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Tag: business plan

Home business

7 Tips for Home Business Start-up Success

Getting a home business up and running takes a whole lot of effort, especially for those who are not so experienced. There are however certain basic principles that you can find useful in helping you achieve your Business Start-up success.

Prepare a realistic business plan.

Think of this as your business road map. Define exactly where you want to achieve with your home business and then you can effectively map out your path towards achieving your goals!

By creating a detailed business plan you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.

Include every little detail in your business plan

Your business plan should encompass the financial considerations of starting your small or home-based business. Ask yourself some real questions:

Do you have the capital required for a start-up?

Will there be a need to raise additional funds?

Who are you going to approach for finance?

Have any plans to approach experts for advice?

And don’t forget to open a business bank account…

Consider the legal implications of becoming a home business owner and proprietor.

Are you better off as a sole trader, a limited company or are you considering a partnership?

Make sure you consider all the angles and protect yourself and your assets personally from the outset. Anything you bring to the business has to be itemized, valued…even if you’re a sole trader. And make sure you are professionally covered with the appropriate legal framework.

Get your family and friends behind you from the onset.

Make sure your family and friends are fully understanding and supportive of your ideas to venture into a home business start-up.

Do they understand the level of commitment you will have to show for on-going and long term success?

Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too.

mentor

Get a Mentor and achieve amazing success

A mentor is a person who has acquired sufficient experience in a particular area and is capable of guiding an individual in achieving the same level of success that he/she has acquired. Every ambitious entrepreneur cannot do without the help of a mentor in achieving the desired goal and objective in life.


Why do we need a mentor?

They provide you with the right information to succeed

A critical factor on the way to achieving success is the ability to possess the right information. Access to the right information can accelerate our quest for achieving lasting success. A mentor is in a better position to provide the needed information.

To enable us achieve success without stress

The pathway to success is often dotted with one form of obstacle or the other. The function of a mentor is to show us the various pitfalls on our journey towards attaining success. Without the assistance of an experience individual, we may go through endless stress in quest to achieve success. It is like asking someone who has been to a particular place for direction.

A mentor will greatly reduce the possibility of Failure

The reason why so many people fail in life, is because they do not posses the right information to succeed in life. Failure is greatly reduced when you have a mentor by your side to aid and guide you. So individual believe they can succeed on their own without the help of a mentor, but they find out through the hard way that they are absolutely wrong. Success becomes a possibility when someone who has succeeded is there to show you the way to success.

Encouragement in times of Failure

Failure can never be ruled out as we aspire to succeed in life. One thing we must however realize is that when we have a mentor by our side, they are a great source of encouragement in times of failure. They have tasted success and failure, and their experience we go a long way to keep us focused and encouraged.

It helps to speed up your learning process

Learning the ropes in any business is not an easy task, as we may be faced with one challenge or the other. One of the benefits of having a mentor is that the leaning process is quickened. It is like taking you by the hands and showing you the fundamental ingredients on your way to succeeding in your chosen business.

It will save us from unnecessary Financial expenditure

When we decide to go the full stretch without the aid of a mentor, we may incur some unnecessary financial expenses which can be avoided. Mentors are more like financial advisors, because they help us in the initial stage of our business plan and indirectly save us from making unprofitable expenses.

They help us make the right choices

The decision we make in life can ultimately determine our success or failure rate. The ability to make the right choice can be made a lot easier with the assistance of a mentor. A wrong decision can have negative implication on the attainment of your set goals and objectives.

small

Start small, but don’t end small

The business world may appear lucrative and eye-catching, but building a small scale business into a giant conglomerate is never an easy task. It involves a whole lot of processes and principles, which many find so tough to implement. 

One of the many advice entrepreneurs are given while venturing into the business world is to start with whatever resources one has. So many business owners who have chains of businesses never started big. 

The first step is to birth that profitable idea into life. Not all ideas may eventually become profitable when implemented. Test run the idea on a small scale using different business tools and confirm if the feedback is positive or not. 

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you not too good in the technical areas of the business plan, that can be outsourced. 

The next step is one of the most crucial steps in your journey towards starting that small business of yours. You got to draw up various sources of funding for your business. Personal savings, family and friends, local thrift/cooperative society, money lenders, banks, and donor agencies are some of the options available. In making your choice of where to draw your funding from, wisdom must be applied. 

Finally, having secured funding for your business, ensure you already have all the contacts, tools, and other logistics in place before attempting to kick start the business. A small scale business is like a small car about to undertake a long journey. The car needs enough fuel (finance) to get to the desired destination. A  Good engine with the needed lubrication, proper valve checks. 

Note however that the beginning of every business venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out at the middle of the journey. The most crucial aspect of starting a small business venture is to aim high and avoid staying at the same level each year.

There is always room for expansion as the business starts picking up. Financial institutions are always keen to support a thriving business as long as they’re a mutual relationship when it comes to funding repayments. As we approach the end of the year, let your goal of setting up that small or medium scale investment become a reality.

Accessing Funds for small scale business

Accessing Funds for small scale business

Accessing funds for your business remains one of the biggest hurdles to cross when planning to launch your small or medium scale business. Some do say it takes courage to make your dreams come through. I agree to an extent, but let’s be honest. Without money, your courage will be stranded! Some dreams need not just courage, but money to become a reality! 

That’s why entrepreneurs lookout for initial start-up capital to kick start their dream business. To be honest, there are millions of people out there whose dreams of achieving financial freedom have become stagnant due to the lack of start-up capital. We all need the courage to pursue our dreams, but money is like a fuel to take our dreams to its place of destination!

One of the most difficult stages in turning your idea into a tangible business is that of funding. There are however several sources of funding one can explore and possibly utilize when starting up a business.

Your funds

It makes logical sense to start from home. If you are serious about starting up that business of yours, then you must have worked out a plan about saving up for the business. You can never rely on other sources of funding when you don’t have a dime saved up for the business.

The best bet is to open a savings account and start saving before launching your business. It takes a lot of guts and self-discipline to save up. Try to maintain a certain standard which will require you to save a minimum amount monthly.

Friends and Family

Friends and family are the nearest sources for funding your business. You must have saved a tangible amount of cash before approaching them with the proposal for funding. More than 80% of family and friends would want to know the type of business you plan to start and also how much you’ve been able to save up for the business.

Be ready to answer these and more of their questions. One major drawback with this option is the fact that family and friends may want to interfere with your running of the business when they eventually lend you some funds.

Angel Investors

Angel investors are more like business-minded individuals who look out for potential businesses they can plow their funds into. In return, they get a percentage of share in the business. They are usually involved in more than one business, so if you are looking for a huge capital to start up your business, angel investors may not be the best option for you.

Banks

Banks should be your last port of call. They are generally willing to give out loans as long as they can confirm your business has potential. Be ready to check up on the different banks to compare their loan conditions and the interest rate on the loan.

All banks have their conditions and rate when it comes to granting loan facilities to entrepreneurs. Remember, having a good idea is not enough. You must be able to come up with a workable business idea. These are the things that would be required from you when you approach any bank.

Print out a copy of your business plan and if possible have a slide ready for presentation. The business plan must be practicable because no bank will be willing to invest in any business that may not yield any return on investment.

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