January 2020 - Rafferty Pendery

4 Things To Consider When Starting a Business

Jan 31, 2020

You have an idea that you are sure will take off. You’re ready to take the next step to go from just an idea to an actual business. You’ve googled “How to start a business” but aren’t quite sure what steps to take first. Where do you start?

In 2014, 80% of small businesses made it to the next year. Your business can make it past year one too. Here are four things you need to consider as you start your new business.

Market Research

Your idea could be the next big thing, but if you haven’t done the proper research to gather information about your target audience and competition you won’t be able to get it off the ground. Market Research is extremely important in the first stages of a new business. It will help you to find your audience and potential customers. Knowing your target audience from the start will help you to save time and money as you’ll be able to focus on getting your message and product to those who are most receptive.

Funding

Every entrepreneur knows you can’t start a business without money. When you search “how to start a business”, funding is one of the most important steps that always pops up. Since money trees haven’t been invented yet (at least ones with actual currency), you’ll have to try a few different options to raise the funds necessary to launch and keep your business running smoothly.

how to start a business

Bootstrapping: Many entrepreneurs start by self-funding their business, also known as bootstrapping. This could be done by using saved funds, tapping into retirement savings, or taking a part-time job. You may also forgo a salary for an amount of time to keep that money in the business.
Crowdfunding: This tactic for funding a business has become hugely popular as of late. Crowdfunding is when individuals invest or donate to new businesses and receive a product or service in return. If you already have a stock of product prepared or a service to render, this can be a great way to raise funds.
Business Partner: Similar to bootstrapping, finding a business partner who can also invest in the business is another way to fund your venture. It can also help in the long run to have more hands to run your business and have more connections to network with.
Investors: Finding investors is something most entrepreneurs are constantly working towards. If you’re lucky enough to find a reliable investor early on in your business venture, this can make a huge difference for you financially. You just need to be ready to show potential investors how your business will be successful and why it’s worth it for them to invest in you.

Business Plan

When figuring out how to start a business, your business plan will be the foundation. It will help you know where to focus, what goals to work towards and how to grow. It may seem like a simple tactic, but a plan has the potential to make a huge impact on your success, especially in the beginning. Take the time to write out a detailed business plan and then ensure that anyone working with you is familiar with and understands the plan.

Legal Elements

Ensuring that you have considered all of the legal elements early on in your business venture will save you a lot of time and potential frustration. Do the proper research per your business to make sure that you have covered all of your legal bases. This includes registering your business, obtaining the proper permits and licensing, getting federal and state tax ids, and more. It may be worth it to talk with a legal professional to ensure that you have taken all of the proper steps.

In conclusion

Being an entrepreneur is no easy task. But if you’ve covered at least these four elements, then you are off to a good start. Follow Rafferty Pendery for advice every day on how to start a business, avoiding entrepreneur mistakes, how to succeed as a tech entrepreneur and more.

2 Top Marketing Tips To Help Launch Your Digital Presence

Jan 29, 2020

Every tech entrepreneur knows that running a business is hard work. In fact, of all small businesses started in 2014, only 80% made it to the next year (2015). With everything you have to do, avoiding entrepreneur mistakes can be difficult. So if you’re new to the tech entrepreneurship game, or simply just looking for advice on how to elevate your marketing strategy, check out these two top tips.

Utilize Social Media Marketing

Over 244 million users were logging in to their social media accounts by the end of 2018, and that number is only projected to rise. It is for this reason that incorporating social media platforms into your digital marketing strategy is strongly recommended. There are three main routes you can choose from when developing your strategy, or that you can combine into your strategy. These three options are:

Content Marketing:
Content marketing involves making a social media account for your business or brand, and regularly posting content. Posts can include tutorials, how to videos, customer ratings, advice on how to use your product, informational graphics, etc.

PPC Social Media Ads:
Depending on the brand you’re creating, you may decide that having a social media account just doesn’t make sense. If you don’t want to commit to content creation, consider using social media for targeted ads. Similar to creating ads for websites, you can customize who your ads appear for, and the specific call to action you want them to make. You can even have multiple images in an ad, and add price tags and brand info directly to the post.

