Many people rush into business for the wrong reasons. Running your own business can be very rewarding, but it ca also have drawbacks for the unwary. Here are questions you need to answer before making the commitment.
1. Are you prepared for the financial commitment of owning a business?
Buying your own business requires a serious financial investment. If you are the type who does not want risk, you might want to rethink owning your own business. Being personally responsible for the success of a business is not for the faint-hearted.
2. Are you looking for a specific type of business or are you open-minded enough to consider different opportunities?
Sometimes people start out looking for a specific type of business only to find something else they had never even thought of doing. Keep an open mind.
3. What do you really want? That question is at the foundation of all success.
Wanting it badly enough – that you will work through problem after problem and failure after failure, to get what you really want.
I have said it before and I will say it again – If you think you can, or you think you cannot, you are right!
It is best if you are open-minded, especially if you are a first-time buyer. There are all kinds of businesses available, and you do not want to limit your choices. Look for a business that will provide the income you need, (or has the ability to do so). Look for a business that you can realistically afford, one where the numbers add up. And, most importantly, a business that you can visualize yourself owning and operating.
Can you make the ‘leap of faith’ necessary to buy a business? A self-employed entrepreneur needs to focus on opportunity instead of security. This concept can be tough to come to grips with, especially if you have always worked for someone else. It is human nature – WE INSTINCTIVELY SEEK SECURITY. But, is there such a thing as security in the job world?
The days of giving your heart and soul to a big company are over – or at least they are for the thousands who lose their jobs every year through restructuring, downsizing, re-locations, takeovers etc.
In reality, real economic security is generated from within. It comes from knowing you are in control of your own destiny and having confidence in your own ability to create and capitalize on opportunities.
Many prospective business owners do their homework, do everything necessary to begin the purchase process, and then back out of the transaction. They just do not have the conviction to commit themselves or financial resources to business ownership. There is nothing wrong with that – not everyone is suited to running a business.
So, if you do not think you can part with your money and take over operating a business on your own, you may want to take a careful look at whether business ownership is really for you.…
If you are starting a business it’s oftentimes easy to forget what the main focus should be. The answer is an all too obvious–the customer! Even though most everyone knows this, we all can get caught up in a self absorbed, ‘what’s in it for me attitude.’ Of course, no one goes into a business totally selflessly, no matter how philanthropic a pursuit it may be. Even in these cases, an individual is seeking something for what he or she is giving, whether it be personal fulfillment, admiration, a reward in the afterlife.
A search for meaning, etc. Nevertheless, for any endeavor to be successful, the attention should always be on the recipient of your giving, of your product, of your service, or whatever the interaction entails. Put your mind in the head of your customer, and what he or she wants, and your chances for success will be so much greater. For instance, are your customers really interested in how many years you have been located in the same spot, or how cute your kids are in your commercials? No, they aren’t. They care about what’s in it for them. They want their needs fulfilled.
So, the bottom line is that if you fulfill your customers needs yours will be fulfilled also. This is not original advice, nor is it particularly insightful. It’s just a gentle reminder from the author of this article who has sometimes forgotten himself where the focus should be. You can change your advertising campaign, online marketing promotion, decor of your store, or whatever the case may be to increase sales and revenues, but real change won’t happen unless your customers’ needs and desires are met. If they are, you’re in business!…
The DDA or more commonly the Disability Discrimination Act 1995 focuses on ending discrimination for people who are disabled. It gives disabled people right in employment, access to goods, facilities, services and buying or renting land or property. The Disability Discrimination Act 1995 ensures that websites are available to the registered blind and people with disabilities. The Act makes it unlawful for a web designer or owner to discriminate against a disabled person by not providing a service which gives makes accessible to the public. From 1999, a service provider has to take adequate steps to change a practice which makes it difficult for disabled people to use the services offered online to the general public. For people who are registered blind or have visual impairments, the range of auxiliary aids or services which are reasonable to provide should be provided where necessary and this is the same with people who have hearing disabilities.
