Archive for the ‘Starting a Business’ Category

Are You Ready to Start Your Own Business?

April 20th, 2012 webkriti

Millions of people decide to start their own business, and most of them fail. Why? They fail because they weren’t ready for the challenge of it all. If you’re thinking about starting your own business, you need to make sure you’re completely prepared. Ask yourself these five questions, and if you can answer yes to all of them, you’re all set.

Do you have access to enough capital?

Unfortunately, if you want to start a business to make money, you usually need to have some money to begin with. Not having enough money can stop everything in its tracks. Before you start your business, you’ll have to honestly evaluate your business’ finances. Do you have enough savings to get things started? If not, do you have good enough credit to secure a loan? Do you know anyone who would be willing to help you out or invest? When you have adequate capital you can begin to put your plan in motion.
Do you have support?

As the owner of your business, you’ll definitely be doing the lion’s share of the work. You can’t always do everything on your own, though, and having support can make things a lot easier. For one thing, are your friends and family behind you? Do you have a good partner?

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Becoming Your Own Boss

March 8th, 2012 admin

If you can’t find an employer who will take a chance on you, why not try taking a chance on yourself? Being your own boss can give you not just a job and an income, but can give you flexibility that may have been lacking in your previous career.  Whether you want to become a mortgage broker or a freelance writer (like me), the self-employed share three key traits:

  1. Self-starter. With no one standing over you, ensuring you finish your work correctly and on time, it’s up to you to motivate yourself.
  2. Steadfastness. Starting your own business requires a strong stomach, not to mention perseverance, especially as you work to establish your client base or product line.
  3. Creativity. Even if you’re not engaged in the arts, successful self-employment hinges on your ability to think out of the box on everything from creating your brand to marketing your product or services.

Sound like you? Now you’ve got to decide what kind of self-employment opportunity works best for you.

The Franchise Model

You don’t have to have the world’s next great idea or product to launch your own business.

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Starting up a chauffeur business: a guide

January 4th, 2012 admin

Starting up your own chauffeur business can be a lucrative move but, as with any new venture, it is important to do your research and make your service stand out from the rest. You assess whether there is a sufficient gap in the market to accommodate your company and, if there is, design a business plan before you go ahead.

Another important factor to take into consideration is giving your investment the protection it deserves with tailored chauffeur insurance. There is now a wide range of chauffeur insurance policies online where  you can compare product features and prices and locate some of the best deals out there.

However, before you start operating as a chauffeur business, you are legally obliged to obtain the necessary licenses to do so. When this is complete, you can then start thinking about hiring your drivers and purchasing your cars. Your drivers are the face of your company and they are the people who will interact with your customers the most. It is therefore essential to hire skilled and high quality chauffeurs to make the best impression possible, and to help generate more custom as a result. The cars you buy should also comfortable, in pristine condition and up to standard.

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Starting a Business: What To Do and What Not To Do

December 11th, 2011 admin

When starting a new business, there are many important decisions to make and many rules and procedures that must be addressed. While there is no single source for all filing requirements, the following steps have been developed to assist you in starting your business, by telling you what to do and what not to do.

TOP TEN DO’S

1. Live frugally and begin saving up money for operating your business.
2. Learn your business by working for someone else in the same business first.
3. Consider the benefits of starting a moonlight business.
4. Consider the advantages of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. Consider subcontracting to low cost suppliers if you’re manufacturing a product.
7. Test market your product or service before starting or expanding.
8. Make “for” and “against” list describing the business you are in or considering.
9. Talk to lots of people for advice.
10. Make a comparative analysis of all opportunities you are considering.

TOP TEN DON’TS

1. Quit your job before you have completed start-up plans.
2. Consider operating a business in a field you do not enjoy.
3. Risk all the family assets. Limit your liabilities to a predetermined amount.
4.

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IMPORTANT: Keep Business and Personal Finances Separate

December 9th, 2011 admin

I cannot stress this point enough. Your life will be much easier if they are kept separate. And when you grow big enough to hire an accountant, he/she will thank you too :)

Small scale business people may often have problems managing finances. While most of the money they used to kick off came from their savings, most of their personal funds now come from their businesses.

Financial management is really a tough thing to do. But although it’s a given that business and personal money are often be intertwined (especially in the case of a home-based business), it is necessary to keep them separate.

The best thing to do is look at business as one entity and home as another. This works better, not just on the personal standpoint, but also on the financial one.
There are top 5 reasons why:

1. Your business is a hobby – There are several federal and state government policies that stipulate only businesses are allowed to deduct business expenses. Now let’s say your business is more of a hobby and not a means to make considerable money. You may have a difficult time telling the government that you are indeed running a business and not a side hobby. Many business owners compound this problem by using a personal bank account too.

2.