Influencer Marketing:
If you decide to go for a middle strategy, you could create adds and pay micro influencers to help market your brand. This would involve paying social media influencers to talk about and review your product or brand and giving their audience a call to action.

Implement SEO Best Practices

SEO, or search engine optimization, is all about increasing the likelihood of searchers finding your website. There are three basic SEO strategies you should be implementing into your marketing strategy. These include:

PPC Ads:
Pay per click ads are ads that you pay for only when a consumer clicks on them. These can be used for social media, google ads, and in your retargeting strategy if your website has a selling platform. PPC ads are broader than social media ads, as they can be placed anywhere on the internet.

Strategic Use Of Keywords:
Keywords help search engines understand what your website is about, so that it can better match your site to search results. Having a tech entrepreneur blog is a great way to incorporate more keywords that are relating to a variety of topics on your page.

Inbound Links:
Inbound links are links to your website that other sites are using. Google for examples assumes that you are a more credible source of information if you have a lot of inbound links to your website, and thus will rank your site higher in search results. Getting other sites to link to your website can happen organically, especially if you have an informational blog thread. You can also email webmasters and ask sites to link to your page if you think their platform could benefit from your information.

Final Thoughts

Taking your brand online is a necessary step if you want to be successful in today’s economy, but it can be stressful trying to figure where to start. However, if you follow these top two tech entrepreneur marketing tips, you’ll have a high traffic website in no time.

Answers to Two Common Entrepreneurship Questions

Jan 20, 2020

Being an entrepreneur is hard. This is why one of the best things entrepreneurs can do is get out there and ask questions. Whether you’re specifically looking for tech entrepreneur advice, or you just need general tips for entrepreneurs looking to avoid common entrepreneur mistakes, these questions are bound to be relevant to your endeavor.

entrepreneur mistakes

How Do you Come Up With Ideas?

The workings of inspiration largely remain an enigma to us all. Often, ideas can seem simply to materialize from thin air. But those who have extensive experience in the business of coming up with ideas inevitably have some tricks up their sleeve. A common approach is combing through one’s own life for areas in which one needs assistance.

If you find a daily problem in your life — or even something rather rare or niche — and there doesn’t seem to be any solutions available, there’s a good chance you have a business idea with real potential on your hands. Don’t stress if the issue you’re addressing feels too specific; there are so many people out there, some are bound to have had a similar experience.

How Do you Choose the Right Business Idea?

Anyone who has come up with a business idea knows, the first thought that appears in their head will inevitably be, “Is this idea actually good?” Sadly, if this question had a simple answer there would be far more business owners out there. However, there are a number of key questions you can ask yourself to maximize your chances of success:

Does this idea sufficiently match my interests?
One of the classic entrepreneur mistakes is choosing to work on an issue that does not personally move them. You can have a great idea, but if pursuing it would make you miserable, there is no point. You must find a degree of joy in your work, or else it will not be sustainable.
Do I possess the skills necessary to pursue this?
One of the best things an entrepreneur can do to increase their chances of success is leverage skills they already have. If you feel like you are out of your element when working on a project, you’d better do your research!
Can I feasibly start this project given my situation?
Numerous personal factors can impact the success of a new business venture. If you have an amazing idea, but you live nowhere near the region where the market for your idea exists and you cannot relocate, it may not be the right time. Entrepreneurship is not just a financial investment — it’s a personal one. Finances do play a highly significant role in a venture’s success, though. In fact, a study by U.S. Bank found that 82% of all business failures were the result of problems with cash flow.

For more tips on avoiding entrepreneur mistakes and starting a successful venture, visit raffertypendery.com

How to Impress Event Managers by Being the Next Best Paid International Speaker

Jan 15, 2020

Would you like to be a paid international speaker to share your insights with audiences all across the world?

Rafferty Pendery is a public speaker who started as an entrepreneur. He founded his first company when he was only 11 years old. He has partnered with NASA, the Canadian Space Agency, as well as many other companies, from small to top Fortune 500 businesses.

Today, Rafferty is a paid international speaker who is sought after by businesses for their marketing events. Event managers are always looking out for people who can inform and entertain their audience. If you want to be a keynote speaker, you need to understand it from the event manager’s perspective.

