How to Fund a Startup When Your Bank Account Has Seen Headier Days

By: Erica Bell and Katie Finnegan

Starting a company without any funding is certainly a daunting prospect. There are so many necessary expenses, not to mention the things you really want to splurge on. After all, you want the best for your company, don't you?

Still, how on earth can you be expected to get a business off the ground with, well...nothing? Lucky for you, it’s not quite as impossible as it seems. Here’s our advice on getting your company started without any funding:

Family and friends

Use your network. Friends and family can be the greatest resources you have when it comes to starting your business. Think about what skills they might have and seek them out. We searched all of our connections on LinkedIn to see who might be able to help us or could at least point us in the right direction. This doesn't end at funding, however. Family and friends are the best resources when it comes to introductions too. You never know where conversations with your immediate network may lead. Just make sure you’re willing to return the favor.

Spend frugally and think creatively

When you don’t have any funding, it’s important to really question every dollar you’re spending in terms of return on investment, or ROI. How much further towards your goal will this expense really get you? Whether it’s tech development, sales or user acquisition, it doesn't matter, if the ROI isn't high enough, it’s not worth your money.

Crowdfunding

Check out crowdfunding sites like Indiegogo and Kickstarter. Not only can you raise money, but it could even turn into great publicity for your startup. You just have to get people excited enough about what you’re doing that they’ll spread the word.

The experience can also serve as a good litmus test. If you aren't reaching your goals, think about why your campaign isn't resonating: Is your idea not yet fully developed or are you just not communicating it clearly enough? Also, try throwing up a splashpage. There are free sites like launchrock.co where you can try different ways of marketing your site and gauge your audience’s appetite before you officially launch. If people really believe in your idea, and it’s something they want to see come to life, you’ll be sure to see great results.

Self-funding

At some point, you’re going to have to just take the plunge and put your own money on the line. Before diving in headfirst, sit down and consider just how much risk you can stomach. How much can you afford to lose? Know your financial needs and budget for them before going all-in on your own company.

It may seem like a scary process, but whatever you do, don’t wait for the perfect situation to come along before getting started. Working with what you have, along with some perseverance and creativity, will go a long way.

The author is an Entrepreneur contributor. The opinions expressed are those of the writer.

There Is No 'I' in Startup: The Importance of Having a Solid Team

By: Eric Muli

No matter how hard you try, you can't do it all.

As an entrepreneur I understand the desire to take the bull by the horns and be the lone captain of your startup. You are the idea-generator and innovator behind the company, and you may feel like nobody else really "gets" your vision as clearly as you do. This could be true, yet, controlling every detail will make it impossible for your company to scale.

I suffered from the same “disease” when I was starting Zabamba, Africa's first social rating and review platform, and in the concept stage. I soon realized ideas are great but execution is key. To succeed, I had to let go of the reins a bit and inspire like-minded people to adopt the same passion I had for my venture. I began formulating a team that would help me streamline the vision of my company and steer it in a strategic direction.

Building a team that meshes well, enjoys working together and has just as much passion for the business as I did, was a big challenge. Yet, it was an imperative step to get my business off the ground. And it paid off. My business has managed to secure a round of seed funding, we had our alpha launch this August and have amassed more than 1,000 daily users.

If you are thinking about trying to do it all by yourself, don't. Here are three reasons a quality team is a must for a startup:

Constructive Criticism. Starting up is no easy task. No matter how much you believe in your idea and the execution, it's almost impossible to continually counter-check yourself and ensure you are managing your business the best way possible.

Even the greatest plans have flaws and when an entrepreneur is deeply rooted in all the intricacies of launching a business, it's common for him to overlook these issues.

This is where a team comes into play. It’s important to have team members that will not hesitate to point out your mistakes and work towards offering forward thinking solutions. You may be the lead entrepreneur of your venture but in no way does that make you perfect. You never know, that mistake your partner just corrected could be the difference between the success and failure of your business.

Different Perspectives. There’s always more than one way to tackle a problem. The more ideas taken into consideration, the stronger the solution.

