How Should a Mobile Car Wash Price Car Lot Washing Contracts – Price Per Car Strategies

Okay so, you run a mobile car washing business and you want to increase your revenue generation by adding some car dealership lot washing contracts. That makes sense because the car dealerships have lots of cars, and they must be cleaned to sell; no one wants to buy a dirty car right? Sure, so your next question is what price point can you charge and still make money. Not long ago, I was asked about this by an already successful car washing entrepreneur;

“I noticed on one of your posts [articles] you suggested $.85 for twice a week. Wow, can it be done for that without have the contract for detailing as well?”

He was referring of course to the synergy gained by detailing for auto dealerships and also maintaining the washing contracts as a bundled service, which is the favored strategy for mobile auto detailers and mobile car washing companies. But what if you only had the lot washing contract and not the detailing contract; does it still make any sense?

Well, yes, in fact, we had many accounts which were only wash accounts at between.65 and $.85 per car, where we did not have the detailing contract yet, for the auto dealership. For instance at the Sacramento Auto Mall, all the car lots are set on the street that looks like a giant circle, and we would have the crews going different directions on that street, and we would never quit. By the time we got done with one side of the street, it was time to start over, they just watched every day all day long.

Some of the other dealerships wanted us to be off of the lot by 10 AM so they could sell cars, which makes it tough in the winter because of the ice formation when you put water on the cars in many areas.

The detailing contracts for auto dealerships are very good when the economy is good, but you must understand that auto dealerships are very slow to pay and you don’t want to become a bank where you are doing services for them and they are paying you for three months. That just costs you a lot of cash flow and all that labor until you get your money.

Remember in a service business “cash flow” is king, everything else is just talk. You’re better off to go find something else to wash rather than letting some company string you out on payments and receivables. And remember that God made dirt on the first day, and that gets all over everything so you should be able to find something to wash other than just car lots.

It appears the mobile car washing entrepreneur agrees and is thinking here too. We used to consider car lots as busy work, keeping our crews busy and thus making money, but it was hardly our best profit center. Please consider all this.

A GSA Schedule is a Business Value Enhancer

Is a GSA Schedule an Investment?

Simply put A GSA Schedule gives access to a market, that being the federal market. Marketing dollars spent have both an immediate effect of hopefully making the phone ring as well as a lasting effect if the firm can obtain brand recognition. The top brands in the world Google and Apple are said to have brand values to those firms of in excess of $100B.

A GSA Schedule is similar to a brand in that it creates a lasting revenue stream for the firms. Once a firm gets on schedule, they are taking the first step to building the government portion of their business.

A GSA Schedule serves as the “starting point”

The majority of people we speak with do not do work with the federal government because they have no “starting point”. By this I mean they don’t know an effective means to start doing business with the federal government. The reality is that federal buyers like to work with people they have experience with and know will do a good job. But this all takes second fiddle because federal buyers have to follow federal acquisition regulations which requires them to need a legal means to buy a firms products or services. Therefore a firm needs a “contracting vehicle” to have any chance of doing any sizeable amount of work with the federal government.

What is a Federal Revenue Source Worth to a Firm?

When my father was younger it was always said invest in General Electric. The rational always was in good times GE sells aircraft engines, locomotives, and appliances, in bad times they are selling things to the federal government. So the theory was they are always going to make money. In 2008-2010 many small construction firms that had ins with the federal government survived and their counterparts without federal revenue did not. Having a government source of revenue is important, it is not a hot growth sector, the federal budget typically grows at 1-3% per year. However, when it is needed, it helps a firm keep the lights on.

How Much Would it Cost to Replicate my Competitors Federal Marketing Advantage?

The real answer is that you couldn’t. If you have a competent competitor in the Federal Sales space and had an unlimited budget it simply would not matter, you could not take their federal market share within 2 years. In five years you could make major headway, but federal sales is all about a continuous methodology and it takes time. The counter point is once you have established your federal sales channels you will also enjoy this barrier to entry from your competitors.

How Valuable are These Federal Sales Channels?

65% of acquisitions in the federal contracting space occur so the acquirer can have access to new/federal markets. These firms are purchased for their relationship and capabilities within various federal agencies as in many cases the only way to gain quick access to an agency is for a large firm to buy their way in.

What Advantage Does More Experience Translate to in the Federal Market?

Firms with over 10 years of Federal Contracting Experience win contracts greater than 53% of the time. The longer a firm is part of the federal market place the more the firm’s skills and relationships grow. This gives long tenure federal contractors 10+ years more than double the contract win rate of new entrants.

How Effective is a GSA Schedule as a Starting Point?

80% of active GSA Schedule holders do over $1 million per year in federal contracting and receive 47% of the firms revenues from federal contracting.

A GSA Schedule as an M&A Asset

A GSA Schedule is one of the few transferable government contracts, and will follow the acquiring company in a business sale. A GSA Schedule is your first step in entering the federal market place.

These 4 Last-Minute, Year-End Tax Strategies Can Save You Money

FSI Tax Corp is alerting taxpayers to end-of-the-year actions they can take to reduce their 2006 tax bills. After the New Year, it will be too late to take advantage of many tax-saving opportunities, such as reducing 2006 income, exploring available tax credits and pursuing all legitimate 2006 write-offs.

