Since childhood I've had an interest in unusual businesses. I grew up with four brothers, and when it was time to vote for which television show we would watch, I sold my vote to the highest bidder. You could call that the business of politics. I collected the paper-wads that fell all over when my brothers had their wars, and then sold them back to them for a couple cents each. I was a war profiteer in the paper-wad wars. I also sold candy out of a hollow book in school.
My business activities were more conventional as an adult, but I still loved to hear about and read about the more unusual businesses. Sitting around a fire in an Arizona desert, I once talked to a man who sold used stuffed animals on the side of the highway. He claimed he sold $3000 worth his first month.
The Most Unusual Businesses
Then there was the guy I talked to in Grand Rapids, Michigan, who collected the bodies of dead deer. The county needed the deer carcasses off the roadsides for health reasons. They contracted with this guy for $25 per body. I'm not sure how he disposed of them, but maybe his other business was providing meat to dog food companies.
When I was living in Traverse City, Michigan, someone started a dog poop cleaning business. Want the dog without the responsibility of cleaning the yard? Call A-1 Pooper Scooper. I'm not sure if this would be better or worse than the dead deer collecting business.
Right here in Tucson, Arizona, there is a man who takes leaves from palm trees and twists and turns them into amazing animal sculptures. He sells these for anywhere from $2 to $12 in the street. The palm-leaf scorpions are the best. He just grabs leaves from the nearest palm tree and he can sell dozens of these in a day.
Unusual Online Businesses
Maybe you remember a few weird businesses from back before Ebay got all their rules. One woman made thousands per month selling used panties to fetishists. She bought new panties for her friends, who got them for free as long as they returned them to her unwashed, trading them in for the next new pair. The used and unwashed panties sold for $10 or more on Ebay auctions and they sold fast.
Perhaps you have heard about the online fantasy role-playing game called "Runescape." It has four million players now. What you might not know is that in addition to buying "virtual real estate" in the game, and earning online gold pieces, you can buy these game things for real cash. There are Runescape entrepreneurs who sell their online houses in the game for hundreds of real U.S. dollars. I think it would start to get confusing - what is real here and what isn't?
Then there was the guy in who decided last year to finance college by selling one million pixels of advertising space on his web page for a dollar per pixel. You had to buy a minimum of 100 pixels and you could have any image you wanted linking to anywhere you wanted. He succeeded in selling all one million within a few months. Maybe it's time for me to get back into unusual businesses.
Friday, August 19, 2016
Wednesday, August 17, 2016
The Art Of Fast Money Making
In the immortal words of the great Zig Ziglar, "Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale" I am going to, in this article, refine your understanding about money. One of my greatest insights and valuable observations is to accept that money is not all the same. There are different species of money, you can divide money into 3 groups. Fast money, hourly money and credit money. The first is not based or connected to time, the other two are completely based around time.
Immediately we can observe when looking at these three species of money that one is very desire-able and the other two are worse and much worse. One stands head and shoulders above the other two and is the key to wealth. The other two lead to a life of daily roil and the poor house respectively.
Credit money, money you borrow to buy certain pleasures in life is the worst kind of money. Not surprisingly it is very closely connected to "hourly money" because to get credit money you must prove that you have hourly money....a job. Then you can have access to credit money.
The point of credit money is to exchange time for the interest you pay. In other words, you can buy that car today and pay for it later. For a compounded interest rate of 10% to 20% you buy tomorrow's savings today. For people that prefer "hourly money" this type of transaction can seem highly desire-able. You don't have to wait 5 years to save for that car because you can have it now. The problem with "credit money" is the same problem that one gets with "hourly money" but much worse. Not only are we selling our precious time for money, but now we are selling and committing tomorrow's time for money today.
Hourly Money is the most obvious way to make money for people. Hourly labor for hourly money. 90% of the worlds population gets their money this way. A very inefficient way to get your money but you get it for sure. Security of a pay check is the number one reason why people strive to get hourly money.
