Small Business Blog

Posts Tagged ‘Startup’

Most people are familiar with the 4 Cs of diamond quality, but are you familiar with the five Cs of business startup success? Keep these five things in mind while starting a business.

1. Courage — Starting a business is not for the faint of heart. Successful entrepreneurs are not afraid to fail, not afraid to learn new things, and not afraid to change direction. Courage is critical every step of the way, because startups don’t leave time for indecision or fear. Successful entrepreneurs require the courage to do what needs to be done, even if some discomfort or risk is necessary.

2. Confidence — Often, the courage found in entrepreneurs is driven by confidence. The belief that one is better, faster, and stronger than all the others is very motivating and makes it easier to deal with setbacks and frustrations. Confidence allows an entrepreneur to quickly become comfortable with new information and new circumstances, and is an important factor in effective marketing. Confidence allows entrepreneurs to be creative in dealing with problems and to avoid becoming discouraged during the darker times inevitable in any startup.

3. Commitment — Business success doesn’t happen overnight, and it doesn’t happen for free. Entrepreneurship requires significant commitment of time, money, and energy to even get off the ground. It takes time, money, and energy to learn everything you need to know about your industry, market, and business fundamentals. It takes time, money and energy to reach the critical mass of potential customers to drive sales. A true commitment to succeed provides motivation and a true commitment to starting up the right way increases the chances of success. Commitment to a startup is absolutely necessary — without commitment, a great business idea will remain just that — an idea.

4. Cash — No legitimate business can be launched on zero dollars. While there are free resources available (advice, web-hosting, informational sites), you almost always get what you pay for — nothing for nothing. A serious entrepreneur needs to purchase tools and resources for planning and management, marketing elements, and production. They need enough cash to live on during the Pit of Despair (the time between launch and actual sales can be weeks to months depending on the business model, even longer to reach profitability). Even if an investor is ready and willing to back a startup, the entrepreneur needs to put up their own resources to complete the planning process before accessing the outside funding. No savvy investor is going to write a check without evidence of the viability of the business. “Free startups” are unrealistic and, really, ridiculous. Considering that starting a business is likely the most important life decision most people will make, it is absurd to expect success to come for free.

5. Character — The image and culture of a startup is wholly encompassed within the owner, and any lack of character will quickly be revealed in the course of business. Honesty and integrity are critical — the consumer public has had enough of corporate thievery and greed. And, with the current recession unleashing a virtual assault on working Americans, employees are likely to be far less tolerant of unfair practices and unreasonable expectations at work. Good character is not optional!

The quality of a diamond is defined by the 4 Cs. The Five Cs of startup success — courage, confidence, commitment, cash, and character — will determine the quality of your business.

A new fad in business capital is sweeping the Internet… A new kind of business startup loan has emerged with a strange characteristic… it’s not actually a business startup loan… and you never have to pay it back.

If you’re not already familiar with the concept I’m referring to then it can be an awkward idea to wrap your head around…After all, what could be more straightforward to an entrepreneur than a business startup loan? You have an idea for your business, and someone with capital invests.

Simple.

The investor could be a bank, or an “Angel” or even be another business. Startup loans are great because you can get your business started FAST, and they’re great for the investors because they may end up making a profit, or may even get equity in your business.

Sure it’s a risk, but hey, that’s business.

Startup loans and venture capital arrangements of all kinds are designed to be a sort of gamble, if the business is successful, everyone wins – if not, everyone loses. That’s why this new fad is so popular all of a sudden, especially in a down economy when “Angel Investors” and VC investors are feeling gun-shy and timid.

Enter Crowdfunding.

Crowdfunding is a newfangled Internet twist on the age old idea of cooperation. Instead of a traditional business startup loan that you have to pay back, Crowdfunding allows you to collect small, one time microdonations from your audience, your friends, family, supporters, customers and potential market. In exchange, they get to be a part of the start of your business. Startup loans traditionally pay investors back in cash, but with crowdfunding, a investor might get a bumper-sticker or MP3.

A 0 investor may get to name a beer, in the case of a brewery that crowdfunded it’s business startup. Loans repaid in tokens of affection and inexpensive promotional items leave a lot more wiggle room in a fledgling business’s budget for things like re-investment and growth.

