5 Steps To Setting Up Your Own Business

So you've decided that now is the time to set up your own business. Congratulations, it's a brave move but in my experience it's the best decision you will ever make! Now that you've decided to take the leap, there are 5 key steps to getting set up that will stand you in good stead.


1. The Idea

For me, this is always the hardest step. There are so many products and services to potentially get involved with that it can be hard to choose. My advice would be to focus on an industry that you have worked in previously or have a good knowledge of. This will give you a head start in your planning as you may already understand the competition and opportunities in the market.

One thing that works well, particularly when going down the product route, is to look for either an exclusive or a way to create a product under your own brand name. Plenty of suppliers will label your products under your brand name, good examples of these for getting started in selling products online are Alibaba, VapeLab, and Print Clothes. These sites and more will let you create custom branded products, helping your business to stand out amongst the crowd.

If you go down the service route, try to not simply copy other ideas. You may be entering a marketplace with plenty of competition, but try to find a way to differentiate yourself and give yourself a unique selling point (USP) that will appeal to potential clients. This can be tricky to do, dependent upon your niche. There's nothing wrong with borrowing elements of competitor's strategies and amending them to create something unique.


2. Funding

Once you have your idea, it's time to create your business plan. The crucial part of an initial business plan is naturally going to be funding. Whether you are planning to save up yourself or take investment you need to consider a lot of different factors here, such as:

• How long can you survive without taking a wage?
• What's the lowest wage you can live off?
• What are your startup costs?
• Do you really need a physical premise, or can you work from home?
• Will you need to hire people straight away?

These types of questions will give you an idea as to how much funding you need to survive that first crucial year, both as a business, and with your personal finances.

There are a number of options available for funding, from bank loans to private investment. Crowdfunding has also become a credible option with sites such as Kickstarter successfully funding numerous startups with creative ideas. Crowdfunding ensures you don't have a high level of bank interest or a single powerful investor applying pressure.


3. Making The Leap

Once your business plan is set, and you're confident about your plans it's time to make the leap. This may mean leaving your current employment if you are currently earning a living, or it may just mean formalizing the business.

Register yourself with the relevant authorities including the taxman at an early stage to avoid any surprises later on.

Once you've made the leap and are out of your current employment, make sure you make a big noise around your launch. Get friends and family to share your brand socially, and make your launch a big deal. This will help with step 4, your marketing strategy.


4. Marketing Strategy

You will no doubt have thought about your marketing strategy, in terms of how to generate new customers whilst planning everything out and creating a business plan. However, when you are actually live and running your business the marketing strategy becomes even more important.

Making a big noise at launch should be complemented with other activity in the form of advertising, content marketing, social media, event attendance and other marketing dependent upon your niche. The problem is, the word of mouth element from your launch may be keeping you quite busy in terms of work at this early stage (hopefully), which means that you don't have quite as much time to focus on your marketing strategy as you need.

Make sure you keep some time back from your schedule to continue with your marketing efforts to keep work coming for the long term. Many startups fail because their initial business development from word of mouth is strong, and they don't feel the need or have the time to continue to invest in their marketing for the long term benefit of their business.


5. Surviving The First Few Months

Believe it or not, the setting up part of your business is by no means the hardest part. Once you've made that leap into self-employment or running a limited company, you need to make sure you survive the first few months. The first year is always the biggest challenge, but the first few months can be particularly challenging in terms of generating new customers, getting your name out there, and dealing with issues like cash flow. Prepare for this carefully in your business plan - expect the worst and make sure you can survive it and then you will be in a position to thrive as your reputation grows.

Best of luck with setting up your new business - by careful planning and forethought you can give yourself a much higher chance of success. Strap yourself in for the ride, there will be plenty of ups and downs, but running your own business may be the best decision you have ever made.


About The Author: Bryan Staggers is an online entrepreneur who runs numerous ecommerce sites such as VapeLab. Bryan enjoys writing to share his experience in setting up businesses, with a particular focus on online revenue creation.

Did you find this article helpful? Please let Bryan and myself know by leaving us your valued comments below.

Would you like to guest post on the blog? Please use the Contact tab above to get in touch if you write business-related articles or articles on the topics of Internet Marketing, Affiliate Marketing, Social Media Marketing/Optimisation (SMO), Blogging, Search Engine Optimisation (SEO) or Search Engine Marketing (SEM).