1. Minimize your income

Because you are taxed on your yearly income, the simplest way to decrease your tax bill is to decrease your income. It may not sound like that’s a strategy that could save you money, but postponing income until 2007 can reduce your taxable income for 2006.

If you have clients, you can delay your invoices or push back due dates until after January 1, 2007. Unless a financial hardship requires immediate funds, wait a couple of weeks. It won’t count as income if you don’t receive it during this year, but you will still receive what you are owed. You will give your clients a needed break over the holidays and your patience will pay off in April. If you are an employee, see if your employer can delay your holiday bonus until after the New Year.

2. Tax Credits

People tend to focus on deductions more than tax credits when it comes to planning for tax season. However, there are many tax credits available that, if you qualify, can save you a lot on your tax bill. Below is a list of tax credits; detailed explanations of each credit can be found on the IRS website.

• Retirement Savings Credit: Available to low to moderate income level taxpayers who contribute to a retirement savings account. This credit can save up to $1,000 or $2,000 if filing jointly.

• Credit for Elderly or Disabled: Taxpayers earning a limited income may qualify for this credit if over 65 years old or permanently disabled.

• Adoption Tax Credit: If you adopted a child this year, you may be eligible for this credit which repays adoption expenses up to $10,639 in 2006 or about $5,000 for each adopted child.

• Child Tax Credit: Low-income parents with children under 17 years old may qualify.

• Child and Dependent Care Credit: This is for parents who have children under 13 and place their children in daycare or with babysitters so the parents can work.

• HOPE Credit: Students may qualify for a tax credit of up to $1,500 for tuition and fees assistance.

• Lifetime Learning Credit: A credit of up to $1,000 for which students (including part-time students) and students not in school due to pursuing a post-secondary degree or for a business purpose may qualify.

The Energy Tax Incentives Act was signed into law in August, and while critics of the law argue it is aimed at providing benefits to big energy companies, it also includes tax credits for consumers. Under the new law, taxpayers can take a credit for:

• Energy efficient home improvements, like insulations of windows and doors.

• Solar energy equipment for residences.

• Hybrid, fuel cell and other energy-saving or alternative energy using vehicles.

• Other energy equipment purchases, such as electric heat pumps and water boilers.

3. Deductions

In addition to delaying income and taking advantage of tax credits, loading up on deductible expenses in 2006 can also reduce your taxable income. Taxpayers need to be careful to only include legitimate deductions because every deduction will be scrutinized by the IRS. Here are a few ideas:

• Prepay your state and local taxes. If you withheld state and local taxes this year, and you plan to itemize, it would be advantageous to prepay the taxes now and the payment will count as a federal deduction.

• Increase your 401(k) contribution to cut your taxes and increase your retirement savings. Some 401(k) plans permit “catch-up” contributions in lieu of yearly contribution maximums. According to SmartMoney.com, a taxpayer in the 28% tax bracket can save $280 by contributing an extra $1,000. You are getting paid to save!

• Include additional deductible mortgage interest by paying January’s mortgage bill now.

• Don’t postpone paying tuition and university fees. Pay for next year’s education now and save. In some states, contributions to your 529 college savings plan can also be deducted.

4. Donate to Charities

The holiday season is a “season of giving” and a great time to donate to your favorite charity. Not only does it feel good to give to the less fortunate, but you can help yourself by donating before January 1st and including the contribution on your 2006 tax return. For more information on charitable donations visit [http://www.irs.gov/newsroom/article/0],,id=164997,00.html.

You can also donate stock to charity, avoid paying taxes on the appreciation and deduct the full value of the stock.

For taxpayers looking for maximum generosity and time to consider how to give back, a donor-advised fund may be the answer. For a contribution of at least $10,000, you can deduct the entire amount now and disperse the funds over time.

In a Nutshell

There are many ways to work the tax system in your favor, as long as you are willing to roll up your sleeves and dig into the details. These last-minute, year-end tax tips are a good starting point.

Contact:

FSI Tax Corp.

9212 Berger Rd.

Columbia, MD 21046

1-877-437-4669

mbeetz@fsiholding.com

How to Know and Chose the Business That Is Right for You and the Business Medium

Entrepreneurship has played a critical role in the economic development of countries such as the United States where 60 % of new employment opportunities are created by small business enterprises. In Nigeria, it is becoming difficult for university graduates to get employment opportunities. Recent figures by the Education ministry showed that at least 70 % of university graduates and those from tertiary colleges are finding it hard to get employment upon graduation. With the high poverty levels and unemployment rate currently at 6% and growing, entrepreneurship is seen as the only key that will transform Nigeria into an economic powerhouse and help the country achieve its vision2020.

* High Business Failure Rate

Many talented individuals who get into entrepreneurship for the first time fail to make an impact because they lack the necessary skills and are often unprepared to face the challenges they encounter in their operations. Statistics show that the business failure rate in Nigeria for new businesses is between 75% and 90% in their first 10 years. For the case of dot com enterprises, only one in every 10 ventures makes it to the third year. This high rate of business failure can be reduced or eliminated if we take time and do a thorough research prior to going into business.

