| Gaining Start-Up Success With A Killer Restaurant

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Did you know that almost half of all adults have worked in the restaurant industry in some way? From waiting tables to running a kitchen as a head chef, many people enter into the hospitality industry with one dream in mind: to own their own restaurant. You could manage a restaurant and get pretty close to your dream, but managing and owning are two very different things!

f1

 

 

 

 

 

 

 

 

Image Source

No one dreams of owning a failed restaurant and in a period of three years, 59% of new restaurants will fail and shut down. It’s a very fast industry to be involved in and you have to be very aware of your surroundings and how quickly things can change in the restaurant industry. Preparing your business plan to include contingencies when disasters happen in the building, as well as having a solid food waste management plan is important for your success. Asking yourself what else makes a successful restaurant is the next step, and you need to do enough research – both industry and market research – to back up your plan to open your own killer restaurant that will be a booming success.

f2

 

 

 

 

 

 

 

 

Image Source

The Big Three. A restaurant needs three fantastic elements: a top chef who knows exactly how to cook and present food, a location that is going to mean being close to people who want to eat what you market, and a fantastic concept. Putting a high-end sushi joint in an area of a city that is less affluent will likely not have a good impact on the environment, so you really have to know your market. Choosing your location should come first, then comes research of the local community to see what food and style they would like to see. Once you have those things, you can start interviewing fantastic chefs. Accessibility to your premises is important, so when you start scouting for locations make sure that you choose one people can get to by road, public transport and by foot!

Mindful Money. Being cheap about the products you buy may make your bank account look good, but it’s not going to keep your customers coming back. You need to spend out where guests are concerned. The money you spend that will be the most important is that which adds value to the guests who come over your threshold. Eating out is a luxury for most people, so allocating some of your budget to the guest experience will make a big difference.

Ready For Change. As a business owner, you need to have staff on board that are ready for change. People have changing tastes both in food and in decor. Keeping a regular line of communication open with guests will help you to learn what is missing from your restaurant.

f3

 

 

 

 

 

 

 

 

Image Source

Owning a business is tough, and owning a restaurant can be tougher. You need to be thick-skinned and ready for battle when it comes to opening an eatery. May the odds be ever in your favor!

| Here’s How Ag Startups Can Avoid Aggro

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

For centuries, agriculture has been at the heart of the world’s economy. Without it, people couldn’t eat and do all the amazing things that they do. Traditionally, however, agriculture hasn’t been seen as exciting. But that’s all beginning to change, thanks to the fact that the sector is going through a tech revolution. Silicon Valley-type entrepreneurs from all over the world are trying to inject digital technology into the once-backward sector to achieve new levels of productivity and growth.

Companies are innovating in all kinds of ways. For instance, The Agri Hub wants to create a platform akin to Amazon or eBay for farmers all over the world to come together and learn about new farming products. The company behind the venture hopes that the hub will accelerate the adoption of new technologies in developing countries by providing farmers with a source of information they can understand.

Other high-tech ag startups are trying to bring new digital technology to the farm itself. For instance, a company called BluWrap is bringing oxygen management techniques to farms to extend fresh protein storage life.

Starting up in the agricultural sector has never been more lucrative or rewarding, especially since the global ag business is growing more than 7 percent per year, despite declining numbers of people in the sector.

New entrants, however, can find the sector difficult to navigate. Here’s what you need to know to avoid aggro.

 

Dig A Little Deeper

e8

 

 

 

 

 

 

 

 

 

Pexels

Population alarmists like Greenpeace and Paul Ehrlich have spent the last forty years telling us that the world would run out of food to feed its expanding population and that we will eventually experience famine on a global scale. Ehrlich originally predicted that this would happen by the end of the 1970s, but this never came to fruition. In fact, today the world generates more calories per person than at any point in human history, despite the population ballooning to more than 7.5 billion people.

For ag startups, the notion that the population is growing and that food production need to increase is nothing new. In fact, it’s something that everybody is discussing, and technology appears to be solving – at least for now.

But top entrepreneurs are rarely concerned with what everybody else is discussing: they’re more interested in what’s not being said. Take Peter Thiel, for instance. He’s made a living being a contrarian thinker, looking deeply at problems the world faces, and coming up with novel and sometimes unpopular solutions. Ag startups need to do the same. In the agricultural sector, food production isn’t the only issue. Other issues include things like water use, slurry runoff, land use, deforestation, and energy use. Visit www.ucsusa.org/food_and_agriculture/ for more details. Ag start-ups that can solve these problems simultaneously at low cost will be at a distinct advantage and contribute to solving some of the world’s most pressing problems.

