There was once a perception that only those with money could make money; that only those who had financial backing could start up their own business. Let’s have a look at why this is not the case.
Many entrepreneurs have gone on from nothing, with very little cash, to make a lot of money from their ideas. The key factors to their successes are the right idea, a good business plan and the desire to make it work. You can have all the money in the world to throw at a new business in the first instance but, if you don’t have the business savvy to make it work, then you may just be throwing money down the drain.
There are online companies that can help you to grow your business venture on a shoestring. It depends on the type of business you are hoping to run so choose your business idea carefully. Why not stick to a business in an area with which you are already familiar – stick to what you know. And if you do have to borrow, then borrow wisely and do your homework first. The last thing you want is to owe money that you can’t afford and end up losing everything you had your heart set on.
Working online is one way to keep your set-up costs down and give the impression that you are a larger business than you really are. Once you have set up a website using a free package, you can be up and running in no time, with very little money required.
Keep your costs to begin with as low as you can; be a miser, stop being a consumer for a while and learn that you cannot reap the rewards at the outset. A lot of hard work will have to come first and so you need to tighten your belt and park that idea of driving a flash car just for the time being!
Work from home; work from your garage, your kitchen and so on. Advertise in free online business directories and make the most of all free advertising opportunities that come your way. Use free stationery printing offers. Basically, get as much as you can for free! Join clubs, join online networking sites and get the word out there at no cost.
Website builders give you the option to trade online and set up an online shop (an e-commerce solution) so that your customers can buy from you any time they like. You become instantly accessible and, being part of the world wide web, you are able to grow beyond your wildest dreams if it works out.
To begin with, source out work which will allow you to get paid in cash quickly. You can’t afford to wait for 30 or 60 days before being paid if you have started your business on a shoestring. You need it now.
And once your business starts making money, then you need to put some of this aside for future growth as opposed to spending it on personal things. There will be plenty of time for this later down the line when you are raking it in! You need to think work, work, work; business, business, business and be thinking ten steps ahead.
Plough as much of your earnings back into the business as you can and watch it grow. Watch your shoestring turn into a fully fledged profitable business!
Copyright © Peter Moore 2009 - Co-Founder - EzWeb123.com
Showing posts with label small. Show all posts
Showing posts with label small. Show all posts
Wednesday, 23 December 2009
Have you got what it takes to run your own business?
Having a dream is not enough anymore to turn it into a reality. The opportunities out there are greater than they have ever been before but do you have what it takes to be a successful entrepreneur?
In order to turn that dream into a reality, you need to have something that sets you apart from other people. You need vision but you also need a whole host of other attributes.
Drive. This is something that will help you to start up your business but also keep you going when times aren’t always a breeze. Running any business is not an easy task; otherwise everyone would be doing it. The drive in you is what will give you the idea, give you the desire to set up your small business but then the determination to carry on and see it through.
Motivation is something that you will need in bucket loads. When all else is failing around you, when people are telling you that it won’t work and that you should get a regular job, your motivation is what will keep that fire in your belly raging.
Commitment is a word that is over-used at times but it’s one that you’ll need to think about a great deal if you want to run your own business. If you are the owner of a business, then its success relies upon one person and one person alone - and that is you. Without 110% commitment, your business is unlikely to succeed. Of course there are many extenuating circumstances which will affect how well your business will thrive but your own commitment will be the making or breaking of your venture.
The buck stops at you in this game and if you’re not prepared for that then this is not for you. You get the glory when it’s going well but boy are you going to take the stick when it isn’t going so well! People will look up to you because you’re a business owner but they will also look down on you quite quickly if you’re not true to your word.
If you’ve longed to turn a dream into a reality, then don’t let it go to waste once you have it within your grasp. Make it happen and make it succeed. You need to be the type of person who will keep their goal in mind and never let go of that goal, even when times are a challenge.
These attributes are what sets a good business person apart from someone who just does not have what it takes. Without the above in abundance then your business venture is not going to take off the ground and your dream will remain just a dream.
So what are you waiting for?
