Are you sick of the pressure?
Do you want a better lifestyle?
Do you prefer a good business to just a job? If your answer is yes to one or more of the above, then read on!
So you’ve got the basic decision made; now you need to research some good business ideas. The kind of business that provides a great lifestyle depends on your idea of what that means. Does your idea of a great lifestyle mean working a small number of hours for a nice profit, working in a field about which you are passionate, helping others, having fun, doing something at the edge of world’s best practice, fulfilling a dream or just having more time for family, friends and your community?
Because work and lifestyle don’t have to be mutually exclusive, your best business idea might be to choose something you love doing, surround yourself with awesome collaborators and add an element of contribution to the community.
The paradigm of swapping time for money certainly needs to disappear, so passive income is a term that’s becoming widely understood. Who would like to wake up gently each morning, take a leisurely breakfast, perhaps a walk with the dog and eventually open up the laptop just to see how much more money has flowed into your account?
The single biggest impediment to living any of these scenarios has been you… and you probably knew it already!
Whilst I’m sure you’ve spent time lusting a better lifestyle, how much time have you allocated to finding the business idea that suits you? Do you know exactly what return you need to cover current living expenses? What research have you done to determine the specific requirements of putting your idea into practice? Have you built an awesome team of professionals to help you identify the best prospects?
If you really want to pursue a business that helps you develop the lifestyle you would prefer, you’re going to have to get off the couch. Find a block of time and regularly use it to discover the best business idea for you. Research what’s required, bounce the idea off the team of professionals you’ve gathered to help you, brainstorm the possibilities, headhunt your preferred colleagues – in other words – BEGIN!
And remember, you are never alone in business. You will always find someone willing to help you out, create a JV with you, work with you or even promote you even before you have a good business idea or a product. Be confident being yourself and your business will skyrocket from here on!
Are you sick of the pressure?
Actually many of the internet home business marketers start from the wrong end of the knowhow curve. It is important to understand, that the learning is the first thing to do, not the promotions. The internet home business is a know how business and before a newbie can promote, he has to know how to do it. That skill comes only through a hard studying.
One method seems to work well in the start. Think about your personal strengths and how could you utilize those in the internet home business. Make some notes about the opportunity to transfer those strengths into useful products or services and who would be interested about them.
1. Pick The Internet Home Business Model and Stick To It.
The method in the previous chapter can shorten your time to find the home business, which will fit to you. Then you already know, what you are seeking for and can direct your efforts to certain areas only. It simply helps you to manage the huge information overload and to find correct marketers, sites and blogs to follow.
But what is the business model, what you have to select? The model means the products or services, the target group and the promotion ways. For instance you can decide to start blogging and to share tips about the business opportunities to advanced online marketers with a target to get as many as possible to write comments and to share their home business ideas.
The blog is a centre of your business model and the monetization happens through product links in the text and through side line banners. Later you can expand the model by creating line extensions, which fit to this model and will further expand the expertise area. A good place to promote them is, surprise surprise, your blog.
2. Remember To Invest In The Education And Effective Tools.
To reach a good level in the know how, you just have to follow certain marketers, magazines, blogs and web sites regularly. If Google will change the algorithms, it is good that you utilize that information as soon as possible. Note, that the internet business market will change with a speed of a laser. New ideas and new fashions come quickly. Those, who use them, when the ideas feel fresh will be the winners.
3. Outsource As Much As You Can.
Many marketers find very quickly, that their own time and energy is very limited. How to handle this challenge? What is your main job? To put it simple, you have to lead the operation, to manage and to control that everything will happen as planned. You must become the leader of the free lancers, who will do the dirty work.
4. Diversify Inside The Present Know How Area.
The online marketers present their hype offers for diversification and it is a great temptation to try something totally new. But can you honestly do that? What happens to your brand? I would say, that the diversification is wise only, when you have managed to build your present business a success and you know, how and why it is running as it is. One thing is utmost important. You should never give up!
