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Money

How Many Mentors Do We Need?

This is a very good question to ask as many people think that we only need one mentor. I would disagree with that. I believe we need a mentor for every different area. Let’s look at a golfer. A professional golfer may have a mentor for their golf swing, another on the fitness side of the game and a third mentor may be a psychologist to help them with mental preparations.
Recently I was listening to an interview with the broadcaster Jonathan Dimbleby, son of Richard Dimbleby and brother of David. In the introduction we were told that throughout his life Jonathan had at least two mentors. His first mentor was while he was a show jumper; and many people thought he would go on to represent Great Britain in the Olympics. He had another mentor when he entered broadcasting at the BBC. Jonathan’s first mentor was brilliant while he was show jumping, but when he started working at the BBC he needed a different type of mentor. He needed someone who was a broadcaster, a person already doing the job, to help him as he started his broadcasting career.
A mentor is someone who you learn from; they have been involved in that field for some time, whether it is sport or business. They will help and guide you along the way, giving you the support you need at every stage. You can have a mentor in many different subjects. I have mentioned golf, show jumping and broadcasting and this is just the tip of the iceberg. The Quakers have promoted mentoring for many years for business. George Cadbury was mentored by Joseph Rowntree and both men are famous British chocolatiers. The Business Secretary Vince Cable recently promoted mentoring for those setting up in business, “Mentoring is a very effective way of promoting start ups, with high productivity amongst established businesses”.
Many people when they are looking to start a business now look for an opportunity that includes mentoring. Recently when we were looking at a business idea, we looked for an opportunity in which we were able to learn from a mentor.…

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Income

Tips For Choosing An Internet Business

Many people are finding that the internet offers a tremendous number of business opportunities to the entrepreneur. However, knowing what to look for when comparing opportunities will help you to make the wisest investment when you are starting a business. There are a few tips for choosing an internet business that will help you to identify the legitimate opportunities from the scams.
BE WARY OF FALSE PROMISES
Just like a land-based business, there is no “get rich quick” scheme on the internet that is going to work. When you are looking at opportunities that begin with making promises about little or not work and lots of money fast, be wary. There are many scams on the internet, put there by people who are preying on people that need to make money.
There are individuals who have several different sites on the internet offering different business opportunities. These people use different names for each website so you don’t know that the same guy is selling the dream under a different domain. This type of person is getting rich by ripping people off, not by selling a legitimate business opportunity.
A legitimate business opportunity will have a history and a paper trail. Do not take the testimonials on the website at face value, remember that those cool records of earnings are very easy to recreate and make up using Photoshop, be aware that if the seller had made a gazillion dollars using the secret formula they are selling, they would not need or want to sell the secret formula to strangers. The secret formula for them is to make money off of people looking for a fast buck.
RESEARCH THE PRODUCT
Before you enter a business opportunity be sure that you research the products that you are going to sell. While most people do not think of affiliate marketing as “selling”, it is exactly that. In order to build a successful business, you must have a passion for the products you sell and they must be reliable and dependable.
Think about the investment of time and money that will be involved in selling the product and becoming the leader in the industry. It is much easier for a person to market a product or service that they are passionate about. If you are going to sell another person’s product on your website, make sure that you test it, try it, and feel comfortable that it will do what you are promising people it will do.
The internet community is global, but very small. An individual who gets a bad name on the internet for their business practices is soon found out. These individual may be able to scam a few individuals, but anyone researching the individual can easily find their history of complaints and unscrupulous actions. Therefore, it is important that you maintain a reputation for reliability, dependability, and have a product or service that you can over-deliver on easily.
CONCLUSION
Doing the proper research and getting a clear idea of the time and money you will need to invest to give your business the foundation it needs to grow will help you to knowledgeably select a business and product that will allow you to enjoy a continuous, long-term residual income. Once you have established the foundation you need to have a successful business, you will be able to enjoy greater returns on your investment.…