Copyright © Peter Moore 2009 – EzWeb123.com
In order to turn that dream into a reality, you need to have something that sets you apart from other people. You need vision but you also need a whole host of other attributes.
Drive. This is something that will help you to start up your business but also keep you going when times aren’t always a breeze. Running any business is not an easy task; otherwise everyone would be doing it. The drive in you is what will give you the idea, give you the desire to set up your small business but then the determination to carry on and see it through.
Motivation is something that you will need in bucket loads. When all else is failing around you, when people are telling you that it won’t work and that you should get a regular job, your motivation is what will keep that fire in your belly raging.
Commitment is a word that is over-used at times but it’s one that you’ll need to think about a great deal if you want to run your own business. If you are the owner of a business, then its success relies upon one person and one person alone - and that is you. Without 110% commitment, your business is unlikely to succeed. Of course there are many extenuating circumstances which will affect how well your business will thrive but your own commitment will be the making or breaking of your venture.
The buck stops at you in this game and if you’re not prepared for that then this is not for you. You get the glory when it’s going well but boy are you going to take the stick when it isn’t going so well! People will look up to you because you’re a business owner but they will also look down on you quite quickly if you’re not true to your word.
If you’ve longed to turn a dream into a reality, then don’t let it go to waste once you have it within your grasp. Make it happen and make it succeed. You need to be the type of person who will keep their goal in mind and never let go of that goal, even when times are a challenge.
These attributes are what sets a good business person apart from someone who just does not have what it takes. Without the above in abundance then your business venture is not going to take off the ground and your dream will remain just a dream.
So what are you waiting for?
Copyright © Peter Moore 2009 – EzWeb123.com
Wednesday, 9 December 2009
How to Raise Funding For A Small Business
You have your business idea ready on paper and you have researched it well, you’ve come up with a marketing strategy and you are raring to go. Just one problem…where’s all the money going to come from for the equipment that you need, the stock, the staff and so on?
If you’re lucky, you will have saved this money up and you can fund yourself. However, very often, small business ideas and ventures arise at times when you don’t have the capital to be able to invest. You might find someone to invest in your idea such as a friend or a colleague but, chances are, you might not. So how are you going to get the money?
There are all kinds of ways in which to fund a new business idea. Identifying the right finance option for your own venture is important. To attract funding of any type, you will need a thorough business plan which will come under much scrutiny. As part of any funding agreement, you will also be audited and there will be requirements for you to fulfil, such as cash flow levels and so on. You will also need to make sure that your credit rating is kept in order.
Whether you need to acquire assets, hire premises, pay for marketing, pay for staff or need, you can apply for funding, grants and loans from various sources.
You could go to the bank and ask your lovely bank manager to lend you the money in a loan agreement, with a fixed term payment. Your credit ratings will be taken into consideration and he will want to see your business plan – fair enough if he’s going to lend you the money; he needs to know whether your business will grow sufficiently to be able to pay it back. Whilst you are there, ask him if he can extend and increase an overdraft agreement on your existing bank account so that you have a buffer in which to fall.
Of course you might like to use a credit card, or more than one. Apply for a card which is offering a 0% interest rate for a fixed period and then change it when that period is over – keep doing this for as long as you can so that you are borrowing money but not actually having to pay interest back on it. Whilst an option, it is probably not the best option for financing a small business as you may run up huge debts that you are not able to afford.
There are grants out there for which you can apply that do not need to be paid back. However, the competition for these is fierce, with a strict application process and they can be quite lengthy affairs. It is worth looking into but you should also have another source from which to call upon in case the funds run out. There is also government support available for many businesses and so check with your own local governments’ websites.
Outsourcing part of your business to a third party might be a way to reduce your costs. As a start-up, you might be entitled to non-financial support in the form of free training session, business advice, marketing tools, networking events and so on. Utilise whatever free resources you can get your hands on! You may have shares to sell, other assets to sell or debts which you could restructure.
There are many ways in which to fund your business but remember to research them all well and not to put all your eggs into one basket so that you are spreading the risk.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
If you’re lucky, you will have saved this money up and you can fund yourself. However, very often, small business ideas and ventures arise at times when you don’t have the capital to be able to invest. You might find someone to invest in your idea such as a friend or a colleague but, chances are, you might not. So how are you going to get the money?
