If you think that the road to success has been easy for your competitors or others in business, you are mistaken.  Taking on a start-up or even a semi-established company and working to build it up to something stable and financially rewarding is never a stress-free task.  You are not alone in your anxieties, worries, and frustrations.  However, you can learn a lot from those who have managed to turn their ideas into successful enterprises, particularly when it comes to financing the feat.

The vast majority of start-up entrepreneurs will not fund the project out-of-pocket.   They need the help of banks, venture capitalists, and angel investors.  They write their business plans, do their presentations, and take advantage of the invention seminars, high tech seminars, and other events like the iFestival, in order to meet those who may fund their companies. Aside from a willingness to put themselves out there in front of potential financiers, there are a few things that help a person turn a company into a real success.

Business Experience Many of the owners of start-ups did not jump right from the classroom into the ownership role.  They got their start in some other area of business, learning the ins and outs of business operation.  This serves as a great foundation.  Obviously, there is the knowledge gained as a result of the experience, but also a better understanding of what it takes to manage employee morale.

A Healthy Dose of Intestinal Fortitude There must, then, at some point, come a time when that person steps away from the comfort of a regular paycheck to take on the responsibility of building a business.  It takes guts and some good luck.  Very likely, banks will be weary at the start.  Without a history of profitability, the banks don’t have much in the way of collateral, so that intestinal fortitude comes into play again when it comes time to pitch the business play to banks and angel investors.

A Vision of Growth Long nights and busy weekends are often part of the equation, especially at the beginning.  With some hard work, dedication, and a willingness to continue networking at the innovation seminars to gain the necessary financial backing, the company will get rolling.  It can be easy to fall into a comfortable rhythm at that point, but the successful fought that urge.  Instead, they continued to look forward, making plans to encourage the growth that they wanted to see.

It’s not going to be easy, but it will be entirely worthwhile when you see your idea become the massive success you dreamed that it could be.

If you are running a business, then there are many things that you will consider day-to-day, but there is one thing that can make or break the rest – your bottom line.  If you can’t make your business make financial sense, then it won’t last and every good intention and brilliant idea will go down with it.  So, if you are looking for ways to grow your bottom line, consider the following:

Make Human Connections The iFestival is great for finding new financers and spreading the message about your newly launched product, but it has even greater value if you approach it in the right way.  Innovation seminars and other such events are great opportunities to network and that is at the base of every great grassroots movement.  If you want to sell more, improve your brand reputation, and spread awareness, then word-of-mouth is the way to go.  It’s just that word-of-mouth doesn’t happen in the same way today.  Much of that interaction does take place online.  However, it often starts in person.  So, be sure that you are taking advantage of the picnics, parties, lunches, and invention conferences to build real relationships with the people who will happy tell their friends and family members about how great your company is.

Partner with the Well Established There has been a lot of talk recently about the power of influencer marketing.  The idea that getting your brand message spread by someone with hundreds of thousands (or even millions) of followers has definite merit.  However, you can also take advantage of the influencers on a local basis as well.  Look to form public partnerships with vendors, for instance, that have been well-established and appreciated by your customer base.  These partnerships can build instant credibility, which can go a long way toward building up that bottom line.  Again, those very same high tech conferences can be a great place to form the initial connections that lead to the valuable partnerships.

Consider an Experienced Angel Investor It is not always easy to find investors, but it can be well worth the effort.  Not only can it lead to a boost to the business’s cash flow, many of the angel investors prepared to invest in companies like yours have been in your shoes before and will be able to provide a great deal of knowledge along with the monetary investment. 

You may have noticed a theme – networking.  If you really want to build your business fast, then you should get out and about, spreading the message about what you are attempting to accomplish.  Those human connections form the foundation of all future success.

You attended the innovation conference.  You met some potential investors.  You gave your well-rehearsed elevator pitch and it did the trick.  Now, you have a foot in the door, but you still need to convince that angel investor that this isn’t just something to be discussed in passing at an invention seminar; it is a business concept with real money-making potential.  In order to do that you need to be prepared to hit a home run with your proposal presentation.

Step #1. Take a Breath This is important, so read this slowly and really absorb it – the person you are pitching this idea to is a human being.  He or she has also faced stressful moments in life, and chances are pretty good that he or she even had to pitch a business idea to other investors in the past.  That person has been in your shoes. Throughout this process, just remember that you are speaking to another human being with weaknesses and insecurities or his or her own.

