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Author Archive: Kelvin Moser

WHY START YOUR OWN BUSINESS

It is a big step for anyone start their own business. It may require leaving the security and comfort of your regular job for a more unclear financial future. The success of a small business also need a lot of planning, the right amount of initial capital to sustain your needs during the startup period and a bit of luck is a possibility as well. Below are some key reasons on why you should make the step to start your own small business.

The potential income
When starting your own business, you will have the opportunity to earn an unlimited amount of profit or income based on your own efforts as well as the success or failure of your business. This is different when you are working for a company where your income is fixed or may be limited by a salary structure or your performance evaluation made by your superiors.

 

Pursuing your passion in life
One of the most important things in starting your own business is that it provides you to make a living while at the same time pursuing something for which you are very passionate about. You may have a special skill or talent such as playing music, writing or repairing automobiles that you have enjoyed doing before as a hobby. When you turn these hobbies into a business, you may find yourself enjoying your work more and feeling more fulfilled in life that can lead into a happier life in general.

It starts with a good idea
A lot of times if not all the time, great and successful companies started out with a great idea. You may have a product or service idea that can actually meet the marketplace’s unfulfilled need. By turning this idea into a business, you can actually be the first to meet this need which may result in a very profitable business venture. You can even create more profit by sharing and teaching your idea to other individuals by coming up with a business model on which you can turn into a business franchise.

 

A new lifestyle
Starting your own business can be a way for those individuals who are simply tire of the 9 to 5 life to turn their backs to the corporate world and enter into a lifestyle that is more flexible. You may be able to work in a schedule that is more flexible depending on the kind of business you will choose. This will allow you spend more time with your friends and family. A business is also something that will appeal for those people who likes to make their own decisions without having others direct them.

 

Self-expression
Having your own business allows you to express yourself and be more creative. You will not be restricted to follow a set work methodology, and you are free to make changes on the processes of your work of you want to. In addition, you can also come up with additional service or products in order to meet the demands of your customers.

 

UNDERSTANDING BUSINESS FINANCE AND LAW

A lot of business owners may not want to get involved in the finance of their very own startup small business. But it is actually really essential for you to have a better understanding of your business or company. The following are the aspects of your business that you are required to pay attention to and get right. It is important that you are knowledgeable and has a better understanding as much as you possibly can. You will be liable with all the decisions at the end of the day and not your lawyer or accountant, they are just there to provide you with professional advice. Also, do not assume that they are always correct. You can ask questions and ensure you have enough information in order to make sound decisions.

Know your numbers and set precise financial goals
Created a projected financial plan on a month to month basis which should be broken down into your revenue streams, overhead expenses, direct expenses, loss calculation and tallying up to a profit. Ensure that your 12-month projection is on the same worksheet with a total of the year. It is important that you track this every two weeks and entering the actual figures in the column next to the month you are in at the moment. This will provide you with an easy and quick way of following the activities of your business, including revenue streams that may not be performing well, what is going on with your expenses as well as overall profit and loss. You will be able to also see month to month patterns which will provide you with an indication on where you should be focusing your energy on. You can compare your estimates at the end of each year with the actual data and make use of these information to come up with a plan for the next year.

 

 

Creating budget for all expenses
Create budget for all your expenses as well and make sure that these are rightfully communicated to you business’ various departments. This will aid in keeping your spending under control. It is important that you know where and why each dollar is going out of your business.

Become the legal eagle
When it comes on the legal side of your business, be what they call a legal eagle. Review all of the contracts that you need to sight with a fine tooth comb. This is the part of the business where being lazy is not acceptable. Many individuals made the mistake of not reading the fine print, but it is a must to go through each term and condition very carefully if you are putting your signature into it. Do not be hesitant to ask question clauses or to propose any changes suitable to you and your business’ needs to make it better. If you are in doubt, have your lawyer walk you through the contract.

At the end of the day, your business is a reflection of your decisions and choices. The other element of this is that it provides you with freedom. Aside from making your own decision about what to do with your time, but also the freedom to direct where you want your business to go.

WHAT MAKES AN ENTREPRENEUR

Some would say that some entrepreneurs are just plain lucky. However, to be a successful in the business of your choice you need more than luck to be on your side to take on the challenges of the competitive market. Successful entrepreneurs are some of the most diverse, multi-talented and multiverse people you will come across. Below are some of the qualities that makes an entrepreneur:

They are passionate and motivated
Passion is one of the basic requirement for an entrepreneur. Passion is an essential trait of a successful entrepreneur. He genuinely loves what he does and is willing to put extra efforts and hours to make sure his business succeeds. He finds happiness in achieving success more than the profits he gets from the business. Success is the function of passion and motivation from creating and implementing a prototype to pitching ideas to venture capitalists.

They take risks
Entrepreneurs are always ready to face any risk. They are not afraid to face risks and challenges on a day to day basis because they understand that that is a big part of running a business. Being calculated risker is what distinguish a good entrepreneur from the rest. They make sure to look at the pros and cons before making any sound decision and try to look at all the possible outcomes then try to make an informed and calculated decision based on this.

They are flexible and adaptable
It Is very important to be open minded and adopt to any changes that may come along the way. A good entrepreneur should not be stubborn and headstrong when it comes to choosing other alternatives that may be good for the business. In addition, not being flexible about the needs of the market and clients can lead to failure.

They are self-confident
Having a strong sense of self-confidence and having a healthy opinion of their abilities and skills are also some of the qualities that makes a successful entrepreneur. They are responsible for their own success as well as believes that they can beat any competition in their industry.

They are focused on finding a solution and not on the problem
Entrepreneurs are not scared or put off by any obstacles along their journey even those that may seem impossible. A good entrepreneur will always look for ways to make ideas work while those regular individuals will simply focus on the problem itself. If faced with these obstacles, a real entrepreneur will try to realize the problem and look for a better way to overcome it.

They are innovative thinkers
It is important for an entrepreneur to be creative as well as innovative. They are mostly defined by their endless drive to come up and develop new ideas as well as always trying to enhance the existing ones. They also welcome change. An entrepreneur will be able to engage himself to analyze numerous problems and situations in order to deal and face them by having innovative ideas and having a creative way of thinking.