Business Archives - Page 45 of 47

What To Do When You Have Multiple Business Ideas

“Do the work you love.” This message- once reserved for graduation speeches and fortune cookies- is now a common theme in today’s professional landscape. So what do you do when you “love” multiple things?

In all my years as a professional career coach, I have noticed the ‘follow your passion and the money will come’ perspective is met with feast or famine. Either a person has no clue what their passion is or their cup (and notepad of business ideas) runneth over. If you are in the latter camp, the abundance of possibilities can be just as overwhelming and debilitating as feeling like you have no place to go. Below are key questions to ask yourself to help you select the best of your business ideas:

Did anybody ask for this? The quickest way to make your new business venture profitable is to give people what they want- not what you think they want, but what they are asking for. A common mistake entrepreneurs make is we lock ourselves away creating the “perfect” product or service to bring to the market. We then re-emerge and hold our business up to the crowd like a scene out of The Lion King and instead of the roar of applause we hear crickets. Nobody wants it because no body asked for it. The sooner you can determine who your ideal client is and what their exact need is- a need they are aware of- the sooner you can create the solution to their specific problem.

Can I commit to this? Starting a business is like the beginning a romance. It’s all starry-eyed and butterflies in the beginning. But when the euphoria wears off, what you are left with is the commitment- and commitment takes work. Depending on the industry, it can take years before a business is profitable. It’s important to ask yourself if you are committed to investing your time, energy, and resources to see this work through for at least the next five years. Especially in the early days, your business can be like a newborn child- constant demands at the most inconvenient times with no reward or appreciation.

Are these my people? In the new work dynamic, there is no longer a separation of ‘us’ and ‘them’. We are now operating within tribes- groups of people gathered together around a similar cause and vision. As you consider your multiple business ideas, think about the clients and colleagues attached to this venture. Do you want to be spending time- a lot of time– with these people? One of the major advantages of establishing your own business is that you get to decide who your people are- who you will serve and be in constant dialogue with. Business is ultimately one person interacting with another. Your ability to determine who you want sitting across the table from you is a good guiding post when making your selection.

Whether it’s one or one hundred ventures in front of you, mastering the ability to run your own business affords you true financial security. Choose the path that fits into you rather than squeezing yourself into another job role and you’ll set yourself up for success every time.

How To Evaluate A Business Idea For Developing An Enterprise

Why Do You Need A Business Plan?

Planning is a process that never ends for all businesses. It is extremely important in the early stages of any venture when the entrepreneur will need to prepare a preliminary business plan.

There are different types of plans that may be part of any business operation. These include but not limited to Financial plans, Marketing plan, Human Resource plan, Production plans, Sales plans etc. Plans may be short term or long term or may be strategic or operational. Whatever the type of plan or the function, plans have one important purpose; to provide guidance and structure to management in a rapidly changing market environment.

A business plan on the other hand is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing and human resources. It also addresses both short term and long term decision making for the first three years of operation. Thus, the business plan, or road map, answers the strategic questions of where am I now? Where am I going? And how will I get there? Potential investors, suppliers and even customers will request or require a business plan.

How I Prepared My Preliminary Project Proposal

In my case, I followed the following break downs keeping each section as brief as possible.

1. Background: in this section, I established the context of the project by giving an account of the problem it is trying to address.

2. State of the art: I gave an overview of existing and emerging technology in the field, including an account of rival technologies and a comparison of the advantages and disadvantages of the various options.

3. Proposal: I wrote an overview of the proposed project and the approach, i.e. the activities which I will be undertaken to achieve the project objectives. Clearly establish the research element or novelty component in the proposal.

4. Consortium: an overview of the proposed manpower and establish the required ability to carry out the project successfully (e.g. skills, competencies, etc.)

5. Objectives and Deliverables: Identify (1) the objectives and (2) the deliverables of the proposed project.

6. Competitiveness: if applicable, establish the competitiveness or advantages of the proposed solution compared to other solutions, whether these already exist or are still being researched.

