If you are starting a company or a business, the first priority is to develop a product or associate yourself with a product that is of the highest quality. This may sound like an obvious statement, but there are a lot of people who jump headlong into a business because they are in love with the idea of having their own business more than they are with creating a business with the right underlying elements. Some are also so convinced that they have the “right” product because they are the ones who created it. How many have watched the television show “The Inventor,” a reality program based on the “American Idol” format where budding inventors bring their inventions to a panel of judges who determine if their product is marketable? How many of these hopefuls, with the best of intentions and passion for what they are doing, unfortunately have a product that, obvious to everyone but themselves, is going nowhere? If you have invented something, created your own style of pizza, made a new fashionable set of furniture, or whatever the case may be, test your product out with a sample group of people to get their feedback first.
Once you get the feedback, make the improvements that you can until most everyone is in agreement. If after all is said and done, and most of the feedback is still negative, consider trying a different product or service altogether. The main thing here is to be flexible and open to making changes. The winners, in sports and in business are able to make adjustments without taking things personally.
If you are looking to start a business but want the security of working with an established company, there are many excellent opportunities to do so by developing a home based business. In many cases you can find a company to work with that requires very little if any investment and access to a high quality products. Several corporations actively seek budding entrepreneurs to market their products for them, plus give free training and support. It’s more important to find one quality product than a whole line of substandard ones. So, be smart and savvy about the whole process of starting your own business. The chances for success will be that much greater.…
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!…
There are a large range of choices when you start: start from scratch, buy a franchise, buy an existing business.
Now what about home businesses?
The benefits of starting a home business are many:
– convenient: no commuting, can work in your time and very flexible, wide range of possibilities
– can be done in your own time while you still have a job
– no employees, less compliance and administration
– no expenditures and can be low starting cost (as opposed to expensive franchise or existing business or brick and mortar businesses). Bear in mind though any business requires some form of investment and little things add up quickly
– some can actually provide good income, BUT do not be fooled like any business big income will mean hard work at the start in most cases
some recent stats showed that a decent part of incomes generated by small and micro businesses in Australia is coming from stay at home mums who produce some income to support the family.
– you can become insular and you need to be self motivated. That is not given to everyone and it can be difficult when there is a difficult time to face in the business
– no team environment: harder to learn, to motivate each other, to stay at the top of your game is always harder when on your own
– the scope is not always as big as for some other more traditional businesses where you can delegate and or leverage, but some do well. as usual it has a lot to do with the owner
– most importantly there is a lot of junk out there and people who are not very experienced can burn capital or energy in things that make it more challenging
– a lot of home business opportunities sell dreams and emotions and misconceptions like you will make money while you sleep. Yes that can happen but before it gets to there you’ll need to DO things. Too good to be true is usually right
– difficulty to address some large corporations or markets which do not really like to do business with people in their pyjamas, however internet, virtual offices and so on can cater for that problem
If you want to hear more make sure to visit regularly my posts on my site. I will cover other categories of business depending on comment on my posts to address the most burning topics and questions…
Accounting is one the most commonly outsourced competencies in small business. Busy entrepreneurs either don’t want to spend the time or aren’t confident in handling the books and decide it is easier to have an in-house bookkeeper or professional accountant in charge. It is also very common for these same entrepreneurs to pay dearly for that decision.
Accounting is the function that records the financial history of the business. Managed correctly, it provides an accurate record of money in and money out, such that it is easy to identify many internal problems through the financial reports produced by these records. Managed incorrectly, it is a waste of time, a misleading mess of false information, and potentially the difference between the ultimate success or failure of the organization.
Like any other profession, there are certainly tricks of the accounting trade that are best managed by, well, the professionals. But the fundamentals of accounting should be familiar to every entrepreneur. The way your books are set up and the accounts that are used to track income and expenses should be well known to the business owner, such that you could take over the tasks if necessary (or at least train a new bookkeeper).
The position of bookkeeper in a small business is the number one opportunity for don’t assume that just because your bookkeeper is “like family” that they won’t rip you off. It happens all the time. There are a million reasons that people skim cash from their workplace, and not all of those folks are hardened criminals. The best way to avoid any potential of employees or contractors stealing from you is to understand what is going on with your accounting system. Embezzlement is far easier for an employee or outsource professional who holds all the ‘t let someone else set up and manage your books on their own. At an absolute minimum, sit side-by-side with your bookkeeper or accountant while the accounts are established and make sure you absolutely understand every line.
In addition, accounting must be completely accurate to be useful. In many cases, business owners rely on periodic financial reports from the bookkeeper to assess the health of the venture. However, if the books are not kept correctly (all entries correctly assigned to appropriate categories, entries checked for accuracy), the reports are completely useless. And, should you need to secure second round financing, you could spend up to thousands of dollars to hire an accountant to clean up the books before a bank will even talk to you.
