Archive for

6 Top Mistakes Made by Small Business Owners

If you are thinking of starting your own business or already have, be sure that you avoid these common pitfalls that can mean the difference between a great business and no business at all.

1. Thinking you don’t need a business plan

Yes, you do! Business plans force you to examine your concept, study the competition, think about costs and plan a long-term winning strategy. A business plan is most often used to seek start-up funding, proving to the lender that the business will succeed. Even if you don’t need funding, taking the time to plan your business before running it is the smartest step you can make towards long-term success.

2. Mental bookkeeping

Keeping “the books” all in your head is a great way to get into big financial trouble. Expenses and income need to be carefully documented. Suppliers, customers and the IRS aren’t going to accept “oh, it was about $3500, give or take” when they come to you looking for a receipt.

There are many different ways to keep your books. If you prefer not to track your finances with pencil and ledger, try one of the many bookkeeping software packages available, such as Intuit’s popular QuickBooks. If you still feel that you can’t keep on top of making timely entries, hire a bookkeeper or accountant to keep all your business finances in order. You will be glad you did.

3. Spending money you didn’t need to spend

Don’t blow through all your startup capital. If you’ve done your business plan as you should, you will understand your break-even point. Budget carefully so that your business can operate beyond that point. Expect the unexpected and be prepared for sudden market changes, late-paying customers or other unforeseen expenses beyond your control. Don’t fall into the trap of buying into the latest fad or gimmick before thoroughly checking it out.

4. Expecting a market without marketing

Every business needs to be able to get the word out. Hanging up a sign and expecting a customer to find you is unrealistic unless you live in a place where they literally have nowhere else to go – or no internet connection. In today’s society, shopping for a product or service can mean going down the street – or thousands of miles away via a few clicks of the mouse.

Don’t assume that because you think your product is great that everyone else will, too. You have to convince them it’s great, and more importantly, show them that it is available. Market research is part of every business plan (see “Thinking you didn’t need a business plan”) and marketing is part of the day to day work of doing business. If you don’t understand how to best present your product or service, hire someone who does. The cost will soon be offset by increased sales.

5. Doing too much yourself

While a new business needs to be frugal, there is a point where trying to manage every aspect of the business yourself becomes cost-ineffective. You may feel as if you can’t afford an accountant or advertising or an administrative assistant to help out with paperwork, but by trying to do everything on your own, you may end up spending all your time trying to support your business rather than bringing business in. Hiring a helper can turn this around. Being in business for yourself doesn’t mean that you need to be or should be in business by yourself. Short on cash? Check out bartering for goods or services.

6. Lack of balance

While starting and running your own business requires a lot of hard work and dedication, ignoring loved ones can be as ruinous to your emotional and physical health as the business failing. Make sure that family and close companions understand and accept that you’ll be working long hours to get your dream off the ground. By the same token, make sure that you don’t abandon them. There are some life experiences that are not repeatable. Take the time off to enjoy them.

To avoid common small business mistakes, educate yourself on exactly what your business needs for success, don’t be afraid to delegate when needed and don’t build your dream at the expense of family and health. Most importantly, when you make an inevitable mistake, learn from it. If you do that, that’s one less mistake you’ll make again.

Starting, Buying, Selling, a Business – What Are They Thinking?

Want to start a business? Want to Buy a Business? Want to Sell your business? These interest are very different but there is one common element among these significant business decisions. Money-. While working with business owners and individuals with the process of buying and selling businesses, I consistently come across a common element that I believe would be surprising to most that are ” looking from the outside in”. Money is always a determinant factor in the process, but so very often it is the other factors that create the motivation that steers the process. As a small business owner or one that recently started a business one wonders if the thoughts, trepidations, or concerns that you have are shared by others. It is common to wonder if others struggle with decisions such as you. What are some of the thoughts others have regarding these important decisions.

Currently I am working with business owners that are selling their businesses and it may be somewhat surprising that money is not the primary reason they have decided to sell their business. But make no mistake all business owners want the maximum amount they can attain for their business but the reasons for selling are varied and different. I am also working with several individuals looking to buy businesses and they as well generally are looking for some sort of change. Again they are looking for value in the business they are seeking to buy, but the reasons they are looking to get into something different are also varied and diverse.

Many people out there, and readers of business articles such as this are contemplating change. So many of tomorrows business buyers are employees that are working for someone else today. They are seeking change. Many of the business owners looking to sell their business are seeking change. Most all starting a business, buying a business, selling a business are seeking change. When talking with seller of businesses and potential buyers of businesses one learns the “why” is varied, and comprises similar thought processes I experienced as one that both started a business, bought several businesses and sold my own business as well.

Perspective very often if the difference maker in what drives this business decision. The excitement and energy that comes along with doing something new where the roads ahead are full of unknowns and optimism can certainly provide different perspective than the business owner that has experienced the challenges and sees the roads behind him. The reasoning behind the decision to buy start or sell a business may look very similar but it really is the perspective that provides the different “take” on that reasoning.

