How to cope when you’re on double duty: Starting a business while working full time

When you decide to start a business, you usually aren’t sitting in the lap of luxury with unlimited free time, resources, and countless windows of opportunity. Instead, most new business owners are confronted with their business ideas amidst the stereotypical “9 to 5”.  Further, some start-up ideas do not materialize beyond the conception phase due to the intimidating challenge of juggling a new business while working full time. Despite this disposition, entrepreneurs have been and continue to nurture successful businesses in this way. So, what’s the big secret? The truth is really no secret at all. Managing a start-up while working a full time job does not have to make you a victim of entrepreneurial defeat. Our small guide below is designed to help you thrive and succeed at this balancing act.

Time Management

When you dedicate an average of eight hours per day to a full time job, it is inevitable that time is going to be one of your greatest competitors for success. Once you recognize and accept this fact, you will be well on your way. Part of effective time management is planning. Assess your current schedule and determine how much of your time is “wasted”.  For example, if you watch three hours of television after work, consider at least two out of those three hours disposable. Further, evaluate how you spend your weekends. The weekends consist of two full “non-work” days, how do you use them? 

Once you have mapped out your current weekly schedule, create a new one inserting small-business/start-up time in all your disposable time slots. Creating a schedule and planning how you will use your time will help you track your progress and give you a big picture on how you are allocating your time in favour of growing a lucrative business. You can also incorporate lists to ensure that each day you are completing a specific task. If you are fortunate enough to work at a company that has liberal policies on working other jobs simultaneously, take advantage of that time without jeopardizing your present employment. Alternatively, if your job opposes integration of this kind, capitalize on your lunch breaks. This does not mean that you should skip lunch however, but take time to eat and time to work. If you manage your time correctly you will still be able to do the more relaxing activities you enjoy.

Licensing and Registration

Obtain all the necessary license and registration at the start of your business. It is particularly important to engage in this process at the beginning stages of your start-up because in some jurisdictions it can be time-consuming. Additionally, you may need sufficient time to obtain necessary documents and tackle unforeseeable circumstances that can or may hinder your project. The last thing you need during this process is a setback.  That is not to say they will not happen, but you have a great chance of minimizing them by acting sooner rather than later.

Money Management

Most start-ups and small businesses are individually funded (out-of-pocket). Make a budget and monitor the distribution of funds. Determine what percentage, if any, of your full-time salary can be redirected into your business.  Further, ensure that your business expenses do not compromise your personal expenses. If you are really pressed for funding you may have to make smart but effective lifestyle changes. For example, bring a lunch and limit the amount of coffee purchases you make in a day or week. Go to the movies once a month and substitute your frequent social outings for a night in. Reassign those funds to your business. These changes are not about ridding your life of its social pride, but rather, cutting out what it beyond necessary objectively.

Don’t think too big, too quickly

Starting a business can be exciting, but do not allow that excitement to cloud your judgment.  Take your time and understand your business. Do not waste time worrying about office space and spending frivolously on products and services that are not fundamental to your start-up. Take meetings at coffee shops if you have to. Schedule phone and Skype calls where necessary. If you become too caught up in materializing your ideal business at the beginning of the process, you run the risk of losing money and, worse, losing your business.

Finally, enjoy the process. It is easy to get caught up in what is sometimes a dense world of business. Do not lose sight of yourself and your vision. Take regular breaks just like any other job and laugh a little. You will make mistakes, but do not fret on them for too long. Cry if you have to and get back in position remembering that failure is a natural progression of success.

How to Manage Complex Projects Easily

Not every business project for your company is going to be a "walk in the park."

There is going to come a time when you need to tackle a complex project. Whether that involves shipping and selling in multiple countries or starting up an assembly line to build a product in volume, you'll be dealing with many issues involving several departments.

However, don’t despair as there is a way to manage complex projects easily. Here's how:

Step 1: Set Your Goals

What is the goal of this complex project? The answer to that question could be something as simple as "build a new website" or "increase traffic to existing website." Within that goal should be some tangible items like due dates, sale expectations and/or specific benchmark numbers. Once you've established clear objectives then you know what you're heading towards. The challenge is not to deviate from that path no matter how "big" things may become.

