“Cat: Where are you going?
Alice: Which way should I go?
Cat: That depends on where you are going.
Alice: I don’t know.
Cat: Then it doesn’t matter which way you go.”
– Lewis Carroll, Alice in Wonderland
Often the one thing which sets apart people who are successful and those who are not, is that the former will have clear goals in mind.
Without having a clear idea of what you want to achieve, you will lack the clarity and motivation to get to where you want to go. If you only have a vague idea of what you want, it’s like travelling to an address which has the first two lines missing.
An all too often little known fact is that the conscious mind is but a small part of the mind as a whole. When you’re solving a problem or being creative, it’s the subconscious mind which is working away. The conscious mind is good at posing questions, it’s the subconscious mind which can answer them.
Have you ever been trying to figure something out and the answer only appears once you stop thinking about it, or when you sleep on a problem, you wake up with the answer? Well that’s the reason why – you’ve given your subconscious a chance to get the job done, without the conscious mind trying to steal the show.
We often miss-allocate our resources in that we try to consciously do things which the subconscious is best at doing.
Some people will claim that they are not creative, but you can bet your bottom dollar that they are capable of dreaming vivid dreams. Entire worlds and stories can be created without the merest sense of effort spent and this is possible because the conscious mind is completely out of the way.
Now, back to the topic in hand – setting goals for your financial success. In order for the subconscious mind to do what it does best, creatively bringing your dreams in to reality, you need to prime it by understanding and communicating exactly what you want.
In order to do this, the best thing to do is to write down specifically what you want to achieve. Write it as if it’s already true, with as much detail as possible. Allow your subconscious to feel how it would feel, to experience it with as much richness as possible. Teach it what you want to experience and what you want to bring in to reality. Once you’ve written it down, re-read and re-write it until you’re happy. If you can’t think of what to write, just start and see what happens, or come back to it later after you’ve given yourself a break from thinking about it.
Once you’re happy with your goals, make it a habit to read them every night before you sleep, and then again when you wake up in the morning.
For some further reading on understanding why this is so important, I fully recommend the following books:…
Starting a Business Blog is one of the most easiest things to do, what’s more it is the ideal way to build your business reputation and branding.
A blog is an essential tool in the Affiliate Marketers’ Tool Box. It is by far the best way to build lucrative online gateways to make money online.
Anyone can set up a blog, but it takes careful planning. Thought must be given to why you want to start a business blog, who will be your audience and how you plan to set up your blog?
You must provide an introduction and overview of what can be expected from your blog. Why should they read your blog? What can they expect if they decide to subscribe and follow your blog posts?
The more preparation and thought you put in before you start, the more successful it will be. Once the blog is built the main factor will be the amount of time you plan spending to update your blog.
You must be prepared to post fresh, new content at least three times a week. If you have set up a blog to generate leads there must be clear steps that will lead your reader to the subscription opt in on your blog.
Placing keyword rich articles will help readers to find your blog. Consider keywords that the reader would type into Google to get to your blog. Use the free keyword tool at Word Tracker to help you.
As long as your content meets their needs, addresses their concerns, improves their lives and answers their questions, you will always have visitors to your blog.
It is crucial to know what your competition is doing. Search for blogs on Google with the same keywords you are using on your blog. Find out who is blogging in your niche. What are they writing about?
It will take a bit of time and research, but it will be worth it in the long run, because it is important to stay at the top of all the new developments within your niche.
Starting a business blog could be just what your business needs to build an online presence. A blog combined with a website, an e zine or newsletter, database management and e-commerce system is everything you need to grow and run your business, worldwide online.…
While a regular business is usually operated from an office, outside of the home, a home based business, as the name suggests, is essentially operated from the comforts of one’s home.
Most home based businesses have certain features in common, like –
– They are run within the family and primarily by the family members, who retain major share in the business.
– Usually a small operation that is run by one or more persons
– The initial financial outlay is usually very low
For those of you who want to start a business working from the comforts of your home, all you have to do is find an idea that suits your interest, is cost effective, and is lucrative enough to bring in the cash.