Most entrepreneurs have a particular way of thinking and solving problems. Regardless of how successful he is, using the same problem-solving tactics will not always work. There is something to be said about an entrepreneur that can strategically pick the brain of a group of people, sieve out the best ideas and merge them into a combined superior solution.

Two heads are better than one and having a team to bump ideas off will undoubtedly teach you to better appreciate and understand the importance of listening to other’s ideas and ensuring your start-up gets the best of both worlds.

Expanding your network. Recruiting a team is more than just bringing people to sit around a table and make decisions.

Every individual you bring on board comes with their network, which at some point could be very useful to your business. We’ve heard a lot of people say, “it’s not about what you know, it’s about who you know.” That is debatable. However, expanding your network is one of the most important things you can do for your business.

When it comes down to it, both customers and investors are more inclined to give out money to people they already know over somebody who has been perennially trying to reach them through their LinkedIn, Facebook and Twitter pages.

Yes, it’s very possible for a lone entrepreneur to build his own network, nobody is doubting that. However, contrast one person running around networking, to three or four equally skilled people doing the same. The potential for success is that much higher, and it is also more enjoyable.


The author is an Entrepreneur contributor. The opinions expressed are those of the writer. Read more about the author: Eric Muli

Big Picture Marketing™

We are excited to introduce the first video in a series that will help you best take advantage of your marketing opportunities. Please take a moment to view the video and see how you can start using Big Picture Marketing™ today to build your practice.

Daniel Pisek, President and Practice Marketing Coach of Full Contact Marketing, talks about the 10 BIG ideas to successfully market and move your practice forward.

Download and complete the Big Picture Marketing™ Scorecard

So What’s The Big Idea Anyway? (Part 2)

Recently, I had my annual meeting with a longstanding client to plan our marketing work for 2013. The meeting started with a recap of the previous year’s marketing activity. Along with being pleased with their 2012 campaign’s return on investment, they were thrilled by the positive impact their new office window graphics had on attracting new patients. In previous years, window graphics was simply an idea for consideration, but never executed. But last year, they gave us the okay to proceed. Their only regret was not doing it sooner, as this tactic helped create awareness for their practice with everyone passing by.

On a grander scale, some of the more common ideas I have advised on include business to business marketing with local banks and other businesses next door, sponsoring an event at the dance academy down the road, introducing yourself to the local community health club, outdoor advertising on a bus or bus shelter, or getting involved with a local community event or festival.

This past summer, I coached a client who wanted to target market the business professionals working in their local banks. My first message to them was that B to B marketing (business-to-business) required a different approach than B to C marketing (business-to-consumer). B to B is much more about professional salesmanship so that one can professionally introduce themselves. The next advice I offered my clients was to ensure they had the right advice. The mindset and the needs of the business professional are much different than the general public who generally have the needs of their

family in mind.

Whatever the size and scope of the idea or opportunity, make sure that you do it well, so it helps build on your professional brand identity. Here are 5 simple ideas to help you tap into your best unique practice marketing opportunities:

1. Identify the opportunities: You are an entrepreneur after all, and the gathering of ideas starts with opening up your mind and taking a look around your practice. Get in your car and take a drive around, see what others are doing in other industries and get your team involved with suggestions. Challenge yourself to make a list of ten opportunities.


2. Qualify these opportunities: Take your list andrank them in order. You should base your rankingson those that best compliment your practice brand. Also, determine which opportunities have the most potential to provide the best benefits, whether it be immediate new patient generation or longer term brand building in your area to your target audience.


3. Select your top two: For the next twelve months, make it about delivering well on your top two opportunities. You have a lot on your plate already, and focusing on two tactics should be manageable and allow you to execute both of them very well.


4. Bring your “A” game: Whatever the opportunity, set a budget for the initiative and do it well. Whether you are participating in a community street festival, or introducing yourself to a class of toddlers, make sure that you exude the image of a successful practice.


5. Be professional in your approach: When other parties are involved, the best way to start is to have a meeting to discuss each other’s business goals and needs in terms of how you will be working together.

At FCM, one of our most important jobs is to get you noticed and standing apart from the rest. We've had great success consulting many clients with strategic business-building marketing ideas to help them grow their business. Every practice is unique and has its own set of opportunities.

