Business Startup Archives - E-Council Global https://ecouncilglobal.com/category/business-startup/ E-Council Global Tue, 26 Jan 2021 00:47:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 194751170 What Does It Take to Grow Your Business as a Franchisee? https://ecouncilglobal.com/2021/01/26/what-does-it-take-to-grow-your-business-as-a-franchisee/ https://ecouncilglobal.com/2021/01/26/what-does-it-take-to-grow-your-business-as-a-franchisee/#respond Tue, 26 Jan 2021 00:47:20 +0000 https://www.scaleupcheckup.com/?p=3321 Many business owners seek to grow their businesses but may be disinterested in dealing with some essential, foundational areas that could lead to disaster if overlooked—like budgeting, the overall health of the business, and brand identity. So, if you or your company is a franchisee (or aspiring franchisee) seeking to grow, but you are confused […]

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Many business owners seek to grow their businesses but may be disinterested in dealing with some essential, foundational areas that could lead to disaster if overlooked—like budgeting, the overall health of the business, and brand identity. So, if you or your company is a franchisee (or aspiring franchisee) seeking to grow, but you are confused as to how to fill the gaps (or don’t know what those gaps even are), then be sure to keep reading.

A Business Health Assessment

Assessing the health of your franchise business helps you see where your business is doing well and where it needs to improve. Therefore, understanding your company’s health status can give you an idea of what needs to be done for your business to grow.

To better gauge how your business is doing health-wise, you will want to look at three specific elements of your company: revenues, expenses, and systems. First, take a look at your revenues, or net income. How much is your business earning before expenses? How can you increase your revenues? Next, analyze your expenses. Are you earning sustainable profits—and are there any expenses that can be minimized? Lastly, evaluate the efficiency and efficacy of your systems, including accounting and supply chain.  

Money

As previously mentioned, money is a critical element to the health of a business, as well as a company’s prospects for growth and expansion. Getting started in your franchise required you to come up with a minimum cash requirement of tens of thousands of dollars, if not hundreds. Now, take the time to expand your budget by offering value-added services, or cutting unnecessary expenses. Furthermore, reach out to more investors by sending a short elevator pitch.

Brand Identity

Establishing a brand identity is essential to developing a steady customer following—an important step in growth and expansion as a franchisee. If you do not have a brand strategy, create one now. As part of creating a brand strategy, take the time to research your intended audience. If your brand strategy doesn’t cater to your intended audience, you are sure to waste a lot of money on unsuccessful marketing and development. You cannot grow unless you and your company establishes who you are.

Growing your business as a franchisee takes time, effort, and strategy. Do not neglect the essential, foundational areas of business development, including the overall health of your business, your business’ budget, and your brand identity. Improving these areas of business will ensure future success.

Read this next: How to Minimize Setbacks When Trying to Grow Your Small Business

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What to Keep in Mind When Creating a Business Card https://ecouncilglobal.com/2020/04/13/what-to-keep-in-mind-when-creating-a-business-card/ https://ecouncilglobal.com/2020/04/13/what-to-keep-in-mind-when-creating-a-business-card/#respond Mon, 13 Apr 2020 16:38:16 +0000 https://www.scaleupcheckup.com/?p=3211 When starting a business and developing your ROI, it’s important to spread the word about your business and what you offer. And there’s no better way to do so than creating a business card. But if you’re a new business, you might not know what to put on the business card. Here’s what to keep […]

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When starting a business and developing your ROI, it’s important to spread the word about your business and what you offer. And there’s no better way to do so than creating a business card. But if you’re a new business, you might not know what to put on the business card.

Here’s what to keep in mind when creating a business card.

Business Cards During COVID19 and in the FUTURE!

In the current global pandemic environment where we can only network remotely via Zoom and other resources, and certainly into the future, we are strong proponents of virtual business cards. Our Founder’s own virtual business card can be accessed at this link – the beautiful thing about virtual business cards is, beyond the fact that they are social distancing-friendly, that they can be changed and modified at any time, without extra expense or printing requirements – you simply visit your back office and poof you have an updated business card!  This is an amazing way to not only keep your contact information current, but to update any changes in your business’s focus, your product or service offerings, or your publications and other changing details – ensuring that your business card remains current and up-to-date!

Information to Include

To start creating a business card, you need to figure out what information needs to go on it. While it may be tempting to put as much detail as possible, it’s important that you keep things detailed, but not too much.

