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 …
How to Find the Right Opportunity Before Starting a Home Based Business Online
Laura August 26, 2021 ArticleIf 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 …
I am contacted all the time by people who want to start a business and need my services, but who don’t realize that they actually aren’t ready. So then what does it take to BE ready to start a business?
The majority of clients who contact me about starting a business only have an idea in their heads. They don’t have a business plan, they haven’t saved up the cash they need for capital expenditures, and they haven’t thought through the costs of actually running and marketing the business. All of these entities are requirements for setting yourself up for success; skipping any or all of them can cause you to stumble later on down the line.
It’s important to note that creating a solid brand takes time and varying amounts of cash. Have you calculated how much money you need to create a website, create your image and brand identity, and create your marketing materials? Have you saved up the money to cover those costs? And if not, are you trying to get started on the cheap by hiring the most inexpensive (and often least professional) help possible, thereby setting yourself up for failure before you even begin?
Lately my advice to new clients has been this: take some time, research your market and competition, write down your expenses, and save some capital to fund your endeavor. When you have done that, I can do my job and help you grow. And you will be ready for success.
So, think you are ready to start a business? Use this list as a reference:
Have you written a business plan?
Have you researched your market and competition?
Do you really know what you need to get started?
Do you have enough money saved to cover your capital expenditures?
Are you capable of funding marketing activities for your business once it’s off the ground, and do you know what those will be?
Have you set goals and targets for your business so that you can gauge whether or not you are being successful?
Starting a business is not an easy endeavor, nor is it a fast one. Because everything in our society is so fast, people want to get their businesses going quickly without having to put in the time and effort.
But remember: you have to do the work first in order to be successful later. Take the time to plan, save, and research so you set yourself up for success. Consult with a professional so that you know what you are doing. That way you have a better chance of achieving the ideas and dreams you are so passionate about.…
How to Start a Small Home Based Business – In 5 Easy Steps
Laura August 14, 2021 ArticleHow to start a small home based business? Many people ask this question every day. In fact more people are going into business for themselves now more than ever before. Read on to find out how to start a small home based business.
The First step is to Brainstorm
Sit down in a quiet area and really think about what you want to do. Ask yourself what are your likes, dislikes, and talents? What do you do well and not so well. What would you like your business to be about? What are your passions?
Now that you have a better understanding of what kind of business you want to start, you are prepared for this journey.
Why do you want to start a business
You have to make sure this is truly what you want to do. what are the reasons for starting your own company. The perks are nice but can you handle the responsibility?
Reasons most people start a business
More control of work hours, to make more money, being your own boss, controlling your destiny. They prefer working from home, the list goes on and on. Be clear about why you want to be your own boss
What kind of company will it be
Now that we have brainstormed some ideas and know why we want to start a company what kind of business do you want to start? Are you good at gardening? You can write how to garden ebook. There are a lot of people who can use your talents whatever they may be.
Write a plan
Your next step is to sit down and write a step by step plan. How can you get anywhere if you don’t have directions to get there? Once you have a detailed plan you will be on your way to financial freedom.…
Starting a Business With Pure Passion – A Guide For Success
Laura August 11, 2021 ArticleThree years ago I was not a runner. I was somewhat athletic but I certainly was not a runner. Now, here I was, approaching mile 22 of my first full marathon and self doubt was starting to creep in. “What was thinking? The longest I had ever run during training was 20 miles. What made me think I could get to the finish?” Every ounce of my body was screaming in pain. The worst part was the pain was so much more than physical; it was total mental and physical exhaustion beyond anything I had ever felt before.
So what could I do now? I had visualized myself finishing this race everyday for at least 100 days. I had given up so much of my summer fun to train and push myself to complete this challenge. I had recruited the support of my friends and family. So what could I do now that my body was screaming NO? I let my vision guide me through the pain.
With my little sister running alongside me, pushing and encouraging me, there was only one answer; just get to Todd. You see Todd is my husband and he was waiting for me at mile 22 so that he could “bring me home”. In preparation for the marathon, I had asked various members of my friends and family to run alongside me during consecutive segments of the race so that I would always have someone to help pace me. It turns out, Todd and Sarah’s job was about much more than pacing. They were great support to help me through the toughest physical and mental challenge of my life.
Why did I choose to run a marathon? It is simple, the search for constant and never ending improvement. I have learned to always keep challenging myself and to make big goals that both excite me and scare me at the same time.
For me, becoming an entrepreneur and starting my own business in specialty medical sales was one of the biggest and scariest goals I had ever set.
I was a nurse. I had transitioned to medical sales after a few years and I found that I was pretty good at it. I had a strong work ethic and I related well to the people I was selling to. But, I was educated as a nurse. I really knew nothing about starting a business. The self talk and self doubt were very loud voices in my head.
These voices are built over time from past experiences. These voices are there to keep us in our comfort zone. I believe most people listen to their inner voices when they have a big idea. A person might see a beautiful house and think “boy, I would love to have a house like that”. And then in the next thought they would have cancels that idea, with a negative like “I could never afford that”.
Well that’s exactly what I did at first. I pushed the idea …
6 Truths About Starting a Business Online (or Any Business)
Laura August 6, 2021 ArticleYou’ve arrived on this page as you want to know everything about starting a business online.
However, the internet is full of people who want you to spend money on products that don’t get you anywhere. They promise you the earth, but they don’t even bring you back a dime. These sellers seem to want to keep people busy but without any reward for their hard work.
