Posts Tagged ‘Starting Business’

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Everyday more and more people are discovering that they would like to start their very own online business. Yes it is very true that starting an online business can be quite lucrative if done correctly. The problem that many who would like to take on this venture is that they do not know what is needed in order to start a internet based business. This article will go over some things that one should have when thinking about starting their business online.

The things listed in this article apply to basically any type of online business. Here are some must haves.

A Computer – I know this is common since but I had to list it anyway because this is obviously goig to be the nucleus of your online business. I do want to point out that you should not be using a really old computer. I would personally recommend using Windows XP or newer, although you maybe able to get by using windows 98, but nothing older then that. You should be able to find a nice new desktop computer for anywhere between $400 – $1000. If you are looking to use a laptop you can expect spending anywhere between $400 – $1500.

Good Internet Connection – You are going to need a good internet connection because this will make running your online business a lot smoother. I would use a broad band connection instead of dial up, because for especially running an internet business using dial up would typically be to slow.

A Good Antivirus Software – This is important because a good antivirus software will keep your business protected. There are many viruses circulating all over the net and it can only take your computer getting one of them for it to cause some serious problems for you and your business.

Email Account – Most computer users have at least one email account. If you do not have one it would be a good idea to get one. You will need one of these to be able to contact people and businesses and so that they will be able to contact you via the web. There are several places where you can signup for a free email account such as Yahoo, Gmail and Hot Mail.

Zip File Program – You will need one of these for times when you may have to zip or unzip large files that are related to your business. There are several paid versions and free versions of these types of programs. To be honest with you most free versions will do just fine.

A Credit Card – No you do not need a credit card so that you can run them up and get in debt. A credit may come in handy for those times that you may need a service for your business and that service may only take credit cards. You do not need a credit card to start an online business, but it would be a good idea to have one just in case you might need one.

Startup Capital – One of the great things about starting a business online is unlike many offline businesses that cost a fortune to start, an online business does not cost anywhere near as much. I would recommend having at least $200 to invest in your business. This money will be used for important things like domain names, hosting, different software and advertising. In some cases you may be able to start your online business for less then $100.

Paypal Account – This just like the credit card is not necessarily needed to start your business, but will be very beneficial to you if you do. Setting up a paypal account is free and easy to operate. Having one will help attract more customers and make your overall business look a lot more legit and up to date.

A Desire To Succeed – Starting an online business can be challenging at times. There is a lot of work that must be done to create a successful internet business, but it can be done. All you have to be able to do is learn and keep going. It will be well worth it in the long run.

What will you do?

When planning to start your own business the first thing you ask yourself is “What will I do?” Will your business be a service or will you be selling products on the internet? Finding the right business for you is crucial. Here are some steps to take when deciding what kind of business to start:

Make a list of the things you’re good at and describe how others would benefit
How are your services valuable?
Is there competition; others offering your services in the area?
Learn from the success and failures of others
Believe in what you have to offer
Consider the risk involved and plan for success

What do you need to begin?

When you decide what you want to do, the next step is to plan how to go about it. Do you possess the necessary skills to run your business? Is this something you can do by yourself or will you need to hire help?

Make a list of the items your business needs and what is required for you to be successful, including knowledge, skills, certifications, equipment and supplies.

What are the legal requirements?

You will need to be sure to meet the government requirements needed to operate your business. Go to your County Courthouse or City Hall and ask about requirements for starting your business.

The Secretary of State’s website will have information about starting a business in your state, including licenses and permits.

Business Plan

Serious entrepreneurs start with a solid business plan. Many industries require special licenses and permits. You may need liability insurance. Even if you do not require much in start up costs, you may want to see if you an secure a line of credit, just in case.

You business plan should cover anticipated income and expenses. Make sure you are competitive with the market on what you are charging for your products and services and be sure you are considering all expenses.

Start up costs

How much money do you need to start your business? Do some research on the internet; look for sample business plans. Talk to others who are in business for themselves; ask them how they got started. Maybe you can borrow start up money from friends, family or investors.

