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Economic News

Entrepreneurs: Plan for Success

Remember when all you needed to stir something deep within you was your business idea? Remember in the early stages of being your own boss when you bounced out of bed, eager to get going? I remember the romance of doing what I love, what I was born to do. As soon as I was awake, I would taste it, feel it, breathe it. It exuded from every pore in my body. Now after a couple of years, the passion is almost non-existent because I’m deluged with the details of running a business. I’m no longer doing what I love and I’ve learned why. I didn’t plan for success. If fact, I didn’t plan at all.
Here are my revelations:
1. Don’t be so blinded by the passion that you don’t envision growth
2 If you have a business idea and the passion, you must have a plan to grow the business.
3 Have processes in place
4 Have personnel to make the processes work
5 You can’t plan for prosperity alone
1. I started my business while I was working full-time. Then I transitioned into working the business full-time. In the beginning, I didn’t have many clients so I managed the book-keeping, invoicing, administration, marketing, sales and delivery of the service. I was thrilled to be developing and delivering workshops and presentations all day long. In my naivety, I thought that’s all I’ll be doing for the rest of my life. I truly didn’t think that I was running a business. Even though I always said to everyone that I’ll be successful, I never thought about anything other than what I was passionate about.
2. When I started full-time with the business, I had many clients that first year and I was thrilled. I was in my zone. I was still in the romantic phase of my business. The first year merged with the second year and I was getting disillusioned because I wasn’t doing what I love. I knew what I wanted to do but my goals kept shifting. The frustration was a blessing in disguise. It was the catalyst that yanked me out of my dreamy state to look at my business as a business.
3. Even though I was jack of all trades in the beginning, there was no process in place to expedite routine tasks. It’s challenging to get these routine tasks done in a timely manner while developing, rehearsing and delivering the service paid for. These were not my areas of expertise or even strengths. I wanted to build a business empire and have loyal following. These signify growth. With growth comes the necessity to have processes for marketing, administration, accounting, database management to start with. I had a large client base and wasn’t maximizing it. I can’t have a loyal following if I’m not engaging them.
4. A growing business and systems in place are useless without personnel. I can quite easily mess up an accounting system, an excel spreadsheet, simple update to the website even a word document. I know my strengths but most importantly I know my limitations. Even if I learned what was needed, my abilities would have been curtailed by my limited knowledge.
5. “A man cannot sit down alone to plan for prosperity.” Nigerian Proverb.
I now realise that I didn’t know enough to make long-term plans. My vision is only stretched in one direction – my area of expertise. For my business to expand and succeed, it needs people with other areas of expertise.
Almost two and a half years after becoming my own boss and after my recent awakening, the plans I have are concrete and are the result of feedback from clients, discussions with business advisors and the willingness to be open-minded. Processes are being developed by the people with the expertise. I’m no longer the only employee. I’m in the company of people who believe in what I do, who see the potential in what I do and who are making sure I don’t venture into areas I know little of.
Now it’s up to me to re-ignite my passion and do only what I love to do. Isn’t life grand!

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Opportunity

A Hot Internet Business Idea

When it comes to the right internet business you want to be sure that you are staying on top of the trends and learning what is hot. A hot internet business is something that is trendy and in demand and there are many businesses out there that fit this mold. When you find a good opportunity, it can change your life in many ways and the days of making money for someone else will be over.
Local businesses need marketing like never before, and this may be where you can really help them. You can easily market a local business and this can be a great way to make some extra money. Many local businesses have not thought about capitalizing on the internet to make money and this may be an idea that you have to introduce them to. You may be quite popular with the local business community in your area and you can be a tremendous help.
Instead of setting up one blog like you may have done in the past, you may want to set up many blogs and then you can capitalize on all of them. Even if you are only making a little bit of money from each one daily, it can really add up and give you some great extra money you can use.
A hot internet business will keep you on top of your game and you will have a business that is on the forefront. An older business may be stale and there may be so many business associates, you may have a hard time reaching others, but there are many new and exciting opportunities that can help you achieve this goal.

