by: Scott Oliver
If you're seriously considering starting an online business, it makes sense that you would want to choose something that's going to do well right from the start. When you're investing time and money in your business, it would help to know if you're setting yourself up for failure or for success. Here are five different kinds of online businesses that have proven to be a hit with customers. Perhaps you can find your perfect business idea here too.
Health and Weight Loss
Everyone either wants to lose weight or wants to improve their health. We're a society that wants to take care of our bodies and if we look good at the same time, that's all the better. If you want to start an online business, you might want to focus on ways to help people lose weight or simply to improve their health. You can do this by offering fitness and health related products on your website or perhaps by offering eBooks that will help them make better health decisions. Try to find something that relates to a question or a concern a person has about their health - and then you have a viable and profitable business plan.
Beauty
While it used to be that beauty was something that only women talked about, that certainly isn't the case any longer. That said, women are still the consumer group that is much more likely to invest in makeup and skin care products, though men too are looking to improve their appearance. With anti aging face products, both genders can begin to reclaim their youthful appearance, which will help them feel more confident in any setting. Selling high quality makeup products and helping customers with their choices is a great business plan, as it allows customers to have the department store experience from the comfort of their home.
Exercise and Sports
But weight loss isn't the only concern with it comes to health for customers. Exercise and sports are other areas where you can make a profit with your online business. For example, selling sporting equipment or products related to sports fans is still a big business. When you work with the team and their product line, you will be able to access thousands of fans who want to support their team with licensed products.
Fashion
Of course, fashion is still a hot seller, no matter where you are. If you can present high quality fashions on your website, you will attract not only the teenaged sector, but also those in their twenties and thirties - of both genders. Look to celebrity and gossip magazines to show you what's hot and what's not and then look for a vendor that sells the same or similar items that you can them turn around to sell for a profit.
Low Price Goods
No matter what you choose to add to your website, if you can sell products available on other sites for a much lower price, you are going to do well. This goes for fashion, beauty, exercise, sports, etc. If you can find high quality products that can be sold at much lower prices, you will draw in many more customers than you could have with higher priced goods. For example, if you can find a way to sell organic goods and clothing for much cheaper than healthy food specialty stores, you can help those that want to be healthier, but can't afford the higher prices of other stores.
No matter what you choose, try at first to think of things that you yourself might want to buy online - chances are good that you're not the only one.
Five Kinds of Successful Online Businesses
Work at Home Business: Goal Setting and DMO
Now that you've decided to start a Work at Home business whether it's a network marketing business or an online internet business the first thing you need to do is to figure out what you want to accomplish in your business. For most people the reason they want to start a home based business is to earn extra income or perhaps to quit their job. Whatever it is you need a plan to make it happen.
If you are going on a trip and call your travel agency they are going to ask you where you want to go and when you want to arrive. Only when you have that information can you plan your journey.
The same reasoning applies to your business. Your destination is the amount of money you want to make but it's equally as important to know WHEN you want to accomplish this. For example, you might say you would like to make an extra $2000 per month but you can't just leave it at that. You have to put a time limit on it. So you would say I want to make $2000 per month by the 31st of December of this year. This creates a fixed point that you can focus on just like a beacon. It is an amazing truth that when people have goal with a time limit the chances of reaching that goal are dramatically increased.
One caution you must take in setting your goal is that it must be something reasonable to reach. If it's too far out of sight and you fail to attain it you may become frustrated and give up. But even if you fail to reach your goal and get only half way there you'll be that much further
along than if you didn't set your goal in the first place. You can always reset your goal with the confidence that what you've done so far has been successful and by just keeping on doing what you've been doing will get you where want to be.
Now when you have established your goal and the time frame for when you want to reach it, your next step, and this is very important, is you must write it down and put it where you can see it many times a day. This could be in your office, on the refrigerator, in the bathroom or in your car. You want this goal to be impressed on your subconscious mind as much as possible. The reason this is so important is that your subconscious mind is like a computer. It will do whatever you tell it to do. It is an uncanny fact that when your subconscious mind believes, for example, that you will make $2000 per month by the end of the year things come together to make this a reality even when you don't know how it's going to happen.
Now there's one other ingredient in this formula that goes along with a written goal and that's WORK. Yup, it's true, the only time SUCCESS comes before WORK is in the dictionary. This is where something called a DMO or Daily Method of Operation comes into play. Your DMO consists of all those tasks that you must do on a daily basis if you're going to realize your goal. Your exact tasks, of course, will depend on the nature of your business, but it could be the number of calls you make to prospective customers or ads you place to drive traffic to your website or maybe write articles like this one.
Along with your daily tasks you should keep a written log of your activity and the results so you know what works and what needs to be changed. If you don't do this you won't know what needs to be tweaked.
Remember that just like an airplane flying from point A to point B there are course adjustments along the way. Your business will need adjustments and fine tuning as you progress toward your goal.
