Impact – The Heart of Business

March 18, 2016

Thousands of people dream of having their own business and even more so be a successful entrepreneur. But what does it take to achieve success in the business industry?

One of the most successful entrepreneurs featured at the Forbes website, Wendy Lipton – Dibner said that “the success of your business would solely depend on you. The only thing you can rely on is your power to achieve your goal”.

She shared her success story at the Forbes website and said that when she was young she learned a very important business objective from her high school activity and that is to go out, explore, come back and explain how money is made in business. This is an objective she never forgot until she made millions for herself.

When she was already very successful, she never stopped understanding business and how it really works. Profit is the number one goal in business and how you make it is a natural talent. Yes, there may be a lot of guidelines given and showed on television and the internet but only you know how you will make your sales to the top.

Try to ponder on these notes when thinking of a business:

1.) Passion. Business may be set on profit but the core of your business should be something you love. Passion counts a lot in businesses because it also builds your determination in achieving your goal.

2.) Impact. Business is a big and competitive world, what will matter is how you make a difference to your market. How your business will impact your market. The profit of your business will rely on the impact of your business. The mark it will leave to your customers will make it grow.

3.) Three Guidelines.

If you have noticed, the three guidelines below are very simple and natural.

Passion

The first guideline will definitely minimize your expenses and maximize your sales because working on something you love will allow you to spend less. In this way, you will be a hands-on owner decreasing the number of your employees. Since the passion is high, you will discover a lot of strategies that will lessen your expenses.

Impact

The second guideline is the lifeblood of your business. It is hard to compete in the business industry. Your product may be the same with the other entrepreneurs. The only way to stand out is to leave an impact to your market. Impact may be a simple word but this is one of the hardest and most thought-of strategies of business. To achieve this goal, you must ask yourself- What is the core of my business? Who is my market? How will they remember my product? What will make them crave for my product more? How will my product leave an imprint their lives? If these questions will be answered then impact on your customers will surely be served.

Tips for Working As an Employee and Starting a Business At the Same Time

March 18, 2016

Tired of investing time into an organization where your value is overlooked? Is your productivity not fairly compensated with co-workers who perform less work than you? If you answer yes to either of these questions, it may be time to take a leap of faith and start a business.

Starting a business is common practice. Matter fact, 75% of business ownership in the United States is made up of sole proprietors, small businesses consisting of one or two people.

Don’t know where to start? Think of a hobby or passion such as crafting, writing, poetry, cooking, etc and determine if it can be turned into a service, product or both that can serve a consumer need.

Small business experts such as SCORE and the Small Business Administration (SBA) are excellent resources to help launch your business efforts. To supplement SCORE and SBA, the information below addresses important steps to start a business.

Build a Mind Map

Mind Maps are spider-like diagrams, commonly referred to as brainstorming. A mind map begins with a question or statement, “I want to start a business.” The goal is to identify business objectives, strengths, weaknesses, opportunities and threats. Generally a vision and mission statement is outlined in the mind mapping stage.

Study the Industry Leader

No greater resource exists than companies or individuals at the pinnacle of their industry. Ask yourself, Why are they leaders? What managerial style do they employ? Competition exists in every industry, it’s the foundation of a free-enterprise economy, where consumers benefit from competing companies. Identify the leader in your industry and study them intimately.

Join Business Groups

Success, inspiration and optimism carry positive undertones, but if accompanied with pessimism, fear and depression, business success is difficult. It is essential to develop a network of individuals sharing common business interests such as growth, sustainability and profit. Build a stable of like-minded business individuals to stay motivated when challenging times emerge.

Online communities provide a gateway to individuals and companies sharing dos, don’ts and valuable business resources. Tap into them. Locate the local Chamber of Commerce that exist in every US city. Attend in-person and online business seminars to understand other challenges and opportunities business owner face.

Establish a DBA or LLC

Establish a Doing Business As (DBA) or Limited Liability Corporation (LLC) to separate personal and business assets and liabilities. Contact the clerk’s office in your county for directions on how to set up a DBA or LLC. Once the DBA or LLC certificate is in hand, open a business checking account and apply for an Employer Identification Number (EIN) through the Internal Revenue Service (IRS).

Lease a PO Box

Use the newly created DBA or LLC certificate to lease a post office box. Use the physical address of the post office location as your new business address, citing the box number as the suite number. For example, 619 North Haven St, Suite 845, Orange, CA, 92702.