You may need to start small to build revenue and a customer base, and then think about expanding. Get to know area vendors who offer supplies and services your business needs; they may be willing to extend credit to help you get started. Eventually, you will build equity in your business which can be used to obtain a business line of credit.

Advertising

One of the worst mistakes new business owners make is thinking they will have customers immediately. Many online entrepreneurs have launched a website just to experience the disappointment of no sales for months. It is critical that you know your target market and how to reach them.

Internet marketing is the least expensive and the most effective in getting the word out. Think about who needs your product or service and develop a marketing plan with a catchy slogan to draw attention to what you are offering.

Technology

A good computer system might be valuable to improving your productivity. There is software available for many applications that can make operating your business easier. The time saved on automating certain tasks allows you to focus on marketing and improving your products and services.

The Future

Are you starting your business with the intention of selling it when you retire? Are you hoping your children will take over one day? Many business owners do not think this far. If you plan to sell the business in the future, you must build something that will be attractive to investors.

Starting and managing your business takes dedication, motivation and talent. It requires a lot of planning and research to help minimize risk and prepare you for what is ahead. Lack of planning is one of the leading cause of business failure.

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In short, YES. Here’s why.

The Purpose of a Business Plan
A well developed business plan is the roadmap to success for your venture, whether it’s a new business or it’s been around some time. It’s a document that describes what you plan to do and how you plan to do it.
As your business plan must inform the readers about aspects of your business which they don’t already know or with which they are unfamiliar, perhaps a better question, therefore, is “What form should my business plan take?”

What form should my business plan take?
The answer will depend upon your intended audience. At the very least a business plan should prove that your business will generate enough revenue to cover your expenses, so let’s start with you.

The Entrepreneur
Suppose you’re starting a small business that you will run, fund and manage yourself. As an owner/manager you definitely need a plan, but the formality, length and complexity of it can vary. In many cases, a full-blown strict business plan may not be necessary. However, before celebrating the fact that you think you don’t have to write a business plan (after all, there’s not much you don’t know about your own business, is there…?), let’s think for a moment about the situations when you should take the time to develop a knockout business plan. Three (there are many more) spring immediately to mind. You MUST have a business plan if you:

* Plan to apply for a loan or approach investors for financial backing,
* Will incorporate as a limited company and have a board of directors to report to, or
* Are starting the business with someone else.

If those situations don’t apply to you, then you can probably squeeze by without a formal business plan and still develop a successful business. However, you must remember that there are aspects of your business and the environment in which it will operate that you may not be as familiar with as you should.

This fact alone should prompt you to write a business plan. The discipline of researching those areas you are not familiar with significantly increase your knowledge of the business environment. Experience shows that greater knowledge allows for better management of business risk. For example:

Competitors
How much do you really know about them? For your business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many business owners and managers (small and not so small) make the mistake of waiting until a competitor has opened up shop and is cutting into profits to find out who and what they’re up against.
A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses. By knowing the actions of your competitors, you will have a better understanding of what products or services you should offer; how you can market them effectively; and how you can position your business.

Suppliers
As with customers, you really must know as much as possible about your suppliers. Can they fully supply your orders on time, every time? Are they financially robust? Can they support your rate of growth?
To ensure the survival of your business you must have a good knowledge of and a high level of confidence in your supply chain. And as from time to time the worst happens (Murphy’s Law states that if it can happen, it probably will), you must also have a contingency plan to overcome the effects of a “Murphy” incident; what is more, you need to plan now. After the event it may be too late.

Partners and Colleagues
If you are writing a plan for your colleagues and partners to expand an existing business, then the focus of your plan may be more operational than financial, concentrating on the resources and assets needed to reach your targets, and the part that each will play in attaining those goals.

Banks
If you are writing a plan for a bank, the most important aspect to the bank manager will be your financials. Are your assumptions realistic? Will the cash flow be enough that you can make the monthly payments for the loan you have requested? If your business is making £10,000 a month and your payments are £12,000 a month, the bank will almost certainly reject your proposal.