Before reading this article, you may have never even thought about the three species of money. You may have not even considered that there is another type of money but hourly money and credit money. But there is. Fast money is what the 10% wealthy people strive for. The financial owners of planet Earth, the 10% cream of financial circles create money they don't work for it.
Fast Money - The art of authentic creation The art of fast money can be boiled down to one specific and it's that it's not connected to time. In this strange world, $100,000 in 10 minutes is nothing unusual. A million dollars in an afternoon is typical. $30,000 in 2 days is nothing special. You may balk at these time frames and amounts but that is the point of this species of money. The TIME component is totally irrelevant.
So if hourly money and credit money are intrinsically centered around time...what is fast money centered around?
SOLUTIONS
Fast money is not made by mindless time counting. Fast money is made by delivering solutions. An example of this can be found in the old dentists joke. A guy goes in to have a tooth removed and the dentist tells the fellow it will cost $1200 to remove. The fellow replies, well how long will it take? The dentist replies 2 minutes. The poor guy is incredulous, you mean to tell me that you want $1200 for 2 minutes work? The dentist replies, well sir, if u want me to take an hour doing it I can do that too.
You see the old fellow needed a solution to his problem. The dentist had that solution and had the tools to achieve the solution in 2 minutes. The fellow wanted a solution to his problem and THAT is what he was paying for, not the time spent, as his dentist adeptly pointed out.
Fast money and the art of finding and getting fast money can be found by finding people with urgent and pressing problems.
To get involved in this amazing fast money world, you must seek out these types of people. Find these types situations and begin providing your own unique and authentic solutions to get paid fast.
Immediately we can observe when looking at these three species of money that one is very desire-able and the other two are worse and much worse. One stands head and shoulders above the other two and is the key to wealth. The other two lead to a life of daily roil and the poor house respectively.
Credit money, money you borrow to buy certain pleasures in life is the worst kind of money. Not surprisingly it is very closely connected to "hourly money" because to get credit money you must prove that you have hourly money....a job. Then you can have access to credit money.
The point of credit money is to exchange time for the interest you pay. In other words, you can buy that car today and pay for it later. For a compounded interest rate of 10% to 20% you buy tomorrow's savings today. For people that prefer "hourly money" this type of transaction can seem highly desire-able. You don't have to wait 5 years to save for that car because you can have it now. The problem with "credit money" is the same problem that one gets with "hourly money" but much worse. Not only are we selling our precious time for money, but now we are selling and committing tomorrow's time for money today.
Hourly Money is the most obvious way to make money for people. Hourly labor for hourly money. 90% of the worlds population gets their money this way. A very inefficient way to get your money but you get it for sure. Security of a pay check is the number one reason why people strive to get hourly money.
Before reading this article, you may have never even thought about the three species of money. You may have not even considered that there is another type of money but hourly money and credit money. But there is. Fast money is what the 10% wealthy people strive for. The financial owners of planet Earth, the 10% cream of financial circles create money they don't work for it.
Fast Money - The art of authentic creation The art of fast money can be boiled down to one specific and it's that it's not connected to time. In this strange world, $100,000 in 10 minutes is nothing unusual. A million dollars in an afternoon is typical. $30,000 in 2 days is nothing special. You may balk at these time frames and amounts but that is the point of this species of money. The TIME component is totally irrelevant.
So if hourly money and credit money are intrinsically centered around time...what is fast money centered around?
SOLUTIONS
Fast money is not made by mindless time counting. Fast money is made by delivering solutions. An example of this can be found in the old dentists joke. A guy goes in to have a tooth removed and the dentist tells the fellow it will cost $1200 to remove. The fellow replies, well how long will it take? The dentist replies 2 minutes. The poor guy is incredulous, you mean to tell me that you want $1200 for 2 minutes work? The dentist replies, well sir, if u want me to take an hour doing it I can do that too.
You see the old fellow needed a solution to his problem. The dentist had that solution and had the tools to achieve the solution in 2 minutes. The fellow wanted a solution to his problem and THAT is what he was paying for, not the time spent, as his dentist adeptly pointed out.
