Why Start A Small Business

As with any career, there are no guarantees that starting a small business will make you happy. Even though becoming your own boss will empower you to take control of your own destiny, it will also present many challenges along the way. So why start a small business and will it bring you the happiness and the lifestyle that you yearn for?

As the current economical downturn continues to cause uncertainty, more and more people are choosing to start a small business. Some are taking this route by choice, while others are being forced due to not earning enough money, personal debt soaring and becoming fed up of waiting for things to improve. Even graduates are starting to turn their back on their chosen careers and opting for the entrepreneurial route instead. However can anyone be successful in business?

The answer is sadly, no. Even if you have the best small business ideas in the world, have a great work ethic and a determination to succeed, these things alone will not guarantee you success.

You will need to be able to market your small business idea to others. Firstly to a bank or lender in order for them to support you by allowing you to open up a business account with them and to lend you funds if your business requires it.

Then you will need to convince your customers that you have what they need. Whatever line of business you choose, there will usually be a lot of competition out there so you will really have to work hard to convince them to buy from you. This can be achieved by building up your brand, (either your product or yourself), in order for them to connect with you and to build up trust for them to buy from you. Having a good reputation is paramount for success in business.

Even when you have branded yourself well, this alone will not a guarantee you success within business. For example, even well known celebrities who have embarked on business ventures have not always been successful, despite having a great brand. For example whilst Jay Z has been extremely successful within his business ventures having co- founded many successful companies including 40/40 club sports bar, Carol's daughter beauty products, Brooklyn nets NBA, Def Jam records, Roc -a- fella records and clothing company Roca wear, fellow singer Kanye West was not so successful in his attempt at launching his clothing line Pastelle.Despite having a passion for fashion, two days after launching photos of his new fashion line, the business folded. Many believe that his interruption of Taylor swift's acceptance speech at the MTV music awards contributed to the demise of his fashion line, thus proving how important having a good reputation is in business.

I, myself know only too well how quickly things can change in business. I lost count of how many times other supermarkets opened up close to my retail outlets causing my profits to drop. However fortunately I only lost customers for a short period as they always came back to my store largely due to the excellent customer service that I provided and also because I kept introducing more lines and better promotions to give them more value for their money. I regularly reviewed what my customers wanted and made sure that I provided for their needs.

I also constantly faced stiff competition when starting up my building company. However, again, the good reputation that my company built up, along with establishing the best marketing for that business, ensured the success of that business too.

When starting a small business it is important to be able to face the challenges that it can present. As well as being able to diversify to meet the ever changing needs of your customers, you also need to be aware of how difficult it can be to suddenly be accountable to others as well as yourself.

You will suddenly be accountable to your bank manager, your staff (If you have any), your customers and also your family as they too will be dependent on the success of your business. You will also find yourself suddenly without the luxury of having a guaranteed wage, sickness benefit and pension, all of which can be added pressure especially if you have any dips in trade which can often happen.

The best way to deal with such worries is to try to keep some spare cash aside when starting your own business, as security to pay bills in case of any hiccups along the way. You will also need to regularly analyse what is working well within your business in order to stop what is not working and do more of what is working.

To close, if you have any new business ideas that you feel passionate about, starting your own business can be a great way to create a better work/life balance. It can be very exciting and rewarding but you will need to recognise that you will have to work very hard at the beginning to get your business ideas off the ground. You will also need to have a detailed business plan, work hard at marketing and branding your product or service, build up a good reputation and most of all have a passion and determination to succeed. Take it from one who knows!

My name is Roy Derrick and I have over 20 years experience in running my own business. Over the years I have set up and sold several successful businesses including a chain of retail stores and a construction company.

My wife Julie and I currently run a home based business that specialises in finding and sourcing the best ways to start a small, sustainable business working from home.

Business is our passion and that is why we set up Perfect Prosperity so that we could share our vast business knowledge with others to help them enjoy a better work/life balance.

Preparing to Sell Your Business

If you want to sell a business, it is crucial to understand why you want to sell and when. Selling a business requires planning. It is beneficial to have a business valuation conducted by independent party. This will provide an objective assessment of what the business is worth. Such a valuation will bring issues to the surface, both good and bad. These are the questions the buyers will want to know about.

