Small Business Resource » Entrepreneurship

How to Start Your Own Real Estate Business

webkriti — Fri, 21 Oct 2011 03:56:53 +0000

During the real estate heyday of the late 1990’s and early 2000’s, a great number of ambitious Americans turned to selling or renting property as a source of supplemental income. If you are one of the hundreds of thousands of people to have obtained a real estate license and worked as a salesperson in a local brokerage, you may be qualified to start your own real estate business. While this venture represents a major step in anybody’s life and should be considered carefully, there are many steps you can take to prepare yourself for the launch of your own real estate brokerage.

The first thing you will want to do while planning your own real estate business is to assess just how realistic the idea is considering your personal circumstances. Founding any kind of business requires a level of capital investment and real estate firms are no different. You will need to be sure that you have adequate funding in place to cover your start-up costs, including outlays for renting an office unit, purchasing office equipment, designing a logo for business cards and any other costs associated with getting your business off of the ground. Most financial advisers tell potential business owners to keep least 3-4 months of operating expenses on hand before starting a real estate brokerage. Necessities like advertising, website maintenance, utility bills and postage are essential if your new business is to succeed.

In many states, you may only apply for a real estate broker’s license if you are a licensed real estate salesperson and have worked with a recognized brokerage for at least one year. You mustcomplete the broker application process to ensure that your prospective real estate firm is legal and approved by regulatory bodies. When you have obtained a broker’s license your next step is to locate a suitable location for an office. As a real estate agent, this should pose no problem at all and soon you will find yourself setting up a desk in preparation for your first day as a broker.

In order to attract clientele to your new real estate business you must adapt to world of modern marketing. A useful, informative and well-designed website is crucial for any realtor hoping to make a dent in their region’s housing market. The leading financial magazine Forbes recently reported that more than 80% of Americans begin their search for a new home by going online. By developing a web presence, through social media tools like Twitter and Facebook, you can ensure that prospective buyers in your area are directed to your business and not the competition. The real estate game is a historically crowded market and is growing every day, with Oakland realtors reporting a 35% annual rise in membership alone, and there are literally thousands of other companies trying to sell the same properties as you. If you can find a way to stand out from the rest, you will soon find that real estate can become a financial lifeline.

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Devilish With DIY? Why Not Start Your Own Handyman Business

admin — Fri, 17 Jun 2011 17:38:55 +0000

In the era of ‘The Apprentice’ and a financial climate that’s seeing an increasing number of workers’ wages frozen, the entrepreneurial drive is growing. With the lovely Lord Alan Sugar repeatedly reiterating that we ‘can start a business out of anything’, what is actually stopping us from taking the plunge and conceiving our very own company?

For those with a natural drive for DIY the solution could not be much simpler – start your own handyman business! It’s easy to set-up since not only is a one-man-show all that’s required; you don’t need to rent out any premises and you can start marketing yourself by simply knocking on friends and neighbours doors and letting them know what you’re up to. In addition you can make your own hours, set your own wages and take a holiday whenever you like.

However, there are a few small considerations that must be contemplated prior to setting up and getting going….

Do you have the right tools for the job?

The tools needed for the occasional DIY job can differ greatly from what you’ll need if you go pro. Cheap tools for DIY projects will be built to take only lightweight and occasional use and will not hold up well if they are to commence daily wear and tear.

Obtaining the right tools is certainly the largest start-up cost incurred by a fledgling handyman – however if you invest properly and buy the right ones, they should last many years and the cost will quickly be offset by the great results and prime profits they attain you.

Brands that are frequently recommended to handymen of a professional stature include Teng Tools, Snap-On and Drapper. Teng Tools in particular are so confident in the quality of their products that each and every one of their tools will be sold with a lifetime guarantee intact; a fantastic reassurance to anyone due to embark on a professional career in the handyman trade.

You’re going to need insurance:

The world of the handyman is one filled with sharp tools and dangerous duties; because of this you will need to guarantee that your insurance policy covers you properly should you hurt yourself, or cause damage to a customer’s home. If you fail to do this and then inadvertently harm the house of a trusting customer, you may find yourself with a costly lawsuit on your hands.

You should also make sure that your tools are covered correctly. Professional spec tools such as Teng Tools are worth a lot of money; therefore they are prime pickings for thieves. If you don’t want the hassle of finding the funds for an entire new set of tools, you need to have insurance that will cover you in such an eventuality.