Goal setting and developing a plan of action have been proven to work over and over in building a successful business. You can have any success you desire by starting with these basic fundamentals and putting them into ACTION.
I wish you success in your business endeavors.
Your thought of the day . . . . . . .
"The real voyage of discovery consists not in seeking new lands, but in seeing with new eyes."
~Marcel Proust
About the Author
Over the past 13 years Bob Storrs has built a successful network marketing business that spans the US and 8 foreign countries. He also uses the internet to market these products and is an affiliate for others. Get the free report for hundreds of home business tips and tricks at http://www.BucketsOfBucks.com.
How to Choose a Home Base Business
A home base business is a good way to earn income on the side. Today's world requires people to earn extra money anyway they can to support the rising cost of living. There are simply too many choices of a home base business today. Some requires minimal work. Others would require you to devote some two to three hours a day so you'll earn.
Home base businesses could be classified according to a skill-related business, marketing business, and knowledge and experience-related business. Of these businesses, the most lucrative would be the marketing business. Every company established in this world earns by selling their product or promoting their services. So if you can help in the marketing of a certain business, then you will be part of their success. Companies are more than willing to compensate people who have played a crucial role in their business.
This is where MLM's or multi level marketing businesses come in. This is actually a marketing strategy implemented by most companies operating both online and offline. MLM is conceptualized to maximize the earnings of company itself and the people who agreed to be part of the marketing group.
The process works by recruiting as many people as you can under you. These people would then recruit others, basically doing the same things as you do. Along the way, you are also expected to sell some of the products that are associated with the MLM business. For every sale you make, you are paid a certain commission. The more sales you make the bigger money you take home.
But that's not all. Whenever your downline closes a deal, a small part of that sale goes to you too. That's how the MLM company repays you for having many recruits. So when you think about it, you can still earn even if you don't sell the products yourself. For as long as your downlines are active, you are going to get a fat paycheck. That's how MLM's can provide you with a residual income - a type of income every person dreams of.
But then again, not all people are good at selling. For them, the other options for a home base business would work.
Skill-based home business is for people who are good at something, like making crafts, repairing automotives, computers, or small appliances. This is also for people who are good at secretarial works, typing, and data processing. The other type of home base business is for the professional. If you have adequate experience and substantial knowledge about something, then you can help others and charge a substantial amount for it. This is where consultation services belong. Doctors could set up clinics near their residence and see patients during the weekends. Engineers can also offer the same service.
These are your different options for a home base business. As more and more people need additional household income, MLM businesses are getting more and more popular. It is very important that you consider the right opportunity so that you can maximize your profits. With an MLM business, you are almost sure of a good income if you do it right.
Skills-based and experienced-based home business would require you to do some real work on your free time so you'll earn some. If you prefer to generate money that way, then that's really your choice.
What to Look for When Reading Home Business Reviews
If you do a lot of research on how to earn more income, then you may have come across home business reviews both online and offline. In such reviews, you will encounter the different ways that people make money from their homes; you will get information on how much money you need to put in and how much you will be earning; and you will also get information on what kinds of paperwork you will need in order to get your home business running. How can home business reviews help you when you are doing network marketing?
Many other home businesses start from scratch: the owners of such start up home businesses will often have to go through a lot of paperwork, legwork, and bureaucracy in order to get the proper licenses for selling certain products or services, and in order to demand taxes from their clients. Moreover, such home businesses will require a larger staff, with people undertaking accounting, marketing, product research and development, and financing.
Although home businesses are literally small enterprises, they still need the right number of people to staff and run them, especially since micromanaging by one owner will do more harm than good.In network marketing, however, things are less of a hassle. For one, you do not need to go through paperwork in order to get the license to sell things, aside from the paperwork that you need to join the network marketing program.
You also need less legwork: when joining a network marketing program, many of the legalities will be in the hands of the network marketing program heads, who will assist you through buying different things and selling them later on. What you do need to take care of, however, are your finances, since some network marketing programs require a bit of capital from your end; and a marketing scheme, since you need to network with as many people as possible in order to make more money and earn more off your commissions.
When going through reviews on network marketing programs, there are many things that you need to be on the lookout for. If the review sounds too uppity-up, and if it sounds too good to be true, then it probably is. Watch out for overblown promises, such as thousands of dollars in your first week of work, which can sometimes be impossible when you are starting out and without a network to back you up.
Watch out for failure to mention any accrediting agencies: many network marketing programs are actually masked scams, so you need to be extra careful and vigilant when going through reviews.Look at how much capital you will need at the onset. It makes no sense to go into a network marketing program that promises you thousands of dollars in payout if you are going to have to put in thousands of dollars of your own savings first.
You may want to start low: assess your savings and see how much you can spare for capital. Remember, you need to be healthy and clothed, and your family needs to be sheltered, fed, and clothed, before you can do any investing in a network marketing program.
