Reasons To Start Your Own Business - Today!

Start Your Own Business

In this age of uncertain economic times, it’s currently easier than ever to start your own successful business. And wiser. People from different backgrounds, with varying degrees of limitations, have all started and built thriving businesses. And they have enjoyed varying levels of success by focusing on three key components.

First, you must find the right business for you. Next, you need to be passionate about the business you choose. And lastly, you must be willing to dedicate time and effort to the business before realizing any fruits from your labor. Follow these basic principles, and you, too, can be an entrepreneurial success story.

An amazing seventy-four percent of all self-made millionaires in America today made their fortune by building their own successful businesses. And here’s an important point: Many of these people never owned a business previously. You do not need to have experience in entrepreneurship. You just need to learn everything necessary about your particular business and then apply it as you go along.

Confucius said, “A journey of a thousand leagues begins with a single step.” The most important single quality in starting and building your own successful business is courage. Like the Starship Enterprise, you have to have the courage to go where you’ve never gone before. To "Engage" as Jean-Luc Picard so aptly puts it. No matter how many other people have started and built businesses, when you embark on this journey, you are going to feel like you are the first person who has ever done it. And, in your terms, you are.

What Does It Take to Start Your Own Business in America?

Of course, if you have a clear idea of the kind of business you want to be in, that’s a great place to start. But if you aren’t sure, how do you find one? There are a hundred different ways. But the most important is to get into something you really like, enjoy and care about. Passion is the critical factor in determining business success. As Peter Drucker said, “Whenever you see something getting done, you fi nd a ‘monomaniac’ with a mission.” Every single business needs a dedicated champion who lives and breathes the success of that business and enterprise. Without a champion, a person who is passionately committed to making that business successful, who cares deeply about the business, the products, services and the customers, the business will defi nitely fail.

This is why you have to pick something you care about and enjoy. Many people start businesses selling products they particularly like using themselves. Others start businesses because they are passionate about the technology or the science involved. Some start businesses as outgrowths of their hobbies or their interests in life. Look around you at the parts of your life you enjoy the most. Think about the products and services you have the strongest feelings about.

In Search of Financial Freedom

Many people think the reason for starting a business is to make a lot of money. The primary reason people turn to owning their own business, however, is for the sense of personal freedom it offers. Many entrepreneurs don’t initially earn as much after taxes as they would as an employee. However, they are their own bosses. They are free. And this is worth more to them than the security of a corporate environment.

Whatever your motivations, if you’ve ever thought of starting your own business, you should just get on with it, right now. You can start small, with a direct selling business, for instance. Start working out of your house, offering a product or service part time, in the evenings and on weekends. You have to get
your entrepreneurial experience and there is no other way to get it except by taking the plunge and learning as you go along.

Human beings are wonderful in the sense that they are “learning organisms.” You learn at an incredible rate, depending upon the amount of experiences you subject yourself to. Most entrepreneurs who become successful have many months and even years of experience as entrepreneurs under their belts. They have
been through every up and down, every twist and turn that is possible for a small-business person to experience. As a result, they become wiser and they make fewer mistakes. They do more of the right things and they not only earn more, but also hold on to a greater percentage of their profi ts. The cumulative result over a lifetime is financial success and independence.

Explore and Investigate

Once you have decided you want to experience the rewards of small business success, your job is to explore every single detail of the business. Leave nothing to chance; investigate before you step; talk to lots of people and get lots of input. Your job is to minimize, reduce and eliminate risk wherever possible in the pursuit of profit, so the profits are real and the losses are minimal or non-existent. You should plan to grow by bootstrapping. This means you start small and your business grows out of your commitment to learning and the sales generated from your belief in the product or service you offer. One of the advantages of a direct selling business is that it enables you to gradually develop the skills and abilities you will need as your organization grows.

When you start your new business, the most valuable assets you have are your energy, imagination, character and discipline. It is your ability to get in there and do the work to create the results. It is your ability to make the key decisions and to get out there face to face with the customers and make the sales. It is the ability to follow through on your commitments and promises. Ralph Waldo Emerson once wrote, “A great institution is the length and shadow of a single man.” Well, even a small organization or company is the length and shadow of a single person. You are the business. The business is you. The business can never be more or less, better or worse, than you are, on an hour-by-hour, minute-by-minute basis. The business is really a mirror image of your character and ability. Your business tells you and the world who you really are.

