Monthly Archives: October 2017

Small Business Ownership Can Be a Wonderful Experience

There are few things in life that are more rewarding than small business ownership these days, and being able to make money the way you want to is the icing on the cake. There are thousands of business ventures that are available for someone that wants to try their hand at being the boss, know what you want to do may be the only thing that holds you up from entering the business world as the captain of the ship. You will need a solid business plan, and there are countless professionals in the business of help new companies get off the ground. When it is time to decide what it is that you want to do, you will be ready to tackle the world.

Starting Fresh

The great thing about small business ownership is that you are starting the business fresh and without any baggage. You will be reading off of your master plan, and you will follow things to the letter. This will help you stay organized, and you will have a pretty good shot at successful business ownership. There are many things that you will need to deal with when you first start you company, but once these things are dealt with you will be on your way to making your own money. Tax information, product ordering, and advertising are going to be on the top of the list of issues that you need to pay attention too, yet when you are ready to start making sales all of these issues will seem like a distant memory for you.

Overcoming the 6 Biggest Fears of Business Ownership

1. Sailing the Ship Alone
I’m sure you have seen the Honest cleaning products in recent commercials, but did you know Jessica Alba, famous actress, founded it? During the 2015 Forbes Women Summit Jessica commented on how people saw her as only being capable of acting or endorsing products, not creating them when she commented, “It took three and a half years of condescending nods and pats on the back of ‘good luck,’ or ‘go back to endorsing things’ or ‘go do a perfume’.” Had she decided to rely on any fear-based assumptions that she wouldn’t be successful because of non-support, she probably wouldn’t now own a billion dollar company. What she did do was seek out business people and manufacturers that could help make her dream come true.

2. Not Being At the Master Level
Whether you think you’re not good enough at your craft to start your business, or that your product or service isn’t at the professional level of others in your line of work undermines your goal of business ownership. Start small with your best item and improve upon it over time while continuing to introduce new items or services. All start-ups experience learning curves. Progression leads to perfection, most businesses don’t start at the top.

3. Not Knowing Where to Start
There are so many people that want their own business but just don’t know where to start. They look at others successes and feel defeated before they begin. Instead, follow those you admire who are doing what it is you want to do. Read up on them. Research their beginnings or better yet, reach out directly via Twitter, Facebook or see if they will do a Skype interview.

Investing in Ownership

Investing is a hazardous business. It comes with a lot of risks, but offers the possibility of great rewards. Good investments are not all about luck. They are based on knowledge, research and good business sense. Nowhere are these attributes more important than in the realm of franchise ownership. Owning a business is more than just a financial investment, it is an investment of time and energy.

Franchise ownership requires a great deal more commitment than other, more passive forms of investing such as real estate and the stock market. Franchise ownership requires you to not only put your money on the line, but also your time, your energy and very possibly even your livelihood. However, business ownership also offers the chance for a significantly greater return on this investment than any passive investment ever could. This Return on Investment (or ROI), is your bottom line in deciding whether or not a franchise is right for you. You should have a clear idea of what you expect to get back from your investment of time and money, and should do the research to find out if the franchise you are looking at is capable of meeting those expectations.

Setting Expectations

Making the Transition to Home Business Owner

I believe that that statistics that are out regarding the high percentage of home businesses that fail are not so much due to the flaws of the business model, but simply that most people who start some type of home business just cannot mentally and emotionally make the change from employee to business owner. This article is going to discuss what some of those mental blocks may be, some ideas to overcome them, and long term strategies for home business ownership.

When I speak of home businesses, let me first define what I mean. A home business is any business that you can successfully operate out of your home. Some examples of this are network marketing, multilevel marketing and affiliate businesses. Also included would be any type of service such as consulting, lawn care, basket making, or any other type of business where you work in an office space and use your home as the base of all operations.

While almost every red-blooded American has said at one time, “I would love to do something like that,” the reality is they have been programmed through 13 years of school, plus college to be an employee, to work in a team, to have meetings, to answer to a boss, to work 9 to 5, to do work for someone else, to be conservative, to not take risks, to be lazy. It is not easy to undo what has been beaten into our heads for so many years. Running your own business from home means doing almost the opposite of everything that was just listed.

The Wonderful World Of Business

No matter how a company is structured, when it comes to the private sector, the number one goal is to be profitable. On the surface this may sound overly harsh and callous. Remember, though, there can be a profoundly negative ripple effect when companies are in the red.

If a company is publicly held (more on this later), and is losing money, then there is a real chance that its stock price will suffer. As such, all investors can take a hit to their net worth. If these investors are now worth less, then they might spend less, which in turn may adversely affect other sectors of the economy. Moreover, and regardless if it is public or private, a company in the red might have to rethink its personnel requirements. That is, they could lay off workers, freeze future hiring, or both.

So with the supposition that profitability is the objective for all business entities (excluding not-for-profit organizations) as a backdrop, let’s start with the most common type of business entity which is the sole proprietorship. It is a company owned by one individual. This individual may be the only employee, or he or she may have employees. The proprietor could work from home or have a storefront. What they definitely have, though, is unlimited liability for any debts that the company incurs.