit groups like Kiva and Opportunity Fund offer microloans. Also, the SBA works with a network of microloan intermediaries.

Of course, you’re not going to get as much money to finance your business as you might with a different type of business loan. The U.S. Small Business Administration estimates most microloan rates to be between 8 and 13 percent, with a maximum repayment term of six years for SBA microloans.

Try Crowdfunding

Crowdfunding using sites like Kickstarter and GoFundMe has exploded in popularity in recent years. And it’s easy to see why. Using crowdfunding allows you to raise money by getting small pledges from your customers and others online. This lets you keep total control of your business rather than seeking out and having to answer to investors or banks. So in that sense it’s low stress.

On the surface, crowdfunding seems like an easy way to finance your business. In reality, it’s more complex.

It’s not as easy as just setting up a page and watching the donations roll in. You have to really market your pitch to potential contributors so that you get enough donations to fund your need. You have to give people a reason why funding your project can benefit them, either through the innovations your product or service will deliver, or by offering a tangible reward to contributors. This means that you also have to manage the logistics of creating and fulfilling those rewards into your crowdfunding project as well.

The internet is full of Kickstarter projects gone wrong, if you want to check out the downsides.  But some entrepreneurs have had good success with crowdfunding.

Use Business Credit Cards

Getting a business credit card can be a quick way to finance your business purchases as you need to buy them. American Express, Visa, and most major banks have business credit card options available. So you can compare rates and features to find the one that’s right for you. And another advantage is that using a credit card can make it very easy for you to track all of your purchases and your overall spending each month.

Using a credit card is fast and easy. In that sense, a credit card is a low-stress way to finance your business purchases.

On the other hand, credit cards are expensive if you run a balance month after month. Interest rates can climb above 20 percent!  Be careful, because the high cost can equal high stress. Look for special deals and balance-transfer options that offer no interest for the first six months to a year.

Use Personal Credit Cards

Chances are, you already have a personal credit card or two in your wallet. So using this type of financing can be even quicker and easier than getting a business credit card. Interest rates for personal credit cards vary widely but are pretty comparable to the rates for business credit cards.

Once again, remember that “low stress” is in the eye of the beholder. Make sure you don’t max out personal cards for business purchases, and leave yourself without any way to buy the things you need at home. Additionally, you can get more total credit if you use separate business cards for business purchases. Having that separation can also help you stay organized and proactively develop a business credit score. For quick purchases or small items, using a personal credit card can be a pretty low stress option.

Appeal to Family and Friends

This tried and true option is actually how many entrepreneurs finance their business. It’s pretty straightforward. You simply approach trusted family members or friends about borrowing some money to finance your business need or objective.

The benefit is that family and friends are often easy to work with and don’t demand high interest rates (as long as they really like you!). They can also give you some flexibility when it comes to repayment terms. And borrowing from them usually doesn’t involve a personal or business credit check.

However, borrowing money from loved ones can be tricky. If you aren’t able to pay them back timely, it can take a toll on your personal relationships. And if you make a habit of not paying people back, you eliminate the goodwill you have with the people in your life. Who needs busted relationships along with a busted business, if things go south?

Use Personal Savings

If you’re lucky enough to have personal savings stored away, then this can be a simple and low stress way to finance your business. Using personal savings gives you a lot of flexibility because you don’t have to work with a lender or go through a distracting application process. You also won’t have to worry about paying interest.

However, keep in mind the downsides. Using your savings can make you less secure financially. Say you empty your account and then your furnace breaks or you have a health scare that isn’t covered by insurance. That fund that you might have been saving for personal emergencies won’t be an option anymore. Additionally, you won’t be able to make that money work for you by investing it or accruing interest. And of course, you have to actually have enough money in the first place to be able to designate it for business purposes. So this isn’t even an option for some entrepreneurs.

In addition, it’s usually best to avoid using any savings you have in a retirement account. There are often early withdrawal penalties for retirement accounts. And in many cases, letting that money work toward your retirement is a better choice than using it to finance business operations.

