What To Look For In Starting Your Own Business

The focus of this article is to simplify the process of what to look for in starting up your own business. There is a great deal of information on what to look for in starting your own business.

In fact, most people get bogged down by having too much information. In their quest for clarity and as they get more information things start to get less clear. When things get less clear, they get confusing. And when they get too confusing, nothing happens.

In starting up your own business the first point is that you must be passionate not just about the idea for the business, but passionate about the delivery of the product or service. Enthusiasm will make things a 1,000 percent better. Too often I see people who fell in love with a business idea but who do not love doing the actual business.

Secondly, there must be a strong desire to succeed. Desire is the steam necessary to fuel the engine of business success. Small business growth must be planted in ground that is watered every day with of enthusiasm and desire. You may have the best marketing business plan in the world but it won’t happen without your desire and enthusiasm.

At this point check yourself on your enthusiasm and desire. If these are in order then let’s take a look at your reasons for owning your own business. Once again there are many reasons for wanting to own your own business. Here are a few that I believe are important.

First, in running your own business you want to make a difference. This will keep your enthusiasm and desire at a high level. And, when you want to make a difference you must understand that different isn’t necessarily better but that better is always different.

Understand how you are going to be better. That is what will attract your clients or customers. Growing small business is about who you will attract to use your products or services. People love something that is better.

Another important aspect to having your small business successful is knowing how you are going to market and sell your product. A successful performance strategy must include a plan for marketing and sales. It is at this point that you need to stop to check your assumptions and make sure they based as much on reality as possible.

Whether you are in a good economy or a bad economy makes no difference if you are lacking a marketing business plan and the ability to carry it out. It is at this point that you need to have a realistic assessment of your finances. Know what you will need to bring your idea or product to market. Also, know what you will need to live on. This may sound elementary but it is critical.

I have watched too many small businesses fail because there was not the money available for marketing and sales. After all, if you have a choice between taking care of your necessary needs or your business which will you choose? Obviously, your primary need is to survive. As a result, if funds are too limited, the business won’t have the necessary dollars to move forward.

To this point we have covered four areas to look for in starting up your own business.

1. Enthusiam and passion
2. Desire
3. Marketing business plan
4. Finances

The last point to consider centers around “who” you are. If the business you are starting does not honor who you are then the preceding points are meaningless. After all, if you aren’t doing something that honors you and your gifts and talents then you will be unhappy. When you are unhappy, you are more likely to fail.

Why? You won’t have the enthusiasm, passion and desire to make the other things happen that you must have to make your small business successful. Think about this. I have observed many businesses where the money wasn’t an issue. But, they end up being closed down because the enthusiasm, passion and desire were gone.

Is money important? You bet it is. But without the strong positive emotions to support the logic and viability of your business on a daily basis the prospect of small business failure increases. It increases regardless of the money. Do what you want to do. That is where the true success is.

Source by Steve Scott

Buy A Laptop With 0% Finance

Buying a laptop needn’t be expensive. You can afford a stylish laptop for just a monthly payment, and the best bit is its 0% finance!

It seems that our lives revolve around computers. We use them for working on, we use them for socialising and we even use them for shopping. It seems that everything is done electronically and we find that a family computer is often fought over. This is why laptops are commonly found in family homes. If you have children, especially teenagers, then a laptop is often a wise investment to keep the peace! One new invention in the laptop world is the Netbook. Now you can buy laptops on 0% finance. So what’s stopping you?

These laptops are smaller than an average laptop (they usually have screens sized from nine to twelve inches) which makes them easier to store, easier to carry and great for anyone who is using it to do their homework or surf the net. Almost all brands are selling these net books although one of the best has to be a Dell Inspiron Netbook. They come in all different colours and are perfect for making laptops a bit cooler for the kids. These Netbooks come with a range of accessories such as carry bags and peripherals.

Of course sometimes treating your kids (or even yourself) can set you back. Although the net books may not cost a fortune some people don’t want to risk paying out all that money in one lump sum and would rather pay on finance. There are many different payment options that companies offer but the main aim is to pay in smaller chunks so that you don’t feel the pinch straight away. Many people like to go for two or three instalments but others like to pay every month and make the repayments smaller.

There are one or two things that you should think about when paying with finance. The first thing to think about is how much you can afford each month. If it is only a few pounds then try to stretch the payments over many months. If you can afford a larger amount each month then try only two or three payments. You should pick a finance option that can give you 0% interest.

