5 Things You Must Consider When Starting Your Own Business

Starting your own business may involve a lot of headaches. There’s having to find office space, getting permits, hiring people, and more. Aside from those, you also need a business plan. In what direction do you want the business to go? How much money would you like to make five, ten, or so years from now? Those are very important questions to ask, but since you’re still in the early phases of your business, you should also seriously consider these five things.

1. What sector will you be in?

Let’s say you want to be in IT (information technology). It’s a huge, cutthroat industry, with lots of companies, both big and small, competing for market share. It’s a lot tougher for you as someone just starting if you want to jump into the industry as well. So then, you first have to find your niche. What sort of products or services will you specialise in? What can you offer that your competitors don’t have? Don’t just go with the flow. Be unique and offer something really valuable to your potential customers. Ideally it’s something they’re looking for that your competitors just can’t offer them. That way, your business will stand out above the rest!

2. How much will you invest?

Of course, as a business, you need capital to turn your business ideas into a reality. If you don’t pour in the capital, your home business idea will be nothing but a big flop. One important thing to know is how much money your business needs to both begin and maintain itself.

Where would you get the money? You could use your savings, if you have a lot. If not, you could find some business partners and ask them for an investment. Or, you could take out a loan from a bank or a reputable finance group. You could even try crowdfunding like many startup owners do these days. Last but not the least, you can seek professional advice from financial planners, business experts, or business coaches.

3. Who will operate the business?

Managing your small business by yourself is never an easy task. It’s even less easy when your company is already expanding. One way or another, you will need to enlist the help of well-trained people to help run your business. Their knowledge and skills will be great assets to your expanding small business, helping it grow further.

4. When do you expect to make money?

Certainly you would want to make money at some point. How could any business owner not want to make money? With that in mind, it’s good to set a target date for recovering your capital and earning profit. And if you have a goal, you need an action plan. Let’s say you want to recover capital after one year of starting your home business. What actions will you take to achieve that goal?

5. Do you have what it takes to build your own business?

Running your own small business requires a lot of sacrifices on your part. And there’s even the chance that your business idea won’t work out. That’s something you have to contend with. You can’t avoid running into a few (or many) obstacles along the way. But if you’re convinced that running a business is your road to financial freedom, then go on ahead! By all means, do your best!

You may find these questions far too serious to think about, but one way or another you have to answer them. Starting your own business is a major life decision, and as with any major life decision, you have to be absolutely sure before you say yes. The more you know what you need to do to succeed, the more likely you will succeed. Remember that these questions are not here to discourage you from starting a business. Rather, they serve to prepare you for the journey ahead. So go ahead and start your business, for it may change your life forever!

Do What You Love to Do By Starting a Digital Franchise Business

Across the world teachers are telling their students to do what they love to do. Imagine back when you were in kindergarten or grade school and you did whatever you wanted to do (within reason). Meaning you did not have as many fears as you have now as an adult.

Possibly you desired to be a firefighter, a teacher, a doctor, an artist or even an actor yet as you became older for whatever reason you set aside the things that you loved doing to do something else. You actually settled.

Several artists will say “I do not want to be a broke artist so I will work a job and do my art on the side”. Often times the art is not only put on the side but it is not even an after thought. Years will pass by and the feeling of painting or drawing will rise until you feel an undeniable feeling that must be addressed.

This is where we are now as a global world. People across the country now know that they can position themselves to do what they love while they are working, or care giving, or teaching. Long gone are the days where you can only dream about doing one thing.

Doing what you love is an expression of who you are and why you were created. Doing what you love can literally bring you more peace than you ever imagined that you would have in your life.

In one particular industry called the “digital franchise business” there are people from all walks of life such as:
real estate agents and brokers
those disengaged about their careers
contractors
parents
grandparents
teachers, nurses, doctors, lawyers
those hit hard with the economic system
college and university students
baby boomers and retirees
veterans and disabled veterans, just to name a few

The digital franchise business is a business that offers digital products and people purchase the business and resell it. The cool thing about this is people who desire to do what they love talk about the things that matter to them, they talk about the things that they love, they talk about their experiences and areas of expertise and attract others to do the same. In order for them to continue to do what they love they resell the digital franchise business and earn a good income depending on the businesses compensation plan.

