Do I Start My Own Business

Owning Your Own Business - The 10 Things You Must Know

Whether you are starting your own business from scratch, going into a business opportunity, or buying a business, you need to have certain characteristics, traits, skills, and goals in order to succeed.    So how do you know if you are ready to own a business? Basically, you need to ask yourself some hard questions and give yourself honest answers. If you don’t have the time and commitment to start a business, you need to look elsewhere for your income. You may be better served accepting a job with a company. There are those that need structure and a job is the place for them.  But, if you are inclined to owning your own business, then lets discuss some necessary items.   First, you need to have a plan. The plan can come from your own imagination, the franchisor, or the company offering the business opportunity. It doesn’t have to be something set in stone, and it doesn’t have to be fancy. It just needs to be a basic outline of what your business will be, what you will sell, how you will sell it, and what your operating costs will be. It is recommended that you include at least three months of operating expenses into your start up costs budget, which also needs to be determined in your plan.   The next item is paramount to your success. It is the infamous 4 letter word and that is work.

An Established Business

I Own a Small Business, Do I Need a Business Lawyer?

It is everyone's dream: roll out of bed at the crack of noon, stumble to the front door in your PJ's, pick up the newspaper and check the mailbox. And in the mail, there is a check waiting for you - maybe it's $1,000, $10,000 or even $100,000!Such things only happen in fairy tales, right? Wrong! But there are some things that have to happen first:1. You must have the discipline to actually WORK in your business. Most people get up and go to a job. It becomes a habit, a safe routine. When you have your own business, there is no one telling you what to do or when to work. It's easy to get way laid. Many business owners create systems and a schedule to replace the routine for a 9-5 job.2. You must be willing to deal with the insecurity of no steady paycheck. It's usually a good idea to have at least 3 - 6 months reserve to cover living expenses while you're getting your business off the ground. Or phase out your 9-5 job gradually. 3. There are lots of details that you must learn about running a business that have nothing to do with making money: filing quarterly estimated IRS returns, business licenses, filing payroll taxes, withholding, unemployment, workmen's comp... The list goes on.4. By all means, read the book E-Myth Revisited by Michael Gerber. Owning a business is all about systems. Just because you love to bake, it doesn't mean you should own a bakery.5. Another 'MUST READ' recommendation: You Need To Be A Little Crazy - The Truth About Starting and Growing Your Business by Barry Moltz. Barry gives the inside story of the ups and downs of being a business owner. The toll of being a business owner effects not only you but your family as well. Barry describes the stress of being self-employed can have on your health and on your relationships.6. Be sure you not only know what you're getting yourself into - but make sure your family and spouse understand and are willing to make the sacrifice as well! They need to be prepared for you to work harder than you've ever worked before--AND without a steady paycheck. Without the support of those who love you, you will never succeed.7. Having a business that doesn't require a "bricks and mortar" store or office is a huge advantage. Overhead is cut to a minimum. Maybe it's an Internet business where you sell "moon cookies" on line and a fulfillment center warehouses the product.8. Not having inventory is a huge advantage! Not having precious capital tied up in inventory gives you a huge safety net. Starting with a service vs. a product can be a much easier start-up financially - IF you have experience and a "following" of clientele in the service you're providing. 9. Multi-Level Marketing businesses are a great way for a beginning entrepreneur to get started with a very low entrance barrier. "Rich Dad" Robert Kiyosaki has outlined the benefits of this type of business in his book The Business School For People Who Like Helping People.10. Brad Sugars, who markets a program called "Billionaire in Training" recommends buying an existing business vs. starting a new one. Acquiring new customers is most expensive when you have none. Buying an existing business gives you a built-in client base. An Established Business

I Own a Small Business, Do I Need a Business Lawyer?