Step 2: Keep the Lines of Communication Open

Once you've shared your goals with the team you should open the floor for discussion. Here is where you'll learn if and when your goals are actually obtainable. There is nothing wrong with pushing your staff to do their best but that doesn't mean becoming unrealistic. Although it's a great goal to earn a million dollars by Friday, it might not be practical. This is the time to brainstorm out idea to help move things along. If your staff knows they can share concerns and ideas then your project will only be strengthened.

Step 3: Set a Budget

What is this project going to cost? That's an extremely important factor to consider. You should have a budget set for the project that everyone can fall in line with. Don't hesitate to pad that budget with a contingency fund "just in case."

Step 4: Set an Action Plan

You already have an overall business plan for your company. Now drill down and apply those same principles to this new project. The project plan should be worked out enough that you could hand it off to anyone in your company and they would be able to follow it without asking questions.

Step 5: Encourage Out of the Box Thinking

Sometimes a project becomes complex because we don't know any other way to do things. When you get stuck on implementing a specific item it might be time to step out of the proverbial box for some original thinking. This type of creative problem solving has been a huge asset to many businesses.

Step 6: Set Up Tests

No matter what you're working on, you can't go from "start" to "finish" without testing the end result. For instance, if you're building a new website with an ecommerce component then you should definitely build in a testing phase to work out all the kinks in the system. Only then can you call a project truly ready to launch.

5 Startup Lessons I Wish I'd Known

If someone can develop an app that provides “hindsight” they would truly make a fortune. Sadly, most startup businesses stumble out of the gate only to embrace valuable lessons too late in the game. Can you benefit from any of these lessons learned from startup entrepreneurs?

1.      Line Up Early Investors

Operating capital is essential in any business whether it’s just starting or has been around for generations. For the new business, it is important to have working capital on hand to not only cover the day-to-day operations but also as a “cushion” for any unforeseen circumstances. Too often new business owners look for the big investors who want to minimize their risk by only investing in a proven entity. This means they won’t be interested in a first position investment. Instead, look for contributions from eager investors who are willing to come in early. It might mean smaller amounts from more investors but it could pay off in the long run.

2.      Bank Your Content

If content is king, then do you know where all your content will be coming from? A lot of excitement can be generated by launching a new website. All the social media networks will be lined up and you’ll get started with a powerful push by providing tons of fresh content. Unfortunately, that fresh content could quickly dry up if you don’t prepare for the long haul. You should treat content fulfillment just as you would with any other type of fulfillment: it has to be delivered on a consistent schedule and maintain the standards you set for the company.

3.      Be Smart With Your Marketing

There are many valuable resources to tap into in terms of online marketing campaigns. The real question is do you know what you’re doing? Just because you set up a Facebook page and Twitter account doesn’t mean you’re work is done. Set aside some of your marketing budget (yes, you should have a marketing budget) for online consultants with a proven track record of success. Let them be your guide.

4.      Reach Out

No company should be an “isolated island.” You should be forming business partnerships as an ongoing function of your operations. Suppose you are setting up a web business to sell custom sneakers. Wouldn’t it make sense to partner with a shoelace company? Think about how you can expand the reach of your business through these partnerships.

5.      Manage Expectations

Every new business startup dreams of fast success. The same can be said for anyone buying a lottery ticket. Just because you think you’ve got it all figured out doesn’t mean your business will perform according to plan. Expect the unexpected and understand that a business is meant to endure. Your six month plan is every bit as valuable as your five year plan and both should be grounded in realistic expectations.

Low cost online marketing tactics to drive awareness for your small business

Marketing can be expensive, however, you don’t need a six-figure budget to drive results. Here are some great tactics you can put into action that will help you build buzz and drive traffic back to your website. While these ideas are not expensive, they will definitely take a bit of time and effort to master.  

1)      Blog commenting:  This is a simple and effective way to drive traffic back to your website or blog. Blogging is a social activity, a two-way conversation between the writer and their readers so if you join the conversation you must add value to it. By posting insightful comments on other blogs, you not only build relationships with the bloggers but also with their readers. Remember to only comment on blogs that are related to your industry or targets your market demographics.

