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Tips for Becoming Successful in Business Posted: 02 Jan 2014 02:35 AM PST One thing is starting a business and another is becoming successful in the business. There are a lot of people that start a business but lose their money within some months. Yet a good number of people are doing well in business. It is all about planning and managing one’s business effectively well. If you do not have a good organizational skill and plan, you will hardly become successful in the business you are doing. It is not just having an office or large capital. Here are some of the tips that you should apply in order to become successful in your business. Have a plan The doing of a business is like the building of a home. Just as it is not possible for one to build a home without a plan, you cannot run a business without having a plan. Your business plan is like a roadmap guiding a traveler to his or her final destination. If you do not have any business plan, you are a traveler going to an unknown destination without a roadmap. It is will be indeed difficult for the traveler to get to his final destination unless he knows the road perfectly well. Develop a business plan for yourself and works towards its actualization. If you do not know how to establish a business plan, you have to hire a professional to do that for you. Get Organized One of the ways through which you can easily achieve your business goal and plan is to get organized. Always plan your day on time. Establish your to-do list and make sure that you follow it judiciously and complete all the items in the list. However, you should be sure that your to do list contains only those things that you can do. Having a to-do list will help you not to forget any essential thing. Make sure you have a detailed record Most people fail in their relationship because they do not keep proper records of all transactions in the business. Keeping accurate records will help you to determine whether your business is doing fine or not. It will also help you to analyze your business in order to find out the obstacles frustrating your business. You will also be able to strategize or re-strategize when you discover the problem facing your business. Know your competitor The doing of business is highly competitive and characterized by survival of the fittest. So, if you are going into business, you should bear this in mind. In order for you to survive the competition, you should know your competitor. You do not engage in a war that you do not know who are fighting with. Your competitors are the people that you are fighting with. You should know them, their weaknesses and strong point and then correct their errors in order to increase your customer base. Take calculated risks Business is all about risk taking. However, this does not mean that you should risk your money unnecessarily. Weigh the pros and cons of every risk. Take only those risks that will give you high benefits if you succeed.
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Understanding the Meaning of a Startup Posted: 03 Jan 2014 11:17 PM PST A startup is a type of business that has limited operating history because it is just begun. The business is still at its budding stage. It is still researching the market in order to understand it. The business just emerges in the scene with a new product or service and it is trying to find a way to win more customers or outdo older players. The competition that characterizes the doing of business makes it very difficult for a startup to succeed. It takes the effort of the owner of the business to succeed. This is because it is not just competing with other startups but big players in the industry that have large customer base with many years of existence. The term start-up was popularized across the world in the recent past during the period a lot of dot-com companies were launched. All businesses that are newly established can be tagged startups but actually the term is most of the times used to denominate companies that are technologically based. Startup businesses do not require much outside capital in order to be established. Its potential of yielding enough profit on investment is very high. Owing to the above factors, they attract a lot of investors. Startup businesses have better scalability than well established businesses. This is because of the fact that there is limited labour, land and investment on capital. Startup funding There are several ways through which a start up business can be funded. Most startup owners use their money to sponsor the business. There are some that get loans from financial institutions and banks in order to sponsor the business. However, there are some start-ups that are sponsored by venture capital firms. The venture capital firms will own some equity in the company and it is through those equities that they make their profits. Getting fund from an angel investor is another means through which a startup company can be funded. An angel investor variously called a business angel or informal investor is a rich man who is willing and able to sponsor a startup. Just like venture capital firms, angel investors also own some equity in the startup and it is through the equity that they make their money. Factoring is another funding option for a startup. Establishing a startup Starting a new business can be very challenging. If it is not properly done, the business may collapse easily. But well-established startup develops into a large company with many workers. There are some steps that you should follow in order to solidly establish a startup business. Here are some of the steps. Research your products and services You should first research on the product or service that you will sell to the public. Make sure that you are going to sell quality product to the people. Do a feasibility study Carry out a feasibility study in order to determine the possibility of the business becoming successful. Determine how to raise fund You should also determine ways through which you will fund the business which may be your personal saving or outside funding. Location You should locate your business in a place where you can easily find your target. |