Whether you are starting your own business from scratch, going into a business opportunity, or buying a franchise, you need to have certain characteristics, traits, skills, and goals in order to succeed.    So how do you know if you are ready to own a business? Basically, you need to ask yourself some hard questions and give yourself honest answers. If you don't have the time and commitment to start a business, you need to look elsewhere for your income. You may be better served accepting a job with a company. There are those that need structure and a job is the place for them.  But, if you are inclined to owning your own business, then lets discuss some necessary items.   First, you need to have a plan. The plan can come from your own imagination, the franchisor, or the company offering the business opportunity. It doesn't have to be something set in stone, and it doesn't have to be fancy. It just needs to be a basic outline of what your business will be, what you will sell, how you will sell it, and what your operating costs will be. It is recommended that you include at least three months of operating expenses into your start up costs budget, which also needs to be determined in your plan.   The next item is paramount to your success. It is the infamous 4 letter word and that is work. Do not get caught in the trap of thinking that; if I go into my own business that means less work. That is not the case. You will need to pour yourself into the business to get it going. The difference is that it will be worth it in the long run.   The most important part of your plan, and the most often left out section, is never give up.  You need to have a set backs and challenges. There will some time that you will be asking will I ever make a profit? Put your shoulders to the wheel and keep going. Keep you eye on the ball and stay to the basics that you will learn from your Mentor or Franchise leader.    Businesses take time and commitment. I am not talking about the kind of commitment that the chicken makes when it offers you an egg. I am talking about the commitment that the Pig makes when you are eating ham.   Many people want to own their own business so that they can have more time with their family, friends and enjoyment in life. You can earn that right by working hard and doing the basics of a proven successful system.   Lets work together and find you that system. Contact me at http://www.life-athome.com Established Businesses

Buying a Business - The Traps and How to Avoid Them - Part 1

It is everyone's dream: roll out of bed at the crack of noon, stumble to the front door in your PJ's, pick up the newspaper and check the mailbox. And in the mail, there is a check waiting for you - maybe it's $1,000, $10,000 or even $100,000!Such things only happen in fairy tales, right? Wrong! But there are some things that have to happen first:1. You must have the discipline to actually WORK in your business. Most people get up and go to a job. It becomes a habit, a safe routine. When you have your own business, there is no one telling you what to do or when to work. It's easy to get way laid. Many business owners create systems and a schedule to replace the routine for a 9-5 job.2. You must be willing to deal with the insecurity of no steady paycheck. It's usually a good idea to have at least 3 - 6 months reserve to cover living expenses while you're getting your business off the ground. Or phase out your 9-5 job gradually. 3. There are lots of details that you must learn about running a business that have nothing to do with making money: filing quarterly estimated IRS returns, business licenses, filing payroll taxes, withholding, unemployment, workmen's comp... The list goes on.4. By all means, read the book E-Myth Revisited by Michael Gerber. Owning a business is all about systems. Just because you love to bake, it doesn't mean you should own a bakery.5. Another 'MUST READ' recommendation: You Need To Be A Little Crazy - The Truth About Starting and Growing Your Business by Barry Moltz. Barry gives the inside story of the ups and downs of being a business owner. The toll of being a business owner effects not only you but your family as well. Barry describes the stress of being self-employed can have on your health and on your relationships.6. Be sure you not only know what you're getting yourself into - but make sure your family and spouse understand and are willing to make the sacrifice as well! They need to be prepared for you to work harder than you've ever worked before--AND without a steady paycheck. Without the support of those who love you, you will never succeed.7. Having a business that doesn't require a "bricks and mortar" store or office is a huge advantage. Overhead is cut to a minimum. Maybe it's an Internet business where you sell "moon cookies" on line and a fulfillment center warehouses the product.8. Not having inventory is a huge advantage! Not having precious capital tied up in inventory gives you a huge safety net. Starting with a service vs. a product can be a much easier start-up financially - IF you have experience and a "following" of clientele in the service you're providing. 9. Multi-Level Marketing businesses are a great way for a beginning entrepreneur to get started with a very low entrance barrier. "Rich Dad" Robert Kiyosaki has outlined the benefits of this type of business in his book The Business School For People Who Like Helping People.10. Brad Sugars, who markets a program called "Billionaire in Training" recommends buying an existing business vs. starting a new one. Acquiring new customers is most expensive when you have none. Buying an existing business gives you a built-in client base. Existing Businesses

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buying a business