The best thing I ever did for myself as a business owner was to become a student of success. That meant plunking down some cash to get the knowledge I now have. I truly believe that small business owners must never stop learning. When we stop learning, we stop growing and our businesses typically follow.
Today, I’m consistently investing in 5-figure coaching programs and I have no doubt I’d be investing in coaches that cost 6 figures before long. Hard to believe, but I didn’t start out that way. I started out on a budget. Here are 5 budget-friendly ways to get some revenue-producing knowledge for your business.
Magazines
Magazines cost very little. Typically $15-$30 a year (even less sometimes). Sign up for Entrepreneur Magazine or even better Millionaire Blueprints. Even my teenager is subscribed to the teen version of Millionaire Blueprints and he devours it. I recommend this magazine because it’s full of stories on how people created success. How they overcame the odds, how they remained persistent, and how they succeeded. Basically, success recipes. Feed you brain this kind of stuff every week and success will no-doubt become the way you think… and the way you are.
Books
I remember constantly being on in my search for how to create a successful business. And there were times I’d search for a book on Amazon, check out the user-reviews, then call my local library to borrow it (zero dollars). Books like the Guerrilla Marketing book series and many others. I devoured them all because it was all I could afford at the time.
I didn’t complain that “I didn’t have time to read.” I just did. I found the time because I was determined to feed my brain recipes for success. Don’t forget books on success mindset as well like Think & Grow Rich and Who Switched Off My Brain. Also check out the No BS series of books by Dan Kennedy for some unique marketing advice.
Free teleseminars
Just do a Google search for free teleseminars. They are happening every single day. Sign up and learn something. You’ve got nothing to lose. If you don’t like it, you can get off their list just as easily as you got on. I listen to about 6 teleseminars a week. Some free and some are included in the coaching programs I’m in. But all of them teach me something. Even if I get just one idea, it was well worth it.
Home Study Systems
If you cannot invest in a high-priced coaching/mentoring programs, a great alternative is to get the home study version. It’s always less expensive and they are rich in content. Read the testimonials to get a sense of what is valuable about the product. Most have some kind of money-back guarantee so you can check it out risk free. “Do it Yourself” home-study options are a great low-cost way to boost your business knowledge and your revenue with profit-generating new ideas and strategies.
Low-cost Seminars
In every …
More often today than ever before, people are realizing the dream of earning a living at home and firing their bosses for good. The internet is making this possible for both savvy business people and new entrepreneurs. The truth is that anyone can make a living on the internet if they have the right information and are willing to work hard now for a payoff in the future. Starting an internet business today is a great way to achieve financial freedom tomorrow.
There are some important rules to follow when starting an internet business and people who know and understand these rules will always do better than those who don’t take the time to learn them before venturing into the land of internet business.
When starting an internet business, especially if it’s a first online venture, the most important thing one can do is to learn from those who have already been a success on the internet. Becoming successful on the internet has required a lot of trial and error for a lot of people, but it doesn’t have to anymore. Many people who have been successful in starting an internet business now help others do the same thing they have done. People who invest in their business by seeking out help are far more likely to succeed faster than those who enter the world on online business blindly.
Another rule to follow when starting an internet business is to set aside time every day to work on your business. This can be difficult for those who work a full-time job and have other obligations, but taking time every day to do something to further an online business will ensure success in the long run.
When starting an internet business, it’s important to understand that patience is key. Things don’t always happen overnight and getting a business off the ground can be hard work. The key is to remember the reasons for starting an internet business in the first place. Keeping those goals in mind will help to keep the online entrepreneur motivated during the start-up process.
Another great rule to follow when starting an online business is to learn from mistakes. Savvy internet marketers and business people learn from their own mistakes, but they also learn from the mistakes of others. Taking the time to learn what’s worked and not worked for other people can save time and money. Investing in an online business by taking courses and reading books is a great way to avoid many of the pitfalls associated with this type of business.
The bottom line is that starting an online business is a great way to make money. Many people have realized their dream of making their own schedule and being their own boss. Anyone can reach this dream with a little bit of hard work and by utilizing the information provided by those who have already done it.…
So you are planning on launching your own start up or are just getting a new venture off the ground, what is the optimal workspace?