 

Know Your Field

e9

 

 

 

 

 

 

 

 

Pixabay

 

In agriculture, it’s a good idea to know your field, quite literally. Most people who want to disrupt the agriculture industry don’t actually know how it works in practice. It’s as alien to them as any other.

However, agriculture, just like other industries, is built upon generation after generation of experience, often handed down from father to son. Not only do those wanting to disrupt the industry have to understand its structure, but they also need to know the basics of animal husbandry and crop growing. Fences, cattle pens, deer stands and all manner of farm enclosures require special consideration. Visit Varnerpipe.com/steel-tubing/ for details. And they also need to understand how crops are cycled from one year to the next. No matter what product you’re planning, it needs to fit in with the realities of farm life. A scheduling app, for instance, isn’t any good if it doesn’t understand how often cows need to be milked.

 

Trial Products First

If you think you’ve created something really innovative, it’s a good idea to prove it. Investors and customers want to see evidence that your product works in the real world for ordinary consumers like them.

This is where it can be helpful to make use of the scientific method. Set up a trial where you compare two groups of customers side by side, one using your product and one not. Make sure that you randomly select customers for each group so that variations between the groups are explained by the use of your product and nothing else. Then conduct the experiment to see whether your innovation offers real value for the metric of interest, be it profitability, productivity, time-saving or the health of animals.

To carry out a well-designed trial, you may need the help of a statistician. You want to know whether the difference between the two groups is “statistically significant” – or, in layman’s terms, whether it’s down to pure chance or not. Once you’ve got that kind of evidence, it’s much easier to persuade new agricultural customers that your product works and can provide them with additional value.

 

Make Sure Your Innovation Is Defensible

The history of agriculture is littered with technological advances which helped to raise the incomes and profits of everybody in the sector. But many of these advances weren’t defensible, meaning that the people who invented them didn’t reap the rewards.

e10

 

 

 

 

 

 

 

 

 

 

Pixabay

Take crop rotation as an example. Crop rotation was an invention which helped to dramatically increase yields on a given plot of land. When it was first invented, the inventors were able to increase the amount of money they made for a short period of time. But as soon as people saw how it could dramatically increase yields, they copied it, eating away at the inventor’s profits.

If you’ve got a great idea for improving farm productivity which you can’t defend, send a letter to the FAO, but don’t invest your own money in it (unless it’s for philanthropic purposes). Make sure that whatever advances you make, whether it’s technological, genetic, or systems-based that you can reap the benefits from your hard work. If you can’t, margins will remain low, and you’ll be spinning your wheels, never really making the money you deserve.

| Here Are Some Transport Businesses You Could Start Tomorrow

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Everybody wants to start a business (particularly readers of this blog). That’s because, deep down, we all want to do our own thing and create our own value, even if what we want to do isn’t particularly profitable. Some people are suited to creative endeavors, others to tasks that involve organization. But one thing that most people can do, if they put their mind to it, is starting a transport business.

When it comes to transport, there are many alternative routes you could pursue. Here are some of the transportation businesses you could start tomorrow.

 

Bespoke Transport Services

d15

 

 

 

 

 

 

 

 

 

Wikimedia Commons

Rather than knuckling down and focusing on a single trade, many entrepreneurs looking for an avenue into the transport business start off by offering general services for unusual items. Construction companies, private individuals, and businesses are constantly looking for services that can carry unusual or hazardous items from one location to another. And because they pay one-off prices per job, the money is often good. (No bulk discounts driving down your margins). You could focus on providing services to a particular area, such as a business park, and make a name for yourself in the local community. Whenever anybody needs a one-off job doing, they’ll come to you first.

 

Removals Business

Setting up a removals business is a lot easier than most people imagine. All you need is a truck, and you can find one at Truck Dealers Australia, as well as other places online. You’ll also need some workers to help move items from people’s houses, which you can quickly pick up through local adverts or job sites.

You will, of course, be competing against students who rent out trucks and do the work themselves, but as a fully-fledged business, you can offer additional services, such as storage facilities.