Fast money and the art of finding and getting fast money can be found by finding people with urgent and pressing problems.
To get involved in this amazing fast money world, you must seek out these types of people. Find these types situations and begin providing your own unique and authentic solutions to get paid fast.
Monday, August 15, 2016
Successful Business Strategies
I am a home-based entrepreneur. Having started a few businesses, I have learned about small business planning and strategies for success. Here are my suggestions:
1) Outsource, outsource, outsource!
Small businesses don’t have the capital to devote to entire payroll departments, legal departments, etc. Outsource to independent contractors whenever possible. In the long run it is cheaper and is definitely a smart business decision.
2) Network as much as you can.
Join networking groups comprised of individuals who are entrepreneurs or small business owners. Not only might you find some professionals that will help you develop and grow your business, it is also an excellent way to spread the word about your company. Local networking groups usually limit the membership to one person per industry, so you will not be competing with anyone else for referrals.
3) Budget your expenses wisely.
If you can initially work from home, do so. Save the money you would spend renting or leasing an office space and invest in a decent computer system or advertising. Cut your costs wherever you can and take advantage of less well-known but dependable service providers, i.e. Vonage phone systems and e-fax.com.
4) Find a good publicist/virtual assistant.
It’s important to get the word out about your new business. Hiring a Public Relations firm is pricey and not always worth the money. Go online and search for a Virtual Assistant and publicist. Many will offer you a three month retainer at a lower cost than a fancy PR firm and the results can be extremely advantageous. Check out their references first and go with someone who has a proven track record. After the initial three months many VA’s will offer you an hourly or monthly rate.
5) Develop your negotiating skills.
Knowing how to talk to advertisers and getting the best deals you can will pay off big-time, especially when it comes to advertising. Ask your sales representative to tell you about any special rate packages they offer. Quite often, you will not know unless you ask. Tell vendors you are a new business and ask if you can pay for big projects (like a professional website) with monthly payments. If you are dealing with small business professionals, most of them have been in your shoes and will be happy to extend a monthly payment plan to you.
As a small business owner you must be creative yet frugal. Take every opportunity you can to tell people about your business. Word of mouth and referral business is priceless. Carry your business cards at all times and don’t be shy to talk about what you offer. You never know whom you may meet that might just turn into a wonderful opportunity!
1) Outsource, outsource, outsource!
Small businesses don’t have the capital to devote to entire payroll departments, legal departments, etc. Outsource to independent contractors whenever possible. In the long run it is cheaper and is definitely a smart business decision.
2) Network as much as you can.
Join networking groups comprised of individuals who are entrepreneurs or small business owners. Not only might you find some professionals that will help you develop and grow your business, it is also an excellent way to spread the word about your company. Local networking groups usually limit the membership to one person per industry, so you will not be competing with anyone else for referrals.
3) Budget your expenses wisely.
If you can initially work from home, do so. Save the money you would spend renting or leasing an office space and invest in a decent computer system or advertising. Cut your costs wherever you can and take advantage of less well-known but dependable service providers, i.e. Vonage phone systems and e-fax.com.
4) Find a good publicist/virtual assistant.
It’s important to get the word out about your new business. Hiring a Public Relations firm is pricey and not always worth the money. Go online and search for a Virtual Assistant and publicist. Many will offer you a three month retainer at a lower cost than a fancy PR firm and the results can be extremely advantageous. Check out their references first and go with someone who has a proven track record. After the initial three months many VA’s will offer you an hourly or monthly rate.
5) Develop your negotiating skills.
Knowing how to talk to advertisers and getting the best deals you can will pay off big-time, especially when it comes to advertising. Ask your sales representative to tell you about any special rate packages they offer. Quite often, you will not know unless you ask. Tell vendors you are a new business and ask if you can pay for big projects (like a professional website) with monthly payments. If you are dealing with small business professionals, most of them have been in your shoes and will be happy to extend a monthly payment plan to you.