Business cards aren’t like brochures, so they can only house so much information. Information like a professional email address is fine, but you don’t want to clutter your card. There are several benefits of getting a professional email address and including it on your business card.

Design and Style

The next thing to consider with a business card is the design. You want the design of your business card to show off the nature of your business. Consider what your business caters to and what you’re trying to represent. Most business cards have their info in a fancy font with their company logo at one of the corners.

If you feel like that’s too boring for your business, you can always add a little color to it. Instead of a plain, white card, you could make it black, blue and red. The idea is to personalize your business card while making it professional and enticing to clients.

Who to Give It Out To

Speaking of clients, you need to know who to send them to. While you may be tempted to send them out to everyone, that’s not something you should do right away, especially if you’re new.

Instead, you need to send them out to your target audience. Your target audience are people who are your ideal buyers. They’re your best bet to gain recognition fast, so focus on them first. Only once you’ve garnered enough attention is when you should branch out to those outside of your niche.

A business card is one of the many ways to help your business grow. Not only does it help gain awareness for you, it also helps maximize profits. Make sure your card represents your business well and stands out. A card that catches the eyes is more likely to be seen.

If you need help bulletproofing your business, try our Global Success Plan!

ScaleUPCheckUP™’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

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Plot Your Course: Avoid the Dragons on the Map to Success https://ecouncilglobal.com/2019/05/22/plot-your-course-avoid-the-dragons-on-the-map-to-success/ https://ecouncilglobal.com/2019/05/22/plot-your-course-avoid-the-dragons-on-the-map-to-success/#respond Wed, 22 May 2019 01:40:33 +0000 https://www.scaleupcheckup.com/?p=2720 You’ve done it – you’ve come up with The Next Big Thing and now you have to get it to the public. You could just take a run at it – blindly following the masses to where you think you should be going because your best friend knew someone who had a friend who did […]

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You’ve done it – you’ve come up with The Next Big Thing and now you have to get it to the public. You could just take a run at it blindly following the masses to where you think you should be going because your best friend knew someone who had a friend who did it. Or you could make different choices when you start out and begin by listening to the advice of an expert.

Owning your own business can be complicated but extremely rewarding, especially when your business succeeds! However, before you can reach that success, you have to take the baby steps to start moving toward it. There are some key things that we strongly recommend that you keep in mind when you launch or are ready to scale, such as:

The first thing on which you should focus, and certainly one of the most important, is networking and building relationships with the professionals and colleagues that you need to support yourself and your business as you develop and scale. Think lawyers, accountants, financial advisors, insurance brokers, business planners, graphic designers, etc.(1) You need to make sure that you have found the right personalities and knowledge levels to fit with your needs before you kick off your launch.

Then it’s time to add to the plan by making sure that you lay out the goals and strategies for your finances. If you plan ahead of time, you set out your vision for your company for both the short- and long-term.(2) Typically, six months to one year is considered short-term and three-year, or five-year plans are considered long-term. Either way, you should be planning for a minimum of three years at a minimum. The hardest part of planning the financial aspects is staying neutral in your estimations. What you want to avoid is predicting a sharp, sudden growth trend that magically appears after the first year of operations (or two, etc.).

While you are having fun meeting people and making up numbers, you should also be looking at your overall business plan. It goes hand-in-hand with your financial plan; they’re complementary. Make sure that your mission is feasible and possible to achieve while still being inspirational for your and your team(3). Writing the business plan can also help you envision the future for your business. So ask yourself – where do you see your business in a year’s time? Will you still be in the office looking at a computer screen or will you have moved on to sunglasses and the beach? Hey, an exit strategy is important too and it is so very essential to begin with the end in mind.(4) It might be in the distant future, but you should still plan for how you want to wind up the business. After all, it could be that you have to hand it off and make choices between your loyal and faithful right-hand VP or your weird cousin that no one likes when it comes to the CEO title. Think about your goals and your intentions and create a plan to accomplish them.

