четверг, 31 августа 2017 г.

3 First-Year Lessons To Learn From Successful Entrepreneurs

Originally published on Tom Leydiker's website.
Have you ever thought about what your life would look like as an entrepreneur? Gone are the days of having to work for someone else, especially someone who you may have conflicting ideas with. Being an entrepreneur allows you the creative freedom to bring your own ideas to life, rather than working hard to bring to life the ideas of someone else. It also gives you more control of how you balance your personal life with your business life.
But entrepreneurship is not something that everyone can excel at. While there are obvious benefits of becoming your own boss, there are substantial challenges that will present themselves over time, especially throughout your first year in business. While, in the moment, these hurdles may seem significant and impassable, they will also be the lessons that will prove the most beneficial to your future success.
Straight from the experiences of fellow entrepreneurs, these are the top 3 first-year lessons that you will learn as you begin your business venture:

1. Be flexible with your expectations.

Many entrepreneurs spend years thinking of how to start their own business. With a pressing passion to get their business off the ground, they often set high expectations for themselves and all they will accomplish in their first year. This drive is what sets entrepreneurs apart, yet it’s important not to do too much at the onset. You want to build your business for success while also not burning yourself out in the process. Set goals for yourself but don’t hold too tightly onto these plans. Unpredictable changes are going to occur and you need to make sure you are flexible enough to run with the punches.

2. Learn how to say “no” when necessary.

Financial stability is at the forefront of every entrepreneur’s mind. There will be a lot of financial sacrifices that will need to be made in order to not only support yourself, but your business as well. While it may be tempting to say “yes” to every opportunity for the sake of revenue, this could be very dangerous to your future success. You can’t take on every single project or else you will work yourself too thin, which could have a detrimental impact on your mindset towards your business.

3. Create a schedule that works in your favor.

One of your strengths at your current position may be time management, but prioritizing your time when you are working for yourself can prove to be extremely difficult for those not accustomed to it. One of the reasons you chose to become your own boss was so that you can be more in control of your schedule. Don’t let work control your life. There needs to be boundaries set in place to ensure that you give yourself a break so you can focus on your personal well-being as well.

среда, 30 августа 2017 г.

4 Changes To Make For A Better Financial Year

Originally published on Tom Leydiker's website.

We are constantly setting new goals for ourselves. While these goals differ immensely from person-to-person, we create these goals for ourselves in order to better certain areas of our lives. The most common goals are primarily health-focused – losing a certain amount of weight, eating a more balanced diet, exercising at least three times every week. But one area that should be at the forefront of more people’s attention is a focus on financial success.

Finances also happen to be the area that most individuals don’t know how to traverse. The answer to your financial success does not solely rely in risk-taking and huge investments. There are a few strategies that you should implement first in order to build a strong foundation to grow upon as you continue to expand your financial understanding.

You have probably heard these strategies before, but they are important because they work. Your financial success is contingent upon your personal habits and behaviors, so making these changes this year will help you to lay out a successful financial future:

Create A Budget (Or Optimize Your Current One)

Having a budget is essentially having an organizational tool that helps you track your finances over the course of the year – and they are not as daunting to create as many people make them out to be. But a successful budget is not one that remains static. It will require frequent changes that are dependent upon your income, the changes in monetary amounts that need to be dedicated to certain monthly expenses, and to account for any financial emergencies. Be as detailed as possible because your budget is what will help you control your finances. It provides you with physical evidence of where you can afford to cut back in order to save more money.

Put Money Into A 401(k) Or IRA Plan

One of the worst things that you can do for your financial future is to put off placing money into a retirement savings account. Do not wait until you are older to begin saving for life after employment. The sooner you start saving, the more time you have to accrue a more substantial amount of money. If your workplace offers 401(k) plans to their employees, make it a goal to contribute the maximum amount possible every year – or at least as much as you can afford to in order to still live comfortably. If you don’t have access to a 401(k) plan, look into getting an IRA plan set up instead.

Learn How To Invest

It’s inspiring to read the success stories of individuals who took a risk with investing to have it pay off beyond their wildest imagination. But risky investments may not be a good strategy for a beginning investor. Save these types of investments once you have more experience and more stable funds. When you first start out, be consistent and talk with a professional to ensure that you are making decisions that are both safe and wise.

