Tag: Factors

Factors Affecting Your Corporate Identity

The strong Corporate Identity is vital need for any organization irrespective of its size. Even a smaller company with strong corporate identity can beat its strong contenders. In other words, the brand image of any company, business or organization is vital to its success. An organization can generate fresh set of customers through strong corporate identity or industry presence.

There are various factors which can affect the brand image of any organization. Some most important factors are as follows:

  1. Website – A perfect portal is must for every small, medium or big organization, company or business. The world has become so small in this e-connected world, people are eager to know anything and everything about the details of products being offered by a particular company. They are also interested in knowing what your past customers are saying.
  2. Logo– A logo represents the goals, vision, and attitude of any organization or company towards his business and customers. They need to be specific in terms of a Logo. Companies give stress on a logo which design can match the services and targeted customer’s prospects.
  3. Stationary – Stationary is also one of the most important factor in deciding corporate identity and brand image of a company, business or organization. That includes, Company Letter Heads, Correspondence Business Envelopes, Services Brochures, Post Cards, Business Cards, and Employees Identity Cards (Magnetic Cards). A letter head makes an emphatic impact on readers or viewers mind. If your Letter Head looks professional as well as classy at the same with illustrating vital information regarding your organization, most of your business proposals will be readily accepted or at least you will get first hand queries enquiring more about your services. Business cards also make a great impact on your company’s identity and brand image. Those are not a thing to be included in wallets of your Top Business Executives and marketing personnel’s in fact they carry the most feasible means of contact for your organization. With every distributed business cards you executives are leaving information as well as future business prospects for your company, so it should be realistic and matching to your company’s identity and Brand.
  4. Print Advertisements – Print advertisements still carry the same level of importance in front of people as earlier. Every ad flyer or ad brochure is representing a sample of your organization. So it should reflect the pride and uniqueness of your organization.

There are several other branding options and ways of enhancing your corporate presence. But stationary is one of the most important among all of them. No doubt the business scenario has changed a lot during last few years from manual to automatic transfer of operations. But still your printed materials are very important and you should not avoid it at any case.

Easiest Business Loan to Get: What Factors Are Important When Looking for a Financing Solution?

Every type of business requires some sort of loan or line of credit for a wide range of reasons: start up capital, equipment, inventory, office rental, etc. Since every business and every owner is different and has unique circumstances, the easiest business loan to get for another owner might not be the easiest for you.

For start-ups or businesses that have either no credit history or a poor credit history, it will likely be difficult to obtain traditional bank loans. Also, with a low credit score, your interest rate will be high, even if you are approved for a loan.

Lenders will usually look at more than your credit history. Other factors include your time in business, industry, your personal credit score, whether you’ve had any recent bankruptcies or defaults, balance sheet, business licenses and permits, tax returns, purpose of loan, proof of collateral, and several other reasons.

If you can think that your financial situation is likely to improve, you’ll need to provide the documentation to prove it. Always have your documents and financial files ready and organized anyway, so that you’ll be able to get through the application process as smoothly as possible.

Are SBA Loans the Easiest Business Loan to Get?

Many people don’t consider SBA Loans and long-term loans to be the easiest business loan to get, as the application process is very long and complex. Only consider SBA loans and long-term traditional business loans if your credit score is high and you have all your financial statements prepared and ready to go. However, the application process still might take some time, so you’ll have to wait on approval.

If you need cash as quickly as possible, there are options such as merchant cash advances. This type of offer will help you access capital. You’ll receive a lump sum of cash, but you’ll be expected to give up a portion of future sales. You will have the responsibility for paying back the loan itself as well as fees. While there is no set fee, $15 for every $100 borrowed seems to be a pretty typical amount by many cash advance merchants.

Invoice financing and equipment financing are pretty similar with their requirements. With the former, you’ll need to show details of your unpaid invoices, as well as bank statements and other financial information. With the latter, you’ll need to explain the type of asset(s) your company needs to purchase, and provide an equipment quote, business tax returns, bank statements, etc.