For many opening a brick and mortar office or retail store can be an exciting proposition. Going shopping for space and equipment and decorating it can be fun. However, this does not mean that you will be more profitable. In fact, the traditional way of setting up even a small sized office, with equipment and a phone system, etc. will likely put you back at least 10,000 when all is said and done. Then add several thousand per month in on going overhead, which all comes out of your bottom line. If this is an investment which provides a great return every month that is one thing, though very few start ups really need this type of set up, nor will it produce any higher profits. If you are really in love with the idea the consider whether a retail storefront is a better financial move. Though recognize that the odds are you don’t need it and this is just fueling vanity, which is fine if you have the extra cash.
Perhaps you are thinking a home office is the way to go. The lure of being able to work from home and set your own hours is certainly attractive. It definitely means being able to operate on minimal expenses so that you can maximize profits. Plus it packs in many savings that you are probably overlooking right now. This may be the ideal solution for you and truly give you the freedom you have been looking for. However, for some working from home can turn out to be a frustrating experience especially when you have a partner demanding your attention and kids running riot. With a little strategy and cooperation you can make it work, though you may still find moments when you really need to get out and work from somewhere else.
This is where the executive suite concept becomes a great choice for entrepreneurs and business owners looking for the optimal workspace solution. It provides not only a professional business address but meeting facilities when you need them and a fully connected private office when you need it. You can maintain an office full time or simply utilize the business center when you need to by the hour. This is perfect for when you need to get in some critical, uninterrupted work, the kids are on a school break, you have house guests or your home Internet goes out.
Though beyond, where you will work, creating the optimal workspace for your new venture also means creating the ideal conditions for maximum productivity and innovative thinking. This can be as simple as having your own corner of the house with multiple screens and whiteboards set up. Or investing in a standing workstation that encourages constant productivity and even helps you to keep in shape and avoiding those extra pounds that creep up from …
If you are looking for a change of direction in your life and considering starting a new business, here are some factors that you may care to consider.
A� Being your own boss is a dream that many people aspire to. Not being answerable to anybody other than yourself when it comes to how much you earn and how many days leave you can have is usually extremely appealing to most people, just as it was, and still is, for me. However there are certainly many factors to consider and it is advisable that you give yourself sufficient time to think through your ideas.
A� It is important that a new business owner truly believes that he or she is on the right path and that the business will bring, among other things, prosperity and pleasure into their life.
A� There are serious considerations to deal with when starting a business as your business is going to be the predominant influence in your life from now on. It will give you pride and satisfaction and along with those attributes your business will bring you hard work and more than likely, some concerns. But, isn’t that what life is about; if everything were to go along smoothly for 365 days of the year one would more than likely become bored and look for greener pastures. So if you are ready to take on the challenge, I offer you my congratulations along with some tips to help you get started.
1. Passion:
No business will succeed unless it is built on and around passion. Those who are successful in business are operating or trading in a product or service that they are totally passionate about. Prime examples of how passion works in business can be seen just by spending a few minutes viewing television programmes where well-known successful business people are demonstrating their products or services, especially in the areas of cooking, farming, fruit-growing, dog training to mention a few.These people glow with pride and success and are absolute proof that great passion is behind every successful business. Therefore make sure that you build you business on your passion and not the passion of someone else who may want to lead you in a different direction.
2. Research:
Once you’ve established what your passion is it is essential that you research extensively to establish whether or not there is a demand for your product or service. If you intend targeting a certain locality be sure that there is a need in that locality for your forthcoming business. For instance, if you are hoping to start a business selling plants, seeds and garden tools you would look for premises in a locality that is not currently serviced for those products. In view of this you may need to travel a little further from your home to your business each day, but wouldn’t that be worthwhile if your business had the monopoly in a particular area?
3. Funding:
Of course there will be capital …
“Cat: Where are you going?
Alice: Which way should I go?
Cat: That depends on where you are going.
Alice: I don’t know.