7. Cost: give an overview of the project cost (including start-up cost and working capital requirements).

8. Impact: this section should include:

i. Markets and Uses: identify possible uses and markets for the deliverables of the project.

ii. Benefits and Beneficiaries: identify the beneficiaries of the project’s results (e.g. the project participants, the general public, third parties) and the manner in which they will benefit.

iii. Roadmap: give an indication regarding what further steps, effort, costs and timeframes are necessary before tangible benefits can be realized from the deliverables or results of the project (unless these are realized within the lifetime of the project).

iv. Spillover Benefits: identify any secondary benefits of the project (e.g. facilitating participation in funding programmes, improving Malta’s ranking, strengthening Malta’s reputation in a particular area, etc.)

Preparing a Detailed Business Plan

Stages of writing a business plan are: After deciding to go into business, before starting the business and when updating is required.

Business plans can be written for retail business, wholesale business, service business, manufacturing and any other type of business.

A business plan is written by doing the following:

Identifying all the questions that could be asked about the business.

Determining what further information needs to be gathered to answer all the questions.

Obtaining all the necessary information.

Comparing various alternatives

Making a decision on each question.

A business plan should:

Have a good appearance

Provide an index

Provide a summary

Number each copy

Be signed to show who is submitting it.

Depend on the nature of the business.

A business plan should be organized to carry a cover page, table of contents, executive summary, business description, Marketing plan, organizational plan, operational plan, financial plan and appendices.

Outline of a typical business plan is as below;

1. Title: Feasibility study Report on______________________

Commissioned by_________________________

2. Project consultants

3. Table of contents:

Executive Summary

The Report

Project Background

Objective of study

Project description and

Loan advancement

Promoter

Location

Market and marketing plan

Potential customers

Competition

Pricing

Sales Tactics

Advertising and Promotion

Distribution.

Technical Feasibility and management plan:

Factory

Machinery

Overhead charges

Packaging materials

Raw materials Manpower and Labour costs.

Financial Projection/Feasibility:

Overview on capital requirement

Financial plan

Projected cash flow

Projected profit and loss account

Projected balance sheet

Break-even analysis

Source and application of funds

Organization Plan:

Form of ownership

Identification of partners/Principal shareholders

Authority of Principals.

Management team background

Roles and responsibilities of members of organization

Assessment of Risk:

Evaluate weakness of business

New technologies

Contingency plans.

Schedules:

12 months projected sales

12 months projected purchase

Fixed Assets and depreciation schedule

Profitability index.

Thanks for reading

Reduce the Risk of Starting a Business

Most people consider starting your own business as one of the riskiest undertakings possible. Of course, most people are not entrepreneurs. True entrepreneurs know that successful startups are all about controlling and managing risk. Their entire outlook revolves around doing whatever it takes to identify threats and obstacles and find the way around, over, or through them.

The risks that non-entrepreneurs perceive cover four basic areas – financial, career, personal brand (ego), and lifestyle. Financial risk is the obvious concern. They worry that the failure of a startup will lead them directly to bankruptcy court. Of course, there are many ways to protect yourself and your personal assets…keeping your business and personal finances separate is just plain common sense.

Career and personal brand risk also cause worry. People are afraid that if they go out on their own and fail, they will lose traction on their previous career path and become known as the one who failed. In fact, if you have built a solid reputation and good networking relationships, returning to the workforce won’t be all that difficult (except that once you work for yourself, it is very difficult to report to someone else!). And, those who consider you a failure because your startup floundered are the type of people who cut others down just to feel better about themselves. Most people, especially those close to you, will consider you a hero for even giving it a shot!

The ideas about lifestyle risk are generally pretty accurate. Startups take up all of your thoughts and most of your time. You will probably not see your family and friends very much during the early stages, and when you do, you will probably not be the greatest company (unless they want to talk about your business). You are likely to be a walking ball of stress until your venture gets off the ground, and there is a possibility that you and your family will be enjoying Ramen noodles for every meal for a few months. But all of those lifestyle changes pay off in spades once your company takes off. As our favorite quote states, “Entrepreneurs are people who are willing to live like most won’t in order to live like most can’t!”

There are a number of specific actions a first-time entrepreneur can take to mitigate these risks into something manageable, if not unnoticeable. First, take the time to truly plan your business idea. Dig into the details of every aspect of your venture, break them down and look for better, faster, and smarter ways to get the job done. Second, be realistic about the financial repercussions of going out on your own. If you start a business with no working capital, you are going to be broke during the early stages. If you commit all of your personal resources to the effort, you are putting them all at risk. If you don’t learn to manage finances, both personal and business, you will have a hard time finding success in either area.

