Ingredients For Success

Desire:

Starting and successfully running your own business is never easy – if it was everyone would be a business owner. Even in the best of times, starting a business means you will be in for a lot of long hours and difficult challenges. To make it through these challenges you must have a burning desire to fulfill your dream of being a business owner. If it’s just a wish or an interesting thought, you will probably not make it through the hard times.

If you are happy at your current job and satisfied with your income, starting a business may not be for you – at least for now.

So ask yourself, specifically, why do you want to start your own business?

Do you have a great idea for a product or service that excites you just to think about it? Do you have the desire to control your own destiny?

If it is just the desire to make more money you may do quite well – in the beginning. But once you reach your initial financial goals you may find you don’t really enjoy running the business you created. You may discover it was the dream of a certain amount of money that drove you, not your passion for the business, it’s products or its customers. If that is the case you may find you get bored or burnt out very quickly.

Right now you may not know exactly what type of business you want to own. And that’s just fine. But before you actually invest your time and money in a business, make sure it revolves around a product or service you enjoy dealing with.

Know How:

Most of what you need to know about starting and running a small business can be learned.

Two things to keep in mind when it comes to knowledge and expertise.

First, you will not be an expert in every aspect of your new business from day one. The learning will never end.

Secondly, you don’t have to learn everything. As you grow you can hire people or outsource certain jobs that you don’t do well or are not qualified to do.

Lack of knowledge should never be an excuse not to pursue your dream of being a business owner.

Always be willing to learn all you can on your own and get help with the rest.

Your Money:

As you research different types of businesses that you can start, one issue you will have to look closely at is startup costs. Banks are not in the habit of making large loans to new small businesses.

The type of business you start will depend in large part on how much of your own money you can put into the business up front. Cash savings, loans from family members and home equity loans are some of the more common ways people find the money to begin their business.

The more you are willing to do yourself the less you will have to spend up front. And while the “do it yourself” method is a great way for you to learn everything about your business, it will mean slower growth at the start – there is only so much one person can do in a day.

Certain types of businesses can be started with a relatively small amount of cash. Good examples are service businesses like plumbing or a/c and heating contractors. If you have worked in this field you probably already have tools and a truck, not to mention lots of experience. You could start out as a one man operation buying parts and supplies as you acquired customers thereby keeping you up front cost to a minimum.

Start Internet Business

In providing yourself with a positive internet business opportunity, firstly as how a successful internet marketer thinks, you have to be realistic on your goal and intention. People do make it big in the internet home business job scope but it doesn’t happen for them without needing them to put in substantial effort and time. Therefore, on how to start internet business like a real successful internet marketer, you have to realize that it doesn’t happen overnight and significantly an amount of effort, dedication, motivation time as well as perspiration have to be given it to really make the big bucks online.

If you are unable to set this unrealistic mindset, it is always advisable that you approach the internet home business on a smaller scope. What this means is that even thou an internet business opportunity could bring you big bucks eventually, you should never harbor and overwhelm yourself with that kind of thinking at start. If you are only learning the ways on how to start online business for the sake of making the money but not because you enjoy doing it, it is better that you rethink it over again. Like any businesses, making money will eventually comes easy if only you enjoy and ignite the passion in whatever activities you will be doing.

As easy as it sounds to building your own internet home business, it is equally challenging and difficulties would arise during the initial starting process. There will be obstacles and challenges to face on realizing the internet business opportunity but you will have to push through and find out what works best for you on how to start internet business.

Like a successful internet marketer, it took them an amount of perseverance to finally achieve success online. Therefore for you, as budding internet marketers, you will find success, even through times of difficulties if you remain positive and faithful thou at some time, it may take a little longer to achieve.

Virtual Phone Systems

Advantages to Using Virtual Phone Systems

Virtual phone systems may sound like just another buzzword in telecommunications, but their unique advantages have made them major players in the market. Similar to traditional systems, virtual systems offer companies the ability to customize their telephone directory, transfer options, hold messages, and extensions. They can offer small businesses the appearance of a large, modern company, something all start ups should aim for today. Staying on the forefront of technology can help organizations gain and hold bigger market shares.

Other advantages with virtual phone systems include low start up and ongoing expenses, the ability to easily customize and add new lines, and advanced features to help mobile workers stay productive. Virtual phone systems also allow start ups to install and begin making and receiving calls with virtually no downtime.

Costs, Investments, and ROI

Instead of spending valuable start up capital on traditional systems that will soon become outdated, emerging businesses are finding that the costs of deploying a virtual phone system are better aligned with their budgets than other more traditional phone solutions. Typically, implementation and on-going costs are lower than traditional systems, depending on the features used. The key to these systems generating high ROIs are their ability to scale as companies grow; an important feature for all start up businesses.

Flexibility and Scalability of a Virtual Phone Solution

As start up businesses grow, it is critical that their infrastructure and technology can grow with them. IT strategy is devoted to ensuring that new solutions are scalable, and a business’s communications should be too. Virtual phone systems can support multiple users easily, and adding and removing users is a simple process. Because the technology of these systems is hosted remotely, their ability to support multiple locations and remote and mobile workers is key.

