HOW TO STAY FOCUSSED AND BUILD YOUR BUSINESS

You have a detailed business plan, which showed the overall intent of your company. You presented the business plan to your bank before start-up and they submitted funding in the amount that you both deemed acceptable. The original business plan contained the basis of the procedures that will help you stay focussed while the company grows. Let's examine some of these processes that you will use to give your business the focus it needs to grow and succeed. 1. A marketing plan. If sales are a part of your operation (and it seems that some form of selling is always a big part of every company), then, you will need to have your sales group focussed on a marketing plan. Short term and longer-term analysis should be a part of this planning and will likely contain an analysis of your competition, market potential and sales projections. Be careful not to fall into the trap of letting “the business take care of itself”, stay focussed at all times and be sure your managers are tuned into this market monitoring regularly, nothing is more defeating to the general manager/owner than to be told by a sales manager…I didn't see that coming! YIKES! 2. Accounting procedures. If sales are important, then the need to stay focussed on receiving the proceeds from sales is equally important. Accounts payable, expenses and accounts receivable need to have fixed procedures in place to allow money to flow freely through the company coffers. Focussing on these procedures at regular weekly and monthly meetings will put the accounting and marketing groups on the same path. A rift between marketing and accounting is a common bureaucratic occurrence; so don't be surprised if one point you hear from someone from sales state, “We make the money here, how come I have to live by their rules?” Getting these two operations to stay focussed on a bottom line results oriented approach is a regular part of an owner's job description. 3. Human resources. If you have ever worked for a manager, who considered his employees as expenses rather than assets, then you will be familiar with the need for managers to stay focussed on human resources within the company. A manager who is fixated on staff reduction regardless of their accomplishments will create an atmosphere of fear. Certainly, no one wants to be grossly over-staffed, but a good owner/manager will focus on keeping adequate employee base numbers, and ensure continuing training, safety programs and top of the line employee benefits. It's your campground, why not have “happy campers?” 4. Selling your business. This does not mean selling in the true literal sense. It means focusing on being sure your company image is one that is the envy of your competitors and is known in the business world as a first class operation. You can do this by having key managers attending industry conferences. Be clear and tell them that their focus at these seminars is to network, thoroughly gathering as much new information that they can. They should also 'sell' other attendees on the importance and efficiency of their company in the industry. Upon their return, have follow-up meetings with these managers where they will report in detail on what they have learned. Managers attending conventions and seminars should take opportunities to enjoy themselves, nevertheless, they will be the “face” of your company, it's wise be sure that they focus on making them business meetings, and not all “playtime.” If planning, organizing, staffing, direction and control are five major factors in managing a company, staying focussed throughout the process, is paramount! About the author:http://56522askw72ge-434v5hqijayv.hop.clickbank.net/

How to Size an Emerging Market in Your Business Plan

In developing their business plans, companies of all sizes face the challenge of determining the size of their markets. To begin, companies must present the size of their “relevant market” in their plans. The relevant market equals the company's sales if it were to capture 100% of its specific niche of the market. Conversely, stating that you were competing in the $1 trillion U.S. healthcare market, for example, is a telltale sign of a poorly reasoned business plan, as there is no company that could reap $1 trillion in healthcare sales. Defining and communicating a credible relevant market size is far more powerful than presenting generic industry figures. The challenge that many firms face is their inability to size their relevant markets, particularly if they are competing in new or rapidly evolving markets. On one hand, the fact that the markets are new or evolving is the reason why there may be a large opportunity to establish them and become the market leader. Conversely, investors, shareholders and senior management are often skeptical to invest resources because, since the markets do not yet exist, the markets may be too small, or not really exist at all. Growthink has encountered the challenge of sizing emerging markets numerous times and has developed a proprietary methodology to solve the problem. To begin, it is critical to understand why traditional market sizing methodologies are ill-equipped to size emerging markets. To illustrate, if a research firm were to use traditional methods to size a mature market such as the coffee market in the United States, it would consider demographic trends (e.g., aging baby boomers), psychographic trends (e.g., increased health consciousness), past sales trends and consumption rates, price movements, competitor brand shares and new product development, and channels/retailers among others. However, conducting such an analysis for emerging markets presents a challenge as several of these factors (e.g., past sales, demographics of the customer when there are no current customers) don’t exist because the markets are presently untapped. The methodology required to size these new markets requires two approaches. Each approach will yield a different approximation of the potential market size, and often the figures will work together to provide a solid foundation for the market’s potential. Growthink calls the first approach “peeling back the onion.” In this approach, we start with the generic market (e.g., the coffee market) that that company is trying to penetrate, and remove pieces of that market that it will not target. For instance, if the company created an ultra high-speed coffee maker that retailed for $600, it would initially reduce the market size by factors such as retail channels (e.g., mass marketers would not carry the product), demographic factors (lower income customers would not purchase the product), etc. By peeling back the generic market, you eventually will be left with only the relevant portion of it. The second methodology requires assessing the market from several angles to approximate the potential market share, answering questions including: - Competitors: who is competing for the customer that you will be serving; what is in their product pipeline; once you release a product/service, how long will it take them to enter the market, who else may enter the market, etc. - Customers: what are the demographics and psychographics of the customers you will be targeting; what products are they currently using to fulfill a similar need (substitute products); how are they currently purchasing these products; what is their degree of loyalty to current providers, etc. - Market factors: what other factors exist that will influence the market size – government regulations; market consolidation in related markets, price changes for raw materials, etc. - Case Studies: what other markets have experience similar transformations and what were the customer adoption rates in those markets, etc. While these methodologies are often more painstaking than traditional market research techniques, they can be the difference in determining whether your company has the next iPod or the next Edsel. About the author: http://56522askw72ge-434v5hqijayv.hop.clickbank.net/

