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Profitability

Starting a Small Business? Should You Keep Your Day Job?

To work or not to work during ‘s a tough question for many entrepreneurs. There are two primary pulls either way — a full-time startup gets your full attention and shortens the time to making money, but working during startup keeps the bills paid and provides a back-up plan for the risk of going out on your own. The best option for you depends on a number of factors, and with either method it is essential that you manage your time and money effectively.
Business Type
The type of business you are planning to start is the first consideration in whether to launch full-time or part-time. There are some ventures that require you to be available during the standard workweek — 9 to 5, Monday through Friday. If your current job includes these hours, it may be impossible to get your business off the ground. The best option in those cases is to develop a complete plan for your business while still employed, including a full marketing plan, budget, and beginning to network. The more developed your business idea, the more clear it will be when the best time to commit full-time will be.
Available Capital
The amount of capital you have for your startup is another critical factor. If you haven’t developed a full startup budget yet, do so before you quit your day job. Startup costs are easy to underestimate, especially without working through the details of the business idea. In addition to the actual startup costs, you will need enough cash to keep your personal bills covered. Often, entrepreneurs discover the hard way that the few thousand they thought would be sufficient disappears rapidly once work starts on the they end up going back to work anyway. Set a realistic budget based on a realistic time frame for getting the venture off the ground before you commit to full-time entrepreneur status.
If You Decide to Start Part Time
If you do decide to keep a job while working on your business, your first priority is to get organized. You will have to master time and task management in order to make reasonable progress on your business idea. The odds are that your work hours aren’t the only time consumers on your schedule, so it is critical to establish dedicated blocks of time to focus on your startup. Eliminate as many time killers as possible and consider getting up a few hours earlier or staying up a few hours later to get the venture going.
Do not even consider using your time on another job to work on your startup. In the first place, it is disrespectful and probably a terminable offense. You won’t want your employees working on outside interests on your time, so you shouldn’t either. In the second place, most professional jobs include provisions within the employment contract that deem all of your work product as owned by the company. Thus, if you create a new or innovative product or service using company assets (even your work computer), they may well have a legitimate lawsuit regarding the rights to your ideas.
If You Decide to Start Full Time
If you decide to quit your job and go after your startup full-time, you still need to take control of your time. Especially if you are working from home, it is very easy to be distracted from the business by daily chores, projects that have been awaiting your attention, even the television. Set yourself a clear work schedule and organize your time as you would if you were working for someone else. Your startup will have to be your priority if you are going to succeed, so expect to commit more hours to the venture than any other job. In fact, the average business owner works 65 or more hours per week, and that’s after the startup period!It appears that your web host has disabled all functions for handling remote pages and as a result the BackLinks software will not function on your web page. Please contact your web host for more information.…

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Small Business Ideas

Common Traits of Billionaires – They Crunch the Numbers – Starting a Business? Do What They Do

A recent article provided by stated that one of the most common traits that all billionaires share is the ability to crunch numbers. But what does this mean exactly? After all, everyone has taken math in school or can use a calculator. So, why aren’t more people wealthy?
Surprisingly, many people go into business without taking the time to really sit down and analyze what it’s going to take to make a profit in the business that they have chosen. Many simply decide to rent or lease a property, stock inventory, open the doors and hope for the best. While this scenario may work for some, it’s best to make a study of several factors that determine to a large measure the chances of any commercial success. Here are some tips on how you can “crunch the numbers” for your particular business and succeed.
Billionaire investors often buy commercial buildings, shopping malls, luxury hotels, trade in stocks and commodities, and invest in hedge funds. When they enter a trade or buy a property, they already have made an in-depth study of the numbers that factor into such a transaction or deal. What are the traffic patterns, for example, that pass by a particular corner, the buying habits of the clientele, the average salaries of people who live in the area, the cultural composition of the neighborhood, the nature of the competition, etc.? Crunching the numbers can give a real indication of the potential success or failure of any enterprise. Put the odds, in other words, as much in your favor as possible. Be smart when you enter the business waters, because once you dive in, there’s no turning back.…