10 Easy Ways You Need To Know To Grow A Business

How many months have you been investing in your business to see no results?

Here’s the interesting thing I’ve learned from being in business and coaching other small businesses to grow.

All the marketing and sales strategies work… in their own time.

Chances are that you have worked hard and doing the ‘right’ things to grow your business. You just have focused on the big sexy strategies that bring in business in the long-term, but have you hearing crickets in the short-term.

If that’s you, know this – you aren’t alone. In fact 85% of the businesses I work with are doing the same. If they can change things around and see results in the next 90 days – you can too. Here are the top 10 ways you can grow a business easily and quickly.

1. Balance out your marketing mix to include short-term (results in 90 days), medium (results in 90-180 days) and long-term (results in 180+ days).

2. Be more active in your marketing. If you wait for your phone to ring, you need to do more marketing that boosts your “Know, Like & Trust Factor”. The fastest way is through being were your clients are and talking to them. If you need to grow your business, don’t wait for business to come to you!

3. Build Out Your Circle of Influence. Have you ever played the game ’6 degrees of Kevin Bacon’? Think of the people who through the course of their work touch your ideal client. Seek out partnerships and alliances with those businesses who best represent how you like to do business. Developing relationships with a few key people is a quick path to cash

4. Ask Your Clients To Buy Again. It’s easy to focus on getting new clients and new projects in the door, but your existing clients are more profitable. Reach out to any previous client who hasn’t purchased in the last 6 months or a year. Let them know how valuable they have been to you and see if there is anything you can do for them now.

5. Ask Your Clients For Referrals. If you love your clients, then you’ll probably love their referrals. Always be asking for referrals as a course of business, but even if the client you just called in #4 doesn’t have work for you, Then ask, “Who do you know who… ?”

6. Raise Your Price. I know this seems simple, but most people don’t adjust their pricing in accordance to their costs. I had a client who lost 20% in gross profits because she unknowingly she had undercharged. The change in her business puts $100,000 to her bottom line. I know this is a sensitive area, but know most buyers won’t even register a 10% increase in price.

7. Re-evaluate Your Profitability Priorities. It’s easy to say yes to subscriptions and little extras in your business – but you could be nickel and diming yourself to death. Cancel any unused subscription no matter how good of an idea it might be, trim back on the nice-to-have expenses and create cash to put into the growth of your business.

8. Stop Being Busy, Start Being Effective. Take a good hard look at what you do with your day. The top three things an entrepreneur or small business owner needs to do is 1.) Find The Money, 2.) Sell The Money & 3.) Serve The Money. How much green is in your calendar? If it isn’t a revenue generating task – dump it or delegate it.

9. Stop Doing It By Yourself. Gone are the days when small businesses can be successful in a silo, You get no trophy for doing it on your own. Invest in people who want to invest in you through accountability partners, masterminds or coaching. You will leap-frog your competition when you stand on the shoulders of giants.

10. Don’t Make It Harder. Simplicity and ease is what wins in business. If it sounds to hard, it probably is – especially if you are doing it alone. It’s better to keep things simple when putting together a growth plan for your business. Doing small things every day add up to a big result in the end. The easier things are, the easier they are to be consistent and sustainable. Most businesses stall out because they can’t sustain their efforts – don’t be one of them.

Use one or all of these strategies to kick-start the growth of your small business!

Leslie Hassler, business coach and owner of Your Biz Rules, helps women business owners to become the HERO in their business in a way that gives them more freedom to grow their business and be with their families. As a business growth coach Leslie helps smart businesses across industries avoid the pitfalls, get real results quicker in a way that is about working smarter, not harder. In her practical and grounded approach, you learn how to zero in on what works, generate results and create a business that is a win for your clients, for yourself and your family.