New Business: Information, Advice, Ideas

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Formal Business Plan: A Must Not Forgotten Thing To Do On New Business

Many people probably underestimate the importance of preparing a formal business plan. Eventhough your new business will be only home-based business or small businee, still require a plan to see where you are going to, right? Without it, it's like: "Welcome to the jungle!" without a compass to lead you where you are heading to.

I shared with you here why:

Three Reasons Every New Business Needs a Formal Business Plan
By Tiffany Kelley

It doesn’t matter if you are starting a multi-million dollar corporation or a roadside lemonade stand, everyone can benefit from having a formal business plan. In fact, it should be the very first step in establishing any new business.

Here are three reasons why –

1) A Business Plan Contains Feasibility Research.

The process of creating your business plan allows you to better understand the feasibility of your business idea. Unfortunately, not all new ventures are going to be successful because of outside factors, such as location, market trends, etc. By identifying this early on, you can save yourself a lot of precious time and money. Then, you can take what you have learned and formulate an alternative business proposal.

2) Having a Business Plan will keep you Budget-focused.

When you are first establishing your new business, it’s easy to become overzealous and, thus, accidentally overspend on things that you shouldn’t. By starting with a formal business plan, you equip yourself with the research needed to make intelligent purchasing decisions. For example, your plan’s “Marketing Strategy” will contain information about what advertising options will be the most effective and have the highest return-on-investment (ROI). A detailed business plan will help make the most out of a start-up business’ often tight budgets.

3) A Business Plan will help with Organization.

Making the effort to create a business plan will often end up saving you time in the long run because you will have organized your course of action. If you go into a new business venture without a plan, you will most likely run into various obstacles that could set you back in scheduling and money. However, if you’ve got a business plan, you will have researched the risks and will be prepared for the unexpected. It is a huge mistake to go into a new business blind – make sure you have a thorough business plan to guide you to success.

Tiffany Kelley is the owner of Perfection Consulting, which specializes in helping entrepreneurs with their business planning and marketing needs.

E-mail Tiffany at tiffany@perfection-consulting.com or visit http://www.perfection-consulting.com for more information!

New Business: Need Any Help?

The most essential stuffs you must know before starting any new business, learn from the expertise and the ones who have experiences in doing it. Here you go.

The Voice Of Experience: Getting Guidance For Your New Business
by: Chris Malta

Many people dream of leaving their nine-to-five jobs and going into business for themselves, but very few actually understand how to start or sustain a profitable E-Biz. In a traditional job, you can always approach a supervisor or co-worker with questions about how to execute a project better, perform a task more efficiently, or handle a particular situation. However, once you venture into business on your own, you’re literally on your own – and that’s a very frightening place for most people. That’s why, when starting your own business, it’s imperative that you get guidance from the get-go.

Don’t Go It Alone

If you don’t have a support system in place, or any clear sense of direction, it’s easy to grow frustrated or scared, and retreat to your comfort zone without achieving the independence you dream of. A reputable business coach can teach you the best start-up practices and help you implement winning business strategies. Another option is to join an online forum, where you can present your questions to other E-Biz owners who bring to the table the seasoned advice of those who’ve already achieved eCommerce success.

According to Andy Jenkins, creator of online business forum http://StomperNet.com, “Most new E-Biz owners face exactly the same issues and challenges – and they’re a whole lot easier to handle when you have someone helping you, who’s already faced them successfully.” Understand the Pitfalls Having mentored thousands of new entrepreneurs, Jenkins sees the two most common problems they confront on a regular basis as

1) determining correct priorities and

2) overcoming what he calls “paralysis by analysis.”

1. To run your business effectively, you have to organize your priorities. The difference between a successful E-Biz and a failed E-Biz is often determined by where you spend the bulk of your efforts and energy. As a new entrepreneur, you have limited time and funds. Spending too much of either on peripheral matters means you’re neglecting your core concerns. It’s easy to waste tremendous amounts of time trying to learn the ins and outs that are necessary to manage your business, but that don’t really generate a profit in the long run.

In an online business you should have a three-fold focus:

* finding the right products

* driving targeted traffic

* converting that traffic into sales

That’s it.