Lastly, look at the products or services that you will have to sell. Can you sell such products and services? Will you need them? Will they be useful to other people? Can you identify the target market for such products and services? Do you know where to find this target market online? Can you talk to this target market and is it in your marketing power to sell these products and services to this kind of market? Is there a monthly quota that you have to meet? When reading home business reviews, look at for these crucial questions as they get answered, and you can make the most of a network marketing scheme that is built especially for you.
Top Home Business Ideas and Opportunities that Require No Qualifications
Although there are scores of home business ideas and opportunities that abound in the Internet, not all of them are feasible if you donнt have the right qualifications. If youнre keen to learn and willing to work hard, however, then the following home business ideas and opportunities might just be right up your alley.
All you need is the determination to learn and succeed in your goals and whatever your chosen home business is will be sure to flourish!
Home Renovation Services
The real estate industry is in a rocky road and people find it more difficult nowadays to mortgage their old home and buy a new one. Thus, they turn to renovation. Skills for renovation can be easily learned but you need a good eye for design if you want your business to be sought-after. If you want your home renovation business to stick around for a long time, consider learning the appropriate skills for bathroom renovation.
Catering Services
Everyone wants to party but not everyone has the money to do it properly. If your talents lie in the kitchen, opening a home catering business is your best choice. Unlike the more established catering companies, you wonнt have to charge exorbitant prices for your services since youнre enjoying a rent-free business. If you want your catering business to flourish, consider keeping your menu updated while focusing on your masterpieces. Make it a point to deliver all your food on time as well.
Cleaning Services
More people nowadays are able to afford hiring someone to clean their homes. What they canнt afford is to take time off from their busy schedule and find someone trustworthy to loan a key to their homes. If you have a flair for domestic chores then opening a home based cleaning business is the perfect opportunity for you. If you persevere in this line of work, you might gradually find yourself offering cleaning services to commercial establishments as well and having your own pool of cleaners.
Event Organizer
Everyone wants to party but not everyone can afford to. Unfortunately for those who can afford it, they seldom lack the time, inclination, or the skill in hosting a wonderful party. Thatнs where you come in. If you have a knack of entertaining people and letting them have fun then this kind of home business is ideal for you. Start listing your contacts: theyнll come in handy with this job.
Fitness Training
You canнt be too thin or too rich. While you donнt have any way of ensuring the latter, you can however start earning with the former. Have you always found it easy to maintain your figure and stick to the proper diet? Are you great with any kind of exercise? Are you able to motivate people easily? If so, offering fitness training would be a splendid home business opportunity for you.
Beauty Services
If you can make yourself beautiful with just a touch of makeup then those are highly-prized skills indeed! People are willing to pay astounding prices for beauty. Itнs time to share your skills. By making other people beautiful, you receive monetary rewards and personal satisfaction. Not bad, isn't it?
And those make up the list of the top home business ideas and opportunities which donнt require you to have a college degree or a certain level of expertise and experience. Just work hard and youнre on!
"The Secret" and the Science of Getting Rich
by LUKE ARTHUR
Have you heard of the DVD called "the Secret"? Well it isn't such a secret anymore. The DVD was released in March 2006 and according to Time Magazine, the DVD has sold 500,000 units within the first 6 months. Today it sells well over 5,000 copies a day! It ranked in Amazon's Top-5 sellers during Christmas week; and a tie-in hardcover book just entered the Top 10 on the New York times bestseller list.
The amazing thing about "the Secret" is that you won't find it in your local Blockbuster or Barnes and Noble, it is selling briskly through new-age bookstores, New Thought churches like Unity and AGape and the official website at www.thesecret.tv. "It's become the biggest selling item in the 30-year history of our store," says Harmony Rose Allor, a buyer at West Hollywood's popular metaphysical bookshop, The Bodhi Tree. it is "word-of-mouth" marketing at it best.
So what is the secret to "the Secret's" success? It's is a "transformational movie", where a person's view on life and the laws of life will no longer be the same after watching this movie. In a sense, it has created the same kind of effect as "the Da Vinci Code" and the 2004 hit cult movie "What the Bleep Do We Know". The movie has created such waves that it has already been featured on the Oprah Winfrey Show, Larry King Live and the Ellen DeGeneres show.
At the core of the movie is a central philosophy called "the Law of Attraction". In fact, the movie itself was inspired by this very same law when the producer read a book called "the Science of Getting Rich" by Wallace D. Wattles. This books was written in 1910!
This philosophy states that we create our reality, both good and bad! The message is delivered through 24 "teachers" which include prosperity preachers, chiropractic healers, relationship gurus, life coaches and motivational speakers — into one clear, cohesive voice. The movie is a "must watch" for anyone interested in taking charge of their life and in creating the life of their dreams.
Following on the success of the Secret, 3 of the core teachers - namely Bob Proctor, Jack Canfield and Michael Beckwith have collaborated to produce a wealth building program called "the Secret Science of Getting Rich Seminar". This program is based on the book that inspired the movie and is set to make history as the fastest selling personal development program in history.
