5 Tips for Launching Your Own Business

Chances are that if you’re reading this article you’ve got a business idea in mind and want to take the next step. Launching a new business can be extremely nerve-wracking but making it sustainable is the real key. To ensure that your business goes the full mile, read our tips on what to do before you launch:

business

Have a clear, defined business plan

A pitfall for many businesses is a lack of planning and research. You can have all the passion and enthusiasm in the world but without a measured and realistic approach to costs and demand, your business won’t survive. Figure out your company mission, objectives, keys to success and have developed financial and marketing plans. As William E. Rothschild once said, “What do you want to achieve or avoid? The answers to this question are objectives. How will you go about achieving your desire results? The answer to this you can call strategy”.

Think big

There’s no doubt that ambition will take you a long way in the business world. Just look at Ron Bakir, the Australian businessman who started his first business at the age of 17 with nothing but hard work, street smarts and a dream to have a million dollars by the age of 21. Work within your constraints to achieve your goal but never let anyone tell you that you are thinking too big.

Spread the word

Imagine a talented author who writes a novel that has the potential to be the next Da Vinci Code or Harry Potter. Without aggressive advertising, promotion and marketing, this novel may never reach a large audience. Wasted talent is a sad thing so remember to sell, sell, sell your business! A recent example of a fantastic marketing campaign is from the team at Compare the Market who used cute meerkats with Russian accents! If you don’t have the biggest budget for this, don’t worry. Tap into social media and use outlets such as Twitter, Facebook and LinkedIn.

Invest in your team

A business is only as good as its workers so take the time to invest in your employees, whether they are providing the services or working as part of the management team. You will naturally be rewarded with high revenue and positive decision making and you will be able to have complete trust in your employees and colleagues. Have that strong team right from the get go and then help them develop their skills and expertise.

Be passionate about what you do

Ask yourself why you are starting this particular business? Is it because you are passionate about the idea or because you think it will make you a lot of money? Ideally, the answer will be yes to both. However, if you only answered ‘yes’ to the latter question, consider how far you will be able to go with your business. Many businesses don’t see a real profit for years and sometimes passion and genuine enthusiasm is all that gets them through. Richard Branson makes a good point about this: “Some 80% of your life is spent working. You want to have fun at home; why shouldn’t you have fun at work?”

Did any of the above strike a chord with you? Perhaps Ron Bakir success story or the quotes from William E. Rothschild and Richard Branson? Or have you recently started your own business? What were the hurdles you had to overcome and what has been the most rewarding aspect of your journey so far? Share your wisdom with others and leave a comment below.

Image Credit:
Ambro – FreeDigitalPhotos.Net

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Before You Start Any Business Venture

The thought of starting a business venture is something that many people are entertaining nowadays as a way to open up another income stream. With the right preparation, you can successfully have a business that brings steady revenues. Further down the road, you would want to look forward to revenues that increase steadily as well. Many big businesses today have actually traveled the same route and are now enjoying the rewards of doing things the right way.

business venture
Here are some of the things you have to think about before you start any business venture:

1. Business Plan – you need to have a plan before you start your business. You cannot simply jump the gun and start buying products to sell. You need to know what kind of business you are setting up, what products you are going to sell, how much you are going to sell these products for, and how you are going to sustain your business over the long term. You also have to think about your market and if your product really answers a specific need. Consider your competitive landscape as well. You might be entering an overly saturated industry with very little room for another player. In this case, it might be wiser for you to simply look for another industry or niche where you can have a wider market base to sell to.

2. Financing – more often than not, your choices of business venture would depend on how much capital you have available. Make sure you have enough money at the onset to sustain your business until such time that you generate enough income. Many business fail because they do not have enough capital to sustain operations. There are also those that fail because they do not use their financial resources properly. You need to have a financial plan with your business plan. This specifies how you are going to allocate your finances in the most reasonable manner so that you can maximize whatever funds you have. When the income starts rolling in, you can revisit your financial plan to reallocate your financial resources.