Cat: Then it doesn’t matter which way you go.”
– Lewis Carroll, Alice in Wonderland
Often the one thing which sets apart people who are successful and those who are not, is that the former will have clear goals in mind.
Without having a clear idea of what you want to achieve, you will lack the clarity and motivation to get to where you want to go. If you only have a vague idea of what you want, it’s like travelling to an address which has the first two lines missing.
An all too often little known fact is that the conscious mind is but a small part of the mind as a whole. When you’re solving a problem or being creative, it’s the subconscious mind which is working away. The conscious mind is good at posing questions, it’s the subconscious mind which can answer them.
Have you ever been trying to figure something out and the answer only appears once you stop thinking about it, or when you sleep on a problem, you wake up with the answer? Well that’s the reason why – you’ve given your subconscious a chance to get the job done, without the conscious mind trying to steal the show.
We often miss-allocate our resources in that we try to consciously do things which the subconscious is best at doing.
Some people will claim that they are not creative, but you can bet your bottom dollar that they are capable of dreaming vivid dreams. Entire worlds and stories can be created without the merest sense of effort spent and this is possible because the conscious mind is completely out of the way.
Now, back to the topic in hand – setting goals for your financial success. In order for the subconscious mind to do what it does best, creatively bringing your dreams in to reality, you need to prime it by understanding and communicating exactly what you want.
In order to do this, the best thing to do is to write down specifically what you want to achieve. Write it as if it’s already true, with as much detail as possible. Allow your subconscious to feel how it would feel, to experience it with as much richness as possible. Teach it what you want to experience and what you want to bring in to reality. Once you’ve written it down, re-read and re-write it until you’re happy. If you can’t think of what to write, just start and see what happens, or come back to it later after you’ve given yourself a break from thinking about it.
Once you’re happy with your goals, make it a habit to read them every night before you sleep, and then again when you wake up in the morning.
For some further reading on understanding why this is so important, I fully recommend the following books:…
Starting a Business Blog is one of the most easiest things to do, what’s more it is the ideal way to build your business reputation and branding.
A blog is an essential tool in the Affiliate Marketers’ Tool Box. It is by far the best way to build lucrative online gateways to make money online.
Anyone can set up a blog, but it takes careful planning. Thought must be given to why you want to start a business blog, who will be your audience and how you plan to set up your blog?
You must provide an introduction and overview of what can be expected from your blog. Why should they read your blog? What can they expect if they decide to subscribe and follow your blog posts?
The more preparation and thought you put in before you start, the more successful it will be. Once the blog is built the main factor will be the amount of time you plan spending to update your blog.
You must be prepared to post fresh, new content at least three times a week. If you have set up a blog to generate leads there must be clear steps that will lead your reader to the subscription opt in on your blog.
Placing keyword rich articles will help readers to find your blog. Consider keywords that the reader would type into Google to get to your blog. Use the free keyword tool at Word Tracker to help you.
As long as your content meets their needs, addresses their concerns, improves their lives and answers their questions, you will always have visitors to your blog.
It is crucial to know what your competition is doing. Search for blogs on Google with the same keywords you are using on your blog. Find out who is blogging in your niche. What are they writing about?
It will take a bit of time and research, but it will be worth it in the long run, because it is important to stay at the top of all the new developments within your niche.
Starting a business blog could be just what your business needs to build an online presence. A blog combined with a website, an e zine or newsletter, database management and e-commerce system is everything you need to grow and run your business, worldwide online.…
While a regular business is usually operated from an office, outside of the home, a home based business, as the name suggests, is essentially operated from the comforts of one’s home.
Most home based businesses have certain features in common, like –
– They are run within the family and primarily by the family members, who retain major share in the business.
– Usually a small operation that is run by one or more persons
– The initial financial outlay is usually very low
For those of you who want to start a business working from the comforts of your home, all you have to do is find an idea that suits your interest, is cost effective, and is lucrative enough to bring in the cash.