Step #2. Clean Up that Prototype You absolutely should have a prototype of the product that you hope to sell.  If it’s a great idea and the investor can hold on to it, chances are better that he or she will see the merit in it. 

Step #3. Gets Some Feedback on Your Business Plan Once you have done all of the hard work of researching competitors, narrowing your niche, learning about your intended customer, and running the numbers, it’s time to get a second opinion.  It is always a good idea to have another set of eyes read through written content before considering it the final copy.  In this case, it would be wise to entrust this task to someone who has had some business experience. 

Step 4. Do a Couple of Trial Runs Have a friend or family member listen to your pitch and ask questions.  This is a great way to test your ability to answer questions on the spot.  It will also make you more comfortable in your delivery of the information.

Step 5. Create a Backup Plan Giving a pitch to a potential investor is tough, but you can ease your nerves a bit by having a backup plan.  This might mean attending another high tech exhibition to meet more potential investors, so if the first pitch doesn’t go well, you can try again.  It might mean lining up a meeting with the bank that can be canceled if you get the investor to agree to back you.  Whatever it is, it will undoubtedly put you a bit more at ease to know that there is a safety net of some kind.

The news for the coming year, as proposed by professional U.S. analysts suggests that you will enjoy prosperity if you are a small business owner.  National surveys, economic indicators, and other such analysis have been compiled and it has been determined that 2017 is going to be a very profitable year for small businesses.

The vast majority of the companies of fewer than 500 employees recently surveyed by the U.S. government agreed that they expected to see an increase in revenue this year.  They are not alone.  The economic predictors suggest that this is going to be a good year for many individuals, and particularly those who have taken the chance on building a business.  Many firms have also suggested that this will be a hiring year.  With the help of bank loans, and more often angel investors, small businesses are intending to grow this year.  That growth is to be accomplished with the hiring of talented workforce.

This is very good news for the country as a whole.  The nation has experienced a slowly improving unemployment rate recently, and now things are looking much better than they have in years.  Small businesses and innovation are in large part responsible.  The great minds that bring ideas to innovation seminars and the iFestival have created a blossoming economy that is finally giving reason for citizens to experience hope after what was a very long run of recession conditions.

There are expected to be some hurdles along the way, particularly for the smallest of small businesses.  There has been evidence that start-ups and very small organizations have had trouble securing bank loans, which has led to a greater need for venture capitalists and angel investors.  However, as more people feel the surging hope of a growing economy, it is likely that there will be more potential investors to be found at invention exhibitions.

The changes are only just beginning to take shape, but do not doubt that they are coming and that, eventually, your industry will feel the impact.  iVirtual reality has grasped the attention of the marketplace and already much of the talk is centering on business and retail uses.  So, what can you expect from I virtual reality in your industry?

More Time at Home with Your Family For years, there has been a big progression taking place that has resulted in a surprisingly large number of workers doing their jobs from home.  As conference calling and video calling capabilities have improved, it has become increasingly easy to keep members of the staff interconnected despite the fact that they do not gather in the same office space daily.  Now, with the help of virtual reality, it may be possible to cut down on business travel as well.  Video calling is already fairly commonplace in business, but VR meetings will give the impression that you are all in the same space, sitting around the same table, and speaking face-to-face, except you didn’t have to climb in the car or board a plane to get there.

Innovation Collaboration Want to introduce your invention at the next innovation conference?  If so, you are going to need a finished, clean prototype ready to go.  In order to get that completed in time for the innovation seminar, you are going to have to work together with your team members, and virtual reality could make that process much simpler.  Imagine being able to touch, hold, and move a 3D replication of your idea.  Imagine being able to immediately make changes to the design plans and see them take shape before your eyes.  With virtual reality, it may soon be possible to do just that with a team all seeing and experiencing the same thing.

The Interactive Retail Experience If you are selling product direct to the consumer market – pet health products, health and technology products, or ifoods & beverages, for instance – then you likely do many of your sales online.  Consumers have clearly demonstrated that they prefer shopping online these days and the only thing that will make that better is to recreate the mall-like atmosphere in their own homes with the help of virtual reality.  This could allow them to interact with your product – picking it up, seeing it from all angles, reading the packaging, as if they were standing in your brick and mortar store.

