AA Credit Union

Cents-Spring 2017

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24 | | Spring 2017 Boosting your business with social media Facebook Hit the blue "Boost Post" button when you publish updates. "If you pay to 'boost' a post, it will show more prominently in the central news feed that Facebook users see," Sheinbaum says. Instagram Businesses that thrive on creative imagery thrive on Instagram. If your business doesn't, don't set up here. LinkedIn Good for connections, great for sharing detailed thoughts. "If you want to establish your business as an expert in its fi eld, publish regu- larly on LinkedIn," Sheinbaum says. Twitter Twitter users thrive when they engage with others through continual posting and interaction, so either commit to steady (read: daily) use or don't set up on Twitter. Raising money to start your business might be the hardest thing you'll do. That money can come from family, friends, your bank accounts, loans or investors — it all depends on the scope of your business and the depth of your own pockets. Whatever route you choose to raise money, you should try to have more capital on hand, or more access to credit, than you think you'll need because so little in a startup goes according to plan. "Assume that you're going to be without positive cash fl ow for twice as long as your plan predicts," says Jason Hogg, chairman of Hangit, a mobile location data fi rm and a senior lecturer at Cornell University. Once you have cash in hand, spend it wisely. Ory says businesses should look to buy equipment that can grow as their business grows, starting with a computer that "does a little bit of everything — word processing, presentations, light design work, basic website publishing." He also advises that startups seek out free software instead of buying expensive computer applications. He even says startups should look for free legal help when incorporating their businesses. "Cash should be carefully guarded and deployed only when absolutely necessary," Ory says.

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