* Know the Right Business

The purpose and goal of every entrepreneur is all about being independent and providing competitive products or services that are not offered in the market. Even if those services are already being offered, as an entrepreneur, you should strive to offer that service in a better and efficient way compared to the already existing businesses. There are many questions that Nigerian entrepreneurs must answer when deciding which business to form. Should you turn your hobbies into moneymaking ventures? Buy existing businesses or start from scratch? Buy a Franchise and benefit from the franchisors well-known brand? Selecting the right business is a life changing decision one that has long-term effects and thus careful planning must be taken into account.

* Well-Suited Ventures

A large portion of Micro, Small and Medium Enterprises (MSMEs) are born out of passion. One costly mistake made by emerging entrepreneurs is that they tend to replicate what other established businesses are providing without first knowing what they are good at. Those entrepreneurs who do not have a clear passion or do not enjoy what they are doing are likely to give up when challenges start to arise. Even if entrepreneurs are certain about what they love or want to do, finding the appropriate business that fully utilizes their skills and abilities must be carefully considered. For instance, if one has a passion for art, there are wide varieties of businesses that they can choose. They can decide to be artists, open an art school or do restorations among other options. The essential key is for MSMEs to choose ventures they are well- suited for and that will fully utilize their abilities.

* Write Clear Personal Goals

All Nigerian entrepreneurs need more than just passion or talent if they want their businesses to succeed. One major reason that many small enterprises in Nigeria fail is because they lack clearly defined goals. For start up businesses, we should direct more effort towards short-term goals since new business ventures must always pass through a time of research and development before their long-term profitability can be predicted accurately. A businesses short-term goal should be between 6 to 12 months, while its long-term goals can be for a period of 2 to 5 years.

* Create a niche for the Business

Small and medium enterprises tend to copy each other and provide the same services offered by existing businesses. This has the effect of overcrowding the market and is the number one major reason why new ventures find it hard to survive. For emerging MSMEs to guarantee their survival, we have to develop policies capable of helping our entrepreneurs create a niche for themselves by offering products and services that are unique and that enable them to take advantage of the market. Studies done indicate that most businesses get 80 % of their sales from just 20 % of their clients. By clear identification of the target market, we can be able to direct most of their energy and time to customers who are important.

Though most of our entrepreneurs set up their own businesses from scratch, those who find it hard to build their own businesses can opt to buy already existing ones. Such entrepreneurs benefit from the already existing record of accomplishment of the company and not much time is spent on market research since the business already has a dependable customer base. The other alternative to business ownership can be franchising. Statistics indicate that more than 50% of retail sales in the United States are generated by franchise chains, which in total employ more than 7.1 million workers. This is seen as an indication of the potential of such businesses in Nigeria.

* Success of Franchises

Compared to other business models, a franchise has many benefits besides being cheaper to set up. A franchise has a good track record and is easier to set up since it has an existing business model, brand name and has established and working guidelines on how to run the business. In addition to all these benefits, the failure rate of franchises is lower compared to new businesses. For instance, the rate of failure of franchises is less than 5% making them more suitable for emerging entrepreneurs. Over the last couple of years, Nigeria has seen an increase in the number of franchises being set up mostly by South African investors in retail, food and environment sectors. This is a clear indication of the benefits that can be gained through franchising.

Nigeria’s ambition of being an industrialized country by the year 2020 can only be achieved with the help of the private sector. We need to diversify from our reliance on oil, which accounts for more than 65 % its budgetary revenues and more than 85% of foreign exchange earnings. For this to become a reality, our entrepreneurs need to have the necessary skills and knowledge needed to run successful businesses and transform Nigeria towards economic development.

Starting a Respiratory Staffing Agency

Are you ready to make the shift from working for an agency or freelance and start your own respiratory staffing business? Or perhaps you are a staffing entrepreneur looking to get into the medical staffing industry and just maybe, you are an existing staffing agency looking to expand your existing medical staffing agency and move into the respiratory staffing industry.

Whatever your reason is to start your own agency, the tremendous opportunity for staffing entrepreneurs is amazing. But, let’s look at what exactly is a respiratory therapist and what does a respiratory therapist do.

A respiratory therapist (RT) is a certified medical professional who specializes in providing healthcare for your lungs. They have advanced knowledge of high-tech equipment, such as mechanical ventilators. RTs work alongside doctors and nurses. They practice in many medical facilities, including emergency rooms, maternity wards, and therapy offices. Some RTs care for people in their own homes.

Respiratory therapists help improve outcomes for people with asthma, pneumonia, emphysema, lung trauma, and other diagnoses. RTs can assess your breathing, recommend exercises, and monitor your progress.

How many types of respiratory therapists are there in the industry?

There are several main types of respiratory therapy. An RT may specialize in one or more of these types.

Emergency respiratory therapy

This kind of respiratory therapy happens in a hospital. RTs provide assistance with emergency room cases and help people recover from heart surgery or lung failure. Some RTs assist doctors during complicated surgeries. They also treat pneumonia. A big part of emergency respiratory therapy involves ventilators. RTs manage or initiate life support for those who need it.

