Smart Move to Start Business in Recession
Starting a new business is not for the faint of heart. For those who possess the entrepreneurial spirit, though, now might be the perfect time to begin a venture.
In the midst of the worst recession in decades, it might seem prudent to postpone a launch. But there are some compelling reasons why now is actually a good time to start a business.
Beginning a venture in lean times will force the entrepreneur to pay close attention to planning, market research, cash flow and other critical issues at the heart of failures in the first five years. Tough times encourage start-ups to protect assets and invest more cautiously to avoid the “irrational exuberance” that Alan Greenspan warned would lead to financial collapse.
In tough economies, you understand from the start that you’ll need to use the first several months to position your company for success. You’ll need adequate funding to sustain a slower growth, and a more targeted approach to marketing. When the economy is booming, it’s easier to realize early success. A company that can grow early successes in a weak economy is poised to surge ahead when the situation improves.
The costs of starting a new business are lower than they have been in recent years. Many of the products and services you’ll need are available at discounted rates: professional services like accounting and legal services, real estate, office furniture, and other goods and services.
During hard times, you as a consumer are in a stronger position to negotiate favorable terms than you would be if you wait for the economic rebound.
With the presidential campaigns bringing new focus to the government’s role in business development, it seems likely that the current uncertainty in the business environment will be replaced with regulatory and tax conditions that will truly promote job growth, along with real opportunities for both new and existing businesses. If you’ve already begun laying the groundwork for a well-planned and marketable business, these policy changes could enhance your efforts with some genuine support from local, state and federal governments.
The impact of regulations on business are likely to be defined so that businesses can plan and make decisions on known conditions. As that takes effect, your business could be in position to benefit from “the rising tide that lifts all ships”.
Naturally, these hard times will require some meticulous attention to detail as you develop the plans for building your dreams and starting your business. You’ll need to be certain you have the operating capital to sustain your business and your family while you develop your customer base. And you’ll need to have a robust and realistic budget for marketing and promotion. Careful planning, adequate funding and attention to detail are cornerstones of any successful venture, regardless of the economic environment in which they are born. If you have what it takes to be successful, starting a business now could position you for greater success when the economic environment improves.
By Marianne Carlson
Showing posts with label Start Business. Show all posts
Showing posts with label Start Business. Show all posts
5.11.12
Greenville’s Klif Bartrum starts up coffee delivery business
Greenville’s Klif Bartrum starts up coffee delivery business
Klif Bartrum, owner of a new coffee delivery business called My Coffee Delivered, displays his mobile brewing operation. For $5, Bartrum will deliver lattes, mochas, teas and more to any area home or business.
GREENVILLE — On a chilly, rain-swept afternoon, when the wind wails like a lost spirit and slate-gray skies seem to seep into your very soul, nothing warms the heart like a good cup of coffee.
Problem is, getting one sometimes entails going outside, out into the very weather you’re trying to avoid. Thanks to local entrepreneur Klif Bartrum, that dreaded trip may now be avoided, assuming you have $5 and access to a phone.
For $5, Bartrum will show up at your door with a freshly brewed latte, mocha or plain ol’ black coffee. The former Electrolux forklift driver is trying to carve out a niche for his new business venture, called My Coffee Delivered.
“After (Electrolux) announced their departure I went to driving truck over the road,” Bartrum said, talking about the factory’s closing in 2006, which resulted in job losses for many area residents. “It was difficult being away from my family for weeks at a time. So a year ago, I became an independent distributor of Organo Gold Coffee.”
Bartrum’s business plan — delivering coffee to homes and offices for a flat fee of $5 per cup — is all his own.
“I really wasn’t much of a MLM (multi-level marketing) seller, so I came up with my own business plan,” Bartrum said. “I sell black, latte, mocha, green tea and hot chocolate. This is not a MLM company plan, just a coffee delivery service. It’s just something I came up with.”
The beauty of going with the Organo Gold line of products, Bartrum added, is they do not require large or complicated brewery equipment.
“What they’ve done is put their coffee into an instant packet,” Bartrum said. “I just pour it into a cup, add water and stir, and you’ve got a latte, mocha or whatever.”
In addition to the convenience of coffee delivered directly to your home or business, Organo Gold is, according to the company’s website, healthier than “regular” coffee. However, claims made as to improved concentration, increased energy and other health benefits have not been verified by the Food and Drug Administration (FDA). The Internet, however, is rife with testimonials from coffee drinkers who swear by Organo Gold’s beneficial properties.
These benefits, the company says, are due mostly to the addition of a mushroom extract known as Ganoderma.
“Ganoderma is a herb that comes right out of a Reishi mushroom,” Bartrum explained. “It’s added to the mix. There’s 4,000 years of history on this herb; it’s been used in China for centuries and is supposed to balance your pH level, rehydrate your body, create natural detoxification, strengthen your immune system, improve blood circulation and improve the quality of your sleep. It’s 100 percent certified organic.”
Organo Gold also contains only nine milligrams of caffeine, compared with 135 milligrams found in regular coffee.
Bartrum’s delivery set-up allows him to either make the coffee at his home prior to delivery or to brew it on site from his delivery vehicle.