Franchise Opportunities Are Not Always As Good As They Sound

Franchise opportunities are out there and if you look, you’ll find more than you can count. In order to find out if a business franchise truly is an opportunity of a lifetime, there are a few points that you must evaluate. Point 1: Market Trend Most franchise opportunities are based on current market trends. You will see a lot of franchises that promote the current size of the industry along with potential market. But just because it’s a large industry does not automatically guarantee opportunities for success. In cases like this, you should check with industry associations to determine two things. Firstly, the growth stage of the industry you are interested in, and secondly, whether or not that industry has experienced a positive growth over the last few years. Point 2: Territory Coverage As you know, if a franchise decides to spread itself too thin, it won’t do well. Over saturation and rapid growth are not necessarily good things. Having a protected territory is important when you sign up for franchise opportunities. This is because being protected means that your competitors will remain outside the franchise company. So before you sign up with franchise businesses, check your contract and find out if you have first refusal rights if or when a franchise becomes available in your local market. Point 3: Company Support As you might have guessed, success comes with a strong support network and good franchise opportunities provide a full level of support. This is to ensure higher success rates for your franchise business. Support can come in terms of training, marketing, management and even field support. Signing up for a business franchise that does not offer these things might have you running a franchise without heads or tails. This in turn leads to a low chance of success with your franchise. Point 4: Exit Strategy As with all contracts, they will not run indefinitely so it’s important that you determine early on the terms and costs to end your business franchise contract. Before signing up for anything, find out the franchise company’s expectations when it comes to the renewing of the franchise contract in the future. Point 5: Franchise Business Plan Franchises are considered great business opportunities simply because they have a higher success rate than regular start up businesses. However this does not mean that a business plan is not required. Having a franchise business plan will be invaluable as it will help you understand your franchise business better as well as the market you are about to tap into. About the author:http://56522askw72ge-434v5hqijayv.hop.clickbank.net/

Five Crucial Components Of A Business Plan

The format of a Business Plan is something that has been developed and refined over the years and is something that should not be changed. Like a good recipe, a business plan needs to include certain ingredients to make it work. When you create a business plan, don’t attempt to recreate its format. Those reviewing this type of document have expectations you must meet. If they do not see those crucial decision-making components, they’ll see no reason to proceed with their review of your business plan, no matter how great your business idea. Executive Summary Section Every business plan must begin with an Executive Summary section. A well-written Executive Summary is critical to the success of the rest of the document. Here is where you need to capture the attention of your audience so that they will be compelled to read on. Remember, it’s a summary, so each and every word must be carefully selected and presented. Use the Executive Summary section of your business plan to accurately describe the nature of your business venture including the need that you plan to fill. Show the reasons why people need your product or service. Show this by including a brief analysis of the characteristics of your potential market. Describe the organization of your business including your management team. Also, briefly describe your sales and marketing plan or approach. Finally include the numbers that those reviewing your business plan want to see – the amount of capital you seek, the carefully calculated sales projections and your plan to repay the loan. If you’ve captured your audience so far they’ll read on. Otherwise, they’ll close the document and add your business plan to the heap of other rejected ideas. Devote the balance of your business plan to providing details of the items outlined in the Executive Summary. The Business Section Be sure to include the legal name, physical address and detailed description of the nature of your business. It’s important to keep the description easy to read using common terminology. Never assume that those reading your business plan have the same level of technical knowledge that you do. Describe how you plan to better serve your market than your competition is currently doing. Market Analysis Section An analysis of the market shows that you have done your homework. This section is basically a summary of your Marketing Plan. It needs to show the demand for your product or service, the proposed market, trends within the industry, a description of your pricing plan and packaging and a description of your company policies. Financing Section The Financing section must show that you are as committed to your business venture as you expect those reading your business plan to be. Show the amount of personal funds you are contributing and their source. Also include the amount of capital you need and your plan to repay this debt. Include all pertinent financial worksheets in this section: annual income projections, a break-even worksheet, projected cash flow statements and a balance sheet. Management Section Outline your organizational structure and management team here. Include the legal structure of your business whether it is a partnership, corporation or limited liability corporation. Include resumes and biographies of key players on your management team. Show staffing projection data for the next few years. By now you’re probably thinking that you don’t need Business Plan just yet. Well you do, and there is business plan building software that can help you through this immense project. These software packages are easy to use and affordable. Use one today and produce a professional-quality Business Plan – including all critical components – tomorrow! About the author: http://56522askw72ge-434v5hqijayv.hop.clickbank.net/