There are many other options for business of all sizes thanks to the internet. Online lenders are popping up all the time, although it’s best to stick with one that has been around for at least a decade. Begin your search with US Business Funding, an accredited company with the BBB. They will help you find the easiest business loan to get for your needs.

Newspaper Advertising Costs – 8 Factors To Consider

Calculating and comparing newspaper advertising costs can quickly get complicated. Once you’ve tracked down a newspaper advertising rates card, you’re then faced with the delightful challenge of making sense of it all. There’s no “one size fits all” to make our lives easy. Instead, newspaper advertising costs depend on a number of factors, some of which you might find surprising. To answer the question, “How much does it cost?”, the answer would be: “It all depends.”

8 factors that affect newspaper advertising costs (within the one publication) are:

  • type of ad
  • size
  • day of the week
  • section or lift-out
  • page position within a section
  • left hand side VS right hand side
  • colour VS black and white
  • annual spend/expenditure commitment

In this article, I’ll discuss the 8 factors that determine newspaper advertising costs in Australia. I’ll also provide an example of how much it would cost to place a display ad in The Courier Mail (a Queensland newspaper). As you’ll see, newspaper advertising costs can quickly add up. If you’re on a tight budget, as many of us are these days, knowing what most affects the cost, allows you to cut back where you can.

#1 Type of Ad – Display VS Classifieds VS Inserts

The first factor that decides the cost of a newspaper advertisement, is the type of ad. Most Australian newspapers offer a number of different types. Display advertisements appear throughout a newspaper, and may use colours, illustrations, photographs, or fancy lettering to attract the reader’s attention. These provide a great deal of creative control over the content of the ad, without being limited to just text. They also aren’t grouped according to classification, unlike classified ads. Display advertisements are typically charged at a rate per single column centimetre. In other words, the height in centimetres and width in columns determines the cost of the advertising space. On the other hand, classified ads are typically charged based on ‘lineage’ or per line.

Another form of advertising offered by most major newspapers are ‘inserts’ – separate advertisements that are placed inside the newspaper, and can have more than one page. Inserts are usually charged at a rate of per 1000 per number of pages. For the purposes of this article, we’re going to limit our discussion to display advertisements.

#2 Size Matters

The second factor that contributes to the cost of newspaper advertising, is size. As mentioned above, display advertisements costs are calculated based on their height in centimetres, and width in columns. Most newspapers have their own standard sized advertising spaces, which your ad needs to fit into. Some newspapers offer non-standard sized spaces, such as a ‘U’ shaped ad around the edges of an open paper, but be prepared to pay a higher price for irregular sizes and shapes.

Let’s look at the standard sizes available in The Courier Mail, as an example.

  • “Small Page Strip”, 6cm high by 7 columns wide, the minimum casual cost per day (based on a Mon-Fri Casual rate of $AU58.51) is $AU2457.42.
  • “Medium Page Strip”, 8cm high by 7 columns wide, the minimum casual cost per day is $AU3276.56.
  • “Quarter Page Strip”, 10cm high by 7 columns wide, the minimum casual cost per day is $AU4095.70.
  • “Horizontal Half Page”, 20cm high by 7 columns wide, the minimum casual cost per day is $AU8191.40.
  • “Full Page”, 38 cm high by 7 columns wide, the minimum casual cost per day is $AU15563.66.
  • “Vertical Half Page”, 38cm high by 4 columns wide, the minimum casual cost per day is $AU8893.52.
  • “Vertical Third Page”, 38cm high by 3 columns wide, the minimum casual cost per day is $AU6670.14.
  • “Vertical Quarter Page”, 38cm high by 2 columns wide, the minimum casual cost per day is $AU4446.76.
  • “Portrait Half Page”, 28cm high by 5 columns wide, the minimum casual cost per day is $AU8191.40.
  • “Portrait Third Page”, 20cm high by 4 columns wide, the minimum casual cost per day is $AU4680.80.
  • “Portrait Quarter Page”, 20cm high by 3 columns wide, the minimum casual cost per day is $AU3510.60.