There are some scammers out there that will do anything they can to get your money. They will fill you with all kinds of ideas about making a million pounds by the end of the day.
It’s time to look at a few truths on starting a successful business online:
Truth #1 ‘Free lunches’ aren’t Free!
Every business is going to cost you some sort of financial investment. When you’re getting started it’s very important to spend initial money very wisely. There are plenty of ‘gurus’ who claim that they can help you do this and that. They usually arrive with an expensive sports car, but can often come in other guises and do a lot of exotic travel. They give the impression that they haven’t had to put any effort into making millions of dollars.
Well, let me tell you that the truth is very different from that. Every successful business takes time to work. It’s not easy, you have to put time in when you don’t really feel like it and you’d rather be doing something else. But that’s just the price that has to be paid to make a good living, have fun, feel rewarded and inspired. As an entrepreneur you don’t have a glass ceiling on the amount of money that you can make, the only limit is organising your time and effort so that it’s spent on the right things.
Truth #2 Leverage is essential
If you’re wondering what leverage is – it’s getting everything and everybody optimised for maximum output. When resources and people work together, it’s a lot easier to get better results than if you had one person doing it all.
Imagine, you are giving your house a makeover. If you had four people working on it instead of one, you’d be speeding along and making good progress. With 10 people on the job it would be done pretty fast indeed. That is why leverage is essential.
Truth #3 Friends and Family Don’t Understand Your Job
In today’s economy, it’s rare to find somebody who lasts for 10 years in the same job. Our parents may have witnessed situations where people have had the same job for 40 years, but it’s just not like that anymore.
These days you don’t have to think traditionally – ever read the ‘4 Hour Week’ by Timothy Ferriss? It turns any traditional thinking on it’s head. You really can create your business to fit with your life, not the other way around.
Truth #4: Rome Was Not Built In A Day
In exactly the same way, you won’t have …
There is a great deal of help available when you start in business. You will get help from your bank manager – remember he will be looking after the banks interests first. Business Link is there to help when start ups, depending on what your business there may be funding available to help you obtain a web site or marketing etc. From my experience with both banks and Business Link the people who are advising you have never been in business before – they advise newcomers to business what they should be doing without ever having been in your position.
Will I get help if I start a business? That is a question I hear time and time again when people are thinking about starting up. The answer to the question is YES, help comes in many forms and from many different sources. I have mentioned help from the bank and Business Link. There are other organisations such as the Chamber of Commerce or the Federation of Small Businesses and local business organisations. With these organisations in most cases there will be a fee to join, they will organise monthly meetings giving various information to those in business and with the view of networking.
These days if I am asked the question ‘What help is available” I would always tell people my suggestion would be that they start a business where you have a mentor. You may ask what is a mentor, how will a mentor help me? A mentor has been in the business longer than you so is someone you can turn to if you have a problem because they will have encountered the problem before. A mentor will help you from as your start your enterprise, helping you grow, bringing new ideas to help you move forward. you. In this day and age because of the internet we can have a mentor who lives miles away, we can communicate by phone, mobile, e mail or by Skype. What a great way to start a business with someone to turn to for help along the way. Starting a business hasn’t been so easy.
Having been in business for many years the one thing I like about today’s opportunities is the help you get from a mentor, recently I started a business in internet marketing. Not a field I was familiar with but realised that this is the way forward in business. Having taken the first step I was amazed how much help and guidance I was given from my mentor. I only wish this help had been available years ago.…
Tips For Choosing An Internet Business – MLM Vs Product-Service
Laura July 29, 2021 ArticleMany people do not consider the amount of time that must be invested in a start-up internet business. If you are looking at business opportunities on the internet, narrowing down the opportunities may be very difficult. Many business opportunities look as though you will not have to invest time or money in the effort except for an initial start-up. However, starting a business on the internet is just as time-consuming as starting a land-based business and it will be important that you follow a few tips for deciding on the most lucrative and satisfying venture for you.
If you are the type of person who would not get involved with an MLM in a land-based business, you will probably not want to invest the time required to start an MLM online. Remember, that the basic structure of an MLM is the same whether you are doing it in your local neighborhood or doing it online. You must both sell products and recruit a downline to take full advantage of the financial opportunities available.
There are many MLM opportunities offered on the internet and if this is a business you are considering, it will be important to research the company carefully before committing to the business. Some MLMs on the internet walk a very thin grey line between being a legitimate MLM and being a Pyramid scheme. An easy way to tell if the MLM opportunity is legitimate is to look at the products. The products that are sold should be able to stand on their own, be tangible, and be made of quality materials.
The cost of joining an MLM will vary, but should not exceed the cost of the products that you receive. And, you should “receive” products. An MLM that sells “education” or “information” is not selling a tangible product and must be researched thoroughly to make sure your income will not be dependent on recruiting a downline.
Some people find that they can develop a very lucrative business by selling other people’s product through a web-store. When you are considering starting this type of business, you will make more money and be able to develop a greater customer base if you keep your products in a specific niche market. For instance, selling products that are related to your hobbies or interests will make marketing your website through articles and advertising much more enjoyable.
Marketing your website is critical in establishing your presence and visibility on the internet. Developing an effective marketing strategy is going to take time and, if you choose to use an article distribution service, money. Calculating your budget for your business and defining your goals before starting your website will help you to establish a good foundation for growth.
CONCLUSION
By thoroughly investigating business opportunities that are related to your areas of interest and passions, you can effectively incorporate those things you enjoy doing most with your business. The internet is a great way to reach a global audience that has the same interests …
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