Sunday, August 23, 2009

Did You Just Started A New Business?

Hello everyone!

Did you just started a new business? How is everything doing? Did you settled down all the dust? Is it everything going accordingly as you planned? Need any help or ideas to improve your business?

For those of you who just started a business, I hope you spent the time to brainstorm, plan and prepare your business blueprint. If not, that's alright, you might still have time to do it.

Don't let the months go by without doing anything, you must take control of the situation while is still in the beginning of the journey. If you need help or idea, please, drop me a line.

If everything is going according to the plan, that's great, but please, don't start living the dream life before your business business solidified in its path. The path is narrowed and hard to walk on it, don't think that it will easy.

Just a couple of weeks ago, while in Las Vegas on a business training, I met someone who shared that a friend his started a shoe business in California and that in the beginning he was making over $9,000 a month, but now over a year later, his friend was struggling to keep the business running and that he was already thinking in filing for bankruptcy.

Then I asked what happened, actually, I asked him if his friend was spending the business money with personal things and the answer was affirmative then, he asked me what they should do to save the business.

I gave a simple advice, I told that person that his friend should contract an accountant to look over the business financial and probably hire an outside manager to take control of the business.

The fact is that most people dream in being his or her own boss but, most people fail to commit themselves to work through the process of being a true entrepreneur.

To be an entrepreneur, one must understand and commit to work long hours to keep his or her business in operation. One must understand that cash flow is vital for the health of the business. One must keep the business financial separated from the personal financial. One must understand that before taking money from the business for personal needs, the money should be directed to cover the businesses obligations and re-investment for the continual progress and surviveness of the business.

It is really easy to lose track of things, especially if there's no business plan and goal set. Just because your business is bringing money in, it does not meaning that all that money is profit and, even less, that you have to take money aside to fulfill your personal needs.

A true entrepreneur must be driven by discipline and commitment, if you don't have that, you should not go into business for yourself, you will likely get yourself into a financial crisis.

Monday, December 22, 2008

What it takes to become your own boss?

It is very common to meet people who want to start their own businesses, however, what it really takes to someone to make his or her dream a reality? What are the requirements involved in starting up a business? What are the procedures, legalities involved in it? What about your own self preparation for it?

In order to someone to stop dreaming and to start making it a reality, he or she must consider many important factor that will be vital along the way, in fact, starting up a business is very easy the hard part is to keep it alive. According to recent surveys, the odds are greatly against business success, in reality, a majority of businesses will fail within the first twelve months of being established and nearly 65% of those established within the last five years will close their doors permanently.

So, why a person, after reviewing this scary Dada's will persist in moving forward with the decision of opening his or her own business? Well, it is probably because of his or her old dream of become his or her own boss or, it is because of the so dreamed financial independence or, it is because he or she believes that he or she has a better idea than everyone else or, it is because of the high level of confidence deposited upon themselves that their case is different from everyone else and that they will succeed, in reality, the number of reasons could go on and on, which draw us to a conclusion that, everyone has the right to pursue his or her dream, and it does not matter how bad the odds are against their chances of succeeding in their business ideas.

So, since you are going on business on your own, it really does not matter what people think, say or do about it. It is your destiny and you should be in control of it, however, just so you can become aware of the dangers and risks of starting a business, I will stated a few points that you should consider pondering prior to move on with your idea.

Firstly, before you go on business on your own, carefully analyze your business idea to make sure that it is something that there is a need in the marketplace, you must understand that a business without customer will never become a real business.

Secondly, you must make sure that your business is something that you know about and enjoying doing it. Remember that the reason of why you decided to be your own boss is likely because you did not like what you were doing prior to it or that you could do better, if you start a business on a field that you don't like, the business already failed.

Thirdly, you must consider the financial aspect of your business, how are you going to finance your business idea? Do you have the capital required? Are your relatives sponsoring your business? Are you going to require a business loan? Whatever may be your case, consider doing a business plan prior to do anything else, the business plan will help you clarify your mind in relation to your business, the business plan should clearly stated your business from "A" to "Z" and your financial must clearly documented because by doing so, you will have a full assessment of your ideas, you will understand whether going on with your idea is feasible or not.

Finally, do you know that in order to make your business to succeed, you will have to operate it yourself, which means that, you will have to work long hours every day for a long time. The average hours dedicated by a new business own is around 70 to 80 on a weekly bases. Are you ready and committed for that? If so, that is a good start. You must have a lot of energy, dedication and commitment, otherwise, your business will not succeed.

The above points are just a few of many that you should consider prior to start your own business, as the time goes, I will be writing more important topics of how to start your own buisness successfully.

Sincerely, Joe N.