Here you can see that the cost of a standard size display ad can range from at least $2457.42 per day for a small page strip, and up to at least $15563.66 per day for a full page advertisement. That’s an awful lot of money to invest in a single page, that will only be published on one day. Most of us simply don’t have that kind of cash to throw around, so you’d really need to know what you were doing. This example demonstrates how much the size of a display advertisement affects the price.

#3 Day of the Week

The third factor that contributes to the cost of a newspaper advertisement is the day of the week on which the advertisement is published. Typically, newspaper circulation is greatest on the weekends, and so the advertising rates for major Australian newspapers are adjusted accordingly. In our example of The Courier Mail, the rates are cheaper on a weekday, more expensive on a Saturday, and most expensive on a Sunday. For the most basic display ads, Saturday ads are 25% dearer than Monday – Friday ads, and Sunday ads are almost 90% dearer than Monday – Friday ads.

This pattern may vary though, depending on the circulation of a particular publication. For instance, The Age is most expensive on a Saturday. To illustrate how much of a difference it makes – a small page strip ad in The Courier Mail on a weekday would be at least $2457.42, and the exact same ad run on a Sunday would be at least $4637.64.

#4 Different Sections or Lift-Outs

Most newspapers are divided into different sections and many have lift-outs – and this is the fourth factor that determines newspaper advertising costs. Different sections attract different readers and different volumes of readers, and so the advertising rates are adjusted to reflect this. For example, an advertisement placed in the CareerOne (Employment) lift-out in The Courier Mail, costs 2% more than the general section. The rates for CareerOne, also vary depending on the day of the week, as mentioned above. Some examples of other sections that may have different rates include: Adult Services, Funeral Notices, Real Estate, and Business.

#5 Page Position Within a Section

The next factor that can significantly affect the price of a newspaper ad, is the page number on which the ad appears, within a certain section. The most expensive part of the paper is typically the front section, which might include the first 10 or so pages, and is referred to as the “early general news” or EGN for short. In our example of The Courier Mail, page 2 in the EGN section attracts a 60% loading. Similarly, the first 11 pages have at least a 50% markup. This type of loading is common practice across Australian news publications. Now let’s say we wanted to place a small page strip ad in The Courier Mail on a weekday, on page 3 in EGN, the cost would be at least $4054.74.

The first few pages and back pages of other key sections of the paper, such as Business, also attract a higher loading. For The Courier Mail, the very back page attracts a 65% markup. You can see how the page position of an advertisement can have a substantial influence on the price.

#6 Left Hand Side VS Right Hand Side

The next factor is also related to position of the ad, but relates to which side of an open newspaper the ad appears in. You might be surprised to know that, in some publications, an ad that appears on the right hand side of an open paper, will cost more than one that appears on the left hand side. This is to do with the way readers actually read a newspaper, and where their attention is focused. This factor may also be tied to the page position of an ad, and which section it appears in. For example, in The Courier Mail, for ads on pages 12 to 21, a right-hand side ad costs 5% more than a left-hand side ad.

#7 Colour VS Black and White

Another factor that substantially affects the price of a newspaper advertisement, is whether the ad features colour, and how many colours. Colour ads are more expensive than monochrome or black and white ads. Some newspapers may distinguish between multi-colour advertisements and those that only feature one added colour (called “spot colour”). For example, The Courier Mail charges 30% more for multi-colour display ads, and 20% more for ‘spot’ colour display ads. Remember, that this is combined with any positional loading.

So let’s say we wanted our small page strip ad in full colour in The Courier Mail on a weekday, on page 3, that would be calculated as: $2457.42 + 30% colour loading = $3194.65 + 65% positional loading for page 3 = $5271.17

You can see here how the cost of our ad has more than doubled after we’ve factored in the colour, and position of the ad.

