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 outsider.…
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.…
1. Where do I want to be in five years. This is a good question to ask yourself. In today’s highly competitive world one must have a clear vision of who he wants to be and where he wants to be within 5 years. I often find people that are approaching their fifth year in business, making a reasonable income but utterly frustrated with the amount of hours that they have to put in or frustrated with the type of work that they are forced to do, others just feel trapped and are looking for change.
Decide where you want to be in 5 years, write down on a piece of clean white paper where you want to be in 5 years professionally, socially, emotionally, physically, spiritually and economically. You gotta do it, as they say, if you don’t know where you are going any road will take you. If your not good at this get someone to help you.
The Question: What do I want my life to be in 5 years?
2. Do I have the shear will to compete and succeed at the business I have chosen and furthermore do I have the shear determination to follow my 5 year vision. Most successful business owners I’ve met have above average abilities and that’s what allows them to leave the job market and set off on their own. Many unsuccessful business people I meet have average abilities and are better suited for employment of some sort. So make a honest evaluation of yourself, don’t get caught up in the romanticism related to business. Be realistic about your own abilities, it will save you much time and money.
The Question: Do I have what it takes to make it?
3. If you are having trouble with the question above maybe this will help. They say that failure is the path of least resistance. So going further in evaluating ourselves, lets look at our track record. If you are a constant procrastinator and rarely get things done right this maybe a bad sign. If you often fail, quit, give up on things, well that’s not a good sign either. But if you follow through and stick it out most of the time, there is hope.
The Question: Whats the rest of your life look like?
4. What type of team do I have to make this thing happen? Throughout my professional career I have seen many individuals who claim to have a business but are actually self-employed. There is a big difference. Owning a business, you must have a team even if only one other person. Setting out on a mission alone is noble but hinders your growth and many times leads to failure. Working alone is a difficult prospect even for the most introverted of us.
The Question: Do you have a team?
5. Do I understand accounting is a very important question to ask yourself. People who do not understand the basics of accounting are detached from a core function of a successful business. It like trying to take a jump shot without jumping. A lot can be gained by a few prep courses in basic accounting so that this important portion of your business is not a foggy corner that you hate to visit.
People often ask me, can’t I just get an accountant? Yes you can and you will need too to handle tax issues but he will not run your business for you, that’s your job.
The Question: Do I understand accounting? (If you don’t, you better learn.)
In conclusion I submit that being honest with oneself at the outset can save a lot of time, money and headache. There is a very thin line between doing business and throwing money in the toilet.…
Evolving Web 2.0 Tools Make Branding a Reality For Anyone
One of the challenges to starting a business from home is advertising. That is why network marketing has been a popular way to get into business for oneself. The cost of advertising is replaced with sweat-equity. Instead of taking out an ad a person could become a walking billboard for a company or product.
Advertising has long been difficult for the small business person. Large companies spend many millions of dollars branding their names in people’s memories. So when it comes time to buy, these companies hope the customer will think of them.
But how does the small business person compete with that? How can anyone brand themselves without spending huge amounts of money that may never be recovered? Especially if this person is just getting started and is forced to build a business on a shoestring. The answer…
We all know the internet has been around for a while. But its recent evolution is making it very feasible for anyone to brand themselves in a particular niche while spending very little money.
This is a dream come true for the small business person.
Now anyone can target a niche and brand themselves as an expert in that niche while spending very little money. How is this possible?
Software developers continue to create tools that require absolutely no technical knowledge to use effectively. You can simply drag and drop items and create professional looking web pages, blogs, and other social networking pages. And you can write articles that ezine publishers will use including a link to your site or blog. You can create informative videos and broadcast them for free.
This is wonderful news for the home based business owner. But as great as all this is, keep one thing in mind…
You Need More Than Tools to Be Successful When Starting a Business from Home
Great as they are… they are just tools. They are free (or very cheap) and easy to use. They are powerful when used properly. But they are just tools.
The real power is in what you do with them. And it all hinges on identifying what people really want. Simply taking a sales message to the internet is your weakest option. As suggested above, your best option is to use the available tools to brand yourself as an expert in a particular niche.
Because that is want people are looking for… experts.
Products and services are means to ends. People really want solutions to their problems. And better yet – they want experts who can help them solve these problems.
Your biggest opportunity for building a home based business is to brand yourself in the eyes of thousands of people as the one expert they want to follow in solving certain problems. The tools help you do that in a marvelous way. They help you get the message out.
But you still have to have a message. What is that message?
It is YOU.
Because of shifts in the economic climate, more and more people are looking to enter the work from home industry. And they have questions.
“How do I do it?” “Where do I begin?” “What business should I start?”
They are looking for leaders who will help them succeed. And this opens doors for those who are willing to supply this leadership. Perhaps even you. Maybe you are – or can become – the leader they are looking for.
That could be your home based business.
If that scares you a bit you need to know that it isn’t as difficult as it sounds. You just need some training yourself to become a leader in a particular niche. You need to learn how to do something well that will help a whole lot of people build their businesses.
And you need to brand yourself as a leader and expert that they can trust.
Once you do this you can learn the tools. You can use them to get the message out. And you can be the leader a lot of people are searching for.…
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…