Go Into Business For The Right Reasons

Being clear about why you want to be in business for yourself is absolutely critical to your success. If you go into it for the wrong reasons or with false expectations, you’ll most likely fail. Even if you don’t, you’re going to have a much harder time along the way.

Brian Head an economist for the Small Business Administration Office of Advocacy says the top three reasons most businesses fail are:

  1. Starting a business for the wrong reasons, such as having the illusion that it will instantly make you more money and have more time off.
  2. Poor Management.New business owners frequently lack relevant business experience and management expertise in finance, selling, hiring and managing employees.
  3. Insufficient Capital. Business owners frequently underestimate how much money is needed and how quickly they can establish positive cash flow.

When I looked at these 3 reasons, I truthfully didn’t think much of them. They made sense, but I didn’t think they were very relevant to me or my business.

BOY WAS I WRONG!

You see, I didn’t start my business for any of the reasons listed in #1. I started my business because I wanted to make a difference on a far larger scale than I could working for someone else. In addition, I was sick of working for other people, letting them determine how much I was worth, controlling my time and a good part of my life.

I was truly under the illusion that I would make tons of money quicker, could work a great deal less and have a much easier time of it.

Once again, I was wrong on all counts. None of that happened. In fact, the opposite happened. I have worked harder, longer and for less pay than I would have made working for someone else. I also made myself very, very sick and was on track to having a heart attack.

I share that with you so that you can learn from my mistakes, bypass them and shorten your learning curve dramatically.

So here are some things for you to consider.

1. Why do you want to go into business or why did you originally go into business?

2. What were your hopes, dreams, aspirations? Be honest with yourself. Are you on track or have you been stumbling, fumbling, and bumbling your way through?

3. Is the business you’re in truly fulfilling?

4. Are your expectations being met?

5. Are you making the money you thought you’d be making? If not, why not?

6. Is your time your own, or are you a slave to your business?

The point is, you have to know what you want to get out of your business and make sure that your business is providing that for you. If it’s not, then take whatever action is necessary to make it happen.

Home Based Business Opportunity – Review Article Number 10

More and more, people are seeking a home based business opportunity, and why not? No boss, flexible hours, as well as unlimited income can be yours – if you choose the business opportunity that’s right for you. Below are four opportunities for you to consider:

1. STARSCAPES┬« – Have you ever thought about making more money from home? Of course you have or you wouldn’t be reading this article, right? Starting your own business can be fun and rewarding. It can give you a new direction in life. You just need to find something that most people haven’t observed yet. Here you’ll find an innovative way to make an extra $100 a week, or even up to $1,500 a day with STARSCAPES cosmetic ceilings. This can be a fun, home based business for anyone, anywhere, at any age. Get your free 3D giant demonstration portals and introductory package at STARSCAPES.com.

Total cost to get involved: $6,450

2. ScanSAfeData.com – This Company provides easy and effective tools to digitize and organize vital papers, files and records. Individuals and families can have every personal, financial and family documents and pieces of information in one place that’s easy to find. The already huge risk of identity theft with its potential of tremendous financial loss and as well as personal credit destruction is growing at a rapid pace every day. These are terrible threats to you, your family and your financial security. ScanSafeData.com has now created an exclusive new work from home business opportunity for you to get involved.

Cost to get involved: $3,000-$5,000

3. USAPetConnect – If you’re a pet lover, this is an opportunity for you to combine your passion with a turnkey, revenue generating, social-powered website and the perfect business for pet loving entrepreneurs. Your website is delivered, up and ready to go once you sign up. The website is yours, and you will become a part of the largest network of pet-lover resources in the USA.

Cost to get involved: $9,800

4. Hygienitech Systems LLC – This Company was founded in 1999, originally focused on providing mattress cleaning and sanitizing services. The company did so after discovering that the mattress cleaning and sanitizing business was a mature service throughout Europe. The founders extensive research uncovered the fact that there were thousands of businesses in Europe providing this service to both the private sector as well as thousands of multi-bed facilities on a regular basis. If you’re thinking “green,” this may be a terrific home based business opportunity for you.

Cost to get involved: $5,000-$6,000

Never rely solely on the recommendation of someone else when you’re looking at a prospective home based business opportunity – not even mine! Make sure you always do your due diligence, and ask yourself these four questions:

1. Is this really a legitimate business?

2. Is this an opportunity that would be “fun” for me?

3. Can I afford this opportunity?

4. Does this business afford me the opportunity to meet my long-term financial goals?

Five Tips to Start Your Own Business

Starting a business is a lot like starting a family. Once you take the plunge, you should be reasonably sure of sustaining it for a good period of time. Hence, before taking the plunge, it will be wise to plan a bit. Here are 5 important tips:

1. Do Your Own Research

Before deciding on the business you want to start, do some research. This should include the size of the market you are targeting, types of customers you will have, their tastes, and the extent and kind of competition.

In addition, a good study should also be done about the costs: rent, cost of raw materials, labour, and best location.

It is better that you do not rely on other agencies or friends for this. It is okay for big corporate organisations to hire research firms to do this, but you are not a big corporate.

Do not trust other people’s assessments before sinking your hard earned dollar on the business. Do your own digging, and planning.

2. Prepare a Business Model

A business model is a statement of your plan on how you intend to generate revenues, and how much profit are you aiming for. There are 5 main ingredients of a good business plan.

a) Size of the targeted market in terms of quantity and value
b) Cost of inputs and production
c) Expected revenues or total sales proceeds,
d) Rent, interest on capital, depreciation for furniture/machinery
e) Expected profits at the end of a quarter, or one year.

It is important that you prepare this business model with utmost honesty and accuracy, because the success of your venture will largely depend on the efficacy of your business model.

3. Stick to Your Plan

Once you have made all the plans and started the business, stick to the plan. Do not change course mid-way, and do not get discouraged by adverse results initially. Every business will initially encounter resistance, but if your plans are well made, your business is bound to succeed.

History is flush with examples of how some of the world’s most successful businessmen built great business empires by continuing to pursue their ventures despite initial setbacks.

4. Have a Plan B Ready

Even the best laid plans may sometimes go awry. Suppose an unexpected event – a natural disaster, a sudden shrinking of the market, a new invention totally replacing your product – happens, and your Business Model becomes unviable.

If such an eventuality happens, it would be foolish to continue the same trade and go on booking losses month after month. Better cut your losses, and put your Plan B into operation.

Plan B should be drawn up such that your losses are minimal, and you are left with enough capital to start afresh.

Do not forget that new circumstances will throw up new opportunities and your business career is by no means at an end. But you should have enough capital left, and your mental framework should not be burdened with the scars of failure, in order to take advantage of the new opportunities.

Therefore, it is crucial to know when to quit and start afresh. For this you should have plan B ready in advance.

5. Don’t Be Too Ambitious Too Early

Initially, it is always imperative to take small steps. The size of your operation should be strictly within your financial and physical capacity. It should be such that you should be able to manage it personally, in the initial stages.

You can’t depend on others to implement your plan carefully. You have to do it yourself.

For this, it is important to know your limits and confine the size of your business within it when you start. In the same vein, if you have to borrow funds to start the business, it must be within your repaying capacity, and the repayment schedule must be built into the Business Model from day one.