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Tips to Start Business while You’re Still Employed

tips-to-start-business-while-youre-still-employedPondering beginning a business? You aren’t the only one. Forty-four percent of individuals are more intrigued by doing as such now than they were two years back, as per a study by Wakefield Research for MOO, an outline and printing organization.

The examination uncovered that about three in four individuals who work a 9 to 5 work concede they are unfulfilled by it, and in this manner need to begin a side business to seek after their interests. Be that as it may, while your new business may devour quite a bit of your time and vitality, you shouldn’t surrender your all day occupation just yet.

“Chasing your passion is important but can also be an expensive venture,” said Joe Speiser, co-founder of lifestyle media outlet LittleThings. “Before you find yourself in debt, trying to establish a new business, minimize your financial risk by staying employed.”

MOO’s data found that nearly two out of three millennials are eager to start their own business, and rightfully so— but there are a few important things to consider before diving in. Here are a few tips to keep in mind as you launch your side business.

One of the first and most important considerations in your decision to start a new business is your financial standing. Keeping your regular job when you first launch your business does help reduce the financial burden of startup costs, but before you get too far into your business plans, make sure you are, in fact, accounting for those costs with your current salary.

“The business will have a way of knocking on your door, asking for money and attention,” said Bob Johnston, founder and CEO of IT executive network Executive Council. “Make sure you have some money set aside to handle startup costs, however minimal, as well as think about potential hurdles that will need to be addressed, [such as] dealing with logistics, vendors and so on.”

Once you get your company up and going, you may be able to kiss your current occupation goodbye — but not without patience and hard work.

Andrew Yung, co-founder and head of marketing and partnerships at Pintrill, a lifestyle accessory brand, started his business while still working for a media company, and waited until the right moment to take his company full-time.

“When we launched, I was still working at my full time job and continued to do so for the next year and a half until I reached a ‘make it or break it’ point,” he said in a statement for MOO. “By then, the decision was easy — it was time to turn my passion into my full-time gig.”

Depending on what type of business you want to start, you may run into some issues if you’ve signed an employee agreement with a noncompete or nondisclosure clause. Check with a legal adviser to help you understand your state’s laws about employment agreements before you start your business. If there are any discrepancies or conflicts with your existing agreements, you may need to wait until you’re financially able to quit your full-time job before you can officially start your business.

However, in many cases, employers won’t mind — and may even support — you having a side venture, as long as it doesn’t cut into your regular work. For example, Phil Thomas, founder of fashion startup TEE-REX, works full-time as a senior product designer for MOO while he runs his business on the side.

“I love my role at MOO, but I have also always been passionate about minimal design, high street fashion and dinosaurs, which is why I founded TEE-REX,” Thomas told Business News Daily. “MOO allows me the flexibility to follow my passion while also giving 110 percent in my day job. It’s not always easy, and it can sometimes mean crazy evenings and busy weekends, but I love being able to run TEE-REX while also supporting MOO.”

If you determine that you’re legally cleared to start your business while employed at your current job, you’ll need to be respectful of your employer’s time. Working on your own business during your regular hours won’t go unnoticed — if you’re trying to keep your job while you get your business off the ground, you don’t want to jeopardize that by shirking your responsibilities.

Because you can’t (or rather, shouldn’t) use company time to work on your business, you must be prepared to pull that time from elsewhere in your life.

“Starting a new business will, most likely, have a major impact on the available time that you can devote to your family and friends,” Speiser said. “For the new entrepreneurs that want to start a side business, take a careful inventory of your work-life balance and the costs and benefits of starting a new career path. If the negative aspects outweigh the positive, it may not be the right decision for you.”

However, it’s important to pace yourself so you don’t get overwhelmed and burned out by both working a day job and running a business. This means knowing when to shut off “work mode” and make time for hobbies, friends and family. If you take care of yourself, you’ll be better able to take care of your business.

 

Smart Way to Budgeting Business

budgeting-businessYou’ve quite recently obtained or opened a little business and you know your exchange, however with regards to accounting and, all the more particularly, planning, your expertise set is deficient. It’s OK – the uplifting news is that it is conceivable to concoct a financial plan, or if nothing else a decent estimation of what will be required as far as dollars and pennies. Perused on for six basic tips that will help you set up together a first class little business budget.

# Why Budgeting Is Important

Assessing and coordinating costs to income (genuine or foreseen) is vital in light of the fact that it assists little entrepreneurs with determining whether they have enough cash to store operations, extend the business and produce pay for themselves. Without a financial plan or an arrangement, a business risks spending more cash than it is taking in or, on the other hand, not spending enough cash to develop the business and contend.

# Budgeting Techniques

Every business owner tends to have a slightly different process, situation, or way of budgeting. However, there are some parameters found in nearly every budget that you can easily employ. For example, many business owners must make rent or mortgage payments. They also have utility bills, payroll expenses, cost of goods sold expenses (raw materials), interest and tax payments. The point is that every business owner should consider these items and any other costs specifically associated with his or her business when setting up shop or when taking over an existing business.