Under the Disability Discrimination Act 1995, you are required by law to make reasonable adjustments to a website that is available to the general public. It is fairly straightforward to be able to comply with the Disability Discrimination Act 1995, but it is recommended to comply with the provisions when creating the website for the first time rather than amending it later on, when there could already be a problem that has arisen.
The best way to establish compliance with the Disability Discrimination Act 1995 is to include a description of every picture or graphic design on the website; use links that are no nonsense rather than the usual ‘click here’ links for example; organise the website pages carefully, using headings, lists, paragraphs which make up consistent structures to the site; cascading style pay layouts and formatting are the best procedures to use when designing a website as it separates the page content and layout, which means that the disabled person who is looking at the website can chose how much they would like to see on the site. There should be no frames on the website, as they do not help visually; and tables should not be used to lay out the pages on the website as it is harder to access for disabled people.
For a web designer it is highly important that they are aware of the impact of not complying with the Disability Discrimination Act 1995. The client would sue the designer; therefore it is important to tell the client that the site does not comply to the 1995 Act at the moment to then cover the designer from any problems that may arise and then they can chose how to make it accessible for the general public as a whole including those registered with a disability.…
Do you have a skill or hobby you like to do, but have never had a business before? Would you like to learn how to start a business in your local community that fills a need in your area? Have you now graduated or still going to school part-time? It is a possibility, a good idea, might help local people and may contribute to your future! Then follow these simple steps:
1. See if any other businesses are providing the hobby/service you have in mind. What types of businesses exist? Are they locally owned? Are they franchises? Is there more than one business? Is there a business that has part of their business provide this product or service? Find out what advantages you may provide to these others? Check out how they provide their service? What prices do the service/products cost? If it viable maybe it can be done, if not maybe you can work in one of these businesses?
2. If there is a possibility it is viable then check with local town offices and chambers of commerce to see what information you can find out about running such a business. Try and get some statistical information. Find out what supplies you need. If you can’t find any information locally, check your state website. If this is not enough information check out your national resource site.
3. Once you have some viable information you should put it together in a business plan.
4. Next find out if you can get some information on funding your venture or how you are going to acquire your product or service through loans, leasing and shipping terms.
5. Start testing out your service with family and friends, focus on friends and friends of friends and get referrals written down or emailed to you that you can share with others to build you business.
In closing you can start a small business in your local community with the right resources, connections and help from local government or business referral assistance sources.
All the best, and happy adventures, you may never know where it leads you to or who you may meet and the stories you will learn from others. This is just a basic outline and tips, there are numerous resources online and in your local community.…
Starting a business is definitely a risk. But so is remaining an employee. You just don’t always notice it.
Your continued biweekly paycheck is no sure thing. It’s important not to put all of your financial eggs in one basket, especially a basket as precariously positioned as the national unemployment rate.
As a salaried employee, it’s easy to become complacent. But don’t let your biweekly paycheck lull you into a false sense of security. That paycheck could stop at any time. If you’re thinking of your employment as a rock-solid fact, you’re doing yourself a disservice as far as getting an accurate picture of your risk.
There are risks involved in being an employee.
If 100% of your income comes from one single source, what will that do to your family’s finances if that source runs dry? Starting a business is a great way to take your destiny into your own hands.
As an analogy, consider your investment strategy. A diverse portfolio is a strong portfolio — if one of your investments tanks, it’s not going to cause you to dip into your retirement funds in order to survive; you’ll be buffered by your variety of other investments, and your investments will begin to even out again.
It may be valuable to think of your salary in the same way. If you lose your job, without additional sources of income, it’s going to be difficult, if not impossible, to stay afloat.
But I’m a great employee — no one is going to fire me!
How many people caught up in the foreclosure nightmare of recent years though this exact same thing when they signed on the dotted line?
Even if you, personally, are confident in your relationship with your management and could never see yourself being laid off or fired, there’s another risk involved here: the future of the company itself. In the economic upheaval of the times, depending on the size and level of establishment of your organization, your company may suddenly find itself struggling to stay afloat (despite your individual dedication to helping it succeed). In other words, it’s hard for management to retain a valuable employee like you when there’s nothing to manage.
