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Actual for You - The Cold Facts of Starting Your Own Small Business
The New Year is a time for individual reflection and re-evaluation. But in addition to plotting your personal progress, what about your business? When was the last time you sat down and examined the progress and health of your brand?“Health of my brand?” you ask.Yes. Just like people, businesses and markets change over time. And sometimes those changes are so slow and so gradual, that we wake up to find our products and services outdated, out-of-step and out-of-shape. In short, our brand has become “sick.” Here are some of the most common culprits.• Geographic gridlockIn this scenario, your company started in one
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management. Types of Retail Businesses - From a Physical Location To A Home Based Business
Retailing is very diverse and sometimes the edges start to blur with other type of business. The word retail comes from the Old French retaille “to cut off”. So a wholesaler or manufacturer sells bulk lots while the retailer is willing to sell off smaller or individual pieces. Of course this definition only takes us so far because many wholesalers also sell retail and many retailers also sell wholesale in larger lots.Further, the common usage of retail is based more on whether the business deals directly with the public. Retail banking, retail service stations, and local coffee shops are all retailers although they do not necessa
1. Are you a self-starter?
You must have the self-discipline to plan, set goals, not procrastinate and stay focused.
2. What are your expectations?
Do you think you’ll work less and have less stress and more money? Think again.
3. What are your financial goals?
Be prepared to work more for less money, at least in the beginning. Set up your retirement plan in the beginning and stick to it. Forget vacations and be sure to keep your health insurance going….now there is no one but you to take care of these things.
4. Can you plan and organize?
You’ll be making countless decisions each day. Can you make a workplace for yourself that is free from distractions, where you can think, plan and communicate?
To be a success, you must combine your fantastic ideas and business tools with solid planning and organization.
Success is never guaranteed and the variables and factors can sometimes be out of your control. But if you ask yourself honestly, before taking the plunge: Do I have what it takes to run a business? The answer should tell you if the “American Dream” is right for you.
95% of small businesses fail within the first five years? Why?
Here are a few reasons why:
1. Mistaking a business for a hobby.
Just because you “love” to cook doesn’t mean you should/could start a restaurant.
2. Poor planning.
Have you researched all aspects of start-up costs and on-going expenses? Do you know what your monthly nut is going to be and do you have enough capital to carry you through for several years? Do you realize the sheer number of hours you’ll be working? Do you have the management skills to wear all the hats necessary?
3. Only one product, one service or one big client.
Markets change and needs change…will you have the foresight, flexibility, resources and ingenuity to change with the times? Diversification will cushion you against the ebb and flow of business tides.
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management.
The work environment is undergoing constant change, i.e. in factories, manufacturing units; production houses the work scenario and working condition is changing. Prolonged working hours, specialization of job profiles, technical complexities for jobs, increase in work pressure, etc are some of the major aspects of work environment that are undergoing changes. In the industrial set ups competition is growing by leaps and bounds. So the main concentration of employers is to increase production, maintain quality of the products yet make the long working hours more pleasant and safe in terms of accidents and fatigue for the employees. There ar
4. Can you plan and organize?
You’ll be making countless decisions each day. Can you make a workplace for yourself that is free from distractions, where you can think, plan and communicate?
To be a success, you must combine your fantastic ideas and business tools with solid planning and organization.
Success is never guaranteed and the variables and factors can sometimes be out of your control. But if you ask yourself honestly, before taking the plunge: Do I have what it takes to run a business? The answer should tell you if the “American Dream” is right for you.
95% of small businesses fail within the first five years? Why?
Here are a few reasons why:
1. Mistaking a business for a hobby.
Just because you “love” to cook doesn’t mean you should/could start a restaurant.
2. Poor planning.
Have you researched all aspects of start-up costs and on-going expenses? Do you know what your monthly nut is going to be and do you have enough capital to carry you through for several years? Do you realize the sheer number of hours you’ll be working? Do you have the management skills to wear all the hats necessary?
3. Only one product, one service or one big client.
Markets change and needs change…will you have the foresight, flexibility, resources and ingenuity to change with the times? Diversification will cushion you against the ebb and flow of business tides.
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management. Business Card Printing 101
If you need a business card, what do you do?Well, you can go to the nearest computer shop or printing company that does business card printing. Of course, in choosing that option, you have to shell out some money. But you not need worry about anything else because these shops or companies design, format, and print your cards. However, you also have the option of going straight to your trusty computer to create your own business card. It may take you some time but at least you won’t have to think about any extra charges.Business card printing is fairly simple. You just need to get the steps right, and you are on your way to maklanning and organization.