First Steps to Starting Your Own Small Business

You’ve been dreaming about what it would be like to start your own small business. It has been on your mind since you were in school, and there are times, especially on Monday mornings, that you daydream about it. But, you’re not really sure what it would look like. You don’t have the first clue how to get started, and of course, you’re afraid that you would put your heart and soul into it, only to fail and look like a fool. You barely even talk about it out loud, because you don’t want family and friends to laugh at you. But, anything is possible! The only limitations we have are the ones we put on ourselves! With planning and learning the steps, and doing your homework, if this is something you really want to do, you can do it, AND succeed greatly at it, too! I’m not saying it’s easy! Nothing worth having is. I have had to learn a great deal; about myself, about business, about my clients and potential clients. And it never ends, because my interests and passions change with the years. But, how exciting! When my daughter started kindergarten, I returned to school. It took me five years to get through school, but I had a vision: I wanted to help people become healthy and fit in the privacy of their own homes. After school, I didn’t have that plan fully in place, even in my mind, but after six years of working in a hospital, I was ready. I opened MEG Fitness in June, 1996. It’s been an incredible ride! I’ll never look back at my life with regrets that I didn’t pursue my dream. I really have learned that the only limits are those I impose on myself, too! So, I continue to dream bigger and allow my vision to become more grand. Why not? What’s the worst that can happen? That’s what you have to ask yourself. If you never try, will you be happier? If you never try, how will you know if you could have done it? Consider some of the well-known names in sports, such as Michael Jordan, the basketball player; he has thrown more MISSED shots than those that have made their mark. What if he had not taken the chance to see what was possible for himself? Okay, so now you’re ready to take the next step! First, in order to help you focus, I recommend that people start working on their business plan. The Small Business Association has invaluable resources on their website (www.sba.gov). This was the route I took. A year before I quit the hospital, I started working on my business plan. It helped me determine exactly who I was, what I offered, why, who my ideal client was, who my target market was (at that time), who my competition was, where I would offer my services, how I would offer them, and so on. As I coach other health professionals who want this dream, I now use a 3-page business plan for clients who don’t plan to look for outside funding. Regardless of the type of business plan, it will help answer many hard questions for you. There are resources specific to most specific fields, too, including other professionals who help others get started. Do your research to see who you can contact for support and to ask questions of as you progress. Once you have your business plan in place, it’s not time to celebrate, yet! How are you going to accomplish the goals you have come up with in that plan? You next need a marketing plan. Now, although the marketing plan is also part of a business plan, it’s really just the intro! The marketing plan will become your template, your schedule, and will spell out the actions you will take to make those goals reality. If you use it seriously, it will be your day-to-day guide to making your dreams come true! About the author: http://56522askw72ge-434v5hqijayv.hop.clickbank.net/

Angel Investors: Who They Are & When Are They Appropriate

Angel investors are individuals who invest in emerging business ventures. Angels typically provide both capital and know-how to companies who are in either their start-up or expansion phases. To reflect the increased risk of investing in such firms, angels seek a higher rate of return versus traditional public stock investments. Angel investors fulfill the financing need that exists between capital provided by friends and family and capital provided by venture capitalists. Individual angel investors often write checks from $25,000 to $100,000. Recently, angel investing has become more organized, and angel groups often invest from $250,000 to $500,000 at a time to deserving ventures. Angel investors often have similar financing criteria as venture capitalists. They want to see proprietary intellectual property, a large market size, management team members with expertise and experience and a current valuation that allows for a good return on investment. In identifying and attracting an angel investor, companies should seek angel groups that are located in their region. For instance, the Tech Coast Angels have funded over 85 Southern California-based companies since 1997. When seeking individual angel investors, it is critical to network in order to create a personal connection between yourself and the angel. Also, ideally the individual has experience within your specific field so he/she can provide industry contacts and operational expertise in addition to capital. https://growthink.infusionsoft.com/go/specialdiscount/gt4554/