Investors
If you are starting a business and intend to raise funds from investors or a financial institution, a solid and comprehensive business plan is required. You won’t even get in the door without one.
If you are writing a plan for a venture capitalist, one of the most important factors in a decision to invest in a company is the quality of the people. In property, where the three biggest criteria are “location, location and location,” the venture capital axiom is “people, people and people.” VCs will ask “how experienced are the people that are going to run this business? Do they have knowledge of the industry? Have they started successful ventures in the past”?

Venture capitalists will also want to be sure that your business model is sustainable and scalable so that they can realise a profitable exit within a reasonable timescale.

The Consequences of Poor Planning
Having concluded that every business needs a business plan, that plans are important and valuable because they create greater clarity regarding the direction the business might take and how it will get there, why is it then, that so many small and medium size companies do not have a business plan, even an informal one?

Perhaps you are so immersed in the day-to-day running of your business that you rarely step back to consider where the business should be going and how it should get there. Perhaps you are unclear about just how useful a business plan can be. Or maybe the process of preparing one seems overwhelming. Over the years I have also found planning document that have been carefully prepared and then filed and ignored.
What are the consequences of inadequate business planning?

In this climate of financial uncertainty, one way to appreciate the importance of a business plan is to draw an analogy with house building. Can you imagine the planning that is needed to ensure a successful and profitable completion of your dream home? Firstly there is site location – is it in the right spot? Next are planning considerations; is your architect competent and will the Local Authority approve your plans? Once you are over these hurdles you must choose the builder and be sure he can deliver on time and to budget – no hidden costs. And then there is the need for contingencies – what might the weather be like, what could the ground conditions be like, and so on. With all these factors clearly understood, assessed, and taken into account in detailed plans, the likelihood of a successful completion is significantly improved. Can you imagine trying to build your home without all that planning?

To be successful in your business you too need to understand all the elements of your business and have a game plan to achieve your desired results. You need to put some time into working on your business and not just in it.

So what happens if you don’t have a business management plan? If you don’t know where you are going, how will you ever get there? Without a plan you are unable to point yourself in the right direction, progress is impossible to measure, and should things go out of kilter or deteriorate, you will be unable to return to your original path or redirect your business along a less rocky road. You will simply end up working harder for less.

What are the warning signs?

The longer term warning signs of not having a plan for the business could show in poor profitability, becoming less competitive, loss of business focus and a miss-match of resources. In the shorter term, you will face indecision, lower productivity, loss of customers, staff and general business apathy.

Guidance
The key elements of a good business plan include setting objectives for the business, identifying what needs to happen for these objectives to be achieved and measuring progress regularly. In developing your plan, make sure you remain objective and collect reliable information about key external trends that will have a major impact on your business.

Andrew Turner – Dartnell Ltd – aaturner@dartnell-ltd.co.uk .

Dartnell : Planning a Business

Starting your own business requires many characteristics. Not everyone in this world is suited to be a business owner or an entrepreneur. One must take ample of time to think about his motivations, his personality, and his abilities. Starting a business is a huge responsibility in itself and not everyone is fit for this job.

Being an entrepreneur requires a lot of abilities and qualities. The first quality of a black entrepreneur is the decision taking power. This is the first and the foremost step in starting a black business which is owned by black entrepreneur. Taking the decision of starting a black business is the first step in setting up the business and an important quality in the black entrepreneur.

Another important quality that a black entrepreneur must have is the quality of being your own boss. It is tempting to read and hear about being your own boss, but it requires a lot of dedication and many more qualities that are required to run a black business. It is a very responsible position and the person must be dedicated and strong willed to take on this responsibility.

A black entrepreneur must have leadership qualities in order to manage the employees because he is the person who has all the responsibility of his black business. It must be in his nature to take decisions independently and confidently about his black business. Sometimes in the black business, it required to take decisions instantly, so the black entrepreneur must have such a quality. He must also have the quality of taking the responsibility of his decisions.

Since at every stage of the black business, the black entrepreneur will face competition from various different organizations, so he must be ready to face the challenges. The black entrepreneur must have the quality of accepting and enjoying the challenges in order to succeed and do well for his black business.