You should also register as a business, since failure to do so will deter people from choosing your services over a competitor.

Don’t skimp on the customer service:

The manual industry suffers from a reputation as being lazy, overpriced and unfulfilling of obligations – however not all manual workers subscribe to this and if you want to be successful, you need to make sure that you don’t too.

Supplying good customer service is easy. Simply be friendly, smile and do the job that you are there to do. Also make sure that you’re on time and if for any reason you’re going to be late; apologise ASAP and arrange another convenient time.

In addition, make sure to offer a fair and transparent price. If there is any chance of the initial quote escalating, inform the customer beforehand and offer them a ballpark figure of the maximum they can expect to pay. Customers that feel misled will not return.

This article was written by Amy Fowler on behalf of Tool Orders. Amy writes on many topics including how quality tools like Teng Tools are important when starting an independent handyman firm.

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Starting a Business: Don’t Let it Daunt You

admin — Wed, 15 Jun 2011 13:38:17 +0000

Have you decided that you are bored with your job? Do you want to be your own boss? Has entrepreneurship always interested you? Have you always had the passion to work on your own?

To anyone who has an ambitious drive, starting a business is one of those things that linger at the back of the mind and surfaces particularly when the going gets rough and one feels undervalued in their day job. However, in the real world Duncan Banantyne isn’t going to hand you a wad of cash to get your idea off the ground and setting up a business when so many are folding is very daunting. It requires more work than simply coming up with an idea and having a strong desire to be your own boss. However, if done properly, breaking out on your own can be the most rewarding and satisfying endeavor you’ll ever undertake. Here are a few considerations you should bear in mind, especially during the formative stages of planning:

1) Make sure you have work experience. Before starting out on your own you should have a few years of work under your belt. You need to be aware of how a company works, what makes a company successful and unsuccessful, etc. You need to know the ins and outs of a company before you start your own. It is also a good idea to have experience in the work field of which you want to set up – clearly, if you want to start your own law firm, it is probably best if you’ve had experience working for a law firm in the past. You will also need to have money saved up in order to start your own business so attempting to start a business without prior work experience isn’t very logistic.

2) Take a finance class. Unless you are extremely well versed in money and the workings of money when it comes to business (very unlikely), you should definitely consider taking a class on business management or entrepreneurship. Taking a class on entrepreneurship at a local university could make all the difference and can teach you something you’ve never learned/knew of before such as a solution to cutting costs. Also consider consulting a firm which gives advice to people looking to start their own business. Although you may think it is a good idea to start out on your own, it is best to consult someone with an unbiased opinion whose job it is to analyze whether or not people’s business ideas are profitable.

3) Create a good support system. Make sure you have people on board who are passionate and willing to help you with your dream. Although it may seem you can do it all on your own, it is best to have people helping you, at least during the critical beginning stages. Also you may consider bringing people on who may have skills in a field that you don’t, for example a computer technician who could help create your website or a specialist financial advisor.

4) Research, research, research! We can’t stress this enough. Your first port of call would be doing some thorough researching on the internet to find out more about starting your own business. You can find advice from fellow business starters, and also find out some great tips as to what works and what doesn’t when starting a company. An added bonus is that this approach is completely free, which is great because you are going to want to save as much as you can when you first start.

5) Write a business plan. This is the most important step to master. Starting your business requires lots and lots of planning along with logistics. You cannot jump into starting your own company without a bulletproof plan. This means taking the time to actually write or type a business plan out rather than compose it in your head – you need to address all the risks that you could face such as financial issues, finding a space for your business if it requires one, etc. By writing a business plan you could find out whether or not your business has the potential to be successful or not. If you learn that it doesn’t seem it will work out you will have found out prior to coming across any real damage. A business plan can also be successful in getting you financial aid – if you need to take out a loan from a bank to start your company they will want to see that your plan seems financially sound and responsible. Also, if you want a financier banking you they will absolutely want to see a business plan.

Tom Finnigan has penned this guide to business start-ups for us at no charge. He also writes on behalf of recliner sofa specialist Sofasandsectionals.com

Reasons why you must have a Business Plan

admin — Thu, 09 Jun 2011 17:19:38 +0000

There is no better feeling than starting your own business, you work for yourself, you are your own boss, you work on something you are passionate about and you create employment and opportunities not only for yourself but for many other folks around you, directly or indirectly.

