Investing in a Successful Small Business to help it Grow with Leetchi
Mrs Mummypenny has reached the point where it is too big for one person, me, with just the 168 hours per week to manage.
I, of course need sleep, take away 56 hours. I need to see my family and cook dinners, go to football games, do school runs. Take away another 49 hours per week. I need to exercise, 7 hours per week. Leaving me with 56 hours to week to run a flourishing and successful business.
Oh yes, don’t forget hubby is also launching his own business and needs help from me setting up the marketing and PR elements. Argggg.
So now is the time to 1) take on an assistant 2) think about outsourcing more stuff 3) think about investment.
Taking on help
I have written a to do list of everything I need to do to run Mrs Mummypenny. I have then split that list into what I can give to an assistant. Said assistant has been found, an immediate feeling of calm enveloped me and could breathe for at least 24 hours after we agreed to go ahead!
What else can I outsource?
I need to hire a cleaner. I cannot be wasting precious time cleaning our house. And I need our house to be clean and tidy so I have a clear and tidy mind. I need the clutter gone, I need space. Decluttering is in full progress, I have alot for sale on my Knebworth Items for sale Facebook group. I need to find a cleaner. Next Step – add to do list.
Accounts and Book-keeping
My assistant is going to do my expense/receipts recordings, my invoicing and chasing of my invoices. And reconcile my bank accounts and show me a summary each month of what jobs I agreed, how much cash I received and how much expenses I paid out. Phew
I employed an accountant as soon as I incorporated. He has just completed my year 1 accounts, which were submitted last week. He is worth his weight in accountancy fees, let me tell you. Christian Elmes is a superstar accountant.
Invest in scheduling tools to help manage my social media.
I use Hootsuite for Twitter. And I am considering Tailwind and Board booster for Pinterest. Another thing that my assistant can help with. See how reliant I am on this assistant!
What I am not going to Outsource
Mrs Mummypenny is me, my view, my writing, my style. I can’t outsource it to others to write for me. Particularly when it comes to campaigns where I am employed specifically for my writing style, straight talking and genuine views.
Instagram and Facebook
My Instagram and Facebook posts. I only do 1 a day on each platform and they are personal to me. I want to carry on doing these. I love Instagram and often say to brands if you want to get to know me then browse through my Instagram feed.
In order to grow and grow as fast as my five-year plan says I need investment. Investment can come in many forms, here is what I am thinking about or in the process of discussing.
Obviously the first place for an investment pot. I have some retained earning but not much. Really not enough!
Investment from a mentor/angel investor
I am talking to a few people about potential loans or equity (not made up my mind here, particularly when it comes to control). These people would also act as official advisors. They have a copy of the progress after two years and my plans for the next three years. I have pulled together a plan of how much money I would need, what I would spend it on and how much return I and they would get for that investment.
Just to point out I spent 16 years working for EE, Tesco, HSBC doing this job for big companies. I am a qualified commercial accountant (ACMA), so I know what I am talking about when it comes to making money out of a business.
Loans from bank/friend
I have a couple of friends who might consider investing in me for no interest charges, but cannot offer the business/mentor advice I need. I could also get a loan from my bank or start up loans company for around 6% interest.
There are grants available for small business growth, I am definitely considering this free money!
Donation based crowdfunding platform
There are a few platforms available out there, including Leetchi.com, the new entrant to the UK market. This crowdfunding website can be used to get your project off the ground, based on purely donations not an investment. How does it work? You create your crowdfunding page, the so called online money pot, personalise it and invite people to help you raise money online! Leetchi.com’s fees are much smaller than the bigger players in this market as they have developed their own payment solution (MANGOPAY), making sure that more money goes to the actual projects and causes.
You can set a target of any amount and when you are happy with the amount you can transfer it to your bank account. If the transfer amount is less than £2000 there is 4% fee, if it’s more than £2,000 there is a 2.9% fee. As you see this is much more competitive than Crowdfunder at 6%, GoFundMe at 7.9% or JustGiving at 5%.
Leetchi.com platform can also be used for personal crowdfunding and good cause fundraising. You can fund anything and everything, from sorting out group gifts (for birthdays, leaving do, weddings etc), to supporting non profit organisations and individuals in need.
Both Charlotte Burns and Emma Bradley have written about Leetchi focusing on these ways of using Leetchi as a platform. Click on their names to read their posts.
I am hosting a charity event on 16th June 2017, if you live near to Knebworth why not pop along, details are here. A stationery party with money raised going to Grief Encounter. This platform would also be perfect for donations to be made to the charity from people who can’t make it to the event.
This is a collaborative post with Leetchi