Small business loans may be on the way out thanks to this new wave of crowdfunding. Now – without having to even apply for a single business startup loan, you can get all the funding you need (plus more in many cases) from “the crowd.”

To learn more, and discover how you can get funded with as little as 90 minutes of work, check out the site below right now:

http://www.CrowdFundingSecrets.com

Many people think that there is some special talent that you must have for a home based business startup. However I have found that everything you need to start a home based business is usually already within you if you just ask yourself the right questions. Sometimes you just need to develop these skills.

When you have a clear understanding what is needed to begin a successful home based business startup, then you can be honest with yourself as to whether it is a good idea or not for you.

Some of the attributes that you will need to establish a small business startup are:

* Discipline

* Determination

* Perseverance

* Time Management

* Knowledge

Let?s take each of these and break them down for a better look at what I mean.

Discipline

Are you willing and able to stay focused at home in your own workspace? Many people find too many distractions when they are at home verses in a corporate environment. Friends and family sometimes don?t realize the importance of your work and time in your business startup endeavor.

If you are not able to set guidelines to keep yourself focused on what you need to do, it is very easy to be distracted and lose your productivity. Are you able to set guidelines for yourself in regards to how your home based business will run? How you will handle outside distractions?

When you get started on a task do you see it through? Can you do it without someone else looking over your shoulder? Are you able to make a list of priorities and stay focused until they are completed?

Determination

When making decisions are you able to take the facts available and make a firm ?yes? or no?. Can you stay on target for your home based business goals? Do you have the attitude that I will make the business work and make money for myself and family even though I can?t see my business goals currently being achieved? Can you ignore the naysayer?

Perseverance

How do you handle rejection? Do you roll up your sleeves and continue to press forward or do you keep thinking about the ?No? you received? Can you keep your business startup goals in focus even when you feel like you haven?t made a dent in your forward progress?

How apt are you to throw in the towel because the expected results did not go exactly the way you wanted them to go? Will you keep trying over and over again until you achieve the desired results?

Time Management

Can you determine the importance of each task you put on your daily work schedule? When should these tasks be done? What is the most productive use of your time right now? Starting a home based business takes a prioritization of your time. Do you look at time as limited or infinite? Each minute you will be working for yourself will end up being calculated in the dollars you will be earning.

Knowledge

Knowledge is Power. Are you able to learn the necessary information to start a home based business? Are you willing to do your own research into various aspects of your business, such as business startup, business accounting, business marketing, business networking and numerous other business related topics?

What about your own personal self growth? Can you learn how to handle yourself when customers or suppliers tick you off? How do you view your customers, competitors, home based business etc.? Do you like to learn new ways of doing things? Can you change your mindset if need be?

Starting a home based business requires you to be able to do most if not all of the various jobs required to get your business started and running smoothly. Please be straight with yourself when answering the above questions.

Too many home based businesses close after the first 3-5 years. That is when they are the most vulnerable. A business startup can be exciting, scary, frustrating, time consuming and exceptionally rewarding. By knowing your strengths and weaknesses up front before you start a home based business you will be more prepared.

There is a trend growing in America’s workforce of a large number of people who want to try their skills at a small business startup company. With the flexibility and lucrative rewards available with your own small business startup, you can devote more time with your family, attend all of your kid’s recitals and team sporting events without the need to ask your boss for the time off. Those people who begin a small business startup will also have more potential income than what they would have if they work at a normal job. Today, the internet and many other technological advances, entrepreneurs have many more options for starting their very own business with little cost.

Gift baskets are a superb idea for a small business startup. Being that you can build gift baskets at home and then have them delivered anywhere in the world, it is the perfect way to enjoy the luxuries and responsibilities of owning your own business while still owning the potential for a good deal of income. The internet along with websites such as eBay have helped to contribute to the popularity of this small business idea since people, your customers, can shop for gift baskets from the convenience and comfort of their own home. If you have creativity and you can turn these creative juices into product which is sent out in a timely manner, you the qualities to be successful with this kind of small business startup for many years.