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Posted: 03 Jan 2014 11:49 AM PST Most people work for many years and when they retire from active service, they do not have strong financial security to take care of their old age. The truth is that having a strong financial backing after retirement does not just occur overnight. You need to start building your financial stronghold on time. It requires effective planning. Below are some of the ways through which you can plan for your retirement in order to have strong financial security as a senior. Determine your retirement As a senior, you will have more needs especially when it comes to health. There are also the mobility and housing needs. In general, retirement needs differ from person to person. What Mr. A need may not be the same thing with what Mr. B will need during retirement. So, it is important that you determine your retirement needs according to your personal situation. When you know what your retirement needs are, you can now plan for it. Start saving for your retirement now If you have not been saving money for your retirement, you should start saving now. Make sure that at the end of the month, you keep some money for your retirement. Besides saving physical money, there are other means through which you can be gradually saving for the future. You may consider investing in property or start retirement saving plan or buying insurance that you may need during your old age. Include your retirement in your budget It is always difficult to save for retirement given the nature of today’s economy. The best way to go about it is to include your retirement savings in your monthly budget. Anytime you are making your budget, you should not forget to add your retirement saving. Once your monthly pay comes, bring out the amount for your saving. If you do not include the saving in your budget, you may likely end up not saving any money. Join in your employer’s retirement saving plan Many people during their active time, makes the mistakes of not joining in their employers’ retirement plan. It is important that you become part of it and then contribute as much as possible, especially, if you do not have any strong investment or any other special saving plans. Don’t withdraw your retirement savings until you are retirement If you have any retirement savings, you should avoid the temptation of withdrawing it no matter how large it has become. Some people make the mistake of using their retirement savings to solve their family or immediate problem. Rather than withdrawing your retirement fund, you should have another savings for solving your immediate problem. If you withdraw your retirement saving on time, you may likely lose certain benefits such as tax benefits, principal and interest. Premature withdrawal of the benefits may also be penalized. If you are penalized, it means that you will lose part of your money. If you change job, you can roll over your retirement saving to the current plan. The above are some of the ways through which you can save for your retirement plan.
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Posted: 05 Jan 2014 12:21 PM PST There are many businesses in the society today. However, these businesses do not belong in the same category. Some are multi-national while some are only local. They also differ in their level of experience and number of years they have been in existence. There are some companies that have been into existence for many years while others are just newly started. Those businesses that are just few months in existence or that have not been in operation up to a year are generally referred to as startups. In the real senses, startup is a tag for newly begun businesses that are technologically oriented. It is highly beneficial to be a startup owner. If you manage your business very well, it will make you to be financially independent. It is a good means of building strong financial base for your family. Your business has a higher potential of developing into a large or multi-national businesses. However, as it is normal in life, you need to take some risks in order to be successful in your business. Indeed, there are some risks involved in startup and if you are not ready to take the risk, there is no need for you to enter into the doing of the business. Some of the risks that you should take as a start-up owner are explained below. Market risks Introducing a new product or service in the market involves some risk. This risk is known as the market risk. Before your business will progress, your product or service will be accepted by consumers meaning that there will be demand for it. The risk lies in the fact that you cannot easily determine whether your new product or service will be accepted by consumers. If product or service is not accepted by the consumers, your business will definitely collapse. In fact, experience has shown that big time investors have lost a huge amount of money that forced them to become bankrupt because they invest into a business whose products or services were not accepted by the consumers. But the risk is worth taking. If you take it and succeed, you will have reasons to smile. Financial risk As it is said, every business involved some certain level of financial risk. The doing of business is a risk of money. You can get return from your investment or lose your investment which can make you to become bankrupt. Because of this risk, it is always good to have plan B. You can always switch over to your plan B if the plan A fails. But if you do not have any plan B, you will be going down when your plan A fails. Overcoming the odds The risks involved in startup are worth taking. Nobody becomes successful in life without taking risks. However, you should be wise when starting up a business. You have to work hard and give the consumers what other businesses cannot give them. In this way, they will continue to patronize them.