Now you have a plan. You’ve got some goals, a future vision, and a possible exit strategy (or a few). That’s great! Next, it’s time to get your product (or service) gussied up and pretty for its big debut.(5) Trying to save money is a good idea, but not if you try to skip the branding step. Branding (colors, logos, fonts, imagery, word choices, etc.) is the very first impression the public has of your business. Branding will lead your business story long after you have left the room.(6) Your brand should tell your clients – and the world – what they can expect from you, why you’re different from any potential competitors, who you are and what you represent. Once you’ve nailed down your color scheme and logo, you’ll be ready to market your services (or products). Marketing, in brief, is informing the general public about your product, where to find it, why they would want it and how they can get it. Almost 2/3 of American adults currently use social media, so no doubt you can start there. Create posts, like other people’s posts, leave comments – interact with people online (be social) and make sure that the content you’re putting out there is valuable. Its an easy, costeffective way to market your business and reach your target audience.(7)

Back to those professionals and colleagues that I mentioned before; you might not think you need professionals and experts, but you do. Does your product or service access or collect information? If so, are you familiar with all PIPPA and GDPR regulations? Have you considered application of the Americans with Disabilities Act (ADA) to your website – and what does this even mean? Do you have a physical location where people purchase your products or services? Do you have the right insurance coverages that you need? You cannot do everything yourself, so stay in your lane and work with professionals and experts that can help you ensure that you don’t get in over your head.(8)

One of those professionals could be a banker or venture capitalist, for example, and you never know when you will need them. When you first start out, the hardest thing to often do is find the money to put in to your business. Maybe you need seed money for equipment, vehicles, technology, marketing, or your reserves if your business is a bit riskier and you want ‘just in case’ capital for the future. Keep your debt to a minimum and make sure that your business plan contains your best, educated guess on your goals/objectives, your target market, getting customers to buy from you, how much money you think you will need, and when you feel revenue will start to come in (and how that will look). You should also model out as many possible scenarios as you can that show when your business will turn cash-positive.(9) This will help to show potential investors that you are serious and will give them some confidence in knowing when they might expect to be paid back.

Next step – now that your business is up and running, or if your company has gone through a recent growth, it’s time to assess and analyze your operations.(10) Why? Periodically, you will need to review how your company does what it does best and who is doing it. It allows you to identify inefficiencies and improve communication for the company and your clients. You can use comparisons against industry benchmarks and best practices to make sure that you have optimized your operations. There is so much more to do, but this is an excellent primer to get you started.

If you have questions on this article or would like to know more about what I can do to help you, please visit www.scaleupcheckup.com, email us at info@scaleupcheckup.com or call us at 1-866-724-0085 for more details. You can also take our free quiz at www.showmethemoneyquiz.com!

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Lauren Cohen is an internationally-acclaimed attorney who has built a system designed to help business owners achieve their goals. simply and strategically, through a vetted network of professionals. Lauren’s 3-Step ScaleUPCheckUP™ Success System (Assess/Diagnose/Deliver) assesses your business’s risk in the 7 most critical areas that, if ignored, could lead to disaster.

ScaleupCheckup’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

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4 Essential Marketing Principles for Top-Line Growth https://ecouncilglobal.com/2019/05/17/4-mandatory-marketing-principles-to-guarantee-top-line-growth/ https://ecouncilglobal.com/2019/05/17/4-mandatory-marketing-principles-to-guarantee-top-line-growth/#respond Fri, 17 May 2019 21:01:25 +0000 https://www.scaleupcheckup.com/?p=2702 If you’ve spent a long time working in the business world, it might seem like you’ve heard every strategy to bolster your company’s foundation – yet you still remain exposed! – and the simple truth is that strengthening your value and accelerating your growth is easier than it’s ever been before – with ScaleUPCheckUP™!! Work with […]

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If you’ve spent a long time working in the business world, it might seem like you’ve heard every strategy to bolster your company’s foundation – yet you still remain exposed! – and the simple truth is that strengthening your value and accelerating your growth is easier than it’s ever been before – with ScaleUPCheckUP™!!

Work with an Advisor that You Trust

A business advisor can provide substantial benefits to companies of any size, but they’re particularly helpful when you’re in a period of growth — these times can be stressful and at times you won’t know what to do, but that’s where your adviser comes in. It’s important to work with an advisor that you trust to Bulletproof Your Business (i.e.: the team at ScaleUPCheckUP™). And don’t forget that loyalty and commitment can be confirmed by offering your advisor equity in your business as well (talk to us about this option!).

User Experience First

It can be hard to see how a customer interfaces with your business from the top — for that reason, it’s vital to put effort into making the consumer’s experience easier and more positive. In the modern era, this mostly comes from well-designed social media and online interfacing. Website design is particularly important in keeping customers interested. For example, if you aren’t careful about some aspects of web design, it has been estimated to cost you up to 88% of return sales!