All other issues are secondary – you have to deal with them in your day-to-day operations, but don’t lose sight of the big picture.

2. Another common problem with eCommerce newcomers is that they tend to over-analyze every scenario and develop “paralysis by analysis.” When you don’t have all the answers, or aren’t certain of your next move, it’s easy to just sit back and procrastinate. But making excuses or putting things off will cripple your ability to do even the most fundamental things to grow your business. It’s important to deal with the business aspect of things in a timely manner. You need to treat your Internet business like a real business – time is money, and you can’t waste it being indecisive.

Launching your own E-Biz may seem like an intimidating prospect; but you largely improve your chances of a positive outcome when you find experienced, knowledgeable mentors to help you get started right. States Jenkins, “Starting a venture is always a risk. But you can greatly facilitate your own success by seeking out qualified support to help you find your focus and keep your business moving forward in the right direction.”

About The Author
Chris Malta and Robin Cowie of http://WorldwideBrands.com are the Writers and Hosts of wsRadio’s Product Sourcing Radio. Visit http://www.productsourcingshow.com for more FREE E-Biz info from wsRadio!

Financial Matter on New Business: How To Deal With It?

Ever get tired and bored working as an employee 9-5 everyday?
Do you want to try your own business immediately but limited financial back up?

Here is an interesting article for you to overcome those problems.

5 Best Ways to Start a New Business on a Shoestring Budget
Author: Carol Denbow

Just over 32 percent of new business owners needed less than $5,000 to start or acquire their business. Amazingly enough, 25 percent of business owners needed no dollar amount to start up.

The following is just a small list of some ways to start your new business with little or no money.

1. Work from home – Starting a home business is easier and much less expensive than renting commercial space. Most small business does not require a special location. Benefits to home businesses include flexibility in hours, less travel expense, no rent, great in-home tax advantages, and being able to comfortably work in your PJ’s. If you can start your new business from home, do it; there will be enough expenses without the added cost of commercial rental space.

2. Online business – The newest explosion in the business world is on the internet. Online sales will excel beyond person-to-person sales of nearly all types by 2020. There is very little you can’t purchase on the World Wide Web. Websites can be created for free with the most basic computer skills and “voila” you’re in business. Research what type of business you want and search the internet for related websites to get ideas.

3. Start small – No business starts “BIG;” they all start small and grow successful over time. A prosperous business has a sound foundation and has grown and expanded from one seed to its full potential. The founder of Dell Computers was a college dropout. Starting out of his garage, he managed to excel above all of the world’s top computer manufacturers. One in three computers sold today is a Dell.

4. Drop shipment - Retail sales generally require a storefront, but with a drop shipment retail business there is no inventory to pre-purchase, stock and store, and no shipping expense. Many wholesalers are more than willing to drop ship directly to the retailers’ end user. Your job is to simply locate the buyer, confirm availability of the item, accept payment, and place the order with the wholesaler. The wholesaler will ship the order directly to your customer and send the billing to you. Now you just need to decide what items you want to sell!

5. Offer a lease option – It’s not always easy to sell an established business, and owners can become frustrated with the effort. Many don’t immediately see other options to get out and often times they just liquidate and close down their business out of pure impatience. Sellers may become receptive to the idea of a lease option sale when they reach this crushing state. Many may not have previously considered or even be aware of this option to them. Basically, you walk in with little or no down payment, take over and continue operations as usual, and for a pre-determined length of time, the seller receives a monthly “lease fee” from your new business. Once the set time frame has elapsed, you automatically own the business. There are potential risks taken by both partners, but with an air-tight lease contract, and a good understanding of each others position, these type of business purchases can benefit all involved and get a new owner into his desired business with less stress and without as great a financial burden.

69 percent of new businesses were started or acquired without any need to borrow money. Being one those who didn’t borrow money could mean the difference between a successful business and just another failed statistic.

About the Author:
Carol Denbow is a business start-up expert and the author of three books including, Are You Ready to Be Your Own Boss? (2006). To learn more about this book and how to start and grow a successful business visit http://www.BooksByDenbow.Weebly.com