usiness Planning for College Students and First-Time Entrepreneurs

">More and more students, both in undergraduate and graduate institutions, are deciding to launch their own ventures upon graduation rather than taking the traditional route of working for another firm. Likewise, more and more individuals are leaving their jobs to fulfill their entrepreneurial dreams. While these ventures may ultimately be very successful (e.g., Google and Microsoft were both launched by students), they face certain challenges in their business plans and capital raising processes. The foremost challenge is overcoming the lack of experience of the management team. A classis chicken-and-egg problem presents itself – the management team has no past company successes to point to, and can’t prove itself unless given the opportunity to launch the business. While this problem is nearly always the case for graduating students, it also presents itself to many entrepreneurs, particularly those who are launching their first ventures. To overcome this challenge, these ventures must represent themselves as having a great team by attracting a stellar management team and/or advisors. By attracting a quality management team, even if the team will not start until after financing, it gives investors that confidence that the plan will be properly executed. It also proves that the entrepreneurs have the ability to “sell” others on their vision. The management team need not be complete before seeking capital, since additional members will most likely be added after capital is raised. For instance, shortly after Google raised capital from Sequoia Capital and Kleiner Perkins Caufield & Byers, Omid Kordestani left Netscape to accept a position as vice president of business development and sales, and Urs Hölzle was hired away from UC Santa Barbara as vice president of engineering. Attracting high-quality advisors builds great credibility since if respected individuals are willing to risk their reputations by taking an advisory position, the venture must have some merit. Advisors can also help with the execution of the business and sometimes will also provide the needed capital. In Google’s case, when no major portal was interested in partnering with or funding the company, Larry Page and Sergey Brin were able to convince Andy Bechtolsheim, one of the founders of Sun Microsystems, to become an advisor and investor. Bechtolsheim contributed the initial $100,000 to the company. Even if the venture is able to attract quality management teams and advisors, it will always be at a disadvantage versus other ventures headed by entrepreneurs who have “been there, done that” successfully in the past. To compensate for this, these ventures must really know their customers, know their market and know their competition. By possessing an in depth knowledge of the external factors that will effect the company’s success, the entrepreneurs can both create a solid business strategy and convince investors that an opportunity really exists. If the opportunity truly exists, then investors know that even if the venture is initially mismanaged, then they can hire additional managers later to put it back on course. In summary, when students or first time entrepreneurs, begin developing their business strategies and plans, they must compensate for the management deficiencies they possess versus established entrepreneurs. By doing this and showing a comprehensive knowledge of their market, these ventures can level the capital raising playing field. Fortunately, these ventures can point to a long list of other successful companies which were launched by students and/or first time entrepreneurs, most notably Google and Microsoft. https://growthink.infusionsoft.com/go/specialdiscount/gt4554/

Business Plan

A is a short brief that explains how a business owner, director or entrepreneur plans to orchestrate an enterprising effort that carries out the actions that are necessary in order for the effort to succeed. Basically, a business plan is the written description of a business’s business model. Those involved in the planning process and management are the most likely to use a business plan. Business plans are also used when approaching potential lenders or investors that have an interest in a particular business venture. There is a great deal of subject matter that is addressed in a business plan including a number of sub-plans. There are a number of business plan models that can be used to create a new business plan from or there are software options like the Business Plan Pro 2004. If a business is not using a business plan software program, they will most likely follow what is considered to be a typical business plan format. About the author: Business Plan A business plan is a short brief that explains how a business owner, director or entrepreneur plans to orchestrate an enterprising effort that carries out the actions that are necessary in order for the effort to succeed. Basically, a business plan is the written description of a business’s business model. Those involved in the planning process and management are the most likely to use a business plan. Business plans are also used when approaching potential lenders or investors that have an interest in a particular business venture. There is a great deal of subject matter that is addressed in a business plan including a number of sub-plans. There are a number of business plan models that can be used to create a new business plan from or there are software options like the Business Plan Pro 2004. If a business is not using a business plan software program, they will most likely follow what is considered to be a typical business plan format. Most business plans will begin with an executive summary that describes the basics of the business model as well as comprehensive explanations for the scheme of the plan. Next, the business plan will move into the background of the plan with a brief history of the company especially if it a newer company and background information that includes how long the company has been in business, the current number of employees, annual sales figures, the location of all the business’s facilities and a complete description of the business ownership. Next, most business plans will detail what will be involved in their marketing efforts including the competitive environment, customer priorities, product, pricing and promotion strategies as well as the distribution strategy. The explanation of production and manufacturing should include all work procedures as well as production facility requirements, inventory requirements, equipment needs and fixed cost apportioning. Finance details the source of all funds, anticipated returns, a formal monthly cash flow statement and a list of all existing loans and liabilities. Human resources points out where responsibilities are assigned, training that will be required, necessary skills, union issues, salaries and new hiring information. Other areas that may need to be covered depending on each individual situation can include legal strategies, product research and development, marketing research and any inter-company workings. For those who feel that they cannot complete a business plan on their own or simply don’t have the time that is needed to put together an effective business plan, there are some software options like the Business Plan Pro 2004. The Business Plan Pro creates a complete and professional looking business plan that is sure to clarify the workings of a business and impress those who see it for understanding and funding purposes. The Business Plan Pro 2004 provides preformatted tables, color charts and graphs, graphic forecaster, built-in formatting, Power Point templates and a great deal more. By using software like the Business Plan Pro 2004, the user is guaranteed to have an impressive and professional looking business plan to present to people of import.

