Joseph Laforte is one of the successful entrepreneurs of today. And hence, he is one of the best persons who can guide people on the ways to manage the funding of a startup.
He is a team leader at Par Funding, which is a Philadelphia based company that provides short term B2B capital to other businesses. This company majorly helps SMB companies, that is the small and mid – size business owners by solving their issues regarding cash flow or short term cash infusion. In this way, these SMB businesses can grow and expand as per their plans.
Joe Laforte and his team are proficient in providing quick deliveries to the people, and have an amazing reputation in the market. They also have a long and great record of closing the loans, that banks and other credit unions usually have problems with. Along with this Joe has also helped these small and mid sized businesses in managing their work capital efficiently. This is the only way they can grow and expand when needed.
Joe is a passionate person, who looks for investments and help people grow their businesses. He also believes in positively impacting the community which he serves.
Recently, many startups have been struggling to raise funds for their work, for example, last month, at least 12 D.C.-area startups raised a combined $89 million in capital. Taking the case of another example, due to Brexit issues, early stage investment in UK startups have hit a 4 year low.
For some companies, it is easy to raise funding. While for many, this is very difficult. Joseph Lafarte here helps you raise that funding for your start up effectively.
Here are some tips to raise funds for your startup:
- Take help from your family and friends
- Take small business loans
- Go for crowdfunding
- Take part in local contests
- Bootstrap your startup business, and so on.
These are few efficient ways you can consider and go forward.
What does it really mean to be an Entrepreneur?
We see that word a lot, especially in the business world. Entrepreneurship is an idea that is often tied to the concept of the American dream. An individual chooses to put their head down and work hard to open a business and are now reaping the benefits of investing their time, money, and energy.
For those of us who have a job in the traditional sense working for a company that we do not own, the idea of becoming an entrepreneur can be both exciting and intimidating. Not everyone is built to start a business and pour their soul into helping it grow and become their main source of income. So what does it really look like to be an entrepreneur in 2022?
Betting on yourself
Anyone who has started a business themselves will tell you that the key to success is believing in yourself, as cliche as that may sound. With all of the responsibility of the business falling on your shoulders, there is a lot of weight that you have to carry. Figuring out the product or service itself, marketing the brand online or through your network, and handling the logistics of owning a business are just some of the tasks that will fall on you. Depending on what industry you are in, you may need to take the time to be certified, especially for some trades where a license is required. Getting through “impostor syndrome,” or the belief that you do not have what it takes to achieve your goals, will be key to creating long-term success, but this is only possible if you truly believe in your abilities and your business.
Assuming all of the risk
The scariest part of being an entrepreneur is the inherent uncertainty. Will your business be successful? How long before you start to turn a profit? Will this business be able to support your livelihood both in the short term and in the long? These are questions that you will undoubtedly face as a business owner, especially early on. All of the risk associated with owning a business is yours. The best way to manage this risk is to seek assistance in the areas that you feel uncomfortable in. Don’t understand how to keep track of clients and invoices? Research the best software to help you. Having trouble with taxes? Hire a tax professional to work through the details with you. There will likely be aspects of owning a business that you will not even know exist, so be sure to do your research.
Reaping all of the benefits
While there is significant risk associated with entrepreneurship, there is also the possibility of success. In the event of success with your business, you will reap all of the benefits of your growth. Whether that means achieving financial independence, or simply living out a purpose and feeling fulfilled, you receive the full reward as the owner of that business. This is what most entrepreneurs keep their focus on and what gets them through the long hours and extreme investment of their assets. They look forward to the day when they reach their financial or personal goals, which makes the whole journey worth it.
The freedom of choice
This factor is especially evident with the wave of new businesses that have started since the beginning of the global pandemic. A huge number of workers have filed applications for new businesses in the last few years, with over 551,000 applications in July of 2020, a huge jump from similar time periods in years past. That trend has continued into 2022, with many workers leaving their regular jobs in order to pursue entrepreneurship. One of the main draws is the freedom of choice. You can choose what type of business to run, what product or service you will sell, what your company culture will be, where to allocate resources, and even what hours to work. People may have left previous positions for any number of reasons such as low pay, feeling undervalued, poor management, long hours, or simply burnout. By starting a new business, an entrepreneur has the freedom to customize the role to suit themselves. Even if there are long hours, the feeling of self-determined fulfillment can override the difficulty of running the business.
Entrepreneurship should not be taken lightly
As stated before, becoming an entrepreneur is not for everyone. Even if you come up with a great idea for a product or service, you may not have the capacity or the drive to turn it into a thriving business. It is important to spend time in reflection and doing research before taking the leap to make sure that you understand what you are getting into and what it will take to be successful. Lay out your goals, come up with a plan, seek outside advice from people who know you and professionals in the field you are interested in, and then make a decision. If you choose to go for it, then be ready to defeat that impostor syndrome.
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