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What to Look For in Starting Your Own Business

The focus of this article is to simplify the process of what to look for in starting up your own business. There is a great deal of information on what to look for in starting your own business.

In fact, most people get bogged down by having too much information. In their quest for clarity and as they get more information things start to get less clear. When things get less clear, they get confusing. And when they get too confusing, nothing happens.

In starting up your own business the first point is that you must be passionate not just about the idea for the business, but passionate about the delivery of the product or service. Enthusiasm will make things a 1,000 percent better. Too often I see people who fell in love with a business idea but who do not love doing the actual business.

Secondly, there must be a strong desire to succeed. Desire is the steam necessary to fuel the engine of business success. Small business growth must be planted in ground that is watered every day with of enthusiasm and desire. You may have the best marketing business plan in the world but it won’t happen without your desire and enthusiasm.

At this point check yourself on your enthusiasm and desire. If these are in order then let’s take a look at your reasons for owning your own business. Once again there are many reasons for wanting to own your own business. Here are a few that I believe are important.

First, in running your own business you want to make a difference. This will keep your enthusiasm and desire at a high level. And, when you want to make a difference you must understand that different isn’t necessarily better but that better is always different.

Understand how you are going to be better. That is what will attract your clients or customers. Growing small business is about who you will attract to use your products or services. People love something that is better.

Another important aspect to having your small business successful is knowing how you are going to market and sell your product. A successful performance strategy must include a plan for marketing and sales. It is at this point that you need to stop to check your assumptions and make sure they based as much on reality as possible.

Whether you are in a good economy or a bad economy makes no difference if you are lacking a marketing business plan and the ability to carry it out. It is at this point that you need to have a realistic assessment of your finances. Know what you will need to bring your idea or product to market. Also, know what you will need to live on. This may sound elementary but it is critical.

I have watched too many small businesses fail because there was not the money available for marketing and sales. After all, if you have a choice between taking care of your necessary needs or your business which will you choose? Obviously, your primary need is to survive. As a result, if funds are too limited, the business won’t have the necessary dollars to move forward.

To this point we have covered four areas to look for in starting up your own business.

1. Enthusiasm and passion
2. Desire
3. Marketing business plan
4. Finances

The last point to consider centers around “who” you are. If the business you are starting does not honor who you are then the preceding points are meaningless. After all, if you aren’t doing something that honors you and your gifts and talents then you will be unhappy. When you are unhappy, you are more likely to fail.

Why? You won’t have the enthusiasm, passion and desire to make the other things happen that you must have to make your small business successful. Think about this. I have observed many businesses where the money wasn’t an issue. But, they end up being closed down because the enthusiasm, passion and desire were gone.

Is money important? You bet it is. But without the strong positive emotions to support the logic and viability of your business on a daily basis the prospect of small business failure increases. It increases regardless of the money. Do what you want to do. That is where the true success is.

10 Tips to Make Money Online With a Legitimate Home Business

I am sure you would jump at any opportunity to start a legitimate home business so you can work at home and achieve financial freedom but do you have the knowledge and the skills to turn that business opportunity into a huge success. Afraid not, take a look at these ten tips that will help you be financially successful in your own legitimate home business.

1. Capital.
Every successful business owner will tell you that it is extremely important to invest a certain amount of capital into your business in order for you to make money, the same goes to your home business. Be prepared to invest a minimum of $100 a month to maintain your legitimate home business to run smoothly. If your business system is properly in placed and you apply the business techniques effectively, you should be able to recoup your investments back plus profits in a matter of days or weeks but you do need that startup capital

2. High-speed Internet.
If you want to work at home, install broadband Internet connection or DSL in your own home. All the best and successful home business opportunities are done online, so a reliable and fast internet connection is extremely crucial for you to succeed

3. Strengths.
Everyone in this world have their own strengths and weaknesses. Take your time and do your research and look for a legitimate home business that will make full use of your strengths. For example, if you are shy to talk to strangers and have never become a salesperson before, try to look for a home business opportunity that doesn’t require you to make cold calls.

4. Support.
If you are lacking the business knowledge or if you are starting your home business for the first time in your life, it can be very tough and stressful. So make sure that you find the business opportunity that will offer you sufficient support and help whenever you run into trouble and trust me, there are many companies out there who are willing to help you succeed. And also, look up to your friends and family members for support and encouragement

5. Resources.
Unless you are an experienced businessman, you would probably lack the knowledge and the knowhow of running a successful business. Choose the home business opportunity that offer you vast amount of resources for you own use. These resources should include online tutorials, daily or weekly conference calls and a back office set-up plus unlimited support.

6. Marketing.
Marketing is one of the most important ingredients in any business, whether it’s a clothing store, a grocery shop or an online home based business. Trust me; it will be extremely hard for you to make a substantial amount of profit if you don’t know about your business. Good companies will always provide you with good advice and marketing tools so take advantage of them.

7. Schedule.
The biggest advantage about having your own home business is that you are flexible in arranging your work schedule but that doesn’t mean that you don’t have to work. Setting up a timetable or a schedule, as though that you are working on your regular day job is extremely helpful when you are starting out. By doing this and by following your schedules religiously, you can make sure that you can allocate sufficient time to turn your home business into a successful venture.