Related articles:
Is 2014 The Year To Go Entrepreneur?
Could Franchising Be The Right Route For You?
How To Survive Your First Two Years As A Start-Up
Q & A: What To Consider When Setting Up A Home Business
Most Important Steps To Draft Your Business Plan
Legal Issues For Setting Up A Business

For more business tips plus helpful articles on setting up your own business, use the following links:
http://www.derekjones.co/search/label/Business%20Tips
http://www.derekjones.co/search/label/Business%20Startup


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Is 2014 The Year To Go Entrepreneur?

The New Year is upon us. As our current year provided its own share of opportunities and challenges, 2014 promises to be no less of a roller coaster for the globe, with events such as the Federal Reserve no longer keeping the interest rates at rock bottom levels, China stopping their stockpiling of US treasuries, China again with its territorial saber-rattling in southeast Asia, parts of Europe still getting back up on its feet, and the uncertain affairs of state between our country and Russia, seemingly rising back to power since the disbanding of the USSR so many years ago.

For whatever happens in the coming year, there will always be the compulsion for a few courageous people to break out of their chains of employment and set out for themselves as entrepreneurs. Truth be told, there is never a truly right or even a wrong time to do so; it is a combination of presented opportunities, personal determination and ability, and simple dumb luck.

Regardless, in the same vein that we still bother to predict the weather despite the chances of inaccuracy, this little article will try to inform your decision on whether you should start chasing your entrepreneurial dreams this year:


Higher Interest Rates

The cycle of borrowing, spending and paying back debt is what keeps the modern economy flowing, and in our nook of the globe, the Federal Reserve controls interest rates. They have decided that on 2014, the cheap money won't be so cheap anymore, and that means it will be a bigger challenge to turn out a profit from borrowed funds.

This is a negative, for the most part. Companies big and small will have to exercise more fiscal discipline as it becomes harder to borrow and pay back money. Cutting down on the excess and practicing a little austerity here and there will go a long way in keeping the bottom line in the black.

For the entrepreneur starting out, the growing pains will all the more be painful with a steeper interest rate. Make certain that you will make each and every cent of your seed money count.


Optimistic Projections for Global Economy

Willem Buiter, the head honcho economist of Citigroup, thinks 2014 will be the year that the global economy will start picking up pace, compared to previous years behind it. It might not be anything dramatic or ground-breaking, but a consistently growing global economy is preferable to a stagnant or shrinking one.

Barring any unanticipated (I have trouble believing that any major geopolitical events are unanticipated by the powers that be) events in the world, there are no expected bubble bursts or double dips, according to their very extensive, near 100-page outlook.

For the US-based entrepreneur, putting these two factors together seems to suggest that if one were to start a business, perhaps it should be on foreign soil with friendlier interest rates, but an equally pro-investment environment.


China May Not Be As Friendly

If part of your business idea involves cheap labor and manufacturing via China, then you might want to hold off for this year, or perhaps find another country to do your offshore operations. As I mentioned before, China just decided to stop buying US treasuries, a move that could be considered a passive-aggressive offensive economic maneuver at best.

There's also the already-heated territory dispute China versus pretty much the rest of Southeast Asia. The US has a ton of allies in that part of the world, like economic partner Japan, South Korea, and the Philippines. Given the volatility of the situation, and China's propensity to enact inflammatory moves against countries that oppose them, your investment suffers the additional risk of a hostile government seizing it.

Fortunately for you, there are other countries that have low-cost yet trained (or trainable) labor forces that can accommodate your entrepreneurial ambitions. In the same region, Indonesia and the Philippines appear to be the best prospects.

Don't just take this article's word for fact, dig into the Internet to do more research and see the actual numbers. I wish you the best of luck, entrepreneur-in-the-making. Onward to prosperity in 2014!


About The Author: Michael Green is a veteran of the rat race, having worked at a business consultancy firms in San Francisco and New York for most of his young adult life. He left on his fortieth birthday to become a fully self-employed entrepreneur, and settled in San Diego to pursue various opportunities within the city.

Did you find this article helpful? Please let Michael and myself know by leaving us your valued comments.

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Until my next post tomorrow on 7 things you need to know about SEO in 2014, have a great Tuesday! See you back here tomorrow!

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Could Franchising Be The Right Route For You?

Starting a business is an exciting but challenging time and the reality is that over 50% of startups fail within their first year of trading. This can be down to a number of factors including employing a weak business model, poor marketing and a lack of capital.