There are all kinds of ways in which to fund a new business idea. Identifying the right finance option for your own venture is important. To attract funding of any type, you will need a thorough business plan which will come under much scrutiny. As part of any funding agreement, you will also be audited and there will be requirements for you to fulfil, such as cash flow levels and so on. You will also need to make sure that your credit rating is kept in order.
Whether you need to acquire assets, hire premises, pay for marketing, pay for staff or need, you can apply for funding, grants and loans from various sources.
You could go to the bank and ask your lovely bank manager to lend you the money in a loan agreement, with a fixed term payment. Your credit ratings will be taken into consideration and he will want to see your business plan – fair enough if he’s going to lend you the money; he needs to know whether your business will grow sufficiently to be able to pay it back. Whilst you are there, ask him if he can extend and increase an overdraft agreement on your existing bank account so that you have a buffer in which to fall.
Of course you might like to use a credit card, or more than one. Apply for a card which is offering a 0% interest rate for a fixed period and then change it when that period is over – keep doing this for as long as you can so that you are borrowing money but not actually having to pay interest back on it. Whilst an option, it is probably not the best option for financing a small business as you may run up huge debts that you are not able to afford.
There are grants out there for which you can apply that do not need to be paid back. However, the competition for these is fierce, with a strict application process and they can be quite lengthy affairs. It is worth looking into but you should also have another source from which to call upon in case the funds run out. There is also government support available for many businesses and so check with your own local governments’ websites.
Outsourcing part of your business to a third party might be a way to reduce your costs. As a start-up, you might be entitled to non-financial support in the form of free training session, business advice, marketing tools, networking events and so on. Utilise whatever free resources you can get your hands on! You may have shares to sell, other assets to sell or debts which you could restructure.
There are many ways in which to fund your business but remember to research them all well and not to put all your eggs into one basket so that you are spreading the risk.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
Tuesday, 8 December 2009
How to Evaluate A New Business Idea
“I’ve got a great idea for a new business”, says Tom to his mate Dave down the pub. “Want to come in with me?”...but has Tom considered all the avenues and made sure that he has evaluated his business idea fully?
As with many entrepreneurs who are great ideas people, an idea starts on paper but cannot always become a successful money-making business without proper consideration and without first taking the necessary steps to make sure that it is not just another pie in the sky flop.
Start-ups and small businesses need to make sure that, before they commit to heavy marketing plans and paying out money on websites and other such expenses, they assess whether there is a market for their idea and whether they are capable of pulling it off. The desire to be successful is great but it does not guarantee that your business will take off.
Good management and marketing skills are essential and so it is wise to see what help is on offer to those of you who have no experience in these fields. Planning is paramount and some small businesses fail because they have just not thought ahead and planned properly for all eventualities.
Let’s consider some things that Tom and his mate down the pub need to discuss:
• is there a market for their product/service? They should carry out extensive research into this.
• what kind of competition are they up against? Every business has competition and they need to be aware of who is doing what and whether they are doing it better and more cost effectively.
• will the product maintain its appeal when fads and fashions change and, if so, are they ready to diversify if need be?
• how useful is their product or service? Will anyone really want to buy it if it’s quirky but of no use whatsoever?
• is their product or service unique? How can they offer something over and above their competitors and what is going to be their unique selling point (USP)?
• will a sale generate repeat or further sales? Building a client base of repeat customers is a sure way to build a business. These loyal customers will not only buy more but could also help to grow the business through referral marketing.
• is the product safe enough to be on the market? If it’s a manufactured product then it must comply with regulations and these must be adhered to.
• have they got a plan B if it fails? Plan Bs often work better than As and it’s important not to put all their eggs into one basket.