“It just depends on how big an order it is,” Bartrum said. “If it’s just one cup I can make it at the house and deliver.”
Business to date has been growing, but is still not what Bartrum considers “steady.” He’s hoping that once outdoor sports seasons start up again in the spring, he will be delivering coffee to area football, baseball and soccer fields.
In addition to selling coffee by the cup, Bartrum has many customers who buy the coffee packets in bulk.
My Coffee Delivered’s hours are 7 a.m. to 1 p.m., Monday through Friday. The number to call for delivery is (616) 835-3606.
By Mike Taylor
Klif Bartrum, owner of a new coffee delivery business called My Coffee Delivered, displays his mobile brewing operation. For $5, Bartrum will deliver lattes, mochas, teas and more to any area home or business.
GREENVILLE — On a chilly, rain-swept afternoon, when the wind wails like a lost spirit and slate-gray skies seem to seep into your very soul, nothing warms the heart like a good cup of coffee.
Problem is, getting one sometimes entails going outside, out into the very weather you’re trying to avoid. Thanks to local entrepreneur Klif Bartrum, that dreaded trip may now be avoided, assuming you have $5 and access to a phone.
For $5, Bartrum will show up at your door with a freshly brewed latte, mocha or plain ol’ black coffee. The former Electrolux forklift driver is trying to carve out a niche for his new business venture, called My Coffee Delivered.
“After (Electrolux) announced their departure I went to driving truck over the road,” Bartrum said, talking about the factory’s closing in 2006, which resulted in job losses for many area residents. “It was difficult being away from my family for weeks at a time. So a year ago, I became an independent distributor of Organo Gold Coffee.”
Bartrum’s business plan — delivering coffee to homes and offices for a flat fee of $5 per cup — is all his own.
“I really wasn’t much of a MLM (multi-level marketing) seller, so I came up with my own business plan,” Bartrum said. “I sell black, latte, mocha, green tea and hot chocolate. This is not a MLM company plan, just a coffee delivery service. It’s just something I came up with.”
The beauty of going with the Organo Gold line of products, Bartrum added, is they do not require large or complicated brewery equipment.
“What they’ve done is put their coffee into an instant packet,” Bartrum said. “I just pour it into a cup, add water and stir, and you’ve got a latte, mocha or whatever.”
In addition to the convenience of coffee delivered directly to your home or business, Organo Gold is, according to the company’s website, healthier than “regular” coffee. However, claims made as to improved concentration, increased energy and other health benefits have not been verified by the Food and Drug Administration (FDA). The Internet, however, is rife with testimonials from coffee drinkers who swear by Organo Gold’s beneficial properties.
These benefits, the company says, are due mostly to the addition of a mushroom extract known as Ganoderma.
“Ganoderma is a herb that comes right out of a Reishi mushroom,” Bartrum explained. “It’s added to the mix. There’s 4,000 years of history on this herb; it’s been used in China for centuries and is supposed to balance your pH level, rehydrate your body, create natural detoxification, strengthen your immune system, improve blood circulation and improve the quality of your sleep. It’s 100 percent certified organic.”
Organo Gold also contains only nine milligrams of caffeine, compared with 135 milligrams found in regular coffee.
Bartrum’s delivery set-up allows him to either make the coffee at his home prior to delivery or to brew it on site from his delivery vehicle.
“It just depends on how big an order it is,” Bartrum said. “If it’s just one cup I can make it at the house and deliver.”
Business to date has been growing, but is still not what Bartrum considers “steady.” He’s hoping that once outdoor sports seasons start up again in the spring, he will be delivering coffee to area football, baseball and soccer fields.
In addition to selling coffee by the cup, Bartrum has many customers who buy the coffee packets in bulk.
My Coffee Delivered’s hours are 7 a.m. to 1 p.m., Monday through Friday. The number to call for delivery is (616) 835-3606.
By Mike Taylor
4.11.12
46 Ways to Start a Business With No Money
46 Ways to Start a Business With No Money
Most people who want to start their own business don’t have a ton of money laying around and it’s probably one the most common questions I get emailed about: How can I get started without a lot of cash?
Well I’ve put together a list below of the best ideas I’ve heard and personally used. I hope you find it useful!
The three basic strategies to starting a business without much money are:
Delay the normal “business starting” activities like incorporating, hiring, renting office or retail space, etc until AFTER your business has started earning money. This is known as bootstrapping.
Doing everything yourself and spending your personal time instead of hiring an expert. (Takes longer but costs less.)
Using some neat tricks and little known deals below.
Start With The Easy Stuff: Eliminate Expenses
Don’t rent an office! - work from home. Or better yet work from the best free office with locations everywhere: Starbucks. If you need to meet with a client and are worried about seeming small time without an office, don’t be. Just meet them at a restaurant for a lunch meeting. This is what people with the nicest offices do anyway.
Don’t hire any employees! - do it all yourself until you have some $ coming in the door.