In contrast, franchises tend to have a far higher success rate than new businesses because they already have a proven business model and a strong marketing plan with a powerful brand behind them. As a result, it's well worth at least finding out a bit more information about franchising and whether or not it could be the right route for you if are considering setting up you own business.


What is a franchise?

If you aren't already familiar with franchising, the idea is quite straightforward; essentially a company grants an individual the right to sell their goods and services in an area and trade under their name. Many high street chains aren't 100% corporately owned and choose to operate franchise models, so it's not something that hasn't been around for a while. Popular franchises include McDonalds, Subway and Cash Converters.


The benefits of starting a franchise

There are a number of benefits to setting up as a franchise, most of which will differ slightly in different models, but generally speaking there are a number of benefits to starting a franchise. Express Accountancy, one of the UK's leading accountancy franchises have come up with the following benefits that being a franchisee can present.

• Raising finance can be easier - One of the toughest things about setting up you own can be raising the finance you need. You can find yourself being turned down by countless banks, even if you think that you have a full proof business model. Many franchisors have strong relationships with lenders and it can often be easier to obtain the required finance as you'll be operating under a proven business model.
  
  
• Franchisor usually handles sales and marketing - Sales and Marketing isn't the easiest thing as a startup, in fact, a lack of any real strategy in this area is a big reason why so many businesses tend to fail in the early stages. However, as a franchise owner, your franchisor will often take care of a lot of this. Say for example you choose to operate an accountancy franchise, the franchisor is likely to have established some successful lead generation channels already and you will benefit from this.
  
  
• A proven business model - Successful and sustainable business models can take years to fine tune and as a startup, you'll need to learn from your mistakes quickly to ensure that you are operating the right model. As a franchise, you'll already be part of a model that has been tried and tested, which means that you can focus more on the day to day running of your business and making it a success, rather than constantly tweaking with operations and processes.
  
  
• Franchisors will help and guide you - It's in the best interests of the franchisor for you to make a success of your franchise and many franchise models include training and unlimited support. Let's go back to that accountancy model, you could be the world's greatest accountant but have no experience of running a business whatsoever, well this is where the franchisor can help. Usually they'll offer training to prepare you for managing your business and if you need any help or guidance along the way they should have support systems in place. You aren't on your own!

Starting your own franchise

The process of starting your own franchise will vary greatly according to which franchise model you decide to adopt. Each franchisor will have different process and expectations of potential franchisees, so make sure you read through the franchisor's prospectus and website to get a better idea of the process from start to finish.

As was mentioned earlier, in terms of raising the finance required for your initial franchise fee and any other costs that need to be covered, make sure that you speak to your franchisor as they may have good relationships with certain lenders if you are struggling to raise the finance yourself.


Is franchising the right route for me?

Only you can answer this question, the facts are there, you get more support with a franchise and they have a higher success rate. However, maybe you are someone who is fascinated by building up a brand and really going it alone. Sit down, weigh up the pros and cons of both and take those initial steps to being your own boss.


Did you find this article helpful? Do you run a franchise business? Please let me know by leaving me your valued comments.

For more business tips, use this link:
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How To Survive Your First Two Years As A Start-Up

The Great Recession and subsequent recovery has been rough for just about everyone, unless you are fortunate enough to be one of the 1%. But for a lot of people, it provided the opportunity and the determination to begin their own businesses.

However, the recovery hasn't been all that kind to new business start-ups. While the failure rate for new businesses has always been quite high, the failure rate rose by 40% between 2007 and 2010.

On the bright side, there are a number of successful people who are more than willing to share their stories with newbies, and much can be learned from both their mistakes and their triumphs.


Don't Be Afraid to Fail

Sara Blakely, the founder and inventor of Spanx slimming shapewear, had this to say about advice her father gave her when she was growing up: "My dad encouraged us to fail. Growing up, he would ask us what we failed at that week. If we didn't have something, he would be disappointed. It changed my mindset at an early age that failure is not the outcome, failure is not trying."


A Handshake is Great, But Get it In Writing

Marcia Kilgore, the serial entrepreneur and creator of lifestyle and beauty brands, says a friendship in business can only take you so far. "Get everything in writing, especially with business partners. When you're starting out, things can be quite friendly and exciting, but people's memory can change due to money."