A business plan is also recommended when selling. Part of the business plan will include the business's strengths, weaknesses, opportunities, and threats. This shows that the business was built with goals in mind and a plan for the future. The business plan is a great selling point and can help assuage or alleviate worry from potential buyers. It illustrates the business owner's professionalism and planning and provides a map or game plan for the business's growth.

A marketing plan in particular should be included when you try to sell a business. Advertising and marketing are the cornerstones of any business growth. If you can show potential buyers that you have a proven plan for successfully marketing and gaining new customers, then your business will be in greater demand to buyers.

Once the valuation has been conducted, the business will be attractive to potential buyers if, over time, the business is solidly profitable and generating free cash flow. Many of these in demand characteristics that should be in place when you want to sell a business may not be there for a few years. For this reason, it is ideal to prepare the business for sale. The depth and experience of management, long term customers, and profitability during recession are some of the strong suits of a business that people will want to buy. Some common mistakes made when people try to sell their business are having an unrealistic expectation of the business's worth.

No matter how expert you are, it is not good idea to handle the sale of a company on yourself. Hire an expert. A business broker is skilled in selling process and is often paid by the seller on successful sale of the business. It's important to involve an experienced team of professionals in sale process. The team should include a business broker, accountant and legal advisor.

To summarize, if you want to sell a business, make sure to have a valuation conducted. Next, be realistic on the asking price and base it on the objective valuation. Have a business plan with a marketing plan. Assemble the team of experts. Remember, selling a business is one time phenomenon. Preparing business for sale is key to successful selling process.

Tips On How To Create A Business Vision For Your Online Home Business

Creating a business vision for your online home business is really a simple process that should not take you much time thinking. You do not have to scratch your head so much to develop a vision for your business. You just have to take a few moments in your free time when you are in a relaxed and good mood to think about the future of your business and where you want it to be. Make a walk through the future of your business while asking yourself and getting answers to the following guiding questions:

1. What do you see currently happening in your business?

To create a good business vision, you have to focus your mind on seeing in your eyes what actually is taking place in line with the general trend of your business. Look at it in various aspects to have a bigger picture of it.

2. How does your business look like?

Focus on how you see your business. Focus on the small details like appearance, products offered, organization, traffic, accessibility, loading time, target group and many others. What does it have and what doesn't it have?

3. Which kind of customers do you have?

If you really have some customers, how are they? Try to think about what they are in terms of their demographic profile, their habits and interests, how they find your products, where they come from, what they like about your products and their characters.

4. Which other people do you see working with you?

To effectively create a business vision, you have to think about other people in addition to your customers. For instance, you can think about people like your role models, successful online marketers and entrepreneurs, provider of services you need, friends, etc...

5. What do people say about your business?

Feedback from people who interface with you as far as your business is concerned is so important that it can give you a good sense of direction. What do they say? What do they say about your products, services, website and the general stand of your entire business?

6. What are you currently doing?

You focus on the activities you are doing to work on your business. Think about the effectiveness of what you are doing currently. Think about what else you ought to do to grow your business and to take it to another level.

7. What do you feel about your business?

Developing a good business vision will consist of factoring in your feelings. These are feelings you hold on it currently and in future. Is it what you really like to do? Does it fit in your personal life goals?

8. What do you say about your business?

What you say may not necessarily be what you feel about it. So it's really important to focus on what you say to other people like your customers and those you interface with in your life.

9. What do others feel about your business?

Think about what you observe as far as other people's feelings are on the business you started. Do they feel you are in the right business? Do they feel something is missing? What do they really feel?

Having done the above simple exercise, you should now imagine you are where you want to be in future. Make a flashback on what has made it possible to achieve what you have so far achieved. Focus on those things that you did to be where you are and give to yourself the best advice about your business. Imagine you are taking the advice you have to create the business vision for your online home business.

