Sunday, March 16, 2014

Starting a Small Business: What You Need to Know

English: Business Plan Presentation at FSG 2009
English: Business Plan Presentation at FSG 2009 (Photo credit: Wikipedia)
Business is not all about the number of hours you work or how many hurdles you overcome. It is about achieving your goals in the shortest time possible without compromising on the quality of your product or service while maintaining healthy margins. Beginning and sustaining a small business entity requires knowledge, motivation and innovation.
Most entrepreneurs take minute factors into consideration when starting a small business. Doing this makes them waste a lot of time, and time is one of the most important factors in a business, as it has a high opportunity cost. The following are the critical steps to be followed to get this rolling in the least time possible:
1. Choose your business opportunity
Identifying what to invest in can be very frustrating, especially when sifting through the numerous, viable opportunities. It is important to choose something that resonates with your passions and personality. Most importantly, it is the skills you possess that will make or break your start up.
2. Draw up a business plan
This will enables you to gain deeper insight of the workings of the sector you have just chosen. It also helps you understand the financial requirements and the competitive landscape. Startups carry a fifty percent chance of making more profits than unplanned businesses. Generally, coming up with a business plan simply makes excellent sense.
3. Come up with the startup capital
To start any enterprise, you have to invest. Coming up with funds for startup is a different journey for each and every individual. Ideas such as setting up a consultancy firm, normally require a couple of thousand dollars to set up a website and print business cards. In contrast, a retail store may need funds in excess of a hundred thousand dollars.
4. Choose a name
Names can make or break a business. Choosing the correct name can help clients in distinguishing you from your competitors. Not only does the correct name help in positively branding your company, it also helps in giving your customers a reason to seek your products and services.
5. Outline a structure.
Choosing the most appropriate structure is a critical decision. Ranging from sole proprietorship to the renowned limited liability company, your choice of business structure will directly affect the taxes you pay, your finance ability and your business liability. It is not recommended to lay too much emphasis on your final business structure because your structure may evolve as your business does.
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Wednesday, March 5, 2014

Earn Extra Money - A Fresh New Perspective

personal income dynamics
personal income dynamics (Photo credit: Wikipedia)
I'm sure you too might be looking for some new ways to earn extra bucks. Well, sidelining our propensity to always go for the conventional way of earning money, we can try out some of the new age methods. Now, as we all are aware of the wise use of internet by several people to pave alternate income ways, it is time to make the most of it.
The internet has opened the window to a complete new world of earning money without too many hassles. But does this imply that the older ways to earn extra money are defunct? That is quite a tricky subject because there are many people who are still making quick and easy money by using the older ways. Data entry, online surveys, blogging, website designing, online marketing, Google ad campaigns etc. have fetched millions of dollars for many and you too can make a head start with any of these income methods. But if you are looking for a fresh perspective into any of these income methods then you can read ahead.
Most people should agree that supplementing your regular income should be a fund activity instead of a drab one. Cutting yourself off from your friend circle or stopping your social activities so as to earn extra money sounds really cruel. You do not need to turn into a caveman so that your bank account swells - making extra money does not entail a boring and uneventful life. Here is a list of things that you must check before choosing your extra income method:
  • Can your hobby be turned into a money generating activity? Turning your favorite pastime activity to earn extra money can be nothing short of manna from heaven. If you think you are great at writing then you can opt to write regular articles for online magazine; even better if you can start your own blog. If you are an ardent gamer then you can provide online tutorials and guides to game lovers from all over the world. Regular postings from you can pull huge crowd and your loyal fan following will get you the advertising revenue.

  • Does it overlap with your office timings? Flexibility is the ultimate mantra while opting for a method to earn extra money. If you choose an alternate income method that compels you come to come from office and immediately sit in front of your PC then I'm not really confidant that you can continue doing the same for long. Choose an alternate vocation that allows you some breathing space and at the same time helps you to earn.
Checking the above two things before treading the much beaten path of alternate earning would definitely provide you with a fresh new perspective on how to earn extra money. Follow your heart but do not leave your brains too far!
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