Let Your Customers Be Your Best Marketers

You might have the snazziest marketing campaign in the world, but it's a lot cheaper and frankly more convincing if you can get your customers to market for you. When you have a great product and you treat your customers well, they will tell other people about your company. Provide a good forum for feedback, do care about what your customers think, and they will not only come back for more, but they will bring others with them.


Better than the Competition

If you are not either better or cheaper, then you really have no reason to exist. Take it from Jim Koch of Sam Adams fame: "You have a viable business only if your product is either better or cheaper than the alternatives. If it's not one or the other, you might make some money at first, but it's not a sustainable business."

On a more concrete level, here are some specific things you can do to cut costs and make sure your business has a decent chance to grow:


Control Inventory

If you carry inventory, make sure you are not carrying far more than you need. Not only do you have to pay your suppliers for goods that are sitting around, you also have to shell out money for storage. Keep only enough on-hand to suffice until the next supplier delivery date.


Shorten Receivables

Make sure that your customers are paying as quickly as they should be. If your terms have been overly generous in the past, send a note to your clients that terms are changing, and be sure to BOLD the due date on invoices. Start collection efforts as soon as the payment is late.


Consult your tax accountant for any overlooked breaks

Deduct all equipment purchases as quickly as you can. If you are going to lose money this year, investigate carrying it back to a previous year. Make sure you are deducting health premiums and self-employment tax. And if you have not yet started up your new business venture, be sure to look into the tax atmosphere of the state where you plan to locate. Some states are friendlier than others.


Don't Spend Money Until You Have Money

And finally, from the founder of DailyCandy, Dana Vely: "When we used to put candy in our media kits, I would go to the Duane Reade store the day after Easter because the candy was on sale. Of course, it's important to spend on certain things in the beginning. You need good servers but you don't need Aeron desk chairs."


About The Author: The article was written by Audrey, who is working for Wallace & Associates, a Sherman Oaks CPA serving the Los Angeles area.

Did you find this article helpful? Please let Audrey and myself know by leaving us your valued comments in the comments section below.

Would you like to guest post on the blog? Please use the Contact tab above to get in touch if you write business-related articles or articles on the topics of Internet Marketing, Affiliate Marketing, Social Media Marketing/Optimisation (SMO), Blogging, Search Engine Optimisation (SEO) or Search Engine Marketing (SEM).

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Until my next post on Friday on how Pinterest can help your small business, enjoy the rest of the week! See you back here on Friday!

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Q & A: What To Consider When Setting Up A Home Business

Many people dream of working from home to enjoy a greater work/life balance, avoid the daily commute and experience a more relaxed business setting. If you're about to embark on a home-based venture, read our helpful question and answer guide for inspiration.


Q - How much does it cost?

A - The cost of setting up a home business varies greatly depending on your industry. If your work will be computer-based, you might need to pay for a professional website to be set up, invest in a special desk and an ergonomic chair and pay for things like a business phone line, broadband, virus protection and promotional goods like business cards.

If you're planning to make things, you might need extra space, a workbench, special lighting and equipment. You'll also need to pay to register your company name and might need to pay for business banking services if you want to set up a dedicated account. Other costs to take into account include utility bills, subscriptions to unions and potential insurance costs.


Q - How much room will I need?

A - Again, the amount of space you'll need will depend on what it is you want to do. You might have a spare bedroom or a box room you could convert into a home office, or a shed or garage where you could set up a workbench and store any equipment. You could find setting up only requires a corner of your home with a small laptop table and chair squeezed in, and some stylish metal shelving for storing your paperwork. Take a look at storage supplies for your business at BigDug.co.uk.


Q - Will I need insurance?

A - If customers will be visiting your home or if you'll be travelling to them, you might need to make sure you have insurance to cover accidents or claims that arise from your dealing with clients directly. You'll need to make sure your property is safe and check for any hazards or risks. Public liability insurance can give you financial protection in these situations.

You may also need to amend your contents insurance to cover your equipment, and also take out buildings insurance depending on the type of business you'll run. An alternative is to invest in a specialist policy for home businesses.


Q - Do I need permission?

A - If you want to start your own business, you might need permission from a number of people first. If you already work for a company but want to set up your business on the side, you may need to check your contract or speak to your boss to ensure you can do so. Some contracts have clauses that specify that you can't set up in competition while you're working for the company, or enter into additional employment. However, it's worth asking someone directly as the firm may be happy for you to run your own business and give you written permission to do so.