Adult respiratory therapy

Adult respiratory therapy takes place in a hospital, outpatient, or home setting. An RT may assist with routine care for the maintenance of chronic diseases, such ascystic fibrosis. Adult respiratory therapy often involves the treatment of emphysema. RTs are sometimes in charge of programs that help adults quit smoking.

Pulmonary rehabilitation helps the lungs regain more breathing capacity after a surgery or traumatic event. This kind of therapy may be provided outside of the hospital by an RT. They also work in sleep labs to assist in the diagnosis and treatment of sleep apnea.

Pediatric respiratory therapy

Pediatric RTs focus on newborn and childhood cardiopulmonary issues. Sometimes they work in a hospital, where they care for patients in inpatient units including babies in aneonatal intensive care unit. Some pediatric RTs offer outpatient care for children and adolescents withasthma.

Hospitals frequently have pediatric emergency transport teams that take newborns or children to different facilities by ambulance or helicopter. The teams are generally made up of a nurse and an RT.

Geriatric respiratory therapy

As we age, so do our lungs. Sometimes respiratory therapy can help increase breathing efficiency for older people. Respiratory tract infections,chronic obstructive pulmonary disease, and bronchial pneumonia are diseases that a person over the age of 65 is likely to encounter. Geriatric respiratory therapy happens at a hospital, an outpatient facility, or a person’s home.

The opportunity to expand or start your own staffing agency is a tremendous ambitious and easily duable endeavor.

This is meant for the kind of entrepreneurs who have, first of all, the relentless desire to earn more money in a single year than most of his/her entrepreneur friends will earn in their entire lifetime.

Or for those of you who questionwhat is a solopreneur, those that deal with one business and one business only, this may also be for you.

It is meant for the kind of entrepreneur, secondly, who has enough faith in himself/herself to believe, today, that tomorrow he/she may actually be able to take home $175,000 – 500,000 per year – once he/she has been shown the techniques of making this kind of money.

And finally, it is meant only for the entrepreneur who are passionate about solving real-world solutions and starting your own medical staffing agency.

The Important Difference Between Marketing, Selling and Advertising

I’ve heard the same sentence from many small business owners: “I’ve tried that, it doesn’t work for my business”. The practice of advertising is a mystery to most small business owners. For them it’s hard enough trying to perfect the process of doing business with their clients; the acquisition of new clients is a whole other challenge. Most business owners aren’t fully aware of the difference between advertising and marketing.

Let’s take some of the mystery out of the practices.

One of the most misunderstood aspects of the process is the distinctions between: marketing, advertising and selling:

Marketing: is the overall collection of tools used to build your business. Marketing has one overall objective – to drive clients through the process of noticing your business, purchasing from your business, enjoying the products or services of your business successfully enough to tell their friends and family and come back for more if applicable.

Some of the tools of marketing include:

1. Advertising

2. Public Relations

3. Direct Mail

4. Personal Sales

5. Internet

6. Print Promotions

7. Education

Advertising: Advertising doesn’t sell to your audience, it is a tool similar to the male ostrich tail; its job is to get you noticed for the specific things you do well. Advertising promotes the distinguishing features, benefits and advantages of your offer to a wide market. The goal of advertising is to bring in valuable leads for the selling process to take place.

I’ve sold Yellow Page advertising to business owners who initially felt that Yellow Page ads brought a lot of callers who were just shopping around. They didn’t want to waste time with “looky loo’s”.

If someone takes the time to make a phone call or send you an email regarding your product or service, why treat them with disdain? These folks are looking for the right answers to their problems. Even more important, they each know about 250 other people personally. Each opportunity to make a connection or a sale should be treated as equally important.

Selling: Once advertising has attracted the potential buyer, the selling process takes over. This is done either by personal sales or the use of point of purchase materials (ie., a store display, video demonstration etc.). Selling should come into play after a prospect has been determined to be right for the product or service.

The mystery and confusion begins when a business owner must decide what tools to use in the process of client acquisition. To whom should you advertise? Where should you advertise and why? How do you advertise? What kind of return should I expect to make on my advertising program? When do I use the other tools of marketing to bolster my advertising program? What should my ratio be between advertising and selling?

To whom should you advertise? Let’s be very clear about this one. You should never put a single dollar into advertising until you know who you will eventually sell your product or service to. You should not even be in business if you have no clue who you want to do business with.

Marketing is used to identify your ideal market. Sure, you may not get 100% of your ideal market, but if you know who will most likely benefit from what you have to sell or service, you can get more of them.

For example, if you’re a chiropractor in a big city, your ideal market might be the couple in their late 40’s to early 60’s that’re health conscious and active. They are looking to stay fit and are open to CAM’s (Complimentary and alternative medicines.). They may have an unfavorable view of the current healthcare system and wish to take a proactive approach to health maintenance. So let’s say after determining your ideal market, you identify 15,000 of them in your market region. So now you have 15,000 likely prospects to reach on a regular basis.

Where should you advertise and why? If you wanted to find a 34 year old Buddhist from Cambodia where would you look for one? The question may seem a bit silly but you know that you wouldn’t start by going to all the mosques in the area.

Sometimes you do have to eliminate all the unlikely places to search until you get to the most likely ones.