вторник, 29 августа 2017 г.

Ways To Finance A Growing Business

Originally published on Tom Leydiker's website.

One of the most challenging areas of a growing business is finding the right funding. If your business is doing well, you will need to acquire the funds that will help you continue to expand. Or, there are times when businesses just need extra capital to help them get through a financial slump.

How can you finance your business?

There are a variety of ways to seek out money that you can put towards building your business. Before you pursue one of these options, but sure to sit down and dedicate time to figuring out what your goals are, calculating the necessary amount you will need, and, then, compare these options to find the one that would make the most sense for your specific needs.

Ask family members or friends.

Ideally, the best way to borrow money would be to seek out extra funds from family members or friends who have the financial flexibility to temporarily part with money with no affect on their personal stability. While you will eventually need to pay them back, it eliminates the weighted stress of having to follow a stricter timeline. Family members and friends will be more lenient about how quickly they are reimbursed, however, you could risk destroying personal relationships if you were to completely lose the money.

Apply for a bank loan.

This is the option that most businesses pursue, typically because it seems like the most obvious one. Depending on the type of financing you need, banks offer a wider variety of funding options. However, the approval process of acquiring a bank loan has become very strict, which means that a lot of smaller businesses won’t pass beyond the approval process.

Consider equity funding.

Obtaining money through equity funding means that you are putting forward a portion of your business in return for investment. Venture capital is one of the most common types of equity funding. This is a great way to raise capital for your growing business, but it also requires that you have planned out exactly how you are going to make a return on investment within a specified period of time.

Acquiring a Small Business Administration (SBA) loan.

These loans are available to any small business, but, to prevent everyone from applying, your business must first meet a list of qualifications. These qualifications often eliminate many small businesses from the running at the onset. If you do happen to meet the qualifications, you will still need to go through another financial institution because the SBA does not actually provide loans directly to businesses. The standards of this other institution may be even higher than the other financing options available to you.

пятница, 25 августа 2017 г.

Getting Involved: Philanthropic Opportunities In New York

Originally published on Tom Leydiker's website.

In the city that never sleeps, there are endless activities for you to become involved in. For many, New York is a place where individuals go to pursue their dreams or to discover new areas that can fulfill aspects of their lives they feel have been missing. To some, this could be furthering a professional endeavor or exploring a future in the arts. To others, it could simply be wanting to immerse themselves in an entirely different environment – a community that is constantly growing and filled with seemingly endless possibilities.
Not all seek fulfillment in their independent success, though. Some are captivated by New York for the world of philanthropy it opens up. There are so many organizations that have roots in New York. Not only do these organizations make a significant impact on the local community, but a number of them also make an impact on a global level as well. There is never an excess of resources available to these charities, so it is always inspiring to see the community come together to support these efforts with both their money and time.
If you’ve been wanting to give back but aren’t quite sure of where to start, here are a few charities that are very dear to my heart:

1. American Red Cross

The American Red Cross is dedicated to providing relief and even preventative services in order to aid suffering. Their services not only make a difference in the surrounding areas, but their outreach extends throughout the rest of the world as well. If you have had any relationship with the Red Cross in the past, you are already familiar with some of their services, like donating blood and safety courses. But their disaster relief services have quite an impact in helping to rebuild communities in third world countries and beyond.

2. Doctors Without Borders

With offices in twenty different countries, it’s no surprise how far the effects of this organization can reach. Doctors Without Borders revolutionized the way that victims of disasters and war received emergency assistance and were one of the first organizations who not only provided this service, but were able to grow it to such a large extent.

3. Habitat For Humanity

Another organization with roots in a variety of locations, Habitat For Humanity is one of the guiding forces responsible for improving the living situations of low-income families. Because of their vision, the resources they receive from their supporters, and the individuals who volunteer their time to help build the homes, they have been able to change the lives of thousands of families, promising them safety and security by putting a roof over their heads.
If any of these charities mirror causes that are important to you, consider donating to them or supporting their efforts. Without you, they would not be able to live out their missions.