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Oct 04 2017

North Aware Founder Jamil Khan Gives Inside Look at Kickstarter Crowdfunding

north aware - jamil kahn - kickstarter - smartparka

north aware - jamil kahn - kickstarter - smartparka

People who live in cold climates need outerwear to protect them from often harsh elements. Jamil Khan lives in Canada and has experienced his share of frigid winters. That was the driving force behind his idea to found North Aware, an apparel company that came out last year with the Smart Parka – the first winter coat to include built-in gloves, a removable liner, length extension and separate pockets for your hat, glasses, and technology.

“People who live in cold weather understand a good coat is a necessity, not a luxury,” Jamil Khan explains. “You need to know your winter coat will protect you.”

Taking his idea from concept to reality, however, was challenging to say the least. The first hurdle he had to cross was to secure start up capital, and for this reason, he turned to Kickstarter, a popular crowdfunding platform.

“Our product was really well-suited for the platform,” Khan says. “The Kickstarter community is very supportive of new products.”

North Aware’s Kickstarter campaign, which was launched in January of 2016 and ran until late March, raised over $3.25 million, more money than any other crowdfunding campaign in Canadian history, in fact. With an original goal of generating $30,000 in start up capital, it’s safe to say the results of the campaign exceeded Khan and North Aware’s wildest expectations.

However, North Aware’s story is far from typical and the vast majority of Kickstarter campaigns fail to reach their initial funding goals. While Khan was genuinely amazed by the positive response, he is quick to acknowledge a host of factors that contributed to the campaign’s success.

“Prior to launching our campaign, we advertised on different platforms to build momentum,” Khan said. After building a base of interested subscribers, the North Aware team contacted them to promote the campaign launch. Once the campaign launched, word spread rapidly, with people sharing it with their friends and social networks at an unprecedented rate.

“We reached our goal on the second day. It felt great, but it was a mixture of joy and responsibility. We immediately got busy taking the campaign to the next level,” he explains. “We really didn’t have time to celebrate.”

The campaign continued to raise funds at record breaking speed, but there were some pitfalls along the way.

Launching a successful Kickstarter campaign is “a learning process, all along the way,” Khan adds. “Whatever you do, the first time you will do it wrong. Don’t be afraid of mistakes.”

Khan says that the majority of backers pledged their support in the last ten days, with the bulk of supporters hailing from Toronto and New York.

“If you look at our photos and videos on the site, they’re all set in metropolitan areas,” Khan says, a marketing decision he explained was intentional. Additionally, all of the photography and videography used as part of the Kickstarter campaign was professional in nature, another conscious choice.

“With Kickstarter, it’s really important how you present photos and videos. Do it professionally. Spend time on how you display your products.”.

Obviously pleased by the overwhelming success of North Aware’s campaign, Khan would “absolutely recommend Kickstarter for people starting out” trying to market a new product.

“Kickstarter is great for publicity. You can start playing with the big boys right away,” he says, which isn’t necessarily true of other funding sources.

Khan’s advice to those considering a Kickstarter campaign is “to create a really good product people need and want,” and then “get the word out anyway you can, as quickly as you can. If you have 100 ways to get the word out, you do all of them.”

north aware - classic
north aware - expidition
north aware - classic

 

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Written by Dwania Peele · Categorized: Canadian Small Business Women · Tagged: campaigns, capital, crowdfunding, investments, jamil kahn, kickstarter, launch, marketing, new business, north aware, small business, smart parka, startup

Aug 29 2015

Taking the leap into the world of Business?


yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.   

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

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Written by Dwania Peele · Categorized: Yvonne Ruke Akpoveta · Tagged: business, business idea, business plan, capital, challenges, coach, coaching, entrepreneur, finance, invest, jobs, John Maxwell, leadership, leap, marketing, money, multitask, OliveBlue Inc, paid job, plan, potential customers, research, Return on Investment, ROI, security, startup, successful business, take the leap, vision, Yvonne Ruke Akpoveta

Dec 29 2013

Taking The Leap Into The World Of Business?

yvonne

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

Please refer to past articles on fundamentals such as ‘Research’, ‘Writing a Business Plan’ and ‘Raising Finance’ that will help you prepare for starting your business. http://www.oliveblue.com/category/blog/

 

Yvonne is a High Performance Consultant, Coach and Speaker focused on working with Individuals, Entrepreneurs and Organisations to execute and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc

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Written by Dwania Peele · Categorized: Yvonne Ruke Akpoveta · Tagged: business development, business plan, Business Woman, Canadian Small Business Women, capital, coaching, entrepreneur, government initiatives, investors, OliveBlue Inc, personal savings, research, ROI, small business development, starting a business, taking a leap, think out of the box, venture capitalists, Yvonne Ruke Akpoveta

Oct 31 2013

How Do You Raise Finance for your Business?

yvonne

You have done the required research, and written the business plan, now how do raise the funds required to kick-off your business? Assuming you carried an initial research, you should have identified some potential sources of finances. If not, you can do this research easily on the internet by using the right keywords, checking what banks have to offer, and visiting your local business centres and libraries.

Also, while writing your business plan, you should have determined how much you need and what you need the money for, this will be important information when approaching potential sources. When raising finance from external sources, it is often helpful to show that you have personally raised or invested some money towards the business. This shows that you are willing to take a personal risk yourself, making financiers more willing to want to take the risk with you.

Sources of finance can vary, the easiest and most stress-free source is your savings. No one asks you questions, and you are not accountable to anyone but yourself. This is assuming you have saved some money before venturing out to set up your business. If you haven’t, don’t lose hope, there are still other means though not as easy.