Don’t hire lawyers, technical people, graphic designers, or assistants (see below)
Legal Stuff and Incorporating
Get a free lawyer and legal advice from the mentors at Score.org
Find a website with a similar legal document and modify it to your needs
An LLC is probably the best business structure, but don’t worry about incorporating until you’re earning money, just do a sole proprietorship, you can always incorporate later (you can get it setup with the IRS in just a few minutes by calling them at 800-829-4933)
Learn how to do your own financial statements for your business in Excel instead of hiring a CPA or bookkeeper (again you can do this after you’re making money)
Take a Quickbooks class at your local community college
Make a website for your business
Don’t pay a premium for a top end domain name, there are plenty of good ones left
Test out your ideas by writing to a blog, you’ll get feedback on what people like and don’t like
Get a free business website at www.wordpress.com or tumblr.com. It won’t be your own domain (it will be something like yourbusiness.wordpress.com) but…
When you’re ready to have your own domain, register it at domain.com and add this as a custom domain to your Wordpress or Tumblr site.
Get a professional website design for free with a wordpress theme that you can install with a few clicks (no programming knowledge needed)
Getting a Logo
Don’t hire a fancy graphic designer. At least not yet. Use LogoYes to create your own logo (or at least get ideas that you can recreate on your own for free)
Accepting Credit Cards
Don’t bother with a full merchant account to start off with, they are complicated, come with monthly feeds, and require programming expertise. Instead try a simpler (and much cheaper) solution like Google Checkout or Paypal
For a more professional look and a complete shopping cart for only $5/month use E-Junkie, its great and I use it on this site
If you have lots of physical products, try a Yahoo Store
Starting a service business where you consult, coach, teach, etc
Create several pages on your wordpress site: one for your experience, testimonials, rates, availability, etc
Pick a domain name with your #1 keyword in it! (Assuming it isn’t a very competitive keyword you’ll rank on the first page of google within a month or two for that keyword which means customers!) here’s some more info and an example
Creating Info Products
Use an ebook template like these from Eben Pagan
For print books, self publish it at www.lulu.com and use print on demand (they don’t print a single book until someone buys it which means you have zero up front cost for inventory!)
Use a $20 webcam or digital camera to create educational video products
Use camtasia ( $200 for PC) or iShowU ($20 for Mac) to record your screen and make great videos like this one. Or record powerpoints and do the voiceover to make great educational products. Update: even cheaper useScreenToaster.
Use a mac to edit your videos (iMovie is free) and you can even produce DVD’s
Before investing in a retail location…
Go to a local fair or festival and rent a booth to see if anyone buys your product. Talk to potential customers and get feedback.
Try selling it on ebay
Always be learning about business
Go to a meetup.com groups in your city related to business/entrepreneurship
Read all the best business books by getting them from the library
Get 3 of the top 10 books on building wealth for free in PDF
Make friends with other entrepreneurs and share material
Install the stumble upon toolbar and choose business/entrepreneurship as one of your interests to find all the best videos and talks out there (this is literally like going to a free semester of business school, you get to see all the best speakers and thinkers of our time, and those of the past)
Read blogs like this one in google reader
Marketing, free website traffic, and getting your first customer
Get 250 full-color business cards for free to hand out to people you meet
Post an offer on craigslist
Post videos on youtube with links to your website
Post the same video to all video sharing sites (Google Video, Yahoo Video, MySpace, Revver, etc) at once withTubeMogul (this is some of the best free marketing you can do)
Generate leads by offering an incentive on your website for people to give you their contact info (some incentives that work well: Top 10 reports like the top 10 myths about…the top 10 thing you should know before…etc, videos, audio interviews, one page cheat sheets, free ebooks)
Write a good article and send it to more popular websites (include your byline at the bottom). This is also known as doing guest posts and is the #1 thing I used to grow this blog when it first started out.
Learn how to use google adwords and spend $10 and see if it brings in at least $10 (if so keep going!)
If you can’t afford to get links from expensive directories like Yahoo ($299) use Directory Submitter to get links from hundreds of smaller directories for free
Pick a good domain name with your keywords in the domain (use hyphens if necessary). This will help you rank in Google for that keyword and get visitors to your website.
Do some basic on page SEO
Research what keywords will bring you the most traffic (and are least competitive) with keyword discovery,Wordtracker’s Free Service, and (probably the best option) WordTrackers free trial of their full service (just have to remember to cancel within 7 days to not get charged!)
See which keywords are likely to bring buyers (instead of tire kickers)
Get more incoming links to your site by creating a Squidoo page (these rank very high in the search engines for some reason!)
Send an email to everyone in your email program’s contact list with a short friendly note letting them know you are starting a business and ask if they could forward it to just one or two people who might be interested. Offer something free for the first 10 people. This has an exponential effect because it not only reaches who you know, but everyone who knows who you know (an order of magnitude bigger group of people.)
Most people who want to start their own business don’t have a ton of money laying around and it’s probably one the most common questions I get emailed about: How can I get started without a lot of cash?
Well I’ve put together a list below of the best ideas I’ve heard and personally used. I hope you find it useful!
The three basic strategies to starting a business without much money are:
Delay the normal “business starting” activities like incorporating, hiring, renting office or retail space, etc until AFTER your business has started earning money. This is known as bootstrapping.
Doing everything yourself and spending your personal time instead of hiring an expert. (Takes longer but costs less.)