All About the Image

In the United States, you can be paid anywhere from $2,000 to $30,000 for your speech, depending on your clout. A paid international speaker may be a celebrity, top entrepreneur, or athlete who can demand a fee well over $50,000.

Event managers view the money they pay these personalities as an investment. When they consider different speakers for their next event, they tend to pick those who can bring a good return on their investment.

Also, event managers look for people with an image and message that will resonate with their audience. Even though you may have clout, if your message does not align with the event, you will not have as much of an impact. Therefore, an aspiring paid international speaker should do a lot of research on the platform they want to share their stories.

paid international speaker

Telling a Compelling Story

In public engagements, stories should be simple yet compelling. Some of the information you share will be complex and boring in its natural form. Many people tend to be anxious when speaking in public. That includes more than 58% of lawyers who are often introverts.

But anxiety is not always the issue; rather, it is one’s ability to weave a narrative and captivate the event’s attendees. International public speakers with experience can tell a nondescript story by adding plot twists and mysteries. They can take on any topic like finding a business partner, or how to become a tech entrepreneur. They then break it down into a narrative that is easy to understand and remember.

Show How Your System is Effective

Another critical aspect of public speaking is how you demonstrate the efficacy of your system. Even though your online marketing or entrepreneurship model may be useful, you may present it in a way that does not resonate with your audience.

A paid international speaker should show how the system will work in a different economy with varying demographics. It is one of the areas that you need to research. Otherwise, the audience will ignore the message.

You can improve your speech by finding the right type of presentation. There are four different types.

Informative: The goal of the presentation is to reinforce or expand on existing information. It is used by experts and industry players.
Instructive: The presentation aims to provide the audience with practical information they can use in their day-to-day life. It often involves hands-on workshops to teach attendees how to use a new application or tool.
Inspirational: Inspiration is used by motivational orators who want to influence people with their ideas. The most powerful tool for paid international speakers is great storytelling.
Entertainment: The presentation not only employs information through public speaking, but it often includes performances such as comedy or musical arts.

You may check your presentation with your colleagues, friends, or peers in the industry before showing it to the public. If you run a tech or entrepreneurship blog, consider giving out some information to test your audience’s reaction and to bring in more fans.

Bottom-Line

Becoming a paid international speaker involves a lot of work in terms of research and writing compelling stories. However, the work also has many perks, which can include visiting new places around the world, influencing people, and of course, making money doing something you love.

3 Myths About Starting Your Own Tech Business

Jan 10, 2020

Several tech entrepreneurs have become celebrities in the recent past. Thanks to the media covering them extensively and sometimes sensationally, they continue to inspire awe and admiration. Since the advent of the internet, this breed of businessmen and women has been on the rise. They have become larger than life, taking the same rank on the food chain as rock stars and Hollywood actors.

Unfortunately, these fancy news stories tend to contribute to myths on how to become a tech entrepreneur. The characterization of their personalities sometimes distorts how people perceive the tech sector and its function. This article looks at some of those misleading ideas that can derail your journey as you plan your tech venture while offering some tips on how to succeed as a tech entrepreneur.

Myth 1: As boss, you can do what you want

Part of the misconception on how to become a tech entrepreneur is the idea that being your own boss makes life easier. That is probably because most high-profile people in the technology business seem to have an easy time. It may seem like all the heads of tech companies do is to give orders.

However, it is one of the critical entrepreneur’s mistakes to jump into this career simply because it seems greener on the other side. You need to remember that business requires a lot of work and planning. During the initial stages of the startup, the head of the organization must be careful not to neglect the core responsibilities. That means you may have to work for longer hours than you did at your previous job.

You should commit fully to making your idea a reality. It will involve a lot of research, understanding the market, setting up the business, and finding a business partner. That is why it is always advisable to start an initiative that revolves around something you truly love. Passion will keep you going when the journey gets tough.

Myth 2: You need a completely unique idea

Another myth on how to become a tech entrepreneur is that you need a completely new idea for the market. As they say, there is nothing new under the sun. Many of the earth-shaking ideas that have taken over the technology industry today were innovative tweaks to existing products.