# What To Do with Revenue

With a business that is already up and running, you can make assumptions of future revenue based on recent trends in the business. If the business is a startup, you’ll have to make assumptions based on your geographic area, hours of operation and by researching other local businesses. Small business owners can often get a sense of what to expect by visiting other local businesses that are for sale and asking questions about weekly revenue and traffic patterns.

After you’ve researched this information, you should then match the business’s revenue with expenses. The goal is to figure out what an average weekly expense for overhead, utilities, labor, raw materials, etc. would look like. Based on this information, business owners may then be able to estimate or forecast whether they’ll have enough extra money to expand their business, or to tuck away some money into savings. On the flip side, owners may realize that in order to have three employees instead of two, the business will have to generate more in revenue each week.

Let’s look at six tips that will help you plan your small business budgets.

# Check Industry Standards

Not all businesses are alike, but there are similarities. Therefore, do some homework and peruse the local library for information about the industry, speak with local business owners, and check the IRS website to get an idea of what percentage of the revenue coming in will likely be allocated toward cost groupings.

Small businesses can be extremely volatile as they can be more susceptible to industry downturns than larger, more diversified competitors, so you only need to look for an average here, not specifics.

# Make a Spreadsheet

Prior to buying or opening a business, construct a spreadsheet to estimate what total dollar amount and percentage of your revenue will need to be allocated toward raw materials and other costs. It’s a good idea to contact any suppliers you’d have to work with before you continue on. Do the same thing for rent, taxes, insurance(s), etc.

# Factor In Some Slack

Remember that although you may estimate that the business will generate a certain rate of revenue growth going forward or that certain expenses will be fixed or can be controlled, these are estimates and not set in stone. Because of this, it’s wise to factor in some slack and make sure that you have more than enough money socked away or coming in before expanding the business or taking on new employees.

# Look To Cut Costs

If times are tight and money must be found somewhere in order to pay a crucial bill, advertise, or otherwise capitalize on an opportunity, consider cost cutting. Specifically, take a look at items that can be controlled to a large degree. Another tip is to wait to make purchases until the start of a new billing cycle, or to take full advantage of payment terms offered by suppliers and any creditors. Some thoughtful maneuvering here could provide the business owner with much needed breathing and expansion room.

# Review the Business Periodically

While many firms draft a budget yearly, small business owners should do so more often. In fact, many small business owners find themselves planning just a month or two ahead because business can be quite volatile and unexpected expenses can throw off revenue assumptions.

# Shop Around for Services/Suppliers

Don’t be afraid to shop around for new suppliers or to save money on other services being performed for your business. This can and should be done at various stages, including when purchasing or starting up a business, when setting annual or monthly budgets, and during periodic business reviews.

 

Why and How Write Business Plan?

business-planA strategy for success is your vision of where you need your business to go and how you’re going to arrive. It’s a guide and, similar to a guide, it archives the course on paper, rather than just confer it to memory. A reasonable, composed arrangement is as critical to your prosperity as a set of diagrams is to a home engineer. Without it, building turns into an errand.

As irreplaceable as it may be, unless you’re utilizing it to secure capital or financing, it needn’t be excessively unpredictable and debilitating. So we should make it simple. We’ll cover some fundamental rules, enough to help you make one you can utilize.

Here are six sections you should write into your business plan.

# Company Profile

This is the first section you’ll write because it drives the remainder of your plan. What is your company’s mission? What are you trying to do? This section describes why you’re in business. If this section reads “I’m in business to make money”, you’re in trouble. Any company can say that. Instead, the profile section should describe how you’re going to meet the needs of businesses or consumers in such a way that you can make money. You make money by

1.meeting the needs of customers

2. at a price they’re willing to pay

3. at a cost at which you can make a profit

# Market Anaysis

A critical component, this section should demonstrate your knowledge of the market in general. It involves thinking about what you can do better than others in the same business, and honestly acknowledging what can they do better than you. Look at your competitors,
compare them with your company. What you’re looking for is what Xerox called a USP, a “Unique Selling Proposition” and what I call a JND, a “Just Noticeable Difference” that makes you unique or different.

How is your industry doing? Is it growing? Shrinking? Are there barriers to entry that will keep others from offering the same product (service)? Are the big boys moving into your territory?

Also consider : Is your competition local, regional, national or global?

Consider external factors over which you have little or no control, such as the economy or
changing laws or regulations.

# Marketing Plan

This section outlines your sales strategies. You’ve got something to offer. Here you describe how you’re going to let people know about it. Advertising? Press releases? Direct mail? Word of mouth? Flyers? A blimp?

Take whatever is unique about your business (your JND) and make it the hero. Use it to develop a positioning statement, such as “I will be the cheapest source of this product”, or “I will add more value to the customer relationship than my competitors”, or “I’ll deliver it faster than my competitors”.