Remember the ‘7 Ps’

Formerly the ‘4 Ps’ of marketing, these guidelines for assessing a new product or promotion utilize a set of factors to check the product have become a common method of evaluating a new offering’s potential.

  1. Product
  2. Price
  3. Promotion
  4. Place
  5. Packaging
  6. Positioning
  7. People

Checking a planned product against this rubric can help to fill gaps in the item’s viability and improve the marketing process.

Consider New Strategies

The business world is relatively stuck in their ways, and that’s just one reason that utilizing novel strategies gives you a head-up over the competition — try implementing a streamlining strategy or production leveling to increase the leanness of your expenditures and turn your profits into pure growth. Some of these systems require a fair amount of training and implementation for your workforce to deploy effectively, but the results can’t be denied.

Whether you’re a business owner who’s looking to inspire a period of growth to strengthen your company or increase the value before you sell, implementing these marketing principles can give you the edge you need to ignite growth and a lucrative exit!

You’ve worked HARD to build your business but did you overlook anything on the journey? Taking the ScaleUPCheckUP™ assessment will provide a snapshot of your exposed gaps and the fastest, easiest, most affordable ways to close them.

If you have questions on this article or would like to know more about what I can do to help you, please visit www.scaleupcheckup.com, email us at info@scaleupcheckup.comor call us at 1-866-724-0085 for more details. You can also take our free quiz at www.showmethemoneyquiz.com!

ScaleUPCheckUP™’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

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Section 33 (b)(5) Defenses For Common Law Trademark Owners https://ecouncilglobal.com/2019/02/18/section-33-b5-defenses-for-common-law-trademark-owners/ https://ecouncilglobal.com/2019/02/18/section-33-b5-defenses-for-common-law-trademark-owners/#respond Mon, 18 Feb 2019 04:54:08 +0000 https://www.scaleupcheckup.com/?p=2463 Several potential clients have asked me questions regarding their trademark rights similar to the following: “I have been selling goods under my trademark for several years.  I never registered my trademark. Another business sent me a cease and desist letter stating that my use of my unregistered trademark infringes on their registered trademark’s rights.  What […]

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Several potential clients have asked me questions regarding their trademark rights similar to the following: “I have been selling goods under my trademark for several years.  I never registered my trademark. Another business sent me a cease and desist letter stating that my use of my unregistered trademark infringes on their registered trademark’s rights.  What do I do?” I hear this question quite often.  The answer depends on several factors. However, this article focuses on defenses that an unregistered trademark owner may have under Section 33(b)(5) of the Trademark Act Lanham Act.  15 U.S.C. §§ 1065, 1115(b)(5).

First, it is a bedrock principle of service mark and trademark law that the first user of a service mark or trademark owns the trademark or service mark if conflicts arise with rival claimants.  I will use the word “mark” to collectively refer to the term service mark and trademark.  Once the basic rights in a mark are acquired upon its initial use, a business may supplement or extend those rights by registration of the trademark.  Registration of a mark with the United States Patent and Trademark Office has several advantages (which will not be discussed in this article).  However, an unregistered mark may still have rights by common law trademark law.

Section 33(b)(5) codifies the benefits that a common law trademark owner may have. Section 33(b)(5) of the Lanham Act states the following:

(5) That the mark whose use by a party is charged as an infringement was adopted without knowledge of the registrant’s prior use and has been continuously used by such party or those in privity with him from a date prior to (A) the date of constructive use of the mark established pursuant to section 1057(c) of this title, (B) the registration of the mark under this chapter if the application for registration is filed before the effective date of the Trademark Law Revision Act of 1988, or (C) publication of the registered mark under subsection (c) of section 1062 of this title: Provided, however, That this defense or defect shall apply only for the area in which such continuous prior use is proved;

Section 33(b)(5) is a defense for a defendant or an accused infringer that has been unknowingly using a mark in a geographic area different from the geographic area of the registered mark.  For section 33(b)(5) to apply, the accused infringer would have to be unknowingly and continuously using the mark in a different geographic area before the registered mark’s owner filed an application to register the mark. Take the following example:

A begins use of a mark in a one geographic area.  Then B begins use of the same mark in a different geographic area in good faith, without knowledge of A’s use. Both A and B would have common law rights to the mark in their respective territories. Then A applies for and obtains a federal registration for the mark.