Before the Business Plan

Purveyors of conventional wisdom would have you believe that the very first thing you ought to do when setting up a new business is to create a business plan. It doesn't matter whether you are selling odds and ends on eBay from your living room or something larger and more complex, Business plans are excellent and necessary. Far too few of us self-employed and freelance people use them. They force us to spell out our objectives. We have to assign numbers to our expectations and assign a time-line to our goals. They become our roadmap and keep us on track. But I suggest that you can't make a business plan that is worth anything until you've done your homework. And that means knowing what you want to do and how you want to do it. And determining that there is sufficient demand for your product to generate enough income to cover your costs and allow a profit. In other words, before the business plan comes research. If a body of knowledge already exists, it makes sense to tap into it and save yourself some work. The US Bureau of Labor Statistics and other such sources, for example, publish a great deal of demographic information. Some of it is very useful. But it is also likely that as a creative sole-proprietor, meaningful statistics don't exist about your specialty. Many micro-businesses target a very specialized niche. And many owned by creative types exist to sell a product or service that don't follow well-worn prototypes. It is particularly difficult for such people to find meaningful published data. If you fall into these categories, you'll have to generate your own information. Don't limit your research to purely business data. You are building a life as well as a business. Are the demands and conditions of your proposed business compatible with the life you want to create? For example, illustrators often work on short deadlines - meaning that sometimes they have to work far into the night to complete a project on deadline. Plus, some clients are demanding and some do not pay on a timely basis. After all of that, can you still "love it" enough? Or, maybe your business is such that sales fluctuate during the year. How will you make it through the lean months? Can you handle the uncertainty of a fluctuating income? So, how do you find information? First, if other people provide services similar to yours, talk to them. You will gain a lot of information quickly. Their answers to your questions will save you a lot of legwork and open your eyes to factors you may not have considered. Try to talk to at least five or six people so you can get a range of viewpoints. You can find them through trade associations, schools, word-of-mouth. If the locals are reluctant to share information - perhaps because they see you as direct competition - look for similar people in a different locale. Second, create the information you need. Mimic and simplify what large businesses do. Reduce their methods down to a level that is practical and affordable. For example, perhaps you want to survey potential clients and customers to get feedback. If you are a creating a micro-business on a shoe-string, it may not be affordable nor practical to commission a focus group. But you may be able to speak to potential targets informally or use direct mail to send a simple survey. Eventually you'll have to 'put your toe in the water.' Try it out in a small way - so you won't lose much if it doesn't work - and observe the results. Then experiment and modify as needed. Once it works to your liking you can plunge right in. This approach, known by the technical term "trial and error," can be applied to any facet of your business. After all, even the largest producers test market new products before rolling them out. Put some parameters around your efforts. Decide, in advance, how much time you want to allow and how much you want to budget. Then test, test, test. Use trial and error for every aspect of your business. Experiment with different ways of packaging your services, different rates and prices, different types of marketing, etc. You'll soon find that certain approaches work better than others. Eventually your experience and data will suggest viable strategies. And then you'll be ready to create your business plan. https://growthink.infusionsoft.com/go/specialdiscount/gt4554/

Becoming Wise - Wild & Free: Writing A Successful Business Plan - Part 3 - The Feasibility

I am amazed at how many resources there are and how much information is available today on writing a business plan. There is software, documents, templates, outlines and a lot of experts th">at can help you. Most experts and resources will tell you exactly how to write a business plan and maybe even provide a template that only needs minor changes to fit your needs. All the emphasis is put on "writing" a solid business plan. I agree that you need a good business plan but I don't believe that you need to spend hours, days or even months writing your story so that people can read all about what you are going to do. In the first place, most of the people that are going to read your plan are bankers or investors that are not so much interested in your story as they are in whether you will succeed. Secondly, you may spend a lot of time writing this great and wonderful story only to find at the end that you cannot make it work. You need to start by analyzing the feasibility of your prospective business by using good software or a professional that can help you do the research and develop a set of projections that will be sure you have covered everything. Most businesses fail because they have not accurately projected their cash flow needs and perhaps because they have not been realistic in their projection of sales and expenses. Remember that writing a good plan is about first doing it for yourself. For your plan to be feasible you have to decide what goals you want to accomplish and how you will get there. For instance, you may now have a job that provides you with a steady income. How much must your business make to replace that income and how long can you survive if your income is reduced? Can the project make enough money to satisfy the needs of investors? Investors typically want higher than normal returns on a high-risk investment like a start-up business. Can you meet the loan payments that are required and do you have sufficient equity in the business to satisfy the lender requirements in order to get the loan in the first place? Lenders will look critically at your cash flow and the amount of cash and assets you have invested in the business. Several years ago I had a newly expanded business that in the first year of expansion increased sales by 50% and produced a substantial profit in the same year. The problem was that I did not properly project the cash flow needs and ended up in a position where I could not pay the bills or payments. How could this be? I asked myself the same question when I had to shut the business down. That is when I first learned about the importance of projections and analyzing the feasibility before leaping in. An inch from success will not get you where you want to be. Take your time to do your projections and research each and every aspect of your business. It is not just guess work. In fact, you can be very accurate with all your costs and expenses. If you talk to all of the appropriate professionals, suppliers and service providers you will probably be as accurate as possible in most areas of your projections. The area that requires the most research is sales but, there are good techniques to come up with accurate estimates. If you have researched and prepared your projections correctly and your business is feasible you have done a whole lot more than just create a financial projection. You have discovered what it takes to make your business work, you have created a network of professionals to assist you in the success of your business, and now it is easy to write the rest of the story. So, when you set out to "write" your business plan, start with the feasibility because it will tell you a lot about your business before you even get started. If it looks good you will be able to sell it to the bankers and investors. But, if it doesn't look good you haven't wasted a lot of time writing a fiction novel. Look for the next article on Writing A Successful Business Plan - Part 4 - "What are Projections" of the Becoming Wise - Wild & Free series.

Are You Satisfied With Your Business Just As It Is?