Starting a black business requires various resources and contacts in the market. The black entrepreneur must be well connected in the market so that he can have a good start for his business. An important aspect that one must look out for is how good your resources are and how do they contribute to the betterment of the black business. The black entrepreneurs must have faith in their employees. They must take their opinions in taking up some of the decisions which could lead to the betterment of the black business.

Another quality of the black entrepreneur must be self discipline and will power. A self disciplined person can lead his team properly and efficiently. The black entrepreneur will be like an ideal for his employees if he is calm, self confident and self disciplined. So in order to make his black business a success, a black entrepreneur must have all these qualities in himself.

A business (also called a firm or an enterprise) is a legally recognized organization designed to provide goods and/or services to consumers. A black business is a term given to the business owned by black people. The black business has gained popularity in the world and the black entrepreneurs have gained a lot of recognition in the world.

Starting a new business is a huge responsibility in itself and it requires a lot of dedicated effort and time by the black entrepreneur. He is the person who starts the black business and plans ahead for his black business. Certain skills and experience are critical to the success of a business. The black entrepreneur must possess these skills in order to make his black business a success. Sometimes it is unlikely that the black entrepreneur possess all the skills and experience needed to start the business, so it is better to hire personnel who possess the knowledge and has qualities that the black entrepreneur lacks. There are some basic and special skills you will need for setting up your black business. It is important to identify the strengths and weaknesses and capitalize on them.

The black entrepreneur must hire trained and enthusiastic professionals so that their black business gets benefit. The trained professionals have experience and can help in the betterment of the company. They can help the black entrepreneurs in taking decisions of the company and help the black business to grow in a better way.

The selection of the business is very important. If the choice of business is good, then it will benefit the black business and would help the company in growing quickly. A lot depends on the choice of work that the company is going to offer and the location where the company has been opened. The location of the company is an important factor for various reasons. Firstly, the employees would feel great if the company location is nearer to their house. The employees would feel an ease in managing their time schedules. Also the location of the company matters a lot in the choice of business it is providing to its customers. It would be a bad idea to open up woolen shop in an area near to industries. It would be of no use to the owners as well as to the customers. So a proper planning is needed to start a business by looking at various aspects in the society.

For the black business to flourish, it is better to provide better service to its customers. After all, Customer is God in the professional world. So the black entrepreneurs must give stress on customer satisfaction. It is for the betterment of the black business.

It would be right to say that various factors altogether add up to a successful business. The black entrepreneurs must keep all these things in mind in order to make their business a success and gain popularity in the professional world.

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A popular trend today is for many to choose to work from their home with a home based business. While working from the home can be a great opportunity there are some unique challenges that you will have to learn to deal with. The biggest challenge you will have to learn to deal with is the amount of distractions that can prevent you from completing your work on time. There is the distraction of running errands, doing laundry and other household chores. In addition, if you have children there can be other distractions as well. Consider a few ways you can deal with these distractions to have a more productive work environment at home.

The best thing you can do to avoid distractions is set up a separate office or working area that is away from the commotion of the household. When first starting a home based business many choose to place it either at the dining room table or in other high traffic areas. This can make it difficult to focus on the task at hand and complete the assigned work on time. If you do not have a separate room where you can place you office then at least try to find an area that has the least amount of distractions.

Once you have an office it is very important that you set up specific business hours. This is a very good idea if you have children in the household. You should make sure they realize they can not disturb you while you are in your office. Sometimes you can have a do not disturb sign. This will allow you to make any client contacts without being disturbed. If you have trouble keeping focused because of distractions then consider creating a list of what to do everyday.

This way you can become focused on finishing a specific amount of tasks by the end of the day and not become distracted by completing other tasks around the house. In addition to this list, it can be good to set a deadline for each project you are working on so that you can stay on track. If you have a hard time making yourself stay with deadlines then perhaps you should share them with someone else to help you remain more focused on the deadlines.

Focusing on work can only help with distractions so much. You should also take the time to relax from time to time. Make sure you know it is okay to be distracted once in a while. As long as you do not allow distractions to become a regular occurrence you do not have to worry. Just make sure your work takes priority. If you work better by reporting your progress to someone then perhaps you should share your goals and objectives with someone in the household to help you focus on your work better.