What is the Science of Getting Rich about? Well in the words of Wallace D. Wattles, "The ownership of money and property comes as a result of doing things in a certain way. Those who do things in this certain way, whether on purpose or accidentally, get rich. Those who do not do things in this certain way, no matter how hard they work or how able they are, remain poor. It is a natural law that like causes always produce like effects. Therefore, any man or woman who learns to do things in this certain way will infallibly get rich." The Secret Science of Getting Rich is all about teaching how to do things in this "certain" way to create wealth.
The success of this program is built on several rock solid foundations. These factors include: the phenomenal success of "the Secret", the timeless concepts from the Science of Getting Rich by Wallace D. Wattles, the credibility of 3 of the most successful personal improvement teachers and New Thought leaders of our time, and the Internet as the distribution medium.
Things You Should Not Do To Earn Money Online
There are certain schemes and products on the Internet that will not make you money and are simply a waste of time that sometimes it will be hard to earn money. Here are a few things to stay away from, if you are really serious about earning a good income from the Internet:
* Surveys: we have all seen these in our mailboxes at one time or another. These are time consuming and blatant ways to simply waste your time. They usually do not pay you and you can be earning real money doing something that is far more constructive. The only people who might get paid are the owners of these schemes. Stay away from these if you can.
* Lotto and free lotto: Now you and I both know deep down that nobody ever wins these lotto games. Do not even bother to waste your time. Again for the amount of time you waste playing these you could be earning some serious money. You will never be able to build a business on this.
* Contests and instant games: The same applies to these contests and instant games. If there was ever a winner the sponsors of these games would be broke. So do not waste your time on something that can rarely make you any money let alone a serious business.
* Casinos: Not only do you rarely win anything at online casinos, you will often lose money. This can add up and cause you some serious problems. Invest your money wisely and stay away from games like this. You are just putting free money into the casino owner's pocket and you should be putting that money to good use building your own business. After all none of us have free money to give away!
So as you can see, there are quite a few options you should definitely avoid. Affiliate programs are by far the best option for making money online.
For a fully comprehensive guide to the most profitable methods to make money online, visit www.makingyouricher.com.
Internet Home Business Idea - How To Master The Art-And-Science of Making Money?
by: Murtuza Abbas
Are you planning to get rich on the internet with your online business idea?
Do you ask this question - how to start an internet business?
If you answered yes, I have some secrets to share, if you apply them you will achieve massive success starting today.
Here are 4 simple easy to follow steps that will surely make you highly successful with your internet home based business beyond your wildest dreams...
Step 1 - Power of Focus.
Step 2 - Go With Your Passion.
Step 3 - Keep Learning.
Step 4 - Work Hard.
The purpose of this article is to tell you the exact truth about making money online with your internet home business idea.
Lets get down to dirty internet home based business details...
Step 1 - Power of Focus.
There are various opportunities on the internet to get started making money.
This includes...
1. Selling your own products.
2. Selling affiliate products.
3. Starting with online auctions like ebay.
4. Making money with google adsense.
The reason why so many people fail apart from having so many business opportunities is simple.
They lack focus. You have to pick up one thing and do it right and master it to the Nth degree.
Step 2 - Go With Your Passion.
You have to make sure that you move along with your passion and your interest.
If you like writing focus on writing and submitting articles in your niche.
This will get you traffic to your site and make money.
Step 3 - Keep Learning.
It is very important that you continue your education in whatever you are doing.
Learning will keep you updated with the latest tactics going around and you will be one who will tap into latest money making tactics instantly.
Step 4 - Work Hard.
There is nothing for free. Either you pay money and get the work done, or you work hard yourself.
If you lack money the only option left for you is to work hard to setup your internet business.
You have to either put your time or money to start and promote your internet business.
If you do this on regular basis and be consistent enough you will soon see massive success with your internet home business idea.
Common Mistakes In Business Plans
by: The Business Plan Factory
Your business plan is typically the first impression potential lenders of investors get about your business idea. Even with a great product, team, and customers, and you are unable to convey to properly convey your image, it could be the last impression if your plan has some of the following, common mistakes.
Lenders and investors review hundreds of business plan every year and with every plan, lenders and investors become more cynical because the same mistakes pop up with regular frequency. With so much competition for a limited amount of capital, it is imperative to not make these mistakes.
1. Financials
Unrealistic Financial Projections - Simply saying that you are going to do $100,000 in sales is not enough nor can you simply say there is no way of knowing. Everyone knows there is no way to accurately come up with financial projections over the next three years, especially in a start-up. But, what is required in your plan is that reasonable assumptions are made and supported with research. By incorporating a detailed list of assumptions and how you arrived at your numbers, the lender/investor can judge your analysis and decision making process. If you are projecting to generate high sales outside of industry norms, explaining how you arrived at this conclusion is a must. Lenders and investors have seen many, many plans that claim sales are going through the roof once funded and as a result are very jaded at statements like this. Financial data that is inconsistent with industry averages and overly aggressive sales figures will raise flags. Explain every number.