2)      Posting in message boards: Although they may have been around since the beginning of the internet and are relatively unchanged, they are still extremely effective for driving traffic and building awareness. There are thousands of message boards around the internet for almost every topic. By joining and participating in their discussions and consistently offering great advice, you will be considered as an expert and drive traffic to your website. 

3)      Search Engine Optimization: Search Engine Optimization has become one of the most important marketing tactics that you could use to drive traffic and awareness to your business. With millions of people using Google and other search engines every day, why shouldn’t you target your website to them? By ranking higher in the search engines, you have the opportunity to drive thousands of visitors every day to buy your services and products.  

4)      Create a blog: Regardless of what you sell online, you must have a blog. The benefits of writing a blog goes beyond building a relationship with your prospects and customers, it can also help your site’s organic SEO ranking. Because Google ranks websites higher that post frequent content that people link to, having a blog makes great sense for your company. By posting great content, stuff that people can’t find anywhere else, you are positioning yourself as a resource that people go to for information. Make sure that you share your content through social media sites such as Digg, StumbleUpon, Facebook and Twitter. For many websites, a blog accounts for a large portion of their monthly traffic. By converting that traffic into leads, you can have your sales team follow up and make them customers.

5)       Build your social media presence: You should be taking the opportunity to have a company profile or page on social media sites such as Facebook, Twitter and Google+.  They will be good areas to get new clients that you normally wouldn’t get. And the best part is that it won’t cost you anything except the time it takes to maintain your profiles. Don’t forget that people are on your pages because you provide content that they can’t find on their own. You build up your profile when you share and participate in the social web.

6)      Be a guest poster:  Another great way to get some awareness and traffic is to write guest posts on other blogs within your industry. With thousands of blogs found on the web, you will be able to find a few popular blogs that you can write for. And the common thing that all these blogs want is more content. By writing guest posts, you will not only get organic traffic but, even more valuable, backlinks that can help you with your Search Engine Optimization campaign. 

7)      Video marketing or YouTube: Now that they appear in search results, videos have become a great way to market your service or company. You can optimize them to appear higher in the rankings and create great videos to show clients how good your products and services are.  Remember, people go to YouTube to either learn or be entertained.

8)      Get interviewed: Getting publicity from major news outlets is hard, however, you can still get publicity from blogs and smaller online newspapers. Contact various bloggers and give them a reason as to why they should interview you. Mention your company’s achievements or why their readers will find you awesome. If they say yes, they will most likely email you some questions and post your response.

There are many ways that you can generate awareness and branding without having to spend money, it just requires some creativity and effort. There are many examples of companies achieving greatness through using low-cost marketing tactics and competing effectively against their competitors. If they can do it, so can you.  Just be aware that you must be willing to put in time and energy to get results.

How an accountant adds value to your small business

Many business owners see an accountant as someone who keeps track of accounts payables and receivables, and makes sure that the business taxes are paid. However, a good accountant can be so much more. They are like a business partner, where they help your business become more financially efficient and take advantage of tax laws.

An experienced accountant is very valuable as they can help you make the right business decisions by providing strategic and financial advice while reducing your risk for your company. An accountant can be someone who wears many hats for your business, such as:

Business analyst: An accountant is trained to identify specific business challenges and provide solutions. By understanding your business and industry they become valuable as they can provide you with advice on the best financial strategy to take. They will help you create accurate financial information which will help you in analyzing your business performance. You can also assess what you have achieved as well as provide accurate forecasting for future growth.

Financial operations: An important part of an accountant’s job is to set up an accounting system including providing you with financial analysis and data. But, most importantly, your accountant can provide you with financial advice that can help you manage your business better - such as budgeting and cash flow forecasting.

Tax advisor: No matter how good you are with your company’s financial operations, there will be times when you will need the help of an expert. By taking advantage of an accountant you can be better prepared to deal with the complexities of small business taxation. They would be able to provide your business with advice and help restructure your business operations so that you can minimize your taxes and increase your profits.

A professional accountant adds tremendous value to your business through finding ways to:

• save money,

• lower your tax rate,

• increase profits

• and provide you with the financial information so that you can grow your business.

They can also help you analyze the numbers and use them to make more strategic decisions. Unfortunately, many small business owners fail to realize that working with an accountant is one of the most important business decisions that they should make - and not only during tax time.