Some of the advantages are:
– You’ll save money on setting up a home office by using a spare room in your home
– You’ll save yourself the hassles and expenses of traveling to and from work
– You don’t have to worry about money for lunch
– Great place for those who may be restricted in their movement due to physical disabilities
– For parents who have small children you can work around your children schedule.
A good thought out plan, with adequate research on market demands and proper execution is all that is needed to make a success of your business. In addition, you are your own boss and do not have to worry about corporate layoffs, employee downsizing and pampering the boss’s ego!
Don’t get me wrong, it’s not a walk in the park. Just like any business enterprise, your idea must be viable, well planned, researched, and executed in order to make it successful.
Consider the following:
Just like any business write a business plan. The great thing about a business plan is that it forces you to take a good look at your business idea. It forces you to think it though. In this plan you will have to prepare several fundamental components that will clearly let you know if the idea you’re thinking about is doable or not.
You will have to spend time thinking about what the operational costs, when will the business become profitable, who are your competitors, marketing, sales and how your idea is different from what is already available, etc.
After organizing your business plan take a trip and visit a SCORE center. This is an organization that is run by retired professionals who will look at your ideas and advised you accordingly. And the service is absolutely free.
While making plans for your start-up, spend some time educating yourself on the subject, read, read, and read some more. Take some courses on Entrepreneurship.
Finally, know the products and the services you’ll be offering inside out.
Then move forward with your action plan.
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When business schools teach entrepreneurship, too much time is spent on writing a business plan geared towards throwing darts at venture capital firms and getting interest in a company before it is even built.
This is hardly an effective plan because it wastes valuable time that could be spent on the business. Moreover, there is no reason for the entrepreneur to start a business only to give it over to 3rd party bankers who could and will pull the plug at first sight of turmoil.
Instead of chasing investors, the entrepreneur should be learning about business via getting their website up and diving in.
Until actual business and subsequent revenue is coming in, there is no real reason for the entrepreneur to take days speaking to an accountant or spend hours blogging about whether they should register their company as a LLC or a corporation. Taking others’ advice is the last thing the entrepreneur ought to do.
This advice is not coming from a columnist. It is coming from someone who started a highly successful company that is consistently eating up market share and now has multiple talented employees from a studio apartment in New York City.
If the entrepreneur wants their business to grow, they must start today. Forget a long, drawn out business plan, here is what the entrepreneur needs – 2 traits that must be quickly acquired:
Thick Skin – people are sensitive to rejection and human beings do their best to avoid rejection at all costs. Conversely, the entrepreneur must become completely desensitized to rejection as they must quickly come to terms with the fact that they are going to encounter resistance and judgment from others every step of the way.
Although I hate the term, entrepreneurs must “put themselves out there” and must buck the trend by ceasing to worry about what others think or what others say. Only if the entrepreneur develops a think skin, can they make a successful run at seeing the other side of the rainbow.
It’s great if the entrepreneur is born with this, however is not necessary as if the entrepreneur wants to be successful, they learn to desensitize themselves to resistance and this can be acquired over time.
Risk Tolerance – in college, too many entrepreneurs are taught to focus on controlling numbers and because of this focus, they don’t learn how to tolerate mass amounts of risk. Managing a high amount of risk is not easy nor is it fun, but it is necessary.
Entrepreneurs, until the business is completely done with its growth phase and can no longer grow at a fast pace, are going to have to live with a gut feeling that is indescribable.
Inevitably, there are certain periods in a company’s growth that will put excessive stress on the entrepreneur.
These company growth stages that tend to induce a large amount of stress include the transition to an office, the hiring of multiple highly paid employees who are crucial to the success of …
This article speaks directly to your personality. I don’t discuss planning and budgeting but you should be aware that you will need to plan, plan, plan but don’t get caught up in “paralysis by analysis” and no matter how good your business plan you will not receive money from “angel investors” or banks unless you’ve already started your business and have a proven track record with a large upside – which you don’t have if you are a business startup.