#8 Annual Spend/Expenditure Commitment

Now here’s a factor that also affects the price of your newspaper ad, but this time it’s a decrease, with a catch, of course. If you have the budget, and are prepared to commit to spending a certain amount annually, usually by entering into a 12 month contract, then you may be entitled to a discount. However, the discount depends on how much you’re prepared to spend. For example, to qualify for a 4% discount on The Courier Mail’s advertising rates, you need to spend at least $38500 per year. If you’re a small business owner, chances are you’re not working with this kind of budget, so bye-bye discount.

Just in case you’re curious, businesses that annually spend at least $2.3 million with the Courier Mail, receive a 13% discount. In my opinion, this form of discounting simply highlights how biased mainstream advertising is towards big business. Where’s the discount for all the struggling small businesses? But that’s another story.

Summary:

To sum up, those 8 factors again, and how they’ll affect the cost of your ad:

  • type of ad – display VS classifieds VS inserts – rates based on different measurement units
  • size – pay more for bigger ads
  • day of the week – weekends are more expensive
  • section or lift-out – early general news (EGN) is more expensive
  • page position within a section – front pages and back pages cost more
  • left hand side VS right hand side – RHS is dearer
  • colour VS black and white – pay more for full colour
  • annual spend/expenditure commitment – get a discount if you spend up big

Now that you know what affects the price of a newspaper advertisement, you’re better prepared to decide where and how you want to spend your advertising dollar. If newspaper advertising seems beyond your budget, then it might be worth considering more cost-effective alternatives, such as online advertising.

Factors Directing You to the Best House Cleaning Services

With the schedules being highly hectic nowadays, people do not find enough time to clean their homes. Thus, a majority of people, especially working couples, prefer to hire professional cleaning services. The same proves to be cost-effective and saves on money incurred by hiring permanent staff to clean your house, which is comparatively expensive.

When it comes to hiring a professional maid service, a few factors are needed to be taken into consideration before a final decision is reached. Numerous housekeeping service providers are available today. But, it is influential for you to choose the best from among them all to get your residential or commercial space cleaned in a proficient way. It is crucial on your part to evaluate the house cleaning company based on its quotes and its professionalism level. There are a number of companies offering quality cleaning solutions at fair prices, but before you go for one, you have to settle on your personal requirements and budget. Determining this factor will allow you to select an apt house cleaning service that best suits you. Below are some other factors, which are needed to be considered by you to enjoy the advantages of professional house cleaning services that ensure clean and tidy surroundings all the time.

  • Type of cleaning products they use: – Usually, cleaning products include toxic chemicals, which can have a harsh effect on the environmental health of your home/office. Cleaning service providers select inexpensive products while providing the best possible results. But, an effective cleaning product may not mean that it is good for health too. Thus, you should not sacrifice with the quality of the cleansing product. It is important for you to ask the cleaning company to use only eco-friendly products to clean the house/office in order to safeguard the health of your family members or the office staff.

  • Trained professionals – Make sure the company you are hiring has a team of well-trained professionals. The company should insure its whole staff against damages/injuries caused while working in your space. If a company lacks to do so, it shows carelessness on its part to prove that the services offered by it are not worthy.

  • Company sends the same cleaning maid every day: – This is actually a major factor when it comes to considering a professional cleaning service, for constancy is a vital ingredient in this business. If the house cleaning company hired by you sends the same team or maid every day, it will mean that she is getting comfortable with your home, which is necessary too. Not only will the same allow her to work with ease at your place, but you will also not need to instruct the maid every day.

  • If the company you are hiring is insured: – This will provide you safety in case you seize one of the cleaners stealing something from your house. Knowing that the company is insured will help you get peace of mind. You should also ensure if the company will cover accidents caused by its staff in your space. Last, but not the least, go through the contract papers thoroughly and if you find yourself comfortable with the same, only then go ahead to hire that company.

  • If the company screens its staff members:- While you are allowing strangers to come to your home for house cleaning, who would remain in and around your house, you need to ensure that they are reliable and trustworthy. You must ask the company if an analysis has been done by them on their staff’s background to check if they have a fair/clean record. Apart from this, drug screening should also be done on them.