You must, of course choose the targets of your ad programs based on how many of your intended prospects will likely see your message. If the local health club in your area has a demographic membership of over 3,000 45 to 65 year olds, you might want to advertise in their monthly newsletter. If they don’t have a newsletter, you may want to sponsor one for them.

Remember the “The best place to go fishing is where the fish are biting”. Take the time to know about your target audience and their buying habits.

How do you advertise? Imagine that your very expensive Mercedes breaks down and the mechanic says that it’s your fuel pump. He needs to change it so he’s going to take a blow torch and cut through your hood, crack open your engine block and then replace the fuel pump. Once he’s done, he’ll weld all the parts back together and get your vehicle back to you.

Would you give this guy the OK to go to work on your vehicle? Of course you wouldn’t. Once you determine what you need to do, you have to be careful about how you execute the solution.

Coming back to our chiropractor, if he finds that the best way to reach the 15,000 couples ages 45 to 65 in his area is through the Yellow Pages; then he needs to decide if it’s cost effective, timely and competitive.

The goal now is to figure out the best way to reach all or most of those 15,000 ideal prospects.

Will he get comparable results from the repeated exposure in the health club newsletter where he’ll have a captive audience and no competition?

There’s no reason not to use both the Yellow Pages and the health club newsletter if they pull their weight economically. The goal of advertising is to gain valuable leads for the selling process to take place.

What kind of return should I expect to make on my advertising program? My answer to my clients to this question is usually a shocker; the answer is a big fat zero (0). How can a business owner spend so much money on advertising and expect no money in return?

This is the basis of the confusion between marketing, advertising and selling. Advertising’s value in the marketing mix is in lead generation. When properly used as such, the measurement of its effectiveness is in how many leads are generated.

This is why it’s so important to distinguish between the various tools of marketing. If our chiropractor had 20 leads coming in each day from his ad campaign and the front desk had a lousy conversion ratio, I bet that he’d blame his ad for not pulling in more clients.

Gauge your response rate when quantifying advertising results. Measure the number of leads coming in and adjust the ad copy to test for better results.

When do I use the other tools of marketing to bolster my advertising program? Advertising should never be used alone. Please remember that the average adult has to deal with over 2700 messages a day from all types of media.

Marketing should be seen as a combined effort to reach the minds and hearts of your target market. You should be using at least five of the seven tools of marketing every week. Depending on the age of your business and your business plan, you should be budgeting 10 to 15% of your estimated annual revenues for marketing. If you just opened your doors in the last five years, crank that up to 20%. There’s a reason that Pepsi and Coke spend over 400 million a year each to satisfy their shareholders bottom-line.

What should my ratio be between advertising and selling? Think of the relationship between advertising and sales as a complimentary one. If your advertising is generating a large number of leads, tailor your sales strategy to convert at least 30% of your leads while capturing all your leads for systematic follow-ups.

Keep in mind that at any given time, 3% of your market is ready to commit to your product or service. The goal is first to convert the 3% of your leads. Then to work on selling to the ones who are on the fence. Whether through personal sales, direct marketing, or point of purchase sales, your ratio will be determined by several factors, the offer, the product or service and the immediate need of the prospects and of course, price.

Don’t get too anal about the ratios. The most important thing to remember is that marketing is an inexact science. You will have to keep testing and trying for better results as the market changes.

Determine the value of a new client and the life time value of your clients. Once you do that, be sure that your marketing efforts are bringing in enough new business to cover the cost of getting new clients and that your sales efforts cover the cost of keeping you in business.

Tweak the numbers and track consistently. If your estimated marketing budget is $37,500 for the year, and your estimated revenue is $250,000 then you have a standard starting point.

At the end of the year your numbers should add up. If you haven’t made the $250,000 don’t simply blame your advertising, look at your leads list and determine if you’ve converted the required number into sales.

If you don’t have a leads list then we need to re-evaluate your purpose for advertising.

Baby Boomer Retirement – When is it For You?

As the financial situation shifts daily around the world, people are wondering if this is a good time to retire. New fears about the future make it appear that one shouldn’t even consider retirement. Whether there are concerns about money, healthcare, or creating a new life, one thing is for certain this isn’t our parent’s retirement.

If you believe the latest press reports, baby boomers have done a poor job of saving and preparing for retirement. The United States does have one of the poorest saving rates in the world. But, is it realistic to expect people to work forty years and simultaneously save enough to fund another thirty or forty years of retirement.

When the retirement age was established in 1934, the age life expectancy was 65. The thinking at the time was if an individual lived that long, it was appropriate to provide a pension to see them through to end of their days. Social Security was never designed to support a majority of the population for a third of their lives.

The model for retirement needs to change. The idea of working thirty or forty years and then not do anything except get a pension is unrealistic. The new extended longevity of life opens up options that need to be evaluated. Deciding on the right time to retire involves a number of factors, not all of them financial.

Like people in the military, police and firefighters, Mark retired from the entertainment industry at a young age. While some of his financial needs were met with a pension, he started a home based business, which allowed him to raise his son and contribute additional income to the family.

Now his son is graduating from high school and Mark is looking for a new challenge. He would still like to earn money from his new endeavor, but the focus is shifting to work that is contributing to society. He is looking for work that is challenge and rewarding, as well as provides income. A reported 77% of baby boomers expect to continue to work, at least part time, past traditional retirement age.