So what’s your big idea anyway?

Bottom Line: This article contains tips from a dental practice marketing professional who helps clients discover the ‘Big Idea’ for their practice from a marketing perspective.

Author: Dan Pisek, Practice Marketing Coach

So What’s The Big Idea Anyway? (Part 1)

By: Dan Pisek, Practice Marketing Coach

Wrapping your vehicle with your logo and brand colours and driving around your local community. Making a presentation to kids at a local school to promote the importance of good brushing. Introducing yourself to other local businesses. Getting involved or sponsoring an event in your community. Taking promotional frisbees to the beach. Booking the local arena for a “Patient Appreciation Day Skate”. These are just a few ideas that I have discussed with different practices to use to set themselves apart from their competition.

I am often asked the question “What big ideas do you have to help me promote my practice?” Anyone who knows me, or has worked with me to market their practice, knows that I love discussing new big ideas. But before the big ideas start happening, there needs to be a Marketing Action Plan in place which speaks to my “five practice fundamentals”:

1. Have a brand identity that speaks to your practice vision.
2. Leverage your website to be your perfect sales agent.
3. Make the most of every patient relationship with a proactive approach to communication.
4. Build awareness in your local community with a regular presence.
5. Engage your team to make the most of your marketing efforts.

A great brand identity, current practice website, patient newsletters (print or electronic), consistent mailers, regular marketing meetings with your team are all tactics that need to be in place and working well together. It’s kind of like making music: you want to have the right instruments playing in your band - and the better the harmony in the instruments playing together, the better your sound.

Once you have my “five practice fundamentals” supporting your big picture vision of your perfect practice, then you can begin to think about other
opportunities to market your office.

I believe that every practice is different and holds its own set of unique marketing opportunities. It seems like more and more practices that I speak
with already have identified an idea or two, but just don’t know what to do with them, or how to take action. For example, on a smaller scale, this could mean installing the right window graphics with the right message on the front of your office, adding the right patient education television system in your patient waiting area, better merchandising of some selected treatments or services, introducing hot towels, a coffee bar or something new to enhance the patient experience, or taking the patient referral program to a higher level.

Continue Reading: So What's The Big Idea Anyway? (Part 2)

7 Things Great Entrepreneurs Don't Do

Author: Steve Tobak

These days, everyone with a MacBook and a blog thinks he’s an entrepreneur. Well, here’s a little tough love for the entrepreneurial generation: Calling yourself a CEO doesn’t make you one and a small army of Twitter followers doesn’t make you a leader, either.

As a wise VC who’s name escapes me once said, “There are entrepreneurs and there are Entrepreneurs.”

Not to dash your hopes and dreams, but the truth is the vast majority of you simply aren’t cut out to be entrepreneurs or leaders. I know you don’t want to hear that, but it’s true. And the sooner you realize you’re not going to be the second coming of Mark Zuckerberg, the better.

Don’t get me wrong. It’s great to reach for the stars. As Robert Browning said, “A man’s reach should exceed his grasp.” But having grown up in the high-tech industry and worked with hundreds of real CEOs, VCs, and Entrepreneurs for decades, one thing I can tell you is the word has become so overused, it’s almost meaningless.

So while there is no one-size-fits-all model for true entrepreneurs, in my experience, there are some things they seem to have in common. This might surprise you, but what sets them apart isn’t some laundry list of attributes. It’s their actions. What makes them unique is what they do and, perhaps more importantly, what they don’t do.

1. They don’t think about work-life balance.They’re mostly workaholics. What that means is their work comes first. It’s what they live for. They’re not freewheeling, fun-loving people who live for the weekend. They live to do what they love, and that’s work.

2. They don’t try to be what they’re not.Probably the most damaging business myth to come along in decades is personal branding. You are not a product, and you can’t change who you are. Besides, real entrepreneurs don’t think about themselves. They think about their ideas and how to turn them into great products and services. And they deliver.

3. They don’t do it for the money.They don’t whine about how hard they work for peanuts. They just do it. And because they’re passionate about what they do and focused like a laser beam, the money eventually comes, big-time.

