Translating an innovative concept into a thriving business is a complicated and unpredictable proposition. For entrepreneurs without the resources to fund a startup out-of-pocket, it's essential to secure adequate financing - often before the nascent company has any revenues - or even a marketable product - to speak of.Traditional banks are often reluctant to fund vulnerable startups with what they perceive as unproven ideas. And though there are numerous nontraditional startup financing options, not all are suitable in all situations. What Is Equity Crowdfunding? Since the 2012 passage … [Read more...]
10 Success Tips for New Solopreneurs & Independent Entrepreneurs
Last year, my wife and I moved back to the major city we'd left four years before. In the intervening years, we'd lived in three separate dwellings in two smaller communities, moving an average of once per year.During the second half of our time away, I left the restaurant management job I'd cultivated for the previous several years and began turning a longtime passion, writing, into a full-fledged career. In doing so, I learned a lot about working as an independent freelancer.Once writing gigs became the cornerstone of my career, I in turn became part of a surprisingly large, highly … [Read more...]
Online Freelancer Guide – How to Find Gigs & Earn More Money
It's Monday morning, you've just arrived at your office after a long commute, and the boss is already breathing down your neck. You've had the thought a thousand times before: Is it time to take the leap and go into business for yourself?Although many people would jump at the chance to work in the comfort of their own home, shedding business attire for pajamas and trading in an hour's drive for extra sleep, it's not always easy. Quitting your day job to become a successful freelancer requires serious discipline and motivation, and even experienced individuals have been deterred from … [Read more...]
Word of Mouth Marketing Strategy & Examples – Promoting Your Business for Less
When was the last time you sought out a trusted associate for advice about an important buying decision?If you're like most Americans, it probably hasn't been that long. According to a Nielsen Harris Poll Online study, 82% of Americans seek recommendations from friends and family members before making a purchase. Two-thirds - 67% - are more likely to buy a product after it's been shared through social media or email by trusted contacts.The bottom line is that word of mouth makes a difference. Whether they know or it not, millions of independent professionals and small business owners … [Read more...]
How to Choose the Best Legal Structure for Your Business – Pros & Cons
Are you thinking about turning your latest idea into a business venture? You'll need to do a lot of work to get off the ground. The Small Business Administration's 10-point checklist for budding entrepreneurs is a great place to start. It ticks off a list of crucial to-dos for anyone in the early stages of business formation:Brainstorm and write your business plan Look for assistance and training in your industry or area of expertise Choose a business location (domicile and physical location, if you're not working out of a home office or coworking space) Find startup financing … [Read more...]
How to Make Money Flipping Cars – Fix Up & Sell Cars for Big Profit
Despite its growing popularity, flipping houses isn't the only way to make money fixing up undervalued assets. If you have the right temperament and know-how, you can also turn a profit flipping cars.I've spent a lot of time learning how to successfully buy, fix, and sell old cars. In this guide, I'm going to outline the anatomy of a successful car flip and provide an actionable game plan for handy amateurs wondering how to translate their passion into an income-earning side project. Along the way, I'll provide tips and cautions that successful flippers have found useful so that you don't … [Read more...]
How to Create & Protect Your Digital Copyright When Selling Online
Artists, crafters, designers, writers, singers, and creative people of every stripe sell their creations online every day. Whether you sell through your own website, an online marketplace such as Etsy or eBay, or at a local art fair, having a basic understanding of copyright law can be a tremendous asset.Whether you are worried about others violating your copyrights or want to know if you can legally sell your "fan art," a foundational background in copyright law is essential.Please note that any discussion of copyrights or other legal issues is never a substitute for legal advice from … [Read more...]
26 Cost Cutting Ideas for Your Small Business to Reduce Expenses
According to Bloomberg, 8 out of 10 small businesses fail within the first 18 months. While most entrepreneurs focus on increasing sales, lowering expenses is equally important when trying to achieve or maintain profitability.I'll show you 26 straightforward ways to cut costs and increase the success of your small business. This Metric Matters Most Online accounting software is a great way to track your revenue and expenses, giving you insight into your business's profit margin. But what is your ideal profit margin?Many business owners have no idea what their profitability should be. … [Read more...]
10 Legal Myths About Starting a Small Business
Legal myths about small business law abound, ready to confuse, mislead, and even damage you if you rely on them. Like many myths, there is often a grain (or more) of truth to the common bits of not-quite-correct small business law wisdom you encounter. However, being able to differentiate between the falsehoods and the good advice these myths convey isn't always easy, and may require you to seek advice from an expert.There are some commonly repeated myths you can use to better understand the legal environment surrounding small businesses today. Here are 10 of them. 1. You Get Tax Breaks … [Read more...]
How to Deal With Unpaid Invoices From Clients – Strategies & Legal Options
According to a survey by the Freelancers Union, more than 70% of freelancers report having a nonpaying client. If you're a freelancer, you know that not being paid damages your bottom line, and can even ruin your career if it happens often enough. But while recovering the funds you're due is possible, it's not necessarily an easy task.Much of the reason some clients don't pay freelancers stems from the nature of the freelancer-client relationship. And understanding the nature of that relationship can go a long way in helping you recover your hard-earned money. Employee vs. … [Read more...]
How to Draft a Freelance Contract Agreement – Template & Clauses
Whether you plan to piece together a full-time-equivalent income through independent contractor gigs, or simply wish to earn side income, working as a freelancer is a great way to explore your personal creativity, pursue new professional relationships, boost your self-confidence, and build your soft skills.Freelancing is also a great way to create professional headaches. Freelancers are independent contractors, meaning their client relationships are fundamentally different - and, in many ways, less secure - than traditional employer-employee relationships.Every contractor-client … [Read more...]