While some will never retire due to financial reasons, many baby boomers are exploring working part time, making a career change to more fulfilling work, starting a business and altering their lifestyle to accommodate new interests. People who experienced a happy retirement report that money was not the primary factor in their well being. Understanding what you need to be satisfied in life is a key factor to plan for the future.

Proven Home Business Opportunity – Facts

If you want to earn additional cash, you may want to try a proven home business opportunity. It is very essential to realize that one important factor in home business is ensuring that you have a proven home business opportunity and to be willing to do everything it takes to succeed.

Having a proven home/online business opportunity can help you become more successful in life. Though there are a lot of home business opportunities, you need to consider some things in order to choose a legitimate and fast-earning home business. Your home business should depend on your skill. If you have a hobby, you can put that in good use by making it your home/online business.

One proven home/online business opportunity is online marketing. There are a lot of people that venture on online businesses because of its increasing demand. With an online business, you can reach more prospective clients anywhere in the world. Your internet connection can help you promote your business in a much wider scope and you can get faster and more response.

With the many online business opportunities today, you need to be careful in figuring out which ones are good and which businesses are scams. It is essential to do a thorough research when choosing a proven home business opportunity. If you are considering a franchise business, you have to know that it can be quite confusing. You need determine if you want to start a home business from scratch or you want to buy a franchise of an existing business.

A franchise business is known to be a proven online business opportunity. Though it may require higher cost in the initial investment, a franchise business is known to provide immediate income.

A proven home /online business opportunity is something that you can watch out on your own. It is best to have a good business eye and choose an industry that can provide you a steady income. You must ensure that the product you are providing is something that people will buy even in the years to come and the service you are offering is something people really need. If you know what your costumer wants and have the ability to provide it, you are more likely to succeed.

In choosing a home/online business, it is best to ensure that you can make everything work. It is advisable to look on the different ways in setting up your business and if possible, formulate new methods to make it better. You need to be self-motivated in order to succeed in any kind of business. You must have the capability to push yourself to the limit. It is essential to have determination and drive to succeed. Remember that your success level depends on the effort and the time you put into your business.

Load Disadvantages – Don’t Take Any Kind of Extravagant Services Offered by a Salesperson

Load refers to the fee that has to be paid to the salesperson who has convinced investors to invest their money in a specific mutual fund. The fee you pay in form of a load to the salesperson that doesn’t reach to the financial advisory. Simply, it sprightly moves to the pocket of the salesman. If you want to know what are the loads disadvantages, then you need to take a look on these facts which can explain you more about it. These points are discussed below which are very essential to know before hiring a salesman services for your company.

Loads play no role in mutual funds

This is a kind of a fee that investor should pay to a salesperson to search the right place of their money. This is one of greatest disadvantages of the loads. So, when you are starting a mutual fund business, you don’t look for the loads services it can hamper your business goodwill and reputation. It is very complicated for the loaded mutual fund to pick with the load free amount for its some essential factors.

Higher expenses

If you are investing your money without loads expenses, then you will be charged less from the funds expenditure. Here, the term expenses that refers to the loads chargers which are generally spend for finding the assets. Higher expenses related to loads are the most effective disadvantages. Companies going through such phase can really come across huge expenses.

There is hardly any difference in the return value

There is hardly any difference in returns. For a long time it’s been watched that there is hardly any difference among the performance of the loads and the loaded ones. The only difference you will find is in terms of the commission that needs to be paid to the salesperson. As a result of which, the fund results will differ from one period to the other, however, the general pattern will remain the same. Debate about which of the funds are better, no load and loaded counterparts, is one that cannot end up very soon. Although differences between 2 kinds are numerous, lots of writers try and narrow them to case of who will win from deal: investor or broker. It is inappropriate to claim you are better off in case, you invest in the load free funds in place of parking money in the loaded counterpart.

The Place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a growing interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently contributing to national development.

Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has led to the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.

The current literatures on the subject do not provide sufficient explanations to the role general and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above fact is evident in several available studies done by scholars on the subject matter (e.g Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e.t.c).

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.

There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.

Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and are largely attributed to lack of entrepreneurial competence.

Most of the businesses failed unknowingly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?

Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning in which it is employed in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.

Entrepreneurship may be defined as the process through which something new and valuable is created through the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).

European Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities, whether in a social, cultural or economic context.

Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and competency to achieve winning edge success.

Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To achieve success in any of the following sections, one must be competent in his/her chosen area of enterprise.

Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.

Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which an individual acquires and uses together, to produce outstanding performance in any given area of entrepreneurial responsibility. Some of these competences may be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.

In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.

The following are some of the necessary entrepreneurial competences required for successful entrepreneurship and rapid national development. We shall be discussing below 8 of the basic essential entrepreneurial competence for successful business.

1. Time Management competence: Time is an economic good; it is an economic good worthy of effective and efficient management because of it scarce nature (Dan-Abu, 2015). Time is unique, unlike any other economic resources (input) such that it has no wing but can “fly”. Time is irreplaceable and irreversible. Time lost is lost forever and can never be recovered, and by that I it includes, time lost doing insignificant things. This is why few things are more important to an entrepreneur and for successful entrepreneurship than learning how to save and spend time wisely. One major causes of entrepreneurship failure in relation to time management is doing too many things at the same time in an inefficient manner.