Lots of great business ideas are not actually completely original so if you can take a tried and tested product or idea that has worked well and adapt it in your own way to put a new spin on it, then this can work brilliantly. No it’s not cheating! Tom and Dave really do need to sit down and get some business advice before they rush headlong into anything and this can be obtained through many local organisations and funds. Research it, plan it and then research it some more.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
As with many entrepreneurs who are great ideas people, an idea starts on paper but cannot always become a successful money-making business without proper consideration and without first taking the necessary steps to make sure that it is not just another pie in the sky flop.
Start-ups and small businesses need to make sure that, before they commit to heavy marketing plans and paying out money on websites and other such expenses, they assess whether there is a market for their idea and whether they are capable of pulling it off. The desire to be successful is great but it does not guarantee that your business will take off.
Good management and marketing skills are essential and so it is wise to see what help is on offer to those of you who have no experience in these fields. Planning is paramount and some small businesses fail because they have just not thought ahead and planned properly for all eventualities.
Let’s consider some things that Tom and his mate down the pub need to discuss:
• is there a market for their product/service? They should carry out extensive research into this.
• what kind of competition are they up against? Every business has competition and they need to be aware of who is doing what and whether they are doing it better and more cost effectively.
• will the product maintain its appeal when fads and fashions change and, if so, are they ready to diversify if need be?
• how useful is their product or service? Will anyone really want to buy it if it’s quirky but of no use whatsoever?
• is their product or service unique? How can they offer something over and above their competitors and what is going to be their unique selling point (USP)?
• will a sale generate repeat or further sales? Building a client base of repeat customers is a sure way to build a business. These loyal customers will not only buy more but could also help to grow the business through referral marketing.
• is the product safe enough to be on the market? If it’s a manufactured product then it must comply with regulations and these must be adhered to.
• have they got a plan B if it fails? Plan Bs often work better than As and it’s important not to put all their eggs into one basket.
Lots of great business ideas are not actually completely original so if you can take a tried and tested product or idea that has worked well and adapt it in your own way to put a new spin on it, then this can work brilliantly. No it’s not cheating! Tom and Dave really do need to sit down and get some business advice before they rush headlong into anything and this can be obtained through many local organisations and funds. Research it, plan it and then research it some more.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
Monday, 7 December 2009
What is a SWOT Analysis?
Are you good at planning and telling others what your strengths and weaknesses are? Have you sat down and worked out how your small business is going to work and made a plan for yourself? Ever heard of a SWOT analysis? This is how it could help you.
No it’s not about someone who was really clever and nerdy at school. This SWOT is an acronym which stands for Strengths, Weaknesses, Opportunities and Threats. Basically, it is a model which is used as a tool for analysing all the above elements before you set off on a new venture. It’s used in education as a method for identifying development areas, in project management and lots of environments and can be easily adapted to any decision-making situation.
It is a way of taking a business objective and identifying the internal and external factors which are likely pose an opportunity or a threat to your business and it was first used in the 1960s. You can take the SWOT analysis even further and use the match or convert process where you look in more detail at how strengths and opportunities can be linked and also at how weaknesses and threats can be converted.
OK so as a beginners’ guide, take a piece of paper and draw a cross or plus sign through the middle (+). You now have four segments on your piece of paper. Write S in one of the segments, W in another and so on. Once the artistic bit is done, now you can actually start to fill the segments with something meaningful.
The S and the W speak for themselves so write down all the things that you think are your business’s strengths and weaknesses. Now look at the threats and opportunities. S and O are likely to derive from internal situations and W and T are more likely to come from external forces. If your SWOT analysis then tells you that your business venture or objective is not going to work, you need to find another idea and repeat the whole process. If you can’t minimise the threats and overturn the weaknesses, meaning that they outweigh the strengths and opportunities, then it is advisable not to go ahead.
Essentially, what you are doing is assessing a business situation and planning ahead. Marketers use it all the time, or other methods which are similar. You can use the analysis as a foundation on which to build further and it can be used to assess competitive advantages and so on. It should form the first part of the planning process for any start-up or small business.