Even if you have never attended an iFestival or any other innovation convention, you have undoubtedly see the As Seen on TV lengthy ads promoting the inventions of other people.  We all know that great ideas can sell, and can, in turn, make the inventors very wealthy individuals.  However, it is a big leap from idea to profitability. You have to get the product to market before you can start making money and that is going to require serious effort on your behalf.

Research There are many wonderful, inspiring, and truly informative books on the market that can provide you a road map for preparing your idea for the general market.  So, do a bit of research, find a couple of books that really explore making money with an invention, and read them.  Really read them.  It’s not enough to skim or skip through the chapters.  This is the learning phase and it should not be rushed.  After all, the information you gather now will help form the foundation of your business later.

Check Out the Competition Once you have a better understanding of how inventors get their products before the masses, you’ll have to determine how financially viable the business idea is.  That begins with a true understanding of the competition.  If you are, for instance, planning to launch a new pet safety device, then you need to research other companies in the pet technology and pet gps markets.  Determine who has what to offer and how your product will compare to the rest.

Look into Similar Patents Assuming that you determine that you have something to offer that is better than the competition has marketed, you will want to seek a patent for your idea.  To start this process, you should do a lengthy look at www.uspto.gov seeking patents that may be similar to yours.  There you will also find information for filing for your own patent.

Develop a Prototype and Business Plan You will need a prototype that will clearly demonstrate what your invention is capable of.  Ideally, you want a prototype that is as close as possible to the finished product that you had envisioned.  Additionally, you should draft a business plan that discusses the competition research you completed, your expected start-up financial needs, and your projected profitability.

Seek Funding With that in hand, you can begin seeking investors or financial assistance from lending institutions.  You may want to consider an angel investor or venture capitalist with business experience.  In addition to the funding, these individuals may be willing to help guide you on the path to success.  This may be a good time to visit an innovation seminar or the iFestival to see how others are marketing their innovations.

In the last post, we wrote about the growth that our economy is experiencing, and particularly in the small business sector.  This is great news if you are the owner of one such company.  However, if you want to enjoy growth along with the overall economy, you have to ensure that you are maintaining a sense of equilibrium in your business.

There are many invisible scales that exist within all companies.  In order to be truly successful, you must ensure that all of those scales remain in balance.

Speed vs. Quality Attend an iDrone presentation, and you will see firsthand how amazing the future of the logistics sector may be.  Consumers love instant gratification and they are all too happy to praise those companies that make fast deliveries happen.  However, it is essential that you avoid sacrificing quality in an effort to meet the speed demands of the marketplace.  We can assure you that, no matter how quickly your product reaches the end user, you will not receive accolades if the product fails to perform as promised.

High Standards vs. Proper Staffing It is very commendable that you would set out with the highest possible standards in mind.  That sort of mindset can help you attract customer loyalty and even the attention of an angel investor.  However, if your standards are too high, you can actually turn your staff away or fail to properly staff your operation.  That, of course, can result in disaster.  It is important to maintain your values, but be sure that your expectations can actually be met.

Dedication vs. Narrow-Vision This is a problem that we see often.  Innovation seminars can really inspire the creative-minded individuals.  When the inspired ideas are met with approval from influencers at the invention conventions, the drive to make the concept a reality can be intense.  However, it is important, whenever you are unrolling a new idea that you don’t become too narrow-minded.  Be sure that you are listening to the input of trusted employees, advisors, and investors.  Be sure that you are considering the risks and possible pitfalls.

Innovation vs. ConsistencyThat concept also leads to the importance of balancing innovation and consistency. New technology may, in fact, make your business run smoother.  A new and exciting product can improve your bottom line and attract a new customer base.  However, it takes time and often a healthy dose of frustration in order to introduce change.  Innovation is a great and much-needed aspect of every business.  This is the reason why events like the iFestival are so popular.  Just be certain that you are not making large changes so often that you fail to offer consistency – consistent quality, performance, customer service – to your niche.

If you have been sitting on a great idea or invention that would be well received by the general market, now may be the best time to start seeking funding.  News reports indicate that we are seeing definite signs of an improving economy at the moment.  The growth is notable and, in many cases, establishing signs of health that we haven’t seen since before the recession. 