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Starting A Business

Business Planning For Beginners

If you’re on the verge of starting a new business venture, then you must have ideas swimming about in your head, just waiting to be taken advantage of. But with too many ideas, and with no distinct place to start, things might go awry. You need a systematic, planned approach when it comes to starting a business, one in which your short term and long term goals are clearly underlined, and will be practical, effective and will work. It’s not as hard as people make it out to be. If you have your business goals planned out, then all you have to do is follow these plans step by step, one at a time. Starting something in a well organized manner always pays off.
Some Guidelines Follow:
– First and foremost comes your table of contents, where every little detail, starting from your mission statement, to the services you provide and the products you sell, the current number of people employed, and information regarding market research, could be organized and set out clearly.
– Attachments and appendix materials are important since your business plans might be reviewed by investors and partners, and can also boost your online business planning strategy. Therefore, it is recommended you collect them.
– What helps more than anything is creating a list of essential points and topics. This will go a long way in lending a sense of oneness to your business plans as well as help create a map of sorts with which it’ll become easy to review or go over everything. And if you’re not certain as to what the exact starting point might be, this becomes all the more useful and effective as organizing things become a snap.
– Assignment of projects and tasks for each section can prove to be extremely helpful, as each point in the to-do list you have made is further broken down into even more accessible and practical steps. This way, it becomes so much more easy to keep a track of everything at every moment.
– Grammar, spelling mistakes might not sound as an important point to consider, but they are. In fact, you would not want first impressions which would have otherwise been perfectly great go awry thanks to some stupid grammar mistakes. This is also the case with errors based on facts. Do a complete check to see if you’ve missed out on anything and to refine the end product and make it suitable.
– An executive summarizing of your small business is a pretty useful step, primarily because your entire plan is shortened and made to read and be understood in an accessible and easy fashion. Later on, if you need to look over your objectives, instead of going through all of them, you could just browse through the summary itself. Basic points and subjects could also be included.
– Sometimes, it helps to have a third person perspective. Your strategies and your plans should be kept strictly confidential, but if you do have a friend or someone trustworthy enough, go ahead and have him or her look over your plans and offer an unbiased viewpoint. He or she might point out certain areas which could be improved. An objective view of everything where all the points are well organized and systematically set out always helps.
Business planning might seem difficult, but in truth it is not. It takes a little effort on your part, but at the end of the day your objective is to list out the basic points in a easy to access manner, so that glancing through it will get your memories jogged instantly. Then, each point could be further broken up for convenience’s sake and soon, your business will turn out a grand success.…

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Small Business

5 Businesses to Start From Home in Order for You to Get Rid of Your Job and Have Your Freedom

Are you tired of trying to impress your Boss? Or are you becoming frustrated of not being able to voice out your creative ideas? Have you constantly wondered how it is to be free from all the work related stress that you encounter everyday but are afraid that you might be broke if you lose your job?
Well, worry no more because there is certainly a way for you to enjoy your life without having to worry about things like deadlines and irate bosses. Start your home based business today!
Here are 5 ideas for businesses from home that you could probably try.
Online Shop
With the demand for online shops these days, you won’t have so much difficulty in trying to look for clients. More and more people feel that it is easier for them to do their shopping online simply because it is more convenient for them. This is especially true to those with busy work schedules.
You would only need a reliable internet connection and a little capital for you to start business. You don’t exactly have to sell brand new items; rather, you can buy and sell online. There are a lot of options that you can choose from when you venture into this business to start from home.
Computer Specialist
Being computer literate can take you very far these days too. Like starting an online shop, this type of business venture is brought about by people relying on computers for their convenience. Because of this, any problem or assistance that they may need is very in demand.
Computers are people’s partner in their daily lives and most are busy with their hectic schedules. So being a computer specialist is one of the most in demand home based businesses to run nowadays.
Events Planner
If you are creative and patient enough to plan details, then being an events planner is just the perfect job for you. You can enjoy being in this job while you earn. This is also perfect because most people nowadays love to enjoy parties and events without having to bother about details.
You can read articles or e-learning websites about new ideas that you could probably incorporate into your own business to add originality and variety.
Arts and Crafts
In starting this kind of business, you also will need to invest a little capital and a lot of your creativity. It actually depends on you and your budget planning on how big you want your arts and crafts business. There are a lot of retail shops that you can supply your products or if you can, you can put up your own shop at home where you can display your artworks.
With the increase in the demand to see beauty and creativity these days, you will be able to attract people with your talent while earning the bucks. Isn’t that a fun way to earn?
Family Restaurant
This is also becoming a common business to start from home. Who wouldn’t want to eat good food right? So if you think that you have the best recipes for delicious dishes as well the space to put up a family restaurant, you might probably want to start your own. I know it needs relatively more capital than some other home based businesses; this is also the business where you could earn faster.
Why do you think home based businesses are so attractive to aspiring entrepreneurs these days? Well basically because being in a home based business can free you from all the stress that you can experience from working in a corporate setting. It also allows you more time for yourself because time is more manageable without jeopardizing your capability to earn.
There can be a lot of advantages to starting your own business from home. Stress-free is just one. Your brilliant mind can come up lots of ideas for business to start from home. So start your own business from home today and be your own boss.…