To achieve more and be successful in the day to day running of an enterprise, the entrepreneur must be thoroughly equipped with time management skill. Investing and practicing effective and efficient time management skill is a profitable investment for every entrepreneur, since every efficient business act is a success in itself. It therefore means that, if every single act of entrepreneurial activity is undertaken with consistent efficient one, the enterprise as a whole must be a success.

Time management involve among others practices, commitment to work contract and taking personal pains to complete a task on schedule, this will promote confidence and loyalty on your business/organization and will thus led to winning of more contracts from clients again and again; prioritizing of task based on urgency and importance in relation to a project activities and delegating of task to subordinates.

Some common time consuming activities include slow decision making, inability to delegate, unnecessary interruptions, failed appointments, delays while traveling, poorly conducted meetings, procrastination, etc.

2. Communication competence: Communication is a two-way process characterized by sending and receiving of messages through a channel between sender and receiver. This may be verbal or non-verbal for example, telephone call and procurement proposal respectively. Good communication skill is an indispensable management tool for a successful entrepreneurship. It is through communication that procurements are made, business products/services are sold, business objectives are discussed, employees are recruited etc.

Communication competence is very important to the survival and success of every organization, this is regardless of whether the organization is a profit or non-profit making, private or public enterprise, involved in provision of services or sales of products, online or offline business etc. Communication competence is so vital to successful entrepreneurship that it goes beyond inter-personal communication; of course this too is indispensable to the success of the entrepreneur’s business.

A winning communication competence in an enterprise will help in disseminating circulars, minutes, letters and memos effectively reaching every intending individual, team or unit in an organization. It also facilitates efficiency through the saving of cost involved in sending and receiving the messages on the part of both the organization and the employees. Communication competence in enterprising organizations will facilitate large turn out and compliance when meetings are called or directives are given to be followed respectively.

Communication competence in like manner can speed up the time taken to make merchandize procurement in period of high demand; this can help the concerned firm increase profit during the period of shortages and high demand.

Developing and employing good communication skill in an organization will definitely lead to two fold success; the firm will be able to benefit from internal interactions among persons, departments and units, and externally benefit from interactions between it and the business transacting partners (outside world). We can therefore say in summary that, there is no business without communication.

3. Human Resources Management Competence: The relevance of human resources management competence to successful entrepreneurship, business success and national development cannot be over stressed. Though materials and capital are of equivalent importance to the entrepreneur, they are inanimate and unemotional; they demand no understanding of human requirements and inspirations for their effective utilization unlike human resources which need good and competent human resources management skill by the entrepreneur to successfully utilize it to optimum level in productive activities.

Human resources of some enterprise are the most difficult to obtain, the most expensive to maintain and the hardest to retain. Without the acquisition and practicing of effective and efficient human resource management skills, the capital resources earlier mentioned will not be effectively used. Generally, small and medium scale enterprises often managed by an entrepreneur do not have the luxury of human resource department that can interview, hire and evaluate employees.

Most of these decisions taking regarding the above are the responsibility of the entrepreneur and perhaps one or two other key employees. This is good why human resources management competence is important for successful entrepreneurship and national development. As the firm grows, there will be need to hire new employees; entrepreneur must follow important procedures for interviewing, hiring, evaluating and preparing job description for new employees. Instituting an effective organizational culture is best implemented when an entrepreneur is competent in human resources management.

4. Marketing Management Competence: The success of every enterprise involves selling of products/services; this is largely enabled through good marketing management, it is therefore imperative for an entrepreneur to have good marketing management skills.

Ebitu (2005:196) concord, that marketing is crucial to the survival and growth of any organization. It is through marketing that revenues used for bills settlement, assets acquisition, pursuing of business diversification and expansion objectives, settlement of dividend and tax liabilities and social responsibility projects are generated. The entrepreneur in developing good marketing strategies and marketing management competence must be conversant with and employ the four marketing mix of place, promotion, price and product.

5. Adherence to Business Ethics Competence: Every business has its ethics. Ethics deals with moral ability and obligations. It can be defined as a system of rules and principles that define right and wrong, good and bad conduct and the ordering of values in undertaking business activities in society. Business ethics is sometimes called management ethics, and it is the application of ethical principles to business relationships and activities.

Business ethics is becoming a subject of intense concern for society, which is now demanding that organizations should operate responsibly and uphold very high ethical standards to improve the quality of life of the people. Entrepreneurs, in light of the above, need to be competent in dealing with different public policies, trade union’s established standards and norms and customers’ concerns for high quality work for successful entrepreneurship.

6. Financial Management Competence: Every business enterprise requires capital with which to start and continue with its operations. Capital here means two things; money (finance) needed to start and operate the business and assets representing the resources provided by owners (equity) and creditors of the business (liabilities).

Mbat (2001:3) defines financial management as the planning, organizing, directing and controlling of the firm’s financial resources. Finance is the blood at the centre of any successful business enterprise, one of the features common to successful entrepreneurs is their ability to source for funds for their enterprise. The funds mobilized internally or externally have to be properly managed to ensure that at any point in time, there is adequate funds to cater for the day to day running of the enterprise.