To run your home-based business successfully, you will need a range of skills. These are described in general terms below. If you lack any of these it does not necessarily mean that you should not set up a business. However, if you feel any of these areas is going to present serious problems, you may need to consider taking on a partner or employee to handle that aspect of the business, or using a specialist adviser or consultant. You might also consider taking other courses to acquire the skills you need.
These are the skills that you need to actually make the products or deliver the service you are offering. For some types of business you will need to have relevant experience (probably gained as an employee) and perhaps some professional qualifications. For instance, no-one today would set up as a car mechanic without at least some relevant training and experience. On the other hand, for other types of business, specific qualifications and experience may not be essential. Whatever your business, however, if you expect people to pay you for your work, you will need to have the necessary technical skills to deliver a good quality product or service.
To run a business successfully you will need a range of financial skills. These include skills in such matters as bookkeeping, negotiating credit terms with suppliers, invoicing, credit control, estimating, drawing up budgets and controlling cash flow (the flow of money into and out of the business).
Marketing is the process by which you identify potential customers and persuade them to buy your products or services.
If you are going to employ others, you will need a variety of management skills in such areas as recruitment, motivating staff and team building. You will need a knowledge of employment law and health and safety requirements. You will also need to be able to fulfil legal requirements in matters such as deducting tax from employees’ pay.
Whether or not you intend to employ others, you will need organisational skills to ensure that every aspect of your business runs smoothly. This includes setting up systems for dealing with orders and enquiries, keeping customer records, and so on. It also includes time management, i.e. ensuring that your time is used as efficiently as possible.
Many people think from time to time about starting a business, but frequently it goes no further than that. Often it takes the spur of a sudden change in circumstances for vague plans to crystallise into something more definite.
With the uncertain global economy it’s a good idea to start looking into a small home business venture with low start up costs to help insulate any financial hardship that could arise.
So you’ve got your small business idea and you want to start a small business. What do you need to do to get your small business off to a flying start?
I am going to share with you what I believe are the 3 most important things to consider when starting a small business, especially a bricks and mortar business.
You will need to carry out thorough research on the products or service that you are going to be selling. When I started my first business more than twenty years ago, my original business idea was to open up a pet shop. I wasn’t actually sure whether there would be a demand for that type of shop, so during one of my week’s holidays I actually parked in the main shopping street for 6 hours a day for the whole week and carried out thorough research including:
Counting the number of people who visited the shops each day.
Speaking to shoppers to ask whether they felt that there was demand for a pet shop in that area.
Speaking to other shop owners in the locality to ask for any tips that they could give me on the best ways to start a retail business.
Checking what other competitors were doing in order to offer better.
Checking location i.e. making sure that there was a market for what I was selling within a given area and that I could achieve the desired profit margins within that location. Location is very important when considering a bricks and mortar business as property leases and the prices that you can charge for your goods or services, are largely governed by location.
Needless to say I did not open a pet store but I opened up a chain of convenience stores instead based on using the same research techniques.
2. Create a Good Business Plan
You can have the best small business ideas in the world, but you will seldom get them off the ground without financial backing. In order to gain that all important backing you will first of all need to present your potential lender with a business plan.
Do not be out off by this. All too often you will already have the business plan already in your head and will merely need to put in down on paper. Some things that you need to include when writing a business plan are;
The product or service that you are going to provide.
Who your targeted customers are going to be.
The cost to make or buy the product to sell on or how much it’s going to cost you to provide the service that you are going to be offering.
Your operational costs including rent, staff, fuel, vehicles, equipment, stationary, materials, legal fees, advertising etc, etc. You will need to ensure that you list them all.
The location where you are going to be offering your goods or services.
3. Financial Planning
Financial planning for a new small business is not just about how much money people they spend but more about planning the amount of sales that you hope to make each day, the purchases you will need to make, and the income that you expect to make after deducting the overall costs of trading. Many small businesses fail in the first year of trading because of poor cash flow. Below are some suggestions of how to avoid cash flow problems within your first year of trading:
Create a “small business cash flow forecast. Simply write down all of your expenditure costs for each month for the first year of trading and then add them up. Then write down what you think you will achieve in sales. Deduct one from the other and this will provide you with the targeted amount of sales that you will need to make in order to break even or make a profit.
