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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.

dream

Your Dream must be well articulated

How can you achieve it if you don’t know what it is? Be very specific. If you hate your job and you want to change jobs, do some serious soul searching and figure out what your dream job would look like.

Where would you be? What would your office look like? Who would you work with? What would you do? What would you wear to work? How often would you be working? What would you eat for lunch? Be as detailed as you possibly can.

You’ll be surprised how much you’ll learn just by asking yourself these questions. Write down your answers, so you can reference them later.

Plan your dream

Every aspiration must take the form of a plan. The old saying that you “get what you plan for” is so true. Your aspiration won’t just happen. You need to sit down, regularly, and plan out your strategy for achieving the dream. Think through all of the details. Break the whole plan down into small, workable parts. Then set a time frame for accomplishing each task on your “dream plan.”

Share your dreams with others

Tell it – One reason many dreams never go anywhere is that the dreamer keeps it all to himself. It is a quiet goal that only lives inside of his mind. The one who wants to achieve their plan must tell that plan to many people.


One reason: As we continually say it, we begin to believe it more and more. If we are talking about it then it must be possible. Another reason: It holds us accountable. When we have told others, it spurs us on to do it so we don’t look foolish.
Note: Be very discrete about who you share your aspirations with. Not everyone will be happy to hear your amazing dreams. Some will want to either steal or destroy it.

Believe your dream

Yes, your ambition in life, needs to be big. It needs to be something that is seemingly beyond your capabilities. But it also must be believable. You must be able to say that if certain things take place if others help if you work hard enough, though it is a big dream, it can still be done.

Act on your dreams

All the intelligence in the world will go to waste unless you act on your dreams. Bill Gates knew how to act. He saw a gap in the market that no one else did and put his plan in motion, which made him one of the most famous entrepreneurs of the home computer revolution.

Taking action isn’t as simple as it sounds. Procrastination or fear can easily paralyze you, but it’s important to remember that nothing great ever happened on its own. Connect with the present, block out emotional resistance, and carefully time your next move. Knowing the best time to act is something most successful people have mastered. “Having a dream you don’t pursue is like buying an ice cream cone and watching it melt over your hand.” – Frank Papasso



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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