Third and finally, learn all you can about the fundamentals of business and the specifics of what you want to do. Striking a balance between the actual operations and the business of running a business is a critical, but often overlooked, necessity to controlling risk and finding the success you seek..

Should You Match Your Entrepreneur Personality With Your Business Startup Idea?

Did you know that the word entrepreneur comes from a French word “entreprendre” which means “to undertake? If you want to get more analytical and you speak French, you might think it comes from combining two verbs “entre” and “prendre.” “Entrer” means “to enter” and “prendre” means “to take” so combined they would mean “to enter to take.” That works too because a person following a business startup idea who enters markets to take advantage of opportunities for profits by assuming the risks is by definition an entrepreneur.

Let’s look at some interesting facts about entrepreneurs:

People who become entrepreneurs either seek out an entrepreneurial life or they fall into it. Not everyone who becomes an entrepreneur grew up thinking that it was their dream to become a business owner.

Entrepreneurs fall into different entrepreneurial personality types–the professional, expert or pragmatist, and the inventor. Maybe as a small business owner, you have not given much thought as to the type of entrepreneur you are. You were too busy focusing on getting your business operating and profitable and not so much on what kind of entrepreneur you are.

Those entrepreneurs that are referred to as professional entrepreneurs start one business, and another, and another. They are very good at establishing a business and making it very successful in a relatively short period of time. Sometimes if luck would have it, the first business does well and they sell it. Soon they start another business because now being an entrepreneur is in their blood and they can’t go to work for someone else so they start another business.

Did you think that every person who becomes an entrepreneur set out to be one? Sometimes an entrepreneur comes looking for someone who is an expert in a particular field that is needed for their business such as accounting, finance, marketing, or sales. It can also be that they need an expert in a particular industry such as software, pharmaceuticals, or cosmetics. Then they go looking for someone who has that knowledge and ask them to join their venture by making them a partner. Voila! they are now an entrepreneur.

The expert entrepreneurs are often well-educated and become experienced in their trade by working in a corporate setting for a number of years. There they hone their skills creating the expertise that makes them so valuable as an entrepreneur.

The third type is the inventor. Bill Gates is an inventor type entrepreneur that has made this type very well known. This type of entrepreneur may have the classic inventor personality. You know the “absent minded professor” who gets so caught up in his technology and invention that they do not function well in a fully functioning business setting. As a result, they cannot function as a leader of a company because they have much too narrow a focus.

Instead, to become a success as an entrepreneur, they compensate for their shortcomings by surrounding themselves with experts that can provide the business expertise that they lack. In fact, they may hire the “professional” entrepreneur as a partner to focus on the growth aspects of the company so that they can continue in the inventor capacity which they do best.

There are blends of these three entrepreneurial types. It is possible to find a professional-inventor type who is fortunate enough to have both skills at their disposal. They can become super-creative geniuses who can invent and start businesses that do extremely well and become very profitable taking full advantage of their creative and business potential. They can become billionaires!

The blend pragmatist-professional entrepreneur is one that takes a combination expert who also understands the operation of a business. They use their expertise to develop an idea for a business that will lead to a very profitable business idea and set about hiring all the talent they need in every area to make it extremely successful. For example, someone who knows the pharmaceutical business very well comes up with an idea for marketing and managing pharmaceuticals in a new and more efficient way. His expertise as a professional entrepreneur allowed him to dig in and help with the startup process of the business while supervising the development of the pharmaceutical end of it.

Another interesting fact is that certain entrepreneurial types go better with specific types of businesses. You increase your chances of success if you choose a business that matches your entrepreneurial type. Often when you are thinking of starting a business, you do not give any thought to what kind of entrepreneur you are. Success often depends on your knowing your own strengths and weaknesses and your ability to find people that complement you.

Candy Wrapper Software – Work at Home Business Ideas With Low Start Up Costs

The most appealing home based business ideas are those that do not require a lot of money and equipment up front. The candy wrapper business is a prime candidate for work at home moms and dads wanting to start a new business for just a few dollars.

All you need to get started is candy wrapper software, which costs around $38. You also need a printer, printer paper, scissors, adhesive, and your creativity.