Create a Website and Print Media

Regardless of how well your service or product is, without marketing, your business is invisible. Nearly two billion smart phones line pockets and purses of consumers, and expected to grow in years to come, thus establish an online presence with a website and optimize for mobile phone users. Invest in a freelance writer and graphic designer to create your voice and branding.

Additionally, create print-based media promotional products such as business cards, tri-fold pamphlets, car magnets and other stationary products to promote your business.

Become a Successful Business Owner?

February 18, 2016

First, why do most people like the idea of owning a business? Reasons why people admire owning a business is that it is impressive and prestigious. And also business ownership is economically good for society and one’s descendants.

Why is ownership of business good for society is simple, most businesses depend on people to sustain its growth through employment. Business pays taxes to the community and supports the community; also trades with other businesses to help establish a trade balance especially overseas. The benefits of business ownership go on and on.

As an inheritance to one’s offspring is impressive and beneficial. We have to understand that not everyone can own a business. And not every idea will yield a successful business. Some talents work best in employment situations whereby there is collaboration with others toward a productive output. However, if a person owns a business they are likely to pass on the ideas or trade secret to their children. Who may be able to sustain the company and further increase the capacity of the company all together. This type of benefit is lost if a person works for a company. Once you leave the position of the company that is the end, your relationship with the company may not continue.

Now owning a business is not as easy as it looks. In fact, it is extremely challenging especially in the early years. And the challenge can even intensify if one is not financially prepared before starting a business. However, like most successful outcomes one must be skilled, disciplined and focused to achieve a positive result.

Fortunately, most small businesses are able to passed the intense phrase of starting a business. However, as most small businesses begin to earn positive revenue, they stay at that same level and do not find it worthwhile to push farther.

Here are some weaknesses of small business management that fall short in reaching their full potential.

1. Lack of discipline in their efforts and daily routine. For example, a business owner fails to follow-up with client and relies on assumption that client will contact him or her instead.

2. Giving unnecessary excuses to clients in order to procrastinate.

3. Not using or managing time effectively. Such as ineffectively prioritizing important and income related clients with not so pressing tasks.

4. Not taking full advantage of holidays and or events by planning ahead in anticipation of sales. Such as having flyers printed and ready to be distributed for holidays to increase leads or sales.

5. Not buying services in packages. For example, determine what you need to buy from a vendor, put all items together, bargain costs and payment plans.

6. Lack of marketing plan.

7. Ignoring business plan in their operations.

8. Operating without the mission or vision statements of the company.

Business Credit Building Initial Essentials

January 18, 2016

Before you start applying for business credit, make sure you take the time to verify that all agencies, banks, and trade credit vendors have your business listed with the same Tax ID number.

Business address must be a real brick-and-mortar building, deliverable physical address cannot be a home address, cannot be a PO Box, and cannot be a UPS address. Some lenders will not approve and fund unless this criteria is met.

You must have a dedicated business phone number that is listed with 411 directory assistance, under the business name. Lenders, vendors, creditors, and even insurance providers will verify that your business is listed with 411.

You MUST use a business phone number, not a home or cell phone.You should get an 800 number and fax number. Voice over IP numbers are okay, you just can’t use a home phone or cell phone.

Credit providers will research your company on the internet and it is best if they learned everything directly from your company website. You should also have a professional email address such as.

These are super cheap and easy to setup. Not having either WILL make you look not credible.

You’ll need to contact the State, County, and City Government offices to see if there are any required licenses and permits to operate your type of business. Do not apply if you are unlicensed when you should be.

Take the time to verify that main agencies (State, IRS, Bank, and 411 national directory) have your business listed the same way and with your Exact Legal Name. Also take the time to ensure every bill you get (power bill, phone bill, landlord, etc.) has the business name listed correctly and comes to the business address.

Those accounts will then report to the business reporting agencies in 30-90 days or up to three reporting cycles.

Once reported you’ll then have a business credit profile. You’ll have a good business credit score as long as you paid your bills on time.

And you’ll have multiple tradelines.You’ll need to have five reported accounts to move on and start getting store credit, the next step in building business credit.

A vendor line of credit is when a company (vendor) extends a line of credit to your business on “Net 15, 30, 60 or 90” day terms. This means that you can purchase their products or services up to a maximum dollar amount and you have 15, 30, 60 or 90 days to pay the bill in full.

So if you’re set-up on Net 30 terms and were to purchase $300 worth of goods today, then that $300 is due within the next 30 days.