What Are the Chances I Will Be Successful?

According to studies by the major accounting firms, investigating the finances and fortunes of tens of thousands of businesses over the years, the statistics are consistent and usually unavoidable. It takes about two years after a business starts up for the business to break even. During that two year period, the business will suffer mostly losses that will have to be made up from the energy and resources of the entrepreneur.

In years three and four, the business will make a profit, and most of those profits will go into paying back the bills and debts that were incurred in the first two years. After four years, the business will start to break into the clear and the entrepreneur will start to make some good money. It is only after the seventh year of entrepreneurship that the business starts to really be successful and the entrepreneur begins to enjoy the good life that is possible for a highly paid person in America. Remember, most of the highest-paid people in America are entrepreneurs who have passed the seven-year point in building and running their own businesses.

When you decide to start your own business, you can do it impulsively because of a significant emotional experience or event in your life, like the loss of a job or the appearance of an opportunity, or you can do it slowly and deliberately by spending several weeks or months in study and preparation. In either case, investigate before you invest your time and money. I learned from a very wealthy man many years ago that it is much easier to get into something than it is to get out of it. It is much more important to spend lots of time investigating, in advance, before committing time and resources to a particular business venture. This will do more to assure your long-term success than anything else.

You’ve heard of the 80/20 Rule. This tenet says that 20 percent of what you do will account for 80 percent of your results. There is also a 20/80 Rule that says the 20 percent of the time you spend in planning and evaluating at the beginning will be worth 80 percent of the results you eventually experience.

When most people think of owning their own business, they often think of one word, franchise. Buying into a franchise is a proven, simple plan. Unfortunately, with franchise fees ranging from $20,000 to $1 million or more, it makes the “average” franchise a difficult start-up business for the “average” person.

Let me give you an example: Let’s say you decided to open a very popular, successful fast-food hamburger franchise. Just recently, the cost to open that franchise ranged between $400,000 and $1.4 million. Most franchisor's require a minimum of $175,000 of “non-borrowed personal resources” for an individual to purchase a franchise. “Non-borrowed personal resources” are liquid assets such as securities, bonds and real estate equity other than your house.
There is an additional franchise fee of $45,000, and a percentage of your gross revenue (not profit) is paid to the company every month. On top of that, one-third of all franchises fail. You can become a freelancer or independent contractor and have the freedom to take the jobs you want, when you want. You handle your marketing, negotiating and revenue collecting. Most independent contractors spend about 90 percent of their time running the business and about 10 percent of their time making money. They often say they don’t own a business at all; the business actually owns them!

You could open up your own shop or specialty store if you wanted to make more money. You could turn your hobby or passion into a successful venture. But be sure to allow enough for the overhead cost for rent, advertising, liability insurance and employees. Most store owners work 6 or 7 days a week, opening the doors in the morning and locking them at night.

You, Too, Can Do What More Than 13 Million Have Done Direct selling is another possible avenue for starting a business. You can begin in many direct selling businesses for very little or absolutely nothing. The average cost to get into a direct selling business is very low, under $500. Do your homework. Of course, you also have the advantages of not carrying inventory, investing in product development costs, setting up operations, or developing marketing plans and materials. When you start a direct selling business, the company takes care of most, if not all, of the costs typically associated with starting your own business. Essentially, you are free to begin selling your new company’s product or service immediately.

There are many outstanding direct selling companies in America today. Unfortunately, there are quite a few fly-by-night direct selling companies as well. But here’s the catch: Everything that applies to starting your own business, in terms of business planning, selling, budgeting, projecting, and investing many months and even years, applies to building a successful direct selling business. If you are not prepared to invest three to five years building your business, don’t get in it in the first place.

The greatest trap for would-be entrepreneurs in America is the lure of get-rich-quick schemes, easy money, something-for-nothing ideas that are advertised and promoted everywhere. There is within the psyche of most young people a passionate desire to shortcut the process of success by finding a quick, easy way to jump the line and get to the head of the class without paying the full price in terms of hard work. Make the decision this is not for you. Refuse to look for or listen to any get-rich-quick schemes. Walk away. The very act of looking for something for nothing can be fatal to your future.

Once you decide on a new business, remember the primary sources of value in America today are time and knowledge. Time refers to the speed at which you can deliver your product or service to your customers. Knowledge refers to the expertise you put into your product or service.