A great way to get started is to start marketing to organizations and businesses in your local area. These include schools, churches, non-profit organizations, gift basket companies, florists, and any other business that will benefit from personalized promotional items.

Having a website is a good idea so you can sell your candy wrappers, promotional items, and party favors online. Make sure all your friends know you are in the business, especially those with young children and those that have their own businesses and can benefit from customized promotional products.

Those with young kids are prime potential candidates for birthday party favors. Candy wrappers are also great for company picnics, retirement parties, anniversary parties, graduations, bridal and baby showers, weddings, fundraising activities, hospitals, gift shops, business marketing, and the list goes on.

This business does not require any formal training. You do not need to attend any special courses to succeed in this business. The candy wrapper software you purchase should include plenty of templates and graphics.

The package you use should also allow you the flexibility to use your own graphics and images. Part of what makes this business so easy to promote is you have the ability to make wrappers that contain personalized images.

Imagine a child’s delight at his birthday party when he discovers the candy wrappers are decorated with his own picture.

Wrappers are not just for candy, either. You can make wrappers for just about anything you can imagine, including gallon or quart sized paint cans, candles, DVD’s and CD’s, wine bottles, water bottles, bubble containers, and more.

When you first get started, make some samples you can show potential customers. You can also photograph the samples and post the images on your website. Start out with some sample handouts, making sure you have your contact information on the wrappers.

Print up some business cards, brochures, and flyers you can hand out as well. Pretty soon, your business will promote itself by word of mouth once the news gets out about your new candy wrapper business.

For a very low investment, you can get your candy wrapper software and start your business right away. This is a great home business opportunity that allows you the flexibility to work easily during your chosen hours and have time for your family as well.

Best Startup Business Ideas: Some Suggestions

Are you looking for the best startup business ideas? Everyone dreams of starting his own business someday. As a child, you probably have dreams of creating your own toy factory, or creating your own boutique someday. As we grow older, those dreams don’t fade away. Sometimes, they just stay untouched and unthought-of at the back of our heads because we got too tied with other things, like managing other people’s business. We all want to be our own boss and be able to generate enough or even more money to live the life we desire.

The desire to own your own business is sometimes fuelled by your yearning to have more money to buy your dream house, drive your dream car, travel to different places, or to save up for your kid’s college education. Everything is fuelled by your dreams of having a better and comfortable life.

Many successful entrepreneurs say that one of the best startup business ideas is an online business. With the power of the Internet, there are tons of business ideas that you can have. You can create a virtual assistant service, a small call center facility, a Public Relations business or a web design and development business if you have the right skills and knowledge. A lot of people nowadays shop online. You can start selling various products online like clothes, shoes, toys, bags and accessories to a huge market with a great buying potential. Because you can sell almost anything online, all you have to do now is to be creative with the products which you plan to market. Online business also involves life coaching. You can offer to help other people deal with their stress and problems. You can help them become better persons and help them manage their life as positively as possible.

Other best startup business ideas include candle-making business, cake decorating, real estate agency, customized jewellery shop, events planning, toy cleaning service, personal shopper or flower arrangement. You can start an accounting service, payroll administrative service, travel agency, be an interior designer or farmer and sell crops. You can grow your garden of flowers and start your own flower shop. There are so many business ideas out there, you just have to pick out the right one for you.

There are several things that you have to consider when choosing the best startup business ideas. You need to consider your budget, your knowledge, skills, and the amount of time that you can give to your startup business. Remember, for a business to succeed, you should have the skills and the time to make it successful.

Make Money Online Immediately – Online Business Ideas

Starting a business is not difficult if you have skills, determination and motivation. The online business industry has given a lot of people the opportunity to run their own business. To start your regular business you need to have capital, an office and efficient staff and a lot more. All these necessities discourage you to start your own business. But for online businesses you are exempt from such things. There are a lot of business ideas that can help you make money online immediately. If you have the aptitude and talent you can run a successful business without investing a lot.

Online boutique: Women have always been conscious about their looks and their attire. Getting attracted towards new and well designed dresses is in women’s nature. If you go to any mall you will find several boutiques crowded with women. There are many ladies who are ready to spend money on designer clothes. If you have aesthetic sense and creativity then online boutique is a very good idea for you. You would not need to have a store in a commercial area. You can do this by simply starting your website and earn through your apparel designing. As you are going to run your business from home and exempted from shop rent and bills you can offer low rates for your product and get more clients and still make a lot of money.