Starting a business doesn’t have to mean quitting your job.
Diversifying your income means just that: diversity. What are your personal strengths and skills? If you’re a graphic designer, consider starting a business on the side that you can manage during nights and weekends. If you’re an English major, consider freelance editing. You might even consider taking some classes to gain knowledge and experience should the unthinkable occur.
If you can build some individual credibility in your field on a freelance or part-time basis, you have a safety net to fall back on if you should suddenly lose your job. Without a second option, you could suddenly find yourself at square one.…
A great many startup “experts” now recommend that new entrepreneurs outsource as much of the noncore tasks as possible. The arguments sound logical – leave the work to the professionals; focus on your core competencies; don’t be distracted by accounting/marketing/whatever details. But there are a few problems with this advice that you should be aware of before you send your business out to be handled by others.
Consider the Source.
Much of the outsourcing advice comes from those who benefit from you choosing to outsource. For example, “free” websites with startup information are making the ad clicks and paid advertisements of outsource professionals! Check out the ads on and around these they convince you to hire one of those advertisers to do your work, they earn a piece of your fee. It’s not always bad advice, but be aware that they aren’t really providing you valuable information for nothing in return.
Is an Outsourced Business Really Yours?
Being a business owner is all about taking control of your work life and financial future. How much of that control are you willing to hand out to others? The job of an entrepreneur is more than just being your own boss. You are also your own accountant, attorney, sales staff, secretary, and janitor. If you only really want to play one of these roles, you might be better off working for someone else. Turning over too much responsibility to outsiders can be a huge mistake, especially if you don’t know exactly what they are doing for your business!
What you don’t know…
Many new entrepreneurs do not have a strong background in finance and accounting, or just plain don’t like to deal with numbers. Some figure it would just be easier to have someone else handle the marketing. Many believe the legal paperwork is just too complicated to do for themselves. The thing is that all of these skill sets are part and parcel to owning and running a successful business. It’s OK that you don’t know everything right now, but the trick is to use the startup process to learn all you can. After all, how can you pick the right professional to outsource to if you don’t know what you are looking for? Don’t let anybody tell you that it’s a good idea to let some stranger make important decisions for YOUR need to have your hand in everything, especially during the early stages.
The reality is that in business the bottom line is the bottom whole point is to make money. Turning over all responsibility to an outsource professional can be an enormous, irreparable mistake. They can’t possibly understand your business like you do, they can’t make the best, most strategic decisions for growing your company, and as long as you pay them their fee, there isn’t much motivation to go the extra mile. Business owners, especially those who want to make some serious money, must master the money matters on their own before handing it off to an …
The article is about 3 things that you should consider when you build or purchase a business. Starting a business is an incredible undertaking with the odds stacked against you. Read on for a few tips that will put the odds a little more in your favor.
When starting a business, you need to look at how the business is structured and also its place in history. Here are 3 tips that you can use to analyze whether your business has the highest chance for success:
1. Is the business fairly timeless? Are you following a fad, like selling Beanie Babies, or is this a business that will keep customers coming back no matter who is on the television. This is very important to consider, since you can get wrapped up in something that may make you a ton of money in the short term, but will dry up as soon as the fad wears off.
2. Can you expand the business? Any business that you start should have the opportunity to grow, hopefully somewhat infinitely. Do not go into a business venture that has a built in wall. If you are the business, for example, there is only so much work you can personally do without adding help. If there are a finite amount of customers that will eventually run out, or even a finite amount of resources available for growing the company; these are all reasons to shy away from a business.
3. As an entrepreneur, does the business offer you room to act creatively? Can you use your skills to grow the business, or is the business an old, immobile beast that is entirely resistant to change? Industries that are resistant to change eventually die off. If you are going into a business in an industry that has old thinking and refuses to budge, you may want to run the other way. Even if you are buying a business full of employees that aren’t willing to budge with new ideas, you may want to skip it.
With any business endeavor, also make sure you are having fun. You will spend way too many hours of your life starting your company and getting it off the ground to waste that time on something you don’t enjoy.…