Using some neat tricks and little known deals below.
Start With The Easy Stuff: Eliminate Expenses
Don’t rent an office! - work from home. Or better yet work from the best free office with locations everywhere: Starbucks. If you need to meet with a client and are worried about seeming small time without an office, don’t be. Just meet them at a restaurant for a lunch meeting. This is what people with the nicest offices do anyway.
Don’t hire any employees! - do it all yourself until you have some $ coming in the door.
Don’t hire lawyers, technical people, graphic designers, or assistants (see below)
Legal Stuff and Incorporating
Get a free lawyer and legal advice from the mentors at Score.org
Find a website with a similar legal document and modify it to your needs
An LLC is probably the best business structure, but don’t worry about incorporating until you’re earning money, just do a sole proprietorship, you can always incorporate later (you can get it setup with the IRS in just a few minutes by calling them at 800-829-4933)
Learn how to do your own financial statements for your business in Excel instead of hiring a CPA or bookkeeper (again you can do this after you’re making money)
Take a Quickbooks class at your local community college
Make a website for your business
Don’t pay a premium for a top end domain name, there are plenty of good ones left
Test out your ideas by writing to a blog, you’ll get feedback on what people like and don’t like
Get a free business website at www.wordpress.com or tumblr.com. It won’t be your own domain (it will be something like yourbusiness.wordpress.com) but…
When you’re ready to have your own domain, register it at domain.com and add this as a custom domain to your Wordpress or Tumblr site.
Get a professional website design for free with a wordpress theme that you can install with a few clicks (no programming knowledge needed)
Getting a Logo
Don’t hire a fancy graphic designer. At least not yet. Use LogoYes to create your own logo (or at least get ideas that you can recreate on your own for free)
Accepting Credit Cards
Don’t bother with a full merchant account to start off with, they are complicated, come with monthly feeds, and require programming expertise. Instead try a simpler (and much cheaper) solution like Google Checkout or Paypal
For a more professional look and a complete shopping cart for only $5/month use E-Junkie, its great and I use it on this site
If you have lots of physical products, try a Yahoo Store
Starting a service business where you consult, coach, teach, etc
Create several pages on your wordpress site: one for your experience, testimonials, rates, availability, etc
Pick a domain name with your #1 keyword in it! (Assuming it isn’t a very competitive keyword you’ll rank on the first page of google within a month or two for that keyword which means customers!) here’s some more info and an example
Creating Info Products
Use an ebook template like these from Eben Pagan
For print books, self publish it at www.lulu.com and use print on demand (they don’t print a single book until someone buys it which means you have zero up front cost for inventory!)
Use a $20 webcam or digital camera to create educational video products
Use camtasia ( $200 for PC) or iShowU ($20 for Mac) to record your screen and make great videos like this one. Or record powerpoints and do the voiceover to make great educational products. Update: even cheaper useScreenToaster.
Use a mac to edit your videos (iMovie is free) and you can even produce DVD’s
Before investing in a retail location…
Go to a local fair or festival and rent a booth to see if anyone buys your product. Talk to potential customers and get feedback.
Try selling it on ebay
Always be learning about business
Go to a meetup.com groups in your city related to business/entrepreneurship
Read all the best business books by getting them from the library
Get 3 of the top 10 books on building wealth for free in PDF
Make friends with other entrepreneurs and share material
Install the stumble upon toolbar and choose business/entrepreneurship as one of your interests to find all the best videos and talks out there (this is literally like going to a free semester of business school, you get to see all the best speakers and thinkers of our time, and those of the past)
Read blogs like this one in google reader
Marketing, free website traffic, and getting your first customer
Get 250 full-color business cards for free to hand out to people you meet
Post an offer on craigslist
Post videos on youtube with links to your website
Post the same video to all video sharing sites (Google Video, Yahoo Video, MySpace, Revver, etc) at once withTubeMogul (this is some of the best free marketing you can do)
Generate leads by offering an incentive on your website for people to give you their contact info (some incentives that work well: Top 10 reports like the top 10 myths about…the top 10 thing you should know before…etc, videos, audio interviews, one page cheat sheets, free ebooks)
Write a good article and send it to more popular websites (include your byline at the bottom). This is also known as doing guest posts and is the #1 thing I used to grow this blog when it first started out.
Learn how to use google adwords and spend $10 and see if it brings in at least $10 (if so keep going!)
If you can’t afford to get links from expensive directories like Yahoo ($299) use Directory Submitter to get links from hundreds of smaller directories for free
Pick a good domain name with your keywords in the domain (use hyphens if necessary). This will help you rank in Google for that keyword and get visitors to your website.
Do some basic on page SEO
Research what keywords will bring you the most traffic (and are least competitive) with keyword discovery,Wordtracker’s Free Service, and (probably the best option) WordTrackers free trial of their full service (just have to remember to cancel within 7 days to not get charged!)
See which keywords are likely to bring buyers (instead of tire kickers)
Get more incoming links to your site by creating a Squidoo page (these rank very high in the search engines for some reason!)