By starting your new business at home, you can enjoy specific financial and tax benefits. Find out what they are. Be perfectly correct in all your financial dealings with everyone in your financial life: your bankers, your suppliers, your customers and tax people. Remember, life is very long and everything you do financially follows you for years and years.

There has never been a better time to achieve financial independence by starting your own business than today. Anything that anyone else has done, and especially something that millions of other people have done, you can do as well, and probably even better. You can piggyback on the knowledge and experience of hundreds of thousands of entrepreneurs who have put their best ideas and insights into books, tapes and courses. You can become one of the most successful businesspeople in America by simply doing what others have done before you. There are no limits, except the limits you place on your own imagination.

Originally written by Brian Tracy

The Top Three Things To Look at While Researching Home Business Opportunities

There are many people out there that have dreams of becoming their own boss. Now more than ever, it is easier for us to take that plunge because there are so many products we can sell. Some companies present their opportunity so well that we make an emotional decision to jump into business before we consider it.

Owning your own home business can be very rewarding. However, we must proceed with care to get the business up and running. The next time you are presented with a great opportunity, consider the following three things. Please note this is not something we should look at in a negative light. However, they are simply a few items that we should address in order to try and sustain our business as long as possible.

Research the Product and the Company.

This is probably the single most important question you can answer. Let me explain. The product and the company is what you’re selling to your prospects. You will be required to display expertise on the product. The product is something you will live and work with for a long time. Gaining product knowledge and learning about the company that sells it is the central point of any home business.

Be honest with your self. Is this a product you would use and enjoy on a daily basis? People buy from others based on trust and body language during a product demo. The way to gain that trust is to be an expert on the product. This way you sound confident talking about the product.

You will also need a good company that can provide you the backing and sales materials you desire to help you get clients. The company you are dealing with needs to be responsive enough to meet you and your clients’ needs.

Identify How You Make Money Selling the Product.

To be honest, you are in business to enjoy what you are doing and to make money. Most specifically, how do you earn that money? Don’t be afraid to ask the hard questions. If you don’t know how you make money then you may set yourself up for disappointment.

You should learn and embrace the successful methods of selling the product. Find out if you can sell the products to individuals and businesses. See if you can make money off of others selling the product. You may have the opportunity increase earning power to build your own down line of sales people. In my opinion these are the best types of opportunities.

Look at Business Start Up Costs and Monthly Fees for The Business.

With many businesses there is always some type of start up costs. You may not have to buy the product yourself. However, there may be other costs involved. For example, you may need a home computer or a mobile phone. Ask as many questions as you can. Try to think about what steps you need to take in order to sell the product to someone. Then identify and create a list the equipment you will need. The list should be part of your start up costs.

When I started my Arbonne business, I could not predict all the costs that were involved initially. I needed to focus in other areas of the business that I never considered. I suggest you take the time think through all the process from selling the product to creating orders for your clients.

A lot of businesses fail on insufficient funds and bad budgeting. Take the time to seek advisement from other home business owners. You can probably find some advice on a popular forum. Try to learn as many costs that may be related to your business.

In conclusion, starting a business is very exciting and liberating. Try to keep in mind of what you need to accomplish. You should love the product you sell so you can show that passion to your prospects. Then take the time to identify how you make money so you can set goals and expectations of yourself. Finally, we must be very cautious and figure out as many costs as possible in order to sustain the business. Always seek as much advisement as you can and use the good advice to your advantage. After all, it is your business.

About The Author: Sheri Purfield is a webmaster for http://www.independentskincareconsultant.com.

Start A Virtual Assistant Business

A Virtual Assistant does many different things. The area of expertise for a VA is going to depend on each individual. Most virtual office assistants provide services to business owners that they do not have the time to do themselves such as checking and replying to emails, article submissions, website updating, forum moderation, transcribing audio, sending newsletters, and many more.

What skills are helpful a virtual office assistant?

To be a VA or to become one it is helpful to have some skills such as basic computer knowledge, time management, organizational skills, and self discipline. Self discipline is important because you need to be able to make yourself sit down and work even if you don’t feel like it; working from home there will always be ‘life’ to get in the way but with a little self discipline you can make it work.