Under Section 33(b)(5), in the example above, B retains rights only in the territory in which it was the prior user up to A’s application date.

Section 33(b)(5) may be very helpful to owners of unregistered marks.  However, keep in mind that Federal registration of the mark by A has the practical effect of FREEZING B’s rights thereby terminating ANY right to future expansion beyond B’s common law trademark’s existing territory.  While, registration of a mark is not legally necessary, the examples briefly discussed in this article illustrate the importance of registering a mark to protect of your brand. The trademark attorneys at The Plus IP Firm have advised numerous clients regarding their common law and registered trademark rights.  If you have any questions regarding your trademark rights given the use of your trademark on the internet, the attorneys at The Plus IP Firm are available to answer any questions that you may have.  To schedule a free consultation, click HERE.  For more information about Derek Fahey, this article’s author, click HERE.

 

While the above is not and should not be considered legal advice, since circumstances vary, ScaleUPCheckUP™ monitors these rapidly developing issues, as enforcement of the law switches into high gear. Instead, the foregoing is intended as an overview and not legal advice, nor does it create an attorney-client relationship. However, contacting an attorney to steer through the maze of bureaucracy to register and defend a mark may very well be necessary to consult an attorney.

ScaleupCheckup™ ’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

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WHY IS A BUSINESS VALUATION SO IMPORTANT AND HOW CAN IT SHOW YOU THE $$? https://ecouncilglobal.com/2019/02/05/why-is-a-business-valuation-so-important-and-how-can-it-show-you-the/ https://ecouncilglobal.com/2019/02/05/why-is-a-business-valuation-so-important-and-how-can-it-show-you-the/#respond Tue, 05 Feb 2019 03:32:30 +0000 https://www.scaleupcheckup.com/?p=2438 As a business owner you may know your business inside and out, but do you know the value of your business? The value of your business is more than just a number. Knowing and understanding the true value of your business, and what impacts its value, makes all the difference not only from a tax […]

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As a business owner you may know your business inside and out, but do you know the value of your business? The value of your business is more than just a number. Knowing and understanding the true value of your business, and what impacts its value, makes all the difference not only from a tax perspective, but also when it comes to exiting/selling or merging your current business. In other words, it is essential to understand the foundation of your business, consider all of the factors that affect your business and be aware of the outside factors that you may or may not be able to control that can also affect your business.

Similar to a house, the foundation of your business is everything. The success of your business depends on building a strong base for your business. But, as a business owner you already have so much ground to cover that sometimes a small crack in your business foundation can be dismissed or overlooked for the lack of knowledge of its value – or potential cost – to your company. A mistake that can prove to be fatal in the long run. Ensuring a strong foundation is imperative in understanding the value of your company assets.   

But, how can you know the value of your company assets? The best way to determine the true value of your business is through a business valuation. The goal of valuing your business is to attain a clear estimate of the fair market value of your business, which is defined as:

“…the price at which the property will change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having a reasonable knowledge or relevant facts.” (26 CFR 25.2512-1 – Valuation of Property; in General.” LII / Legal Information Institute, Legal Information Institute, www.law.cornell.edu/cfr/text/26/25.2512-1) And, while, the mere knowledge of this information affords you power as a business owner to better understand your business, there are so many other benefits to conducting a formal business valuation.

A business valuation helps you understand your company’s resale – or EXIT – value, giving you access to more investors while helping to measure your company’s growth. Additionally, you might not have thought about it yet, but your retirement also depends on your business and its value. And how can you calculate your retirement income when you don’t know the value of your primary asset? A business valuation can help to answer this question.

It’s important to understand the factors that may drive the value of your business higher for different reasons. While every business owner’s goal is to have a profitable business, your long-term goals might be to eventually be able to sell your business through a smooth transition. A business valuation can help you prepare for this, whether your goal is to merge your business with another business, passing it down to a family member, or preparing a successful exit strategy plan.

It is the successful exit that is most important to consider. So few business owners properly prepare for exit. Most simply operate their businesses as going concerns, not paying much if any attention to the long-term goal of ultimate sale/exit. As the famous saying coined by Benjamin Franklin says, “Failure to Plan = Planning to Fail”. Business owners that don’t put the right protections in place, secure the right foundation, hire the right people, cover the right bases, or take the right actions and measures are sure to lose precious dollars when it is time to exit as their businesses will sell for pennies on the dollar. The due diligence process that is undertaken by the purchaser may even fail, and the whole exit may fall apart. All because the business owner chose to stick his/her head in the sand and pretend everything was A-OK – but it was NOT!

