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Many of us abide by the mantra, “if you want something done right, you have to do it yourself.” But when you’re running a business, you just can’t do everything. It’s extremely common for entrepreneurs to feel pressed to play many roles in their business, and this leads to burnout. Delegation is a crucial skill that will free up your time to get important things done.

When To Start Delegating In Your Startup

How many hours do you spend on tasks that could easily be delegated to someone else? Each hour you spend responding to emails, making calls, managing social media pages and changing your toner are hours in which you could be growing your business.

If less than 75 percent of the time you spend working on your startup is billable time, you need to delegate. Small, unimportant tasks might be holding you back from making more money and expanding your startup. The more you delegate, the more time you will have to do high-priority tasks, or even just relax and refresh.

Remember, you are not an employee. You are a CEO. You should be able to gradually build a business that can function without your help with day-to-day operations. The more you are able to delegate, the sooner you will have the option of selling your business to a new owner.

Why You CAN Afford To Delegate Responsibilities

If you’re like many entrepreneurs, your business is funded by good, old-fashioned bootstrapping. Perhaps your business is still not profitable enough for you to earn a sustainable salary. Even so, you can afford to start delegating.

Outsourcing to a freelancer is a very affordable way to get simple tasks done. Easy, yet time-consuming tasks that involve very little expertise, such as data entry or copy-and-pasting, can be outsourced Fiverr. Avoid hiring designers and copywriters for the lowest possible rates; cheap work in these areas will result in designs and web copy that devalue your business’ reputation. You don’t need to expunge your budget on a highly paid professional; there are great mid-range freelancers who excel when working for startups. 

Your energy and motivation are limited resources. Delegating even personal chores, such as picking up packages from the post office or dropping off clothes at the dry cleaner’s, frees up your finite and valuable time for highly productive work.

Startup Delegation Done Right

When cost is not a factor, communication is. Provide detailed instructions, along with project goals and deadlines. Be sure to ask for frequent progress updates and provide constructive criticism. Successful delegation takes practice and patience. It means stepping back and trusting your employees to handle new duties. Be sure to reward a good job and increase responsibilities when you find someone whose working style harmonizes with yours.

For all entrepreneurs, time is an extremely valuable commodity. At first, you might feel a little guilty about delegating tasks you could easily do yourself. But you’ll soon realize that every moment counts, and buying time is one of the best decisions you could ever make for your business.

When you start your own business, you’re not just a founder. You’re a marketer, producer, designer, supervisor, visionary – and much more. So, if anyone can benefit from developing highly efficient time management skills, it’s you. 

Chances are, you have read dozens of resources on productivity. These techniques and tactics can be overwhelming and contradictory. You’ll find that time management strategies are rarely one-size-fits-all. It will take some adjusting to find the methods that make you the most productive. When you do find something that works, stick to it!

The Lifestyle Of A Prosperous Entrepreneur

Your personal habits and lifestyle make a huge difference in how easily you are able to manage your time. Make your wellness a priority. You can always seek new business opportunities or impress new waves of clients, but your health is irreplaceable.

Start off your morning with routine. Waking up should be easy. Do not overload yourself with decisions to make. Have a few breakfast options, and choose your outfit every night before bed. All you have to do is shower, get dressed and eat. If you start your morning running late, it’ll take longer for you to bounce back from that stress and start your workday.

Make sure you get enough sleep. Time management does not demand that you wake up early. If you’re a night owl, do your best to accommodate your best working hours and prime sleep schedule, even if it means sleeping in an hour later each day. There’s no point in waking up early if it does not give you more working hours in which you can flourish.  

Making Every Day A Productive Workday

You’re only human. You’re always going to have days where you work more effectively, think more creatively and get more done. With strong time management skills, you can work around your natural tendencies to get the most out of your hours. 

Plan your workday. The first thing you should do when you get to your desk or workspace is plan out your entire day and prioritize your tasks.

Take note of your most productive hours. Maybe you work at your best after lunch. Schedule especially difficult tasks for these hours.

Give yourself breaks. Use the Pomodoro technique.For every 25-minute block of productive work, give yourself a five-minute break. Your breaks should be refreshing and get you away from your desk or computer screen. Go for a walk, grab a snack, or do a few jumping jacks. Checking your Facebook or writing an email to your Aunt Sarah do not count as breaks – these tasks should be scheduled outside of your working hours.

Prioritize, prioritize, prioritize. And then prioritize some more. It’s so easy to get caught up on things that are not actually important. You’re just not going to get everything done. It’s up to you to choose which tasks are actually worth doing. If there’s something on your to-do list that you just can’t seem to make time for, commit to getting it done, delegate it, or just cross it off completely.