Did you know that satisfaction is the number one emotion people want to experience about their life and business? Yes, fame and fortune are up there, but satisfaction is the key. Satisfaction is about contentment, gratitude and pure joy. Are you satisfied with your business and your life? If not, read on and see how you can transform your life in the simplest method possible. To be satisfied is to enjoy each step along the way, to be able to integrate the practical with the fanciful, to continually refine your dream or vision. You need a vision for your business. You had it at least once in your life, especially if you chose to go into business for yourself. You may be making the money that you want, have fame in your community, but still are unhappy and wonder - "Is that all there is?" If you are in any way unhappy or dissatisfied with your life or your business, you need to re-ignite your original vision or create a new one. But wait, you say, you already have a business plan. Isn't that sufficient for your business success? Why Isn't a Business Plan Enough? A business plan is for banks and credit institutions, but outcomes are based more on desire than on business plans. Vision with a Capital V is bigger than a business plan. The difference is, if your vision is not articulated, you cannot include it in your business plan. Who Besides Me Benefits from My Business Vision? Customers know when you have a clear, passionate business vision. The benefits clients, customers and vendors receive are a result of your clarity about the dream of your business. The more you can relate your vision to your family and community, the more you can excite everyone. More excitement attracts the customer of your dreams. Lance Armstrong wanted to win the Tour de France. Once he achieved this goal, his vision was to win more Tour de France's than anyone. He did just that; he created a World Record of six wins. What he also did benefited the country of France, even though he is an American. France's tourist dollars increased. American television advertising grew as more people tuned into these races. Armstrong's battle with cancer increased donations to the American Cancer Society. Benefits abounded for anyone connected to bicycle riding, including manufacturers and sports clothing providers. Do Independent Professionals and Micro Businesses Need a Vision Too? Definitely! Independent professionals and micro businesses require the clarity of a vision. Martha Stewart started small. She was a caterer after she completed her career as a model. A product of her times, the 1950's, Martha's first thought was to make a home look warm and inviting. As a great cook, Martha created elegant, well-designed meals and events. She had her vision for success. When Martha Stewart dreamed well into the future, she had a vision of a conglomerate business, with far-reaching rewards. She created OmniMedia, with her own magazine, television shows and products; all sold worldwide. From small business visions, big business visions grow. Even in prison, Martha continued to expand her Vision with a Capitol V to include two new television reality shows. Martha never stops expanding her Vision with a Capital V. You now have the key to your business future, the joy that can make your efforts worthwhile. You will also achieve fame and fortune as an outcome, but satisfaction is the key. Be satisfied with yourself. Create a Vision that helps move you forward. Enjoy yourself, your business and your life.

Angel Investors: 7 Online Business Plan Scams and 1 Real Deal

We've all seen the hype: "We'll put your plan in front of thousands of investors!" "We'll write you an award-winning online business plan!" "Only $3,000 for thousands of investors to learn about your company!" I cringe every time I see one of these ads. Vultures are preying on honest business people who want to fund their businesses. Here are some ways to spot them: 1. "Only qualified investors see your business plan." Yeah, sure. And who "qualifies" them? Have a friend try to sign up as an investor (that part is usually free). How is she "qualified"? Is there a background check? Does she submit a financial statement? Odds are that she will be asked to do nothing more than sign a statement that she has a certain net worth. That's no "qualification" in my book. So who are these "investors"? Who knows. One could be your strongest competitor. 2. "You approve anyone who sees your business plan." Okay. So what are you going to do to qualify the potential investor? Are you going to run a background check? ask for ID? ask for tax returns? or just be so happy that anyone wants to see your business plan that you jump on the idea? (That's how these scams get away with charging thousands of dollars -- too many entrepreneurs are desperate for funding.) 3. "It's only $500 (or $300 or $100) to register." What does it matter if it's free? If it is diverting your time and energy and resources away from finding a viable investor, it's not worth it. 4. "Your idea is great, but we need to put it into our format. This will only cost $800." Don't walk -- run from these guys. 5. "Your idea is so great that we want to invest $2,000 in it." (That's after you spend $5,000 to put it into "their" system.) Do I really need to comment on this? 6. "Talk with a satisfied customer, or 2 or 3." Here's this entrepreneur who just got $2 million in funding, and he has nothing better to do than sell the web scam to you? Trust me, entrepreneurs who just get funded barely have time to eat, let alone talk. 7. "Look at all these written testimonials." This is harder to disprove because the testimonials look so real -- even the companies might be real. But unless the testimonials, and the companies, can be verified independently, I wouldn't trust them. And I'll lay odds that they cannot be verified independently. There is one huge exception to this: ACE-Net (http://activecapital.org). This is more properly the Access to Capital Electronic Network run by venture capitalists, institutional investors and individual accredited investors. It was developed by the U.S. Small Business Administration's Office of Advocacy to encourage the creation of a national marketplace for investors to find and invest in equity offers by small companies. ACE-Net isn't for all companies. Those seeking under $1 million will probably find the paperwork daunting. Those seeking over $5 million won't qualify. There are special qualifications, and of course lots of forms to fill out -- but nothing like the forms required for a formal initial public offering. But for those who do qualify, it's an amazing tool in raising financing. Spend some time with the website and the forms, and see if your local SBA office can put you in touch with another company that went through the process. As with any investor tool, don't rely exclusively on ACE-Net. Use it in conjunction with your personally developed targeted funding search. This, combined with an exceptional business plan, doesn't guarantee success but it places your company head and shoulders above all the rest.