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Business News

What it Takes to Be Successful With a Home Business Opportunity is Revealed in This Article

Effective Marketing: The Key to Building a Successful Online Business
You can have the greatest business idea in the world, but if you fail to market it properly you will never build a successful online business. Just like a traditional brick and mortar business, operating a business online requires you to reach out to the people who are interested n the goods or services you have for sale. If you are unable to reach your target audience-those most likely to be interested in what you are selling-you will not be able to reach the number of people necessary to truly become successful. Simple promotion of your website may generate a few sales here and there, but you need an effective marketing plan in order to bring visitors to your website and increase your sales volume.
One thing to understand is your marketing efforts need to go beyond simply submitting your website to the search engines. While this part of marketing is important-if you don’t submit your website to the search engines no one will be able to find it in a search-it is certainly not the only marketing you should do. In fact, if search engine submission is the limit of your marketing efforts, it will take you quite some time to draw enough visitors to your website for you to achieve success. In fact, when you are first starting your online business, you want to reach as many potential customers as possible.
When you build your advertising platform, it is also important to identify your target audience. You don’t want to waste efforts promoting your website to those who are not likely to be interested; the key to a successful online business is working hard and expanding your marketing efforts in order to reach those who are most likely to buy your products or services.
Choosing the Right Online Business Idea: Identify Your Specific Needs and Goals
In order to choose the right online business idea you have to first identify your own specific needs and goals. Do not choose a business idea because it worked for your brother, cousin, or best friend because their needs are different than yours. You need to personalize your business so that it will be able to meet your expectations; for this reason you need to analyze and evaluate exactly what you want from your business. You need to set specific and realistic goals, not just simply saying you want to make a lot of money. How much money do you want to make? What is your time horizon for making that money? How do you plan to market your business in order to meet your goals? All of these factors are important in order to identify what kind of business will meet your needs and help you achieve your goals.
It is also important to choose an online business idea that interests you and falls within your area of expertise. Many people make the mistake of choosing a business because they have been led to believe it has the potential to help them become wealthy quickly. It is essential to understand that wealth never comes overnight for anyone; there is always a great deal of work necessary for anyone to reach that level in any business. That doesn’t mean it never happens-there are always exceptions. Sometimes a person just happens to be in the right place at the right time and happens to get lucky.
Choosing the right online business idea is not a decision anyone should make quickly. What you need to do is look over each possibility and compare it to your goals, aspirations and expectations before you make a decision. You also have to look at it in terms of the time you have available and the type of investment you may need to make in order to achieve the level of success you desire. Only when you have followed all these steps are you ready to make a final decision.
Finding the Right Online Business Opportunities: Read and Research First
One of the most important aspects of any online business is making sure you conduct enough research to make an informed decision. With so many online business opportunities it’s important to take the time to research what is available instead of attempting to make a quick decision that may turn out to be the wrong one. It’s every easy to think you have enough information about a business opportunity to make a decision, but unless you take your time and compare several different opportunities you do not have enough information to make an informed decision.
Is it really that important to research online business opportunities before you make a final decision? That depends-ask yourself another question: how important is it for you to make money with an online business? If you’re looking for something to gain a little experience and earn some extra money it probably isn’t very important to conduct a great deal of research. On the other hand if you are looking for an online business opportunity that will generate enough money for you to earn a substantial part-time or full-time income you will need to research several opportunities before you have enough information to make the right decision.
In order to choose the right online business opportunity you need to evaluate your own personal situation and ask yourself some questions such as:
* What are you seeking in a business opportunity?
* How much income are you looking to generate?
* How much time do you wish to devote to promoting and working your online business?
* What kind of experience and skills do you have?
* What is your educational background?
While you do not need a college degree to operate any of the online business opportunities, your educational background will allow you to evaluate your options and determine the best type of business based on your education, skills and experience. Those potential entrepreneurs with a business background will find it easier to learn the importance of keeping accurate records with any business. On the other hand, any person who has the desire to learn can develop the business sense necessary to create a successful online business.
When you finish reviewing potential online business opportunities you should have enough knowledge o choose the one that will provide what you need whether it’s to replace or acquire a full-time job, allow you to earn a steady income working a few extra hours or just earn a few extra dollars to have some extra cash. Making the right decision will allow you to turn your business opportunity into whatever you expect it to be. You can’t rush it or you will surely make the wrong decision.
Testing the Waters: Are You Ready for Online Entrepreneurial Success
Certainly there are many people have dreams on online entrepreneurial success, but the big question is: are they ready to pursue those dreams? The idea appears appealing when you first think about it, but the problem comes later when you find you have taken on more than you were expecting. One of the reasons this happens is because people are of the mistaken notion that they can start on line venture and do very little work. This is perhaps due to the many advertisements they read that actually make this mistaken claim.
While there are online businesses that will earn income for the owner without his or her active participation, there is plenty of work required before the business will reach that level of success. Regardless of the type of business you are interested in operating, there is a certain amount of work you must do in order to achieve online entrepreneurial success. First and foremost you must attract visitors to your website, and you can only do that with a strong and efficient marketing plan. In order to generate sales you must bring in visitors, but in order to do that you must first reach out to them and let them know you have something that will interest them.
If you have entertained the idea of online entrepreneurial success, you must first ask yourself if you are prepared to engage in the amount of marketing and promotional work necessary to reach that level. For those who are working full-time this may add additional hours to an already long business day, but at the same time it has the potential to provide financial freedom and flexibility of working hours. While you may still have to work the same amount of hours you have always done (depending on the venture you pursue), you will be able to work at home and have some control over the hours you spend tied to a desk.
Generating Online Income One Step at a Time
While the Internet has created a good many opportunities for people to make money at home, it has also caused many people to think making online income is going to be an easy undertaking. They want to believe some of the advertisements they read that tell them you can make money without doing any work, but the real truth is there is no way to make income online or offline without doing some work. You may not have to do the manual work that is necessary to become successful in a traditional business, but it is still necessary to work hard if you want to have a successful business.
Of course, this also brings up the topic of residual income, and most people see residual income as income that you earn without doing any work. While this is true, there is another thing you have to consider: when you earn residual income, this means you have already done the work necessary for you to earn that income without doing any more work. It doesn’t mean you don’t have to do any work at all to earn a residual income because there must be a starting point. It doesn’t matter if you are working toward online income or income from a traditional business-in order to earn residuals you have to first build the business to a specific level of success.
Before you even begin trying to make online income you have to make sure you choose the business opportunity that is suited best for your needs. That means you have to first evaluate what you are seeking from an online business and what skills you have to bring into a business. It is also important to determine how much time you are willing and/or able to put into building your business. All of these factors will have a direct bearing on which business is right for you and will allow you to generate the most success.
Building a Successful Residual Income Business
While having a business that generates immediate income can be very important for the day to day expenses you incur, a residual income business has the ability to take care of you and your family even if you are no longer able to work. It doesn’t matter if you don’t do another day’s work in your life, once you build a business that has built in residuals, you will collect those as long as your business remains operational. Of course, this also means you must do a great deal of work to promote your business so that it reaches the level of success that is necessary for the payment of residuals.
Most people think the only form of residual income is when you work some type of network or multi-level marketing business, but there are many different businesses that also offer the opportunity for you to earn residuals. In a way you might say real estate is a type of residual business because once you have the property and tenants in place you will earn money no matter where you are. However there can be catches here, especially if you do not have tenants and the money is not coming in.
Affiliate marketing programs and e-Commerce also provide ways