Confusing Cash with Profits - Revenues do not always equal cash. For example, suppose you make a sale this month for $100 that cost $50 to produce. Assuming your buyer doesn’t pay for 30-60 and even 90 days if dealing with state or federal sources (and assuming they all pay), the effect on your cash flow is significant. Suppliers and employees still have to be paid for their work while you are waiting on payment from the buyer.
While you may not have a significant portion of sales coming from receivables, the timing of cash flows is critical for developing a financial strategy as cash flow is much more important than profits. Profits are an accounting concept while cash is money in the bank. If you don’t believe me try paying your bills with profits.
No Adjustment for Seasonality - All businesses are seasonal to some extent, some more significant than others. Seasonality refers to the percentage of sales that are made in a month. For example, most retailers have huge November and December sales and lousy January and February sales. Did you make enough cash during the good months to cover the slow months to cover salaries, rents and lights?
If You Build It They Will Come - Be careful in assuming once your doors open people will be streaming in to buy. You have a new, relatively unheard of business. This is a time when your business is particularly vulnerable as most of new owner’s cash reserves have typically been used to open the store. If sales projections are off during the first couple of months and you don’t have enough working capital to keep the lights on, you may be quickly going out of business.
Insufficient financial projections - Basic financial projections consist of four elements: Income Statements, Profit & Loss, Balance Sheets, and Cash Flow Statements.
For most businesses a three-year projection is sufficient, but if yours is a capital intensive one and will take longer to show profitability then use five. Actual figures are a must if you can get them and any number in the projections needs to be in the business plan narrative. If you are purchasing an existing business use the historical financials to show support for your sales figures.
No Quotes - Any significant expenses should have a quote accompanied in the appendix, especially for construction or remodeling as this is an area where most entrepreneurs slip as they do it themselves and greatly underestimate the costs.
2. Marketing
Failing to relieve the customer’s pain - Businesses are rewarded to make consumer’s pain go away. Pain can include; my car stopped working, my doggie is sick or my tax returns are too hard to prepare.
If your business plan can’t show how you are relieving the customer’s pain, then the chances for success in the marketplace is extremely limited.
Remember pain equals market opportunity. The greater the pain, the greater number of customer’s with this pain and the better you can relieve the pain equals greater market potential.
One Billion Customers Served - Claiming everyone needs your product/service will send a strong message to the reviewer that you don’t know your market and remove any credibility to your plan. In the good old days the shotgun approach to marketing could work as there were limited channels for advertisement. Today with unlimited outlets and more narrowly defined markets, this approach does not fly.
While it’s true everyone eats, not everyone will eat at your restaurant, nor could you effectively advertise to everyone. By researching the segments that are most likely to use your product/service and showing how your message will get to them will ultimately make your endeavor more successful. Having clearly defined target markets will show you have done your homework and be the cornerstone of a marketing strategy that can succeed.
We have no competition - Use this statement if your want your plan rejected. Every business has competition. While there may not be a direct competitor, meaning one that offers the same or similar product, there is always an indirect competitor.
Saying there is no competition tells the reviewer that you have either not done any market research or there is not a market for your product.
3. Organization
Writing For The Wrong Audience - A plan for a lender should be written differently than one for an investor. Banks are interested in seeing the likelihood that debts be repaid and investors are interested in the upside profit potential. Be sure to write your plan to your audience. For both, keep to the facts, keep it clear and keep it simple. If you don’t feel you have the writing abilities to make your plan shine, then get help.
Poor spelling and grammar - Leaving spelling and grammatical errors in your plan only tells the reviewer that you are not paying attention to details and may not pay enough attention to the business. Use spelling and grammar checkers and let others review your plan to make sure there are no errors.
Too repetitive - Many times, plans will cover the same points over and over. A well-written plan should cover key points only twice: once in the executive summary then again in greater detail in the narrative of the plan.
Remove the Jargon - Using simple language is imperative to getting a technical business funded. Don’t think that by using complex terms that lenders/investors will be so impressed with your knowledge that they will whip open the checkbook. Businesses that can’t be understood don’t get funded. If you can’t explain your business to a sixth grader your chances of funding are in jeopardy.
Investors are really only interested in your technology if it solves a problem that people will pay for, is better than the competition, can be protected through patents and can reasonably go to market without spending a lot of money.
Keep the technical details out of the business plan and in the white papers.
Appearance matters - Make sure your plan looks professional. Use professional printing, binding, keeping fonts consistent and easy to read. The more money being requested means investing more time in making sure your plan will stand out from the crowd. Be careful that you don’t go overboard and give the impression that the plan is all style and no substance.