As a small business owner you must be creative yet frugal. Take every opportunity you can to tell people about your business. Word of mouth and referral business is priceless. Carry your business cards at all times and don’t be shy to talk about what you offer. You never know whom you may meet that might just turn into a wonderful opportunity!
Friday, August 12, 2016
Starting A Business – The Three 'Ps'
There are a lot of factors to consider when starting a business. Primary among these are the three “P”s – Plan, Prepare and Persist.
Plan
After you have selected some ideas from your brainstorming to base your business around, create a plan of attack. List what you'll need before your business starts. What will your ongoing expenses be? Factors include rent, utilities, permits, licensing, legal fees, inventory, staff, design, marketing collateral, mailing lists, software, advertising and more. Get as much as you can out on paper and set deadlines to get things accomplished. This will allow you to evaluate your pace.
Prepare
Once you have a plan, carry it out. Preparing to start a business can be a lot of work. Tasks include getting an identity designed, creating business cards, brochures, web sites and other marketing material, consulting with CPA's, lawyers, and HR professionals, in some cases finding and renting or buying a storefront or office, furnishing the business space, getting utilities in place, receiving and organizing inventory, getting a database for your customers and leads and any number of other tasks. By running a home business, some of these steps will already be taken care of, yet opening a business of any kind can be an enormous task. While planning your business make sure to leave plenty of time to get up and running. Better to plan your setup time too long than too short and finding yourself running out of money.
Persist
This is the most important step of running a business. Without persistence, you won't even be able to finish your business plan. Hang on like a pit-bull. When the going gets tough, get tougher. Have worst case scenario plans to fall back on, as well as best case scenario plans.
Some businesses become over-night successes, while other take year to develop. If you plan, prepare and persist, you’ve got a very good chance of making it.
Plan
After you have selected some ideas from your brainstorming to base your business around, create a plan of attack. List what you'll need before your business starts. What will your ongoing expenses be? Factors include rent, utilities, permits, licensing, legal fees, inventory, staff, design, marketing collateral, mailing lists, software, advertising and more. Get as much as you can out on paper and set deadlines to get things accomplished. This will allow you to evaluate your pace.
Prepare
Once you have a plan, carry it out. Preparing to start a business can be a lot of work. Tasks include getting an identity designed, creating business cards, brochures, web sites and other marketing material, consulting with CPA's, lawyers, and HR professionals, in some cases finding and renting or buying a storefront or office, furnishing the business space, getting utilities in place, receiving and organizing inventory, getting a database for your customers and leads and any number of other tasks. By running a home business, some of these steps will already be taken care of, yet opening a business of any kind can be an enormous task. While planning your business make sure to leave plenty of time to get up and running. Better to plan your setup time too long than too short and finding yourself running out of money.
Persist
This is the most important step of running a business. Without persistence, you won't even be able to finish your business plan. Hang on like a pit-bull. When the going gets tough, get tougher. Have worst case scenario plans to fall back on, as well as best case scenario plans.
Some businesses become over-night successes, while other take year to develop. If you plan, prepare and persist, you’ve got a very good chance of making it.
Thursday, August 11, 2016
Ready, Fire, Aim!
You probably read my headline and thought, wait a minute, isn't that backwards? Isn't it supposed to be "Ready, Aim, Fire?"
Well, a year ago I might have agreed with you. But not anymore. What changed? I did! And boy am I glad I did.
Let me tell you a little story. Up until last year, I was one of those people who planned everything down to the smallest detail. I guess you could say I planned things to death!
Ever heard of "analysis paralysis?"
Well I had it big time! I just was not comfortable doing anything, especially in business, until I had done ALL my research and put all my ducks in a row. As a result, it often took a long time to get up and running with new ideas.
Then I experienced "Ready, Fire, Aim"
Last fall, I was first introduced to the concept of "Ready, Fire, Aim" at a seminar where I was thrown full bore into this way of thinking and acting. Talk about baptism by fire!