Keeping the aforementioned in mind, you can easily hire a reliable housekeeping service provider for your residential or commercial space.

Legitimate Home Business – Factors Militating Against Working From Home

* Going Half Way With The Office Management

Starting a home office on the dining room table is not a good idea, nor is committing only half-heartedly to making a guest room into a real office. If you don’t treat the office seriously, there’s better than even chance you won’t take your work seriously either. Carve out a separate space and dedicate it as the office. You’ll feel better and your work will benefit from that decision.

* Succumbing To Workaholic Syndrome

If, while working in an office setting, you’ve had a tendency to stay there until the work is done, operating from home is a workaholic’s dream come true. With the office only a few rooms away, there’s a temptation to “get one last thing done” after dinner or on a weekend. It’s important to be professional about your business, but it’s also important that you don’t let the office become your new home. Set hours, try to manage your work-flow into those hours, than shut the door and put up the “closed” sign.

* Family Issues

Lots of women see working at home as the answer to two issues- making a living and raising a family. If it were easy to mix kids and work, parents would have been doing it at their business offices long ago. That said, it isn’t entirely impossible either. The trick is balance. You can’t afford to be at the beck and call of your children, but you certainly don’t want them to feel totally ignored.

Racing from the office to untangle toys and do laundry every hour will soon turn your work world upside-down. Closing the door and ignoring the family will have an equally unfortunate effect. Obviously, day care is an option. Consider it for the days that you might schedule your most critical task. On days you set aside for errands, such as paying bills, bookkeeping, research on the internet, and so forth, you might more easily accommodate the family being around.

* Lacking Certain Office Skills

When working for other companies, you relied on others with jobs that complemented your own. As your own businessperson, at your own business office, you have a lot more duties besides the specific ones that “bring home the bacon.” You’ll be responsible for executive and marketing decisions, financial and administrative details and deadlines, as well as clerical and reception work. Until your business becomes profitable enough to employ other people, it’s all down to you.

This is where a business plan makes sense. You need to work out the detail of how you’ll charge for your products or services. Be careful to figure in the “cost of doing business,” which includes the clerical and administrative things, too. Add in a “fudge factor” and some profit. Assuming that you’ll work a 40-hour a week, set your sight on making a living in 30 hours, then use the other 10 hours to take care of other parts of the business- marketing, promotion, billing, bookkeeping, and business errands.

If you feel you lack the skills to juggle all those things, or don’t have the interest in becoming your own secretary, perhaps you’re not cut out for a home business. But if you want to give it a try, you can certainly learn what you need to start and maintain a home based business.

Key Factors to Consider When Buying a Travel and Tour Franchise

If you are considering investing in a travel and tour franchise, it is likely that you have many questions. For many people, the idea of setting their own business can be incredibly daunting experience, but also one of the most liberating experiences of their lives. In this article, we will look at some of key considerations which you should factor in when making this decision.

The travel and tourism industry is literally booming globally – now contributing over two trillion pounds to the economy. More and more people are thinking about how they can get involved in the travel and tourism industry, recognising the explosive and exponential growth. Starting your own travel business from scratch is one option that people often consider, however starting without a network of contacts or even a base starting point can be extremely tricky. A huge number of start ups will fail within 12 months, so always try to avoid this pitfall.

The more popular market to success within the travel industry is the travel, or tour franchise market. What this essentially means is instead of setting up a travel business from the beginning, you can buy a travel franchise which actually gives you a firm starting point to begin your business. There are quite a few travel franchise businesses online, however there are probably only a couple of established businesses. If you do choose to purchase a tour franchise, make sure to do your research and pick the franchise company which is the best fit for you.

So what can you expect in terms of support when you buy a travel franchise? When buying a franchise, there are always different levels of support. Think of this a three-tiered membership: platinum, silver and gold. The more initial investment that you are willing to put up, means the greater level of support and guidance that you are likely to receive. Nonetheless, there are some common levels of support which you should expect from all travel franchises.

