Back by popular demand… “Couch Sessions.” In today’s fast-paced world, small business owners are even more hyperconnected and overloaded with information, choices, and distractions. One of the hardest things to determine is whether you’re on the right path or not. Great work requires taking risks. Couch Sessions offers practical information, new perspectives and quick tips to help point you in the right direction.
Are you a struggling, frustrated or just inquisitive small business owner? Got a question you just can’t seem to find the answer for? Please submit your small business questions here. Get Be sure to bookmark and check this page each week, your question and the reply may appear right here in “Couch Sessions” for the Small Business Owner. This week on Couch Sessions…
Q1: What are the best ways to raise money from the bank if your business has no collateral? Vladimir Gendelman, www.companyfolders.com
The economic crisis certainly took its toll on small business. Despite political and policy changes and financial institutions slowly opening their coffers again, even with great profiles, small business owners are still finding it difficult to secure funding to start-up and sustain their businesses. There alternative and often times more costly non-traditional financing options available including: accounts receivable funding, courting private investors – with a good business plan and idea with high growth potential, you can attract and negotiate an appropriate partner with good credit and collateral; peer to peer financing - where lending companies ascertain your authenticity and pair you with potential peer lenders; online cash-advance funding from innovative companies like Kabbage, are expanding. Do your research and carefully review the above options. However, before going any of those routes, be sure your business profile is high and tight (i.e. business plan with cash flow projections – stick to the facts keep it short and simple, solid infrastructure, complete branding profile, etc.)
Q2: As a small business owner, are you better off selling your business or training your kids to run it? Vladimir Gendelman, www.companyfolders.com
Business owner parents should always provide an opportunity for their children to experience what it is like to own and manage a business. It comes with so many ancillary lessons (i.e. discipline, organization, management, accounting, customer service, etc.) Sometimes it plants a seed for them to continue and advance your efforts and sometimes it shows them what they “don’t” want to do and perhaps gives them some ideas of their own. Either the way, the opportunity should be offered.
Q: How do you know if you've found the right balance for work and business? I spend my whole day dialed in and being bold with my business. And I start my day with a run, end with a mini walk, and if I'm lucky, some yoga on the weekends. But at day's end, I have a hard time getting all those synapses to chill out. (I think after fighting my Lyme disease into remission, I'm afraid to loss any moment of being well.) Do you have any go-to practices that help you quiet all the noise at day's end? Cheryl Laughlin, www.bitsoflovestyle.com
Finding a balance between work and business is often the mythical unicorn for small business owners. Some don’t think exists. Your concerns are not based on balance, but on the capacity and ability to release, let go and be in the moment. You’re already finding moments of self-care (i.e. yoga, runs, etc.). Those “breaks” are the perfect time to just “breathe” and be in the moment. When you wind down for the day, a simple step like writing down those “random thoughts,” will help you release them. For some reason, putting them on paper gets them out of your head. Keep a pad of paper by your bed and when those reminders, thoughts, ideas, etc. pop-up, jot them down and release them. They’ll still be there tomorrow…. AFTER your morning run, shower, breakfast etc. It’s a habit that is built over time as you train your brain to relax, release and let go. Wishing you continued good health!
Now let’s talk about YOU! Are YOU a struggling, frustrated or just inquisitive small business owner? Need help NOW? Click here.
A.Michelle Blakeley is the founder of Simplicity Mastered. Blakeley is a Micro Business Therapist professional with extensive experience in business organization and has successfully counseled hundreds of small business owners through the daily challenges of operating a small business. When you need to reorganize your business, there is one place that has everything – Simplicity Mastered. Maximize your time and budget with a Micro Business Audit, Customized Business Organization and Micro Business Therapy™. Get your business DONE.