The biggest cost you’ll face is buying the truck. But with the vast assortment of financing options available today, paying for capital is cheaper than you think. If your business goes pear-shaped, you can always trade in your truck and recoup your costs.

 

Owner-Operator Truck Driver

If you’ve been in the trucking industry for a while and know the ropes, then becoming your own, owner-operator truck driver can be very lucrative. Why let the truck operator skim off profits from your wages for the rest of your life when you can strike out by yourself? Although there are risks associated with going it alone, the market for transport and distribution services is still expanding at a rapid clip, around 5 percent per year. This means that there are plenty of new opportunities to exploit in the sector.

 

Taxi Service

Ridesharing companies have changed the game when it comes to transport businesses. Right now we have an Uber for taxi services, and soon, we’ll have an Uber for practically everything else, including trucking. In the meantime, if you want to get started with your own contractor business as quickly as possible, consider signing up with a ridesharing site. They pay you on a weekly basis, and you could take home $10 an hour.

| Track Your Startup Costs to Ensure the Best Tax Situation for Your New Venture

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

As you may know, money is spent to start a business even before you open your doors to the first customer in both brick-and-mortar and online businesses.  These pre-opening costs are commonly called startup costs but may also be called pre-operating costs and organization costs.  For simplification, I will be using the term startup costs but it can be used interchangeably with the other terms.  These costs can range from professional fees to investigate the feasibility of the business idea to filing fees to get the business incorporated and so on.

For financial accounting purposes, these costs are generally included in the category of startup costs and are all treated the same way but for tax purposes these costs are treated differently.  When setting up your business make sure to create specific tracking for your startup costs. This article will clarify how startup costs are treated for accounting and for tax purposes.

STARTUP COSTS FOR BOOK PURPOSES

For financial reporting purposes, startup costs are costs a business has expended in preparation of opening a business.  These costs may include the following:

  • Opening a new facility;
  • Introducing a new product or service;
  • Expanding operations into a new geographic area;
  • Expanding operations into a new segment of customers;
  • Creating and implementing a new process in an existing facility;
  • Starting some new operation.

For financial reporting purposes, all startup costs would be lumped together in one category, Startup Expense, for example as long as they are incurred prior to the commencement of operations and expenses as incurred.

 

STARTUP COSTS FOR TAX PURPOSES

For tax purposes, the same costs that were lumped together in one category for financial reporting purposes must be subdivided into sub-categories due to the fact that the tax treatment may differ by expense type. The tax sub-categories are as follows:

  • Section 195 Startup Costs – These costs are defined as costs expended to investigate the potential of creating or acquiring a business and to create an active business. These types of costs may include consulting fees and financial analysis costs.  Costs associated with creating an active business could include advertising, pre-opening payments to employees and so on.  Once the entrepreneur decides to acquire a specific business the costs incurred after that point are no longer considered startup costs.  Unlike startup cost treatment for financial reporting being expensed all at once, for tax purposes the costs will be spread across time (i.e. amortized).
  • Organization Costs – For some types of business legal structures, such as partnerships and corporations, organization costs are defined as costs expended to set up the legal structure. These costs must be directly related to the creation of the new legal entity. These costs may include the legal fees to draft the partnership agreement or corporate charter and bylaws to form the entity. It may also include filing fees and costs to organizational meetings such as meetings of the stockholders and directors.
  • Section 197 Costs – These costs are considered intangibles. Intangible assets are defined as items that have future value to the organization but are not physical in nature. Examples include:
    • Goodwill – The excess purchase price paid for an asset (e.g. a retail store) over its value represented in the accounting records
    • Patents
    • Copyrights
    • Trade secrets
    • Trademarks
    • Trade names
    • Licenses
    • Covenants not to compete

 

In summary, tracking and accounting for startup costs for financial reporting purposes is straightforward and relatively simple.  The tricky part of startup costs is categorizing and tracking them for tax purposes. The key is to understand categorization before you incur startup costs to make you and business lives easier.

Call Loftis Consulting today to properly set up startup costs for your business at (312) 772-6105 or visit our site to learn more about our bookkeeping and CFO services.

| Startup: How To Fill A Hole With A Food Business

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

c11

 

 

 

 

 

 

 

 

 

Image

When it comes to starting a new business, the owner has to choose the right industry. Did you know that 543,000 new companies start up each month? That’s over 3 million new businesses every 6 months, and 6 million by the end of twelve months. Of these firms, over 75% will fail within the first year.