Some of the advantages are:
– You’ll save money on setting up a home office by using a spare room in your home
– You’ll save yourself the hassles and expenses of traveling to and from work
– You don’t have to worry about money for lunch
– Great place for those who may be restricted in their movement due to physical disabilities
– For parents who have small children you can work around your children schedule.
A good thought out plan, with adequate research on market demands and proper execution is all that is needed to make a success of your business. In addition, you are your own boss and do not have to worry about corporate layoffs, employee downsizing and pampering the boss’s ego!
Don’t get me wrong, it’s not a walk in the park. Just like any business enterprise, your idea must be viable, well planned, researched, and executed in order to make it successful.
Consider the following:
Just like any business write a business plan. The great thing about a business plan is that it forces you to take a good look at your business idea. It forces you to think it though. In this plan you will have to prepare several fundamental components that will clearly let you know if the idea you’re thinking about is doable or not.
You will have to spend time thinking about what the operational costs, when will the business become profitable, who are your competitors, marketing, sales and how your idea is different from what is already available, etc.
After organizing your business plan take a trip and visit a SCORE center. This is an organization that is run by retired professionals who will look at your ideas and advised you accordingly. And the service is absolutely free.
While making plans for your start-up, spend some time educating yourself on the subject, read, read, and read some more. Take some courses on Entrepreneurship.
Finally, know the products and the services you’ll be offering inside out.
Then move forward with your action plan.
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When business schools teach entrepreneurship, too much time is spent on writing a business plan geared towards throwing darts at venture capital firms and getting interest in a company before it is even built.
This is hardly an effective plan because it wastes valuable time that could be spent on the business. Moreover, there is no reason for the entrepreneur to start a business only to give it over to 3rd party bankers who could and will pull the plug at first sight of turmoil.
Instead of chasing investors, the entrepreneur should be learning about business via getting their website up and diving in.
Until actual business and subsequent revenue is coming in, there is no real reason for the entrepreneur to take days speaking to an accountant or spend hours blogging about whether they should register their company as a LLC or a corporation. Taking others’ advice is the last thing the entrepreneur ought to do.
This advice is not coming from a columnist. It is coming from someone who started a highly successful company that is consistently eating up market share and now has multiple talented employees from a studio apartment in New York City.
If the entrepreneur wants their business to grow, they must start today. Forget a long, drawn out business plan, here is what the entrepreneur needs – 2 traits that must be quickly acquired:
Thick Skin – people are sensitive to rejection and human beings do their best to avoid rejection at all costs. Conversely, the entrepreneur must become completely desensitized to rejection as they must quickly come to terms with the fact that they are going to encounter resistance and judgment from others every step of the way.
Although I hate the term, entrepreneurs must “put themselves out there” and must buck the trend by ceasing to worry about what others think or what others say. Only if the entrepreneur develops a think skin, can they make a successful run at seeing the other side of the rainbow.
It’s great if the entrepreneur is born with this, however is not necessary as if the entrepreneur wants to be successful, they learn to desensitize themselves to resistance and this can be acquired over time.
Risk Tolerance – in college, too many entrepreneurs are taught to focus on controlling numbers and because of this focus, they don’t learn how to tolerate mass amounts of risk. Managing a high amount of risk is not easy nor is it fun, but it is necessary.
Entrepreneurs, until the business is completely done with its growth phase and can no longer grow at a fast pace, are going to have to live with a gut feeling that is indescribable.
Inevitably, there are certain periods in a company’s growth that will put excessive stress on the entrepreneur.
These company growth stages that tend to induce a large amount of stress include the transition to an office, the hiring of multiple highly paid employees who are crucial to the success of …
This article speaks directly to your personality. I don’t discuss planning and budgeting but you should be aware that you will need to plan, plan, plan but don’t get caught up in “paralysis by analysis” and no matter how good your business plan you will not receive money from “angel investors” or banks unless you’ve already started your business and have a proven track record with a large upside – which you don’t have if you are a business startup.
First, here’s the quick synopsis of opening your own business
Register with your county or state as a business.
Start doing business.