First, here’s the quick synopsis of opening your own business
Register with your county or state as a business.
Start doing business.
Really? That’s all there is to it? Yes, that’s all there is to it. Unfortunately, its so easy that many businesses fail because they do exactly like what’s above. There are a few skills that complement success and generally you’ll either have those skills or will develop those skills over time. Here’s what you can expect.
You’ll work crazy hours.
You’ll be a salesperson.
You’ll always worry about your business.
You’ll become an expert on many things because you can’t afford to hire experts – especially in the beginning.
What many don’t realize is that you are always a salesperson. If you don’t like sales then having a business of your own is not for you. If you don’t have an outgoing personality you’ll need to develop one quickly. Whether you’re set up a booth at a county fair, open a retail mall location, or work from home you will be a “people-person”. You will network with others, attend events, and more. Sounds like fun? For many it is but remember while you’re somewhere having fun someone has to run the business. Here come the crazy hours.
If you’ve got customers or clients then you’ve got projects that you haven’t been working on while you’re out selling yourself and your company. So now after the fun is over you will begin your day’s work. Remember that while you were out networking you were creating your future (and probably spending money) but now you’ve got the present to think about. How do you pay your bills? What about the customer that is late with the payment? Now the worrying begins.
You’ve got bills to pay and customers to satisfy. You may have a payroll to meet or at least you’ll need to make ends meet. Is there enough cash flow or have you extended credit because you are new and the thought of work, any work was too much to pass up? How do you collect on unpaid invoices without offending and thereby cause other problems? Oh the fun never ends.
Lastly (for this article), you’ll need to learn how to be an expert. There’s nobody to do the day to day accounting but you or hopefully, a significant other so you’ll become a bookkeeper and bill payer. There’s nobody to design graphics for your marketing materials so you’ll learn software programs and design principles for creating brochures, flyers, …
“The Best Advice is always free”
Starting a small business requires bucket loads of wisdom. Financial wisdom offered through various media is not always inherently beneficial to the reader and their business.
The foundations for financial excellence are elementary and logical; here is a new perspective on financial insight to starting your small business. Making use of purely scenario planning this illustrated scenario would be a recommendation for all businesses that you intend financing.
The average cost of setting up a franchise and small business in U.S.A. is currently in the $300,000.00 to $ 474 000.00 marks, a sizeable sum taking into consideration the prevailing economic climate and business confidence levels.
Loans or Finance
In order to stimulate the economy, banks are eager to finance new business as this has a long-term stimulus on the economy and contributes to job and wealth creation.
Most individuals do not have the entire capital amount available to finance their new venture and financing becomes the preferred and logical route to market.
Taking into consideration the average price of a new franchise $474 000.00, the average cash portion of financing that particular business would be $ 153 000.00 which includes the initial, cash joining or franchise fee.
This would equate to a financing portion of $321 000.00 or 68% of the initial set-up cost of the business.
From a personal and statistical point of view, the gearing or debt ratio is too high and the minimum recommended debt ratio should never exceed 50%.
Why is gearing so important?
It is nerve-wracking and soul-destroying to build a business for you only to allocate the major share of your income and profits to servicing a loan and the commensurate interest payments. The strain on the cash flow and reserve funds is too great, and the business rapidly becomes a financial risk to the entrepreneur and the banks concerned.
“The Free Advice”
Total Cost
When using the above figures as our reference and benchmark, if the inclusive cost of the business is $474 000.00.
It would be prudent to assume that if shares were offered at $1.00 per share then the business would have 474 000 shares on offer.
Share Distribution
Taking my advice of a 50% gearing or financing ratio, the business when financed by the entrepreneur would allocate to the entrepreneur, 50%(237 000 shares) of the shares currently on offer (The portion he/she has paid cash for)
The remaining 50% of shares on offer would be the right and technical ownership of the banks or financing institution.
The Thinking Motivating This Strategy
As the entrepreneur pays off the loan, their ownership or share-holding increases exponentially.