Length - A long business plan does not make a better business plan. All of the industry and marketing research won’t save a flawed plan. Too many plans have been immediately rejected because they are too long. Lenders and investors favor entrepreneurs who can efficiently demonstrate the ability to efficiently get to the point.
An executive summary should be no more than 1-3 pages. Ideally it should only be one page but some complex plans require more. An ideal business plan is 20-30 pages, including financials. Remember less is more!
Use operating plans, white papers and marketing plans for the in-depth details.
Fluffing - Using phrases like "unmatched in the industry;" "narrow window of opportunity;" or "ground floor" are empty phrases filled with hype. If anything, the cynical reviewer will be turned off by the hype and trash your plan. Stick with laying out the facts – what is the problem, how will you solve the problem, how big is the market, how will consumers buy it and what is your competitive advantage. If the opportunity is there the lender/investor will be able to make the decision for themselves.
Overvaluing the business idea - What gives a business value is not the idea but the execution of the idea. A great idea is a start, but almost everyone has had a great idea at some point in their lives. How you will execute this idea is what sets apart a real business from the dreamers.
4. Execution Mistakes
Waiting too long - Funding a business takes a long time. Expect three months at a minimum after finishing your business plan to get funding. Unless you have sufficient capital, other sources of income and can be funded in-house at a bank, this number may be reduced. Bank financing for business with less than two years of operating history are typically funded through an SBA guarantee, which requires additional time, patience and paperwork. Financing through investors is usually an even longer process as they have a lot of people competing for their money and they tend to do significant due diligence to secure their investment. Waiting until you need the money is a sure way to keep your business from launching.
Unreasonable time lines - Many business owners underestimate the timelines for completing milestones. Its human nature to think we can do things faster than is possible. When getting a business started there will be several tasks you could not have anticipated and the some tasks you think will be easy which will end up taking much longer. It is best to overestimate and finish early, rather than scramble and execute your opening poorly.
Failing to seek outside review - When preparing your plan, be sure that you have at least a few people review it before sending it out. Preferably look for people in your industry or who have a specialization in sales, distribution, etc that could lend a fresh set of eyes and find any flaws in the plan. Being so close to the action can keep you from being objective and this additional scrutiny may save you countless headaches and money down the road.
Perfecting - It can be easy to spend countless hours perfecting your plan and ultimately never launching. Remember, your plan will never be perfect and in practice should be continually updated as you learn more about the business, market and customers. Don’t make your plan an academic practice, finish it and get in front of investors and lenders. Use this feedback to see if your plan really needs the additional perfection.
The One, Essential Trait of Every Self-Made Millionaire
Wouldn’t it be nice if there was a specific formula for making millions of dollars? “If you want to become a millionaire, all you have to do is A, B and C.” You know . . . . “Go get a degree in small-business management, talk to Jim at the bank to set you up with a Subway franchise, and invest in Microsoft today because it will skyrocket tomorrow when they report earnings.” Unfortunately, life is just not that gravy. The good news is there are some defining characteristics, habits and belief systems that self-made millionaires share in common. Take this a step further, and I believe almost all self-made millionaires’ financial success boils down to one thing.
Now, I’m not talking about the 0.5% of “self-made” millionaires that hit the lotto or scored big on buying Microsoft at its lowest-low and selling at its highest-high. I mean the people that sacrifice, slave, and sweat their way to become financially free. I’m referring to the people that spent 20-30 years on a strict budget, giving up everything to build successful businesses – all the while living well below their means, and doing it happily at that.
What makes these people not want to spend the money they worked so hard for on a nice car or an extravagant dinner? Why would they choose to read Money magazine and study business over watching the NFL draft? This lifestyle just sounds boring and exhausting. After all, what’s the point then of being filthy rich?
The answer is Drive. But not only drive – the meaning behind the drive. If you peel back the onion, you will find that what makes millionaires become millionaires is an ultimate, singular factor that keeps them grinding away to accumulate so much wealth. How else can someone willingly sacrifice so much over such a long period of time? Because they have no choice.
The reason behind their motivation is so strong that there is no alternative. This is living life as they know it.
To become a self-made millionaire, without the big score or a grand inheritance, you will likely have to do it the hard way like most people in this class. If you are truly focused and determined to become a millionaire, you are far more likely not to succeed if you are unable to identify that element that pushes you through the pain. It is essential to dig down and find that “why” factor.
The reason behind your drive should be so strong that it makes you compulsive about becoming wealthy. Your “why” should establish your habits, attitudes and beliefs of money and wealth. It will invariably define who you are as a person.
Once you figure out the real reason you want to be rich, it is important to remind yourself frequently. The road to financial freedom has many ups and downs, good years and bad years, happy days and bad days. If you remember the why, the how does not matter. At least it doesn’t for those who have achieved their goals.This theory, by the way, holds true in business and life in general. It is what creates Olympic athletes, successful business leaders, great spouses and parents, etc. Those who have a relentless passion to succeed in order to fulfill their “why” are unstoppable. Discover your “why” and you have acquired the one, essential trait for becoming a self-made millionaire.