Time management is another important area tahat you should have some area of skill in. You need to be able to manage your time well so that you can complete projects in a timely fashion; you want to have a pretty quick turn around time on projects if possible. Last but certainly not least is organizational skills. You have to keep your clients information organized so that you can easily access things such as instructions for ongoing projects, etc.

What tools are needed?

You want to have a phone line, computer, printer and high speed internet connection. A fax line is another option that you might want to consider. Depending on the services you will be offering you might also need Microsoft Front Page, Word, Excel, etc. The basic tools needed are the first few that were mentioned – phone line, computer, printer and high speed internet – but depending on the areas of expertise that you will be offering will help you decide on any additional tools that you might need.

Starting a virtual assistant business.

To get started as a virtual assistant you need to purchase a domain name and create a website (or have one built for you) explaining your services and what you offer. Get involved in some online networking groups so that you can get the word out about your business and so that you can build relationships with possible clients.

Finding that first client will be the hardest and probably most challenging aspect of creating your VA business but once you have picked up that client and done some great work for them keep in mind that word of mouth goes a long way! Happy clients will refer other people to you for your services!

Keep in mind that beginning a VA business, along with any other business is a process that will take time, dedication, discipline and the motivation to keep going. Many people expect to start a home based business and make money overnight but the reality is that it takes time to build up a business. Get involved in some online networking groups/forums where you can ask questions, receive feedback and encouragement and build some friendships. Find a mentor or someone that will help you through the process. Remember the saying – where there is a will there is a way!

What Would You Do With A Second Chance?

How many times have you said, “If I only knew then what I know now?”

We’ve all wished that we could go back in time with our heads full of knowledge and our belts busting with experience and do it all over again. The proverbial “second chance” is something we’ve all wished for - some of us more than others. Imagine how different our lives would be if we came equipped with unlimited “do overs.”

You could avoid the mistakes you previously made and build on the successes you previously enjoyed. You could nurture the positive relationships and avoid the bad. You could tap into your wealth of experience during times of indecision and always know where and when your time and money would be best spent.

Now apply that question to your business. What would you do if you had the opportunity to build your business all over again, but do so with the wisdom gained from building the business all these past years?

If you could take the knowledge and experience gained from years of running your business, as well as your credibility, good name, and customer list, and start anew from square one what would you do? Oh, and did I mention that you had a nice check to fund it all this time so you won’t have to scrimp and save and bootstrap your way back to the top?

Here’s why I’m posing this question: a few weeks ago a young business here in Huntsville was destroyed by fire. It was a devastating loss for the owners who could do nothing but stand by and watch as years of hard work went up in flames.

The fire destroyed the building, some equipment and inventory. The business was insured and the owners have already vowed to rebuild, which means the fire did not destroy the business itself, only the physical aspects of it.

Brick and mortar and inventory do not a business make. Brick and mortar house the business. Inventory brings the business revenue, but the heart of the business – the spirit and soul and purpose – lives inside the entrepreneur building that business. If the entrepreneur survives and rebuilds, so survives the business.

Starting over can be tough even with an insurance check to fund it all, but I hope these entrepreneurs understand that this is an opportunity to take the lessons learned over the last few years and put them to work for the future. This is a chance to do all the things they always talked about that they should have done differently in the beginning.

So back to the original question: if you could go back and rebuild your business knowing what you know now, with an insurance check to fund it, what would you do differently and what would you do the same?

Let me put it into perspective for you. Imagine building your dream home and living in it for a few years until one day the house is destroyed by fire. A devastating loss, no doubt, but no one is injured and everything is insured.

You now have to make a decision; will you build the exact same house or build a different house that takes into account all the things you wanted to change about the old house.

Maybe after living there for a few years you discovered that you should have put in a downstairs bathroom or added more closet space in the master bedroom. Maybe the kitchen was too small or the laundry room too large. Now you have the chance to rebuild your dream home with all the lessons learned from years of living in the house.

So to these entrepreneurs who are living this experience, I encourage you to keep the faith and keep looking toward the future. I understand that you felt completely helpless watching that fire engulf the building. I know that you are now mourning the business as if you’d lost a close friend. But please, keep in mind that disaster gives rise to opportunity.

Rise from the ashes, become the Phoenix. Rebuild your business into something truly amazing. We’ll all be with you as you do.

Tim Knox
Entrepreneur, Author
"Everything I Know About Business I Learned From My Mama"