An Exporter? Who, Me?

(NC)—If you're a small- to medium-sized business with a potential market for your product abroad, you may profit from making a move into exporting. Your first reaction may be "Me, an exporter?" but it isn't as farfetched as you may think. Even if your company is relatively small, there may be a market for your product or service outside of Canada. In fact, 90 per cent of Canadian exporters have annual export sales of less than $1 million. What's important is having the right product or service, a commitment to succeed, and a sound strategy. The best export strategies are built on the foundation of an up-to-date and comprehensive business plan. If yours isn't as current as it should be, you might consider refining it with the help of the resources offered by BusinessGateway.ca. Located at www.businessgateway.ca, this Web site provides lots of free tips, advice and tools, all related to starting, running and developing your business. Take your business plan, for example. It should enable you to: • identify the strengths and weaknesses of your company; • establish your objectives and strategies, and analyse your company's performance with respect to them; • determine your cash needs so you can approach banks and investors with confidence; and • communicate your intentions to employees and investors. If your plan falls short in any of these areas, check out the free, Interactive Business Planner, located in the Tools section of the site. It covers everything your plan will need, including: • identifying the types of information required in your plan; • locating information on basics such as marketing and costing; and • preparing financial projections for your business. Once you're satisfied with your business plan, you can return to the Tools section and use the Interactive Export Planner. It's similar to the Business Planner, but also covers issues such as: • adapting your products or services to a foreign market; • getting an overview of the targeted export market; • creating a market entry strategy and an export implementation plan; and • preparing financial plans related to the targeted export market. And don't forget to use the Exporting link on the BusinessGateway.ca home page. It will point you to other essential sources of information that can help your company find business opportunities around the world. Once you take the leap, you may discover that export success is a lot closer than you ever imagined!

Analyzing Customers in Your Business Plan

The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs. The first step of the Customer Analysis is to define exactly which customers the company is serving. This requires specificity. It is not adequate to say the company is targeting small businesses, for example, because there are several million of these types of customers. Rather, the plan must identify precisely the customers it is serving, such as small businesses with 10 to 50 employees based in large metropolitan cities on the West Coast. Once the plan has clearly identified and defined the company’s target customers, it is necessary to explain the demographics of these customers. Questions to be answered include: 1) how many potential customers fit the given definition? is this customer base growing or decreasing? 2) what is the average revenues/income of these customers? and 3) where are these customers geographically based? After explaining customer demographics, the plan must detail the needs of these customers. Conveying customer needs could take the form of past actions (X% have purchased a similar product in the past), future projections (when interviewed, X% said that they would purchase product/service Y) and/or implications (because X% use a product/service which our product/service enhances/replaces, then X% need our product/service). The business plan must also detail the drivers of customer decision-making. Sample questions to answer include: 1) Do customers find price to be more important than the quality of the product or service? and 2) are customers looking for the highest level of reliability, or will they have their own support and just seek a basic level of service? There is one last critical step in the Customer Analysis -- showing an understanding of the actual decision-making process. Examples of questions to be answered here include: 1) will the customer consult others in their organization/family before making a decision?, 2) will the customer seek multiple bids? and 3) will the product/service require significant operational changes (e.g., will the customer have to invest time to learn new technologies? will the product/service cause other members within the organization to lose their jobs? etc.). It is essential to truly understand customers to develop a successful business and marketing strategy. As such, sophisticated investors require comprehensive profiles of a company’s target customers. By spending the time to research and analyze your target customers, you will develop both enhance your business strategy and funding success.

Alternative Venture Finance: Shell Corporations

A shell corporation is a company that is incorporated but has no significant assets or operations. These corporations may be formed as an alternative venture financing mechanism. Shell company financing works in two ways. In many cases, the shell corporation is created from scratch. The purpose of these shells is to raise money and to get a number of shares outstanding into the public’s hands. In most cases, the shares are sold in units. That is, the shares are sold as one share of common stuck plus warrants at the current offering price. The “empty” shell is then merged with the operating company. The merged companies begin to report operating results and when the results are good, existing stockholders exercise their warrants and provide needed capital into the company. A second type of shell corporation is formed when the company seeking capital identifies an existing shell or inactive public company (IPC) as a candidate for a reverse acquisition. This typically occurs after a public company emerges from bankruptcy. At this time it may be void of assets other than cash. In fact, the principal asset of the IPC is its often its public registration and a roster of shareholders from which new capital may be raised. Shell corporations are a quick and cost effective way of taking a company public and raising public capital. However, typically bridge capital is required to finance the process and take the company to a point where investors are interested in exercising their options.

Alternative Venture Finance: Federal Grants and Loans

While most companies seeking venture capital initially think about angel investors and venture capitalists, a large alternative source of financing is federal grants and loans. The two largest federal grant programs are run by the Small Business Administration (SBA), and by Small Business Investment Companies (SBICs). 

An SBA loan, regardless of whether it is a direct loan from the SBA, or, as is more common, a bank loan guaranteed by the SBA, is essentially a bank loan. The benefit of it versus a traditional bank loan is the rate. SBA rates are typically much less than traditional business loan rates. 

