The last couple of years have been very hard on businesses worldwide. For some things are great, many have moved exclusively online, and sadly some have closed their doors forever. If your company has been impacted over the last couple of years, or perhaps you are starting a new business venture and looking for a few tips on having a thriving business, these may be for you.
For the New Entrepreneur
If you are new to the business world and feel overwhelmed with all there is to know, then you have come to the right place. Thankfully, there are plenty of online resources you can tap into from anywhere. This gives you the best options for you and your business with just a few simple clicks. You will need to learn about the legal side of starting a business, have a way to stay organized, know what you want out of your business and have a plan on how to get there. If that sounds like a lot and you are wondering where to start, SUP has made it easy for you.
SUP (StartupProgam) may become your new best friend and lifeline for the new entrepreneur. This program was made with new entrepreneurs in mind. It helps you navigate the tricky legal portion of owning your own business. They will walk you through every step of the way. “SUP gives founders a powerful, integrated toolset for business formation, capital modeling, and ongoing legal preparedness for startups seeking venture capital.” Here are their product highlights:
● Legal Platform- Pull together all the information, forms, and legal
consultation you'll need to launch.
● Capitalization Tables- All the cap tables you will need for every scenario.
● StartUP User’s Guide- Learn how to file all of your documents.
● Document Generator- Simplify generating and filing your important documents.
● SUP Academy - Learn how to make critical decisions with Economics 101 and Venture Law 101.
● Legal Consultation- Get advice from actual startup attorneys and have them answer any questions you may have.
Take a look at each product's highlights more in-depth and see how much you could benefit from these exclusive services.
● Fast Document Creation:
- Enter information once- if the same information is used on multiple documents, the system will add it to all documents that it applies to.
- Easy to follow workflow- Instead of being overwhelmed with how much paperwork you need to do, the system breaks it up into smaller batches of work.
- Complete document catalog- Have access to all the documents you will need with no extra hassle or downloads.
- Signing service and archive- Have your documents signed and archived using the built-in signing service.
● Sophisticated Cap Tables:
-There are three versions for the latest modeling- Post Money, Traditional, and Y Combinator stake.
- Next level calculations- accurately track your equity ownership.
- Accurately track your SAFEs and Notes- accurately track your founder's dilution before giving up more equity for funding.
- Integrated with all of SUP- The online academy will guide you through every choice, and venture lawyers will review your cap table before forming your company.
● SUP Academy:
- Full curriculum of venture Econ- Learn how to use your cap table, stock incentive plans, SAFEs, Notes, Self-Financing, PRO Forma Series A, Post-Money, and Waterfall scenarios.
- Essential topics in Venture Law 101- Learn how and where to form your company, hiring, choosing board members, and intellectual property.
- Protecting yourself and your startup- Learn how to avoid common mistakes in equity dilution, hiring, stocks, taxes, and anything else that would be detrimental to your company.
- Prepare yourself for VCs- Venture Law 101 will help you understand your equity before talking to venture capitalists.
● Startup User’s Guide:
- Works with your legal portal- This guide is designed to help you complete your management choices, capitalization, equity distribution, and founder financing agreements, all collected.
- Make the best decisions- Put what you learned in SUP Academy to good use and know you are making not only the right choice but the intelligent choice.
-Your success plan- Complete all the forms you need to launch your business.
● Legal Consultation:
- Experienced venture lawyers are at your disposal to answer your questions, give you advice, or let them handle the details.
As you start your new business venture, SUP has everything you will need. Learn everything you need to know, feel confident to make decisions, and have guidance every step of the way to ensure success.
Growing Your Business
If you have been in business for a while and are looking to grow your business, here are some tips. However, if you have never heard of offshore and onshore difference, keep reading to find out if you are missing.
As your business grows, you may need to look into outsourcing to lower costs, have trained professionals, and make your business scalable. If you are wondering what that could look like for you, here are the most common services that are outsourced:
● IT-related functions
● Customer service/call center
● Back office support, including data entry
Then there are three different types of outsourcing which are:
● Nearshore- Outsourcing to a company from a neighboring country
● Offshore- Outsourcing to a company from a distant country
● Onshore- Outsourcing to a company within your country
Some benefits of outsourcing to the company nearshore are that both companies will operate in a similar time zone, allow more accessible communication during the workday, and have more in-person meetings. In addition, Nearshore will save you some money in compensation and travel fees. The rates for nearshore outsourcing can be as low as $40 per hour.
Offshore outsourcing is very attractive for founders because of the severe cost cuts it could allow them to gain you access to professionals that can get you started right away. However, this does not come without some trade-offs. You will not be able to travel there often for in-person meetings. There will be a significant time difference, and there could be a language barrier. The rates for offshore outsourcing can be as low as $20 per hour.
When you outsource to another company in your country, some benefits are proximity for meetings, similar or the same time difference, and everyone will speak the same language fluently. The major downside to onshore outsourcing is that they may not have a skilled professional for the project you need because the cost of wages is so high. As a result, your project may take longer to get off the ground while you wait for someone to be hired and trained. The rates for onshore outsourcing can be as high as $100 per hour or more.
Choosing the Best Company for You
You may be worried about making the right decision, but whether you decide to outsource nearshore, offshore, or onshore the biggest priority is the company you will be working with and less about where they are located. Outsourcing can be an excellent tool for growing your business. Choose a company whose values align with yours, is easy to work with, flexible, and works efficiently to get the job done.
2022- The Year of Success
Whether you are just starting or looking to grow your business, there is help for you out there. First, start the year with new technology like the new Chromebook to help get you organized and motivated. Then, use the tools and resources wisely, be flexible, and never stop learning and growing with our ever-changing world.