If you don’t feel confident to create your own cash flow forecast, you could ask an accountant to do it for you. They could also create a profit and loss statement for you at the same time.
It is advisable to have some emergency funds set aside when starting a small business. Every new business needs money to get started, even if is only to buy stock or stationary.
If possible try to allow a sum of money equal to the projected turnover for the first year of business to allow for any cash flow problems.
Get the best deals from your lender. Some banks like Nat West and HSBC now offer free banking for 2 years for all new small businesses. Check out a few banks as they all offer something unique.
Don’t be disheartened if you get a few refusals. Just remain focused on your business idea and remain confident in your approach when discussing your business plans with the business advisor.
I can remember when I started my first business, eighteen lenders turned me down. However I didn’t give up and eventually a bank manager situated 90 miles away believed in my passion and drive to start my own business and decided to lend me the money that I needed.
So there are, what I believe, are three most important things to consider when you start a small business.
This is a common scene across the Country, isn’t it?
A busted iPhone or iPod glass! If they break all the time, why don’t people just get it fixed under warranty? Well, the warranty doesn’t cover broken glass – even when you get the extended Warranty. For about $200 they’ll fix your glass. Many people cannot afford this. Your opportunity is created! it’s an awesome opportunity for YOU – but ONLY if you are male…
You CAN make all the difference in the above situation.
You could make a fortune while saving a lot of money for many people around where you live. Why then are women NOT doing it? The only thing I can think of is physical safety. You see, most repair people “go mobile” when they first start the business, or they work from their home. Neither is a good option for a woman.
How can you afford a “brick and mortar” location?
Find a small business woman who would be willing to let you do the repairs in the back. Pay her something for the situation. Advertise to drive business to her location. There is a lot of money in this – certainly enough to make it worthwhile for a nail shop, hair shop, dress shop, cleaners, or any small business (owned by either sex) to cooperate with you.
Once you know how, you can replace the glass on the 3G and the 3GS in about 10 minutes.
The average net profit per repair is $40. Is that embarrassing to you? You getting $40 for a specialized repair is not a sin. I’m a General Contractor. In the 80s and 90s I made $40,000 profit on each house I built, and I could build 10 at a time. Did I feel bad? No! Why? Because I had the specialized knowledge to design and build homes people wanted to buy. The only thing I feel bad about? I didn’t save the money. Save your money!
What happened when my sons started repairing iPhones?
They paid a big price to learn how to repair iPhones. They deserve to make good money repairing them! I watched as they did exactly that. As a business person, that got my attention! My nephew learned how to repair iPhones a few weeks ago. He drove into a city where he’s a total stranger and made $1,500 in just 3 days. He didn’t feel bad about that!
The business is EXPLODING with the 4G and Verizon getting the iPhone.
Are you thinking: “I’m no kung fu iPhone Repair Person!” That’s not what we’re talking about here. It doesn’t take knowledge of electronics to do this. You simply start by learning ONE Repair. With that one repair, you can easily make $100 to $400 a day. You’ll build your skill, one repair at a time.
It’s best to be truthful with yourself.
You can discover the secrets of iPhone Repair if you want to do it. You can make a wonderful career out repairing first the iPhone and the iPod, and later the Droid and every-other cool, quality, popular product that comes along. It helps a lot if your passion is in repairing things, in the first place. However, the main thing is your commitment to learning this skill.
What will you be selling?
(1) Your skill.
(2) Totally awesome value! You’ll do for $60 what normally costs $200 to repair.
What should you do next?
$100,000 a year is possible, starting two weeks from now. This business works because demand is huge for a skill very few people will bother to learn. Don’t fear this, if you’re a woman. You CAN do this! So what should you do next?