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The Advantages of Becoming a Startup Owner Over Posted: 06 Jan 2014 08:30 PM PST Our aspirations in life are not the same. There are some people that will like to work for other people or in government parastatals. However, there are young graduates that will like to be employers of labors or business owners. Each of the options has its own benefits and drawbacks. Before you decide on the type of career to establish, it is important that you understand their pros and cons. knowing this will enable you to make an informed decision. Here, we will take a look at what you will gain if you become a startup owner. Having strong financial future backup Establishing a business is a good means through which you can build a strong fortress for your family. There is no doubt that you can achieve the same if you work for another person or a business. However, your chance of having strong investments that you can leverage on in the future is high when you own a business. As a business owner, your income is not determined. You have the potential of making more if you work harder. But this is not the same case with a person that is working for another person. The salary and the other incentives are already fixed or determined. So, no matter the effort you make, you will still go home with the same amount of money. But you will always reap the fruit of your effort if you own a business of your own. Family legacy Most of the multinationals we have today across the world started as a family business. If you are a startup owner, you are more likely to become an entrepreneur in the future. Your business can grow into a large company. It will be a kind of legacy you will leave for your family. After your death, your family will also continue to manage the business and get their source of living from it. Sky is your limit If you are working for another person or in a company, at a particular time in your career, you will surely get to a plateau stage. This is a stage where you will no longer expect any promotion or salary increment. When you retire as a jobber, your pension will not be as big as your normal salary during your active stage. But this is not the case with a business owner. There is nothing like plateau stage in business. You are either performing well or not. But if you are working hard, the sky will be your limit. Your business will continue to expand. You may decide to continue working in your business even as a senior. If you retire, your children will take over and you may decide to still be on the payroll with a large amount of money. Becoming master of yourself As a startup owner, you are not under any person. Nobody gives you order. You decide what you to do and what not to do. So, being a business owner gives you the opportunity of being the master of yourself. Taking credit of your innovation If you are working for another person, the credit of your innovation goes to your employer. But when you are working for yourself, you will take credit of your innovation. Related posts: |
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- Protecting Your Business against Technological Threats
- How to Protect Your Business against Financial Threats
- Choosing the Location of Business
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Protecting Your Business against Technological Threats Posted: 09 Jan 2014 02:19 AM PST The world has become highly sophisticated owing to the improvement in technology. Science and technology bring comfort in the world today. Better ways of doing things have been introduced. The contemporary man does no longer need to sweat or apply too much effort when working. With the internet technology, you can run your business in the comfort of your home. You can even decide to work from your home or be doing business online. However, these technological inventions are manmade and so their mechanism can be broken by fraudsters in many ways. Fraudsters can forge logo and other documents of an authentic business and enter into a business deal with you in order to defraud you. They can even forge your company’s documents, letterheads, logo and others and act on your behalf in order to dupe your clients. So, if you are doing a business, it is important that you protect your business against technological threat. Here are some tips that you should follow in order to protect your business against any technological threats. Encrypt your data Most small businesses are victims of cyber crimes. This is because they have less computer security and hackers know this too well. So, they are always their target. You should therefore understand the vulnerability of your business to cyber crimes and take necessary steps to guide against it. Hackers can steal money from your business if they get access to important information of your business and your business account information details. Given the above, it is advisable that you encrypt any data or information you store so that they will not be able to get access to it. Guide your computers and laptops Do not allow unauthorized person to have access to your computer or laptop. Your business essential information like account details can leaked through unauthorized access to your computer. So, you should always guide your system jealously. Try to lock down your office computers at the end of work each. Experience has shown that some burglars sometimes break into an office not just to steal money but classified information that will enable them to dupe a company. But if you lock down your computer and have a personal access code, they will not be able to access the system. It will take them time to unlock the system and the fear of being caught will make them to go away. Hire a professional IT Breach of data as it is said above can have a damaging effect on your business. You need to go the extra mile in order to protect your business classified information. If you are not an IT professional, then you should consider hiring an IT professional to carry out recommended measures and various risk assessments for your business. Getting an IT professionally is highly important for a small business whose financial information can easily be accessed by hackers. The IT professional should also ensure that your network is properly locked and well protected. Wireless network are more easily accessible than wired networks. So, you should consider using wired networks rather than wireless network. Related posts:
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How to Protect Your Business against Financial Threats Posted: 09 Jan 2014 12:36 AM PST Owning a business is one of the ways of becoming financially stable and building a strong future financial security. If you do very well, you will always make a living from it. It has some advantages over becoming a jobber. However, there are some risks and threats involved in it. If you are not able to manage and protect your family against such risks, your business will go down. Financial threat is one of the potential disasters that can negatively affect your business if you do not protect your business against it. Below are some tips that you should apply in order to protect your business against financial threats.