Among the most notable facts and figures being touted on the leading broadcasting channels are the current state of unemployment and the current average wage.  According to the experts both are improving.  More and more people are finding the jobs that they need to survive, and many of those who have been working are enjoying raises and bonuses that they hadn’t seen for several years.  Small businesses are the leading force behind this growth.  That suggests that now is a great time to be a small business owner and a great time to seek the financial backing of an angel investor. 

More than 100,000 jobs were created by small businesses in the past month.  This was a much larger number than that seen in February.  Small businesses are feeling more confident about the economy, and more eager to enjoy the promised growth of the economy.  If more people are working, and they are earning better wages, they’ll be more apt to invest in your products or services.  If small businesses are looking for the paths to future growth, they will be more eager to invest in your innovative mind or the new technology that you intend to unveil for use by such organizations.

Innovation conventions, like the iFestival, can provide the best environments for the discussion of your exciting new invention.  The gathering of minds at these invention seminars provide the inspiration, and often the connections, needed to encourage further small business growth.

Unfortunately, it is still a fact that a large number of small businesses fail to prosper.  It is not easy to take an idea and make it a marketable product, while managing all other aspects of the business.  If you believe that you could be facing issues, then it may be time to seek a partner or an angel investor.  It may be time to consider new approaches to managing your small business, many of which may be explored at a local innovation conference.  Or, maybe it is simply time to admit defeat.  However, before you make the decision, consider these signs of company weakness in order to evaluate how desperate times really are.

Can’t Pay Your Bills? This is the first reason cited when it is decided that a business must be liquidated.  Of course, there are many different reasons that a company may have trouble covering the bills.  If it is simply a matter of poor cash flow or too little working capital, then it may be time to network with potential partners at business events – invention exhibitions, high tech seminars, etc. 

Failing to Sell If the company can’t pay the bills because you aren’t making the sales that you need to keep the cash flow at a healthy level, then there is definitely reason to reconsider you stance.  Perhaps it would be enough to seek an angel investor willing to invest enough to hire a sales team, better equipped to sign new accounts.  If there is already a sales team in place, and still the customer base continues to shrink, then maybe there simply isn’t enough demand for your product.

Employee Turnover If you can’t keep the company staffed, then it could simply be that the employees are seeing the signs that the business is failing, they aren’t being paid in a timely manner, or you may not be paying competitive wages.  It could also be a problem of poor employee morale.  If the latter is the cause, and you are considering liquidation simply because you can’t keep the company well-staffed, then perhaps it really is time to do some networking.  It may be time to seek both investors willing to help you cover the cost of new staffing efforts.  You can also meet innovative minds at an invention demonstration, which could be your new employees.

In many cases, if you both recognize and admit the troubles being faced by your organization, you can take action to save it before it is too late. 

Before Your Start Your Own Business

So, you want to start your own business?  This could be a very profitable choice for you, but before you jump in with both feet, there are several things that you should consider.  After all, this is a very big decision to make and one that will undoubtedly have a big impact – either positively or negatively – on your financial status.  To get you started on the right path, we have compiled a list of helpful suggestions.

Consider Your Abilities Undoubtedly, you are a very intelligent and driven person, or you wouldn’t even be considering starting your own business.  That said, however, regardless of what field you enter into – general commerce, health & technology, pet health, ifood& beverages, etc. – you are going to have to devote a lot of your time and energy to your start-up.  This can often lead to a huge adjustment to your usual schedule and less time for personal activities, until the business has a secure foundation.

Attend an Innovation Seminar These gatherings of intelligent, creative minds can really lead to some powerful connections.  They are also very inspiring for those who are trying to establish a new business.  If you can talk fluently about what you hope to achieve, you’ll know that you are on the right track.  Others may ask insightful questions that point out potential flaws or weak points in your plan that can be addressed before they become real problems.  You can learn more about the technology that will be available to you and how those products will make your life easier as a business owner.  You may even meet venture capitalists or an angel investor willing to help you fund your start-up.

Write a Business Plan This is a very important step that many people overlook when starting a new business. This is the road map that will make every decision easier to make as you move forward.  It is the foundation of your presentation to possible investors or lending institutions.  It will also help you determine exactly how profitable the business could be, as it will force you to seriously consider what sort of niche exists and who you may be competing with.