Another person you may need to check with is your landlord if you live in rented accommodation or your mortgage provider if you're paying back a home loan. If your business doesn't require changes to the property or visits from clients, you may find your plans can go ahead without any problems. However, if you want to alter the building or start taking visits you may have some negotiating to do.


Did you find this article helpful? Please let me know by leaving me your valued comments in the comments section below.

Related articles:
Get A Head Start On The Holidays With A Home-Based eBay Business
The Business Of Pleasure: Profiting From Your Hobbies

For more business tips, use this link:
http://www.derekjones.co/search/label/Business%20Tips


If you found this or any of my other posts helpful, don't forget to share the posts to your favourite networks using the toolbar below or by using the "+1" and "Share" buttons located at the bottom of each post.

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Until my next post tomorrow on the topic of commerce journalism aka affiliate marketing, enjoy the rest of your day! See you back here tomorrow!

© 2013. This article is DMCA protected. Republication is prohibited.

Get A Head Start On The Holidays With A Home-Based eBay Business

It's only September but a slice of American consumers already have an eye on holiday shopping this year. A survey by RetailMeNot.com found that 10 percent of consumers interviewed said they were starting their holiday shopping before November. If you run a home-based eBay business or are thinking about starting one, now is the time to get a jump on the holiday shopping season.


Look Like a Business

EBay is a competitive landscape with thousands of others selling online just like you. Whether you're selling a few items or managing a large inventory (more on that later), you want an image that looks professional. Most of this starts at your auction template - essentially the design behind your online store. EBay gives a tutorial on creating and managing auction templates or third-party companies like Page Mage will create and manage templates for roughly $5 per month.


Inventory and Shipping

You should have a scope on your inventory before listing that first item. Listing a low amount of items (30 or fewer) is manageable without the help of extra software or auction management companies, but anything more than 50 might get overwhelming. Companies like Auctiva manage an unlimited number of listings for about $15 per month, a necessary opportunity cost if you want to sell big for the holiday season.

Shipping expenses could be one of your biggest financial downfalls if not properly handled. Miscalculating shipping costs can add up to a small amount per auction, but combined that loss can be devastating. Services like USPS will send you free boxes for shipping so long you use their priority service. Enterprise address software can help manage large-inventory shipments and cut down on shipping times, which is crucial for positive feedback and seller ratings since timeliness is a touchy subject around the holiday season.


Use 'Buy It Now'

Driving up an auction price is a great way to earn the most on each listing, but most shoppers want the same convenience they'd find on a retail site like Amazon. "Buy It Now" gives shoppers the ability to click once and be done with it, and it's an instant payment in your account. Every item you list should have a "Buy It Now" price that competes with the market price in other online stores.


Create a Social Presence

Don't just rely on shoppers to stumble upon your listings - create a brand for yourself. Social media is a power tool when it comes to marketing and turning a small business into a brand. Leverage a few of these networks to complete the social circle and draw more customers to your listings.

• Create a Pinterest account and "pin" images of your products as they go on sale.
• Use Twitter to connect with others and share stories behind the items you sell - start a conversation.
• Create a Facebook page to post listings and invite others to comment and share feedback.
• Join a Google+ community that relates to the type of items you typically sell. Most communities allow for some self-promotion.

Start Today

A lot of your competition is still riding the wave from summer sales. Take advantage by starting your holiday sales while the rest are wrapping up for Halloween.


Did you find this article helpful? Please let me know by leaving me your valued comments in the comments section below.

Related articles:
Using A Blog To Promote Your eBay Store

For more business tips plus helpful articles on marketing your business on social media, use the following links:
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If you found this or any of my other posts helpful, don't forget to share the posts to your favourite networks using the toolbar below or by using the "+1" and "Share" buttons located at the bottom of each post.

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Until my next post tomorrow on what to consider when setting up a home business, enjoy the rest of your day! See you back here tomorrow!

© 2013. This article is DMCA protected. Republication is prohibited.

The Business Of Pleasure: Profiting From Your Hobbies

Executive business coach Joyce Reynolds told Forbes in 2012 that your hobbies give clues as to what can ultimately become a career you love. Kim Lavine of Grand Rapids, Michigan is a great example of this. She used to make microwaveable pillows for gifts. But when her husband became unemployed, she turned her few-times-a-year hobby into a $1 million business within four years.