Event planning: It is also a very popular business these days. Have you ever arranged a function at your home; like your child’s birthday party or your promotion dinner? How about making this your profession? If you are well organized and have talent to arrange a successful event then you can adopt this as your business. Online event management can be very easy for you. You only have to find good vendors in the market and to know about new trends. You can grab new clients through online advertisement.

Online retail business: This could be another attractive option for you. Many people want to start retail business but cannot afford to spend on shop rent; online retail business is ideal for those who do not have money to invest but have time to market products. You can search for the products in demand through the internet and select your product for the business. Many people do not have time to go out for shopping and prefer online shopping while staying at home. Such people can really help you to boost your business.

Well, there are a lot more fruitful business ideas for you to make money online immediately; you can use your talent and skills and run your own business successfully.

How To Come Up With Good Business Ideas

Almost all business all over the world started with good business ideas either coming from the entrepreneur himself, his creative team or even some of his friends or family members. Good business ideas are just around the corner but it takes a business-minded person to recognize them as good business ideas.

Good business ideas have given birth to most successful businesses. However the people behind the business surely did not stop with just having the business ideas but they proceeded from there. There is a lot of hard work that stems from good business ideas including planning, development of the business as well as marketing campaign.

Some people come up with good business ideas with nary an inspiration. It seems like they stumbled on their business ideas as a matter of luck with no hard work at all. However, most people have read every book and magazine available, visited lots of business interests and brainstormed with as many people as possible just to come up with good business ideas.

A person who is very creative and who has a lot of stored knowledge can produce the most if not the best business ideas. Some people regularly attend trade shows and business gatherings and seminars not only to come up with good business ideas but to develop the ideas they already have.

Attending trade events and exhibits can be very good for a person who is looking for business ideas. The already existing businesses that are on display can give him an idea of what kind of business to go into given his already existing resources as well as his financial capability. He can also come up with innovations or improvement of already-existing businesses.

Most entrepreneurs who have discovered good business ideas usually think out of the box. This means they do not limit themselves to what is already there and what is already being seen by the naked eye. They think creative and sometimes they even think silly.

Some entrepreneurs consider the special events which people make as an excuse to spend like Christmas, Valentines, birthdays, Easter, Halloween and the likes. Some people proceed from there are find their business niche in relation to these occasions.

Valentines Day is always spending day for majority of the people all over the world no matter what they say that it is not about money. It is all about money no matter what they say. Most people spend little or spend too much. The point is they really spend for this event and a person who can come up with good business ideas for such an event can cash in on the money.

A person who knows how to bake or cook can come up with a home business during special occasions. He can accept order for heart-shaped cakes and design the product with a personalized touch to be more competitive. Another good business idea for this occasion is flower delivery or flower arrangement. Both business ideas can be done at home without need of investing much capital for rentals.

There are a lot of good business ideas that have never been tapped. Some have already been tried and tested but they may have failed for lack of some ingredients which a creative mind can improve upon.

How to Start a Home Business – Getting the Idea For Your Business

Too many people never get beyond thinking about how to start a home business. To start your own small business requires action.

The first action is to create or choose a business idea. This first step is often an obstacle that is never overcome because people do not know how to go about looking for business ideas.

This article speaks to these people. It is about how to find ideas for your own business.

How to start a home business – open your eyes and you will see real opportunities

Real business ideas are all around you – all the time. You just need to become aware of them. If you are thinking about how to start a home business, you will become more aware of them.

You will find ideas for a business in your

back yard
basement
living room
kitchen
children’s room
garage

You will find ideas in your car, in the stores you visit, in the meals you eat, in the movies and TV programs you watch, in the homes of your friends, in the newspapers and magazines that you read. Ideas for a business are everywhere. You just have to open your eyes to see them.

How to start a home business – begin by looking at your hobbies and interests

The best business for you to start would be a business about something you enjoy.

Chances are that you have spent many years working at a job that you may not like – just to earn a living. You may

be working longer hours than you wish
be experiencing unwanted pressure and stress
look forward to Fridays, beginning on Monday at 9AM
spend a part of Saturday and Sunday dreading Monday at 9AM

What do you think work would be like for you if you were your own boss and your business was about the things that you really enjoy?