Take Out a Home Equity Line of Credit on Your Personal Residence

I’ll mention this last option, but consider the ramifications long and hard before diving in.

Taking out a line of credit on your home might be highly stressful for some entrepreneurs. After all, if you aren’t able to make the payments, then you put your home and family in jeopardy. If your business fails, you might lose your home or at least the built-up equity.

I do not recommend using home equity to finance your business (I’d never do it!). But I know some entrepreneurs who have used their home equity and feel it’s a simple and easy source of funds. To me it would be high stress. But they feel differently.

The upside of using this option is that you usually make a single payment each month, which can simplify the process of paying back the loan.

Finding the Right Option For You

So there you have it – great options to finance your business in ways that some might consider low stress.  But again I emphasize that what is low stress to one person, may be considered stressful by another entrepreneur.  Don’t make rash decisions.  Think through what could go wrong, as well as the situation in front of you today when you choose.

The post Finance Your Business With These Low Stress Options appeared first on CorpNet.

Podcasts are portable — a great way to get information when you can’t read but can listen.  Often podcasts contain golden tidbits that you might not pick up in a written piece. Many startup podcasts include interviews with experienced business experts who can offer invaluable insights to help you grow your business in ways you never considered before. And best of all, they are usually free.  

Here are 10 startup podcasts to put on your listening list, along with a description of why each is a terrific choice for startup entrepreneurs.

List of Best Startup Podcasts

StartUp

Some podcasts feature business tips and secondhand stories. But if you want to dive really deep into the startup story, you might consider a podcast like StartUp.

Produced by Gimlet Media, StartUp features hosts Alex Blumberg, CEO and co-founder of Gimlet, and Lisa Chow, former editor of FiveThirtyEight and reporter at NPR’s Planet Money and WNYC. The podcast delves into a variety of issues that come up when you’re starting a business, tackled from a firsthand perspective since Blumberg has dealt with them during his journey with starting and managing Gimlet.

Topics covered include securing a domain name for your business, motivating a team, and even the stress that comes with entrepreneurship. So if you’re looking for startup podcasts that offer an in-depth look at entrepreneurship issues, rather than generic tips and anecdotes, check out StartUp.

This Week in Startups

This Week in Startups is a must-listen for anyone who is looking to stay on top of all the latest tech trends and current happenings in the startup world. Hosted by entrepreneur, investor, and author Jason Calacanis, the show features interviews with a different guest entrepreneur or expert each week, ranging from media moguls like Tim O’Reilly to angel investors like Zach Coelius.

Topics on This Week in Startups range from how to create a roadmap for innovation in your business to where to find ideas and inspiration and tips for angel investors. Tuning in can help you stay up-to-date with the innovations and approaches that can help you keep your business relevant.

Entrepreneurs On Fire

One of the best parts of running a business is when you get one of those “a-ha!” moments where you’re able to solve a problem or bust out of a slump. And you’ll get to hear a lot of those inspiring stories by listening to the Entrepreneurs On Fire podcast.

Host John Lee Dumas, who is an experienced podcaster and author of books like “Podcast Launch” and “Entrepreneur on Fire – Conversations with Visionary Leaders,” speaks with a different entrepreneur every day to share stories of how they found inspiration, learned important lessons or otherwise got fired up over the course of running their businesses. Some recent guests include author and filmmaker Douglas Folsom, Healthy Numbers founder Ingrid Thompson, and brand strategist Aaron Pierson.

A new show is released daily. So if you want a constant stream of inspiration and entrepreneurial stories from passionate business owners, this is the startup podcast for you.

Youpreneur FM

The days of keeping your business and personal life separate are over. That doesn’t mean you have to fill up your dinner table with business contracts. But it does mean that having a personal brand to build your business around can be a major benefit. The Youpreneur podcast, hosted by successful virtual entrepreneur Chris Ducker, is all about building a great personal brand.