Many people who love their hobbies cringe at the prospect of converting those spare-time pursuits into money-making opportunities. Being an entrepreneur might be the subject of dreams, but starting your own business could be a thing of nightmares.

Track your expenses, tally up what you've made; you might be surprised. It's no joke that small businesses in this country are big business.


What to Do About It?

The IRS, that government agency that Americans love to hate, publishes some not-always-so-easy-to-understand guidelines regarding hobbies and sideline businesses. Here's the scoop on it:

When you operate a small business, even under your own name and out of your house, you must play by different rules. Early on, you should begin to account for your time, expenditures, and income in a different way. A business, according to the government, exists to make a profit. But, if it doesn't, as long as the records are legitimate, detailed and supportable, you may be able to claim business losses. You can deduct these from personal income, thereby decreasing potential tax liability, as the IRS outlines.

Hobby losses are limited, and expenses to sustain a hobby are treated differently.


Okay, I Have a Business. What Now?

Keeping good records is the prime directive. Any funds you spend to set up shop, literally or figuratively, should be tabulated. Separating personal expenses from business expenses is paramount. Your lunch at a fast-food outlet is not a business expense under most circumstances. However, picking up the tab for lunch with your banker at a white-tablecloth restaurant might be. Of course, if you're seeking a loan, that might give the wrong impression.

One way to keep track of business expenses is to apply for small business credit cards from American Express. Using the same card for all your business charges not only simplifies record-keeping. It can categorize expenses, detail your cash flow needs, point out spending patterns and enable growth, if that is your goal.


Other Considerations

Certain other expenses which apply to business operation may also impact your personal life. A portion of home expenses such as utilities, insurance and even mortgage payments and taxes, may be deductible. If you use your vehicle for business purposes, you should keep detailed mileage records. If you purchase insurance of any kind, keep every bit of information.

Operating a small business from your home need not be complicated. But, you will at some point probably want to consult with a professional accountant. Likewise, deciding on a business structure may be important. There are numerous resources to assist you such as SBA.gov. Be sure to check local and state requirements for operating as a business.

Finally, remember that there are no rules to prohibit you from making money through your hobby - the limitations are all in your head!

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Business Proposals: Plan For The Long Term

Solid business plans don't guarantee success, but they certainly help.

Not only is a plan an effective guide for the short and long term direction of a company, it can also remind you of your initial goals when starting out - thus helping you to avoid straying too much from your original motivation.

A good plan accomplishes three important tasks - first it aligns the management team to a common set of goals, then it helps to find ways in which to achieve them and finally it acts as a sort of sales document to attract potential clients and investment - after all, having a clear plan suggests confidence.

The best way to put your plan together is step by step and in manageable chunks.


Summarise

Remember - less is more so don't worry about going into minute details but do ask yourself the following questions to help form an effective summary of your company.

What does your company do? How can consumers benefit? Why will it be successful? Do you have a unique selling point?


How are your customers?

Now is the time to focus on detail - imagine your target customers. Who are they? How old are they? Where do they live? What do they like/dislike? What type of products do they buy? What is their income?

And now that you can clearly see the consumers who will be buying your product or using your service, go back to your business description and ensure it matches your market.


Know your competitors

So you know your customer, but do you know your competitors? This is also an important aspect to include in your business plan, even if you feel you have a unique product and selling point.

Knowing your rivals - so to speak - will help you further carve out a niche and find out what their customers are not happy with so you can provide it. In addition, it can help you to price your product or service accordingly.


The nitty gritty

Of course, one of the most important aspects of any proposal is considering the financial side of your business.

While this may seem like the most daunting part, there are plenty of guides online that can help you to make sure your plan is airtight and takes all eventualities into consideration.

Your plan should cover at least a three-year period, with the most detail given for the first year. Creating a spreadsheet is a handy way to see projections clearly and to easily keep track of your finances.

Include all outgoings - no matter how small or insignificant - and a sales forecast detailing how much revenue you expect to gain. In terms of overheads, remember to think very carefully about technology, as adopting the right systems early on can help to make savings in the future.

Forking out for cloud computing for example, may seem like an unnecessary extravagance, but this type of technology allows a greater deal of flexibility - meaning later down the line you could offer remote working to employees. This is turn will reduce overheads associated with desk space, an IT department and more.