One of the veritable means through which most entrepreneurs and business owners protect their business against any financial loss caused by various misfortunes such as fire outbreak, fraud and others is by buying business insurance coverage. There are different types of business insurance policy that you can buy in order to protect your business. The essence of the insurance policy is to transfer any financial threats facing your business to a third part, namely, the insurance company. In case, your business suffers some financial setbacks, the insurance company will pay you in accordance with the stipulations of the insurance policy.
Nowadays, there is increase in fraud against businesses. Many businesses have collapsed because they entered into fraudulent deals. The amount involved in some frauds runs into millions of dollars. Most fraudulent deals appear to be real making it difficult for most people to doubt their authenticity. However, you can always find out fraudulent deal if you are very careful. Before you enter into any business deal, you should first verify the authenticity of the person or the business you are dealing with. Don’t enter into any personal agreement with any business or person that you cannot prove its authenticity or that you cannot sue to make claims in case the party does not keep to agreement. You need to hire a law to look into the contract paper. An experience lawyer will be able to find out if any clause is against the interest of your business or does not favor your business. Do not sign any agreement that you will not be able to meet its terms or that meeting its terms will cost your business a lot more than it will benefit it. A good agreement should benefit all the parties involved.
Pursuing a court case can be very expensive. Some businesses have lost huge amount of money because they got involved in lawsuits. You should avoid any thing that will make your client or any person that has dealing with your business to file a lawsuit against you. Even if you win the case, it is always costly and time consuming to follow a case.
The doing of business is characterized by intense struggle and competition. But this should not be understood or interpreted negatively. You should not get involved in any unhealthy competition with others. It can make you to spend unnecessarily.
Spend money on those things that are very necessary and forgo others that you can do without. |
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Choosing the Location of Business Posted: 08 Jan 2014 11:48 PM PST One of the most important decisions a startup will make is choosing a location for the business. Proper research and adequate planning should be made. It involves a lot of things such as assessing your supply chain, the population of the consumers in the location, budget, state laws and taxes, scoping the competition and many more. You may hire the services of a professional to help in this regard. However, you can also choose your business location by yourself if you know the necessary steps to take. Below are some of the steps that you should follow in order to locate your business properly. Take your needs into consideration You should first determine your need. What do you want to gain in a location? Some businesses will want a safe place, while others will only want a place that will give them better brand image or exposure to the consumers. There are some businesses that will want a place with great possibility of developing in the future. A nice business location is to a greater extent determined by your business need. So, a good position should be able to meet with your needs. Consider the zoning regulation Before you locate a business in an area, it is important that you first discover the zoning requirements of the area. Knowing the zoning requirements will enable you to find out whether the type of business you want to go into can be conducted in the area. Determine your finances The doing of business nowadays involve a lot of financial commitments. You should take into consideration all the financial expenses peculiar to the location. Here, the first to be considered is the taxes paid in the area. You should first find out what the income and sales tax rates are in the area that you want to start your business. It is also important that you know what the minimum wage is in that location you are planning to site your business in. It is better to locate a business in an area that does not pay high taxes. Government incentives Governments sometimes do give certain incentives to businesses. However, it is not every state that does that. Besides, there are some states that give incentives only to the businesses that meet their requirements. Is the area crime free? There are some areas in most places across the world which are prone to crimes. Yet, there are some places that do not have history of crimes or that have low rate of crimes. It is better to locate your business in an area that have low rate of crime. Owning your business in such an area is not good because the possibility of your office being burgled by hoodlums is to hight. But the revise is the case if you locate your business in an area that is not prone to crime. Accessibility How accessible is your office to the consumers. This is another consideration that you should take before locating your business. It is good for you to locate your business in place where it will easily be accessed. |