Some of the most successful startups were set in motion by observing an existing gap in the market. For example, Lynda Weinman was teaching web design when she realized her students could only access bland and plain textbooks. She began working on Lynda.com to provide online tutorials that were more engaging. She would later sell the company for $1.5 billion to LinkedIn.

You can also combine a set of skills to address a pressing need. For example, Shutterstock founder Jon Oringer was a software developer who enjoyed photography as a hobby. He used his collection of photos to start a stock image website that is now worth more than $2 billion.

Myth 3: You have to be a reckless risk-taker

Another myth on how to become a tech entrepreneur that tends to discourage aspiring businessmen is that you need to be continuously taking risks. Statistics show many small businesses fail within the first five years. One major cause of failure is lack of planning and cash flow problems.

You need to have a clear outline of your plan that is within safe limits of risk. Do not be tempted to use your mortgage or all your life savings to start a business. It may sometimes be wise to delay quitting your full-time job before you can properly establish your startup venture. Indeed, risk-taking is an important part of running an enterprise. But manage these risks wisely so that you can effectively steer your business through the hard times.

Entrepreneurs can get caught up in the fantasy of being the CEO. To avoid this pitfall, focus more on the nuts-and-bolts of your business, rather than fancy ideas about your business. That way, you will have the right mindset, which will help you avoid myths, misleading notions, and common entrepreneur mistakes.

4 Barriers To Becoming A Better Public Speaker

Jan 6, 2020

Having a fear of speaking in public is extremely common. In fact, about three out of every four individuals suffer from speech anxiety. As a tech entrepreneur, possessing a strong public speaking presence can be detrimental to your career and entrepreneurial success. Thankfully, this skill is malleable and can be improved upon. If you have been wondering how you can improve your own public speaking skills, check out these four potential barriers to success and how you can overcome them.

tech entrepreneur

Past Failures

As any tech entrepreneur can tell you, failure is inevitable. One of the biggest obstacles people face when developing their public speaking skills is the haunting remembrance of a time when they forgot their words in front of crowd, or had to run off a stage after puking from stage freight. If you’ve had a horrible experience with public speaking, the first thing you should do is admit that you missed the mark in the past. Then, accept that learning opportunity and decide on what can be done differently in the future. Do you need more practice speaking in front of a smaller groups first? Or perhaps not drinking coffee before a big presentation can help calm your nerves.

Insufficient Preparation

Delivering a proper public presentation is only about 30% of what goes into public speaking. The other 70% is preparing what you want to say, and practicing it. Failure to prepare is another common reason speakers fail to impress while public speaking. Each person has their own preferred method of preparing for a speech or presentation. You may choose to write out what you plan on saying, to create a bullet-point list of key talking points, or to rehearse the presentation in front of a close friend. If you do choose to have someone else listen to your presentation before you give it, make sure you allow that person to give you feedback on how you did.

Lack Of Real Engagement

In today’s modern society, the internet is more accessible than it has ever been. Although texting and talking with your keyboard is more convenient and easier than talking in person, any public speaker can tell you that avoiding conversation in real life is not helpful in learning how to succeed as a tech entrepreneur. You need to learn how to think on your feet, and how to get back on topic in real time if you drift off on a tangent. You cannot learn how to read your audience behind a computer screen, and you certainly can’t feed off the hype they give you when you’re killing a speech.

Failure To Self-Evaluate

This is one of the most common entrepreneur mistakes being made. You cannot let any success you have had in the past go to your head, including previous public speaking wins. You need to constantly be evaluating your performance, and trying to improve on your weak points. A great method for doing this is to have a trusted friend watch your speech, then compare your notes. Ask yourself, did your friend have the same impression of your performance as you? Did they understand your message? Did you seem confident throughout the entire presentation?

Final Thoughts

Getting over a fear of public speaking can seem impossible, but it doesn’t need to be. As a tech entrepreneur, you are resilient. Just like any other skill you’ve learned, becoming a stronger public speaker takes time and practice. As long as you can identify what is holding you back, like a previous failure, you can learn to overcome it. So take the time to prepare for your next presentation, and have a friend help you assess how you did once you finish.