Business Resources

While it is still fundamentally true that time is money, it is information that is the key to business success and thus making money. There are several general resources for business owners to get information and actual business assistance from.

The most common and well-known resource is of published material. This can be from what is called traditional media such as newspapers, magazines, newsletters, and stories from television and radio news. It also includes information from new media, including internet websites, blogs, search engines and the newer and rapidly growing world of online social networking. This includes resources such as Facebook and Twitter. For business purposes, there are specialized online networking resources such as LinkedIn.

Another general resource for business owners is through consulting or participating with organizations geared towards the firm owner. These include the Small Business Administration, local Chambers of Commerce, local Business Improvement Districts and business clinics and incubators usually run by colleges and universities. These resources not only provide lots of information via publications, classes, workshops and personal consultations but also often provide actual assistance. This help can include help in obtaining and submitting forms, getting referrals and introductions and hiring employees or interns.

The least used, but the most powerful resource is other business owners themselves. In particular, other business owners in the same or similar line of business as you are. Even those other owners in different businesses, but cater to the same geographic area or customer base as you do are a very valuable resource. While the best way to utilize this type of resource is a one-on-one interaction, many find this uncomfortable or impracticable. Another good way of interacting with these people is through local business and civic organizations.

It is important to gather where people are. For the top marketing techniques consider joining trade associations and other bodies that may be able to educate and train you, so that your skills and confidence are generated. It is said those who are successful meet with the successful. This can help you learn what to do and how to avoid business mistakes. Always remember to follow up with the individual who assists you along the way and thank them for their help, so they know you appreciate their efforts.

Starting a business involves adequate planning, development, and persistence. If you are starting a home-based business, you will need to know the kind of product you are going sell and the values it will add to your target market. For example, if you are thinking of netting about hundred thousand dollars profit, you have got to do your homework, by researching how successful people are doing it. This can as well reduce your cost regarding time and energy while learning the ropes. The next thing is to do your cost-benefit analysis, to know; if your product is valuable enough to generate your estimated profit target.

A prospective businessperson must start with whatever resources are available, then work on how to expand on a larger scale. You must have a mindset for growth in everything you are doing, and don’t ever believe that you cannot have enough because there is enough for people that are ready to attune their mind to prosperity.

 

 

 

 

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Business Basics

Starting your own business if not done correctly can leave your pockets empty, and your dreams are fading away. A business owner I’ve talked to seem to start their business with no guidance and the result was money lost. After I started my own business, I felt myself unorganized and losing money, so I stopped and put my thinking cap on and came up with eight things I should have done before opening my doors.

My 8 Steps I Believe You Should Take Before Starting a Business

Make Sure You Have the Knowledge About the Business You Are Starting.

Most new business owners start a business that’s a spin-off of their own experience whether this is running a restaurant or a company that specializes in garage door repair. This is not a requirement, but you need to have knowledge about the type of business you are about to start before starting.

Knowledge can be gained from taking classes, getting certified, reading, and internships, mentoring programs or purchasing a franchise. No matter what avenue you take, make sure you have the needed skills to be successful before you get started.

Assess the Current Economic Conditions

You need to be aware of the strengths of our economy because this will affect your bottom line. Educate yourself on how the recession, inflation, governmental regulation and interest rates affect you’re business and other businesses as well. I’m not suggesting you become the economist, but you have to understand the basics of our economic system.

Choose Your Business Type

There are three forms of business ownership: Sole Proprietorship, Partnership, and Corporation. You need to explore the advantages and disadvantages of each when it comes to your particular business.

Develop a Management Plan

You need to determine how your company will be organized, your production process, your management style and requirements of any managers you have working for you.

Develop a Financial Plan

Financial planning allows you to decide how much funding you need and if your businesses were feasible.

You need to also decide on your banking and accounting system.

Develop a Marketing Plan

A good marketing plan helps determine your target market, product or service characteristics, your pricing structure, sales plan and how you will market your product.

Have a Risk Management Plan

You need to identify the potential risk your business may be exposed. Once you identify those risks come up with a plan to manage those risks. The most common risk management is insurance.

Step 8: Have a Growth Plan

Most people go into business with the goal of making a profit and growing their company. You need to come up with a realistic plan on where you want to be in 5 to 10 years from the day you started your business. You will to have a plan to help you get there and reevaluate that plan monthly to make sure you are on track and adjust or change that plan as needed.

Starting your own business may sound like a lot of fun but there are many things that you need to take into consideration before you start a business of your own. Most businesses fail not because of a lack of money, but because a lack of planning. You really need to have a short term and five year business plan before you begin.

https://www.youtube.com/watch?v=sTuBo6xIC-0

Business Planning

I think it’s pretty common for young adults to have that one great idea that they think will make them a millionaire.  What makes the difference is someone who is willing to take the chance and dive all in to make it happen.  No matter how great your idea is though, if you don’t have a business plan you are going to fail – not because you don’t have a great product or service, not because you’re not the best but because you don’t have direction.  Take a look at this awesome video we found that goes over the basics of how to write a business plan.  It may be daunting at first but it will be so worth it in the end!