So what are you waiting for? You want to set up your own business and you can do it just like anyone else. Don’t forget that it is worth concentrating on weaknesses and threats because they can be overturned and converted into great selling points. Don’t overlook them or you may miss out on an opportunity in reverse.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
No it’s not about someone who was really clever and nerdy at school. This SWOT is an acronym which stands for Strengths, Weaknesses, Opportunities and Threats. Basically, it is a model which is used as a tool for analysing all the above elements before you set off on a new venture. It’s used in education as a method for identifying development areas, in project management and lots of environments and can be easily adapted to any decision-making situation.
It is a way of taking a business objective and identifying the internal and external factors which are likely pose an opportunity or a threat to your business and it was first used in the 1960s. You can take the SWOT analysis even further and use the match or convert process where you look in more detail at how strengths and opportunities can be linked and also at how weaknesses and threats can be converted.
OK so as a beginners’ guide, take a piece of paper and draw a cross or plus sign through the middle (+). You now have four segments on your piece of paper. Write S in one of the segments, W in another and so on. Once the artistic bit is done, now you can actually start to fill the segments with something meaningful.
The S and the W speak for themselves so write down all the things that you think are your business’s strengths and weaknesses. Now look at the threats and opportunities. S and O are likely to derive from internal situations and W and T are more likely to come from external forces. If your SWOT analysis then tells you that your business venture or objective is not going to work, you need to find another idea and repeat the whole process. If you can’t minimise the threats and overturn the weaknesses, meaning that they outweigh the strengths and opportunities, then it is advisable not to go ahead.
Essentially, what you are doing is assessing a business situation and planning ahead. Marketers use it all the time, or other methods which are similar. You can use the analysis as a foundation on which to build further and it can be used to assess competitive advantages and so on. It should form the first part of the planning process for any start-up or small business.
So what are you waiting for? You want to set up your own business and you can do it just like anyone else. Don’t forget that it is worth concentrating on weaknesses and threats because they can be overturned and converted into great selling points. Don’t overlook them or you may miss out on an opportunity in reverse.
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
10 Reasons To Start Your Own Business
Are you fed up of the rat race and turning up for work on a dreary Monday morning, only to be confronted by your boss who has had a less than perfect weekend and looks as though they’re about to take it out on you? For anyone with anything about them and the desire to do well, setting up your own small business could be the way to go.
They always say that you will never make any real money whilst working for someone else. More and more people are starting up on their own because they recognise that they can do a better job than the company for which they are working. Here are ten reasons why you should consider setting up your own start-up business and how you can benefit from it:
• High earning potential - if you are working for an employer, you are on fixed earnings. These earnings, especially in times of financial crisis, are not likely to rise and you may even see pay freezes. Working for yourself, whilst difficult to begin with until your business starts to pay, means that you have unlimited earning potential. How much you earn depends on how much you put into it.
• Getting paid your worth - do you get paid your worth in your current job? How many of us believe that our talents are going unnoticed? Working for yourself is another way to make sure that you are not only increasing your earning potential, but that you are paying yourself for your talents.
• Self and job satisfaction - how many people actually enjoy their jobs? Doing a great job for an employer very often goes unnoticed or someone with no morals comes along and claims the credit for your hard work. OK so you’ll have to take the rap if your own business goes wrong but the satisfaction gained from knowing that you did a great job far outweighs the initial hard work.
• Making the economy go round - in the long term, if your business succeeds, you may well need to take on staff. As long as you are a fair employer, then you have the satisfaction of knowing that you are providing work for someone else and that you are supporting the economy.
• Professional development - many companies claim at interview that they will enhance your career by offering you superb professional development opportunities; and then they never arise. You become a number on a payroll and you disappear into a sea of other faces. Running your own business means that you are responsible for your own development and you are concentrating on areas at which you know you are good.
• Answer to no one but yourself! Speaks for itself...oh yes!
• Creativity – you can be as creative as your mind will allow and you will amaze yourself at how good you can be.
• Variety of work – no two days will be the same and nor should they be! Realistically, not many people want a repetitive job so being your own boss means you do what the business demands.
• Cut out the traffic – work from home or a local office space and you need never be stuck in those endless queues of people all looking as fed up as one another.
• Make it your second career if you are not ready to give up the day job just yet. You get the best of both worlds in that case.
