This column looks at different options for borrowing money, including Personal Cash and Debt, Friends and Family, Crowdfunding and Factoring. Personal Cash and Debt is the source of money for most new businesses. You dip into your checking or savings accounts and loan a certain amount of money to your new business. People often use credit cards, home equity lines of credit and loans from retirement plans as well. While these can be very effective sources of startup capital, they require disciplined record-keeping. Many owners are far too casual about mingling personal and business money, and you must keep detailed records of money given to and repaid by your business.
Do you know who your competitors are? Can you distinguish between direct and indirect competition? How long have they been in business? Is their product line more diverse or simpler than yours? Are they using social media or other online promotional activity? Who is doing the butt-kicking in target markets, you or them? We put high emphasis on research here at the BRIC and have a number of resources to help.
Lithium-ion batteries are not exotic, complicated or big. But if Tesla Motors locates a “gigafactory” here, the lipstick-sized batteries could change Reno’s whole universe. An announcement isn’t expected for months about which among five states would ultimately land the electric car-maker’s battery factory, though Tesla is expected to start breaking ground on two or three spots this summer. If Northern Nevada ultimately wins the factory, the region will need a crash course in “li-ions.”
The future of marketing is in shareable video. This month, nearly 200 million Americans will watch over 40 billion videos online. Tap into this audience by using these ten tips to fast track your business. First, get emotional – Your customers will evaluate your product or service with their mind, but they’ll buy with their hearts. Try to tap into your customers’ feelings by asking yourself who they are and how they’ll benefit from your product.
CustomInk, a 2012 newcomer to Reno, launched its online custom t-shirt design website in 2000, offering tools for anyone to design a custom t-shirt. Fourteen years later, the company had sold more than 50 million shirts and now employs more than 1,000 nationwide. Be one of the first to see behind-the-scenes at this innovating and energetic company.
Reno is trying to change its reputation and reduce its reliance on gambling by taking advantage of its location and low taxes to gain a solid footing in the new economy. Reno exemplifies how cities not far from California are trying to poach the state’s technology culture to help diversify their economies, marketing themselves as places where taxes are lower and environmental regulations are less onerous.