The first thing you should expect is a fully comprehensive training or induction programme. Lots of franchise operators will actually offer a residential training course, so this is likely to be an intensive course over a number of days or weeks. This can be a great opportunity to spend significant time with the franchise tour operators and really pick their brains, whilst trying to soak up an incredible amount of information.

It is also likely that they will be inducting a number of other new franchisees at the same time. This is also a fantastic opportunity to meet some like minded people who are also at the beginning of the same journey that you are on. If you can take the opportunity to spend time with them and get to know their motivations behind setting up a new franchise, you can increase your knowledge but also begin to build up your travel network. In the travel industry in particular, your network and who you know can really be a determining factor in how well you do.

You can also expect some of the more practical tools for setting up a new franchise. This might include a laptop, hopefully pre-loaded with any specialist software and templates that you might need. This may not always be included as a standard support tool, so you should always try to make sure that you fully understand everything that is being provided. A functional website, which is branded towards your company name and logo, is also something which you expect.

Finally, you might also receive some branding materials, such as leaflets, tri-folds and business cards. Remember when you meet potential clients, handing them a business card can be a great way to exchange your details with them and keep in touch.

Factors to Consider Prior To Starting a Landscape Supply Company

Irrespective of one’s financial status, starting a company or rather business is not a walk in the park. It gets even harder when it is a landscape supply company. Unlike other supply businesses, a landscape supply business is highly profitable. Suffice to say, it is a very lucrative business that requires one to have necessary resources and ample skills to effectively run it.

Therefore – prior to starting such a business – it is imperative for one to understand what needs to be done, when and how to go about the entire process that is involved in the daily running of a landscape business. Being a self descriptive venture, it provides customers with landscaping supplies for the beautification of their gardens and lawns. Listed are factors to consider prior to setting up a landscape supply company.

For starters, structure your business’ entity. Structuring ones business entity is inevitable and crucial at the same time. To be legally allowed to run a landscape business, one can either form a limited liability company; sole proprietorship or better, a corporation. However, the process of establishing a business entity requires the assistance of an attorney or a certified public accountant. Visiting ones secretary of state website to form a limited liability company can also suffice.

Next, obtain a tax identification number from the Internal Revenue Service’s (IRS). This is the second and the most fundamental step to starting a landscape company. In order to carefully plan and manage the running of a landscape business, in regards to hiring employees, expanding and effectively building credible business credit; obtaining a tax ID is necessary, if not very important.

For the records, one can easily obtain a tax identification number by calling an IRS representative over the phone. Or – if detailed processes are your thing – you can gladly print form SS-4 from the Internal Revenue Service’s website then physically put it in the mail. Nonetheless, the simplest and easiest way to apply for one is just by visiting the IRS website, period.

Lastly, acquire a license. While this is necessary, it is noteworthy to check first with the secretary of state or local chamber of commerce to determine if a business license is required for the operation of a landscape supply company in your area. Afterward, determine if you want to operate solely the company through an office or online with just a website. Finding suppliers that can sell landscape supplies to customers, establishing a merchant account and creating marketing materials can also be considered at this stage.

7 Key Factors That Constitute The Best Home Business

The Internet has brought various opportunities for making money online at home. It is now increasingly common for people to want to start a home based business and earn more money to supplement their main job’s income; or to have a better work-life balance by working from home and spending more time with family.

The internet is full of home based business ideas. Some of these ideas are proven, legitimate and profitable ways to make money. However, the Internet has also been inundated by many frauds and scams that promise people instance riches overnight. It is very important for anyone wanting to start a home based business to do their research on the opportunity before they join.

It is noteworthy that an online business is no different from any other business. You have to make the investment, in terms of time, money, effort and commitment. With any home based business idea, for it to succeed, you should be prepared to learn a lot, work hard and you must have lots of patience.

So with all these home based business ideas available online, how can you decide which one is good for you? What constitutes the best home business idea or opportunity?

