Business Tips: Things to Consider when Going into Business for Yourself

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.

© Bill Bartmann

Article Source:
http://www.bestmanagementarticles.com
http://entrepreneurship.bestmanagementarticles.com

About the Author:
Bill Bartmann is a self-made billionaire who went from homeless at the age of 14 to becoming a billionaire, going bankrupt, then bouncing back to do it again! Bill has had his self-doubts and even bouts of depression; he wouldn't be human otherwise. However, when self-esteem is strong and you're clear about your values, then you can bounce back from the lows; each time, you bounce back just a little bit higher. Bring out the Billionaire in you; visit http://www.billionaireu.com/

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Owning a Business: Are You Right for Business Ownership?

Going into business offers much risk and reward; are you right for business ownership?

Be honest and give some thought to how you would answer the following questions:

Do you know what you're getting into?
Are you ready for business?
Are you the type who has the necessary attributes?
Do you possess the necessary skills?

Business ownership is not for everyone; some people should just be thankful for their job that provides a decent salary and benefits while offering some security. When it comes to working a job or owning a business, there is no question of which is better or worse; the question is, which one are we better suited for? Be consistent with yourself; ‘to thine own self be true'; if your skills dictate that you work for someone else, be happy and content; this is where you belong.

On the other hand, if you feel you possess the attributes necessary to be successful in business ownership, by all means, go for it! An entrepreneur is one who is willing to face risk in exchange for the reward; he would be a terrible employee, unable to accept being told what to do.

Do you have what it takes to be a successful entrepreneur?
Are you on who can stay focused on what you're doing and where you're going?
Can you make and keep a commitment?

Can you get past the word, “NO”? Getting past no is essential to your business success. When you're told “no,” do you freeze up or shut down? Do you take “no” for an answer? Are you persistent in asking questions, discussing issues and debating the reason for a “no” answer? To an entrepreneur, “no” means not yet or not until; no is not the final answer.

Do you possess enough confidence to prove others wrong when they tell you why you cannot succeed? A successful entrepreneur does not allow himself to be talked out of success by others. If you feel that you are right for business ownership, look into the idea; become educated and take control of your destiny.

© Bill Bartmann, Billionaire Business Systems

Article Source:
http://www.bestmanagementarticles.com
http://entrepreneurship.bestmanagementarticles.com

About the Author:
Bill Bartmann is a self-made billionaire who went from homeless at the age of 14 to becoming a billionaire, going bankrupt, then bouncing back to do it again! Bill has had his self-doubts and even bouts of depression; he wouldn't be human otherwise. However, when self-esteem is strong and you're clear about your values, then you can bounce back from the lows; each time, you bounce back just a little bit higher. Bring out the Billionaire in you; visit http://www.billionaireu.com/

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5 Quick Tips to Successful Social Business Networking

Social Business Networks inexpensively interconnect professionals online, in particular, independent entrepreneurs and smaller companies. Social Business Networks also give you the opportunity to showcase your experience and achievements within your network. If you are an entrepreneur or small business owner, you need to be literate in the current world of social networking profiles, tools, and online connections to stay competitive and promote your business.

Participating in social networking is an often-overlooked small business marketing tool. In the real world, our networks are hidden. Social networking sites solve this problem by letting you see who your friends and connections know, who your friends, friends know and so on. You then are free to contact anyone that interests you by inviting them to join your own social network.

If you are looking to expand your contact base, LinkedIn and Facebook are two of the more popular services that facilitate business-oriented connections. Facebook showed a 270 percent increase in visitors in 2007 over the year before according to comScore, a leader in measuring the digital world. Ecademy and Xing are also popular business networking sites.

Here are 5 Quick Tips to Successful Social Business Networking:

1. Take the time to learn how to properly use the business social networking site that you join. Most social networking sites offer online tutorials. Many sites allow you to post your own user generated content in the form of blogs, pictures, slide shows and videos. Many users do not use the social networking sites to their fullest potential by taking advantage of these features.

2. Don't let your ego take over and join in the race to build up a massive list of contacts to show off your "social power." If you have more than 500 "friends," take the time out to sort through these "friends" to be aware of the people you may be attracting to your network.

3. Build and manage your online reputation. According to a report on MSN, several companies are now using the "friends" on an applicant's social-networking page as references. Not only are they looking at your page on sites such as Facebook and LinkedIn, they may also take the next step in contacting your friends. The old days of a page with three references and three phone numbers on it that you controlled are over. With social business networking, you open up your rolodex for the whole world to see.

4. Be professional. Type your posts, e-mails, comments or chats in a professional manner and do not use internet slang such as "lol", "omg", etc. Type your email, comments or chat messages as if you were standing in front of the person speaking face-to-face. Let's face it; this could be your first impression with a potential client or HR recruiter.

5. Establish a Routine. When logging on to your preferred Business Social Networking sites, set aside a designated length of time to spend here. Have some specific goals in mind when visiting the site.

Don't take a pass on the whole social networking trend. Millions of professionals are learning how social networks work, how social networking works, and how shared applications can be viral and ever-present. Don't miss out on this opportunity to create a successful social business network of your own.

Article Source:
http://www.bestmanagementarticles.com
http://entrepreneurship.bestmanagementarticles.com

About the Author:
Robin Matuk is an Internet Business Coach who addresses the needs of entrepreneurs and business owners looking to maximize the power of the Internet to build, manage, and grow a thriving business. She is the founder of My Digital Coach, and a a blogger at Creating with Impact.

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