On each episode of this startup podcast, Ducker invites a guest entrepreneur.  Recent interviewees include Mike Morrison of The Membership Guys and Antonio Centeno, founder of Real Men, Real Style. Guests share stories about how they built their personal brands and learned important lessons about succeeding as a solopreneur or virtual business owner.

If you are looking for startup podcasts that cover successfully launching new products or services, monetizing content and growing your personal brand into an actual business — this is a good one.

Marketing School

If you’re looking to improve your marketing but don’t have a ton of time to dedicate to listening to tons of different podcasts, check out Marketing School. While not a startup podcast per se, it offers specific actionable tips in less than 10 minutes per episode.

The show is hosted by accomplished entrepreneurs Neil Patel of CrazyEgg and Kissmetrics and Eric Siu of Growth Everywhere and Single Grain. Recent episodes have covered methods like webinars and live events.

Others have focused on specific questions or issues like solving email deliverability issues and whether or not it’s worthwhile to sponsor conferences.  So if you need an answer to a marketing question, you can search the archives for the episode that best matches your query.

#AskGaryVee

#AskGaryVee is a Q&A format podcast featuring insights and discussions with serial entrepreneur, author, and internet personality Gary Vaynerchuk. There’s also a video version available.

Vaynerchuk is known for his no-nonsense attitude and ability to deliver strong opinions and insights in a very direct way. In the show, he covers topics ranging from marketing and social media to the personal pressures of entrepreneurship. And he answers questions directly from listeners, so you can even submit your own specific queries for consideration

If you like startup podcasts with opinionated no-nonsense advice, you will adore this one.

The Pitch

Want to hear actual startup entrepreneurs make pitches to investors? If so, this is the startup podcast for you. The Pitch is a podcast that features real startup founders making actual pitches to real investors. No scripts, fake names or theoretical businesses involved.

Hosted by Josh Muccio, an entrepreneur turned podcast host for Gimlet Media, each episode features a different pitch from a different company. By listening to this startup podcast, you can learn important lessons for perfecting your own elevator story or pitch. But you also pick intriguing factoids and trend insights, such as learning about unique innovations like a regional transit system that uses electric charging stations, or a better way to brew instant coffee.

Social Pros

Social media has become one of the most popular ways to market a business. And if you’re looking to learn more about harnessing the power of social media for your business, Social Pros could be the podcast for you.

Hosted by Jay Baer of Convince and Convert and Adam Brown of Salesforce, Social Pros covers topics ranging from live streaming to utilizing specialty sites like Quora. The hosts also regularly interview entrepreneurs and social media managers from successful companies like Krispy Kreme and Esquire.

If you are looking for startup podcasts with actionable tips and examples for social media marketing, check out Social Pros.

Smart Passive Income

Passive income can take many forms. Common methods range from using affiliate links to earn commissions from websites, to launching information products that can be sold again and again online. Those methods can serve as a great standalone business opportunity or even just help you diversify your startup’s income streams.

That’s exactly what the Smart Passive Income podcast is all about. Host Pat Flynn has made a living from using a variety of passive income techniques over the years. Each week, he interviews a different entrepreneur or passive income professional to share his or her story and offer advice.

One recent episode features an interview with Cassidy Tuttle, founder of Succulents and Sunshine. She shares how she built a successful niche business that teaches people to care for succulents using passive income techniques like blogging and online courses. Other episodes in this startup podcast include interviews with affiliate marketers. From time to time it even features coaching calls with entrepreneurs looking to improve their own passive income techniques.

The Tim Ferriss Show

Tim Ferriss of the Tim Ferriss Show is a tech investor and best selling author of several well-known titles including “The 4-Hour Workweek,” which has revolutionized productivity in small business offices around the world. And his startup podcast is one of the most popular and highly rated business podcasts on iTunes.

The podcast focuses mainly on business tips and inspiration. The guest list includes big names like actor Jamie Foxx and life coach Tony Robbins.

So if you’re an entrepreneur or professional seeking startup podcasts to inspire you and make big things happen, this can help you reach those lofty goals.

Download Away

So there you have 10 startup podcasts I recommend. Download them and next time you’re traveling, you can be learning at the same time.