Look closely at the areas of your hobbies and interests. Find problems that people have in these areas and solve them. How would that be for a business?

How to start a home business – You dont need to invent a new product

Look at how you can turn an existing product or service into a new product or service. This is where most ideas for new business come from. There aren’t that many newly invented products and services.

landline phones gave rise to cell phone businesses
desktop computers gave rise to laptop computer businesses
laptop computers gave rise to hand held technology businesses like Blackberry and PalmPilot
supermarkets gave rise to home food delivery businesses
car washes gave rise to mobile car wash and car valet businesses
sit down restaurants gave rise to fast food and “take out” food businesses

Make a list of the stores you visit offline and online. From what did each of these businesses evolve? Make a list of all of the services you utilize. From what did each of them evolve?

How to start a home business – are there services you can provide that people dont want to do?

It seems that people are busier today than ever before. Issues surrounding work – life balance are more prevalent than ever. This opens an opportunity to start service businesses that customers

dont have time to do
dont want to do
dont know how to do
cant do
cant find others who do it
cant find others who do a good job

Some examples of services that can become a business are dog walking, care for the elderly, care for the young, tutoring or coaching of a skill you have, carpentry etc. Millions of business owners profit by selling routine and sometimes unglamorous services such as window washing, car repair, sandwich making, building maintenance, house cleaning, and plumbing.

The business you start now can become another business tomorrow

One of the fastest growing business types today can be categorized as the information business. Today people are hungry for information – particularly information about how to do things.

If you already have a skill that you think people would like to learn, you can teach them that skill through seminars, lectures, coaching, books, courses, e-books, e-courses etc. If you do not feel that you already possess such a skill, you may soon have it after your new business has been up and running for a while. Your new business could morph into an information business that helps others to do well in their own similar businesses.

Don’t give up on starting your own business because of a half-hearted attempt to find an idea for your business. You can and will find the idea if you systematically look for it.

Sustainable Startup Business Ideas

Starting a business at this time when even the world’s major economies are struggling to keep up with the economic crisis can be a big challenge.
There are people who believe that while this is true, this is actually the best time to start a business provided you have the right startup business ideas in mind. While no one can guarantee the success of any business, you can however choose a business that will stand the test of time.

When you talk of sustainable startup business ideas these days, you no longer just refer to green business ideas. A sustainable business idea means a business that is needed by the society not only for now, but for a much longer period. It is a business that can survive even the toughest economic times because it does not require lots of capital and overhead expenses to keep it operational.

Here are some sustainable startup business ideas you can explore if you have what it takes to go into these types of business:

Consultancy

Professionals who want to spread their wings but do not have much capital to go into business can start their own consultancy companies. Thanks to the internet, you no longer have to rent out an office to start one because you can work from home and promote your consultancy business online. It is important to be some sort of an expert in a certain profession before you can go into consultancy. It can be in accounting, writing, information technology or some other skills you have trained for and earned an expertise in the past years through employment, education or other methods.

But even if you are an expert, you still need to market your consultancy and in effect your brand. The best way to start a consultancy business is to create a website in your own name. The website should include all the services you offer and if possible, referrals from past customers who have benefitted from your services. Take advantage of social media to promote your website and your consultancy business. But do not just stop there. Send proposals to companies or individuals who may need your services.

Online retail

The Internet plays an important role in every aspect of society’s life today including how we do business. Thanks to the increasing accessibility to the internet, the retail industry now provides a level playing field even to small startup business ideas. Thanks to the internet, it is now possible to start your own online retail business without thinking about paying for the rent and other overhead costs that goes with operating a traditional retail business.

In the United States alone, over 24 million now rely on the retail industry for their livelihood. Food, clothing, books, appliances, automotive, name it and you will find an online retail store that sells the said product on retail. The market may be saturated but there is still room for innovative startup business ideas and yours might be another brilliant retail idea.

You only need a small capital to buy the items you need to stock up on your retail store. Then build a website and take advantage of the social networking platforms to promote your brand. This can be done even if you are operating in a home office which lessens the operating cost of your business.

Not all startup business ideas can become a successful venture but if you are passionate about any of these two ideas then you might be the next big thing in the industry. But first, you have to make your idea a reality.