To start a new business these days is not as easy as it used to be. One is to follow so many guidelines and rules on what to do and what need to be done. Second, there are lots of fees that need to render in order to be legal and functional. Third, materials and properties are expensive these days. And lastly, you have to deal with a lot paperworks, organizations, and hiring the right employees are very important. So in order to be successful in opening a new business, you need to have a big capital to finance all the things needed before opening to public, and also the right strategy to succeed. But if you don’t have enough capital, there are always solutions to achieve one’s goal and that is to find the right investors.
There are so many companies out there who are willing to invest even in a small business. One I know is Southridge formerly Southridge Capital Management , if you click the link under categories of Southridge on my sidebar, you will see some of my previous post about this company. They dont only invest to companies, but they also give advice for one to succeed. They have this special service called Southridge’s advisory service that serves its purpose in guiding their clients to meet their goals, by putting together their financials up to date, and help them reorganize and relaunched before providing financing.
Here are some of the advice that Mr Stephen Hicks, the CEO and founding principal of Southridge (formerly Southridge Capital Management), is gonna share to us. (souce: http://www.Southridge.com)
- Be efficient. Make sure, whatever you do, you do it to benefit your customers and business with as little waste as possible.
- Be a good corporate citizen. Essentially, do the right thing by your clients and team.
- Maintain transparency. Keep your books up to date and accessible, so when financing does show an interest, there are no surprises.
- Keep all filings up to date.
- Have a solid business plan. All too often, many companies often overlook this key and fundamental step, and in some instances companies are taking too long to work through their business plans. In a heavily regulated market, coupled with tough economic conditions, the business plan is the best way for a company to remain focused on their core competencies and stay on track.
This advice are really a big help especially to those who are going to start their own business from scratch. I was thinking of starting my own business too one day, just a small one to keep me busy when I’m old. Advices like these is what I need to succeed.