Management Tools

Virtual phone systems are designed to help companies gather critical business data. Various tools can help managers and other key decision makers generate and analyze reports. The data collected includes call reporting, user management, message retrieval, and call logs. These reports can help managers make decisions regarding employee phone usage and call center productivity. The increased visibility into these statistics can help shape both the short and long-term strategies of a start up.

Usage and Professionalism

The explosion of instant communication, from Twitter to Facebook to LinkedIn, has caused a shift in clients, customers, and vendors. Businesses need to appeal to this transformation by offering instant answers and service to their customers. A business’s telecommunications can be a key part of this strategy. The ability to customize out-going messages to help callers get the information they are looking for immediately allows instant gratification. As well, with all voicemails and fax messages being sent immediately to email, or even notification being sent by text message, allows businesses to maintain better contact with clients and customers.

Important Personal Questions

1. Are you passionate about business?

A desire to get away from the regular working world can be a good motivation to start your own business, but this desire alone is not enough. You have to be excited at the prospect of “doing business”. Being passionate about baking cakes is not the same as being passionate about running a bakery. To be successful in business you don’t necessarily need to be passionate about the product you are selling or the service you are providing but you do need to be passionate about the business of “doing business”.

2. Do you have the necessary technical skills or business talents?

Just being able to do something may not be marketable enough to convince customers that you will make a good supplier or convince bankers that you are a bankable business owner. You will also need to demonstrate sufficient business skills or qualifications to start this business? If not, do you have a partner that does?

3. Do you have the characteristics of an entrepreneur?

Qualities you must have are perseverance, a strong desire and willingness to take the initiative, competitiveness, self-reliance, a strong need to achieve, self-confidence, and good physical health in order to succeed as an entrepreneur. You will need all these characteristics if you are to succeed in starting your own business.

4. Do you have good people skills?

Good people skills will be required in networking, negotiating, selling etc. You will need the ability to work with customers, suppliers and of course employees. The most successful business owners have a high ’emotional intelligence’ in addition to strong technical and business skills.

5. Could you live with failure?

80{51bef0338c1434d1c0a7d9be046c2e0668f22ecf97bdaa13e416355c8dd940dc} of small businesses fail within the first 5 years! So, if you are starting a business obviously you want to see yourself in the 20{51bef0338c1434d1c0a7d9be046c2e0668f22ecf97bdaa13e416355c8dd940dc} that succeed. Never, ever consider the possibility of failure. Most small business failure occurs because of mismanagement – weak general management, weak financial management, or weak marketing capabilities. So you can increase your chances of success by strengthening these areas. However, just in case the worst case scenario occurred…could you live with that failure and start again?

Key Considerations When Starting a Business

Consider Scaling Down and Pilots

I know what it’s like… you have a fantastic business idea, you see the potential, you see how great it can be, and you want to put in all you can to make that vision a reality. While this is the only way to go for some business concepts which are pretty much, ‘Go Big, or Go Home,’ this isn’t always the case.

Where it’s possible, consider the option of scaling down, and testing the concept. This will allow for you to start up, while saving money, learning from the pilot and being able to action changes, and raise more funds based on proof of concept. This approach not only reduces start-up costs but provides valuable insight around the business, in real terms. It may not generate much profit, but it will offer a wealth of verified information that will help you to determine the next steps… If you decide to proceed with expansion, it is a great basis for second stage funding.

Consider Realistic Timelines and Pricing

Part of calculating your start-up costs will involve figuring out your initial cash flow. Without having actually operated the business this can be tricky. It’s also not uncommon to fall into the trap of under-pricing products and services in order to stand a better chance of competing, and to ‘tempt’ in more business. Be aware that you don’t necessarily need to do this. If you do, raising prices to the market standard could become difficult at a later stage, and you’ll have to do a lot more work in order to break even. My advice- recognise your worth, and price it accordingly.

Consider a Realistic Time-frame for Starting-up

Time is always potential money, and when you’re starting in business, this is true even more. If you’re going to have fixed costs like property leases, if improvements or modifications are required prior to opening this impacts on both time, and money (quite directly). These additional costs add to your start-up costs, but also add to the time before you can start earning. Don’t fall into the trap of under-estimating when you’ll be ready to trade, and build in a good time cushion before you ‘need’ to see funds coming in from business activities. Failure to do so could result in a significant amount of stress, and in some instances, can even result in a business shutting down before it’s even had the chance to take off, simply because there wasn’t enough time allowed to give it a chance to get going.

Consider the Cost of Money

Many entrepreneurs who have a great idea that they believe strongly in, will make the decision to finance the business themselves. At times, this can be at great personal cost, using the credit on credit cards or loans, and tapping into equity from homes etc. While for some smaller ventures the impact may be negligible, for larger ventures, self-financing should be considered exceptionally carefully before committing to this option. If funds are in abundance and potential delays, changes, etc. will have little impact and will be offset by the return, however long it may take… then go for it! If this is not the case, and any delays and progress are not going to plan will cause a great deal of personal and financial strain that could jeopardise business success anyway, then definitely consider other options.