After creating your business vision, it's a good practice to write it down in a few simple clear and understandable words. Use your vision in your business and have it placed in places where it can be seen to keep you focused to the future of your business and the people you work with as well. For instance, you can use it to develop a visual image of your logo. You can also use it on your website and in your formal communication. You can use it to plan strategically and manage your performance and the performance of the people you work with.

That said, I would like to once again emphasize that creating a business vision is so important to your online home business. It's more rewarding to venture into business with a clear sense of direction. And by having a vision for your business, you will be able to market your business successfully, to remain focused, to become persistent and to come up with important actions that you need to take your business to your final destination. Think about creating a business vision to begin seeing your success well in advance as you walk your way to your final destination.

How About Business Migration to Australia

Australia is one of the most demanding immigration destinations across the world. Its beautiful landscape, sound economic background and rich cultural influences have made it a perfect place to live in. Every year, a large number of people from different corners of the world apply for Australia immigration. This nation provides enormous opportunity for growth to its people and thus it is also known as the Land of Endless Opportunities.

People with a business management background, who wish to invest overseas to start a fresh business or purchase ownership interest in an already existing business, for them Australia is a perfect destination. The business immigration program of Australia is a fine gateway to permanent residency for both the applicants and their family.

However, to obtain the status of permanent residency in Australia, one has to enter into the nation on a Provisional Visa, which is for the period of 4 years. Once this period is over, one can apply for PR Australia through its Residence Visa programs.

Territory/State Sponsorship

Australia promotes investment in businesses in regional and rural areas. The nation provides Territory and State government sponsorship for businessmen who can contribute in the economic growth of these places. Territory and State sponsorship is made available for every Provisional and Resident Visa Class, they are:

Temporary or Provisional Visa categories:

Business Owner Visa

Senior Executive Visa

Investor Visa

Business Visitor Visas

Business Owner Visa

This particular visa allows businessmen with ownership interests in businesses to live in this Land of Kangaroos for the period of up to 4 years and to invest or establish a business over there. Business Owner (Provisional) Visa is a temporary visa. Once you have obtained an ownership interest in any business in Australia for the period of 4 years, you will be able to apply for permanent resident status through the Business Owner (Residence) visa program.

Senior Executive (Provisional) Visa

Under the Senior Executive (Provisional) Visa category, senior executives who have experience in management in bigger overseas corporations may be issued with a 4 year temporary visa. Once they have come to Australia, these immigrants are required to invest a significant amount of funds in an Australian business or establish a new business over there. One can apply for PR Australia through the Business Owner (Residence) visa category, once immigrant received an ownership interest in any business in the nation.

Investor (Provisional) Visa

This visa is issued to those who have an ownership or portfolio of significant investment in any business and who are ready to invest minimum A$750,000 in Australia bonds for the period of 4 years. Once the immigrant has maintained an investment for a 4-year period in Australia or established a business with an ownership interest, he/ she can apply for Australia PR via the Investor (Residence) or Business Owner (Residence) visa.

Business Visitor Visas

If you intend to come to Australia for a period of 3 month or less than this, with a purpose to attend conferences of business or to look for opportunities for businesses, then you should apply for the business visitor visa. However, to qualify for a Short Stay Business Visa, you will have to show that:

For the purpose of business, you have to travel to Australia, and

You have personal attributes and a background of business which is relevant and consistent with the nature of the proposed business in the country.

Residence Visa categories:

Business Talent (Migrant) Visa

Business Owner (Residence) Visa

Investor (Residence) Visa

Existing Australian Business

Business Talent (Migrant) Visa

Business Talent (Migrant) visa is provided to those, who have a successful career in business with sponsorship from the Territory or State government of Australia. The applicants of this visa category are expected to have substantial ownership in any business and be involved the business management once they have come to Australia. However, the applicant of this visa doesn't have to apply for any provisional visa to apply for business talent (migrant) visa. This particular visa is provided only to those, who receive sponsorship from an Australian State or Territory government.