Consider how you’re going to obtain new customers and how you’re going to keep the ones you get. What are your goals for new business development? How many customers do you want? How many can you handle?

This section also encompasses new product (or service) development. What will you introduce during the coming year? When and for how much?

# Financial Plan

This section addresses your short-term and long-term financial goals. It might be the least fun but the most important section of your business plan. You don’t have to be an Excel genius to do it. Here you determine your company’s start-up cost (if new) or overhead costs (if it is an existing enterprise). You look at pricing and potential for profitability.

Your budget also is contained within this section. What are your fixed and variable expenses? List the various expenses and estimate how much you’re going to need each month. How much can you afford for advertising? You also outline equipment purchases, like a new PC or
printer, a Zip drive or a new telephone.

Solo Business Idea

It is safe to say that you are prepared to begin your own particular business, yet not prepared to contract workers? There are a lot of choices for individuals who might want to be “solopreneurs” and keep their business operations basic. Here are six thoughts to motivate you to begin dealing with your performance strategy for success immediately:

# Business Coach
Are you business-savvy with years of experience, and willing to pass that knowledge on to others? With the right marketing tactics, a strong personal network and a great website, it’s simple to become a business coach on your own. Work with small business owners or startup-hopefuls to carefully craft business plans, and advise those who need that extra motivation. If you know you can be a good motivator and not just a “yes man,” their investment in you will have great returns.

# Virtual Health Coaching

Are you educated in nutrition but are still looking to get your career to go in the right direction? Turn your healthy lifestyle choices and education into lucrative business decisions by becoming a virtual health coach. You’ll be aided in your efforts by the myriad new health-related apps and devices being developed to help clients keep track of fitness goals and weight loss.

# Chore/Errand Service for Seniors

Anyone with aging loved ones knows how hard it can be to care for them without extra help. Elderly people living in their own homes need help with lots of routine chores like cooking, cleaning, grocery shopping and yard work. Why not start a business that offers senior citizens and their families the help they need to maintain their households without breaking their budgets? With word-of-mouth endorsements and social media targeted at the overworked baby-boomer set, you could get this business off the ground in no time.

# Microbrewery
Want to turn your love of beer into a viable occupation? Why not jump on the microbrewing bandwagon? With the popularity of craft beers on the rise in the U.S., the demand for innovative breweries is growing. Take a page from the successful owners of Brooklyn Brewery and start by focusing on branding and distribution of your beverages. With some thirsty investors and a few barrels of persistence, you could have your brewery up and running faster than you can say “cheers!”

# Personal Trainer
With employers and corporations looking to decrease health care costs and a greater awareness of diseases associated with obesity, America is looking to get fit. Freelance personal trainers make their own schedules and work for a diverse range of clients. If you’re a fitness guru with a head for business, this might just be the right idea for you.

# Special Deliveries
Whether it’s a bouquet of flowers in celebration of a wedding anniversary or an ice cream cake delivery for a child’s birthday, there’s a need for businesses that carry out long-distance requests on behalf of those whose loved ones live far away. With the right website and a PayPal account, you could start building your reputation as a “special delivery” courier today.

 

Know Start up About Women’s Health

Indeed, even in the cutting edge world, talking about specific ladies’ wellbeing and health themes makes a few people uncomfortable.

As per the Smithsonian, solid marks of disgrace encompassing ladies’ wellbeing issues can influence everything from sexual orientation imbalance and monetary uniqueness to the commonness of genuine maladies like cervical malignancy. In any case, gradually yet clearly, it’s turning out to be more acknowledged to openly address ladies’ wellbeing, particularly with more ladies driven new companies framing.

“Issues affecting women — menstruation, contraception, fertility — remain taboo,” said Kate Ryder founder and CEO of women-centric health app, Maven. “Creating a more equal system means bringing women’s health out of the shadows.”

These three startups were founded to help improve women’s lives and make it easier for them to freely discuss the health issues that affect them.

The Maven app assists women in finding the healthcare that fits their needs. Users input the type of care they need, and the app then suggests providers. The platform gives users the opportunity to book a video appointment, where they’ll meet with the provider via the Maven app, in real time.

Women have a variety of needs, which is why Maven users can see nurse practitioners, nutritionists, mental health specialists and a myriad of other health care providers, Ryder said.

“Doctors spend 8 minutes or less in-person with the average patient,” she said. “We at Maven believe the first and most obvious way technology can improve outcomes and make the patient experience better is by restoring the depth and continuity in patient-provider relationships.”

Maven aims to expand its services to help women at various times in their lives. The company recently launched a maternity benefits program, Maven Enterprise, that helps businesses both attract and retain top female talent.

“The program goes far beyond standard leave and insurance offerings by providing unlimited access to on-demand health care for women during pregnancy [and] postpartum, and as they go back to work,” said Ryder.