Most entrepreneurial failures are due to the inability of the entrepreneurs to effectively distribute and manage funds. For example, an entrepreneur needs to acquire knowledge on financial management issues like anticipation of financial needs for the enterprise, fund raising sources, cost of raising fund from external sources, acquisition of funds, allocation of funds in order to yield optimum result through identification and maintenance of correct proportion of the firm’s finances in areas of savings, insurance and investments policy of the enterprise.

The important of financial management competence to achieving entrepreneurship and business success cannot be over stressed. We have seen many at times when financially buoyant “start-ups” crumble down to pieces after successful take off because of financial management incompetence of the management, caused by tied up funds as they watch helplessly as the business dive into ocean of failure due to lack of reserve funds to successfully execute contracts or perform business operation.

Leadership Competence: leadership can be defined as the ability to influence and motivate other person or group of persons towards achieving a shared a set objective. Leadership competence is also another important single factor determining business success or failure in our competitive, turbulent, fast moving, free global market economy.

According to Ilesanmi, (2000: 187) successful entrepreneurs are successful leaders; they have power and motivate the entrepreneurial venture. The ability to produce the necessary leadership is the key determinant of achievement in all-human activities, the quality of leadership is therefore a decisive strength or weakness of any successful entrepreneurial endeavour.

Successful entrepreneurship requires creative, unique leadership qualities and personal styles. It involve seeking opportunities, initiating projects, gathering the physical, financial and human resources needed to carry out projects, setting goals for self and others, directing and guiding others to accomplish goals. Effective leadership is therefore a powerful tool required for successful entrepreneurship, business success and national development. Good leadership competence helps an entrepreneur to turn his/her business vision into reality.

7. Social Responsibility Competence: The establishment of every business enterprise is backed up by the profit motive. It is the profit that drives entrepreneurs to starting businesses, motivate shareholders into buying shares and private capital owners into investing their capital in a company. The profit motive though leads to the production of goods and services; the entrepreneur’s business venture also has the responsibility to embark on certain projects within and outside its operating environment as part of its social obligations.

Businesses should not only be concerned about the quality of goods and services they produce to generate profit but must also pursue policies that sell their enterprises by contributing to the quality of life in their operational environment. The business operators have responsibility to protect and improve society. Their actions during production and marketing should not in any way endanger the community or society. Entrepreneur can earn more profit by displaying high degree of corporate responsiveness, which is the ability of an organization to relate its operations and policies to the environment in ways that are mutually beneficial to the organization and the society.

The entrepreneur for example needs to make contribution to community development, product safety, employment generation, ethical business practices, and contribution towards educational activities in the community of operation. An enterprise for example can award scholarships to students, create opportunity for apprenticeship training and so on. Undertaking some of these social responsibilities may endear the entrepreneur’s enterprise to its host community; enhance his image and social standing, and consequently contributing significantly to his business success.

8. Decision making Competence: Decision making is very important to the success of an entrepreneur, this skill is at the core of every successful entrepreneurial activities. Decision making is the process of selecting a line of action from available alternatives. This selection process may be very difficult especially when the available alternatives are numerous or the decisions to be made or chosen from are risky ones.

Many potential entrepreneurs have difficulties in bringing their ideas to the market and creating a new business because making a decision is one thing and making the right decision in a given circumstance is another. The actual making of effective entrepreneurial decisions has resulted in several new businesses being started throughout the world by those having this decision making skill necessary for successful entrepreneurship.

An entrepreneur makes decision on a daily basis and therefore has to acquire adequate knowledge and skills in decision making to enable him/her make the right decisions.

Most of the entrepreneurial competences have been studied in isolation and with little effort to recognizing their mutual relationships to entrepreneurship success and business success. In a study aimed at explaining entrepreneurial competences in order to rank them according to the level of their importance to successful entrepreneurship by Edgar, Dirk and Danny, (2005) shows that, entrepreneurs on one hand considered decision making the most important competence while scholars in their different writings are in support of identifying business opportunities competence as the most important when embarking on an entrepreneurial venture.

In another study aimed at explaining how general and specific managerial competencies relate to the business success of small and medium scale enterprises (SMEs) by Laguna, Wiechetek, and Talik, (2013) proved that general and specific managerial competency is significant predictor of success in running a business. They further stated that specific managerial competency demonstrated to be a mediator between general competence and Small and Medium Scale Enterprises (SMEs) success.

In a similar study conducted by Rosária de Fatima Segger Macri Russo and Roberto Sbragia, (2010) who opined that the operational responsibilities of a project manager (planning and controlling) are in stark contrast to the characteristics of an entrepreneur. In light of the above contradictory viewpoint, their research which was directed at assessing whether managers showing entrepreneurial characteristics are associated with more successful projects or not found within their study sample an empirical evidence supported their hypothesis that the possibility of a given project having a successful outcome increases with the enterprising tendency of its manager.

After critically examining the necessary entrepreneurial competences required for successful entrepreneurship, business success and rapid national development. It will be important to quickly add here that no single or sets of entrepreneurship competence are more important to the other. It is only through the combination of the competences that an entrepreneur can achieve maximum business success.

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