Category Archives: Business

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.

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.