Really? That’s all there is to it? Yes, that’s all there is to it. Unfortunately, its so easy that many businesses fail because they do exactly like what’s above. There are a few skills that complement success and generally you’ll either have those skills or will develop those skills over time. Here’s what you can expect.
You’ll work crazy hours.
You’ll be a salesperson.
You’ll always worry about your business.
You’ll become an expert on many things because you can’t afford to hire experts – especially in the beginning.
What many don’t realize is that you are always a salesperson. If you don’t like sales then having a business of your own is not for you. If you don’t have an outgoing personality you’ll need to develop one quickly. Whether you’re set up a booth at a county fair, open a retail mall location, or work from home you will be a “people-person”. You will network with others, attend events, and more. Sounds like fun? For many it is but remember while you’re somewhere having fun someone has to run the business. Here come the crazy hours.
If you’ve got customers or clients then you’ve got projects that you haven’t been working on while you’re out selling yourself and your company. So now after the fun is over you will begin your day’s work. Remember that while you were out networking you were creating your future (and probably spending money) but now you’ve got the present to think about. How do you pay your bills? What about the customer that is late with the payment? Now the worrying begins.
You’ve got bills to pay and customers to satisfy. You may have a payroll to meet or at least you’ll need to make ends meet. Is there enough cash flow or have you extended credit because you are new and the thought of work, any work was too much to pass up? How do you collect on unpaid invoices without offending and thereby cause other problems? Oh the fun never ends.
Lastly (for this article), you’ll need to learn how to be an expert. There’s nobody to do the day to day accounting but you or hopefully, a significant other so you’ll become a bookkeeper and bill payer. There’s nobody to design graphics for your marketing materials so you’ll learn software programs and design principles for creating brochures, flyers, …
“The Best Advice is always free”
Starting a small business requires bucket loads of wisdom. Financial wisdom offered through various media is not always inherently beneficial to the reader and their business.
The foundations for financial excellence are elementary and logical; here is a new perspective on financial insight to starting your small business. Making use of purely scenario planning this illustrated scenario would be a recommendation for all businesses that you intend financing.
The average cost of setting up a franchise and small business in U.S.A. is currently in the $300,000.00 to $ 474 000.00 marks, a sizeable sum taking into consideration the prevailing economic climate and business confidence levels.
Loans or Finance
In order to stimulate the economy, banks are eager to finance new business as this has a long-term stimulus on the economy and contributes to job and wealth creation.
Most individuals do not have the entire capital amount available to finance their new venture and financing becomes the preferred and logical route to market.
Taking into consideration the average price of a new franchise $474 000.00, the average cash portion of financing that particular business would be $ 153 000.00 which includes the initial, cash joining or franchise fee.
This would equate to a financing portion of $321 000.00 or 68% of the initial set-up cost of the business.
From a personal and statistical point of view, the gearing or debt ratio is too high and the minimum recommended debt ratio should never exceed 50%.
Why is gearing so important?
It is nerve-wracking and soul-destroying to build a business for you only to allocate the major share of your income and profits to servicing a loan and the commensurate interest payments. The strain on the cash flow and reserve funds is too great, and the business rapidly becomes a financial risk to the entrepreneur and the banks concerned.
“The Free Advice”
Total Cost
When using the above figures as our reference and benchmark, if the inclusive cost of the business is $474 000.00.
It would be prudent to assume that if shares were offered at $1.00 per share then the business would have 474 000 shares on offer.
Share Distribution
Taking my advice of a 50% gearing or financing ratio, the business when financed by the entrepreneur would allocate to the entrepreneur, 50%(237 000 shares) of the shares currently on offer (The portion he/she has paid cash for)
The remaining 50% of shares on offer would be the right and technical ownership of the banks or financing institution.
The Thinking Motivating This Strategy
As the entrepreneur pays off the loan, their ownership or share-holding increases exponentially.
Goals are easy to set, time and financing permitting the entrepreneur sees his/her goal of 100% ownership as achievable and desirable.
When the bank is essentially a partner in your business the relationship changes, the entrepreneur can take the banks perspective into consideration as they are a valuable share-holder, the logic of having a “you” and “me” approach becomes a …