In today’s ever-changing markets and short-lived viral sensations, you don’t have time to hesitate when starting a business. Time management gives you more time and frees you from deadline-related stress. It eliminates the guesswork in getting things done.

If you have been anywhere near the Internet in the past several years, you have noticed that crowdfunding is a rapidly growing source of funding for charities, businesses, films and organizations. Your potential for fundraising is boundless. By reaching millions of people, you can raise money and awareness simultaneously. If your campaign page goes viral, it will essentially grow overnight. There are several ways of raising capital besides Crowdfunding, it all depend upon your business sector, what the funds will be spent on, and which province you are located in and your type of organization.

What Is Crowdfunding?

Crowdfunding is the collection of startup funds through very small donations from a large number of investors. These investors can be anyone: friends, family members, and fans anticipating the launch of your product. In return for a donation between $10 and $500, contributors generally receive a product when the business launches, a special note of thanks, or even involvement in the design of the product. Unlike other outside sources of funding, crowdfunding does not usually involve selling shares of your company.

How the JOBS Act Can Help Your Business

The Jumpstart Our Business Startups Act (JOBS Act), passed in April 2012, allows businesses to petition for funding online from the general public in return for equity, instead of rewards such as free products. At the moment, you can raise funds on sites like Crowdfunder.com, but only accredited investors (those with a net worth over $1 million or a yearly income of $200,000) may contribute. So, instead of tiny contributions from many people, you are able to collect larger contributions from just a few investors.

Creating Your Online Pitch

One of the benefits of crowdfunding is the fact that you will not need to worry about giving a slideshow presentation to a room full of investors. Instead, you will make your pitch to thousands of people online. While there are more people you will need to impress, you will have the benefit of pitching in the casual online atmosphere. Your main goal will be to get people excited about your cause so they will donate and share your crowdfunding page on their social networks.

• Keep it simple. If your contributors will be ordinary individuals donating for rewards, you’ll be hard-pressed to captivate them in seconds, before they click away to the next cat video. The first few sentences or seconds of your campaign should make your objective very clear.
• Use video and images along with text to engage your viewers and turn them into contributors. You should record yourself (or a friend) speaking about your business. Putting a face to your cause will help you establish trust and increase the likelihood that your viewers will donate.
• Get viral. The most successful crowdfunding campaigns create a strong emotional pull that drives users to donate and share. This could mean emphasizing your product’s benefit to the environment, its ability to improve mankind, or even diminish an everyday inconvenience. Position your campaign in a way that makes viewers think, “I have to be the first to share this!”
• Make it worth their while. If you offer rewards to your contributors, make sure they are irresistible and highly valued. If your contributors will be making a return on their investment with you, make sure to emphasize your company’s potential for creating wealth.

Crowdfunding is a unique way to find investors in that most contributors donate to campaigns they are passionate about. If you have a million reasons to be passionate about your business, share them with the world – you never know what could happen.

Creating a solid marketing plan is essential for any small business or startup. You will need a marketing plan if you are planning to seek funding for your business. Even those who do not plan to propose to investors should create a detailed marketing plan with actionable steps to creating the product, generating awareness and delivering to customers.

Why Create A Marketing Plan

Your marketing plan will act as a roadmap for the development of your business. It will predominantly describe the next 12 months, helping you set short-term goals that lead to long-term successes. You will refer to it quarterly, or better yet, monthly, to assess whether you are reaching your anticipated business milestones.

Planning will not lead to a set-in-stone, concrete journey, but it will allow you to assess whether there is a business opportunity available and whether you will be able to profit from it. Early planning and market research can save you from wasting time on a project that just was not meant to be. 

Before You Create A Marketing Plan

There are a few materials you will need before you begin writing. If it is not your business’ first year, you should have financial statements and sales data on hand to help you project the next year. You will also need any data related to your target market, competitive trends and industry statistics. Many helpful materials are available in city and state business publications, professional associations, your local Chamber of Commerce and associations of manufacturers. If you’re serious about becoming an entrepreneur, you will discover a lot of value in getting involved in any local professional and small business associations you can find.

The Basic Outline Of A Marketing Plan

There is no single formula for a marketing plan, and you may add or eliminate sections as it suits your business. You will most likely end up creating two marketing plans; one that you and your employees will refer to, and one that you will show to potential investors.

• Executive Summary makes up the first page of your plan, and no more. It summarizes the rest of the marketing plan and should engage readers, persuading them to read on.

• Company Overview describes your company as well as your products or services, and how they are unique from those of your competitors.