Starting a Home Business Using the Internet
Starting a home business I not an easy task and to make things harder there are so many myths attached to starting a home business that it can become quite confusing. Some people get an idea in their head and just take off. Starting a business for them is easy. The majority of people, however, end up having the desire to start a home business before the actual business idea comes to them. Once they begin thinking about actually starting a home based business they are overcome with many myths that make it seem next to impossible to succeed.
One of the biggest myths about starting a home business is associated with the internet. The internet has opened many doors to home business owners, but at the same time the complexity of the internet has caused many to give up and abandon hope that they can ever get a business to be successful. Many people believe that the internet is a vast marketplace that is too he to compete in. That is simply not true. There are many small home businesses that are doing great on the internet. It is all a matter of knowing how to run a business website. A person has to understand about marketing and setting up a website. Once they've established their online presence they can make great money.
Another internet related myth about starting a home business is that there is no help available for the business owner. Anyone who has went to a search engine and typed in business will now this is not true. There are online networks of websites that are all aimed at helping people succeed in internet business. These people offer free information and plenty of support. A person can find answers to almost any question they have and even talk to others who have started their own business. The internet business environment is one of helping others.
One myth that may hold some truth is that marketing online is impossible. While it is, obviously, not impossible it can be difficult for the beginner. Starting a home business online requires plenty of research into internet marketing. The marketing tools used online are very different from those used in the traditional environment. A person has to understand how to drive traffic to their website and how to catch the attention of their target market. As mentioned above, there are plenty of resources available to help a person get their marketing plan in order.
These myths about starting a business all make it look impossible to tap into the internet marketplace. These myths are quite untrue and should be ignored. It does take hard work and dedication to start any business, but using the internet just opens up a business to a huge marketplace and offers additional opportunities that a traditional, offline business does not have. It is worth it for every business owner to look into the internet when starting a home business.
Mom Entrepreneurs - Determine Your Best Business Option
Women start businesses for a variety of reasons, but commonly, a need for greater flexibility than would be offered in a traditional work setting is a primary motivating factor for mom entrepreneurs. As you brainstorm to determine the best business for your needs consider the following: What are my interests? Just as it can be a big mistake to jump on the bandwagon of the hottest career of the moment, it can also be a big mistake to launch a business based on the success of someone else. You'll spend a lot of time building your business, so creating a business based on something that is meaningful, important and interesting to you will help you to persevere through challenges and enjoy the rewards of building a business that is uniquely your own. What financial resources will I need? Be realistic about the amount of money you are willing and able to invest in your new business. Many mom entrepreneurs seek out business opportunities that have low startup costs. Whatever type of business you launch, if you start with a realistic financial plan for your business you'll be better equipped to assess the potential profitability of your business and understand the business related expenses you can expect to incur. What kind of time commitments will your business require? If you are becoming a mom entrepreneur in order to increase the flexibility in your work hours, you'll need to think carefully about the type of business you start. Launching a business can be an ideal solution for moms who want increased flexibility with their time but also want or need to remain in the workforce. Carefully think through your available resources, needs and expectations about becoming a mom entrepreneur. Compare those with the realities of your potential new business to ensure you choose the best business option for you.
Internet: Affordable Advertising Agencies
Low cost internet advertising agencies are the ideal way and most recommended means to make your product or service known and for your web site to earn money. There is such a very huge range of affordable internet advertising agencies that are now found in the Net. There are various Internet advertising agencies according to the kind of product or service they provide. Here is a list of a few of these kinds of online marketing agencies. 1. Web design agencies These are focused on building web pages for a website. Many web developers are now offering affordable services if you just know how and where to find them. 2. Logo services Production of web site logos is the main concern of these agencies. Hundreds of pre-designed logos could be purchased or even customized to complement your website better. 3. Copywriting Agencies In adjunct to search engine optimization, these agencies provide quality content that targets the attention of the market you intend to tap. Looking for the best deals with copywriting services will be a cinch if you know where to look. If you prefer freelancers, they are often found with their own websites. 4. Search engine optimization companies These companies analyze and modify websites in order to achieve the highest possible search engine ranking. They improve your website's design and content to better attract more traffic. Link building could also be employed by these e-marketing agencies to benefit your business. They are actually a combination of all the services mentioned above. Sometimes they also go by the name of Internet marketing consultancies or something of that sort. 5. Domain registration companies Your business's name in the web is the business of these companies. Looking for the best amongst a wide array of these agencies is like looking for a needle in a haystack. But if you are determined enough to do your homework with these marketing services, results would be more than rewarding. Just make sure that you don't register with those whose only intention is to rip off those who can't afford the most reputable domain registration agencies. These are just a few of the Internet advertising agencies that a web marketing newbie could turn to. Examining your needs first will better your chances in getting in touch with the cream of the crop of these Internet marketing agencies minus the hefty price tag.