The post Ten Startup Podcasts for Today’s Modern Entrepreneur appeared first on CorpNet.

The truth is, you’re not the only person who’s nervous about talking to strangers. Many entrepreneurs feel awkward at their first networking event, even if they don’t show it. The key is displaying confidence. Use the old “fake it ‘til you make it” adage, and you’ll soon be rubbing elbows with other business owners.

1. Get to Know People Before the Event

It’s much easier to network if you have one or two points of contact at the event. Connect with the event planner, who will do her best to make you feel at ease, and consider linking to a few participants through social media and starting a conversation before the event. This way, you can make a point of introducing yourself to them, paving the way to meeting other participants.

 2. Prepare Your Elevator Speech

If you’ve ever been flummoxed when someone asked you what you do for a living, you know it can make for an awkward situation. Develop a succinct elevator speech that explains your business and your role in a few sentences. Keep it high level; that gives your new contacts the opportunity to ask questions and learn more about what you do. Practice it until you feel confident delivering your elevator speech.

3. Realize You’re Not Alone

As I said, you’re far from the only person feeling apprehensive. But as a business owner, you know you get better results when you talk to people, not act like a shy wallflower. Overcome those networking jitters, realize you’ve got a lot in common with this crowd, and confidently walk over to the nearest person and introduce yourself.

4. Survey the Scene

When you first arrive, consider serving yourself food or drink so you have time to look around and plan your strategy. If you see someone else sitting alone, this is the perfect situation to perhaps connect with a fellow networker who feels as timid as you do.

 5. Ask Questions

Most people love talking about themselves and their businesses, so you’ll quickly help people warm up to you if you take an interest in them. And if they’re good networkers, they’ll return the gesture with questions of their own.

6. Arm Yourself with Ice-Breaking Conversation Starters

While we laugh when people say “How ‘bout those Knicks?” but there’s something to be said about neutral-topic conversation starters like sports and the weather. Just avoid any topics that might be polarizing, like politics.

 7. Have a Purpose

Why are you attending this event? If you keep your goal in mind, networking will be easier. For example, if you’re looking to build relationships with potential suppliers, you can work the room, looking for people who fit your needs. You can also ask others if they can refer you to someone. This way,  you don’t spend a lot of time talking to the wrong people.

 8. Make Eye Contact

Your body language, as well as whether you look people in the eye or not, speaks volumes about how comfortable — or not — you are at a networking event. Again, even if you’re not feeling at ease, you want to give the impression that you are. Make an effort to look people in the eye when speaking and listening.

 9. Offer to Help

Having a role at a networking event might put you more at ease. Volunteer to sign people in or serve food. That way, you have a reason to talk to just about everyone, and you’ll keep your hands busy.

 10. Create Value

Because networking is about building relationships, your focus should be on how you can help others, not how they can help you. If someone is looking for a great babysitter, refer your own sitter. If you can make a business connection, do so. People will remember you for your helpfulness at an event if you strive to be useful.

The post 10 Ways to Break the Ice at a Networking Event appeared first on CorpNet.

1. Do I Have a Viable Idea?

By “viable” I mean an idea that can become a business. It’s one thing to have a fabulous idea for the next whatsit, but if you don’t have a clue on how to turn that into a business, you might not be ready.

If You Answered Yes: Look at your target audience and conduct research for what they want out of a product or service like yours.

If You Answered No: Go back to the drawing board. Think in terms of an idea that you can sell, and that people will want to buy.

2. Do I Have Money?

Funding a business can come from many sources, including bank loans, investors, and even your own savings. The key is having a plan for how you’ll cover your expenses the first year, both personal and business. Don’t count on profitability for a while.

If You Answered Yes: You’re likely ready to start your business. Just keep an eye on your expenses to make your money go further.

If You Answered No: Look at different options, like borrowing from family members if your credit isn’t good enough for a traditional bank loan. Consider continuing to work at your day job until you are profitable.