The company’s work doesn’t stop at the end user, either. Through the Maven Foundation’s Access for All program, the company donates $1 for every appointment purchased toward care for women in need. The foundation supports practitioners providing their services, free of cost, to women and children who lack access to quality health care.

Maven’s prices start at $18 for 10 minutes with a nurse practitioner, which also allows you to get a prescription.

LOLA, a subscription service for feminine hygiene products, was created by co-founders Jordana Kier and Alex Friedman as a solution the problem of unpreparedness.

“We were able to get groceries, beauty products and dry cleaning delivered to our door. But for some reason we were still making last-minute tampon runs to the drugstore every month, even though it was never any surprise that we would need them,” Kier said.

“Our goal was to help women feel empowered to ask questions about their feminine care and informed enough to make educated choices about the products they use,” Kier continued. “Long term, the vision for LOLA is to provide all women with the products they need throughout their entire reproductive cycles, and beyond. To us, the entry of other startups into the space further validates the importance of all-natural products.”

A LOLA delivery comes in discreet boxes that contain 18 tampons, available in three different sizes (light, regular, super) consistent with industry standards.

“It was important to us to build our subscription model to be a service we would want to use ourselves, so we make it really easy to adjust, skip or cancel at any time,” Friedman said.

LOLA sells products made from 100 percent cotton, hypoallergenic material that doesn’t contain any synthetics, chemicals or dyes. Additionally, LOLA tampons are wrapped in BPA-free compact plastic applicators.

Earlier this year, LOLA launched its blog, The Broadcast. The blog provides women’s health, tips and features conversations with “trailblazing women the company admires.”

The undergarments made by Thinx offer a new freedom that women may have never experienced: the ability to wear underwear during their menstrual cycles without traditional “protection.”

According to the Thinx site, the top layer of the underwear fights bacteria and absorbs any liquid into the thin layer right beneath it, so you always stay dry. The product comes in a variety of styles and absorbency levels.

“There was really a huge opportunity and need for disruption in the feminine hygiene and underwear category,” Miki Agrawal, co-founder and CEO of Thinx, told Business News Daily.

For every product sold, Thinx sends funds to its partner organization, AFRIpads. Based in Uganda, that group trains women to sew and sell washable, reusable cloth pads, empowering the women to become entrepreneurs. Additionally, local Ugandan girls can purchase the affordable pads, keeping these young students in school all month.

Agrawal said the company will be expanding affordable pad options to Nepal and India, as well.

Thinx isn’t just addressing periods, either. Icon, Thinx’s sister company, is an underwear brand made for women who have incontinence issues. Like Thinx, the product absorbs, remains bacteria-free and keeps wearers dry. It gives to the Fistula Foundation, which helps mothers who are giving birth without health care.

Agrawal said her company has received customer testimonials from not only women with menstrual irregularities, but also handicapped women and transgender individuals who have greatly benefitted from Thinx’s products.

“People have expressed how this underwear has changed their lives with all different types of experiences,” Agrawal said. “[There have been] endless amounts of people getting in touch with us. It’s been magical.”

Natural Cycles is an app that monitors women’s menstrual cycles. Its capabilities include telling you when you are fertile, ovulating, when your next period is due, when you are pregnant and about the progress of your pregnancy

“Regulation is a good thing in the app and healthcare technology space,” Dr. Raoul Scherwitzl, co-founder and chief executive of Natural Cycles said in a release. “Natural Cycles is backed up by well-researched, large-scale clinical studies. We know we are dealing with women’s lives here and we take that very seriously.”

According to the site, women using the app are encouraged to enter their body temperature daily, or as often as possible, to determine ovulation and help identify the days you are fertile.

Natural Cycles has over 100,000 active users in 161 countries, the release said. The company has raised $6 million in funding to aid international expansion and conduct new clinical studies; additionally, the company has donated $25 million worth of free subscriptions to women in Brazil to help fight the Zika virus.

“Health apps are an important part of daily life for many women which means the information provided by them impacts their health and well-being,” Scherwitzl said.

 

Know How To Turn Blog into Business

These days,it appears as though everybody is blogging: From wellness enthusiasts and explorers to corporate brands and administrators, individuals speaking to about each pastime and industry have something to say on the web. Running your own blog gives you the opportunity to communicate, bolster your interests and relate to other people who share your interests.

Whether you’re blogging as a promoting strategy for your little business or attempting to transform your blog into a wellspring of wage, here are three of the most prominent alternatives for archiving what you need to say, and how to profit from it.

# Traditional blogs

Some bloggers just want to write. There are numerous potential topics, ranging from hobbies (such as baking or fishing) to self-help. Oftentimes, these blogs may feature media, like a photo or video, that fits the piece of writing.

# Advertisement

Jill Nystul, founder of the blog One Good Thing, said that although she began her blog as a side project, she eventually succeeded enough to quit her day job and become a full-time blogger.

“It has been a good source of income for myself and my team of four full-time and two part-time employees for a few years now,” Nystul said. “There is good money to be made if you have decent traffic and can get in with a reputable ad network.”

