Archive for the ‘Starting a Business’ Category

Devilish With DIY? Why Not Start Your Own Handyman Business

June 17th, 2011 admin

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.

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Starting a Business: Don’t Let it Daunt You

June 15th, 2011 admin

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.

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Reasons why you must have a Business Plan

June 9th, 2011 admin

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.

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Businesses with the Highest Fail Rates

March 10th, 2011 admin

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.

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How To Build A Business Plan Geared For Success

October 10th, 2009 admin

If you have a new business in mind, you no doubt want it to turn into a successful profit-making machine. In order to get there, you will have to build a business plan that will lead you on the focused path to that success.

You should take some time preparing a plan. You may be tempted to write down a ton of smaller details mixed in with the larger ideas and options, but don’t rush it. Let everything work out until you feel you have a great working plan.

Your goals are at the very center of your plan. What do you want to accomplish this year, next year, or five years out? With all of your hopes and dreams right now, what is it you are really headed toward?

How will you ever decide between two different options if you don’t have a clear sense of where you are headed? You need something to aim for so that you keep the business on track and don’t lose site of what may lie ahead.

Successful business owners are able to stick to the goals and keep the business on track until it starts to turn a profit. Once you are on the road to success you can further analyze how the plan has changed.

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Benefits of doing business locally

October 13th, 2008 admin

(From Jeff Milchen, co-founder of the American Independent Business Alliance)

Economic Value of Independent Businesses

It’s time to consider the real costs to a community that loses its locally-owned business base. Independent local businesses employ an array of supporting services. They hire architects, designers, cabinet shops, sign makers and contractors for construction. Local accountants, insurance brokers, computer consultants, attorneys, advertising agencies help run it. Local retailers and distributors also carry a higher percentage of locally-produced goods than chains, meaning more jobs for local producers.

In contrast, a new chain store typically is a clone of other units, eliminates the need for local planning, and uses a minimum of local goods and services. A company-owned store’s profits promptly are exported to corporate headquarters. Dollars spent at community-based merchants create a multiplier effect in the local economy that, by most findings, typically amounts to three times that of a chain. This is well-evidenced by a 2003 economic impact study by our IBA in Austin, Texas that concluded for every $100 spent at a chain, $13 remained in the community while $45 remained when spent with home town businesses.

Ensuring Choice and Diversity

Retailers sift through competing goods and services to find those appealing to their customers.

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