If you are one of those who believe in yourself and believe in your business idea, you must go ahead and start your own business, no matter what others say. However it’s always sensible to have an appropriate business plan before you begin your journey towards a new business.

A business plan will make you realize the strengths and the weaknesses of your business, it will also help you identify what are the potential threats and opportunities for your new business.

A business plan is a planning and forecasting document, detailing how the business will operate for next 2 – 3 years. It will have financial numbers to back your business idea. It will give you a sense of direction and a sense of certainty in what you are doing.

A business plan also helps you raise fund for your business from prospective investors, it also helps in finding potential partners.

Some individuals might argue if they are not asking for money from external investors, than what is the need for a business plan?

Starting a business without having a business plan is very dangerous, as you may end up drying up all the capital, not being able to break even for a long time and paying for losses out of your own pocket.

Although cash –flow and financial plan are the mainstay of a business plan, a business plan contains more than just monetary information. A business plan will have your entry strategy, your target market and your unique proposition. It will also have an operational plan identifying your suppliers, logistics support partners and the human resources required for the business.

A business plan defines every aspect of the business which includes product offering, services, employee’s financials and competitive analysis.

As you start your own business, you might be able to perform all the functions (Finance, Marketing, HR, and Operation) by yourself, but as your business grows managing everything by yourself will become a problem and a hindrance to your growth. On the other hand if you have a business plan, you will precisely know what to do and how to do at various growth stages of your business, because it’s well planned and well documented right from the start. A business plan gives you an edge because:

You will have a well defined business strategy.
You will have a documented long term vision and short term goals to attain that vision.
You will have a through analysis of competition and market forces.
You will be better prepared to face obstacles.
You will have an exit strategy, in case you want to exit this business without incurring too many losses.
It’s a accepted methodology amongst investors who are keen and willing to invest in a new venture, so it will help you with seed money.

Whether you are starting a new business with your own money or with the help of an investor, it’s imperative to have a business plan in place for next 3 – 5 years. Business plan will help you refine your thought process and it will help you iron out any potential problems before starting the business. It will also give you a sense of security from a financial point of view.

This is a guest post on behalf of Smarta.com – home of over 500 free business plan templates and tools

Buying a business in Europe – what you need to know

admin — Tue, 07 Jun 2011 13:09:31 +0000

There are many factors that have led to the rise in purchases of businesses overseas. The internet has played its part in making the world a bigger global market than ever before, and it has certainly made buying a business overseas much easier than it may have been in the past. However, there is still a host of legislation to adhere to before you can secure the overseas business that you’ve been pursuing. So how exactly should you go about buying a company outside the UK?

France is a popular location for UK entrepreneurs and there have been many beneficial changes in local legislation recently. In France, lower transfer duties and interest rates lure many investors from overseas, and this is just one incentive. Generally speaking, the purchase of a commercial property in France works in much the same way as it does in Scotland. In France, once an agreement on price is reached, a formal agreement is signed in principle that binds both parties for a set period of time. A 10% deposit is usually paid at this time, and completion is typically reached within three months – subject to factors such as satisfactory searches and adequate finance being raised.

Since the passing of the Franco era, Spain has been the choice of many for a new business. Bars and restaurants are naturally very abundant, and any trip to Spain will uncover a whole host of ex-pats running this type of establishment.

If you’re thinking of buying in Spain, it can be a complicated process, but as in France there is a pre-agreement to sign in the first instance. From there the process is fairly similar, but essentially it is more involved with a whole host of extra paperwork, such as letters of intent being required. The process of buying in Spain can be a lengthier one as a result so expect the transaction to take longer from start to finish.

In Germany things are slightly different in that once you have identified a potential property, you need to organise and pay for a valuation as well as a structural and internal inspection. Once these have been carried out to everyone’s satisfaction, the transaction cannot proceed until it has been verified that the purchaser has adequate finance in place to complete the deal.

Austria is also popular with UK-based buyers, but transactions here can be very detailed indeed. One of the more unusual factors here is that the seller has to formally approve the registration of the buyer in the National Land Register. This can take time and another issue is that documents are rarely issued in English so make sure that a thorough and professional translation from the original German is commissioned.