Nystul advised aspiring bloggers to write consistently about topics in which they have particular expertise, and to use social media to their advantage.

“Roughly 50 percent of our traffic comes from social media right now … and that’s the lowest it’s ever been. It used to be closer to 80 percent,” Nystul told Business News Daily. “The longer we’ve been around, the more traffic comes from direct search — which obviously we prefer because it is more reliable. But if we want to continue to engage our core readers and find new ones, social media is here to stay.”

Networking is also important for success in the blogging industry, Nystul said. Creating relationships with other bloggers, which can result in collaborations and incoming links, helps increase traffic and credibility for your site, she said.

# Photo blogs

As content becomes increasingly visual, a photo blog is a great way to engage your target audience. Sites such as Tumblr allow users to post or “reblog” images and share captured or digitally created photos of their everyday lives.

Similar to traditional blogs, photo blogs can have words along with images, such as captions or words that complement the scene. However, the page is primarily lined with pictures rather than word entries.

Travel photographer Perlito R. Pagay recently started a photo blog on WordPress called Globaltrail, where he shares the beauty of the Earth through his own experiences.

“This kind of blog is more on seeing the real subject [through] images rather than using our imagination [through] narrative,” he said. The intention behind his photography is to share “entertainment, awareness, information and knowledge” of a particular place or event.

Pagay advised all potential photo bloggers to focus on a single subject, understand and maintain a specific purpose (e.g., entertainment, awareness), ensure clarity of the photos, and add descriptions below each image.

Zuzu Galova and Peter Sedlacik, founders of Lens Between Us, travel the world, taking photos of each other and sharing them on their blog. The duo started their blog almost three years ago during a trip to Portugal.

“We wanted to have something that would document our travels, almost like a diary, so if we look back, we know exactly where we were,” Galova and Sedlacik said.

Although the original idea was intended merely as a side project, Lens Between Us wound up going viral and is now a potential profession for the two photographers.

“If we could find a brand who would sponsor us, then we would be able to travel the world,” they said.

Galova and Sedlacik believe the most important component of a photo blog’s success is to be consistent. If you find a concept you like, keep working on it, they said; people won’t find you overnight.

# Vlogs

Vlogs, or video blogs, allow you to share your insight through videos, usually of yourself. YouTube has millions of budding vloggers, from makeup artists to comedians, who make up this rapidly growing segment of the blogging community.

YouTube star Tori Haughey, founder of Trending With Tori, said vloggers are “able to connect with their viewers through video, which makes things more personal and relatable.”

Haughey grew her following by focusing on topics that resonate with her, like fashion, beauty and baking.

“My channel consists of the things that I personally love, and I like to think that there is something there for everyone,” she told Business News Daily.

Emelyne Behr, a popular vintage-inspired vlogger, has more than 86,000 followers on her YouTube channel, SweetEmelyne’s. In addition to recording videos of baking and beauty tips, she writes for her personal blog, which she uses primarily for recipes.

Pairing the two platforms helps grow a connection with her audience. She also promotes all of her content on Snapchat, Twitter, Instagram and Facebook.

“It helps remind people to check out my content,” Behr said.

Behr noted that, although competition is getting steeper on YouTube, brands are recognizing the power of vloggers and are more willing to work with them.

“When I first started, it was much easier to get noticed than it is now,” she said. “However, now it’s also much easier to get sponsorships and brand deals with companies.”

Both vloggers offered the same advice: Be yourself. By creating videos that excite you and express your talents and passion, you allow yourself to stand out, engage with your audience and enjoy the process.

# Earning income from your blog

Blogging may seem like a “too good to be true” career choice, but with the right mindset, dedication and effort, you can succeed as a well-known and well-respected blogger. Paid advertising, sponsorships and e-commerce on your blog are all great ways to generate income.

Marketing blogger Amy Lynn Andrews has been blogging profitably for more than a decade. In this post on her website, she recommends blogging about topics you are passionate about and allowing the money to come organically. Though the process of blogging itself may not afford you a salary right away, the platform is the perfect point to start earning money.

“After proving their trustworthiness, bloggers use their blogs as springboards to launch other products and services that bring in income,” Andrews wrote. “Examples are e-books or books, speaking gigs, products, e-courses, etc.”

As you grow, you can monetize your blog in the ways that best suit you and your audience, she said. “For example, blogging about knitting? Sell knitting patterns,” she wrote. “Blogging about fly fishing? Sell your services as a fly fishing guide. Blogging about being a preschool teacher? Sell preschool curriculum.”

If you work hard enough and your ideas resonate with your audience and partners, you can make decent money, Andrews said. Take it from her — she makes six figures a year.

Where to start a blog
The following websites are among today’s most popular platforms for launching a blog.