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Income

A Few Words of Wisdom For Starting a Vending Business

So you think you’d like to start a vending business. Do some soul searching and make sure you are the right type of person. Ask:
· Are you an entrepreneur? This is someone who must assume all the risks of a business, but can also guarantee the benefits.
· Are you self-motivated? There is no 8-to-5 in the vending business; you work until everything is done. On the other hand, there are days when the hours just fly. The really great thing about vending machines is they conform to your schedule: They can be installed just about anywhere, generate sales 24/7 and can be serviced most any time. But it’s up to you to make it happen.
Best ways to get started:
The more information you can get about vending, the better off you will be.
· Contact NAMA, the National Automatic Merchandising Association, the trade association that handles issues involving the food and beverage vending industry. They have information on all aspects of the business, including education, health and safety, government affairs, NAMA-certified vending machines, publications, expos and careers. You can reach them at (312) 346-0370 or .
· Work for a vending company. You will learn if you really like the business, and find valuable shortcuts, like installing and loading vending machines, buying product, inventory and accountability. Of course, you can learn all that on your own after starting a vending company, but it takes time.
· Check with (or find) appropriate business counsel:
– Accountant – How best to run the paperwork for the best return – on profits, as well as taxes. Also ask if you should set up your company as a sole proprietorship, corporation or LLC.
– Attorney – To set up your corporation and advise on any legal implications
– Banker – Open new accounts solely for the business (don’t use your personal accounts)
– State, county and federal governments – Any licenses, permits and other paperwork
Some people avoid all this; they just jump in, set up a couple locations, find out they like the business. . . and then have to go through all this. What a hassle. Do it right from the start and you’ll be able to focus your newfound excitement and energies on building your vending business.
A few words of wisdom
Buy the right brand of vending machine – this can make or break your company. Check out the NAMA-certified vending machines and buy one of these. Call a vending company in your town and ask what brand of vending machines they use. If you have decided to buy a particular brand of machine, ask the vendor if he has heard of it or has any experience with it. There are only 5-7 brands of vending machines that I would buy. See my article: “What types of vending machines should I buy?”
Look at what Coke and Pepsi buy when you’re considering drink machines. They have more machines out than any vendors. Find the brand name and model number on the left side of the door, on a manufacturer’s plate. Make sure there is more than one company distributing the parts. If there is only one source and it goes out of business, the machine will no longer be useful to you when replacement parts aren’t available.
Watch out for “biz op” guys. These are the unscrupulous companies that try to rip you off by selling a vending franchise with substandard vending machines, bad accounts, and a franchise that is little more than name only. These companies last only a short period of time. They steal your money, bankrupt out and laugh all the way to the bank.
The people who stay in this business stay in it for life. Every day is different; you have new challenges and new ways of making money. I seldom see vendors retire, but if they do, they’re back to work in just a few weeks. Compared to running a vending business, golfing and fishing just aren’t enough.…

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Online Business

What Business Should I Start in 2013 and Beyond

There are several businesses you can start on the internet for little to no investment. You can do a lot of different things on the internet, selling advertising, selling products and other services. Whatever route you decide to use for making money online will depend a lot on your personality and the things you love to do.
Firstly, I am going to go through a few things you can do to make money on the internet and then at the end you can choose what direction you would like to take your business in.
Making Money by Advertising
A lot of the big corporations on the internet make money from advertising. These are companies you have heard of if you have ever been online; you probably use their services every day. Companies like Yahoo, Bing, Facebook, YouTube, Google all make the bulk of their sales from selling advertising. Now you don’t have to be a big company to make sales from advertising. You can simply perform advertising by doing something called blogging and attracting a lot of visitors to your personal blog.
The reason advertisers pay these corporations a lot of money for advertising is because these companies know how to get lots of visitors to their websites on a daily basis. Now you don’t have to be able to be able to drive millions of visitors to your site on a daily basis, if you can drive a few thousand visitors, that would be great. You want to do the same thing the big corporations are doing but you want to do it on a smaller scale.
The good news is that these companies will let you tap into their resources and profit with them. For example, Google has a program called ”the AdSense program” where they connect you with advertisers who want to advertise on your blog and split the revenues with you. Google also owns YouTube, a video sharing site where you can post videos for free under any topic under the sun. You can use this site to make a video on your subject matter and direct the visitors on there back to your blog. you can also use article directories like EzineArticles to write compelling content and direct the people from there to your blog. So this is how easy it is for you to make money from selling advertising on a blog. If you don’t want to partner with Google, you can contact website owners with information related to yours and offer to sell them advertising.…

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Opportunity

Starting a Business on a Shoestring Budget

Starting a business on a low budget and succeeding sounds quite unrealistic but it holds true when you are talking about an online business. Online businesses have numerous advantages compared to a traditional one. You don’t need to spend thousands of dollars to get started; even if your idea flops you do not loose a lot of money, and you can promote and sell a variety of products from expensive items to perishables.
Selling your product online also does not require you invent new wheels; all you need to do is to choose the proven ways and get started. This approach will also be helpful in avoiding any scams and fake programs.
When staring a business online with a low budget your first investment would be to buy a domain name and hosting for your online store. Next step is the choice of product. Choose a product that has no inventory. The product should have its worth is today’s debt ridden world and it should help people make there life better.
Now comes the most important thing that is how you market your website to get targeted visitors keeping in view you low budgets. Advertising you business is not a piece of cake it requires hard work and commitment. It’s advisable to keep advertisement budget next to zero. The reason for not spending big sums in the beginning is that you are still in the learning phase and by this tactic you are forced to learn. Once you gather enough knowledge about internet marketing than you can spend bigger amounts on advertisement and it would be called secured investment.
There are number of ways by which you can market your online business. SEO, search engine optimization technique can be used to submit your website to different search engines; you can place a link of your website on other similar websites. Some websites take money just for placing your ads while others charge you when these ads are being clicked. Business with very low budgets can also send emails to targeted customers.
Direct marketing is also an effective and cheap way to market a newly started low budget business. You can reach your audience by posting on different online forums and social networks, inserting fliers in newspaper is also a good direct marketing tool.
Starting a business with a shoestring budget and attaining success is a possibility in today’s world. All you need is a little hard work and motivation.…