Not only did it change me, I learned something. That I could learn more and do more faster if I didn't get caught up in overanalyzing everything. I came home excited about adopting this new approach to my life.
What happened?
Well, my business and I have grown more in the last eight months than either had grown in the past seven years.
I've made some mistakes, but another funny thing happened along the way. I realized the mistakes DIDN'T KILL ME! In fact, I've learned more from my mistakes than from my successes.
I learned mistakes are a GOOD thing!
Suddenly everything I learned in school about NOT making mistakes just didn't fit anymore. Mistakes don't make you a bad person or even an unlucky person. They make you a smarter person!
They say Thomas Edison failed 10,000 times before he successfully invented the light bulb. I hope we don't have to fail that many times before we find success, but what I do know is every mistake and every failure brings us one step closer to success.
Don't get stuck
You may be wondering why someone who advocates planning is touting the virtues of "Ready, Fire, Aim," the seeming antithesis of planning.
It's because I don't want you to get stuck like I was for so many years.
Get into the game, even if you think you're not ready
Not getting out there and into the game because you're afraid you're not quite ready or might make a mistake, IS the mistake. Don't make it!
My advice? Take the time to create a marketing plan for your business but don't get bogged down if you still have questions or uncertainty about how to market effectively. Just start. Do the best you can and KNOW you will learn more every step of the way.
It's the only way to discover YOUR "magic marketing" formula
The longer you're out there actively marketing and tracking your success and your failures, the closer you'll be to finding your "magic marketing" formula.
Your "magic marketing" formula brings together exactly the right marketing activities with the right marketing message and the right audience in the right place at the right time for YOUR business to result in HUGE success!
While there are some basic marketing principles that will help you get to your magic formula quicker, nothing replaces good old testing and fine-tuning. After 20 years in the business, I still practice it regularly. Because I know there are certain things you can do to set yourself up for success, but at some point you just have to go for it.
Well, a year ago I might have agreed with you. But not anymore. What changed? I did! And boy am I glad I did.
Let me tell you a little story. Up until last year, I was one of those people who planned everything down to the smallest detail. I guess you could say I planned things to death!
Ever heard of "analysis paralysis?"
Well I had it big time! I just was not comfortable doing anything, especially in business, until I had done ALL my research and put all my ducks in a row. As a result, it often took a long time to get up and running with new ideas.
Then I experienced "Ready, Fire, Aim"
Last fall, I was first introduced to the concept of "Ready, Fire, Aim" at a seminar where I was thrown full bore into this way of thinking and acting. Talk about baptism by fire!
Not only did it change me, I learned something. That I could learn more and do more faster if I didn't get caught up in overanalyzing everything. I came home excited about adopting this new approach to my life.
What happened?
Well, my business and I have grown more in the last eight months than either had grown in the past seven years.
I've made some mistakes, but another funny thing happened along the way. I realized the mistakes DIDN'T KILL ME! In fact, I've learned more from my mistakes than from my successes.
I learned mistakes are a GOOD thing!
Suddenly everything I learned in school about NOT making mistakes just didn't fit anymore. Mistakes don't make you a bad person or even an unlucky person. They make you a smarter person!
They say Thomas Edison failed 10,000 times before he successfully invented the light bulb. I hope we don't have to fail that many times before we find success, but what I do know is every mistake and every failure brings us one step closer to success.
Don't get stuck
You may be wondering why someone who advocates planning is touting the virtues of "Ready, Fire, Aim," the seeming antithesis of planning.
It's because I don't want you to get stuck like I was for so many years.
Get into the game, even if you think you're not ready
Not getting out there and into the game because you're afraid you're not quite ready or might make a mistake, IS the mistake. Don't make it!
My advice? Take the time to create a marketing plan for your business but don't get bogged down if you still have questions or uncertainty about how to market effectively. Just start. Do the best you can and KNOW you will learn more every step of the way.