Goals are easy to set, time and financing permitting the entrepreneur sees his/her goal of 100% ownership as achievable and desirable.
When the bank is essentially a partner in your business the relationship changes, the entrepreneur can take the banks perspective into consideration as they are a valuable share-holder, the logic of having a “you” and “me” approach becomes a …
Successful business ownership is all about gathering information, picking through it to decide what makes sense, and making sound decisions based on all available data. Synthesizing information in this way can be a difficult task to master, but a little time and practice can make you an expert in no time.
Synthesis is the final step in critical thinking — after you analyze, evaluate, and organize information from different sources, this step requires you to put it all together. Many people struggle with this step, but really all you are trying to do is select the best answer, or combination of answers, from a wide range of data. In fact, the odds are that you do this on a regular basis anyway, whether you are aware of it or not.
As you may have noticed, the internet is flooded with all sorts of conflicting information on just about any subject. Trying to find the best answer by surfing the web requires that you consider the merit of a variety of sources and choose for yourself which idea makes the most sense to you. You might find yourself coming up with an entirely different answer than those you read is synthesizing.
Essentially what is happening is that by examining and evaluating a number of sources, you are identifying consistencies and relationships between and among the data. With these connections, you are better able to create a new idea that can be supported by the various knowledge you have picked up along the way. Not everyone will come up with the same solution, and your own solution may not always turn out to be right, but by starting with a wealth of data you improve the odds of missing something important.
In the context of entrepreneurship, synthesis is a critical skill for every step, from planning your business idea to growing your company. Most first-time entrepreneurs do not have a complete toolshed of basic business knowledge, much less the details of their own product, market, and competition. Gaining this knowledge is essential, but very little of it has clear right and wrong answers. In any type of business, there are hundreds of small decisions to make along the way, each of which has the potential to make or break the entire venture.
For example, a critical portion of business planning is developing your marketing plan. In order to create an effective marketing plan, it is essential to study the basic tenets of marketing, the various routes for getting your message out, and the best ways to convince your target market that your product or service is the way to go. Search for “Marketing Plan” on the internet, and you will get hundreds of results, millions of ideas and opinions, and several dozen sales messages telling you that they hold the “secret” to effectively marketing your product. The reality is that there is no right answer for every business, so you must review and analyze a multitude of information, then come up with …
Affiliate marketing is a growing business over the internet these days because of the number of businesses vying to drive traffic to their sites and generate more sales. As we all know, website traffic is one of the deciding factors to a company’s success over the internet, be it in search engine rankings or customer following. This is why a lot of online companies these days are paying top money to affiliates who can drive traffic to their sites and generate sales for them. In most cases, commissions as high as 75% of a generated sale goes to the affiliate who is able to sell the product through his or her website or blog.
A lot of people are taking advantage of affiliate marketing because of the high income potential without money going out of their pockets for start-up expenses. This is more promising than the conventional methods of starting a business where you have to shell out a chunk of cash to open shop. What’s better is that affiliates can do business without leaving home and can make money even if they don’t go online on a particular day. If you want to be an affiliate marketer, here is a guide that can help you.
First off, think of a niche that has a need for certain products or services but is rarely tapped because of its size. Large companies don’t market to small niches as this may prove costly for them in terms of the number of customers actually buying the product.
Second, find a very good affiliate marketing program that is related to the niche you’ve chosen to market. You can search the internet for websites that offer lists of affiliate programs that cater to almost any niche. Make sure to compare each program to come up with the best rates with which you will be paid once you become successful in producing a sale.
After you’ve chosen the right affiliate program, create a website or a blog that will cater to content relating to the niche you are trying to market. Make sure that these are optimized so your readers and potential customers can easily find you.
Always provide fresh content for your readers and target niche. Affiliate marketing is only successful if you keep the contents fresh and informative so people can be encouraged to try out the product you are promoting. New posts and write-ups should be done on a regular basis to keep your target audience checking back for additional information.
It may also be a good idea to sign up for search engine and RSS directories and encourage your followers and customers to sign up for RSS feeds. This will keep them updated on whether there is new content available on your site or blog.