  • Tumblr
  • WordPress
  • Blogger
  • Weebly
  • YouTube

Know These Steps Become Success Entrepreneur

A few people simply appear to be “conceived business visionaries.” From a youthful age, they’ve displayed the attributes vital for business achievement — energy, innovativeness, authority, persistence, and so forth — and when they declare their arrangements to dispatch a startup, their loved ones regularly say these yearning people were bound for it.

Be that as it may, there’s considerably more to business enterprise than having the right identity — and regardless of the fact that you have it, your identity doesn’t ensure achievement. You require some essential business know-how and an entrepreneurial attitude, both of which can, indeed, be educated. Specialists said something regarding how a training in enterprise, whether formal or casual, can help you and your business excel.

# Evaluate your skills to identify gaps
The best way to begin your journey as an entrepreneur is to take stock of what you already know. Wendy Torrance, director of entrepreneurship at the Kauffman Foundation, said startup founders should assess their skills, stage of life and whether there’s a good opportunity in the market for their idea. Then, Torrance added, they need to figure out how to address any potential shortcomings of their business by building a team to fill in some of their own gaps.

# Advertisement

“Sixty-four percent of companies fail because of people-related problems,” Torrance said. “[Entrepreneurs] should identify their strengths and weaknesses with respect to the people around them. They might have knowledge about a technology, but a co-founder might understand the market better and help the company.”

Once you’ve combined your knowledge with that of your team, you can figure out which skills you’ll need to improve.

“Educate yourself to improve,” Torrance said. “Education [can come] from anywhere — a course, a mentor, a program, etc.”

# Find a mentor

Regardless of whether you’re studying to become an entrepreneur, it’s crucial to seek out the wisdom of those who have been there before. One way to do this is by turning to a professional mentor to guide you through the early stages of your startup and provide valuable feedback on your business strategies and issues.

“Mentorship is everything in business,” said Melinda Emerson, American Express OPEN adviser and spokeswoman for the OPEN for Women: CEO BootCamp program. “Startup entrepreneurs need sounding boards of people who are interested in their success — people who will tell them the truth and give them support.”

Phillipe Christodoulou, CEO and founder of The Eco Laundry Company, noted that first-time entrepreneurs’ lack of experience makes them especially susceptible to the pitfalls of starting a business. A mentor can prepare them for these challenges and steer them in the right direction, as well as provide critical psychological support, he said.

“There are moments along the way where stress can become so intense that first-time entrepreneurs can become overwhelmed,” Christodoulou said. “Sometimes, simply being reassured from someone who has already been there that those moments of utter insanity are completely normal and not unique to the person experiencing them can be the difference between a breakdown and a learning opportunity. And that’s a big difference. Bottom line: A good mentor is the best insurance policy to protect your investment as well as your mental health.”

Business students may have an easier time building a network of advisers within their schools, but any entrepreneur can find a mentor through sites like SCORE.org.

# Learn to listen

As an investor in entrepreneurship training, Frank Rimalovski, managing director of the New York University Innovation Venture Fund, has found that one of the most important lessons a business owner can learn is how to listen to customers. A lack of customers, rather than the failure of a product or technological development, is often the reason startups suffer, and knowing what your target market wants is key to avoiding this pitfall. Entrepreneurs need to be able to identify their customers’ values and figure out how to align with them, Rimalovski said.

“We really focus on teaching people how to listen,” Rimalovski said. “Go out and talk to your customers. Don’t sell, but listen and learn about their problems in the specific domain that you’re addressing.”

Both Rimalovski and Luke Williams, a professor at NYU Stern School of Business and executive director of its Berkley Center for Entrepreneurship and Innovation, say problems occur when an entrepreneur falls in love with his or her own idea and assumes others will feel the same way.

Customers “are not embracing your idea because it’s new, but because of the value,” Williams said, noting that entrepreneurs need to figure out how to persuade others of that value.

# Create good habits

Some people believe that there are certain personality traits that make a person more inclined to succeed in business ventures, but Williams said this notion creates a stereotype that is counterproductive to entrepreneurial education. It’s less about personality, he said, and more about asking which habits one needs to enable successful entrepreneurship.

“Anyone teaching has to believe that, given the right tools and opportunities, every student can be a member of the entrepreneurial class,” Williams said. “You can’t change personality, but you can change key habits.”

Williams said there’s a set of important habits that aspiring business owners should cultivate, called “the five P’s”: perception, provocation, possibilities, practicality and persuasion. Perception is crucial because good entrepreneurs must learn to perceive more opportunities by connecting seemingly disparate things. Provocation is about considering those opportunities and not automatically dismissing them. Realizing the possibilities is important in order to avoid jumping to the obvious solution and instead experiment with other ideas, to see what works. Once those possibilities are considered, identify the best, most practical solution, and focus on what you need to do to make that happen, Williams said. Finally, persuade your customers with a good story and pitch.

# Find the right resources

Not everyone will end up running a business, but there are many resources available for those who want to do so. These resources range from formal business courses and networking programs to seminars and websites offering guidance for business owners. It’s a matter of finding the learning style and setting that work best for you, Emerson said.