4. They don’t have day jobs.Great entrepreneurs don’t just dip their toes in the water. They jump in headfirst without a thought about the rocks below. They don’t do a little of this and a little of that. When they hit on something they think is really cool and exciting, they go all in.

5. They don’t give in to fear.They don’t pay attention to those voices in their heads – you know, the ones that haunt you with everything that can go wrong. They’re not fearless, mind you. Nobody is. They just don’t let their fear stop them from taking risks. They do listen to some voices, though: the voice of reason and their instincts.

6. They don’t have grand visions.While some do have grand delusions that they’re destined for greatness – a prophecy that’s often self-fulfilling, interestingly enough – for the most part, they generally don’t have grand visions for their companies. Zuckerberg, for example, wasn’t trying to create a company. He just wanted to rate the looks of fellow classmates.

7. They don’t have virtual mentors.Most people follow all sorts of writers, bloggers and tweeters these days. That’s fine, but to get somewhere in life, to do great things, you have to have real mentors in the real world. Former Intel chairman Andy Grove mentored Steve Jobs. Jobs, in turn, advised Google founders Larry Page and Sergey Brin. Behind every great entrepreneur is at least one great mentor. A real one.

Most importantly, real entrepreneurs don’t call themselves entrepreneurs. They don’t do what everyone else is doing. They don’t follow the status quo, conventional wisdom or popular fads. They carve their own unique path. They’re leaders of their own destiny. That’s what drives them. And that’s why they succeed.

Read more about Steve Tobak's articles

How to Attract the Clients You Want

In this interview with Diana Ransom, she explains that leading companies become known as the best at what they do. Here are three ways they do it:

• They make sure their website is first-class. Make sure yours is clean and professional-looking.
• They clearly show customers how they can save money or time. Translate how your offerings can benefit them.
• They offer testimonials from existing clients. Use social media to promote recommendations.

Read more: http://www.entrepreneur.com/video/224601#ixzz2iNE1snnh

Buying A Dental Practice? (Part 3)

Plan your work… then work your plan

I’m a huge believer in creating marketing game plans that are tailored to each unique practice transition scenario. Whatever the transition X-factor, you need to consider these six best practices for you to achieve the business success that you desire:

1. Create your own brand identity

What is your vision for your practice? Just like any successful consumer product, your brand is what builds customer loyalty. It also differentiates you from your competition. Think carefully about the name and logo. Make sure it projects a professional image and conveys what your practice is about.

2. Focus inward first

You need to be proactive with communication to introduce yourself and your vision right from the start. I recently consulted for a dentist who had taken over a practice and then sat on a draft letter to patients for almost a year. Patients need to know you respect them. You need to communicate up front and with some frequency to set the tone for what patients can expect as the practice moves forward.

3. Internet presence is a must

With dentistry being so competitive, having a great website is an absolute must. Your website is the focal point of your marketing. Whether to build patient relationships, internal marketing or promote your practice outside of your office, people today want more information and your website is where they expect to find it.

4. Patients are ready to refer

Even as a new dentist taking over from a well-respected dentist, you can create a positive momentum for your new practice. Get your patients excited about your vision and you will be surprised how quickly you can get them promoting you to their family and friends.

5. Look around you

We all lead busy lives these days and knowing there’s a dentist close to home is a motivating factor for a lot of people. Target advertising to homes in the local area to professionally communicate your message. This will build positive brand awareness and attract quality new patients.

6. Practice marketing is a team sport

In taking over an existing practice, you've also inherited the team. They are an important resource in retaining patients. You may be the new guy, but the staff are trusted familiar faces that will comfort your patients. Get them on board with your vision through regular meetings. Make sure they know and can promote the goals and unique features of your practice.

In business as in life, first impressions are important. The better that first impression, the more likely we are to spark a relationship. So before you swing open the doors for business, make sure you have considered the benefits of taking a planned and professional approach for your marketing, along with the opportunity cost of just letting things happen on their own.

Buying A Dental Practice? (Part 2)

Understanding your transition X-factor

The financing, accounting and legal aspects of opening a dental practice tend to be pretty black-and-white. But in my experience supporting the marketing of transitioning practices, there are things that are not so clear. I call these the “practice transition X-factors,” and these X-factors come in many shapes and sizes. You need to tailor your marketing game plan to meet your specific practice transition situation. There are endless scenarios, but here are two stories of transitioning dental practices I have worked with in recent months that demonstrate this point.