Send an email to everyone in your email program’s contact list with a short friendly note letting them know you are starting a business and ask if they could forward it to just one or two people who might be interested. Offer something free for the first 10 people. This has an exponential effect because it not only reaches who you know, but everyone who knows who you know (an order of magnitude bigger group of people.)
1.11.12
Businesses You Can Start For Under $1,000
Businesses You Can Start For Under $1,000
Did you ever dream about having your own business but stopped short because you didn't believe that you had enough funds to succeed on your own? Well, you may be pleased to learn that there are a number of businesses that you can start for under $1,000.
Freelancing
One way to start a small business is by working as a freelancer, doing side gigs on whatever interests you. You will have low overhead, insurance and medical costs, especially if you are keeping a part-time or full-time job. If you love writing and want to start a side gig as a professional writer, you can do that easily by working from your home computer. Websites such as Ebyline and oDesk hire people to write articles for a variety of news publications and websites. The site oDesk in particular hires contractors, not just in writing but also in web development, software development, networking and information systems, administrative support, and other fields.
To get started, all you'll need is a simple word processing program on your computer. If you want to print out hard copies of writing contracts, make sure you have a supply of paper and a printer. To help market yourself and grow your business, get a supply of business cards listing the fields of writing in which you specialize. If there's enough space on your card, be sure to list your credentials as well as any reputable and relevant organizations that you belong to, as this will help build your credibility. For example, the American Society of Journalists and Authors is an organization for professional writers in which you can meet other freelance writers with varying levels of experience.
It is also important to seek out organizations that not only will help you build your business but also provide support and a sense of camaraderie. One appealing feature of writing as a part-time job is that you can explore various fields of interest. Whatever you do, make sure you have a website that has your story and any relevant work experience. You can build an online CV for free through Posterous.com or Wordpress. Alternatively, you can market yourself as a writer without spending money by writing your own blog about topics that interest you.
Buy a Franchise
You can also start your own business by buying a franchise. Many of the franchises that are "work from home" types require an initial capital investment of $1,000 because of the low overheard costs. These franchises include home sitting services such as maintaining a home is secure while the owners are away, giving the home an occupied/live-in look, caring for pets, clearing the mailbox of mail and newspapers, providing plant care, and checking the furnace. Other franchises with low startup costs include cleaning services which provide professional cleaning for homes, government buildings and commercial buildings. If your skill is in technology, specifically with computers, you can possibly look into doing repairs and data recovery.
Become a Consultant
If you know a lot of facts about a certain field like taxes, accounting, business start-ups, art collections, history or any topic you can think of then you could possibly become a consultant. The key is to make the knowledge that you have gained so marketable that someone will be willing to pay for your advice. For example, if your field of interest is accounting, an accounting consultant can help businesses with all their financial needs. A writing consultant can help businesses and individuals with reports, memos or even book writing. A computer consultant can help with software, hardware, programming or troubleshooting.
The list of consultant options is almost unlimited. There are consultants in career counseling, auditing, marketing, advertising and fashion. However, you have to like networking. As with any other business endeavor, you'll have to build a network of people to seek advice from in addition to building a client base. The startup costs for this business are also relatively low because you will start out as a one-person business where you handle everything while working from a home office. Check with your state to find out if you need a special license or certification in order to operate as a consultant. As part of your research, look into the many professional organizations for consultants.
Daily Money Manager
Are you good with paying bills and organizing financial paperwork such as medical bills and insurance claims? The American Association of Daily Money Managers provides certification for individuals pursuing a career in money management. People with backgrounds in accounting and finance are good candidates, and if you like to help the public get its finances in order by navigating bills, setting up budgets and keeping records, then this could be a profitable side business for you.
The Bottom Line
If you are interested in having your own business, then there are many outlets through which you can accomplish this. The key is to do thorough research in order to find a small business idea that you are passionate about.
by Linda McMaken,
Did you ever dream about having your own business but stopped short because you didn't believe that you had enough funds to succeed on your own? Well, you may be pleased to learn that there are a number of businesses that you can start for under $1,000.
Freelancing
One way to start a small business is by working as a freelancer, doing side gigs on whatever interests you. You will have low overhead, insurance and medical costs, especially if you are keeping a part-time or full-time job. If you love writing and want to start a side gig as a professional writer, you can do that easily by working from your home computer. Websites such as Ebyline and oDesk hire people to write articles for a variety of news publications and websites. The site oDesk in particular hires contractors, not just in writing but also in web development, software development, networking and information systems, administrative support, and other fields.
To get started, all you'll need is a simple word processing program on your computer. If you want to print out hard copies of writing contracts, make sure you have a supply of paper and a printer. To help market yourself and grow your business, get a supply of business cards listing the fields of writing in which you specialize. If there's enough space on your card, be sure to list your credentials as well as any reputable and relevant organizations that you belong to, as this will help build your credibility. For example, the American Society of Journalists and Authors is an organization for professional writers in which you can meet other freelance writers with varying levels of experience.
It is also important to seek out organizations that not only will help you build your business but also provide support and a sense of camaraderie. One appealing feature of writing as a part-time job is that you can explore various fields of interest. Whatever you do, make sure you have a website that has your story and any relevant work experience. You can build an online CV for free through Posterous.com or Wordpress. Alternatively, you can market yourself as a writer without spending money by writing your own blog about topics that interest you.