Double Your Income With A Few Small Changes
Are all of your marketing efforts geared toward only one area? You can significantly increase your sales and profits by increasing your target market. Below are some creative ideas to increase your income and profits using the same products and services that you're selling right now. You can increase your target market by redesigning the products or services that you offer. For example: let’s assume that you are currently selling an ebook directed at Doctors entitled “The Doctor’s Guide To Improved Billings”. You could easily make just a few changes and adapt the guide to Lawyers, Accountants, and a whole host of other professionals. You could come out with an entire series dedicated to improved billing procedures for professional. By making these few changes, you have effectively doubled or tripled your target market along with your potential income. Another tactic to increase your target market is by adding an additional product or service along with your main product. For example: if you are selling knitting needles on your site. You could give away a free pattern book to anyone who purchases two sets of knitting needles. This way, you increase your market to those who are looking for new patterns as well as knitting needles. You can also increase your target market by doing a cross promotion with a similar, but non-competing business. For example: if your business sells cat food, look for a business that sells cat toys. You could combine your cat food and their cat toys into a single product. By doing this, you have doubled your potential target audience by catering to those who want both cat food and cat toys. This has an additional benefit. Both you and your partner business will be selling the product to your visitors and list. This further increases your potential. Do you want to learn how to make money? Get my new ebook and start making money online!
Converting That Million Dollar Idea Into A Successful Online Business
So you’ve got a million dollar idea and you are ready to cash in by starting your own online business. Where do you start? The first question that you need to ask is how much money do you want to risk? I usually tell clients to stat out by risking as little as possible. There is little sense in spending a ton of money only to find out that your idea was a flop. The first step is to determine if you want a website or blog. Both options are available free of charge. If you go the website route, you can later convert it over to your own domain name. This will make it easier to do business in the future, but you need some knowledge of html (a website programming language). If you decide to go with a free blog, you need no html knowledge. Entering information on a blog is as easy as using a word processor. Then you need to determine how you will sell your product idea. Most people on the Internet use a sales page to do their selling. Do a search to find products that are similar to yours. Study their sales pages. Check out the site statistics in Alexa. Is it a large successful site? Use the same basic style of the most successful sites. These sites are successful for a reason; don’t try to re-invent the wheel. You need a method to allow people to buy your product using credit cards. This is easily done by installing a payment button on your sales page. The process is relatively easy and there are many free options available. PayPal is the first option that comes to mind, but you can find many other free payment processors if you do a search. You’ve got everything set up, now all you need to do is generate traffic to your site. This is actually the hardest part of running an online business. You can use article marketing, free ads, classified ads, forums, email and a number of other free options to drive traffic to your site. Unfortunately, this is an ongoing process. You will need to do it continually to generate ongoing traffic. After you have begun to make some money, you can switch over to paid forms of traffic generation. These techniques include pay per click programs, and other type of advertising that you can buy. These techniques can be somewhat expensive but they are less time intensive and they can run on autopilot. Do you want to learn how to make money? Get all the details and start making money online!
5 Ways That Ebooks Can Improve Your Online Business
Ebooks are great money maker for your online business. Most of the Big Internet Guru’s use them to propel their income to the six (and sometimes seven) figure level. Of course, to maximize your income you should diversify your online business and generate income from a number of different methods. But, ebooks should definitely play some type of roll in your online business. There are many ways to use ebooks in your online business. Following are 5 ebook techniques you can use to improve sales. 1. You can sell your ebook using your own sales page. Of course, this one is obvious. After writing your own ebook, design a sales page and promote your ebook by writing articles, using forums, ads, pay per click, or whatever method you choose. Then sit back and cash your checks. 2. Ebooks are a great way to grow your list. To be really successful online, you should have a large list. In fact, the bigger your list, the larger your income. In most cases, visitors to your squeeze page need some sort of incentive in order to give you their name and email address and subscribe to your list. Giving away an informative ebook is an excellent way to build your list of subscribers. 3. Use ebooks as a bonus for other products that you are selling. Using a bonus program to compliment your products is an excellent way to increase sales. A package of three to five related ebooks makes a great bonus program and can do a lot to generate additional business and make your product more attractive. 4. Develop a viral ebook that contains links to your squeeze page, product offerings, and affiliates that you are promoting. Give your viral ebook away using every method available. Send it out to your list. Offer it for free in forums and through ads. Write articles and include links so that readers can download you viral ebook for free. Viral products work great and can generate traffic and additional business for years. 5. Develop an ebook store. There are numerous companies that will provide you with everything you need to operate an ebook store on your website. This can provide additional income visitors frequently come to your site looking for information. As you can see, there are a number of uses for ebooks in addition to the traditional write and sell technique. Do you want to learn how to make money? Get all the details and start making money online!
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