This week’s top stories include small business advice covering the following four topics:
- 4 Top Advantages of a Successful Kickstarter Campaign
- Freelancers: Your Vaccine Against Famine And Feast
- Moonlighting Your Way to Millions: 4 Tips to Turn Your Side Hustle into a Successful New Business
- What to Look for in a Mentor and Where to Find One
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
4 Top Advantages of a Successful Kickstarter Campaign
By: Imran Tariq
It’s no secret that solopreneurs can have a hard time obtaining financing. While they have more options than ever in reaching customers through ecommerce and social marketing, one’s wallet is still the most popular way of getting seed capital. According to a 2020 survey by Guidant Financial, 37 percent of small business owners use personal cash to start a venture. Not surprisingly, their number-one challenge is lack of capital/cash flow.
The pandemic is also throwing a wrench into entrepreneurs’ funding plans. According to U.S. Chamber of Commerce, 26 percent of small businesses (SMBs) have asked customers for money or have set up crowdfunding websites. That might seem high, but consider that one in five SMBs said they’re two months or less from closing permanently because of the current recession. More than 100,000 SMBs have already gone bankrupt since the economy shut down, according to a recent survey from the National Bureau of Economic Research.
Let’s look at four key ways you can benefit from crowdfunding.
Related Post:The Hidden Value of Crowdfunding
Freelancers: Your Vaccine Against Famine And Feast
By: David Howell
For all freelancers, the famine and feast cycle is a fact of life – or is it? You can take more control of the ebb and flow of your income if you make changes to how you run your business and, take steps to alter how you approach the relationships you have with your clients.
One of the questions I get asked the most often particularly by new freelancers is how to mitigate the famine and feast income cycle many freelancers suffer from.
The erratic income that has become the norm across the freelance community can be challenging to cope with. The good news is with some simple techniques you can reduce your famine and feast cycle and, begin to enjoy a much more reliable and regular income – yet still maintain the freedoms you want as a freelancer.
Related Post: How Consultants Can Leverage and Scale A Business
Moonlighting Your Way to Millions: 4 Tips to Turn Your Side Hustle into a Successful New Business
By: Bryan Janeczko
What do Apple, Under Armour, and Yankee Candle have in common? These now multi-million dollar companies all started as side hustles. From late nights in garages, college projects, and makeshift gifts, the founders all recognized that their extra work had the potential to be huge. But following in their footsteps takes a huge leap of faith, and going from side hustle to full-time founder is not without its challenges.
One 2019 study found that 54 percent of entrepreneurs were motivated to start a business because of a specific passion. While a strong gig-economy—which now employs as many as one-third of U.S. workers—offers people the chance to earn a steady income while also focusing on their pet projects, budding entrepreneurs need to be sure that they are starting a business for the right reasons. Whether it be solving a specific problem that has played a big role in their lives, or simply being able to choose their working hours rather than following a 9 to 5, starting a business is a big risk that requires total commitment.
This is a good time to do it. The new normal has revealed a multitude of social and economic problems that need solving, fast. That creates a strong opportunity for founders who already have the solution in their hands (or at least the seedling) to convert their side hustle into a full-fledged company.
Here’s how to overcome the common obstacles of turning a gig into a business, as told by the experts who have done just that:
Related Post: 6 Reasons Why You Need to Have a Side Hustle
What to Look for in a Mentor and Where to Find One
By: Keith Shields
When you’re a new entrepreneur launching a business, you may find yourself inexperienced in a few areas. The most effective way to overcome this deficit quickly is by finding a mentor — someone who has the experience of starting and running their own company and is familiar with what skills, mindsets, and tools are useful; as well as what pitfalls to avoid.
Here’s how to find the right mentor for you as you embark on your entrepreneurial journey:
Related Post: How To Be All That You Can Be – Get a Coach/Mentor
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