3. Do You Know What Business Structure You Want?

Choosing the proper business structure up front is imperative, as it makes it easier later. Find one that will protect your personal assets and make it simple to set up a business banking account.

If You Answered Yes: Start the process of incorporating or filing as an LLC. Remember that it can take your state government weeks to process your application, so if you’re in a hurry, consider ordering an expedited service.

If You Answered No: Look at your different options. If you have shareholders, a corporation might be your best bet. If you want less formality, an LLC might be the smart way to go. Just know that operating as a sole proprietorship or partnership won’t protect your personal assets from liability.

4. Do You Have a Business Plan?

Whether you aim to seek funding from an investor or not, having at least a sketch of a business plan can help you know what general direction you want to take your company and give you a way to take it there.

If You Answered Yes: Keep it handy so you can refer to it regularly. Update it as needed, because your business’ strategy may change.

If You Answered No: Create one. It doesn’t have to be a 50-page document, so start with a basic outline with your company’s mission and offerings, as well as how you plan to hire, market, and grow the business.

Of course, there’s much more to starting a business, but answering these questions will give you a basic idea of whether or not you’re ready. For a more detailed checklist for starting a business, download CorpNet’s Starting a Business Checklist.

The post Are You Ready to Start a Business? appeared first on CorpNet.

Back then, we spent more time on the phone cold calling, and direct mail was booming. Networking was done face-to-face, and we couldn’t always track our marketing efforts. My, how times have changed.

1. Our Businesses No Longer Confined by Geography

In the “old days,” you marketed your business to people who could drive there. If you were a consultant, you served the local market. Now, thanks to email, social, and tools like Skype, you can have clients “virtually” anywhere.

Sure, there are still local businesses that cater to customers within a few miles only.  The local pizzeria or neighborhood convenience store are examples.  But my point is, if you want to sell or promote your products or services outside of your immediate area, you have many more options today.  And more businesses are taking advantage of that.

2. Press Releases are Faster

If you remember, press releases used to mailed, faxed or emailed to newspapers and magazines. Imagine the lag time!  You would have to know your news far in advance to have it published in a timely manner.

Now you can distribute your press release online within a few hours, or a day or two at most. The purpose of a release has shifted: today it’s more about reaching out directly to your target audience via the Web. Yes, you may still reach some journalists, and journalists may write about your business (in my publication we still run the occasional piece that we became aware of through a press release).  But it’s one in 100 releases that we might write about.  So your chances of getting press coverage are fairly small, and you need to reach out directly to your audience.

3. Mobile Makes Life Easier

I’d be remiss if I didn’t mention mobile as one of the ways running a business has changed over the years. And it’s on both sides of the equation: for you as the business owner, a mobile phone is now equal to, if not more powerful than your computer. With it, you can manage your calendar, update your social profiles, and check your email. Oh yes, and use it to call clients!

Customers, too, take advantage of mobile. They’re searching Yelp for the best venues, mapping out the route to your store, and connecting with you through social media.

4. Your Network is Bigger. A Lot Bigger.

Going back to number 1, we used to rely on local a lot more. Want to network with likeminded folks? You used to have to find a local meeting and spend hours chatting up other business owners. Now you can do all that in minutes using social media. And since you might be marketing to an area beyond your city, social’s great for that too. Just establish yourself as an expert and provide great content, and you’ll build out your online network.

5. There’s a Tool for Anything You Need to Do

Remember accounting in ledger books? Actually writing down your transactions and using a calculator to figure out your finances? We laugh now, but that was the modus operandi for centuries. Now QuickBooks or Freshbooks will calculate for us. Heck, it’ll even pull the transactions directly from our online banking information.

Need to manage a project? Basecamp can help us assign tasks to employees and keep track of milestones. And Google, of course, is more than happy to help us send and receive emails, create and share documents online, and keep up with our calendars no matter where we are.

Technology has certainly made being a small business owner easier, and the price for productivity tools has come down over the years, if not completely disappeared.

If it’s easier than ever to be an entrepreneur, I look forward to seeing what the future will bring.

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