The retiring doctor

A dentist purchased a practice from an established dentist who was retiring. The two had a good rapport and both wanted to see the practice succeed. It was agreed that the retiring doctor would stay on to work as an associate for a while, supporting the transition of the patient file.

My advice was to really leverage this good relationship to maximize patient retention.

The existing patients, and staff, loved the retiring dentist and were concerned about how the practice would change. But when they saw clear signs that he endorsed the new dentist they were more willing to trust her. We helped with a game plan that got the word out quickly about the new practice while showing respect for the patients, the old dentist and his staff. We helped write a letter of introduction that included a “feel-good” photo of the two dentists together. We rebranded the practice with a fresh new name, colours and logo. We also carried this into the look of the website.

They also hosted a patient appreciation event where clients could wish the retiring dentist well in his retirement and the new dentist could introduce herself, her vision for the practice and new services she would be offering. Like many older dentists, the retiring dentist offered basic dental services. This event was an ideal way to introduce ways to increase the value of the new dentist’s patient file.

By focusing on marketing inside of the practice first, she can now confidently reach out to begin professionally introducing her new practice in the local community to attract new clients.

The bankrupt doctor

A dentist purchased a practice from a dentist who had gone bankrupt. He’d invested a good chunk of money and was itching to get going with things to grow his new practice.

He wanted to jump in right away and start contacting the list of approximately 400 patients who were wondering where to go for their next dental appointment. While calling the patients was definitely urgent, my advice was to first channel his energy into planning a clear strategy.

We quickly got to work helping him rebrand the practice. He needed to show patients he’s not just the new dentist, but that he’s different, positive and committed to the success of the practice. We helped him create a new logo, and suggested he update the office with artwork and accent pieces that reflected his brand. It was also important to get this message out right away on the Internet. We designed a simple yet visually appealing website splash page that included a photo of the new dentist, a short introductory paragraph and contact information. This splash page was created with the short term in mind as we were building a full website to promote his practice.

Before beginning to phone the patient file, we provided a proper script to introduce the dentist. The phone calls were going to be made by the office manager, who had been with the former dentist. She was the best person to ease any hesitation they may have about trusting a new dentist.

Armed with a clear vision of his brand and strategy, the new dentist can now move his business forward with introducing new services and advertising in the community to attract new patients.

Continue Reading: Buying A Dental Practice? (Part 3)

Buying A Dental Practice? (Part 1)

By: Dan Pisek

Use Marketing to Deliver the Success That You Desire.

Congratulations on the purchase of your new dental practice. You've pulled together the financing, worked with your accountant to incorporate your business and the lawyer has gone over the contracts. You have the keys and a nice patient file to get you started. You’re all set to go… but are you? What’s your game plan for success?

Think like an entrepreneur

It’s one thing to buy an established practice; it’s another to make it work and keep those patients coming back. You have chosen to be a health care provider, and that means caring the best you can for your patients. But you’re also an entrepreneur and you need to think of your bottom line. Thinking like an entrepreneur starts with a clear vision of the success you desire. Successful entrepreneurs see spending money on a marketing program as important as the services of their accountant or lawyer. It’s an investment in your practice and one that I promise will give you an excellent return.

Marketing is much more than just handing out flyers.

I’ve worked with many dentists who call me six months after buying and opening their office, wondering why their business is not rolling the way they expected. They sent out an introductory form letter at the start, but that was all. Just because you purchased an existing practice with a list of 1,000 active patient accounts, this doesn't guarantee those patients will stick with you. Loyal clients are the lifeblood of any successful business and you need to do much more to build on these new patient relationships.

Prioritize your business goals.

When opening a new dental office from scratch, your one business goal is to attract new patients. Purchasing an existing practice is a different thing completely and includes three areas of focus:

1. Maximize patient retention

2. Increase the value of the patient file

3. Attract quality new patients

Continue Reading: Buying A Dental Practice? (Part 2)