If there is ever a time to choose a profitable industry, it is now. As a result, you have turned to the food industry because demand is high and there is lots of room for creativity. Still, getting off the ground is never easy, which is why the following tips should come in handy.

 

Find a True Niche

The food business is notorious for being flexible when it comes to new ideas and concepts. For example, food trucks were not a common occurrence ten years ago, yet now you cannot move for them. And, there are lots of other avenues to test that could make you a fortune. However, it is essential to make sure that the area is a niche and not a rehash. Far too many people are coming up with ideas that rip off the food truck industry, and it doesn’t work out. Customers aren’t stupid and can see when you are not original.

c12

 

 

 

 

 

 

 

 

 

Image

 

Research the Market

Because the odds are not in your favor, it is a good idea to test the water before going live. Then, there is no reason to waste valuable time, energy and money on a flop. Of course, there is no way to tell if a product or service is going to be a hit, but you can collect the data and look for patterns. By heading out onto the street and handing out questionnaires or offering free samples, you can collate the demand. If there isn’t a lot of traction, it is even possible to ask why and use the info to tweak the product.

 

Create a Marketing Recipe

One of the great strengths of opening a business today is the marketing potential. In the past, a company needed lots of money and TV time to get a foothold in the industry. Nowadays, the best tools are free of charge and available to everyone. So, the first step is to ensure that the website works, looks great, and is easy to navigate. The benefit of a site is the fact that you can make an excellent first impression. Also, research effective SEO terms and implement them throughout the site. Finally, don’t forget to set up social media accounts and interact with your customers.

 

Start In the Kitchen

The most important tip is to begin in the kitchen before moving out into the mainstream. In the end, the customers will judge the firm on the quality of the food. So, if it is not up to scratch, they will bounce elsewhere and never come back. The great thing about easy is that it is easy to prototype – just hit the kitchen and get cooking!

The food industry has potential, but it is by no means an easy ride.

| 4 Best Industries For Starting A New Business Venture Today

Posted in Start-up Ventures at 5:00 PM by Loftis Consulting

As years go by, there are always certain industries that are profitable for entrepreneurs. Today, we take a look at four of the best industries for starting a business in 2017. All of these industries will make a lot of money now and in many years to come.

d6

 

 

 

 

 

 

 

 

 

 

 

(Link: http://bit.ly/2nyi4CA)

Construction

The construction industry is a very good one if you’re keen to start a small business venture. Creating your own construction company that builds houses or does general building work has always been popular.

There are a few reasons for this; firstly, a construction business is fairly easy to start up. You don’t require a lot of resources, and you can probably get one started with just yourself and a partner. This is how most of them begin, and then they expand into bigger organizations with more employees, more equipment, etc. The one trick with a construction business is to purchase some of your equipment rather than renting it. Things like the end dump trailers seen here www.Constructiontrailerspecialists.com/trailers/end-dumps, are going to be used all the time for site clearance. So, it makes sense to spend money on one or two and own them, rather than paying rent all the time. The same goes for general tools and equipment that you’ll use for every single job no matter what it is. Then, anything that’s not constantly essential can be rented, and you save money.

Construction is a good industry to venture into as there is a lot of money to be made. People are always going to need a company to help build something or fix something. Plus, you cater to both commercial and domestic markets, which expand your client outreach.

d7

 

 

 

 

 

 

 

 

(Image: http://bit.ly/2oKQdiA)

Retail

You might think that retail is a dying industry, but it really isn’t. While regular brick and mortar stores are dying out, the online retail world is booming. It represents a great chance to make a lot of money, and there are many reasons you should start one.

For one, it’s incredibly low-cost to start an online retail company. All you need are products, a website, and a shipping method. There’s no need to pay for any business premises, and this saves you loads of money over time. Plus, you don’t need to have many employees either, which again will lower the costs of running this business quite dramatically. Furthermore, with online retail, you get the benefit of a really big customer base. You can sell things to people all over the world which means there is always someone out there that you can try and turn into a customer. There are few business ideas that allow you to open yourself up to such a wide market and have success.