Across Europe and beyond, each country has its own idiosyncratic set of rules and legislation that you have to learn and adhere to. No matter where you intend to buy, it’s vital to seek professional help from the likes of accountants and solicitors, but as long as you take advice and stick to the rules, buying abroad can be a very rewarding entrepreneurial move.

Rachel is a freelance blogger on a variety of business-related topics, including buying a business.

5 Benefits Of Franchising

admin — Fri, 03 Jun 2011 12:59:08 +0000

Why are entrepreneurs buying more and more franchised businesses? Franchises are attractive to people who may not be motivated to start up a brand new business, or who may not be able to afford what it would cost to build a brand. Franchising opportunities can also be found in a wide range of industries – so there’s something for everyone.

With the high risks involved in starting a business on your own or building a brand from nothing, potential business owners may find a franchise business opportunity much more appealing.
Sure, buying a franchised business still involves some risk. You’re investing your own money, time, and energy. However, these 5 benefits can make it all worthwhile:

1. Flexibility
Being your own boss gives you the opportunity to set your own hours. If you’re not a “morning person”, you can arrange your schedule so that you don’t go into work until 10 AM. Or, if you need an afternoon off to head to your son’s parent-teacher conference, you can do it – without asking anyone’s permission.

In fact, many franchises even lend themselves to be operated from the comfort of your own home. Some franchises are flexible enough that they provide the opportunity for growth into commercial offices or retail space down the road.

2. Ongoing training and development
To run a successful franchise, you’ll need exceptional support – especially when you first start out. Good franchisors will give you everything you need. In fact, quality franchisors give ongoing training to all franchisees, both new and old. Many franchise networks also provide support and resources at all levels, so that franchisees can stay current and respond to market trends.

3. Field support team
Franchisees are given access to a qualified team of professionals at a head office and at the state or local levels. Support from other franchisees is also available – which gives you an avenue to share ideas with your peers.

4. Operational support
For franchises, information technology, marketing services, and public relations resources are provided at group rates and reasonable prices. You’ll wind up paying far less for these services than if you were operating as your own stand-alone business. In fact, the high prices of these services prevent many people from starting up their own business in the first place!

5. A regulated industry
Franchising allows for minimized risk because the industry is closely monitored. This makes franchising more appealing to entrepreneurs than “going solo.”

Lesley D’Arcy – As a Franchise Recruitment Manager at Mortgage Choice, Lesley D’Arcy is responsible for recruiting franchisees to greenfield (new) opportunities. Her career in franchise recruitment spans over 15 years where she has worked with many major franchise brands. Lesley has a wealth of experience in recruitment of franchisees and builds on this experience by unearthing and developing the latest and most innovative ways to help franchisors build their networks. This experience has given her the skills to become an expert in the field of franchise recruitment, excelling in lead generation, screening, qualifying and selling to prospective franchisees.

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5 benefits of franchising

How to succeed at owning and running a leisure business

admin — Wed, 06 Apr 2011 11:56:22 +0000

If you are planning to buy and run a leisure business such as a gym or nightclub, you will need to do some homework and research into what is an extremely competitive market and invest a great deal of time and effort into your business plan. It is wise to consider starting your leisure business, whether a gym or a nightclub, with someone who already has a great deal of experience, particularly if you have little practical experience yourself.

The health and fitness and nightclub sectors can be extremely lucrative if you take great care over your business plan and make sure you are providing the leisure business the area you have chosen truly requires. Conduct research within the area, identify possible competition and perhaps even try a questionnaire within the busiest shopping area to gauge what the local people want through some solid market research.

A strong business plan is vital. Write in a number of business scenarios to show your bank that you have given due consideration to all eventualities. Highlight the key ideas you feel will boost profitability. Be ambitious, you will need to be to succeed, but make sure everything you propose you can realistically achieve. You will have to thoroughly convince your bank that your leisure business, whether a gym or nightclub, will be commercially viable in your chosen location.

When it comes to looking at clubs for sale, you will need a clear idea of the type and size of space you will need. For example, if you want to run a large nightclub you may be looking for a premises which incorporates a bar on one side which opens early and allows people to drink before moving on to the nightclub next door later on. This kind of nightclub is becoming increasingly popular, so it might be wise to search for an existing club with this set up which may be open to an offer.