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Accounting Education

10 Key Factors to Look at When Choosing an Accounting Firm

Accountants are important cogs in the world of business. And as operations, nature, and functions of finance and trade continue evolving, so do the responsibilities of every financial consultant. These days, accountants handle more than just balancing business records and making calculations.

Their job portfolios have expanded to include important consultation services that touch on vital matters, like technological recommendations, profit improvement strategies, and risk management.

This means hiring qualified accountants has become more imperative than it was many years ago. So if you’re looking to hire a qualified accounting Singapore firm, the following are key factors you might want to look at:

1.      Certification and Chartering

In countries like Singapore, accounting firms are governed by professional organizations that try to maintain high standards and look after qualifications. CAs (chartered accountants) are very qualified experts who have finished degree-level studies along with professional competency programs and workplace experience.

The accounting solutions team shouldn’t just be qualified. They must also be experienced and add value when it comes to your business from the word go.

Responsibilities like financial management, tax preparation, and bookkeeping may not need a chartered or certified accountant. However, you will be more likely to hire one in case your business grows to a point where you require a loan.

2.      Personal Connection

While it might seem unimportant, being in a position to establish a personal connection with the right accounting firm is vital, considering that its team will deal with sensitive and highly important materials.

It is imperative to look for an accounting Singapore firm that cares about all their clients more than just the bottom line. Basically, the contact person needs to be comfortable being honest about the finances of the company and the services they offer.

So any sign of miscommunication or intimidation, which might result in complications at the end of the day, can be an indication that another option will be a great idea.

3.      Business Needs

You first have to know and understand the type of responsibilities or work you need the accountant to deal with on behalf of your business. If you require monthly bookkeeping tasks and financial statements, you may hire non-certified bookkeepers or accountants.

However, if you want audited financial statements, tax returns prepared, or tax planning advice, experts at BoardRoom, suggest that you consider working with a certified public account (CPA).