In most cases, in a guaranteed SBA bank loan, the SBA guarantees 90 percent of the loan will be repaid to the bank. As such, banks are at much less risk than in most other loans, and are a bit more flexible with regards to who they offer these loans. However, the SBA usually requires the founders of the company to personally guarantee the loans, which makes them risky should the venture collapse. 

Alternatively, Small Business Investment Companies (SBICs) are privately organized corporations that are licensed and regulated by the SBA. Small or emerging businesses which qualify for assistance from the SBIC program can receive equity capital and/or long-term loans from these companies. Essentially, these companies provide their own capital, which is supplemented by federal funds, to the companies they fund. 

Interestingly, U.S. taxpayers benefits from the SBIC program as tax revenues generated from successful SBIC investments have more than covered the cost of the program. Likewise the program has created hundreds of thousands of jobs. 

In summary, SBA and SBIC financing are viable alternatives to financing from angel investors and venture capitalists and should be considered in the capital raising process. Similarly to angel and VC financing, companies seeking SBA and SBIC financing need a strong management team and value proposition, and a highly professional and compelling business plan in order to raise the capital they need. 

10 Businesses: Will Your Business Be the One Winner Or Part of the Nine Losers?

A business coach is a person who helps you grow personally and professionally. A business coach bridges the gap between where you are now and where you want to go. If you want to expand your business and want to set high goals, your business coach can help you in achieving, what you want with some advice and encouragement. Business coaches work with entrepreneurs, executives, managers and employees to motivate them and accelerate business process with their professional skills, knowledge and experience, thus helping them to achieve the goals of the organization. Business coach not only addresses business issues and processes related with business, they also focus on the personal desires, needs, characteristics and goals of the individual. A business coach helps business owners to learn the tips and tricks of business, expertise of delegating more work to managers, motivating employees and achieving business goal with optimum utilization of limited resources. The coaching gives encouragement, motivation, and accountability to the business owners and helps them to achieve maximum out of their life.

A business coach helps in following ways:

• Provides quick solutions to your problems.
• Facilitates process of learning techniques and ideas.
• Offer customized solution to specific personal needs of business owner.
• Helps in drawing business goal and providing direction to achieve goals.
• Provides techniques of maximum utilization of limited resources.
• Concentrates on the important issues of the business.
• Provides efficiency to business activities with minimum wastage.
• Cater to personal needs of business owner.
• Leads to a productive, happy and satisfied business and personal life of business owner.

Thus a business coach provides solutions to all problems of business owner. A business coach sorts the communication problems at different levels of the organization and helps in running business at optimum level, with business skills and knowledge. A business coachredefines goals; breaks down the goals in small chunks and works scientifically to achieve them. A business coach paves the path of success for business by helping realise its full effectiveness.

9 things you must do to maximize your chances of obtaining a small business loan

To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. 

To vastly increase your chances of a successful funding application, you will need to present the following information: 

1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each. 

2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly). 

3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It” 

4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they? 

5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc. 

6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor. 

7. Latest Set of Management accounts. Again produced from your accounting software. 

8. Accounts receivables (debtors) and payables (creditors) ageing reports. 

9. Principals financial statements. – Particularly required if some form of security is necessary. 

If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan. 

You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!) 

Good luck! 

5 Home Biz Mistakes Every Entrepreneur Should Make!

In a previous article appropriate steps to start a 
home based business were discussed. 

This important article will review the 5 top mistakes many 
home based business owners make that might evolve into a great 
success story. 

Warning! This approach is not for everyone. One theory is readers 
will learn a new way of thinking and perhaps propel their 
business ideas into motion. 

Let's get started with the list! 

1. Business Plans. Many article's online vow by the 
business plan. Every new business owner must draft a 
business plan if they want to succeed. 

One successful business owner online never thought of 
drafting a business plan. He learned the hard way. 
He made many errors but claimed the learning experience 
was a powerful teacher. 

He further stated the lessons he learned were better 
than any course in business school or college. He soon 
learned how to deal with the many ups and downs in the 
business world. Dealing with frustration. All things 
you learn from the school of hard knocks. 

2. Education. Once again many experts think several degree's 
are the key to immediate success in any chosen field. Many 
successful entrepreneurs never went to college. And quite 
a few barely finished high school. Success is not always in 
the books you read but in how you deal with your 
business in the real world. 

3. Rushing. Experts believe you should take your time 
and wait to select the proper business for you and 
your background or education. Taking time to study the 
various ideas is key to success. Others see an opportunity 
and immediately grab it. 

4. Over confidence. Believing you will be successful and 
ignoring negative opinions from friends and family. Family 
might have good intentions, wanting to save you from making 
an error in judgement, but they might throw a 
wrench in your business idea. Halting the business venture 
altogether. 


5. Unrealistic view. Always seeing the good side. Thinking 
positive. That yes you can succeed in this business. Positive 
thinking is an asset every self employed business owner 
should own. Many business owners with a positive outlook 
continue striding forward where others simply give up. 


That's the list. It bares repeating that going against expert 
advice is not for every new entrepreneur. But many new home biz 
owners found great success in following their own path.