Likewise, buying an existing gym and health centre is worth considering, as setting one up from the ground up with new equipment and workforce is extremely difficult and expensive. There are also franchises to buy into, another option worth considering. Make sure the gym is in a highly populated area, preferably near a shopping centre, university or a particularly white collar area, as business professionals are shown to use gyms more regularly.

You must decide upon the demographic you are looking to attract and then advertise to seize their attention. Do you want to attract professional weight lifters or have your gym a more family-oriented space? Perhaps you can cater for both at different times. Nevertheless, use the local press and local business partnerships to advertise your gym and any promotions.

Likewise, decide whether your nightclub will be for students, over 21s or hardcore clubbers. Again, different nights of the week can cater to different demographics. A university night complete with advertised promotions can be very lucrative. Once again, use the local press and local business partnerships to spread the word.

Good luck for your new venture!

Rachel is a freelance blogger on a variety of business topics, including buying and selling a business.

Businesses with the Highest Fail Rates

admin — Thu, 10 Mar 2011 17:52:50 +0000

Top Three Industries with High Fail Rates

1. Restaurants – most all home chefs and even professional chefs have thought or attempted their own restaurant. You may know of that cursed location that sits at corner – every few months a new restaurant starts up. Great cooking does not a successful restaurant make. Entrepreneurs need to realize the complexities involved with launching a successful restaurant. There are a lot of twists and turns into managing the menu, costs, and employees.

2. Retail stores – people buy things and many entrepreneurs see that as an invitation to start a business. Some at least choose products that they love and others look to the trends. Few realize the details that are involved with handling the people, inventory and start up costs associated with retail.

3. Online or direct marketing – this is the same concept as the retail stores only put into practice through personal contacts and the internet. Many of these companies are started because of a great sales pitch by another associate and not always because of the entrepreneurial bug.

The good news for entrepreneurs is that there is hope to find success. There are ways to avoid the curse of the failed business no matter what the numbers say about the failure rates. It has to be more than just passion that drives the endeavor.

Tips for Avoiding a Failed Business

Start with a plan. Invest in creating a sound business plan that will guide you in the process. Include a budget and a marketing plan to help you understand what you are getting into with your business and to know what it will cost. Add a deadline for the business to reach a breakeven point and an exit strategy for what you will do if that mark is never reached.
Meet with others. Talk to those that have made a successful go of a small business. You may also want to meet with a few that struggled or even failed. More information means a better chance at your own success.
Create an atmosphere of determination and persistence. Starting up a new business always comes with tests and trials. Even an overnight success will not come overnight. You have the fortitude to push through the good, the bad and the ugly of starting a new business.
Take your time. Never rush an important decision like a new business. Look it over from head toe. Any business is an “act now” offer then you may be better off looking in a different direct.
Avoid the trends. Betting on a trendy business can be a true gamble. Find something that works for you, that fits your business model and that has staying power.

Statistics may show that new businesses are 90 percent likely to fail. The one thing that statistics do not take into effect is you. You are the one thing that can mean the difference between success and failure in your new business.

Spend the extra time researching your entrepreneurial dreams so you can reduce the risk of seeing things go up in smoke in the days ahead. Get the right advice and planning to help you be prepared for all that you might face in the days to come. Be prepared to hold fast to your plans and your dreams so that you can find ways to manage even the toughest times. The right planning and support can help you avoid being one of those businesses with the highest fail rate.

Mark has been blogging for 3 years about a variety topics; he currently contributes to blogs that deal with cloud computing for business and qr codes

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Introduction to Entrepreneurship

admin — Fri, 19 Nov 2010 07:26:00 +0000

Intro to ent

View more presentations from rajeev roy.

Best country to start a business

admin — Thu, 18 Nov 2010 05:32:00 +0000

Yet one more report which reiterates what several other reports have been saying. Most emerging economies, including the BRIC countries, are great entrepreneurial opportunities but certainly not easy places to start a business in.

Start up costs, red tape, lack of capital are just some of the problems that entrepreneurs are likely to face while starting up. A synopsis of the report can be seen at

http://online.wsj.com/article/SB10001424052748703859204575525883366862428.html?KEYWORDS=Best+country+to+start+a+business#articleTabs%3Darticle