1. The best home based business idea is one for which you feel the most comfortable with and are passionate about. The business idea must match your interests, so that you will enjoy working on it consistently. What are your interests? What products or services would you enjoy marketing, and be confident representing? By answering these questions, you will be able to identify what is the best home business idea for you. If you are passionate about your online business and the products or services you represent, then you will easily work hard at it, and you will easily succeed.

2. The best home based business idea must be a business that gives you a repeating income and does not rely solely on your own efforts. This is called residual income, and it means that for the effort you make today, you will continue getting paid for many years to come. Home based businesses with residual income give you any opportunity to earn money through sub-affiliates. Instead of making your online wealth from 100% of your own efforts, you can make it from 1% of 100 sub-affiliates. This means that as you continue growing your business, you will be building on the amount of money you will be earning in the future from your business.

3. The best home business idea is one which gives you multiple streams of income. Some business opportunities have multiple stream of income which allows you to earn money from various streams. An example of a good online business can be a combination of several affiliate programs which are in one ‘business opportunity package’, so that by simply promoting your business, you are growing various income streams.

4. The best home based business idea is one that gives you a secure and lasting way to earn a living online such as selling a product which you can develop or upgrade over time; or simply a business opportunity is established and stable. An online business is similar to any other business – long term security is important. It is therefore advisable that you focus on home based business ideas that have long term success potential.

5. The business must suit your skills and experience. If you start a business for which you do not have the necessary skills, then you must be prepared to work hard and learn a lot quickly; otherwise you will fail. As an example, for most people starting out to make money online, affiliate programs tend to be the easiest way to start with. They have minimal investment requirements and some very good ones come with a step-by-step guide to help you start making money with the affiliate programs. As your skills and experience develops, then you can start on other more advanced ways of making money online.

6. The best home business is one for which you can have a well executed marketing plan to grow that business opportunity. How you market any business can make or break that business, so the marketing plan you have for your business – whatever it is – and how effective that marketing plan is, will determine how good your online business will be for you. How you decide to promote what you choose to do online will make the difference. Key factors will be your marketing skills as well as your budget.

7. The best home business is one for which you will commit to work on consistently to grow it. The key to making an online business succeed is to work the opportunity every day without fail, and to stick to it. A lot of people come across good online business opportunities, but most of them quit before finding financial freedom, and they jump onto the next online business opportunity. This is mainly because the internet is full of ‘business opportunities’ some of which are scams, and also, some wealth seekers think that there are some easy and quick ways to make money online. Pick a proven online business that suits your interests and experience, focus on it long enough, do not get distracted, and you’ll make money.

While you do your search for the best home based idea, assess each opportunity using the 7 factors outline above, and you will be able to identify the best opportunity for you. A home based business idea that offer you many benefits and good potential for you to earn money is what you need to look for, and then invest your total commitment and effort to make it

5 Factors of Production

Economic systems rely on certain inputs to operate effectively. Collectively, these inputs are called the factors of production. They are the resources businesses use to create wealth. There are five factors of production: land, labour, capital, entrepreneurship, and knowledge. While knowledge is as old as humankind, it is only recently that it has been recognized as a factor of production. Here are some tips to help you understand the five factors of production:

Land

Labour refers to all natural resources. It comprises things found in man’s natural environment which can be used in producing goods and services. Examples include the earth itself (which forms the site where the enterprise is situated), climate, vegetation, water, and mineral deposits. The reward for land is rent.

Labour

Labour is another input of production. It refers to human efforts both mental and physical directed towards the production of goods and service. Among contemporary writers and scholars, labour is distinguished from entrepreneurship and knowledge. The reward for labour is wages or salaries.

Capital

Capital refers to all man-made productive assets used to further production. These productive assets are not wanted for their own sake (the satisfaction they yield), but because they help to produce other commodities. To better appreciate this input of production, we classify it into two forms: capital good and capital fund. The former consists of such things as tools, equipment, buildings, fixtures, means of transport, as well as raw materials in the process of manufacture, and inventory for sale. Capital fund, on the other hand, refers to money or cash that is available for investment in business enterprises. It could be in the forms of stocks, shares, loans and debentures. The reward for capital is interest.