Working with the right professional team at your side and preparing the company properly for an ultimately successful exit will admittedly require time and effort and painstaking attention. However, by working with the right team, and building up the business’s value so that the ultimate valuation results are that much stronger, the end result will be a significantly more lucrative exit that would otherwise be realized. The business valuation results will not only help your business be more profitable but will also help you understand all your options and what makes the most sense for you and the success of your business.

While the above is not and should not be considered legal advice, since circumstances vary, ScaleUPCheckUP monitors these rapidly developing issues, as enforcement of the law switches into high gear. Instead, the foregoing is intended as an overview and not legal advice, nor does it create an attorney-client relationship. However, contacting an attorney to steer through the maze of bureaucracy to register and defend a mark may very well be necessary to consult an attorney.

ScaleupCheckup’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

 

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A Few Ways ScaleUPCheckUP™ Can Show You the $$ (Money) https://ecouncilglobal.com/2019/01/14/a-few-ways-scaleupcheckup-can-show-you-the-money/ https://ecouncilglobal.com/2019/01/14/a-few-ways-scaleupcheckup-can-show-you-the-money/#respond Mon, 14 Jan 2019 17:46:04 +0000 https://www.scaleupcheckup.com/?p=2193 Cash is oxygen for any business. As for individuals, without oxygen (cash), a business cannot breathe or survive. A business needs cash to exist, to pay staff, to buy necessary products and services, and to grow. Without access to sufficient capital, eventually a business will have to close its doors. There are several options for […]

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Cash is oxygen for any business. As for individuals, without oxygen (cash), a business cannot breathe or survive. A business needs cash to exist, to pay staff, to buy necessary products and services, and to grow. Without access to sufficient capital, eventually a business will have to close its doors. There are several options for accessing capital for your business, but there are there are 3 main ways that you can secure more money. However, for each of these 3 ways as well as most other options, you must get your business’s so-called “ducks in a row” so you are armed and ready to handle the full scope of the application process and satisfy all of the due diligence requirements.

1. Apply for a Loan

Traditional financing methods remain one of the easiest ways for businesses to get funding. In fact, roughly 75% of financing for newer companies comes from business loans, lines of credit, and credit cards. Small business loans with favorable terms will help businesses to build their credit as long as they have (i) been in operation for at least two years, (ii) at least $100,000 in annual revenue, and (iii) principal(s) with a credit score of 640 or higher. These requirements obviously leave startups out of the loan mix, although it is possible that SBA financing or hard money loans may be available as an option for newer companies. Additionally, for companies with outstanding invoices, invoice financing or factoring could also help in this regard.

You can also use personal funds to raise money for your business. If you own your home, you can borrow against the equity you have in your home by way of a Home Equity Line of Credit (HELOC) or a home equity loan. A HELOC gives you a pool of cash that you can draw from when you need it. A home equity loan is a term loan that is issued as a one-time lump sum. The total amount of cash that you can access depends on the amount of equity you have in your home and the total value of your home.

2. Find an Angel Investor

Angel investors are affluent investors that are interested in investing in businesses in exchange for equity or convertible debt interest in the business, but don’t want to play a role in the day-to-day operations, which is often ideal for startups and ScaleUPs looking for funding to develop, scaleUP or exit. If you have a solid business plan and hopefully a pitch deck, two of ScaleUPCheckUP’s specialties, and you are ready to make your pitch, you can seek an angel investor and capture their interest by clearly demonstrating to them the amazing opportunity that you offer and the future potential of your company. There are also angel investor groups and websites that help companies find angel investors.

3. Secure Investments from Venture Capitalists

Venture capitalists are different from angel investors to the extent that they generally want to be directly and often quite intimately involved in your company’s day-to-day operations – an investment with strings. They typically seek to make sure they are likely to realize certain returns on their investment, so they want to work with companies that have scalable products/operations. You can find many venture capitalists and VC matchmakers that can help link your business to the money you need as long as you can justify what has changed in the industry as a means of showing that your company’s offering fills a direct need, what you offer and why they should capitalize on it, and your current financials.