But, online retail isn’t the only way you can start a profitable business venture in this industry. Traditional brick and mortar stalls aren’t as popular as they used to be, but you can start a business that looks like a brick and mortar but heavily uses retail technology. This is a fairly new concept where traditional stores are reinvented. You can see a good example of this in the article here https://www.ft.com/content/c4b8af64-6c37-11e7-bfeb-33fe0c5b7eaa which looks at how China’s retail industry is changing. Now, stores are opening without any employees, and there are plans for stores packed full of technology so you can go in, take what you need, and it gets charged to your account automatically. Starting a retail company in this area of the industry can be incredibly profitable in the future.

d8

 

 

 

 

 

 

 

 

(Photo: http://bit.ly/2p4Q6hy)

Technology

The tech industry is obviously one of the greatest industries to start a business venture in this year. It’s booming at the moment, and things are set to get even better over the next few years and decades. 2017 is probably the peak time to get involved as we’re at a point where there’s a lot of good technology out there that’s still not reached its potential.

One example that springs to mind is 3D printing, this is something that’s starting to become more common in regular life but is nowhere near reaching its potential. There will be so many great things you can do with this technology in years to come, and so much money can be made here. Another example is drone technology which is really booming right now. However, there is still a lot that can be achieved with it. No matter where you look in the tech industry, there’s always something going on. There are always new things you can develop, and new business ventures to consider.

This is probably the best industry to start a business in if you really want to think ahead. The great thing is, it’s not hard to start a technology business. The costs are generally low, which makes the potential for profits very high.

d9

 

 

 

 

 

 

 

 

(Source: http://bit.ly/2o2PHyU)

Healthcare

If there’s one industry that’s always been great to start a business in, it’s healthcare. People depend on companies providing them with healthcare. They need doctors to tell them what’s wrong with their bodies, they need dentists to look after their teeth, and they need a whole host of other healthcare professionals to help with all manner of issues.

When you start to look at the healthcare industry, you realize there are loads of different business ventures you can start. Private healthcare is increasingly popular and becoming more and more important by the day. People are calling out for affordable companies to start up and provide healthcare for regular individuals. You can see here http://www.profitableventure.com/healthcare-business-ideas/ for a list of great healthcare business ideas to start in 2017.

Unlike the other industries on this list, businesses in healthcare can often have a lot of overhead costs. However, money is almost always guaranteed as customers are also almost always guaranteed. There is always going to be someone somewhere requiring a health care service, and this will continue until the end of time.

If you’re an entrepreneur that’s keen to start a new business venture, consider diving into one of these industries. There are so many ideas within each industry, and they’re all built for now and the future.

| Best To Worst: 8 Methods Of Securing Useful Capital For Your Startup

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

c4

 

 

 

 

 

 

 

 

 

 

 

 

Flickr

With the modern, accessible internet age directly on our doorstep, it’s incredible to witness the spawn of so many entrepreneurs culminating in the startup trend. Startups are loosely defined as small, humble business operations with threadbare staff and capital that make use of modern trends to get a leg up in their industries, such as using social media, web communications and accessible IT solutions to organize everything. These days, a shrewd entrepreneur with a stern will can make more growth in a year than established firms.

One of the benefits of running a startup is that you can keep costs low while you establish your operation. This might be as simple as working out of your garage instead of renting an office or fulfilling multiple roles of your small business between you and your partner. There is nothing new about small businesses being creative, but startups are usually defined differently. Startups usually have a unique or original or innovative (or all three) idea that they take a risk on to establish an audience for.

If you are the owner of a startup, it’s most likely that you have an interest in growing your operation to the point that is satisfactory to you and provides you with the most interest. It’s not difficult to assume that taking a risk on a startup should only serve to craft something you enjoy. If you don’t make the decision you want to make, what would be the point? You’ll just be working for a firm you dislike in a higher position, when you could have simply raised a career ladder to get to a higher-paid position in another, more established firm. Doing that would certainly have a lower risk associated with it.

But no, you are a strong spirit, and you have the needs of your startup in your mind first and foremost. You will defeat the risk and expose the business world for what it is, yours for the taking! But wait, don’t get so ahead of yourself there. You’ll need to fuel this operation with the juice it needs.

 

You’ll Require Capital

Money makes the world go round, and a lack of it can mean severe difficulty in getting your operation off the ground. Luckily for you, this following article lists in detail the best methods of securing your funds so you can bestow your new innovative idea on an audience who aren’t yet aware they are thirsty for it.