Though there will be many steps that you will have to take to get your business established, taking a close look at yourself and at your business plan should be the priority.  Take the time to interact with others.  Attend an iFestival, go to invention conferences, and attend other such business events because these are the best places to make the connections that will make a difference as you become an entrepreneur.

If you are running a small business on a tight budget, you have likely seriously considered how social media and marketing content could be used to build up your customer base.  Though it is not free, social media marketing has proven a very affordable, highly worthwhile tool for many small businesses.  However, there are several obstacles that you will have to overcome to make your online presence and content creation work for you.

Make Your Blog Work With Your Social Many small businesses make the mistake of treating their blogs as a separate entity.  In truth, however, your blog can be a big part of your social media marketing strategy.  When you have them working together, they can draw more traffic to your website, which means an increased chance of making a sale.  Don’t know what to write about on your blog?  Attend an innovation seminar or iFestival from time to time.  You are certain to be inspired and will likely find that you suddenly have plenty to tell your audience about.

Use Social Media as it is Intended Another big mistake commonly made by small companies is failing to appreciate the main purpose of social media.  While automated services can be very helpful, they should not be the entire basis of your social media marketing strategy.  Be sure you are signing in, networking, interacting… being social.  This is the best way to build a real and loyal following.  Also, when you do go to the I festival or an innovation conference, take the time to connect with those you meet on social media, so you can continue the conversations.

Understand the Real Purpose of Creating Great Content There are many, many blogs that you can find online that have twenty or fewer posts.  They were started with good intentions, but the authors gave up on them when they failed to build a sizeable audience or garner any comments.  Yes, one of the purposes of writing new content is to have others read it.  With a bit of good luck and a strong strategy in place, your niche will eventually find and follow your site or blog because they recognize it as a worthwhile source of information.  However, aside from that, content creation can actually help drive traffic to your website, help establish you as an expert in your field, and help to ensure that Google and other search engines don’t lose interest.  The search engine algorithms are written to investigate how often a site is updated.  If it isn’t updated often, it becomes stale in the eyes of Google, Yahoo, and Bing.

A content creation and social media strategy can help you build a bigger customer base, can help you establish brand credibility and can even help you attract the angel investors who may just finance your company’s future ambitions.

Should You Form an LLC?

An LLC (limited liability company) is, quite simply, a business formation that protects those owning it from personal liability.  The owner or owners are the members of the LLC, and there can be one or many. Millions of small businesses opt to file LLCs for the personal protection that they offer.  There are, however, pros and cons to choosing an LLC instead of a corporation.

If you have come up with a great and innovative product, unlike anything else seen at the iFestival or innovation seminars that you’ve attended, then you’ll, of course, want to bring it to the market.  However, you don’t want to risk all of your personal assets – personal savings, home, vehicles, etc.  Whether operating in the pet health sector or ifood& beverages market, there are risks in any business. So, you may consider forming an LLC.

There are many advantages.  The biggest of those is the protection previously mentioned.  Additionally, the tax structure for LLCs is much simpler and often less costly than that faced by corporations.  It is fairly easy to establish an LLC, and there is little needed to maintain the structure.

There are reasons, though, why you may want to consider incorporating your business instead.  LLCs are limited (which is implied in the name) in the protection that they offer.  Though they are meant to protect personal assets, if a judge feels that you have engaged in fraudulent practices or that you have failed to draw a clear line between business- and personal assets, then you could, in fact, stand to lose some of what is yours. 

Furthermore, because the LLC tax structure is designed to be very simple, the profits will be taxed as personal income of the members.  That can lead to very substantial self-employment tax.  This is compared to the corporation, which ensures that the owners only pay personal tax on wages paid to them by the company.  The corporation will be responsible for paying taxes on any additional profits.

Perhaps the biggest benefit for a pet technology-, home automation-, health & technology, or other small business to form a corporation is the appeal it holds for investors.  Both venture capitalists and angel investors will be more apt to give financial support to a corporation.  There are certain tax implications that will deter these investors from supporting an LLC. Additionally, corporations more readily allow for partial ownership to be transferred, and many investors do want to take an active role in the companies that they back financially.