Of course, do not expect to earn from these programs overnight as this requires patience and a good network of affiliate sites that you can set up. For each niche that you want to target, create a …
If you’re currently an employee, chances are at some point in your career you’ve thought about being your own boss! Entrepreneurship is the only way to become the employer, but it’s not for everybody, it takes hard work and dedication!
If you’ve decided to become an entrepreneur, starting a home based business online is the best way to be your own boss! Not only do you get to work from home and set your own schedule, but with the right opportunity you can establish a passive residual income that can have the potential to set you free financially. Before you begin, there are some important basic elements you must evaluate about the business opportunity you choose!
How “young” is the opportunity?
Is the company you choose a start-up? There are some advantages to starting with a company that is in the beginning stages, but you should still make sure they’ve been around long enough to establish a decent track record. Select an opportunity on the ground level, but make sure their growth has been stable for as long as they’ve been in business. Most online home based business opportunities have been around for a while, so be weary of brand new companies.
How will the company stand the test of time?
The long term feasibility of your business is very important. Top home based business opportunities not only adapt to changing times, they actually embrace these changes. With the myriad web 2.0 technologies emerging almost daily, companies capitalize on the internet and make it an integral part of their growth, choosing an online business opportunity is one of the best ways to ensure long term viability. Since the long term growth of your organization is determined by your effort, take the time to chose a company with a product or service that allows for your results to be easily duplicated.
How does the opportunity train its reps?
One of the keys to success in any business is training and support! The majority of people who start a home based business fail in their first year because of a lack of proper training, and a solid duplicable marketing system! The training and support the company has in place is essential to growth, it allows the business owner to learn from and network with top earners and executives. The Network Marketing industry is one of the best choices when starting a home business. Most companies in this industry take advantage of the internet for marketing and training, and focus more on self development, which is another key component to home based business success. It doesn’t matter how great your product or service may be, if you can’t market it you won’t sell it, and without a quality training system in place, getting your business off the ground can prove to be a chore!
How does the product or service stand alone?
When you start a home based business you commit yourself to provide prospective clients with a quality product or service, and …
There are a number of ways that you can substantially reduce or eliminate a number of the risks of starting a new business. Foremost, the best way to ensure that your new company will be profitable is to develop a highly focused demographic analysis that showcases the need for your products and services within your respective market. If you are thinking of starting a small business then it may be in your best interest to talk to local residents to see whether or not they need the products or services that you intend to sell. Prior to starting any business, you should complete an extensive competitive analysis that will allow you to understand how many other businesses are offering products or services that are identical or substantially similar to what you intend to provide.
One of the best ways to reduce business start up risk is to initially develop a website that showcases the services that you offer. You can then advertise this website by using popular pay per click programs to drive traffic to this website. If you receive a significant amount of inquiries regarding your services then you may be able to effectively start your company as a home based business before you move into a formal location. Many highly successful companies initially started as home based businesses. As such, if you are able to provide your services from your home then you will be in an excellent position to determine whether or not you should continue to grow and expand this business in a formal capacity. However, it should be noted that using this type of technique is only appropriate for new businesses that offer services.
Additionally, you can always hire a market research firm or business development company to complete an economic viability analysis on your behalf. These companies will essentially use a number of methodologies regarding whether or not a business will be viable from the onset of operations. It should be noted that the expense of using these types of services is extremely high. A formal opinion as to the potential profitability of a business can cost upwards of $5,000. However, this cost is small compared to the typical start up costs associated with launching a new business venture. Of course, it is important to note that very few businesses become profitable within the first six months of operation. These companies will provide you with expert advice as to whether or not there is a significant demand for the products and services that you will sell through your company.
If you are primarily engaged in the sale of products then it may be in your best interest to use a popular third party website that will allow you to sell your products without having to go through the expense of launching a traditional retail location. If you intend to sell products online then you can expect a highly competitive market. One of the ways that companies that sell products online have become successful is …