It's the only way to discover YOUR "magic marketing" formula
The longer you're out there actively marketing and tracking your success and your failures, the closer you'll be to finding your "magic marketing" formula.
Your "magic marketing" formula brings together exactly the right marketing activities with the right marketing message and the right audience in the right place at the right time for YOUR business to result in HUGE success!
While there are some basic marketing principles that will help you get to your magic formula quicker, nothing replaces good old testing and fine-tuning. After 20 years in the business, I still practice it regularly. Because I know there are certain things you can do to set yourself up for success, but at some point you just have to go for it.
Wednesday, August 10, 2016
Running a Business on Limited Resources
When I first started my business, I went to the bank for a business loan. Simple enough, right? I had my business plan in order, an itemized list of everything that I would need to successfully run my business, and all the necessary documents. To put it plainly, I was turned down. Why? Not because I did not have the credit to back it up, or did not have a good business plan. The reason the bank man gave me was "because I did not understand that over 90% of businesses fail within the first year, and that I was not prepared in case mine did."
While I understand he was attempting to look out for my best interest, I felt cheated. He was not even going to give me the opportunity to fail. On some level, everyone that goes into business for themselves understand that chances are, the business will not make it past it's first year, and I was no different. The only thing was I had faith in myself that I would not give up trying. The loan processor took that as I would spend my life savings before giving up, and he did not want to see me financially ruin myself.
So what did I do? I set out on the adventure on my own, only using the limited resources and financial backing that I had. I bought second hand office supplies and furniture. I bought the small cheap laptop instead of the multi-thousand dollar computer specifically designed for what I would be doing. Without the proper money for advertising, I had to get creative. My advertising methods was unconventional, but they worked. I found that I did not need large amounts of money in order to get my business to the world.
So would I have been so successful had the loan processor gave me the business loan I asked for? I am not sure, because after all, I made it without the money, what would have happened if I would have had the proper money for advertising? Whatever the case may have been, I am glad he did not, because I am not better able to understand the limited resources that many small businesses face.
So how can you run your business on limited resources? Here are a few things that I learned along the way.
1) New vs. Used- When starting your business, you do not need everything to be "new." Second hand items cost substantially less then new items, and work just as well. Plus, if you think about it, customers will be more comfortable around your office if it feels "broke-in", rather then new and sterile. It gives them the feeling that you have been in business awhile.
2) Creative Advertising- You do not need the hundreds of dollars that it takes to place ads in papers or put commercials on TV. It costs very little to design and print you own flyers and put them in places where your potential clients would gather. Turn your vehicle into a moving billboard by investing in a vinyl signage for your doors or windows. The best thing? Face to Face meetings with your potential clients do not cost a penny, so look for every opportunity to talk with our potential clients.
3) Work At Home- Depending on your type of business, you may consider working at home rather then renting office space. This will save you a lot of money on rent and furnishing an office. Once your business becomes more successful, then you can always rent office space later.
Overall, be thankful for the struggles that you go through now, because in the future, they will have been well worth it. Plus, it will give you a better understanding when it comes to other small businesses.
And, no matter what, never give up on yourself.
While I understand he was attempting to look out for my best interest, I felt cheated. He was not even going to give me the opportunity to fail. On some level, everyone that goes into business for themselves understand that chances are, the business will not make it past it's first year, and I was no different. The only thing was I had faith in myself that I would not give up trying. The loan processor took that as I would spend my life savings before giving up, and he did not want to see me financially ruin myself.
So what did I do? I set out on the adventure on my own, only using the limited resources and financial backing that I had. I bought second hand office supplies and furniture. I bought the small cheap laptop instead of the multi-thousand dollar computer specifically designed for what I would be doing. Without the proper money for advertising, I had to get creative. My advertising methods was unconventional, but they worked. I found that I did not need large amounts of money in order to get my business to the world.
So would I have been so successful had the loan processor gave me the business loan I asked for? I am not sure, because after all, I made it without the money, what would have happened if I would have had the proper money for advertising? Whatever the case may have been, I am glad he did not, because I am not better able to understand the limited resources that many small businesses face.