By not paying interest you will save yourself lots of money and your monthly payments will be lower. Finally take a look at what sort of deposit they are asking for. Most companies will ask for no deposit which all helps when that first instalment comes out. Being able to afford a new laptop is not that difficult when you take finance into consideration.

Source by Philippa Wilson

Most Profitable Online Business Model Ideas

The most profitable online business model ideas include direct sales, affiliate marketing and information brokering.  It is possible to earn a significant portion of your income through residual income as well when you work within some of these business models, something pretty rare in the offline world. Unless you are a best-selling author, earning a high level of residual payments from any previous efforts can be complicated outside of an online direct sales business.

Creating a Profitable Online Business

Just about any online business can be profitable, but for truly impressive business profits, a direct sales business is often the best choice for skilled professionals. If you’ve been laid off or you simply want to change careers, you want a reasonable income in order to make enough to support yourself and your family. To do that, the business structure should provide for multiple streams of income.

The best business models will allow for at least two strong streams of income in order to create a higher income potential that isn’t dependant on either stream. This ensures that if something happens to one income stream, such as you taking a vacation from the business, you still have another viable income stream. When both streams are active, you have an enormous income with very little overhead costs, leading to almost pure profit from your home business.

Selling Products Online

Just about anything will sell online, but not everything is worth selling from your home business. Low-priced items must be sold in extremely large volume to be worth the time and effort it takes to create a reasonable amount of income. What you should sell in order to make better profits is a high-priced item that doesn’t require such an extensive sales volume in order to create high profits. Instead, selling small numbers of these products will sustain the business and deliver a high level of profitability.

Earning Residual Income Profits

In direct sales, the high priced tag also allows your second income stream to earn a high commission for you whenever a second-tier sale is made. These second-tier sales are made by recruits who read about your business and want to get started with their own home business like the one you described. Once they get started, they sell products as well, and you get the pay off.

Once you have your Internet marketing in place, you can recruit countless new salespeople to sell products online on your behalf. Once you have provided them with the training they need it doesn’t take any more on your part to keep them selling. The income they earn for you is residual income that keeps coming in no matter what other marketing tasks you take on. You might decide to take some extended time away from your business to travel or simply to relax, and your residual income could support you during that time. With residual income and sales income to keep your income high, you have the most profitable online business model.

Source by Daniel Jankovic

Stages of Business Plan Creation

Creating a business plan is a multi-stage process, the result of which is a multi-faceted document generally built with the twin goals of proving the logic of funding the business and planning what the business will do to succeed. Following these steps will guide you towards creating a plan that works for external funders and your internal management team:

Brainstorm Concepts: Begin by generating additional ideas around your initial basic concept. Come up with list of alternative strategies, variations on the theme, and methods for implementation.

Define What Business You Are In: Make sure you can define what your business will do succinctly, in a short mission statement. Although work and research to come will continue to alter this definition, it is important that it guide you at this point.

Study Feasibility: Do an initial look at the market feasibility of the business (Is there a market for your product or service? Can it win against competitors?), its financial feasibility (Will it be able to produce, market, and deliver the needed product or service at a profit? Will startup costs be beyond what you can afford?), and personal feasibility (Will the business use your talents? Is there a place for you as a manager of this company?).

Create a Business Strategy: Solidify the basic business strategy of what product or service you will sell to what customers through what means.

Market Research: Study the market or markets you may sell the product to, looking at customers, competitors, and industry practices and trends.

Create a Marketing Strategy: Decide on the marketing tactics, including promotion, pricing, branding, and distribution, which will work best based on your strategy and research.

Structure the Company: Choose a legal structure and organizational structure that will work for you and the opportunity. This includes identifying key additional managers for your team and assigning responsibilities and reporting relationships.

Create Financial Projections: Based on your research and your initial feasibility study, spin out your financial numbers into full pro forma financial statements and a projection summary.

Show Your Qualifications: Present the qualifications you and your management team have that make you good choices to launch and run this business.

Finalize the Plan: Complete your plan in document form with graphics, formatting, and proofreading, and also produce a slide deck to go along with the plan for presentations.

Source by Eric Powers

The Online Finance and Real Estate in India

Finance for real estate is now easily available in India. The property boom is not restricted to the national capital region but it has even transcended to satellite towns and remote semi-urban areas in and around the national capital. The number of transactions in the real estate sector has increased a number of times, making it profitable for the banks and other lending institutions to offer more finance opportunities to the buyers.