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One of the biggest struggles I had in starting my business was actually coming up with the idea.  I wanted something that was scalable as well as needed in our society.  I combed through hundreds of ideas before settling on my current venture.  Through this discovery period, I uncovered what I believe are the five most important concepts in determining what makes the perfect business idea. 

So, what is a perfect idea?  Each individual entrepreneur has their concept of the perfect business.  While Google is a great business for the founders of that company – it may not be a great business for others that are non-tech savvy or who do not want to run such a large organization.  

Therefore, each perfect business is defined by the business owners.  Keeping this in mind, let’s start on my five concepts of finding the perfect business: 

Number One – Understanding your customer:  This might seem strange to start here as how do you know your customers before you have a business idea in place.  The answer is simple – your customers make the business, therefore without customers there is no business.  If you have a business idea don’t try to develop the idea around what YOU think potential customers will like or need, but find out what your customers actually desire.  Too often business owners get an idea in their head and jump right in with both feet.  However, they soon find out that their target market does not want what they are offering.  Spending both time and money on a project just to see it languish is not the perfect business idea. 

Moreover, let’s say you don’t already have an idea – getting out and understand consumers (those who will eventually become your customers) may lead you to the perfect idea.  Knowing what potential consumers need and building products to meets those needs will get customers beating a path to your door – that is a perfect business idea. 

Number Two – Passion:  Passion here does not mean being fanatical about your product or service.  But, it does mean having some interest in what you do. More times than not, you will be spending 15 to 18 hours a day working on your business in the beginning – usually for the first 12 to 18 months (more like 2 years in this economy).  You have to constantly be thinking about ways to improve and grow your business as well as be out talking about it to everyone, everywhere. If you end up starting a venture that you don’t have passion for, something that does not make you jump out of bed each morning, it will be very hard to put in the hours and energy to make it successful – thus not a perfect business idea. 

Number Three – Understand Your Competition:  Every business has competition – either direct or indirect.  Think about movie theaters.  They have direct competition from video rental stores or at home television.  They also have indirect competition from any other activity that consumers spend their disposable income on like bowling, paint ball, golf, etc.  Anything that people do in their spare time. 

Further, some competitors are ruthless.  Meaning that if you promote and offer a product that is similar to theirs but at a lower price, these competitors will just lower their price to match or beat you.  If they are already established businesses – they may be able to undercut your price enough to drive you out of business.  

If you don’t know your competition – what they are willing to do to keep you out of their market – you may be spending more of your time in a pricing war then growing your business – not the perfect business idea. 

Number Four – Cash Flow:  Lots of entrepreneurs enter the business world with great ideas but very poor understanding of the capital it will take to get their venture off the ground.  Most will prototype their product or service and understand what it takes to make the product or provide the service but they don’t understand the capital it takes to manage the rest of the organization – including marketing (very expensive but extremely necessary), employees (more than just salaries or wages), insurance or supplies and all the little miscellaneous expenses that add up very quickly like phone, internet, computer services, etc.  Knowing your total cash flow will help ensure that all of your costs (variable and fixed) can be covered by the business – the perfect business idea.  I have seen way too many businesses with great products fail because they could not cover simple expenses like rent or utilities. 

Number Five – You:  Know who you are.  Know your strengths and weaknesses.  Know that you are ready, willing and able to do what it takes to make your venture a success.  I have worked with many business owners in the past that think all they have to do is hang out their shingle and they have it made.  Thus, when it comes down to actually running the business day-to-day – they are unwilling to invest the time, energy or money necessary for success.  Thus, know how hard you are willing to work. 

Moreover, know your personal financial situation and what you need the business to generate to cover your lifestyle.  If you think your business will pay you a great salary from day one – it will not.  And, if you need it to, it is not the perfect business idea for you. Take away outside distractions like your personal financial situation – get those in order – thus, when your business concept does materialize – you will be able to solely focus on its conception and growth.  In the end providing you the financial security you are seeking – it will be the perfect business idea. 

Regardless of the level of your desire for your business – a lifestyle mom and pop operation or a multi-national conglomerate – if you develop a business idea with these five concepts in mind – your idea will be the perfect business idea for you.

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