Buy a Franchise
You can also start your own business by buying a franchise. Many of the franchises that are "work from home" types require an initial capital investment of $1,000 because of the low overheard costs. These franchises include home sitting services such as maintaining a home is secure while the owners are away, giving the home an occupied/live-in look, caring for pets, clearing the mailbox of mail and newspapers, providing plant care, and checking the furnace. Other franchises with low startup costs include cleaning services which provide professional cleaning for homes, government buildings and commercial buildings. If your skill is in technology, specifically with computers, you can possibly look into doing repairs and data recovery.
Become a Consultant
If you know a lot of facts about a certain field like taxes, accounting, business start-ups, art collections, history or any topic you can think of then you could possibly become a consultant. The key is to make the knowledge that you have gained so marketable that someone will be willing to pay for your advice. For example, if your field of interest is accounting, an accounting consultant can help businesses with all their financial needs. A writing consultant can help businesses and individuals with reports, memos or even book writing. A computer consultant can help with software, hardware, programming or troubleshooting.
The list of consultant options is almost unlimited. There are consultants in career counseling, auditing, marketing, advertising and fashion. However, you have to like networking. As with any other business endeavor, you'll have to build a network of people to seek advice from in addition to building a client base. The startup costs for this business are also relatively low because you will start out as a one-person business where you handle everything while working from a home office. Check with your state to find out if you need a special license or certification in order to operate as a consultant. As part of your research, look into the many professional organizations for consultants.
Daily Money Manager
Are you good with paying bills and organizing financial paperwork such as medical bills and insurance claims? The American Association of Daily Money Managers provides certification for individuals pursuing a career in money management. People with backgrounds in accounting and finance are good candidates, and if you like to help the public get its finances in order by navigating bills, setting up budgets and keeping records, then this could be a profitable side business for you.
The Bottom Line
If you are interested in having your own business, then there are many outlets through which you can accomplish this. The key is to do thorough research in order to find a small business idea that you are passionate about.
by Linda McMaken,
27.10.12
Money for Starting a Business
Money for Starting a Business
High Investment Businesses and Low Investment Businesses
Getting money for starting a business, especially in these difficult economic times, is tough but need not be impossible. The process of finding money for starting a business, or financing a business, will serve to make sure that your business idea is a good one. If you can get financing that means that somebody has confidence that you will succeed and is betting money that you will.
Generally, the higher cost your business startup, the faster you should see a return on your investment. Take into account interest expense when calculating your return.
There are also low cost businesses with a great deal of potential. The person who can start his own business with very little money and perhaps no outside financing will usually invest "sweat equity" into the business instead of financial equity. This means that a low cost business may take longer to produce results. In the long run, however, if it has enough potential, it may be the right business for those that have few financial assets.
How to Get Money for Starting a Business--Start with Your Money FirstGetting money for starting a business is one of the thorniest parts of starting a business. The first key is to save money so that you can put your own personal savings into the business. Nobody is going to want to invest in your business if you do not invest in your business yourself.
It is difficult enough to get a loan with a business startup and next to impossible if you don't invest in your own business. Lenders want a track record and you may have none. Live frugally and save money so you can show potential lenders that you are committed to your business.
Lenders cannot help poor people. But they can certainly help rich people that don't have any money yet. Start this section by looking at a short video which explains how the rich get to be that way and the importance of investing in yourself.
The Importance of the Business PlanBefore you look to outside sources for money for starting a business, make sure you have completed the entire business plan. The business plan template is your road map. It will tell you how much money you need, when you will need it, and when you expect to pay it back. Potential lenders will want that information and you should want it also. You should always prepare a business plan before asking anybody for money. The business plan outline I have prepared for you provides you with several free financial calculators including a Starting Costs Calculator, a Cash Flow Projection, and a Break-Even Analysis.
Understanding the Language of Business Financing
High Investment Businesses and Low Investment Businesses
Getting money for starting a business, especially in these difficult economic times, is tough but need not be impossible. The process of finding money for starting a business, or financing a business, will serve to make sure that your business idea is a good one. If you can get financing that means that somebody has confidence that you will succeed and is betting money that you will.
Generally, the higher cost your business startup, the faster you should see a return on your investment. Take into account interest expense when calculating your return.
There are also low cost businesses with a great deal of potential. The person who can start his own business with very little money and perhaps no outside financing will usually invest "sweat equity" into the business instead of financial equity. This means that a low cost business may take longer to produce results. In the long run, however, if it has enough potential, it may be the right business for those that have few financial assets.
How to Get Money for Starting a Business--Start with Your Money FirstGetting money for starting a business is one of the thorniest parts of starting a business. The first key is to save money so that you can put your own personal savings into the business. Nobody is going to want to invest in your business if you do not invest in your business yourself.
It is difficult enough to get a loan with a business startup and next to impossible if you don't invest in your own business. Lenders want a track record and you may have none. Live frugally and save money so you can show potential lenders that you are committed to your business.
Lenders cannot help poor people. But they can certainly help rich people that don't have any money yet. Start this section by looking at a short video which explains how the rich get to be that way and the importance of investing in yourself.