In India, the most of the borrowers in home loan segment fall in the first time buyer category. It means that they are either tenants or living with their parents in their ancestral house. As the salaried-class is spreading and emerging stronger than ever, more and more people are becoming capable of buying house. Their need to get finance from banks is being taken care of by all the major players in the market. Banks like ICICI, Standard Chartered, HDFC and all the nationalized banks are offering home loans at attractive rates.

The procedure for taking a home loan is rather easy. You can directly approach the bank or call for a meeting to be arranged with the bank’s loan executive. This can also be done over the Internet. The banks may ask for various proofs like those related to your residence, income, spouse’s income, number of dependants, etc. Based on a number of parameters, the banks arrive at your credit rating and offer you varying amount of loans.

Home loans in India come in various forms inviting fixed interest rate or floating interest rates. There are hybrid loans also that are a middle path between fixed and floating options. The borrower can put a part of his loan amount under fixed rate and expose the other part to the floating rates that depend on market conditions and the interventions by the Reserve Bank of India.

The Internet as a medium of loan arrangement is fast catching up in India. Many websites are coming up that take care of individual and corporate finance for various purposes like buying real estate, investments, business operations, etc. This medium of finance is growing rapidly although it is surely in its nascent age as far as the Indian market is concerned.

Source by addi vardhaman

GST and Economic Growth

To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination based taxation requires high compliance cost and efficient administration.

 Taxation both direct and indirect plays an important role in promoting economic growth as well as equitable distribution. As we are facing the cascading system of indirect taxes in India and with the introduction of GST, all the cascading effects of Cenvat and service tax will be more comprehensively removed with a continuous chain set off from the producer’s point to the retailer’s point. Moreover, certain major Central and State taxes will also be subsumed in GST.

 We have also experienced the benefits from the Vat reform which include the growth in economics of States and business community .

The structure of GST will be based on the destination principle. As a result, the tax base will shift from production to consumption whereby imports will be liable to tax and exports will be relieved of the burden of the goods and service tax. International exports should be zero rated. On the other hand, International imports should be subject to both CGST and SGST at the time of importation irrespective of whether or not the imported goods are produced domestically. Moreover, GST will redistribute the burden of taxation equitably between manufacturing and services bringing about a qualitative change in the tax system. It will lower the tax rate by broadening the tax base and  minimizing exemptions.

The greatest impact of the implementation of the GST would create a common market across the country and reduce compliance costs and thus, create a equitable distribution. In the absence of significant fiscal options, incentivized policy to attract investors to states would shift to greater emphasis on structural reforms. The over macroeconomic effect of reduction in economic distortions due to GST would be to provide an impetus to economic growth. Thirteenth Finance Commission estimates the impact of the introduction of a GST which would eliminate all taxes on production and distribution and rest on final consumption only. It is also expected that the opportunities of employment will be enhanced.

The implementation of a comprehensive GST will lead to efficient allocation of factors of production and will lead to gain in GDP and exports. It would enhance economic welfare and returns to the factors of production, i.e. land, labour and capital.

The implementation of GST across goods and services is expected, to provide gains to India ‘s GDP somewhere within a range of 0.9 to 1.7 per cent. The corresponding change in absolute values of GDP over 2008-09 is expected to be between Rs. 42,789 crore and Rs. 83,899 crore, respectively.

The manufacturing sectors would benefit from economies of scale. Output of sectors including textiles and readymade garments; minerals other than coal, petroleum, gas and iron ore; organic heavy chemicals; industrial machinery for food and textiles; beverages; and miscellaneous manufacturing is expected to increase. The sectors in which output is expected to decline include natural gas and crude petroleum; iron ore; coal tar products; and nonferrous metal industries.”   The results of the NCAER Study are also suggested of the GST’s positive environmental impact on the economy.

Vijay kelkar, Chairman of the 13th Finance Commission said that the proposed GST would benefit the Indian economy by at least $15 billion (about Rs 73000 crore) per year. A fall in tax incidence on goods and services offered would enable producers to sell their products at a lower price, leading to increased demand.

Finally a more rational tax system would lead to lesser disruptions to the market economy and more efficient distribution of resources within industry.

To conclude the above ,the implementation of GST will play an important role in the growth of Indian Economy.

Source by Namita