Success is never guaranteed and the variables and factors can sometimes be out of your control. But if you ask yourself honestly, before taking the plunge: Do I have what it takes to run a business? The answer should tell you if the “American Dream” is right for you.
95% of small businesses fail within the first five years? Why?
Here are a few reasons why:
1. Mistaking a business for a hobby.
Just because you “love” to cook doesn’t mean you should/could start a restaurant.
2. Poor planning.
Have you researched all aspects of start-up costs and on-going expenses? Do you know what your monthly nut is going to be and do you have enough capital to carry you through for several years? Do you realize the sheer number of hours you’ll be working? Do you have the management skills to wear all the hats necessary?
3. Only one product, one service or one big client.
Markets change and needs change…will you have the foresight, flexibility, resources and ingenuity to change with the times? Diversification will cushion you against the ebb and flow of business tides.
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management. Buying a Business? Think Due Diligence
Congratulations. You have just decided to purchase a business, merge with another company or invest in a someone else's company. Exciting, isn't it?You have probably been busy learning the business, talking to the seller about the operation, conducting market research and planning how can you run it better than the previous owner.It does not matter if you are buying a small cell phone store, a large high-tech company or investing in a friend's "next big thing". There is one thing you should seriously consider: a due diligence.What is a due diligence and why is it so important?One (very technical and boring) defyou should/could start a restaurant.
2. Poor planning.
Have you researched all aspects of start-up costs and on-going expenses? Do you know what your monthly nut is going to be and do you have enough capital to carry you through for several years? Do you realize the sheer number of hours you’ll be working? Do you have the management skills to wear all the hats necessary?
3. Only one product, one service or one big client.
Markets change and needs change…will you have the foresight, flexibility, resources and ingenuity to change with the times? Diversification will cushion you against the ebb and flow of business tides.
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management. Top Dog Has No Papers - New Trend In Business Clears The Way For Innovative Thinking
How many times have you looked around your office and cringed at all the piles of paperwork? You’re not alone, says Barbara Hemphill, author of “Taming the Paper Tiger at Work” and president of Hemphill Productivity Institute. People everywhere—especially top executives and entrepreneurs—are finding themselves bogged down by the clutter that’s taken over their desks.As a top dog, how can you ensure that your executives—and you—are doing everything possible to engineer a creative environment? Hemphill offers insights on how to clear the way for strategic thinking as well as how hiring and training your dream strategic assistant can beoresight, flexibility, resources and ingenuity to change with the times? Diversification will cushion you against the ebb and flow of business tides.
4. Poor record-keeping and financial controls.
If you don’t know how to keep records and do accounting and file taxes and other business filings, find an expert to do it for you! Learn how to review your revenue and expense reports each month so you always have your finger on the pulse of your business.
5. Poor money management.
Be prepared to plow all revenues back into your business for the first several years. No frills, no thrills, stick to a budget and a plan and forget vacations. Don’t use any of the business income on personal spending and watch your business and personal debt, it can kill your new business faster than a speeding bullet.
6. Wrong location.
Can your customers easily find you? You know the old saying “Location, Location, Location!” What about visibility, image, parking, room to expand?
7. Competition.
Check out your competition. Know who they are, what they offer and what makes your products or services better (or worse).
8. Poor time management.
Wearing many hats is a reality of an entrepreneur. Learning how to manage your time means the difference between success and failure. A daily “To Do” list is essential, with the top priority items at the top of the list. Hire help for those things you don’t know how to do or hate to do.
9. Lack of Marketing and Sales Skills.
Keep track of what marketing/sales ideas work and don’t work and quickly drop those that don’t work. Hire a pro if you need to.
10. Poor Customer Service.
Once you have a client, you need to keep them. This means you have to pay attention to the customer, fulfill their needs in a timely manner, return their phone calls and emails promptly, bill them properly, utilize a win-win problem-solving attitude and BE NICE!
11. Entrepreneurial burnout.
Owning your own business requires a huge investment of time, money, energy and emotion. Take time off for yourself, you are your greatest asset!
A lot of people do not realize that entrepreneurs play a big role in our society.
When you put the total number of entrepreneurs together, they count as the biggest financial contributors to our nation’s wealth. If only politicians would give grants to finance small business start-ups, the economy’s growth could be hastened.
Knowing the
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