The Importance of the Business PlanBefore you look to outside sources for money for starting a business, make sure you have completed the entire business plan. The business plan template is your road map. It will tell you how much money you need, when you will need it, and when you expect to pay it back. Potential lenders will want that information and you should want it also. You should always prepare a business plan before asking anybody for money. The business plan outline I have prepared for you provides you with several free financial calculators including a Starting Costs Calculator, a Cash Flow Projection, and a Break-Even Analysis.
Understanding the Language of Business Financing
There are several business terms you should understand in order to make good decisions on getting money for starting a business:
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Click on the banner at the right to find out your credit score.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral. In the event that the borrower defaults the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
Unsecured loans are monetary loans that are not secured against the borrower's assets.
Collateral means a security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay. The amount of collateral determines how much lenders will lend.
Personal guarantee is a promise made by an entrepreneur to repay the company debts in the event of default by the business. If the business doesn't have enough assets to pay the debts, the owner has to pay out of his personal assets. A personal guarantee tells the bank that the business owner is serious about his business and about repaying his debts. When the owner is unable to cover the debts personally, the bank will start to seize personal assets. In a startup situation it is virtually impossible to borrow money from a bank and not give the bank a personal guarantee.
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Click on the banner at the right to find out your credit score.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral. In the event that the borrower defaults the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
Unsecured loans are monetary loans that are not secured against the borrower's assets.
Collateral means a security or guarantee (usually an asset) pledged for the repayment of a loan if one cannot procure enough funds to repay. The amount of collateral determines how much lenders will lend.
Personal guarantee is a promise made by an entrepreneur to repay the company debts in the event of default by the business. If the business doesn't have enough assets to pay the debts, the owner has to pay out of his personal assets. A personal guarantee tells the bank that the business owner is serious about his business and about repaying his debts. When the owner is unable to cover the debts personally, the bank will start to seize personal assets. In a startup situation it is virtually impossible to borrow money from a bank and not give the bank a personal guarantee.
Business Goals
Setting and Achieving Goals
It is crucial to make sure you are setting and achieving goals. This is as true in business as it is in any endeavor.
The most common and most costly mistake is choosing the wrong business.Choosing the wrong business most often comes from failing to set goals. This page gives you a framework for setting and achieving goals--both personal and business goals.
Read the entire page to learn how to set and achieve your goals; then go to the next page, goal setting forms, to help you determine what your personal and business goals will be and whether a business that you may be considering will achieve those goals.
The Correct Decisions in the Correct Order
Whether or not you already have your business idea, go through this page to determine whether the business you are getting ready to start is a good business for you.
Whose Advice to Take
It's also important to determine whose advice to take in evaluating the potential of your business idea to achieve your personal and business goals. There will be people with your best interest in mind who just aren't in a position to give you good advice. Others will have their own agenda. Still others will be in a good position to give you good advice and will not have their own agenda. Watch the short video below to determine how to distinguish among the different advice givers. This advice is true for any industry. And remember, you are setting and achieving your goals.
Make the Most Important Decisions First
Now that you've made the critical first decision of taking your future into your hands and starting your own business, you need to make decisions on the basis of the answers to three more questions, each in its correct order. They are:
I. What are my personal and business goals?
----------
II. What are the correct strategies to achieve my goals?
----------
III. How can I execute the strategies I have set to achieve my goals?
The first question you need to answer is this:
I. What are my personal and business goals?
You will have both personal and business goals. Make sure you've got those goals clearly in your mind.
It is critical that you go through this process now. These are going to be the factors you will use to evaluate your business ideas.
It is crucial to make sure you are setting and achieving goals. This is as true in business as it is in any endeavor.
The most common and most costly mistake is choosing the wrong business.Choosing the wrong business most often comes from failing to set goals. This page gives you a framework for setting and achieving goals--both personal and business goals.
Read the entire page to learn how to set and achieve your goals; then go to the next page, goal setting forms, to help you determine what your personal and business goals will be and whether a business that you may be considering will achieve those goals.
The Correct Decisions in the Correct Order
Whether or not you already have your business idea, go through this page to determine whether the business you are getting ready to start is a good business for you.
Whose Advice to Take
It's also important to determine whose advice to take in evaluating the potential of your business idea to achieve your personal and business goals. There will be people with your best interest in mind who just aren't in a position to give you good advice. Others will have their own agenda. Still others will be in a good position to give you good advice and will not have their own agenda. Watch the short video below to determine how to distinguish among the different advice givers. This advice is true for any industry. And remember, you are setting and achieving your goals.
Make the Most Important Decisions First
Now that you've made the critical first decision of taking your future into your hands and starting your own business, you need to make decisions on the basis of the answers to three more questions, each in its correct order. They are:
I. What are my personal and business goals?
----------
II. What are the correct strategies to achieve my goals?
----------
III. How can I execute the strategies I have set to achieve my goals?
The first question you need to answer is this:
I. What are my personal and business goals?
You will have both personal and business goals. Make sure you've got those goals clearly in your mind.
It is critical that you go through this process now. These are going to be the factors you will use to evaluate your business ideas.