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Posted: 11 Jan 2014 12:07 AM PST Sometimes a business may not be able to meet up with its loan obligation even after the expiration of the terms. When this happen, a creditor may initiate a legal proceeding in order to take possession of the collateral or resell the collateral to pay up what the business owes. This is what is known as foreclosure. You can always stop foreclosure if you know how to go about it. For the fact that a creditor files a foreclosure lawsuit against your business does not mean that the creditor will win the case. Here are some of the tips that you should apply in order to stop foreclosure against your business. Work thing out with your lender When you analyze your financial condition and you discover that you will not be able to make payment for a month or months, it is advisable that you meet with your lender in order to work things out with him. Indeed, it is the advantage of the lender not to foreclose because foreclosure can be very expensive. It is also time consuming. This is why some lenders do not like to foreclosure. So, when you explain your financial condition to your lender, a better solution that will be in favor of both parties will be arrived at. Modify the terms of the loan When working out things out with your lender, you should try to modify the terms of the loan the way it will suit you. There is the tendency for some people to think that their lenders will not agree to modify the terms of the loans. This is far from the truth. The lender will always be willing to accept a new term that will enable you to pay something to them. It is always better for them to get some percent of what is owed rather than not getting at all. Seek for forbearance Forbearance implies a delay in enforcing rights. In this case, it is a delay in enforcing the foreclosure rights. This will allow you to make some partial payments for a stipulated period as both parties agreed upon. However, at the end, the amount forbore will be paid by you. Hire a counselor It is advisable that you hire a housing counselor. Hiring the services of a housing counselor will be of use to your business. As a professional, the counselor will help to work out things between you and the lender. He will also help to bring your finance back on track. You have to be careful when hiring a housing counselor. Do not hire any person based on sentiments or on friendship. It will be to the advantages of your business if you hire a counselor based on experience and professionalism. File a written answer to the complaint of foreclosure If after taking the above steps and the lender is bent on filing for foreclosure, it is advisable that you file an answer to the foreclosure complaints and attend the hearing. If you do this, no default judgment against you will be issued. The above are some of the ways through which you can stop foreclosure. |
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How to Protect Your Business against Lawsuit Posted: 10 Jan 2014 01:19 PM PST A small business owner has the responsibility of protecting the business against any form of risks or dangers. One of the forms of the risks that you should try to guide against is lawsuit. There are many issues that can lead to lawsuit against your business and it can come in different individuals such as disgruntled employees, dissatisfied customers and your competitors. So many situations such as manufacture error, accidents and others can lead to lawsuit against your business. The cost of pursuing a legal case against your business even if you finally win the case can be very expensive. This is why you should try to guide against it. Below are some of the ways through which you can protect your business against lawsuit. Be Mindful of What You Do and Say You should be mindful of what you are saying. There are many people who are looking for the opportunity to make more money through lawsuits. This is one point that you should always bear in mind any time you are making any pronouncement in the name of your business. You can be sued for slanderous statements. You should also be mindful of what you do and with whom you enter into any dealing with. You should not enter into business dealing with any person you see. Some individuals are simply unscrupulous and they are looking for opportunity to make money from their victims. Hire a reputable and experienced attorney It is important that you have your own business lawyer. You do not hire any lawyer you. You should look for an experienced and reliable lawyer to be your business lawyer. The attorney will help you in many ways. You should send all your business documents and agreements for the attorney to evaluate and advice on what to do from legal point of view. In case any person file a lawsuit against, the lawyer will also stand for you in the court. This is why it is important that you get a reliable lawyer for your business. Separate your personal assets from your business If you are running your business as a sole proprietor, you should try to separate your business from your personal asset. If you do not separate your personal assets from your business and your business is sued, it means that all your personal assets including retirement savings will also be included in the lawsuit. But if your assets are separated from your business, they will not be included in the lawsuit. Anticipate the risks When you anticipate some of the possible ways through which you can be liable to a lawsuit, then you will be able to avoid them. So, it is important that you anticipate your risks so that you will be able to guide your business against such risks. Treat every complaint with seriousness One of the ways of avoiding lawsuits from aggrieved customers and employees is take their complaints seriously. You can calm them down when they see that their complaints are taken seriously.
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