3. Documentation – don’t forget that setting up a business involves paper work too. Even if you set up shop online, you still have to think about certain requirements like payment processors, logistics contracts, and courier partnerships. Find out what regulatory rules and legislation apply to your place of operations to ensure that you do not get in trouble with the law.

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Taking the Big Leap – What It Takes to Be in the Big League

Many of the entrepreneurs who start small have dreams of making it big too. They might have limited working capital now, but with some hard work and maybe a little bit of luck, they hope to join the corporate giants sometime in the near or distant future. Some would say that this is wishful thinking. There really is no harm in aiming for the big league. If this is what you want to achieve, you simply have to be ready to take the big leap sooner rather than later.

Taking this challenge, however, should not be done haphazardly – ever heard of the saying that “you might be getting out of the fying pan and into the fire?” Small businessmen can actually lose everything they have when they go big prematurely. You have to set things up for success. This means knowing exactly what needs to be done for you to be able to compete with the big guys. You need to have a plan. You need to be patient about results. And, you need to recognize the signs that say it’s the best time for you to make the jump. The right planning, resources, market conditions, and timing are necessary in any business expansion endeavor.
proper business planning

Turning your small business into a big enterprise starts with a vision. Think about how far you are willing to take your business. You can even go as far as visualizing your dream enterprise. With this in mind, you can focus all your business planning and operations towards achieving this dream in the soonest possible time.

Proper business planning and action will lead you towards your vision. Give yourself a timeline to work on your dream. This timeline should be realistic. Find out what resources you need and how you can acquire these resources. Create an action plan that is doable. Commit to following your action plan. Even the best business plan could fail if you do not follow through.

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5 Tips for Starting Your Home Business

Why merely dream about owning your own business, when you can easily fulfill your desire by working from home? While starting a home-based business may seem like a daunting task, with dedication and hard work, you can fully achieve your goals and achieve success.

home business

Check out these five tips for starting your home business.

#1 Identify Goals & Business Niche

Pursue a goal that relates to a genuine interest or passion. Are you wanting to fulfill a local need or a national one? Consider these key aspects when identifying goals for a new home business. Along with goals, it is always necessary to focus on figuring out your business niche, and how your business type will benefit consumers.

#2 Create a Short Business Plan

Pick up your pen and focus on outlining a real strategy for your business. Identify what you will offer, a target customer, proper pricing and an action plan. How will you make business happen? Don’t sweat the small details — instead focus on a clear and concise plan summarizing your business strategy.

#3 Identify Your Target Customer

In terms of your business, what market are you targeting? If your product is a supplement for men, figure out the exact group of men you are wanting to target. Is your product for men over the age of 50? Pinpoint who your target clients or customers will be, and your marketing strategy will be much easier in the long run.

#4 Keep Costs Down

For the majority of new businesses, it is not within the actual budget to hire loads of people and accumulate unnecessary expenses. Try to keep costs down by enlisting the help of friends and family members. Or look at the option of training interns to assist your business. What areas should you look at for keeping company costs down? Consider minimizing costs for things like business cards, marketing and phone services.

#5 Engage with Customers

Marketing does not have to break the bank. Remember that customers will not know about your home business unless you choose to go out and tell them about what you have to offer. Work on developing a savvy marketing plan that will attract and engage your potential customers. Look at low-cost ways of developing a website for your business. Build a social media presence on the Web via free resources like Facebook and Twitter.

Additional Tip:

In comparison to businesses that create actual products, home businesses providing services are much easier and less expensive to launch. Plus if you want to maintain a second job outside of the home, this is still possible while launching your home business.

Dylan is an Entrepreneur from Brisbane, Australia. He has started many successful businesses and gives these tips to others who are looking to be successful with their own business. As a way to keep expenses down, Dylan recommends using virtual office space while you are working to grow your business.

Image Credit:
Phanlop88 – Free Digital Photos.Net

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