A popular source that first comes to the mind of most people first is the bank. Should you choose this line or an external funding organisation, it is imperative that your business plan is sound. Sound, meaning it is well written, clearly defines the business idea, demonstrates potential, and return on investment. Simply put, your business plan is your written sales pitch in convincing an investor to lend you money. More important is having a relationship with the bank, having a guarantor who can stand for you, or assets as collateral. You can either apply for a loan or request an overdraft. Ensure you compare the interest rates and repayment terms offered by the various banks. Should you to consider borrowing money against your home, seriously consider this option and weigh the odds, as this could be risky.

You also have the Private Investors and Venture Capitalists. This is where things get more intricate and not as straightforward as getting a loan from the banks. However, Private Investors are willing to invest in more risky ventures but most times in return for shares in your company.

Venture capital funds are funds put up by investment trusts, pension funds, banks, insurance companies, private individuals and industrial corporations. These funds look to invest in companies that can reach significant profits in order to regain their money.

A popular source of finance these days is ‘Crowdsourcing’. This allows you to raise money from the public and interested for your business idea, and usually on the internet platform. In return, you are often required to give something back such a percentage stake in your company or profits. For more information, search the word crowdsourcing on the internet, and you will also fin websites who offer these services.

Another source of finance is family and friends who believe in the business concept and are willing to invest or lend to you the money with or without interest. An option also worth considering is ‘lay-by’ where a group of people come together to contribute money monthly, and the monthly lump sum is taken by an agreed contributor in turns.

Consider soliciting professional help when looking to raise large amounts of funds for your business. All in all, before investing funds into the business, ensure you are working with a financial forecast and plan you should have written as part of your business plan.

Yvonne is a High Performance Consultant, Coach and Speaker focused on working with Individuals, Entrepreneurs and Organisations to execute and achieve their goals.   She can be reached at:  www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc

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Written by Dwania Peele · Categorized: Yvonne Ruke Akpoveta · Tagged: business development, business plan, Canadian Small Business Women, capital, crowdsourcing, financing, investors, OliveBlue Inc, private investors, small business development, venture capitalists, Yvonne Ruke Akpoveta

Aug 30 2013

What Does A New Business Need?

Kerry George (1)

When you get started in business you will typically be bombarded with a thousand good ideas from hundreds of people who may or may not know a thing about how to succeed in business. Taking their advice may do you great harm. One must always ask themselves, “why would this person give me this counsel?” If they make their living by selling advertising of course they will say their advertising is the best. If they offer a gadget or an app that is supposed to save you time, they will want to convince you that theirs is the best.

A good question to ask a salesperson is, “Have you ever owned a business?” And close behind that question should be another, “As a business owner what differences did this make for you?”

So what do you really need to succeed in a start-up venture?

While it varies industry by industry there are a few common things that everyone needs. Here are 5 essentials:

  1. Good mentorship. Real mentorship can be had and it should be pursued. One mistake that new entrepreneurs make is that they believe they are the only one who ever had this kind of business so they do not seek advice. That is a mistake that could cost you everything. One poor decision can take you out. So find someone who has succeeded at anything at all and that is a better mentor than not having one because you can’t find a person in your industry. Entrepreneurs are busy people but they typically enjoy the stimulating conversation of someone who is earnestly looking to learn. Ask questions and listen more than you talk. Build the relationship and don’t ask for their business. That may come later after you have won trust but it is not the purpose of the friendship. You need their wisdom to survive.
  2. Capital or cash flow. You either need a lot of up front capital or you need to produce a solid and consistent cash flow. If you are producing widgets part-time and working at a job, keep the job until you have enough consistent orders or you will die. Your family will suffer. You will hurt. Cash flow is king.
  3. Marketing, marketing, marketing. Sales cannot be properly supported unless you have invested either time into marketing or money and in many cases both. Never wait to start marketing. Your sales staff needs to have brochures to explain your service and they should have business cards and whatever else it takes to support a sale. It also takes months to produce a legitimate following online with Twitter, Facebook and LinkedIn. So don’t wait until your product launches to get started or you will shout about your new business to an empty room. Start building a small following online and take them with through the journey. By the time you launch you will have an active group of engaged cheerleaders who are excited about your new offering!
  4. Website and online presence. Today is a different world than it was even 5 years ago. These are not just about marketing these are essential to your survival and your success. Your credibility will be judged by a prospects ability to find information about you online. While branding is important do not wait to have it all perfectly aligned in the heavens to get started. You can set up a website for anywhere from $100 to $10,000 and you need to either have it done for you or get to work on it late at night. Remember that after they look at your website they then go look at you the owner. So develop a personal profile on LinkedIn, Twitter and Facebook. Don’t delay if you want to succeed.
  5. Accounting and tracking. Entrepreneurs often lack good bookkeeping skills. Get over it and get help. Use an online program or hire someone for a few hours a month to just keep you on track. An unpaid GST bill or a badly done tax return can destroy you. One also needs to know the numbers to improve the sales ratio later. If nothing is tracked success will be lacking. Find systems that work and implement them sooner rather than later.

Kerry George is the owner of the Canadian Imperial Business Network which is currently the largest business network in Alberta and rapidly expanding across the country. She is a serial entrepreneur/author and speaker with a zest for life and a passion to help others succeed in increasing their potential and their bottom line. Kerry has several publications and blogs that you can follow and welcomes most interaction online.

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Blogs

http://loyal2u.blogspot.ca/

http://calgarybiz.net/blog-3/

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http://loyal2u.ca/category/social-media-2/linkedin/

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Written by Dwania Peele · Categorized: Kerry George · Tagged: accounting, business, business development, Business Woman, Canadian Imperial Business Network, Canadian Small Business Women, capital, cash flow, entrepreneur, Good Mentorship, Kerry George, marketing, online presence, small business development, start-up, tracking, venture, website

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