8. Discipline.
When you work at home, your kids, neighbors or even the thought of your favorite television show can distract you from finishing your tasks on time. Discipline is another greatest asset in a successful home business. While trying to complete your tasks, close the doors to your home office, put your cell phone to silent mode and vow not to watch TV. Ask your spouse to help you look after the kids and help you with your errands. Discipline yourself just like you would have done in your own day job but in this case, do it for your own home business.

9. Records.
You may think that it is not important, but when its time for taxes, you’ll need all the expenses and income records pertaining to your home business opportunity. You can use special accounting software or a spreadsheet. Either way, it is strongly advisable that you keep your receipts and keep track of everything

10. Enjoy!
Knowing that you are working steadily towards your financial freedom and being able to work at home with a stable home business is extremely satisfying. Always work toward your goals no matter how hard it is and have fun creating a stable future for you and your family.

Which Small Business is Just Right For You?

Do you continually worry about losing your job? Have you already been cut back in hours (or pay rate), or have you had your job completely yanked out from under you? In the current economic climate, many have considered starting a business as a means to help their situation.

I would like to pass on some things I’ve learned that may be helpful for anyone who would like to start their own business and isn’t sure what sort of business they should start. There are a number of books available and much on the internet that can help you plan, begin, and run all kinds of businesses. They will show you how to write a business plan, get a fictitious name statement and discuss various modes of advertising.

Here, I would like to focus on several parameters that will help you select a business that is just right for you. These are not covered in a lot of the current materials that detail how to start a business, so I think they will be helpful.

Four Important Criteria to Consider.

1). What are the income expectations of this business?
Trying to figure out how much income a business should generate, and in what kind of time frame it will do that, can be difficult to figure out. I think one of the most important things I have done to determine if it is worth it to start a particular business is to use an Excel spreadsheet to project all of my costs, expected sales, etc. I can vary the numbers according to different scenarios and it will give me the income expectations according to that scenario.

Doing that work of figuring out the numbers is critical before you press on. You really have no idea what the income expectations are until you do this. I can’t tell you how many business ideas seemed “perfect” until I subjected them to the realities of a spreadsheet. It has happened so many times that I’ve tried every conceivable way of putting a business together and I just could not get the numbers to justify doing it. I had an idea to purchase or lease an acre of land in Orange County, Ca. with the intention of setting up an RV storage yard. As more baby boomers retire and purchase RV’s to tour the country, the demand for places to store these vehicles I felt would increase. Set up with automatic gates and auto-billing it looked like a great “low time intensive” business. With the cost of land in Orange County though, the numbers did not make sense until the size of the lot got up to around 5 – 10 acres which I could not afford. I could have gotten pretty far along in developing this “perfect business” had I not run the numbers. Even if I had not invested any money, I would have wasted a tremendous amount of time and effort.

2). How reasonable is the time frame before initiation?
Some businesses look great but require substantial set up time even before you get started. How much time one has is pretty important to consider. There may be physical things to set up, but there may also be a certain amount of learning that needs to occur before you can get started. When I set up my Oyster Mushroom growing business, I knew nothing about the subject and took quite a bit of time to learn enough to begin. There was also time needed to set up the operation, time to develop some markets to begin with, and time needed to test different production techniques. All of this had to occur before I could actually begin full production. Consider as well how long it will be once you are up and running to bring in enough income to meet your business’s needs and your own.

3). What are the odds of success and your own risk tolerance?
If you have a stable job with a good income but always wanted to have a side business, you are in a very different position than someone who is “throwing it all on the line” and will need to live on this business. If you have a lot riding on this new business working or not, take into consideration it’s odds of success. Figuring out the odds of success is tough. We have our own excitement level that can really blind us to important things we should be looking at. The best way to accurately estimate the odds of a business succeeding is to run conservative estimates of time frames, sales, profits and any other pertinent numbers. Then begin a major research project. Learn as much as you can through books, the internet, professional journals pertaining to that business, go to trade shows, and find people who have been in the business a while. Find out what sorts of things can go wrong, how often that happens, and strategies to avoid that happening or fixing it once any of those things do happen.

When I considered fishing for lobsters, I talked to a number of people. They told me that my investment in traps would be around $10,000 and that storms can wash them away, people can steal your lobsters, you can have a bad year where you just don’t catch many, and other fishermen will sometimes cut your trap from its buoy. This was a higher risk level than I was willing to tolerate and so I decided to set this “perfect business” aside as well.

Look at the demand for your product or business. My family was interested in starting a day care center for children. Most day care centers had waiting lists and most newly opening ones were full within months. When you see a demand like that, the odds are definitely in your favor.

Consider buying established businesses which have a track record. I have a friend who is very successful in the laundry business. He never starts businesses but instead prefers to purchase existing ones. Looking over the books gives him valuable information. Get a more experienced person to look over them if you need to, and watch out for unscrupulous owners who have “cooked the books.”

If you take all of the things discussed in assessing your risk tolerance you will be so much further ahead in making a wise decision on a project that you will be putting a lot of time, and effort into.

4). How much will I have to invest in this business?
Other sources talk about the ways one can scrape together financing to purchase a business using family, friends, credit cards, home equity loans, silent partnerships, etc. Have a fairly accurate estimate of the monies you have available and how much of that you will need. Nothing is worse than getting half way through your project and finding out you are short on cash.

We hope that going through these five criteria will help you find a business that is the most suitable for your family. Save this article and refer to it with each business you examine and it will save you time, money, and headaches!