Monthly Archives: September 2017

ADD and Small Business Ownership

people who have ADD may be exceptionally suited to owning a small business. They think quickly, rise to meet challenges, and are remarkable sales people. They know what it takes to sell their products, and because most people who have ADD thrive on change and opportunity, they’re tireless in their pursuit to please the customer.

Most small businesses fail within the first five years. This is true whether you have ADD or not. It’s imperative, especially if you have ADD, to focus and overcome the challenges faced by new small businesses.

Losing Sight of the Issues

The Freedom of Home Business Ownership

A home based business can be a great way to earn some extra money. There are also several part time home based business ideas that you can go with, but you must be prepared for starting a business. Even though the keyword here is “part time” it is still business and must be treated as such. The number one reason that these businesses fail is because they are treated as a hobby instead of as a business. Here are a few ideas to help you succeed with your business.

Find Your Niche

The niche is the number one thing that is going to help you succeed. A niche is a specific service offered to people that can benefit from it. If you have a lot of dogs in your neighborhood, a pet sitting or pet walking service might work. Narrow markets help people bring in customers without having to compete with larger businesses. Plus, a part time home-based business requires a significantly lower investment.

Business Ownership Myths

Each and every year people dream of having their own business. It is one of the dreams of nearly everyone at some point in their lives. When the unemployment rates go up the number of people interested in starting their own business also tends to go up. There are many beliefs about being a business owner that should be understood before a person begin chunking down cash and making commitments in to a business venture.

The belief that “If you do what you like then the business will be successful” is not realistic. While there is a better chance that you will be happy doing what you like it may not make good economic sense. Just because a person likes to plant flowers does not mean that there are enough people who are willing to pay someone else to plant flowers for them. This is where market research comes in. An aspiring business owner needs to be reasonably certain that there is enough demand for what they are offering.

“If you work for yourself then you will have more time for yourself” is another belief that does not stand up to scrutiny especially when first starting out. Expect to work long hours getting the business started. I have been a self employed home inspector for several years now and I can work well over 60 hours a week. There are a lot of tasks that need to get done when you are a solo entrepreneur. You may eventually be able to hire certain tasks to employees, however once again you need to make certain that it make economic sense to do so.

Business Ownership Offers Great Investment

In times of economic stress people still need their needs taken care of. It is the business community that serves the needs of the community. So, business ownership in a good market niche is always a good investment.

The thing about business life is that it is never static. It is always changing. That’s the case because people and their needs and wants are always changing. Where many business people go wrong is when they assume that time will stand still and their business will always thrive as it currently is doing.

When you start a business you have to be constantly evolving it to better serve the needs of the market. Markets are flexible and always changing so your business has to do likewise.

Emotional Fitness For Business Ownership

To begin an endeavor like business ownership you must first consider your emotional fitness. Just as an athlete would increase his or her exercise routine or cut calories so should you take specific steps to become more emotionally fit. The first step is to evaluate your feelings. Take a moment to ask yourself questions about your emotions and what you are feeling. This process alone may give you the ability to deal with what you are experiencing and handle situations more quickly.

Negativity in my opinion is the one of the most powerful and destructive emotions, and can be like a cancer, consuming you in many areas of your life. It is important for you to interrupt any of these negative feeling with just the simple acknowledgement of these emotions with thinking back to a time that you had successfully dealt with these emotions and what you did to overcome them. Another method is to place yourself, your full self into a state of mind of being positive and confident. Engulf your full being to a place where your emotions and even your physical posture is fully present with the radiance of being positive.

Taking action and not allowing yourself to be stuck in limiting emotions, is your first step in becoming more emotionally fit for a successful and rewarding life of business opportunities.

3 Realities of Small Business Ownership

Small business ownership is a risk and reward type of existence from the standpoint as an entrepreneur you really have to ‘put it out there’ but when you succeed, it’s sweet! Internet entrepreneurs in particular are a breed that tend to ‘push the envelope’ a little bit more since financial risks are not what they would be in a traditional ‘brick and mortar’ business! Nonetheless there are 3 realities one must accept and address if you intend to achieve small business success online!

Full Accountability

One thing about being your own boss is that if you don’t do it in most cases it won’t get done so slackers beware! Small business success online depends entirely upon the amount and quality of effort internet entrepreneurs put into it! Both successes and failures are the complete responsibility of the individual so cheers to you when you succeed and also be willing to try harder when you don’t! Remember there will be NOBODY to do it for you so embrace the fact that you are fully in control of the rewards or setbacks you may reap!

This is What Transfer of Business Ownership Entails

There are many reasons that may lead one to transfer his business ownership to another party. One reason is that, the owner may wish to move on to a different locality, and since he may not be able to oversee its operations from far, he may be forced to just give up his ownership rights to someone else. The steps are easy, but should follow a legal process, in case of misunderstanding issues that may arise later on.

Since there are many methods through which someone can carry out the transfer of a business ownership, it is good to first understand the implications of each method and settle for the one that suits your personal situation. The most suitable is the one that fits your psychological satisfaction as well as financial state. Methods of transfer, like sale of the business will mean that you will be able to receive some financial gains from what you have invested in over years.

If on the other hand you choose to pass on the ownership to a son or daughter, you may not have the full confidence that the venture will run the way you will want it to. All the same, there is a price to be paid for all the choices we make. If you decide to lease out your business, be sure to follow all the legal requirements that will protect both you and the lessee from future misunderstandings.