Explain Why You Should Always Have A Cash Flow Plan Watching Out For Bad Advisors

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Watching Out For Bad Advisors

Recessions always seem to result in an increase in the number of people starting businesses. This is a good thing. At the same time, the internet seems to have exploded with the number of people claiming to be experts in consulting or advising entrepreneurs. This article was written as a result of the growing problem of business exploitation by unqualified or outright fraudulent advisors and consultants. This is the first in a series of articles looking at ways entrepreneurs can reduce their risks and costs, yet maximize free resources and information, such as how to achieve search engine optimization (SEO) or marketing without paying a dime.

  1. Companies, services, scams and unqualified consultants or advisors
  2. What information is free
  3. When you should pay for a qualified advisor and how to tell the difference between fake and genuine experience

Companies, services, scams and unqualified consultants or advisors

Scammers, unqualified consultants and marketing predators often offer quick money advice, promises of internet traffic, fundraising guarantees or business and marketing plans. Others try to sell you information through webinars, e-books, seminars, or classrooms that can be found for free on the Internet. It’s critical that if you’re looking for advice, you talk to someone who has handled all the functions of a start-up many times, not just a part of it. If you wouldn’t ask a store clerk how to handle engineering problems, why would you even listen to a social marketing expert tell you how to set up your business? More about identifying applicants will be discussed in the next article.

be “Entrepreneur” is a way of thinking. Someone’s ability to sell a product, good or service does not make them an entrepreneur or even a qualified consultant, the ability to sell makes them a good salesperson. An entrepreneur recognizes an opportunity, develops a plan to capitalize on the opportunity, and executes that plan until the deal comes to fruition.

When starting or running a business, entrepreneurs have to overcome two main obstacles. The first question is of course “How to do it” or the mechanics of starting a business. Information, advice and resources describing the mechanics of starting or running a business are available online at many private and government websites or in person at a local center such as the Small Business Development Center, SCORE or other micro business development centers for FREE. You don’t have to pay a penny for this guidance.To take advantage of these resources, it’s always best to think your idea through before you get in touch.No one will think or should think about your idea for you!

A checklist for brainstorming your idea : Who, What, Why, Where, How and When

  • Identifying the work you will be doing?
  • Why will you be in this business?
  • What is your market?
  • How big is the market?
  • Who are your competitors?
  • Why will consumers buy from you instead of someone else?
  • How will you pursue your customers (developing a market plan)?
  • Who will work, will you have a team and are you emotionally and financially ready?
  • Where will your business be (physical location, online, at home)?
  • How will you finance your venture?
  • When will your job start and whether it will be part-time or full-time
  • What is your passion?
  • What resources do you need to progress?
  • Where will you look for resources?
  • Where is your head?

Answering the previous questions before you talk to anyone will help you because now you have the foundational elements for a business plan and you can explain your idea to your closest friends and advisors in a more organized and concise way.

For now, avoid at this stage:

  • Having someone create your business plan for you. Business plans come in all shapes and sizes. Some are used only as guidelines for actionable items, and others are used to raise capital. You don’t need a business plan to start a business. You may need one in conjunction with a “Road Show” presentation and other items to raise capital.
  • Payment for the following types of services (marketing, SEO optimization, accounting software, promotional items (except business cards), courses on how to set up a website or blog, fundraising, lead generation, books, seminars, paid networking sites, etc. .). I repeat – marketing and other SEO tips and tools are available for FREE.

Why?

1) Because your first money should go to the legal and physical development of your good or services such as company registration, obtaining appropriate licenses, domain registration, intellectual property (IP) if necessary, choosing and purchasing a web format. Note. Many website designs are free, others have minimal costs. There are countless tools and plugins available for free or at minimal cost that can guide you through setting up a website.

2) “Cash is King”, your ability to manage cash early on adds a lot to your credibility if you are raising money for growth or development.

What you might pay at this stage is:

  • Professional expertise on the type of business to be established (corporation, subchapter S, limited partnership, sole proprietor)
  • IP Fees – If your business will have IP – seek professional help from a company that can provide references. No references = no verification. Don’t fall for the excuse that they don’t disclose customer information.
  • Market research, competition research. This is important to understand who your competitors are and why they might buy from you. Market research can be time-consuming, but it’s essential whether you’re running a home business, a service business, or have a new product
  • Help develop cash flow, capital requirements, spreadsheets, budgets, etc. if you’re not very good with numbers.
  • Engineering assistance for technical development
  • A person who can review your plans. Reviewing the plan is very important because the excitement of a new idea often leads to overlooking key issues. Make sure the person you’re talking to has not only the experience, but also the education to provide you with the latest knowledge base and business development tools.

Be very careful with any contacts that promise success. No one can guarantee the success of fundraising, market share, internet traffic, sales, store traffic, etc. During the planning stages, you can pay for tasks, but not for future promises.

Another big obstacle an entrepreneur faces is the emotional readiness to travel. Read “Riding the Emotional Rollercoaster of a New Venture” to understand the emotional rollercoaster headed your way. Underestimating the impact a struggling new venture could have on your lifestyle, family or mental health can lead to business failure almost as quickly as your cash flow dries up. If you are willing to pay for this service, there are some questions you should ask yourself and them before hiring a consultant, life coach or advisor:

  1. Is everyone scheduled?
  2. Why didn’t they succeed?
  3. What did they learn?
  4. How cash flow has affected your lifestyle
  5. How to manage the upper and lower part of the slide?
  6. Are you willing to tell me what I need to hear, not what I want to hear?
  7. Will you be there when I fall?

Too often life coaches, business advisors and consultants have never experienced the difficulties of starting and running a business. Too much”experts” require 1-3 successful ventures and a book, but have never experienced the hunger needed to coach and develop entrepreneurs. Don’t let your enthusiasm for starting a new micro-business or venture cloud your judgment.

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