“Once people make the decision to be entrepreneurs, there are plenty of ways to learn how to be better,” Emerson said. “I believe in giving bite-size actionable advice to help people figure out small things they can do to make big changes.”

“We have to stop believing entrepreneurship is this magical, elusive skill or personality trait that only a few people possess,” Williams added. “We need to get it into a digestible process that people can learn like any other skill, regardless of their background.”

Business Owner Relationships

As the universe of business turns out to be more mind boggling, a little entrepreneur can never again be a specialist in the greater part of the particular trains a little business needs. Regardless of the way that little entrepreneurs should fundamentally concentrate on creating and overseeing enough income and on getting clients in the entryway, it is additionally basically essential for them to develop and sustain associations with a bolster group. This gathering incorporates:

# Employees

Although thinking in terms of a “relationship” with employees might seem a little odd for a business owner, that relationship could be the most important of all of the relationships for the owner to cultivate. Because good employees represent a major resource in a small business, the time and effort the owner invests in nurturing that relationship has a huge return on investment(ROI). Employees who feel seen, respected and appreciated almost always produce more than anticipated.

Employees represent – in fact they are – the company to the customers. The business relationship with customers largely depends upon their experience and interaction with the employees. Happy employees tend to want to satisfy the customers, want to do a good job and want to stay in the job. This is important to the continuity of high-quality customer service and avoids the significant expense of employee turnover, employee retraining and the expensive but inevitable “rookie mistakes” of new, inexperienced employees. In addition, having trusted, long-term employees can free up the owner to handle off-site duties as needed.

# Banker
A banking relationship is an obvious need, not only for routine business banking, but particularly when capital is needed to grow, increase inventory, buy a building, bridge a short-term gap between payables and receivables or to address the seasonality of the cash flow in the business.

The banker that an owner goes to for a loan should know the business owner, understand the history of the business and have an understanding of the owner’s judgment and credibility regarding the use and payback prospects for a loan. If the long-term relationship is there, or it is at least in the process of being built, the loan request has a much better chance of being approved. If the business has borrowed and repaid loans in the past, the established track record and relationship greatly enhance the approval prospects. (Loan protection insurance can help in the event of financial difficulty.

# Accountant or Tax Specialist
A relationship with an accountant is equally important if the business owner is to be confident in the quality, clarity, timeliness and understanding of the financial reporting provided. A relationship with an accountant can also enhance the business’s credibility with a banker when the business is seeking additional capital.

Many small businesses combine the accountant and tax-specialist functions in one outside entity for convenience, time-saving and cost reasons. This is fine if the accountant has the requisite tax experience for the industry and the tax expertise for the specific business it serves.

# Lawyer
Every business owner should have a relationship with a business lawyer, liability attorney or legal firm. When an owner invests money and effort in building a business, it must be safeguarded from loss as a result of a lawsuit.

# Insurance Broker
As part of business risk management, the business also should have a relationship with and the trusted advice of an insurance broker who will provide the optimal coverage in the relevant areas within the constraints of the business budget.

# Marketing Professional
Depending on the owner’s sales and marketing expertise, a relationship with a marketing professional is highly advised. Most small businesses start with an entrepreneur who has a specific technical skill, a trade certification or has built up a following of customers for good work done. When the owner wants to grow the business beyond the established customer base, he or she should have a well-defined marketing plan that addresses the following issues:

  • targeting the market
  • optimizing the media used
  • considering branding issues
  • assessing the competition
  • getting the best value for the marketing money spent

Few small-business owners possess all of these skills.

# Business Trainer
A similar situation often exists with training both the owner and the employees. In a small business, especially in a startup, the owner often hasn’t had time to acquire the management skills necessary for managing a growing business with more employees, larger or additional computer systems, enlarged inventory, additional vehicles and more customers to manage. A relationship with independent business skills trainers can fill that need.

# IT Specialist
A more recent arrival on the needed-relationship list is the enterprise systems or information technology (IT) specialist. The business owner should have someone who can come in, analyze the systems and suggest ways to effectively and efficiently manage costs. That person (or organization) should also suggest ways to keep the business competitive in terms of administrative, project-management and operating costs and maintain the scalability of the business model through process productivity and system capacity and flexibility.

Summary
This might seem like a lot of relationships to sustain for the busy small-business owner. However, although these relationships aren’t necessarily time-consuming, they are absolutely essential to long-term business success and are worth their weight in gold when the business needs experts to help solve problems or to take full advantage of a business window of opportunity.

 

Grow Successful Business, Here Its Tips

To succeed in business today, you should be adaptable and have great arranging and authoritative aptitudes. Numerous individuals begin a business feeling that they’ll turn on their PCs or open their entryways and begin profiting, just to find that profiting in a business is a great deal more troublesome than they suspected. You can maintain a strategic distance from this in your business wanders by taking as much time as necessary and arranging out all the vital strides you have to reach to make progress.

# Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.

# Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

# Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business.

# Stay Focused

The old saying that “Rome was not built in a day” applies here. Just because you open a business doesn’t mean that you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

# Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.

# Analyze Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

# Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

# Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

# Be Consistent

Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.

Pick A Business Partner for Business Start Up

Numerous individuals need to fire up with another business however they have numerous elements to consider while beginning up. One of the vital variables to consider is whether to start your start-up all alone or with your accomplices. There might be a few people who need to set out upon their own vision, while others might be happy with offering that vision to a group. On the off chance that one is having a decent business thought, they may get a kick out of the chance to have full self-governance and control over their business however then again, by picking a shrewd accomplice can help one grow the business all the more powerfully. The entrepreneurial way is distressing, desolate and costly thus people would incline toward collaborating and imparting the weight to a prime supporter. In any case, it comes at the cost of sharing portion of your value and control. Numerous individuals have incredible thoughts to fire up their business however they do not have the experience required and subsequently they come up short in the end. As per Gallup, just about one in three little organizations fall flat inside their basic initial two years and more than 50 percent will come up short inside the initial five years because of absence of experience. The most ideal approach to battle this is to pick the right business accomplice. The most vital relationship for your business and the work-life will be with that with your business accomplice as he ought to be the one to balance your qualities and convey out various qualities to meet the same shared objective. Certainly, it is hard t o discover somebody with the ideal adjust of characteristics, values, and experience. Along these lines, we impart to you a portion of the vital focuses to consider while picking the right business accomplice for your start-up :

# Complimentary Skill Set

It is very important to know what the complementary skills of the business partner are, as it is going to help you decide what total strengths and weaknesses you both possess. But the first step here is to first look within yourself. One must be honest with themselves and able to identify their strengths and weaknesses. Do not try to partner with your clones as it is better to pick people who have different qualities and strengths. Also, one must be careful that they don’t partner with completely different personality as it can lead to conflict. Look for a partner who compliments your skills and not contrast with them.

# Able to invest time and money

One must choose a partner who has personal resources to invest in the company. It may not be important to invest as much time and money as you have done, but they should be able to invest the maximum they can afford to. Lenders and capitalists are more willing to invest in a company where the partner also invests substantially. Your partner having a specific role and skills should be able to invest time as well to the business and give his contribution to help the business grow.

# Bring New Business or Leads

It is important to ensure that your business partner has good contacts and can help in the business to grow and add lead to sales. The new partner should be in a position to use their previous contacts and relationships and the business can benefit out of it. For example, it may happen that your new business idea appeals other entrepreneurs and they can contribute further to it.

# Similar Goals and Vision

Different people have different vision for their business, but to have success in your start up, it is a must to have same vision and goal and work together towards it. Both you and your partner should work with same zeal to see those common results that both of you dreamt of while starting the business. But as we know that different people have different preferences. Like if you prefer quality over quick profits and your partner liked it the other way around then it might be a difficult situation.

So, having a business partner is just like having a married partner which makes it very essential to ask important questions from your partner before aking a deal in your startup.

Seo Tips You Should Know

In this article we will let you know how you can expand your site rank from your home without contributing any cash. It is not exceptionally troublesome. You need to give just some time for that.

You can hunt on web down free SEO tips. In any case, there dialect is exceptionally troublesome. There specialized word is not effectively reasonable for new site designer. On the off chance that you will take after the tips we will give you ensure that your site can get great rank.

We will tell you how you can increase your website rank from your home. And how can increase you’re earning through your website. If you are not earning through your website we also tell you, how you can earn.
Here is a shorter and more compressed version of this article that is meant to be a high level guide for orientation. It is aimed to people who are not experienced and knowledgeable when it comes to SEO. SEO is not magic and there is no magic bullet either. SEO is a long term marketing strategy with high ROI opportunities. Because of its long term commitment necessary, is a well formed strategy key to success, a strategy that is followed and verified and scrutinized along the way.
Feel free to comment any suggestions or questions.
In the source of article some free useful links available for you. These will be helpful for your SEO.
Submit your site on various type of search engine. Like Google, yahoo, bing etc. For that you can search on Google ad url to search engine. It depends on you how much you can. And some link also available for your help on article end.

Use unique and good keywords/meta tags/description on your website. Where to submit keywords/meta tags/description? Answer : Go here : Free SEO tips. Open view page source and check where it is available. You also submit the same location.

Create a sitemap for your site. Here are many sites that can create free sitemap for you. Just create sitemap and upload with your index.html page. And after that create an account on Google webmaster tool and follow the instruction. In Google webmaster tool verify your sitemap.

Submit your site on various types of directories. For that you can search on Google submit url to web directory. It depends on you how much you can. At the end of article some links for your help available.

Create some good articles/blog for your website. And submit that on free article directories. It also depends on you how much you can. But in your article/blog don’t forget to create some text to link for your site.