Without further ado…

 

Crowdfunding

Crowdfunding serves two purposes. For one, it is a great way to expose your product to an audience online before you even begin selling it. For a tiered ‘prize’ system to be redeemed once the product is ready for release, consumers can fund your product with an undetermined amount of money in exchange for a paid-in-advance for product when your production process ends.

Of course, this can be set only to be redeemed once someone gives you the requisite amount of money that warrants a free product at the end of it. You may also allow consumers to donate small amounts of cash for no reward, but as a form of goodwill that will hopefully help see your firm develop.

To run a successful campaign, you will need to apply some creative flair to your promotional material first. Great graphic design, a professional video that details your business plan in a rudimentary form, why your product is different and where it will fit in the marketplace are all some of the best methods for crafting an appealing piece of material for potential viewers. Thanks to the integration of crowdfunding with most social media websites, you will easily be able to share new update posts to keep your backers updated on your daily progress.

It’s not unheard of for firms to experience a huge increase in their original crowdfund goal, sometimes popular products that resonate with consumers are backed to 200% or even 300% of the originally intended business costs. What’s more, when you have this money, it is free to do with as you wish, so long as you fulfill your original promise of actually making the promise. This is intrinsically freeing.

 

Business Loans

Business loans can serve as a great way to give yourself that initial boost without publicly declaring your product. Instead, you can begin development with a degree of privacy, and this allows you to make a nuanced marketing product that isn’t reliant on anyone other than the debtor and their terms themselves.

What’s more is that you needn’t rely on big banks to help you find a business loan. There are many investing firms worthy of import that understand what it means to be a new business, and genuinely want to see you succeed in your endeavors. Business loans are a great benefit, because they can often provide you with capital, and an immense amount of it, which might be difficult to make from a crowdfund, as not all are successful. Plus, unless your debtor stipulates, there’s no reason why you can’t make use of both.

c5

 

 

 

 

 

 

 

 

 

 

 

 

Flickr

 

Investors

Investors are similar to business loans but often have more stringent terms of giving you their money, as they are not covered by business loss insurance to the same degree as a firm would be. They’re also likely to have more difficult terms of contract, such as wanting a proportional percentage of the business in exchange for the money. They can work very well for the right firm, but if you can secure a business loan, that might be preferable. However, investors, especially affluent ones, might be convinced to give you an investment of a huge amount of money if they trust your business plan and vision. It all depends on how you present yourself to them.

 

Fund It Yourself

If you can, funding your own business works too. This might take dipping into savings, re-mortgaging using the house as security or simply funding your startup while you run a full-time job. This can be the best way to fund a business thanks to yourself being the only person you have to answer to financially, but a bad investment can also lead to financial loss or ruin. Use this with caution.

 

Join an Incubator

Incubators are quite an interesting process to be a part of. Incubators are firms or investors that act as both potential investors and educating guides, who can help you develop or shift your idea to places even you might not originally think possible. It’s instructive to see businesses that have done well with incubators, as many leave with not only enhanced vision and insight into the operation they want to lead, but also have gained some great exposure for investors looking to place money in the hot new venture. Incubators can serve as one of the best methods for overcoming a difficult or stagnant business process, helping you identify what has gone wrong from people who have a financial or networking incentive to help you out. This can also be the best place to meet other startups, and together you can support each other’s operations in the business supply chain.

 

Shareholders

Shareholders are similar to investors, but there are usually many of them, and it will take you going public in order to receive those funds. Unfortunately, you can’t really expect to make a huge amount of these shareholders thanks to your low business value, but you can make enough to make it worthwhile depending on the success or scope of your long-term planning.

 

Friends & Family

Appealing to your friends and family for your funding source has all the requirements that an investor might have, except with this your investor will have an emotional attachment to your project. If something goes wrong, or you experience turbulence with your operation, or simply don’t make good on the repayments, you can be sure to alienate family members and friends alike.

Of course, this rule shouldn’t be expressly ruled out – part of the reason for running a startup is that you can choose how you operate entirely by yourself – but choosing it without due care can really turn into a negative experience. This should, in all honesty, be your last option, unless you have a rich relative who is willing to be your benefactor. Use this with discretion, and understand that a large proportion of startups will not be suited to this avenue, thanks to the high failure rate of beginner businesses.