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Online Business

The Real Scoop on Network Marketing

The word seems to be out that network marketing or Multi-Level Marketing (MLM) isn’t what it used to be. Some people are saying “yeah!” and others are saying “oh no!”
Network marketing is just that; it’s marketing. Marketing is an ever-changing commodity. It’s influenced by media, advertising, transportation costs, customer demand, supply, climate, etc. Marketing is ever changing. Our world is ever changing. So, why should MLM be any different?
One thing that will always remain constant, however, is that it is based on developing relationships, and that is what makes it different from conventional marketing (manufacturer to wholesaler to customer).
This type of business is very appealing to anyone who enjoys interacting with people and wants to create another income stream. And, you certainly can’t argue that it’s a pretty sensible system – manufacturer directly to the customer.
The internet has had a major influence on MLM. Some have grabbed the explosive opportunity and run with it, and others are still wondering “what happened?” The internet is a tool that allows communication at levels that have never been seen before. There is an endless supply of systems, sales pitches, opinions, etc. Take them all with a grain of salt.
MLM compensation plans can sometimes be less appealing for those looking for a quick buck without much work because it usually takes time to build a downline that is really profitable and sustainable. Because of this, the attrition rate today can be cruel! We, unfortunately, are living in the age of “I want it now,” so people jump in and out at record rates – they’re looking for the “Big Thing” and will keep on looking, and looking and looking forever. They keep believing the “get rich quick” promises.
This particular industry is the same as any other business – it’s a business, and it has to be treated like a business and not a hobby. Unfortunately, many people who go into it don’t think about this, and many are not business savvy in any way. There’s plenty of information available on how to operate a successful business, but, hey, that’s work, too! Which then would mean it’s not instant riches.
Yes, network marketing has changed. There are opportunities that never existed before. Because of the internet, there are thousands of MLMs that are launched every year. How many of them survive or are legitimate? Not all, by any means. There’s a vicious fight going on among these marketers all the time for the dwindling supply of warm bodies looking for an MLM business. Because of that, there are some pretty ridiculous promises and sales hype being broadcast constantly across the internet.
For anyone looking with interest at creating another income stream or full-time business, this could be for you. It can be very profitable if you know what you’re doing. Make sure you check out any opportunity you are looking at VERY carefully, do your due diligence, get the business information you need and treat it like a business. And beware of anyone who says you only need to work a few hours a week. It just ain’t so!
I’ll leave you with perhaps the most exciting development of all – the advent of SOCIAL NETWORKING as a marketing tool! As I said, it’s a relationship business – always has been, always will be. It’s just different now. You no longer have to pitch your friends and family. Go to MySpace, Facebook, Twitter, etc. and meet all the people you want. You’ll make great friends, and everyone is looking for MORE MONEY!…

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Income

Starting a Small Business: Pros and Cons

There are excellent reasons to start a business — and, of course, there are other excellent reasons not to. This is why it’s important to weigh the pros and cons for yourself, as your situation is unique, and advice that worked for one entrepreneur’s business may not be applicable to your own.

Let’s look at the general pros and cons of starting a business.

Starting a Small Business: Pros

Being your own boss has quite a few perks, as we will learn below.

Job Security: When you’re the boss, you’re never in danger of being fired.

Decision-making Power: If you decide to make any changes in your small business, there’s no one above you to tell you you can’t, and little to no red tape when it comes to implementing those changes.

Retirement Value: Building a successful business and then selling it at the end of your career can give you a boost in your retirement funds (in addition to the 401k many business structures allow you to open).

Self Fulfillment: Working for yourself gives you a sense of pride in your work, allowing you to feel personally and professionally fulfilled. You are the master of your own destiny!

Community: Owning your own business and putting down roots gives you a connection to your local community in a way that being an employee does not.

One important thing to keep in mind is that the fulfillment, security, and stability your role as a small business owner can bring you comes to fruition only with hard work, dedication, and perseverance.

Starting a Small Business: Cons

However, starting a business is no walk in the park. There are cons to starting your own business as well, which we’ll discuss below.

Financial Risk: Starting a small business involves some amount of startup capital, which will require you to find investors, take out a loan, or dip into your own account — neither of which is without its risks.

Workload: It’s been said that the decision to become an entrepreneur is not simply a career, it’s a lifestyle. This couldn’t be more true; if you believe that you’re going to confine your role as a small business owner to 40 hours a week, you’re in for a surprise.

Slow Initial Business: Statistics show that most new businesses do not begin to recover their investment for something like 2 years after they began. Are you prepared to go without an income during these uncertain times?

Decision-making Responsibility: Great for letting you make your own decisions on products or pricing; not so great when it comes to reprimanding or firing a friend or turning down a family member.

It’s clear that the decision to start a business or not to start a business is one that must be made carefully and thoughtfully, with family and future in mind, in order to determine if it’s a decision you’re prepared to follow through with and help through the rough patches.

With hard work and determination, your business dreams can become a reality!…