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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How to Succeed in Becoming a Mom-Entrepreneur

mom-entrepreneurStudies indicate that about 15 percent of people who dare venture out and become entrepreneur succeed. On the other hand, 85 percent failed, lost their investment and ended up going back to their day jobs (if they could find one). If you’re considering venturing out and become a Mom-Entrepreneur, having real passion for what you do will give you better chances at succeeding. Here are some tips that you can apply while you’re working your way towards your business’ success.

Look Around

Observe your community and look around for potential services or products that you can provide. Study your neighborhood family’s profiles and keep in mind that these days, convenience is the name of the game. Identify what type of services you can offer your community that will allow them to devote more time for family or be more productive with their endeavors.

Skill Up

After years of slaving on the corporate world, you sure have acquired special skills from your job which you can use for becoming a Mom-Entrepreneur. Enhance these skills and talents by attending seminars, trainings, reading books and through the internet.

Explore your Options

There are several possible avenues for people who want to jump out of the corporate box and be a Mom-Entrepreneur. Some of them apply for a part time consultancy service or as a work-from-home specialist for call center or a business processing organization. So assuming you are internet savvy, you’ve got specific skills that a certain BPO requires and you’re proficient at verbal communications, you can easily take the shot at this type of home biz.

Apart from being an online specialist, you may also consider tutoring other kids aside from your child. Once you leave the corporate world, you’ll have more time to spend with your family and you can learn to teach your child new skills and a lot of information that he or she needs at school. You may also look at this from another angle. By developing your child’s skills and talents, you can apply for a scholarship and improve your child’s future all the while saving on their future educational expense. Your savings can now be invested to earn additional income.

Image Credit:
David Castillo Dominici

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