7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

Startup financing is something that’s necessary but not always a welcome prospect. In fact, financing is typically one of the most difficult factors in any venture. It’s because raising money or applying for a loan is an unnerving process. After all, you don’t know what you don’t know. And, it’s that very ignorance which creates even more stress. But, with the right preparation, you can find the right startup financing. Startup Financing Sources Right now, there are good and bad signs in the economy. While tech companies are booming, retail chains are down. Of course, this is the natural cycle of the business world. So, don’t let headlines ruin your business dreams. Instead, focus on possible startup financing sources. Take a good look at what you really need first. If possible, bootstrap it incrementally. In other words, start off as a side gig. …for an entrepreneur starting out, it can be hard to sort through the many funding options available to determine which are most lucrative. While it would be ideal to line a roomful of investors out and let them fight it out for the honor of funding your business, that is often, unfortunately, not the reality. —Forbes.com If you don’t jump into full-time, you can grow it slowly. That means very little startup capital, as well as time. But, if you need to go another route, consider going through the small business administration. Or, take out a small personal loan. Obviously, if you have the cash, use it. Startup Financing Tips You can Use The problem many entrepreneurs encounter with startup financing, is taking a cavalier, shotgun approach. Put another way, they go after funding without a serious plan. And, that’s a recipe for disaster. Just trying to wing it will only invite chaos and confusion. So, here are some helpful startup financing tips you can use: Create a detailed business plan. Speak with an experienced business consultant about drafting a detailed business plan. This will reveal many things you might easily miss. Plus, it’s typically a commercial loan requirement. You need a clear roadmap and demonstrate your ability to monetize your idea. Seek advice from established businesses. Chances are excellent there are already people doing what you want. So, don’t let that be an intimidation or just look at them as the dreaded competition. Instead, seek out their advice and learn. Keep an eye on your personal credit score. If you do apply for a loan, your personal credit file will certainly be a big factor. Order your three credit files from Annual Credit Report.com. Then, go through each carefully to review for errors. Dispute inaccuracies and raise your credit score. Develop a good network with the right people. Networking is an invaluable resource. In fact, you’ll learn quite a lot from others. And, since that knowledge is readily available, there’s no reason not to tap into it. Outline a realistic budget and shop for financing. Finally, set a realistic budget and then shop for funding. Comparison shop and take your time. You’ll come out much better if you do and be thankful for your patience. What other startup financing options can you add to the list? Have you found or know more creative ways to get startup financing? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How do you tell your employees you’ve fired someone? The topic makes most entrepreneurs very uncomfortable. But, there are certain situations which call for this type of action. Previously, we’ve talked about how to fire someone. However, what happens thereafter? It’s not like people won’t notice he or she is gone. So, how do you deal with remaining employees in a way that moves your company forward? The truth is, there is no such thing as a perfect transition. However, there are ways to make it go smoother. Signs it’s Time to Terminate an Employee Before you do take the final step of termination, you should be totally sure it’s the only recourse. For instance, a team member who consistently drags down productivity (and, won’t take steps to correct their behavior). Or, an employee who drains morale or constantly stirs-up drama are also toxic — don’t let your organization suffer unnecessarily. Also, an employee who is apathetic doesn’t care about their work product or customers isn’t worth keeping around. One thing we know about human nature is that when there’s a mystery, people will solve it themselves: They make up the ending, and it’s almost always worse than reality. And that’s the problem–if you don’t tell people why, they’ll make up why. And the wrong why is almost always destructive. Information vacuums fill with rumors, and rumors lead to anxiety. —Inc.com Then, there’s the serial rule violator. Someone who just refuses to play by the rules. It’s time to stop banging your head against the wall and do your business a favor. These situations are typically the most disruptive and harmful to a company. How to Tell Your Employees You’ve Fired Someone Now, if it’s time to let a team member go, you’ll have to navigate your employees through a weird experience. Here are some helpful suggestions for how to tell your employees you have fired someone: Make a simple announcement. Convene a meeting or send out a memo. Simply state, “Bob no longer works here. Our transition steps are 1, 2, and 3. If you have any questions, please see Sue.” That’s it. Straightforward and to the point. Don’t share details or communicate negatively. After terminating an employee, the human temptation is to share your reasons for the termination in order to rationalize your decision. And, sometimes this leads to making negative comments about the terminated employee. Do not fall into this trap! Be a leader. Otherwise, any other communication is destructive and deteriorates your culture and you lose respect with your existing employees. Don’t tolerate rumors. Rumors are inevitable in these situations. Keep your ears open and if you hear one, nip it in the bud. Be polite but direct and firm. Do not let rumors become a distraction. Give people a chance to step-up. Since there’s an open position, you can ask who is willing to step-in and fill the void. This is a great chance to see which team members are the most eager and loyal. Seize the opportunity. This is likewise an opportunity to reset the company narrative. You might want to take it in a different direction or get back to fundamentals. Whatever change you’d most like to make, now is a prime opportunity. How do you tell your staff you’ve let someone go? What other suggestions do you have for these situations? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.