Similarly, adopting free conference call technology as a way in which to communicate with colleagues and clients, is both inexpensive and allows for greater degrees of flexibility as well as room for growth should your business be looking to expand into overseas markets.


Did you find this article helpful? Please let me know by leaving me your valued comments in the comments section below.

Related articles:
Most Important Steps To Draft Your Business Plan

For more business tips, use this link:
http://www.derekjones.co/search/label/Business%20Tips


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Until my next post on Tuesday with tips for preventing a Google penalty, have a fabulous and fun-filled Summer Bank Holiday weekend! See you back here on Tuesday!

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Most Important Steps To Draft Your Business Plan

In order to reach your destination without wandering around and wasting your valuable time and money, it is always sensible to carry a road-map. Similarly, if you do not plan your business in the beginning stages, you can lose plenty of priceless time. So, a well documented business plan is going to be a road map towards sustained success in the long run.

Several entrepreneurs simply jump into a business without conducting any research or without a concrete plan. Very soon, they find themselves without finance, and with no back-up plan to market their business.

Steps you should follow to draft your business plan:


Research:

Use catalogs, articles, and direct discussions with business owners and possible customers for research on your niche area. Study your forte marketplace, about other contenders, and operational costs. Note down these details carefully. Also mention the sources of your information, because you will be referring to your research while creating a concrete business plan.


Build up on a strategy:

To start with, try and adopt industry standards for best performance. By doing this, you'll be working on the plans that have been successfully utilized by other businesses. After you gain experience in the later stages, you can personalize the strategies to carve a unique reputation, which would differentiate your business from your competitors. This will give your organization an exclusive recognition, which will help your business grow.


Calculate revenue prognosis:

Bookkeeping is very important for the success of any business. You will need to create a daily activity report which will have information on all the everyday expenditures, be it big or small. You will also need to create a forecast report on the operational costs for one-year, five-year, as well as long-term forecasts. Then draft income estimations for the same period. Your estimations must be prepared on the basis of your research and historical data. Your predictions must be totally sensible or realistic from the very beginning.


Sketch a draft:

If you conduct a meticulous market research, then sketching a draft will be easy. It will flow naturally from your researched data. Your business plan document must be broken down or categorized into various sections like Executive summary, Industry analysis, Company analysis, Competitor's analysis, Customers' analysis, Operational plan, Marketing plan, Financial plan, Management team, and Appendix.


Modify and file the draft:

Revise the draft for logic and totality. Remove the repetitions as business plan must be short and concise. Check for grammatical, formatting and punctuation mistakes. You can also hire someone skilled to look into your business plan, because the exhaustion caused while creating this plan can make you overlook conspicuous defects.

Even if your business is blooming, don't overlook the market analysis and competitive analysis. You have to open doors for more details and your business plan will be more attractive to shareholders.


Benefits of business planning are:

1. Creates concentration and a feeling of purpose and ownership.
2. Clearly establishes working challenges, obstacles and commitment.
3. Defines precise operating and team development proposals necessary for development.
4. Establishes financial goals.
5. Describes the operating precedence.
6. Targets your marketing strategies in the competitive market.
7. Creates strong bonding with shareholders.
8. Focuses on the significance of serving internal and external clients.
9. It crafts a meaning for a durable success.

The first thing before starting any business is to draft a well documented business plan, which covers both the short term and long-term goals. Visit here for more write-ups by Flamingo.


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A Guide To Setting Up Your Own E-Commerce Business

I hope you all had a fabulous weekend. This week and because I haven't covered this topic before on the blog, I will be publishing three articles on e-commerce.

Today's article by our guest author, Wayne Barker will provide vital information on setting up your very own e-commerce business. On Wednesday, there will be an article explaining the benefits of incorporating SEO within the design of an e-commerce website and finally on Friday, there will be a second article by our guest author, Wayne Barker which will provide information on marketing your e-commerce business.

I hope you enjoy reading these three articles and as with all my blog posts, don't forget to share and leave me and our guest authors your valued comments within the comments section. Remember, your feedback is very important which not only shows that you found these posts helpful, but also helps to determine future blog posts on Derek's Home and Business Blog.

Thank you and without further ado, here's the first of the three articles on e-commerce...