So how can you run your business on limited resources? Here are a few things that I learned along the way.
1) New vs. Used- When starting your business, you do not need everything to be "new." Second hand items cost substantially less then new items, and work just as well. Plus, if you think about it, customers will be more comfortable around your office if it feels "broke-in", rather then new and sterile. It gives them the feeling that you have been in business awhile.
2) Creative Advertising- You do not need the hundreds of dollars that it takes to place ads in papers or put commercials on TV. It costs very little to design and print you own flyers and put them in places where your potential clients would gather. Turn your vehicle into a moving billboard by investing in a vinyl signage for your doors or windows. The best thing? Face to Face meetings with your potential clients do not cost a penny, so look for every opportunity to talk with our potential clients.
3) Work At Home- Depending on your type of business, you may consider working at home rather then renting office space. This will save you a lot of money on rent and furnishing an office. Once your business becomes more successful, then you can always rent office space later.
Overall, be thankful for the struggles that you go through now, because in the future, they will have been well worth it. Plus, it will give you a better understanding when it comes to other small businesses.
And, no matter what, never give up on yourself.
Tuesday, August 9, 2016
Powerful Considerations Before Starting Your Own Business
What does it take to start your own business? To many, the thought of starting your own business may be too daunting that you give up before you even start. Let's analyze what a typical start-up needs:
Start-up Capital
There is no secret that money talks the loudest of all. As a future entrepreneur, you may well know the fact that capital is perhaps the most essential part of setting up a business, both online and offline. Lack of start-up capital not only puts your business at a disadvantage, it also makes cash flow a serious issue. Over time, it also makes it difficult for you to expand your business.
The good side is that start-up capital in the form of small business loans are readily available at most commercial banks around your country. As long as you have a good credit rating, getting small loans should not be much of a problem. One important thing to remember here is to never borrow more than what you need to get started.
You loan amount need only cover for the basic necessities of business. Start your business small and control your finances daily, monitoring everything you spend on and trying to cut costs where ever possible. When your business cash flow starts working in your favor, you are ready to safely take out another business loan for expansion of business activities.
Business Experience
Most people are afraid to start their own business, simply because they have "no experience". Therefore, they never get started at all, and never end up gaining that experience in the first place.
Most people are afraid to enter into a business venture because they fear failure due to lack of experience. It's a Chicken-and-Egg story, or a Catch 22, or whatever else you can call it.
A Solid Business Plan
Any business is more likely to succeed if they have a definite plan of action to follow. Unfortunately, in reality most small business and home based businesses have no idea on developing a business plan that drives them to success. That is the reason why 70% of businesses fail within the first year. A solid plan needs to state exactly WHEN and HOW you will make money.
Before you get into business, make sure your business plan is laid out right to the very minor details. You need to know:
- Your target market
- The average cost of one product
- Your profit margin on each product
- Your expected break-even point
- Cash flow projections
A Mentor System
A mentor is someone who you admire, someone in your line of work or business that is already having the success you dream of, and can teach you exactly how to achieve the same success yourself when you start your own home business. In reality however, most people could care less about your business or you. We are all selfish by nature, and who would want to impart seasoned business skills to a competitor, who will be a threat to their business. This mentor will help you in a win-win way that is mutually beneficial. Almost all business books will tell you that in order to be really successful, you MUST associate with those you are already having success, and duplicate their actions.
Starting from Scratch Vs Ready Made Business Opportunities
All these factors need to be considered when starting your own business. The absence of any one aspect can mean trouble, either when starting up, or later on as your business develops.
Considering these factors, it is no surprise that many are turning towards business opportunities and systems such as network marketing. In these systems, all the above factors are taken care of, and you can start your own business without any worries.
These systems are especially attractive if you are broke and have no business experience. You are in fact buying a proven system, which with your effort, can be turned into a thriving business.
Here's to your success. Cheers.
Copyright © 2006 Gobala Krishnan
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