Entrepreneurship

Entrepreneurship has been distinguished from labour, because, labourers cannot make a contribution without the entrepreneur. The labourers need to find work in order to make a contribution, and the entrepreneur makes this job available. Without the entrepreneur, all other factors of production are of little economic value. The entrepreneur identifies a business opportunity, organizes the other factors, and assumes the risks of success or failure of the business venture.

Entrepreneurship, simply put, is the exploitation of opportunities that exist within a market through the combination of other factors of production. The reward for entrepreneurship is profit.

Knowledge

We have distinguished this factor, knowledge, because it is increasingly being recognized as a vital factor of contemporary business. It is distinct from labour. It is a critical and meaningful resource in any economy. Knowledge is fluid. It can be captured, codified and transmitted. While others, cannot be completely articulated, for example, skills and competencies (tacit knowledge) can only be shard through interaction with people and the environment. Knowledge resides in the mind of the holder or knower, and when it is transmitted it becomes information.

Knowledge is a fluid mix of framed experience, values, contextual information, and expert insight that provides a framework for evaluating and incorporating new experiences and information. It originates and is applied in the minds of knower. In organizations, it often becomes embedded not only in documents or repositories but also in organizational routines, processes, practices, and norms. (Davenport & Prusak, 1998: 5)

Knowledge as the fifth factor of production is increasingly being recognized as the driver of productivity and economic growth. And it has certain unique characteristics that distinguish it from physical labour. These are:

  • Knowledge is expandable and self-generating: As an engineer or doctor gets more experience, his knowledge base will increase, and
  • Knowledge is transportable and shareable: This means that it is easily moved and shared. This transfer, however, does not prevent its use by the original holder.

It has been emphasized that knowledge resides in people’s minds, expectedly, the reward for knowledge is wages or salaries.

Knowledge, entrepreneurship, labour, capital and land has described as factors of production needed in any economic system, so as to operate effectively. The rewards for these factors were highlighted.

6 Factors That Stop People From Making Money Online

There are many reasons why people fail to generate income. In this article, we are going to take a look at six factors that stop people from making money online.

Skills – Lack of skills is one of the major drawback that hinder individuals from generating income. A lot of people assume that working from home on the internet does not require any sort of expertise but that is not true. Majority of the business opportunities online require one sort of skills or the other. For example, if your work necessitates your build site, you would have to learn how to use HTML and java. If your work requires making, you would have to learn the act of marketing on the internet.

Money – Whichever kind of business you want to run, how much you have to invest is going to determine the amount of income its going to generate as well as how quick the income is also going to come. Majority of the folks who start a business online often do not have much startup capital at all. And this can posse as a serious challenge to many home business owners.

Time – Most people who start an internet business often begin on part time basis simply because they do not have enough confidence on the business yet or still relying heavily on their present source of income. Combining two jobs at a time can be very tough. No doubt, the home business which is still new is going to get less attention since it’s not the primary source of income at the moment.

Action – People have that misconception that business on the web does not require any effort but this not true. When starting a new business, most people who are hard working discover that they need to do more. However, as time goes on and as the business grows stronger you would be able to relax or better still outsource the difficult task.

Fast Speed Internet Connection – Operating your business using a very slow internet connection is not going to be of much help to your business. There are so many works that needs to be done and you only have 24hrs in a day. It’s from these 24hrs that you would work, sleep, eat, take your bath, rest and so on. Making use of a slow connectivity is only going to put more pressure on you.

Fast Computer – Fact is not all computers are fast, there are several things you need to know before buying a computer such as the RAM, disk space and so forth. Normally, desktop tend to be very slow than laptop computers. You should contact a specialist on the right choice of computer before buying one.

There are still many other factors that stops people from making money but the ones mentioned above are some of the most common. If you can tackle this and work tireless towards success, you can achieve it. I hope you find this article interesting.

To Your Success, John Benjamin

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