If you are interested in accessing more cash for your business so you can build, scaleUP or exit, but you are not sure about how, when, or where to start, the ScaleUPCheckUP™ assessment tool and ScaleUPCheckUP™’s network of business advisors can help you determine the best path to take. Making a poor decision about how to fund your business can be an expensive and potentially disastrous mistake. Seek foundational expertise and funding guidance from our experts to access and ultimately raise the money you need to grow your business.

ScaleUPCheckUP™’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional services provider.


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Checklist Anyone? – Want to Start a Business or Expand Your Current Biz? https://ecouncilglobal.com/2018/11/28/checklist-anyone-want-to-start-a-business-or-expand-your-current-biz/ https://ecouncilglobal.com/2018/11/28/checklist-anyone-want-to-start-a-business-or-expand-your-current-biz/#respond Wed, 28 Nov 2018 03:27:26 +0000 https://www.scaleupcheckup.com/?p=1789 Some KEY Considerations When Starting a Business One of the most important considerations when starting a new business or expanding an existing business is conducting appropriate market research to provide some level of confidence that the business is feasible with real prospects of success. ScaleUPCheckUP™ strongly recommend that you do extensive demographics research (eg: freedemographics.com) so as to […]

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Some KEY Considerations When Starting a Business

One of the most important considerations when starting a new business or expanding an existing business is conducting appropriate market research to provide some level of confidence that the business is feasible with real prospects of success. ScaleUPCheckUP™ strongly recommend that you do extensive demographics research (eg: freedemographics.com) so as to ensure that there are adequate numbers in terms of your target market and area, or that you hire professions from the ScaleUPCheckUP™ Network to assist.

You need to determine the following:

  • Will the business sell a product or service?
  • What is your target market ie: who will buy the product / service; will there be repeat customers and if so how often will they likely make purchases/request service – feasibility study/demographics?
  • What is your competition in the marketplace?
  • If the business involves products, you must decide whether it will be wholesale/retail and/or a hands-on, bricks and mortar, or online business, or a combination of these options.
  • What makes your product or service unique? How will you stand out from the crowd?
  • If the business involves services, will third parties be involved? Are there any licensing or similar issues that need to be considered?
  • What professionals will you need?
    • CPA’s? Other financial and/or tax professionals?
    • Lawyers?
    • Financial Advisors?
    • Insurance Professionals?
    • Systems Experts?
    • Business Plan Designers?
    • Strategists?
    • Coaches?

To give you the most accurate picture of the range of professionals that you will need, you should consider a ScaleUPCheckUP™ SUCCESS PLAN which can be found at this link!

  • What type of corporate entity is appropriate for yourbusiness (you should likely consult an attorney to determine this)? (refer to SEVEN SECRETS OF SCALEUP SUCCESS)
  • What laws/regulations will be applicable to yourbusiness?
  • Will you need to hire employees to get things off of the ground? How many staff members will be needed and will they be employees or independent contractors? Full-time or part-time?
  • Will the business will be local, regional, national, or international?
  • What are the profit prospects; how do you go about preparing a budget; do you need to hire an accountant or other financial professionals?
  • How long will it likely be before the business begins to turn a profit (part of your financials)?
  • What will the initial startup costs be? (again, part of your financials)
  • How much overall capital will you need? Where will this capital come from? Funding is so important to new and expanding businesses.
  • What are the projected revenues/costs for running the business?
  • What is your Exit Strategy?
  • What type of website will you need? How sophisticated should it be?
  • Should you invest in a feasibility study and/or market study? How would either/both be of benefit to you and your business?
  • Who will you work with to develop your Sales and Marketing Plan? For that matter, what are the best sales and marketing strategies for your business?
  • How important will social media be and should you consider a separate social media marketing plan?
  • What elements should be considered for a Strategic Plan? Why is a Strategic Plan important?

Once you have reasonably determined that the business idea is a sound one, and that you wish to move forward in its development, you will need to tackle many different tasks, hopefully with the assistance of licensed and experienced professionals. One of these tasks is crafting a comprehensive Business Plan. Your Business Plan will be a key element in paving the way to your ultimate success.

ScaleUPCheckUP™ is here and it’s a game-changer – the game is about to change – are you ready?

To find out if YOUR business is READY to ScaleUP, take the ScaleUPCheckUP™ Assessment NOW, or contact us at info@scaleupcheckup.com or 1-866-724-0085 for more information.

