The BOSS Network Blog

A few weeks ago, my sister posted one of the funniest Facebook status updates I’ve read in a long time. She said: “I followed this rainbow for my pot of gold and it took me to work! Hmmm!” Do you need capital to startup a business or expand your existing business? Where will you get the money? The days of zero-down loans are pretty much gone, and if you’re thinking of getting a grant to start a business or expand, you’re out of touch with reality. Most grant programs require matching funds and they’re rarely geared to for-profit businesses anyway. So where does this leave you? First look within. Whatever your capital needs, you should expect to put on the table a minimum 20% of what is needed from your own pocket before asking family and friends for their loot to go into business for yourself. It should be no surprise to learn that about 60 percent of small business financing comes from commercial banks. It also should be no surprise that today’s lending standards are much t...

Over the holiday break, I took the opportunity to catch up on some long overdue reading.   Although there were at least a couple of news stories related to business closures that I read which left an enduring mark, for the purposes of this blog post, I will discuss the article called “ 5 Businesses That Failed to Survive Trials of 2011 ,” which appeared in the nationally-recognized New York Times. From my perspective, there were six very important takeaways and common themes that are applicable to the novice as well as experienced business owner: 1)       Nothing is off the record when you are speaking to the media , so THINK before you speak.   If you’re not careful, your harsh words may haunt you well beyond your years in business.   Resist the urge to tell the reporter that you did everything right.   Don’t get caught up in playing the victim, as you may feel like you have all the power when you are talking and the reporter is hastily ...

If you are thinking of starting a business with no money, THINK again.  Why would you do something so stupid?! It’s like going to a bar without your wallet or purse. You can’t buy. When you go into business without money, you can’t serve—not well anyway. If you want your customer’s first experience with you to be pleasant, you’re going to have to spend some money, whether for packaging, a well-done and presentable menu, bagging and labeling, or a professional-looking invoice or receipt as a minimum. And why is it that you don’t have any money anyway? If and when you decide to go into business, it’s going to take real discipline to stay within your budget and spend according to a plan. You will also need to continue (not start) to save money for a rainy day. If you’re not saving any money now, how can you expect to start a business and do any better? Don’t start a business thinking that you’re going to solve your money woes in a hurry. Trust me, if you have no money now, cash flow ...