The tips listed above, duly followed from top to bottom should be a sure-fire way to retrieve some form of significant capital for your business. Not only that, but they should serve to help you understand just what makes a business so appealing to draw money in in the first place, and even if your first project fails,  you will be armed with this knowledge to do better in the future. Of course, just because the list is rated here from best to worst, it doesn’t mean you should limit yourself to one of them. Try as many as you can contract to allow in order to overcome your lack of funds, and be well on your way to getting to the fiscal place you want to be.

Good luck with all your financial and business endeavors.  If you need help sorting out your financing options give Loftis Consulting a call at (312) 772-6105.

| Why Entrepreneurs Should Jump On The Cryptocurrency Bandwagon

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Today, nobody would call a computer and “electric computer,” and in the future, nobody will call a currency a “cryptocurrency.” They’ll just call it money. But today, the technology is so new and so few people have heard about it that it still has a special name.

There are dozens of different cryptocurrencies out there, all of which are gunning for specific audiences with even more particular tastes. But by far the most successful of all of them is Bitcoin, the most valuable of all cryptocurrencies to date.

When it comes to bitcoin, entrepreneurs should listen up. The currency is supported by some of the greatest minds in business, including Bill Gates and Google president, Eric Schmidt. Every day the Bitcoin universe expands, and it’s presenting many opportunities for entrepreneurs. The price of bitcoin is going up quickly right now, suggesting that we may finally have reached the breakout moment for the currency.

So how can entrepreneurs like you get involved in the coming Bitcoin revolution?

 

Start Accepting Bitcoin Payments

Want to attract more people to your business? Simple. Just start accepting bitcoin payments, either in store or online. These days it’s incredibly easy to accept bitcoins, and there are dozens of payment processors to choose from. Some of the biggest companies in the world currently accept Bitcoin, including Amazon and Tesla. If they’re accepting this currency, shouldn’t you?

 

Use Bitcoin Services

Did you know you can now get Bitcoin with credit card? Well, you can. In fact, according to Tim Draper, a venture capitalist, the Bitcoin ecosystem is much larger than many business people imagine. For instance, there are plenty of services that help you store your bitcoins. These are usually called Bitcoin wallets, and they function a little bit like a virtual bank account.

There’s an important difference, however, between a bitcoin wallet and a regular bank. Whereas as a regular bank is based on the fractional reserve system, all your Bitcoins stay secure in your bitcoin wallet. Nobody else gets access to them.

 

You Win By Spreading Bitcoin’s Message

The value of Bitcoin depends on the number of people willing to accept it. If fewer people are prepared to accept the new currency, then its value will go down. If more people accept it, then its value will go up. It’s that simple.

So what should entrepreneurs do? If they really want Bitcoin to succeed and to make money from their investments, they should become Bitcoin evangelists, getting as many of their suppliers and contractors to accept it as possible. With a bit of luck, acceptance will snowball, and the value of the currency will skyrocket.

 

Use Bitcoin to Cut Fraud

c1

 

 

 

 

 

 

 

 

Wikimedia Commons

If you’re at the helm of a business, one of your primary concerns is fraud. But the cool thing about Bitcoin is that the underlying technology, blockchain, prevents the majority of fraudulent transactions.

For entrepreneurs, this represents an opportunity. Bitcoin makes it easier for customers to transact with you and also opens up new trade opportunities in places where it would not have been possible, for security reasons, in the past.

| Setting Up A Startup Business As A Health Care Administrative Consultancy

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Many hospitals are short on funds, don’t have enough beds, short on staff and generally run in a bottom-up fashion. Bureaucracy is like a virus and it can come between patient care and office managers. Starting a health care administrative business can be a noble prospect when the goal is to simplify care for nurses, doctors, consultants and surgeons. Working on behalf of medical institutions or health care companies, your business can reorganize and coordinate the services medical practitioners provide. A startup business in this field must finely balance the human touch as well as cutting away unneeded barriers. Your business can thrive in this environment if you stick to a few principals.

 

Be Worthy of the Title

Health care is unlike any other business in the world. Aspiring startups sometimes perceive graduate-level education as the benchmark, but this is incorrect. It’s a fantastic start as you have the knowledge and the understanding of the basics of running a business, but very rarely to entrepreneurs have the medical and legal background in order to set up such a business. With an accredited health care administration degree online you should be able to critically analyze modern health care issues and utilize effective practices to demonstrate sensitive perspectives in the field. Working with a diverse society, you’ll also be acclimatized to remaining vigilant of cultural practices and assess a situation in regard to the American legal system.

