Business 25 July 2019
A lack of finance can hold your business back and prevent your brand from becoming as successful as you're hoping it will be. The good news is that, today, there are more and more options becoming available that you can consider in order to get start-up capital for your new business venture, or inject some funds into the business for necessary growth and development to help you hit your goals. Before you apply for funding, here are some of the key things that you will need to consider.
#1. The Type of Funding:
The first thing that you should give some thought to is the type of funding that you're going to secure for your business. There are several different options available; business bank loans, online loans, peer-to-peer funding, angel investments and even crowdfunding are some popular options that businesses use today to get together the funds they need. Consider all of the various options carefully and determine which would be the most beneficial for your business in terms of how much money you can raise, how quickly you would be able to access it, how likely you are to be accepted, and how you'll be expected to make repayments. Check out Become for a wide range of different business lenders to consider.
#2. Your Credit Score:
Whether or not you have had a business before, if you are applying for certain types of funding – especially a business bank loan – then you'll need to take your personal credit score into consideration. Most banks that provide funding for businesses will look at the credit score of the owner to get a better idea of your financial situation and determine your level of risk when it comes to lending money to your business. So, don't let your personal financial history come back to bite you; check your credit report first and determine what needs to be done to improve it, if needed. And, don't forget to check your business credit score too.
#3. Your Business Plan:
No matter what kind of business funding you are applying for, your business plan will be pored over and taken into careful consideration. Taking some time to improve and refine your business plan, along with making sure that you have planned for how you intend to use the funding and how it will add value to your company, is absolutely crucial. It's worth including this, whether you're going to invest the funds into employees for your company or a better online marketing strategy.
#4. Your Past Sales and Contracts:
In order to secure funding, you will likely need to create a sales forecast to include in your pitch and give potential lenders or investors a better idea of how much money they can expect your business to make using the funding that they will provide. Before doing this, it's worth getting proof of any sales and contracts that your business has already secured, which will add some weight to your forecast and show prospective lenders that your brand has the potential to be successful.
Getting funding for your business is a huge step forward, so it's crucial to be as prepared as possible.
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5 Min Read
She walks into a room ready for her presentation. She wants to land this new client and has worked weeks on it. She heads to the 35th floor of the tallest building on the block knowing she has documentation that is sure to impress. The conference room has a 20-foot long table surrounded by executives in blue suits, button-down shirts, pencil skirts, and blazers.
At this point, she realizes she didn't take into consideration the other important component of her presentation... she is not dressed appropriately.
Is it true that there is power in clothing? Can an incredible outfit increase your confidence and add validity to your brand? Will you perform your job better or feel more empowered? Will first impressions of you be more positive?
For me, the answer is a resounding yes. I believe that clothing can greatly impact first impressions and make a lasting impact on anyone you interact with. Like it or not, people will judge you on how you look and they will make both conscious and subconscious decisions about you based on what you're wearing… Is she trustworthy? Is she the expert we need? Will she fit in our corporate culture?
Can an incredible outfit increase your confidence and add validity to your brand? Will you perform your job better or feel more empowered? Will first impressions of you be more positive? For me, the answer is a resounding yes.
After all, if you were hiring a financial advisor, and one walked in with a pair of jeans and the other in a pair of trousers and blazer, who would you trust with your money? Even if you don't realize what you're doing when you interact with people, there may be more going on beneath the surface. It's something to think about for sure.
Here's another example, let's say you want to hire a party planner for an event. You meet with the first candidate, and she is wearing a wrinkled shirt and her fingernails are chipping and half-painted. Whereas candidate number two walks in and has on a pencil skirt, pumps, and silk blouse. Who do you think would pay more attention to the details associated with your party?
In 2019, WWD wrote about the psychological effects clothing has on a person:
It is said that clothing is what makes and defines a person. What you wear tells others what you are and makes a statement about your taste, character and individuality. It gives an insight into your nature, whether you are casual or formal, playful or serious, cool or just composed. Whether you are attending a job interview, out on a date or just strutting by the beach, your apparel tells us so much about you at a simple glance.
We know that it takes 5-7 seconds for a person to subconsciously form an opinion about you. Our eyes take in how you look; after all, what you're wearing will influence how you are perceived. How do you want to be perceived to your audience, your clients, and in your working industry?
How do you want to be perceived to your audience, your clients, and in your working industry?
And it goes way beyond the external. There is scientific data that shows how an individual feels differently when dressed in a variety of styles. In an article from Research Gate, they found that, "Fashion choices can affect both self-image, the impression that you convey to others and in turn, the way in which people behave towards you."
Have you ever heard of the term "enclothed cognition"? It refers to the phenomenon in which people tend to adopt the traits and properties they associate with the clothes they wear. In a study on the psychology of clothing, that same article as above reports that, "Participants judged women to be more forceful in job interviews and were more likely to recommend them for hiring when they were dressed in a more masculine style compared with a more feminine style," and that "Both men and women are attracted to stylish clothing that fits them well, makes them feel well-dressed and looks current."
On some level, we may all agree with that statement.
Naturally, as a personal stylist, I am a true believer in the power of clothes. I have seen my clients' exhilaration as they take in their transformation, brought about by an outfit, a new style, and clothes that look incredible on them. I have also witnessed physical changes like their facial expressions, huge smiles, laughter, sparkling eyes, and even a change in the way they walk. It's almost like there has been a shift in attitude toward their inner beauty, which has increased because they feel and look amazing and confident.
Although most of us are no longer strutting our way to the boardroom, the psycholigcal power of clothing is still necessary and relevant, especially now that we're confined to our home offices. Most of us are on virtual calls or live streaming from our computer, and it's easy to not prep as much for your "waist-up" meetings. But, like it or not, you should look on-brand, and put together clothes that are relevant for your industry. Not only will your peers perceieve you as more professional and more put-together, but I am sure you will also feel better, be more alert, and have more energy.
Most of us are on virtual calls or live streaming from our computer, and it's easy to not prep as much for your "waist-up" meetings. But, like it or not, you should look on-brand, and put together clothes that are relevant for your industry.
I'm not saying you need to look like a superstar every second of every day. However, I want you to think about the positive impact well-fitting, stylish clothes can have on both others' perceptions of you as well as your inner-confidence and intrinsic behavior.