• Industry Analysis describes current trends in your industry. Here, you’ll illustrate where your company is positioned within your industry – do you differentiate yourself from your competitors by offering low-cost solutions? Do you offer exceptional quality or services that your competitors cannot?

• Customer Analysis contains data about your target market. You can gather information about your market through local business reports, trade publications and published statistics. You will also want to conduct your own research by surveying potential customers and getting to know how your company can satisfy their wants and needs.

• Competitive Analysis is where you’ll write data about existing competitors in your market. You’ll detail threats and advantages.

• Operational Plan describes how you will run your business. How many employees do you need to run your business? Include how many people you plan to hire, how you’ll source your product and your management strategies. 

• Marketing Mix is where you will describe how you will raise awareness about your company. This includes online and offline promotion, advertising, public relations, personal selling; any method you will use to get your product in front of prospective customers.

• Pricing details how much your product or service will cost to your customers. In this section, you’ll go over fixed and variable costs, your break-even point and a comparison of your pricing to that of your competitors. If your product is more expensive, how will it be superior in value to cheaper competing products? If it’s cheaper than others, how will this affect your marketing strategy?

• Budget will describe your expenses, sales forecast, and expected profits. How much will you spend on employee wages? What sales figures do you expect to reach in the coming months?

• Conclusion ends your plan with any closing statements and summarizes your next year’s goals.

Your marketing plan should contain relevant information and actionable steps that will lead you to your goals in the coming year. While the next year will not necessarily be predictable, and your goals could change, you’ll find a plan with clear steps and milestones to be very helpful as you refer to it in the coming months. 

Venture Capital Funding for Entrepreneurs

Venture capital is a source of funding for businesses that have a promising future for long-term growth. Startup firms and small businesses can gather a large amount of funding from venture capital investors, but, in exchange, they will need to sell at least 25 percent of their company. You might consider seeking venture capital funding if your startup has a high barrier to entry – it needs to be a business that can’t be started by just anyone.

Venture capital investors aim to make a sizeable return on their investment, which is why you would have to offer such a considerable portion of the ownership of your company in return for funding. If you are starting a business with the intention of being your own boss, venture capital funding would not be of use to you. But if your business has the potential for very large growth in the long-term, venture capital funding for your startup might be your most powerful opportunity for progress.

What Are Venture Capital Funds?

Venture capital funds are establishments that pool together money from different investors and invest the cash in small businesses and startups. You will need to pitch your business to a venture capital fund to be considered for investment.

How to Get Venture Capital Funding

Very few businesses are funded this way. In fact, just 0.06 percent of businesses are able to secure a deal with venture capital investors. So, it is very unlikely that venture capital funding is the best option for your startup. If bootstrapping will not supply the funds you need to start or grow your business, angel investors are most likely your most attainable option.

If you feel venture capital funding is right for you, you should introduce yourself to venture capital investors as soon as you start your business. You do not need to propose a deal immediately. You should just ensure that the investors are aware of your company. Early contact allows the investors to get a good idea of your rate of growth by the time you are ready to pitch your business. Some businesses are able to secure funding before they even launch, but this is very rare. It will take months, maybe even years to catch the attention of investors and secure a deal for your company.

What Venture Capital Investors Look For

Investors are always on the lookout for opportunities that have a high potential for making them money. They will only fund the businesses they view as having the lowest risk of loss and highest return on investment. With this in mind, you can create a pitch that highlights the potential of your business for long-term, high-return investment.

• Show experience. Investors have a tendency to prefer founders who have already successfully secured venture capital funding in the past. Even if it is your first time pitching for funding, you should present yourself as an experienced business owner. Your presentation should be polished, to the point, and professional.
• Demonstrate momentum. You will need to show that you will put the funds to immediate use, and that you have fast-moving plans for growing your company. Your startup should be progressing optimistically even without the help of venture capital funding.
• Be transparent. Make sure you have immediately access to any data you’ll need to answer questions and complete your presentation. Your presentation will not only consist of your slideshow, but the conviction with which you stand behind your business and your readiness for growth.

Securing funding for your business will take months, but that should not slow down the progression of your business. As you make pitches, connect with investors and propose deals, remember to only make funding efforts that are worth your time. Developing a strong business concept and managing your existing funds wisely will go a long way in showing investors that your company is profitable and constantly moving forward.

Once you have recorded your business goals and milestones in your marketing plan and strategic plan, you will create an operational plan that outlines just how to reach them. Operational planning includes the day-to-day operations of your business. It includes everything from design and development, to manufacturing and transportation, to marketing and distribution. Here, you’ll go over just what it costs to run your business. You’ll include the duties of employees and associates that make your business possible.