Selling new and used items on eBay has become another one of the many popular business start up small information resources in recent past years. If you are a person who can sniff out something valuable at rummage sales, yard sales or in the attic, putting these items for sale on eBay can be a very profitable small business start up. Basically, you buy the items at various sales, clean them up, and turn an easy profit by selling it on eBay for a higher price. If you are good with crafts, you can make your own things to sell on eBay. If you know basic product marketing and how to attract customers, you are very much on your way to making a moderately to excellent good income by selling things on eBay from your home.

Other opportunities people have decided to start include a cleaning service that they manage on their own. Only a few cleaning supplies are required along with a little basic know-how, and a cleaning service can be a very nice profitable small business start up for self starters and motivated individuals. With societies busy lifestyle nowadays, more professionals and even multi-income non-professionals are hiring services to clean their homes for them and you can quickly cash in on this trend with very little or no training. This is an excellent idea because you can schedule your clients on a weekly, bi-weekly, or monthly basis so you can have a regular, steady income. If your business continues to grow enough, you can hire employees who will do the services for you while you manage the company from home.

Working at home with your very own small business startup is fast becoming the new standard in today’s electronic society. People are worn out from the busy lifestyles and long work weeks and have chosen to pursue different opportunities. If you have small business startup ideas with a strong desire and motivation, you can create a profitable business which could eventually take the place of your normal “day” job. Or maybe you simply want to keep it part time to supplement your regular income. However, depending on your levels of motivation, experience, and passion, it is possible to create a small business startup which could generate an unlimited amount of income for you and your family.

The best way to start home business is to get yourself in a position where you will not have to worry about financial investments. The initial start up investment is not the end of investment; rather it is just the beginning. There are various fail-proof ways to begin working from home. Few such methods of making your at home business secure are discussed below.

Start Home Business – Point To Remember

It is obvious that before starting any business you will certainly make a rough estimate about the overall investment. Though you make an estimate of the required capital for establishing your business, but at times certain inevitable circumstances might require additional investments. Hence, you should be prepared for all such situations. It is always a wise idea to start home based business as a part time business, because the regular income will serve as the source of investment.

Start Home Business After Examining Your Skill-set

You can utilize your hidden talent to start your at home business. Make sure to avoid business that you are not aware of. There are people who prefer to choose business that has a high earning potential. But they often forget to evaluate their potential to carry out that particular business. Not everyone is born to run all types of business. So, pick the business that you know of and you are good at also. This is the right time and chance to exhibit your qualities.

Check The Demand Of The Business

The business you are thinking to start might not have a good demand. If there is no demand then there are fewer possibilities for you to grow. In fact, you might have to shut down your business within a short time frame. So, check the requirement of the service or product you are thinking to work on. That’s not the end, in fact now you will also have to go through the zonal laws. It is one of the important aspects that you need to go through before starting your business from home.

Start Home Business After Setting Your Business Goals

Many people become frustrated because they think that they are not making proper advancement to earn better income. Why do they think so that they are not reaching their goals? They think so because they do not have a clear idea about what they want and how they plan to achieve it. This is what will set you apart from the rest. To be a successful home business entrepreneur you should set your goals and plan the methods and strategies to achieve it. Additionally set a date to accomplish your targets.

Plan Before Executing

Another very important factor that is highly responsible for running a smooth business is proper business planning. Even before you start your business, plan for at least six months. This will give you an idea and projection of what you need and what you should do for running your home business smoothly. Furthermore, you also get a chance to get prepared for the worst situations beforehand.

Start home business with the essential knowledge to survive the first five years successfully, which is considered as the most dangerous phase of every business.

Copyright (c) 2009 Dr Mark Yates

Economists are gracing our TV screens and newspapers proclaiming that the current economic downturn has finally bottomed out, and that we are about to turn the corner of the current credit crunch.

Irrespective of this opinion, in times of business hardship a great many opportunities for existing and aspiring business entrepreneurs manifest. The opportunity has never been greater for a small business start-up to grow exponentially.