 

Applying for Licensing

As a startup, finances are going to be crucial in keeping afloat during the risky first year. Professional institutions like the American Association of Healthcare Administration Management need to know you’re serious and operating from a stable base where you can be relied upon by clients. By joining the AAHAM and the Association for Healthcare Administration Professionals, you can enhance your qualification and outreach. When you become a member of these institutions, you officially register as a viable service on those systems. It will also give you an opportunity to network with medical professionals as well as access industry job lists.

b8

 

 

 

 

 

 

 

 

Credit – U.S. Navy

Hiring Like-Minded Professionals

The next step is to starting hiring professionals with qualifications and a history of working in the industry. Get the most out of your workforce by hiring those who have a proven track record of simplifying how a hospital runs its affairs, a feel for people management whereby they have kept the best qualified and most productive staff, and let go of the unneeded or below average performing individuals. Administrators should be willing to on board feedback from patients as their firsthand experience of how their facility could be run is free yet invaluable.

Image by – CityofStPete

b9

 

 

 

 

 

 

 

 

Searching for Your Needed Assistance

Using the job lists found with the associations or via online health care administrative job boards and career sections on the website, have your staff apply for the roles and offer a free consultancy to the establishment. Doctors want nothing more than to simplify their care and avoid large amounts of staff that potentially slow down the process of resupplying the hospital with drugs, getting the paperwork through to transfer a patient to another ward, or even just to get the go-ahead from insurance companies to operate on a patient. With your services and the degree you have obtained, your understanding and implementation of case studies should give you a firmer understanding of ethics and regulations.

| Forging Ahead On Your Own: Crafting Your New Business Career From Home

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

a1

 

 

 

 

 

 

 

 

Flickr

With the plethora of modern day businesses that provide wondrous opportunities to grow and develop from the bottom rungs, it can seem against general logic to educate yourself when you might be able to build brand loyalty and benefits working directly for a firm.

However, not everyone can boast this initial business success as soon as they enter the career world. Sometimes people might have already ran businesses or different careers that failed or they were made redundant from, and getting back to a similar pay grade may prove difficult when they aren’t as qualified as they maybe should be for that age.

The modern business world is as exciting as ever, and it’s not difficult to understand why someone might want to join it. Technological advancements now mean that anyone can form a startup or even work freelance and sustain themselves based on their consulting knowledge alone.

Another advantage of the internet is that it allows us access to the sum of human knowledge, and we avoid and neglect using this at our peril. Imagine telling a businessman 50 years ago that in half a century you would have access to a communication network that spans the entire globe, and allows you to gain qualifications in your underwear whilst eating your toast and drinking your coffee. But instead, you mostly use it to read news and watch videos of cats.

They’d likely knock the beverage out of your hand, and you’d deserve it.

To avoid that situation, follow these tips to help you craft your own career prospects online:

 

Kahn Academy

Kahn Academy is a popular resource that can help you take educational courses, largely for free, in STEM disciplines. It can help you with concepts that you didn’t quite understand in high school, giving you that foundational knowledge that you might have needed to brush up on for a decade. This can help you become a more rounded person, and give you that extra weapon in your career arsenal to make your next venture more successful.

 

Leadership Programs

Researching and attending online leadership courses can give you the qualifications and authority you need when it comes to consulting business, learning of organizational systems, or simply going for a business-related degree. This can provide you with a specialized and deep advantage when it comes to applying for your job in future. It’s important that you always use your daily free time in some productive way, and doing this in your own time can greatly strengthen your business acumen.

 

Historical Perspective & Case Studies

As well as accrediting yourself with a range of degree opportunities online, the internet affords you the opportunity to research case studies of successful business; the challenges they faced and how they overcame them. It will allow you to research trends and figure out where the gaps in your potential markets are. It will allow you to gain a more clear understanding of why your past exploits might not have been successful, and you can apply this new knowledge, alongside your new qualifications, to become a force to be reckoned with in your next endeavor.

There has never been a time blossoming with such potential for your future business adventures. Why not start today?


Next Page »

© Copyright 2003-2011. Loftis Consulting and Financial Management. All rights reserved. | Privacy Policy site by imediawerks