"Think what a better world it would be if we all, the whole world, had cookies and milk about three o'clock every afternoon and then lay down on our blankets for a nap."Barbara Jordan
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Child-like Confidence will Build Your Work From Home Business
You learned most of what you know in your first few years of life. We can gain insight into improving our current situation by observing the behavior of young children. They believe in themselves, nothing is impossible. Their dreams and their reality mesh ...
Could You Be Setting Your Business Plan Up For Failure?
COULD YOU BE SETTING YOUR BUSINESS PLAN UP FOR FAILURE?"It's unlikely a business plan by itself will bring funding in the door, unless it is part of an overall marketing strategy."David E. Gumpert, author of "Burn Your Business Plan", tells the story ...
Menu Driven Business Planning
So you want to open a restaurant? Many people come to me with their plans, and ideas after they have decided to build or open a restaurant. It is my responsibility to assist them in their planning process and determine how clearly they have thought their ...
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Businesses come in all shapes and sizes. Some business owners started as kids, selling lemonade on the side of the street, while other business owners have bloomed later after years of careful planning. Whatever stage of life you're in, owning a business can be one of the most rewarding experiences you'll ever have. Starting a business is not for everyone though. Starting a business requires inspiration, hard work, planning and persistence.
Inspiration
The inspiration of business owners can range from not having a boss, to making more money to improving the local community, to any number of other motivations. Whatever the reason, having strong inspiration will help you get through anything, including starting a business.
Brainstorm
After you've been inspired to start your business, brainstorming is a good next step. What do you like doing? What does the world need? What can you provide that others can't or haven't? After you have a bunch of ideas, think up some more. It is, after all, the unique idea that often makes a business financially successful.
Research
Finding out what potential competitors are up to can give you ideas and also help define how your business will be different from others. Market research can help determine what products and services to offer. Further more, reading up on a variety of business topics, like advertising, marketing, management, unique selling points and more, can give you a huge edge.
Funding
Most businesses require some sort of funding to pay for all of the things listed above. In today's world, where an EBay account can be opened and items listed for next to nothing, don't be fooled into thinking that starting a business is going to cost tons of cash. Some businesses will require serious money to be invested upfront, while some home-based businesses can require a few hundred bucks or less.
After making estimates of your expenses, you will have a goal as to how much you will need to run your business. If your new business is going to be your only source of income, it is best to have at least two years of savings to allow your business time to become profitable. If you will have another source of income, such as a part time job, then you may have more flexibility in allowing your business the time it needs to float on its own.
Funding can come from savings, bank loans, friends and family, investors, donors, credit cards or other options. It seems better to over estimate your needs than to underestimate them and be left with not enough cash.
Revenue Flow
How will your business make money? If it is selling a product, how much will actually be made from each sale? When making this calculation and factoring in overhead estimations one can then determine how much needs to be sold to break even. Don't sell yourself short because you're a new business.
Legal
There are hundreds of laws that pertain to running a business. To understand and abide by all of these laws, legal consul is in order. Consulting a lawyer will also help protect your business with properly written contracts, terms of services, nondisclosure agreements and the likes of such. It is much better to have the confidence of having consulted with a lawyer than to wait until you really need one, when the damage has already been done. A poorly written contract, or no contract at all, can cost a business huge sums.
Employees
Having employees opens the door onto new realms of legal issues including tax withholdings, worker's comp, rules regarding minimum wage, overtime, required postings, record keeping and so on and so on. Having a specialist to handle these factors is very helpful to companies employing more than the owner.
Accounting
Software like Quick Books and Quicken can help the small business owner keep track of business accounts much more easily than without. Still, using a good CPA is highly recommended for helping uncover expenses and rebates and giving you peace of mind should you ever get audited.
As with all things, going for the cheapest business solutions will often cause a headache down the road. Spending a little more on an experienced professional, complete with references, goes a long way when you really need it to. Choosing a lawyer, CPA or Payroll Company based on cost alone can get you in big trouble. There are reasonably priced professional services out there, but make sure to shop around for one with good references and qualifications before choosing.
About the author:
Halstatt Pires is with the Internet marketing firm - MarketingTitan.com - an Internet marketing company in San Diego, which offers online database solutions through BusinessCreatorPro.com for ecommerce.
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