Why Entrepreneurs Need Operational Planning

Operational planning turns your goals into actions. While you will use strategic planning (inbound hyperlink) to set long-term objectives, your corresponding operational plans are where you show how your business will achieve them. Any time your business makes a major change or undertakes a new process, an operational plan will help you coordinate the necessary steps with your employees or partners.

You will need to create at least one operational plan for each fiscal year. This plan can be used to help create and manage your annual budget. You will refer to it as costs and operations change, and as you review milestones to decide if your business is keeping up with its forecasted progress.

How To Create An Operational Plan

Before creating your operational business plan, you will need your strategic plan, marketing plan, income statements, cash flow statements, balance sheets, as well as details regarding the roles and wages of your employees.

Begin by creating a flowchart of your business from the creation of your product, to the marketing and distribution and everything in between. A flowchart is a visual representation of each stage of operations. For each stage, you’ll branch off with details about the cost of supplies, wages for employees delegated to each department, service fees, maintenance costs and other expenses.

The first page of your operational plan is where you will create an executive summary, briefly going over each stage of operations. This can be created last. Your executive summary will be under a page long and may include page numbers and bulleted formatting to help readers easily navigate the rest of the plan.

Then, you will use your flowchart to make sections based on each stage of operations. You might create a section about research and development of new products, as well as sections about manufacturing, advertising, distribution and customer service. Each section will include who is responsible for each role and associated costs. Milestones, project dates and resources should also be included in each section.

You may decide to create an additional section about how the next year’s operations will be funded. Will you seek venture capital funding? How much will it cost to run your business each month? This section will help you create your budget. You’ll refer to it as unexpected costs and changes in operations occur.

Refer to your operational plan when creating a budget, allocating resources, and setting priorities for your business. While you will be planning each year, you may continually revise and brainstorm to keep your goals relevant.

Bootstrapping means starting a business with little to no capital from outside investors – by lifting yourself up by your own bootstraps.

This usually means relying on your personal income and savings to fund your startup. Many of the world’s largest, most highly successful corporations, (Apple, Dell, and Coca-Cola to name a few,) started with small personal investments from their founders.

In fact, Paul Aldrich, the founder of Yankee Candle, started the company on just 20 dollars borrowed from a close friend. It goes to show that you do not need a lot of money to make a profit. Over 90 percent of businesses begin without funding from external sources and there is a good chance that you are in this majority.

Why Should Entrepreneurs Bootstrap?

So, why do so many entrepreneurs start businesses with no outside funding? Simple. It’s difficult to find investors for your company, and many new businesses just do not have any other choice but to fund themselves. Seeking investors can take several months. It would take a load of time, money and effort that you may not be able to afford in the beginning stages of your business.

On the other hand, some startup owners are capable of acquiring funding but instead choose a business model that revolves around making the best of less startup capital.

One reason entrepreneurs choose to bootstrap is to maintain complete control over their new business. Accepting funding from outside investors dilutes your freedom to make the best decisions for the growth of your company. With no outside influences, you can avoid compromising in the best interests of investors and concentrate on progress.

Bootstrappers have the ability to pivot, or experiment with different business models, manufacturers, sources and techniques at a moment’s notice. Without investor influence, you can change your mind and try something new as soon as you realize your current plan is not working. Since you will be starting small, any mistakes you make at the inception of your business will also be small.

How To Make Bootstrapping Work For Your Business

Entrepreneurs who use bootstrapping to fund their startup (almost all of them,) have to find creative ways to use their money and stretch it the furthest. Your hard-earned cash has a greater value to you, so you will be more inclined to utilize management techniques that cut costs. Bootstrappers need to invest wisely in suppliers and materials to create the best product or service for the lowest cost. Your expenses will be low from the very start, maximizing your profit margin even as your business expands.  

• Reach out. While you can start a business without outside funding, outside advice and help should always be welcome. Consult small business owners in your community, and enlist the help of family members and friends when you can. Being sociable is a cost-free way to raise awareness about your startup and learn from those who have experience starting successful businesses.
• Lease, don’t buy. Whenever possible, lease your equipment instead of purchasing it. This will largely cut costs while assuring that you will have the equipment you need to start your business. You may need to shop around for the best rates.
• Grow slowly. When you start to experience success at the small scale, it can be tempting to take out loans to speed up the growth of your business. When you grow your business at your own pace, you can catch scaling issues early on and enjoy a smooth transition to a larger, more profitable business.

If the inability to acquire funding has held you back from starting your own business, bootstrapping might be your solution. The amount of startup funding available to you does not determine your success. Your ability to make the most of your cash with creative solutions and a solid business idea mean much, much more.