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How to track business expenses when starting out

December 9th, 2011 admin

While the start up phase of a new business venture can be an extremely exciting time, it is also incredibly confusing and fast-paced. Financial decisions should be well thought out and a company credit card should not be taken lightly. Doing the research and always practicing good financial habits will help ensure that the financial foundation of your company will start strong and continue to stay strong as growth occurs.

Small businesses in the start up phase have a lot of important decisions to make as they develop their business plans and concentrate on the initial steps that will put their business on track, building from the ground up. One of the most important aspects of the start up phase is putting together a sound financial plan to incorporate the start up costs that will continue to be relevant not only during the startup phase but also will grow with the company down the line.

Entrepreneurs often use their own start up capital to get their business ideas off the ground. Essentially, it is important to differentiate business expenses from personal expenses to maximize accounting efforts and to easily track the cost of business start up.

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How To Write A Business Plan

November 8th, 2011 admin

If you are considering starting a new business, but you aren’t sure where to begin, you have come to the right place.  The first major step you need to take as an entrepreneur is to write out a business plan.  Now, the reality is that many aspiring entrepreneurs do not take the time to write out an exhaustive plan.  The reason is simple—writing out a business plan is not exactly the most exciting task in the universe!  It can be tedious and time-consuming, and developing product, talking with potential clients, marketing, design, etc—all these things are much more interesting and fun than writing.  However, if you want to take your business venture seriously and reach the highest level of success possible, writing out an exhaustive business plan is absolutely essential.

Purpose of the Plan

The practical purpose of a business plan will vary depending on your needs as a company.  For example, if your goal is to raise capital from angel investors to help fund the launch of your business, then your business plan will be tailored to interest and convince investors of the viability of your business model.  On the other hand, if you are not seeking to raise capital, then your business plan is simply an internal document that acts as guide and compass to help direct you in your decision-making processes as the company grows.

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5 Reasons College Part-Timers Can Help You Grow Your Small Business

August 25th, 2011 admin

This is a guest post from Jay Buerck

Struggling small businesses might have one more trick up their sleeves: hiring college part-timers. It’s an easy way to save a little on overhead while at the same time providing individuals with much-needed real world experience. But most important of all is the energy and determination that can often be found in the work ethics of college level employees. The following is a countdown of five reasons why recruiting college-level part-timers is a great way to boost your business:

#5 The Employee is Less Jaded/More Energized

Without years of working and amassing a fair share of unsavory work-related experiences, young part-timers look forward to their job. It’s a way to get paid, but more importantly, it’s simply exciting to have the opportunity work for a living. That sentiment wears off quick in the employer pool so take advantage of it while you can.

#4 Part-time Shifts Tend to be Worked Harder

When you have eight hours a day five days a week to accomplish tasks, you’re more likely to stretch it out. However, the four-hour work block gives a worker little time to waste. Part-timers see the light at the end of the tunnel as soon as they clock in and are therefore ready to get down to business.

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5 Reasons You Need to Incorporate Your Business

July 12th, 2011 admin

Whether you are starting a new business or have been in business for years, there are several benefits for take the necessary steps to incorporate your business. The rules and laws regarding incorporating may differ in each state. However, the overall benefits of incorporating will outweigh the hard work in the long run. Here are five reasons you need to incorporate your business.

Protect Your Personal Assets

By operating your business as a sole proprietorship, you can be held liable for any outstanding debts and liabilities created by your business. This liability could put your home, personal savings, and property at risk of being taken if your business is being sued. However if you incorporate your business, then the liability shifts to your company’s assets instead of your personal assets.

Gain New Business

Many medium to larger size companies prefer to do business only with companies that are incorporated. By incorporating your business, you can put yourself in a better position to gain more customers for your product or services. Also it can be easier to obtain financing for your company if you are operating as an incorporated business as well.

Pay Lower Taxes

Based on the financial situation of your business, you can save yourself a great deal of money in taxes by incorporating your business.

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Lay the Best Foundation for Your Business

June 24th, 2011 admin

StandStarting a new business is both exciting and daunting at the same time. Any budding entrepreneur will likely be full of energy at the beginning and at the same time, scared of any possible pitfalls. It is an emotional time and the wave of energy and determination must be directed towards productivity.

The first 100 days of your new business, commencing on the day you commit yourself to turn that wonderful idea of yours to a reality, need to be spent wisely on tasks that would eventually be your basis of reference for the next months and years to come. It is therefore necessary and vital that you do the steps correctly and timely to give yourself a head start and get the ball and momentum rolling.

Here are some guidelines on what to do once you have commitment to bring that bright idea of yours into a money making venture.

Create a Business Plan

You may think yourself as a genius but it is still important to write the things down associated with your business idea and formulate a plan . Tackle the basics first, figure out your core business, your competitive advantage, narrow your target market, sort out a general marketing plan, work on the finances.

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