While the above is not and should not be considered legal advice, since circumstances vary, ScaleUPCheckUP™ monitors these rapidly developing issues, as enforcement of the law switches into high gear. Instead, the foregoing is intended as an overview and not legal advice, nor does it create an attorney-client relationship. However, contacting an attorney to steer through the maze of bureaucracy when starting a new business or scaling an existing business is strongly recommended.

ScaleupCheckup™’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.

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The NEW ScaleUPCheckUP Web-based Assessment Benchmarks Your Risk Readiness https://ecouncilglobal.com/2018/10/24/the-new-scaleupcheckup-web-based-assessment-benchmarks-your-risk-readiness/ https://ecouncilglobal.com/2018/10/24/the-new-scaleupcheckup-web-based-assessment-benchmarks-your-risk-readiness/#respond Wed, 24 Oct 2018 02:15:13 +0000 https://www.scaleupcheckup.com/?p=2499 ScaleUPCheckUP – a revolutionary online foundational health checkup for growing businesses in – provides a first step in helping business leaders rapidly identify areas of vulnerability, and cost-effective options with a skilled team that’s aligned and missioned to solve your financial, legal and risk management challenges – collaboratively. Boca Raton, Florida, October 24, 2018 – […]

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ScaleUPCheckUP – a revolutionary online foundational health checkup for growing businesses in – provides a first step in helping business leaders rapidly identify areas of vulnerability, and cost-effective options with a skilled team that’s aligned and missioned to solve your financial, legal and risk management challenges – collaboratively.

Boca Raton, Florida, October 24, 2018Having a scalable business means that your company’s legal structure, compliance initiatives, and risk management posture are proactively optimized and harmonized – setting a solid foundation for growth.  ScaleUP Enterprises offers an innovative approach to solving business risk challenges for growing organizations. This approach begins with the ScaleUPCheckup web assessment tool – recently featured on Inc.Com inThe 5 Biggest Mistakes Every New Entrepreneur Makes When Launching a Startup.

According to Lauren Cohen, Esq., Founder of ScaleUPCheckUP, “Over time, we have consistently observed the challenges and consequences faced by growing businesses that haven’t planned adequately against risk – and a gap in the availability of affordable services that address risk comprehensively. ScaleUp Enterprises offers the solution. Our expertise spans years of experience providing legal and business consulting, assisting companies with risk exposures which hadn’t been fully anticipated in earlier stages of business operation.”

About ScaleUPCheckUP: The newly-launched ScaleUPCheckUP web assessment offers an easy starting point for benchmarking risk readiness. Within 5 minutes, this web assessment tool will deliver an indexed score of your ScaleUP readiness, based on a set of codified intelligence and know-how.

ScaleUPCheckUP delivers through ScaleUP Ambassador Network, a VIP professional resource network comprised of professionals spanning business legal and financial areas of expertise. Ambassadors oversee and coordinate the strategic network and vendors relationships, ensuring that client members are receiving coordinated, quality services from the right professionals at the right prices and on the right timeline. ScaleUP’s complementary goals are to “Bulletproof Your Business” and Get it Done – Right”!

About Lauren Cohen: Global entrepreneur and #1 bestselling author (‘Finding Your Silver Lining in the Business Immigration Process” – 2017), Lauren A. Cohen is an attorney licensed in both the U.S. and Canada. Ms. Cohen is an expert concierge immigration and business advisor boasting a stellar track record of success. In 2008, Lauren started e-Council Inc., an internationally-acclaimed company focused on providing concierge strategic full-service solutions for businesses seeking capital and foreign entrepreneurs seeking access to the U.S. market. Continuing in the tradition of sound strategic solutions, ScaleUP Enterprises, LLC was established in 2018 and ScaleUPCheckUP is Lauren’s newest initiative, designed to impact entrepreneurs and business owners globally seeking to protect their businesses with strong foundations.

 

ScaleUPCheckUP’s office is located at 874 Walker Rd. Suite C Dover, DE 19904. Call 866 724 0085 or email Lauren@scaleupcheckup.com.   Ms. Cohen is available for speaking engagements, interviews and/or to submit articles for publication. To learn more, visit https://www.scaleupcheckup.com.   To take the free ScaleUPCheckUP Business Success Assessment visit: https://www.scaleupcheckup.com/assessment/.

 

Media Contact:

Heidi Richards Mooney

Redhead Marketing, Inc.

Heidi@RedheadMarketingInc.com  

 

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