A Guide To Setting Up Your Own Ecommerce Business

Setting up an e-commerce business is easier than it's ever been, well, at least on the surface. These days, you don't need to be a tech expert to get an online store front working. However, attracting people to that store, getting them to hand over some money, and then having internet fulfilment services in place to make sure they get their product is a little more complicated. If you want to make sure that your store is a success, then make sure you know the answer to these questions:


1. Is Your Idea Actually Good?

If you're setting up a store, it's because you want to sell something. Before you go through the process of building a site, accepting payments, and sorting out efulfilment, do some market research. Are you sure your product is good? Would people want to buy it? If you're planning on dropshipping, selling handmade goods, or selling ebooks, you might want to use an existing store (eBay, Etsy, or Amazon respectively), instead of investing in tech yourself. Yes, existing store fronts charge fees, but in return for those fees your product will be put in front of far more people than you could ever hope to attract to your own website.


2. Who Are You Selling To?

If you're sure you want your own store, the next thing to figure out is who you want to sell to. This will affect the domain name you buy, and the payment options you take. If you're aiming at a specific country, then a local top level domain (such as .co.uk for the UK, or .de for Germany) is a good idea. If you're aiming internationally, you'll want a .com.

For payment options, most people would instantly think of Paypal and Google Checkout, but that doesn't mean they're the only options out there. If you're aiming your product at young people, you might want to accept UKash or other currencies that are designed for people who are too young to have a credit card.


3. How Will You Ship Your Product?

The issue of internet fulfilment services can make or break a company. If your website takes off and you get a lot of orders, will you be able to fill them in a timely fashion? Storing your product in your spare room and boxing up orders every evening before bed will work while your company is young, but it's not something that you can sustain in the long term.

Outsourcing your internet fulfilment is a good way to protect your business from the teething troubles that are all too common as a company starts to attract more attention. Outsourcing can be a scary proposition at first - especially if your business is a labour of love, but it is a good thing for your business. Specialist packing, shipping, and even customer service companies can usually provide better service than you can in house, and for less money too. This means that you, and your customers, gain from it.


About The Author: Wayne Barker writes for Hallmark who are internet fulfilment services experts.

Did you find this article helpful? Please let Wayne and myself know by leaving us your valued comments below.


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Until the next article on Wednesday, have a fabulous week!

Legal Issues For Setting Up A Business

If you have decided to take the plunge and make your dream of starting your own business a reality, then there may be legal issues that you have overlooked and will need advice on. This post from Pannone Solicitors in London will hopefully steer you in the right direction to make sure that your business is legally ready for a great start.


First things first

Are you setting up this business on your own or with someone else? If you are going it alone then you will probably want to start as a sole trader until the business expands, you may then wish to become a limited company, this is something you should discuss with your solicitor as they will be able to give you personal advice based on your circumstances.

If you are setting up with someone else a partnership agreement will have to be drawn up to safeguard against disagreements in the future or if one of you decides to leave the company you will know in advance what your legal position is.


Let's talk shop

If you have found premises to hold your new business venture in then you need to be aware of any legal issues that may surround a change of use for example. This could require planning consent from your local authority, so be sure to check this out. If you are setting up your business from home then you may not need permission if it will not change the primary purpose of the building from a residential property. This is something you should enquire about to your local planning department; your solicitor should be able to give you advice on this too. They will also be able to look over a tenancy agreement if you go into rented premises.


Expanding

At the stage when you are ready to employ people there are so many employment laws that need to be adhered to that it is worth going over your service contracts for your employees with a solicitor. Many employment disputes arise from poorly constructed contracts so it is vital to seek legal advice on this. When you take on employees it is important to acquire the relevant insurance to protect you from a costly accident at work claim.


What next?

There are many more issues that need to be thought about when setting up a business, it would be a very lengthy article to fit them all in. There are licenses that need to be acquired for the sale of certain goods for example and if you are producing a unique product you need to make sure that your competitors cannot steal your design. These are all points that your solicitor will be able to guide you through.

For the best chance of success be sure to get legal advice from the start so that your business is prepared for a healthy and professional start.


Did you find this article helpful? Please let me know by leaving your valued comments below.


If you found this or any of my other posts helpful, don't forget to +1 or share the posts to your favourite networks using the toolbar below or by using the "+1" and "Share" buttons located at the bottom of each post.

As ever, if you want to stay up to date with the latest blog posts, don't forget to follow via Google Friend Connect (button on sidebar), on NetworkedBlogs, via Email (maximum of one email per day), on Facebook and Google+ or by subscribing to our blog feed at:
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