Top 5 Tips For A Small Business Start-Up #1- Research Your Market

Business research has never been easier. Nowadays you can conduct most of your market and competitor research from the comfort of your own home or office computer. Online search engines are your best friends and although I advise caution as to complete accuracy of information, they do offer you a valuable insight.

Conduct a small business review. Identify your competitors and then use Google and other search engines to identify your competitors marketing campaigns and how much they are investing in targeting their online customers. Although online marketing doesn’t include conventional marketing, it does offer a fantastic insight into your competitors business modus operandi.

Top 5 Tips For A Small Business Start-Up #2- Formulate A Strategic Business Growth Plan

Don’t confuse a strategic business growth plan with a conventional business plan. A conventional business plan is generally required when you are looking for some kind of business finance, i.e. a bank loan or external investment. In reality most business owners park their business plan in a dusty cupboard never to be seen again after they have secured their finance. A strategic business growth plan is a much more pro-active working document that should form the foundation of your business growth. The initial foundation stone of this plan is a small business review ideally produced by a proven business growth consultant. This small business review can usually be produced quickly without spending a small fortune.

It should by definition include how you intend generating business, how you will take a share of your competitors business, how much you intend to turnover weekly, monthly and annually, how much your gross and net profits will be. It should also include financial forecasts and profit and loss data.

Two of the most critical issues to address when working with your strategic business growth plan are that;

1. The plan should include key performance indicators or KPI’s as they are known in the business world.

2. The plan should be discussed and analysed by the MD or business owner weekly, followed up by a much more in-depth discussion which should take place every month with the MD, owner, directors, partners, shareholders, investors and senior managers to ensure the KPI’s are being met.

On the basis that very few Small Business Start-Up will have such a corporate hierarchy, you should rely on external or outsourced business support partners to assist. (See top tips for a small business start-up #3 for further information on the right business partners.)

Top 5 Tips For A Small Business Start-Up #3- Find The Right Business Partners

A small business start-up generally lacks the expertise and resources that a medium or large business usually maintains. This means that for the managing director owner of a small business start-up, he or she occupies the loneliest position in the entire business world. It is for this reason that I advise retaining the right business partners. Initially you should appoint a proven business consultant, don’t be confused into thinking this business consultant has to specialise in your particular type of business. Although there are a few business consultants who do specialise in one particular type of business, a very high percentage of business consultants are classed as business generalists.

Obviously if your research identifies a business consultant who specialises in your industry, then that’s a bonus. However I advise that it is more important to appoint a proven business growth specialist as the first of your right business partners. If you appoint a proven growth specialist then he or she will have extensive contacts who can step in and out of your business as and when required without you having to pay full time salaries and executive benefit packages. Your business consultant will want to produce a small business package and a small business guide designed to encourage other business heavy weights to join your business on a part time retainer basis. Investing the time and money to produce this small business package and small business guide will provide far more value than cost.

Effectively your right business partners will be your very own part time low cost board of directors, an asset that many small business start-ups fail to capitalise on.

Top 5 Tips For A Small Business Start-Up #4- Never Step In The Ring Unless You Can Win

Never step in the ring unless you can win is based on the premise of having adequate financial resources. If you enter the business arena as a small business start-up without sufficient funds to get you through the first 12 to 18 months, you will seriously struggle to achieve business success and long term business sustainability. This is one of the main reasons why such a very high percentage of UK small businesses fail within the first 12 months. Appointing your right business partner i.e. a business growth consultant should bring an external source of financial expertise into your business on an as and when required contractual basis. Cash flow is key to any small business start-up for achieving good annual turnover and great profit margins.

Top 5 Tips For A Small Business Start-Up #5- Attack The Market

You’ve formed your own small business start-up, appointed your right business partners now you need to attack the market. Proactive business thinking will always lead to greater annual turnover and a healthy profit ratio. When I say attack the market, I am not being melodramatic. Business, real business is a war, and most wars are won before a battle commences. Being reactive in business will not win the war. Reactive business owners are destined to a live of mediocre business gains.

I only advocate attacking the market when you have integrated the first 4 of the top 5 tips for a small business start-up.

Implementing these top 5 tips for a small business start-up will give you a definitive edge over your counterparts who are also starting their own new business.