on June 20, 2014
by Burton Law

Surviving your start-up - Self-preservation for new business owners

Creating a startup business from the ground up is never an easy feat. It takes plenty of time, money and sometimes, a negative toll on your mind and body. Many new business owners do not take into account the physical and mental toll of starting a new business. However, thanks to modern technology and professional legal services, start-up businesses are now able to grow and run smoothly.

The key to all successful startups is self-preservation. Many businesses fail because the founder, CEO, CFO, or whatever they decided to title themselves, burnt out when the going got rough. This usually happens when they have too much on their plate and too little of a cash flow needed to outsource the work. This is where technology comes into play and helps businesses save money and stay afloat. Back in the day, if you wanted out-source work, you had to search for another human being to do it for you. Today, we have the luxury to have access to a variety of online services and applications made specifically for small business owners without a substantial amount of disposable funds.

These five mobile and web applications are likely to contribute to your success, while helping you save time and money:

inDinero (iOS / Windows )- Manages payroll, accounting and tax needs.

Evernote (iOS / Windows / Android) – The ultimate virtual notepad, its features include, keeping track of trips, meetings, and frequently browsed web pages. It also shares notes with others and stays in-sync on all devices.

Expensify (iOS / Windows / Android)  – Create and manage expense reports.

Google Drive (iOS / Windows / Android)  – Create, edit and send files from your PC, tablet or smartphone seamlessly. It also comes with 5GB of free storage space.

HipChat (iOS / Windows / Android)  – On-demand business chat, perfect for business professionals with an overloaded email or for when emails just don’t cut it.

Another major overlooked aspect of creating a startup business is the legalities. Properly incorporating your business, operating with proper agreements, and having timely access to legal counsel are some of the most important steps in ensuring the future of a business. These services come in handy several ways, but most importantly, they will help cover your back and protect your precious investment. It is also a recommendation to seek legal advice before collaborating with another person or business because if negative situations arise, everyone involved is legally bound to their word. This may also help to protect personal relationships involved within a business.

The last important aspect of surviving your startup is staying true to your original business model. This involves sticking to your guns when opportunities, not only including investors, come knocking at your door. Many small business owners and entrepreneurs feel they are not in the position to say no, which is not true. Of course, at times, it is hard to say no especially, when bills are starting to add up and quick money is lingering in front of your face. Investors can sense desperation, and in turn, use it to their advantage.  When meeting with new investors, it is always important to stay cool, calm and collected. By doing so, it portrays that you have everything together business wise and are less of a financial risk. Also, when pitching your idea, make the investor feel like they are being invited into a secretive, elite club they have to buy into. This can only be done if your pitch includes solid reasoning as to why the investor can benefit from investing with you and not how you can benefit from them.

Keep in mind every business situation is different, what works for someone else does not always work for perfectly you. Just remember to keep calm and work on.

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