I want to Buy a Business, I want to Start a Business because…” -

1)MONEY- want to make lots
2)PASSION- I love making widgets
3)ACCOMPLISHMENT- It just feels good
4)OBLIGATION- It was my families business
5)EXCITEMENT- I love working 24/7
6)CONTROL- I control my own destiny
7)OPPORTUNITY- I’m young-limitless

8) CHANGE- I want to do something different

“I want to sell my Business because “-

1)MONEY-Not making enough, money is less important
2)PASSION- I used to love making widgets
3)ACCOMPLISHMENT- The feeling of accomplishment is gone
4)OBLIGATION- My family is no longer around
5)EXCITEMENT- after working 24/7 I am now Burned out
6)CONTROL-Insurance Companies,employees,IRS,State,control my destiny
7)OPPORTUNITY- I feel old- exceeded my limit

8) CHANGE- I want to do something different

While the list could go on and on, Contrary to common belief—– Its not always JUST about the money.

How to Be Your Own Boss With This Network Marketing Internet Business

So you want to begin a Network Marketing Internet Business? You might have always wished you could start your own online MLM business, but the truth is you have no idea where to start. If you have always dreamed of becoming your own Boss, congratulations you have just completed the initial step. This simple truth tells me that you have a burning desire to start your own network marketing internet business and be able to have control over your own success, is what will, (when you let it) move you forward.

At this point let us be really serious and think about the required steps needed to be your own boss. Go through the next questions and provide truthful answers. This is your foreseeable future you are contemplating. Think meticulously regarding your ability to handle the responsibility of this kind of an venture.

Right Now Ask Yourself:

1. Do you consider yourself ready to start a Network Marketing Internet Business?

Exactly where does your notion to start your own online MLM business originate from? Do you evaluate prosperous businesses who are around you and believe you can do that too, or perhaps you have often experienced the inactive thought sowing in your subconscious mind.

It’s actually time for you to be sensible and come down to earth. The majority of network marketing business opportunities, start out with a thought or a concept. Just like a illness it gets hold of your whole being, and develops and expands until you become stressed possibly with enthusiasm, or apprehension.

The more you consider it the more fired up you feel until finally you take action. It is like planting a seed in your mind. Uncertainty is a word you are unable to think about, because doing so will certainly destroy your life purpose.

You need to be self-confident that you are able to handle the responsibility involving building a network marketing internet business, regardless how small they may be, they continue to involve commitment and perseverance. Self-discipline is extremely important. Being in business for yourself implies you carry the full load.

2. Do your loved ones support your online MLM business?

If you’re married, or have a companion, would they go along with you starting a business? What do the members of your household think of you being self-employed? Do they and also you understand simply how much your life changes by spending the rest of your valuable time working your own business? Is the family members happy to support your commitment to start a business which might change their financial stability?

Question yourself, if I manage the home based network marketing business from home:
What exactly will the online MLM business need from the amount of living space I have at home? It really is a well-known reality, that a lack of living space could cause friction among members of the family. How will the business infringe on my, loved ones private space in the home? The intrusion of somebody’s private space might cause bitterness.

Should I create a management plan to help make use of our family space making sure that it accommodates my family members as well as my business without triggering a major upset? Excellent planning is what a home based business requires regarding success, and organizing efficient usage of your living space in the home provides you with the ability to start organizing your business.

Questions regarding your own Viability to operate your network marketing internet business:

1. Do you have the self-confidence to become a leader and self-starter and do you know how this can have an effect on you? Bear in mind leaders are classified as the one’s at the forefront if you own your own business it will either be a success or not with respect to the choices you alone will make.

2. Have you any idea if other people might consider you a leader? Respect as a leader is tough to accomplish, nevertheless an invaluable asset in a organization

3. Would you commit a substantial part of your personal savings or increase cash on your assets for getting your online business started?

4. Have you got plenty of self confidence in your abilities to support yourself while running a business, if or when things get challenging?

5. Deep inside your heart, will you be confident with making your own choices?

6. Are you prepared to dedicate long hrs to help make your business work? Absolutely nothing worthwhile is generally acquired without having some kind of sacrifice and setting up your own online business will definitely test you on this.

7. Would other people think of you as team player? I am aware every team requires a leader, however a team associate provides various duties to the leader.

8. Are you willing to learn what it takes to succeed in your network marketing internet business? Which could imply a great deal of reading or watching endless video tutorials.

If within your heart you still possess an intense desire to start your own home based business then I would say you are ready to venture out into the world. So first things first regardless of whether you start a network marketing business, internet business, affiliate business or even a traditional business you need to learn the best way to market your business. This is the most crucial step to the success of your business.

I invested countless hours searching for a booming company that would have all the features I required to market my opportunity. After many months of groundwork I came across an incredible organization which has exceeded my expectations and continues to perform well. If you would like to evaluate this company on your own, visit: HelpingPeopleSucceedOnline.com.