Financing Your Business

Because of the economic turns we’ve had over the past few years, financing is more difficult to get than ever. The economic experts all seem to think that the new marketplace will continue to be cautious when it comes to lending.

The following are some sources for funds that can be used for your business needs:

1. Personal savings – Many start ups rely on savings to finance their business. This is the most cost effective source of funding but you need to use wisdom. Don’t put your family’s future in jeopardy by blowing through your life’s savings.

2. Bootstrapping – This is a method of self reliance that is also very cost effective. Money produced is poured back into the company to avoid the need for outside funding. This also means that growth has to be controlled so that costs can be controlled, which in my view, is a good thing. Uncontrolled growth can create a whole host of problems.

3. Family and Friends – Oftentimes, loved ones can provide funds for a start up entrepreneur. However, proceed with caution; these relationships are the most important in your life.

4. Small Business Administration – The Small Business Administration has a loan guarantee program where, if you’re approved, they will guarantee a portion of your small business loan.

5. Bank Loans – This is a more traditional form of financing. Bank requirements have become quite stringent and you may have to supply personal assets as collateral.

6. Investors – Securing funds from an investor is difficult, but not impossible. An investor will provide funds, either their own (angel investor) or those from a managed fund (venture capitalist), for your business. In return, they often expect not only debt repayment but also ownership equity in your business.

Happy Entrepreneuring!

Katherine

Getting Organized Means Working Smarter, Not Harder

There’s a popular online retailer whose tagline is “It’s all about the O.” That is very true when it comes to working smarter, not harder. “O” being – Organization. Being organized makes you more efficient and appear more professional, decreases stress, and increases your effectiveness.

Besides just the downside of the benefits listed above, being disorganized also severely impacts your productivity, costs you time and money. Let’s estimate that a bit to put it in real world terms. Experts estimate that the average worker spends an hour a day looking for misplaced items. Say your income is roughly $60,000 per year. That hour adds up to almost $150 per week. Almost $600 per month. And over $7,000 per year.

That’s $7,000 a year flushed. Gone. Buh-bye.

I know, I know, being organized is a PAIN! It takes discipline and follow-through, but how much pain does it cause you to lose $7,000 a year?

What could you have done with that $7,000?

Tips for getting and staying organized

1. Clean the slate. You’ve seen those organizational shows where they pull everything out of the house and make the people go through and sort it, right? To stay organized, you need to get organized.

2. Create Stacks. Once you have that stack of items piled up in front of you that you’ve been putting off dealing with, go through it and put it into 4 stacks:

Trash, Shred, File, Action Needed

The trash part is easy. Throw it away. Be careful not to throw anything away that has personal information, even if it’s partial like credit card numbers, birth date, medical information, etc. You’re better off to shred it. Better safe than sorry. You’ll be surprised at how much of the stuff you can just toss.

Shred – easy, peasy. If you don’t own a shredder, this is one of the best investments you can make. And get a cross cut shredder. The old style strip shredders are pretty useless. It might take some time, but anyone who is patient enough can patch those strips together and have any information you thought was protected.

File – I have an ongoing file stack. I have some of those nifty stackable trays and one of them is specifically for filing. Then every Friday, before I close the office for the day, I file. It usually takes all of 10 minutes and then everything is in its place. If it’s not in the file, it’s in the tray. How easy is that? And 10 minutes is WAY doable…I don’t care who you are.

Action needed – I’ve found that this stack is usually fairly small. Either write them down in a list, or sort them in order of priority and schedule time to deal with them.

3. Make a to-do list. Taking a few minutes to write down the to-do’s of the day will help you to stay on task. You’ll also get a sense of accomplishment by checking items off when they’re complete.

4. Stay on top of it. I know, it may take an extra 2 minutes to sort through the mail as soon as it comes in, but those 2 minutes will save you having to repeat steps 1 and 2 again. Over and over.

5. Use your calendar. If you start using a calendar to schedule your time, you will be surprised to find out how much time you can find. I subscribe to several magazines and have time for reading them slated into my schedule.

There you have it. A few simple things followed consistently and your work world will be a much more organized, productive place, which for me, makes it a happier one, too.

Now…what can I use that $7,000 for?

The Waters of Time

I am amazed at how quickly time can run through our fingers. I recently had to have surgery and in the aftermath, I focused on what I HAD to do and wasn’t always able to do what I WANTED to do one of the things that kept getting pushed to the back burner were updates here. Before I knew it, three months had gone by and I realized that I had gotten lazy about managing my time and needed to get back on track.

Time is like water. Water can’t ever be completely controlled. We might throw up a dam and think it’s under control, but that’s when a crisis will happen and we’re faced with either a flood or a drought on one side of the dam or the other.

Finding the balance is tough, but crucial. If we hoard the water above the dam (worklife) so we can get a lot done, the land below the dam (homelife) will dry up and die. If we let too much water flow downstream, we don’t have enough resources above the dam.

Planning our time is the cornerstone of good time management. Otherwise, you’ll be like me and turn around and time has floated downstream without much to show for it. Over-planning is just as dangerous and you can start to feel like a slave to the calendar and resentful and when that happens, we start sabotaging ourselves.

So, for me, it’s back to a schedule, with time for work and time for family and a little bit of room to let the water flow and do its work in case Mother Nature sends me a rainstorm.

Handbook for 2010

I’m usually pretty quick to hit the delete button on email forwards but today I was sent one that I thought was relevant to sharing with everyone. Simple but profound. Enjoy!

HANDBOOK for 2010

Health:
1. Drink plenty of water.
2. Eat breakfast like a king, lunch like a prince and dinner like a beggar.
3. Eat more foods that grow on trees and plants and eat less food that is manufactured in plants.
4. Live with the 3 E’s — Energy, Enthusiasm and Empathy
5. Make time to pray.
6. Play more games.
7. Read more books than you did in 2009.
8. Sit in silence for at least 10 minutes each day.
9. Sleep for 7 hours.
10. Take a 10-30 minute walk daily. And while you walk, smile.

Personality:
11. Don’t compare your life to others. You have no idea what their journey is all about.
12. Don’t have negative thoughts or things you cannot control. Instead, invest your energy in the positive present moment.
13. Don’t over-do. Keep your limits.
14. Don’t take yourself so seriously. No one else does.
15. Don’t waste your precious energy on gossip.
16. Dream more while you are awake.
17. Envy is a waste of time. You already have all you need.
18. Forget issues of the past. Don’t remind your partner with His/her mistakes of the past. That will ruin your present happiness.
19. Life is too short to waste time hating anyone. Don’t hate others.
20. Make peace with your past so it won’t spoil the present.
21. No one is in charge of your happiness except you.
22. Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class but the lessons you learn will last a lifetime.
23. Smile and laugh more.
24. You don’t have to win every argument. Agree to disagree.

Society:
25. Call your family often.
26. Each day give something good to others.
27. Forgive everyone for everything.
28. Spend time w/people over the age of 70 & under the age of 6.
29. Try to make at least three people smile each day.
30. What other people think of you is none of your business.
31. Your job won’t take care of you when you are sick. Your friends will. Stay in touch.

Life:
32. Do the right thing!
33. Get rid of anything that isn’t useful, beautiful or joyful.
34. GOD heals everything.
35. However good or bad a situation is, it will change.
36. No matter how you feel, get up, dress up and show up.
37. The best is yet to come.
38. When you awake alive in the morning, thank GOD for it.
39. Your Inner most is always happy. So, be happy.