4.      Risk Management

If you use the internet most of the time to look for accounting solutions, it means there will be a lot of imminent cybersecurity threats. When outsourcing accounting services, your preferred accountant will deal with the security risks on your behalf and, at the same, ascertain that the business data is protected from any form of threats.

The accounting firm you hire needs to be upfront when it comes to the way they respond to all the cybersecurity threats, as well as explain the strategies they will use to deal with them.

5.      Availability

Accessibility depends on the growth of different accounting firms. Usually, big accounting firms tend to prioritize bigger companies since they spend a lot of money.

This basically means that the work of small businesses will be palmed off or outsourced to low-level accountants. The firm’s priority needs to focus on strengthening financial division with the objectives of your business.

In other words, you might want to make sure that the accounting firm you choose will only add value and bring meaning to your business by committing professionalism and time to your organization.

6.      Services

When hiring the right accounting firm for your organization, you might want to look at the services they provide or offer.

Some accounting firms specialize in or focus on financial areas, like payrolls, financial statements, tax filing, or bookkeeping. So make sure the firm you choose offers all the services that meet your needs.

At the same time, your prospective accounting firm must be in a position to identify the weaknesses and strengths in the financial industry and look for solutions that enable your business to avoid all the unnecessary mistakes related to tax.

7.      Financial Advice

Every organization requires financial advice and support so as to streamline all its operational, economic, and financial activities. Some accountants, when providing bookkeeping and accounting services, advise their clients only at the initial stage, but afterward, let them handle everything on their own.

But other accounting and financial firms, which pay more attention to business, will guide you throughout. Hence, you must focus on working with accountants who provide full-fledged services to ensure your business grows without obstacles.

8.      Budget and Financial Capacity

The financial capability of your business is one of the key factors to look at when choosing the right accounting firm for your organization. There are various levels of accountants. Most are chartered and certified, whereas others aren’t.

If you are dealing with a lot of money, it would be best if you go for accounting firms with chartered and certified experts. But a graduate will also do, especially when you don’t deal with a lot of cash.

9.      References

The right accounting firm will be pleased to present their referrals from both former and existing clients. Ensure to inquire about their past experiences, and includes follow-up, overall satisfaction, and accessibility.

You can ask the accountant for the contact details or physical addresses of those clients. Plus, you may check online for reviews, as some firms may not provide referrals from clients who have had a bad experience.

10. Level of Experience

It is important to look at the number of years a potential accounting firm has rendered its services. Spend more time researching to determine whether or not the firm has an outstanding track record.

According to most businesses that have enlisted the services of an accountant, you should consider an accounting firm with a good track record and experience of five years or more.

Closing Remarks!

Clearly, there are many things to think of when enlisting the help of an accounting firm. By paying more attention to these factors, you’re more likely to get an accounting firm worth your time and effort.

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Online Business

How Anyone Can Profit From Internet Marketing

If you can think up a concept for your business you can profit from Internet marketing. In actual fact it does not matter how old or young you are, there is something for everybody when they start an Internet business. You need to develop a successful system, stick with it and duplicate your success.
The 5 keys to success are as follows:
1. Develop a concept: your business idea or concept is very important. It is one of your key foundations of your business. It is important to like what you are doing and not just be in it for the money. Of course you want to make a profit; it is a business after all. However bear in mind you will be spending quite a bit of time to create and run your business. for this reason you should love your topic and be enthusiastic about it. In this way you will succeed because you are doing something you love to do.
2. Define your market: Understanding your market is one of the critical aspects of your business. You will need to analyze your visitors and be in tune with their wants and needs. You will also need to know where they go and what publications they are interested so you know where to market your business.
3. Set goals: setting goals is important, when you set goals and decide on timelines to complete them you will stay focused on completing them and progressing with your business.
4. Develop an action plan: you will need to set up an action plan to achieve your goals. The easiest way to do this will be to create milestones; for example 3 months, 6 months, one year and set goals for each milestone. You can then think of ways to accomplish these objectives. Put these methods into an action plan and record all your results good and bad.
5. Duplicate your successes learn from your mistakes: one of the fun things about business is that no two days are the same you will make mistakes and you will have successes. You need to learn from your mistakes and pick yourself up after catastrophes. An example if this would be Donald Trump, you may or may not like him but many people have respect for him when it comes to business. He has had spectacular crashes but has always picked himself up and risen to glory again. This is because he never let mistakes and crashes crush him.
So make your system with these five points and start enjoying the thrills and spills of Internet Marketing no matter who you are and how old you may be.