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Starting A Business

Accounting For New Businesses

Starting a business is an invigorating experience. Taking a new idea and converting it into viable business proposition is exciting as well as demanding. Working out a marketing strategy and selling to the first potential customers contains enough highs and lows to fill your experience bank for a decade. If it wasn’t exciting and challenging we wouldn’t be doing it would we? And especially in the early days when we’re often working long hours for next to nothing.
Probably the only thought we give to money at first is the amount we hope to make! Yet it’s that lack of attention to the detail of the business finances that trips up so many entrepreneurs. If money isn’t controlled, measured and accounted for accurately then even – maybe especially – growing businesses hit the cash flow buffers long before they reach the point of being profitable. So, if you don’t take care over the boring financials and find a good accountant to help you, then your dreams may end up accounting (pun intended) for nothing.
So make sure you think about how to keep your financial records before you start. Ask for advice and set up a system that works in your business, both to enable the VAT returns and annual accounts to be prepared as well as to ensure you can keep a check on the numbers – who owes you money, who needs paying and how much profit you are making. It’s almost always a mistake to leave this until the business has been trading for a while. We are talking about ensuring that crucial information is regularly available so why not have it from the start, particularly as it will cost you more to sort out the mess later on.
If the business is small and likely to remain so then you may be able to run it on a spreadsheet. But beware of just creating one yourself. Any accountant will tell you horror stories of spreadsheets that have been deeply flawed and often dangerously so. If you are going to use a spreadsheet then make sure it has been thoroughly tested and accurate in what it reports. If it’s just a list of entries with no categorization then it will be of limited or no value.
Accounting packages come in all sizes and cost but they all tend to do the same thing. In the end they have to be easy to use (or you won’t) and easily readable by whoever is completing your accounts. Make sure you test it properly before you purchase and get a professional viewpoint on its suitability for your business. There are plenty of good online packages too which are worth checking out.
Good, professional tax and accounting advice at the start of the business ought to be able to save you money initially and set you on the right course with effective systems to provide you with the information you need to know exactly where your business is and to plan where it is going. Find a recommendation, check out different people… but get an accountant! It is a distinct advantage if they speak a comprehensible version of English not just an obscure accounting language. They ought to be keen to suggest solutions not just raise problems and they must be interested in understanding your business.
So enjoy starting your new business, but make sure you are clear about how to count the numbers before you start.…

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Small Business Ideas

Online Business – Are You Ready to Work From Home? Let’s Get Real If You’ve Never Done This Before

It’s very simple. Let’s just put it this way and I’ll use myself as an example. When I was a little kid, Bruce Lee was the man. With Bruce came a flood of Kung-Fu movies. So guess what I wanted to be? That’s right, Mr Kung-Fu fighter. Being born and raised in the mean streets of the Bronx (New York City) I did have plenty of practice, I also did join a few martial arts schools in my neighborhood. However, most of my fighting skills were learned in the streets and I did get very good with my hands, so I thought.
As I grew older, now an adult, this passion for the martial arts remained deep inside of me. So I joined another local karate school. On Friday evenings we would put on the fighting gear and I would do very well against the other white belts in my class. On one weekend, the Dojo (Karate school) had a special class and a bunch of blacks from New Jersey, upstate New York and Connecticut would visit, train and fight with our Dojo. So my teacher allows me to join this event. All I can say is that it was like getting beat up by every great fighter that you can think of. The bottom line is that I thought that I was going to float like a butterfly, but instead I saw butterflies and stars doing circles around my head. It took me five years of training, hard training, before I could stand up to these men and women.
Question, what belt are you? When it comes down to the internet online business world. How much do you know? The reason I ask this is because many of us come in with unreal expectations. Fueled by the people that are getting us involved in these home based businesses. And you can’t blame them. They’re just doing their jobs. Does a car sales person care about how good you can drive? No, his job is to sell you a car.
So, if you think that just because you can type a million words a minute or that you’re a great sales person. That you’re going to be an overnight success. Wrong, I don’t think so. Because just like me at the Dojo, I had to train long and hard, five, six and even seven days a week. Even though I thought I knew how to fight. I was dead wrong. It took me five years and a whole bunch of lumps to achieved my first degree Black Belt. And that was just the beginning.
Black Belts, Internet Marketing, starting a business it all takes a lot of work, dedication and perseverance to achieve success in whatever it is that you want to do.…

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Profitability

Starting a Business With a Website – A Practical Outline

This article is meant as a practical outline for starting a web/world based business from someone in the process of doing so. I started to put a merchandising business together about a month ago and assumed that a presence on the internet was a necessity. The first thing I did was to research tax laws and file a DBA (“doing business as”) in the counties clerk’s offices where I anticipated doing “physical” business. The tax laws for an individual doing business “under an assumed (business) name are simpler than the more complicated corporate tax laws. Filing the DBA legally establishes you under the business name chosen. At each step from here you need to ensure compliance with manifold regulations, such as permits and licenses for your activities if you wish to sell things in various venues.
Next, you need to ensure the production of your product. This depends on what you produce. Keep record of all your business related expenditures and income. Do not do this in an electronic database only. Keep hard records!
When you have or are close to having a product, you need a website. You should look up “web hosting services” and compare reviews and rankings from those who have used them. Good customer service is essential with a web host. For a small business, you may want to use a shared server or a “VPS” (virtual private server), which costs a bit more. You need to either build the site yourself with software provided by the host or chosen from the marketplace (varied options) or hire it out. It depends on the scope of your site, but inquire about building it yourself as this can be cost effective and more fun. You will need to configure your e-commerce setup by providing online payment services. You can use Pay Pal, Checks, or Credit Cards as a few possibilities. Credit Card processing generally requires a merchant account with Visa/Mastercard. This can be an involved process. Once you are online, you need to promote your site. While there are tricks to web programming (search engine optimization) that make your site accessible, traditional real-life contact is indispensable where you share your name and website while building a rapport with the customer is just essential to a startup business. I am now at the point of marketing and advertising. Best of luck with your own start-up business.…