So the benefits of starting up a business are wide and varied and the above list is by no means exhaustive. Make it your new year’s resolution and give it some thought!
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
They always say that you will never make any real money whilst working for someone else. More and more people are starting up on their own because they recognise that they can do a better job than the company for which they are working. Here are ten reasons why you should consider setting up your own start-up business and how you can benefit from it:
• High earning potential - if you are working for an employer, you are on fixed earnings. These earnings, especially in times of financial crisis, are not likely to rise and you may even see pay freezes. Working for yourself, whilst difficult to begin with until your business starts to pay, means that you have unlimited earning potential. How much you earn depends on how much you put into it.
• Getting paid your worth - do you get paid your worth in your current job? How many of us believe that our talents are going unnoticed? Working for yourself is another way to make sure that you are not only increasing your earning potential, but that you are paying yourself for your talents.
• Self and job satisfaction - how many people actually enjoy their jobs? Doing a great job for an employer very often goes unnoticed or someone with no morals comes along and claims the credit for your hard work. OK so you’ll have to take the rap if your own business goes wrong but the satisfaction gained from knowing that you did a great job far outweighs the initial hard work.
• Making the economy go round - in the long term, if your business succeeds, you may well need to take on staff. As long as you are a fair employer, then you have the satisfaction of knowing that you are providing work for someone else and that you are supporting the economy.
• Professional development - many companies claim at interview that they will enhance your career by offering you superb professional development opportunities; and then they never arise. You become a number on a payroll and you disappear into a sea of other faces. Running your own business means that you are responsible for your own development and you are concentrating on areas at which you know you are good.
• Answer to no one but yourself! Speaks for itself...oh yes!
• Creativity – you can be as creative as your mind will allow and you will amaze yourself at how good you can be.
• Variety of work – no two days will be the same and nor should they be! Realistically, not many people want a repetitive job so being your own boss means you do what the business demands.
• Cut out the traffic – work from home or a local office space and you need never be stuck in those endless queues of people all looking as fed up as one another.
• Make it your second career if you are not ready to give up the day job just yet. You get the best of both worlds in that case.
So the benefits of starting up a business are wide and varied and the above list is by no means exhaustive. Make it your new year’s resolution and give it some thought!
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
How To Use YouTube To promote Your Business?
Whether you work as part of a small business or a larger organisation, YouTube can be used as a platform on which to promote your service or product and, in turn, drive traffic to your website and boost your brand recognition. Getting the right angle and making your video worthy of viewing is something that is important and worth spending some time on before you begin because there are quite literally millions of videos on there.
You may already have videos made for your company and these can quite easily be uploaded onto YouTube in their current form. YouTube acts as a web host meaning that you don’t have to take up space on your own website. Basically, YouTube is handling the risk for you and you don’t have to worry about technical issues such as bandwidth and so on.
So how do you make the video for promotion on YouTube? Well, shoot the video as you would with any other recording, using a camcorder or mobile device with a built in camera. Then go to the YouTube website and upload. Sign into YouTube or create an account for free if you don’t already have one. Then you will see an ‘upload video’ option in the right hand corner. The site will pretty much guide you through the process from hereon in. You will, of course, need to consider YouTube’s policies and make sure that you are not violating any of them.
You need to make sure you put some keywords in the tag field as well – keyword driven videos will act as another SEO technique for your own website. YouTube videos do appear in Google searches and so someone may just stumble upon it whilst searching on your keywords. Select the correct category in which to upload it and then make it public. It’s really easy and quite addictive!
Here’s the clever bit. You can now go back to your own website and embed the YouTube video into your own pages by using the special code that YouTube provides you with. And remember, your website is not hosting the video so it is not using up vital storage space.
Keeping your videos down to under ten minutes in length means that they play in better quality for the viewer, so bear this in mind also. You are now ready to make that all important promotional piece which could help your business to grow in unimaginable ways. The power of the internet and popular services such as YouTube should never be underestimated. It is used by quite literally millions of people and not just for singing sensations with big egos who want to be famous!
Copyright © Peter Moore 2009 - Co-Founder of EzWeb123.com
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