Start Business
Why People Don't Start Businesses
The answer to: "how to make real money" is obviously to start a business. The net worth of business owners in the United States is five times higher than that of employees. In spite of this many people do not start their own businesses. Studies have shown there are three main reasons why people don't start their own business:
1. Fear of failure
With knowledge comes confidence and confidence removes fear of failure. So succeeding starts with knowledge and ends with action. This guide provides that knowledge and takes away the fear of failure.
2. Lack of capital
There are plenty of businesses that can be started with minimal capital. "Money equity" can be replaced by "sweat equity".
3. Lack of knowledge
People fail to follow through on their ideas because they have no structure to determine whether their ideas have a chance of being successful--they simply do not know how to start a business. Failing to plan means planning to fail. This guide provides that planning structure for those who follow it step by step.
The WRONG Approach to Business StartupsThe three biggest causes of business failure are:
• READY, AIM, READY, AIM, READY, AIM. This guide pushes you through the key decisions so you can pull the trigger, and be confident about the decisions you keep putting off. Preparation breeds confidence and confidence will lead you to your successful business startup.
• FIRE, READY, AIM. This guide will make sure you go through the necessary steps so you don’t make wrong decisions. By the time you are ready to "fire", you will know how to start your business.
• FIRE, FIRE, FIRE. Some people just have a lot of business ideas and start one project after the other but never get anywhere with any of them. This is because they “fall in love” too quickly and then, just as quickly, “fall out of love” with their ideas. This guide will give you a structure to establish which idea is the “right one”, the one to which you can commit, the one business you will start.
The RIGHT Approach to Business StartupsThis guide takes the steps to starting a business using the READY, AIM, FIRE approach to starting a business. By taking the step by step approach to starting your business you will be taking the right approach to your business startup and getting the right answer to your question: how to make real money.
The READY steps include evaluating yourself to make sure you are ready for what is coming. These steps will also open the possibilities of different business types. Before you focus on one idea you should take the opportunity to look at all the possibilities. This is your chance to do that.
Once you have taken into account all the relevant factors to make your choice, you are ready to focus in on the business you want. These steps are the AIM part of the approach.
Once you have a laser focus on the business you want to start, the FIREsteps will take you through the process of preparing to start your business.
Final WordsJohn Maxwell, a leadership expert, said: "It's not making the decision to do something, it's managing your decision each and every day that makes the difference."
You've got the right approach to starting your business--ready, aim, fire. It's now time to take off the bib and put on the apron. Bibs are for people who want to be fed and for those not yet ready or willing to feed themselves. Aprons are for those who don't mind getting their hands dirty; aprons are for those who are willing to take responsibility; aprons are for those who, having made a decision to do something, manage their decisions each and every day.
1. Fear of failure
With knowledge comes confidence and confidence removes fear of failure. So succeeding starts with knowledge and ends with action. This guide provides that knowledge and takes away the fear of failure.
2. Lack of capital
There are plenty of businesses that can be started with minimal capital. "Money equity" can be replaced by "sweat equity".
3. Lack of knowledge
People fail to follow through on their ideas because they have no structure to determine whether their ideas have a chance of being successful--they simply do not know how to start a business. Failing to plan means planning to fail. This guide provides that planning structure for those who follow it step by step.
The WRONG Approach to Business StartupsThe three biggest causes of business failure are:
• READY, AIM, READY, AIM, READY, AIM. This guide pushes you through the key decisions so you can pull the trigger, and be confident about the decisions you keep putting off. Preparation breeds confidence and confidence will lead you to your successful business startup.
• FIRE, READY, AIM. This guide will make sure you go through the necessary steps so you don’t make wrong decisions. By the time you are ready to "fire", you will know how to start your business.
• FIRE, FIRE, FIRE. Some people just have a lot of business ideas and start one project after the other but never get anywhere with any of them. This is because they “fall in love” too quickly and then, just as quickly, “fall out of love” with their ideas. This guide will give you a structure to establish which idea is the “right one”, the one to which you can commit, the one business you will start.
The RIGHT Approach to Business StartupsThis guide takes the steps to starting a business using the READY, AIM, FIRE approach to starting a business. By taking the step by step approach to starting your business you will be taking the right approach to your business startup and getting the right answer to your question: how to make real money.
The READY steps include evaluating yourself to make sure you are ready for what is coming. These steps will also open the possibilities of different business types. Before you focus on one idea you should take the opportunity to look at all the possibilities. This is your chance to do that.
Once you have taken into account all the relevant factors to make your choice, you are ready to focus in on the business you want. These steps are the AIM part of the approach.
Once you have a laser focus on the business you want to start, the FIREsteps will take you through the process of preparing to start your business.
Final WordsJohn Maxwell, a leadership expert, said: "It's not making the decision to do something, it's managing your decision each and every day that makes the difference."
You've got the right approach to starting your business--ready, aim, fire. It's now time to take off the bib and put on the apron. Bibs are for people who want to be fed and for those not yet ready or willing to feed themselves. Aprons are for those who don't mind getting their hands dirty; aprons are for those who are willing to take responsibility; aprons are for those who, having made a decision to do something, manage their decisions each and every day.
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