There are all kinds of horror stories that start with the business owner relinquishing all responsibility for their own accounting system. Embezzlement is a common one, as are tax problems and employee issues. One business owner in Chicago learned the hard way not to trust others with every detail of his accounting system. After 13 years in business, his home theater installation venture was growing at a steady pace. When the recession hit, the owner reviewed his financial statements and was confident the company would weather the economy.
Unfortunately, the professional, national, accounting firm he hired had classified his future contract sales as current when people started to cancel their orders, the company was in a serious cash crunch. Had the owner understood that the income category reflected money that was not actually in the bank, he likely could have taken steps to handle the reduction in work. Instead, he relied on the accountant’s reports until it was too late. He was forced to let his staff of 20+ without their final paychecks. He lost his business, he lost his house, and he learned a painful lesson. Had he taken the time to at least assist in setting up the company’s accounting system at the start, there would have been no confusion as to what the numbers on the report actually meant.
Though many entrepreneurs are eager to dump those pesky accounting tasks off to a bookkeeper as early as possible in the startup process, it is a mistake that can turn in to a venture-closing devastation. Protect your future and keep control over your business by learning the basics of your accounting system from the start.…
Are you tired of working for someone else? Have you been wishing you had more freedom and flexibility to work your day around your family or other responsibilities? Have you been considering starting a small business? Well, it is possible. There are more and more opportunities for people to live the American dream and make their hopes a reality. And there are many opportunities for prospective business owners to get the funding that they need to get their small business going.
Start up money is the biggest concern, and it is possible to obtain the start up from state grants through the government. There are also plenty of investors looking for a good place to put their money. And finally there are prior owners of businesses that will, in many cases, work with a prospective business owner to help them get established, take over the business, and have a set time period of which they will need to pay the business off in full.
But there are many small businesses that do not require much start up costs at all. Many businesses can be maintained and be run out of your own home. In this dot com age, there are many businesses that just require you to have a computer and a business license. If you have skills or talents that you can market, then it really will just be the marketing costs to get the word out there that you are in the business. Be creative with your marketing too and that will help keep costs down. For example if your business is an online business, then many other online businesses that are non competing will allow a reciprocal link to your site from theirs. This is a great way for online companies to help each other while helping themselves.
Once you have your small business going you want to have established clear cut goals for growth. Fortunately, there are many computer software programs that are designed for this very thing. Everything from payroll, to budget, to customer base for mail-outs can be found on good software that is made for the small business owner. Staying on top of what is going on with your business is key to your success. Write a mission statement before you even begin, post it where you can see it daily, and then proceed to do the things necessary to accomplish your mission to be a successful small business owner.…
Company registration is one of the steps that a serious company owner must undertake. Before starting a business, it is essential to decide on its basic details including the name of the business, a clear plan regarding its operation, the objective for beginning the business, the name of the business managers, owner and if possible, the company secretary. After coming up with this information, you need to choose on a suitable method for company registration, appoint or hire an accountant, register for the VAT and open the bank account for the business.
After making these details clear, company registration will now be possible to be undertaken. It will also be possible to carry on with trade. When deciding on what company name to choose, you may decide to come up with a name that is peculiar for your business or decide to buy an off-the-shelf company which has a name under its incorporation.
By choosing to start a limited liability company, you obtain the legitimacy mark and a professional symbol for all the other businesses. During company registration, anyone can create a business name and call it a business. But, starting a business that will succeed takes effort and dedication. Although there are certain minimal costs, by undergoing company registration, you are putting up a legal instrument that will facilitate the running of your business. A good number of non-devoted entrepreneurs and other scam artists will do very little to go through the process of company registration.
A good company should have one director and shareholders. Besides, there ought to be some rules contained in the Memorandum and the Articles of Association. This is an important requirement needed in starting a business. The new company will be required to have an office where all official notices and other correspondence are channeled. Moreover, starting a business requires you have a new address.
Starting a business in Ireland can be done through several options. The common ones are ones that require one to go directly to the Companies House, utilizing a company formation service online, use of a contractor accountant or through a formation agent.
Before starting a business, it is vital you research on each of these options and choose the most suitable one. There are costs associated with each method. Most business owners find it taxing to use the direct method because of the numerous formalities and duration needed. Consequently, many entrepreneurs would seek the services of a professional to help them carry out the process of starting a business. There are several online agencies that are competent enough to help in setting up a company.
In Ireland, there is the Quick Company Formations which is out to assist solicitors, new business owners and accountants start up their businesses. You only need to visit their website, check out the available services and costs then place an order. They have been in the business for long and thus have the necessary experience and expertise required to enable you register a company. Apart for company registration, they also offer other services including company restoration, tax registration, and change of company name, and filing of the first annual return, among other services.…