Business Owner (Residence) Visa

This visa is issued to people with an ownership interest for minimum 2 years period in an Australian company to permanently immigrate to Australia. To become eligible for Business Owner (Residence) Visa, the applicant has to hold one of these Provisional visas:

Senior Executive (Provisional) visa

Investor (Provisional) visa

Business Owner (Provisional) visa

Investor (Residence) Visa

Immigrants holding an Investor visa (Provisional) who have invested for the period of 4 years in an Australia business can apply for PR of the country. The eligibility criteria for this visa category include:

The applicant must be staying in Australia on one of the Investor (Provisional) visa.

The applicant must be on an Investor (Provisional) visa for minimum 2 years period within total 4 years period before submitting application for PR.

The applicant should be genuinely committed to run the business or investment activities in Australia.

Both the applicant and his/her spouses shouldn't have any inappropriate business history.

Existing Australian Business

The Existing Australian Business visa is provided to those individuals who have been the owner of any business in the country for minimum period of 18 months. They can easily apply for PR Australia.

Benefits of MLM Businesses

The small risk involved in multi-level marketing businesses is among the many benefits that are actively bringing into the business. Most businesses involve a huge deal of risks, what with the expenses that has to be met for the facilities, products and services, and salaried individuals. MLM businesses do not come with that many risks since people can easily join the business by paying a small fee. More so, this fee entitles the distributor to get discounts on the products and services being offered by the business. MLM business owners also do not have to pay for facilities since their home can be the very base of their operations. The products that most MLM businesses offer are oftentimes inexpensive, making them much easier to sell. If unsuccessful, the distributor does not have to pay that much and can actually use the products that are not sold. Moreover, a wide and extensive network of personal contacts will suffice for someone who is thinking of joining the MLM industry. So, if ever the misfortune of failing in an MLM business were to happen to an individual, not that much is lost and one can readily venture into other business opportunities that may be made available in the future.

The nature of the business also gives you access to unlimited income. Distributors are paid for the retail sales they are able to push through, earning a handsome commission form their sales. More so, they are able to earn from the sales of the members of their downline organization. All these mean that the income that can be brought in is only limited by your productivity, along with that of your downline. The more efficient you and your downline are, the more money you can bring in. As opposed to day jobs that are paid per hour, thus restraining you from being able to earn more and confining you in a fixed monthly income. The possibilities to earn are unlimited with MLM businesses and have been proven very profitable by several individuals who have found success in the industry.

A huge demand for products offered by MLM is also worth noting. A lot of people are looking for new quality products that can satisfy their needs. Most of these people are fed up with the commercial brands made available to them by groceries and shopping centers. As so, you can come in with your MLM products that are backed with studies and have been proven effective and of great quality. The number of people you can come in contact with and to whom you can offer better substitutes to famous brands only limits the market for your products. And this network of contacts is only increased by the several marketing methods you can employ to your advantage.

MLM businesses also have a low operating cost. Not that much has to be spent in order to begin and maintain an MLM business. As abovementioned, no facility is needed to do your business. Your home itself becomes your office. More so, you do not have to hire people to work for you. Common businesses require you to employ individuals to perform tasks that cannot be accomplished by one person alone. As so, much is added to the cost of your business operation which is reflected in your profit. The low operating cost of MLM businesses prove to be one of the most popular benefits that marketers are really digging.

You are also able to achieve a sense of freedom with an MLM business. Most people are looking for opportunities to break free of the constraints of their day jobs. People often get tired of having to work for someone, earning too little and being unappreciated. These people are afraid to break free because they do not know of a way to replace their day job. With MLM businesses, you can easily become self-employed and work for no one. The advantages of being self-employed is that you become your own boss, and that you dictate the amount of work you have to do and the time you will devote to work. Not only are you able to find a replacement for your unrewarding day job, you are also able to earn more than you previously did.

There are several ways to market your MLM business. No longer are you restricted to using old and traditional marketing methods that actually don't work at all anymore. These traditional marketing methods involve the use of flyers and banners, and the face-to-face interaction between you and your clientele. This has become quiet ineffective these days, since people now live a fast-paced life that does not allow wasting time reading such ads and talking with complete strangers that often come off as suspicious. The Internet can be easily used in your multi-level marketing business. The Internet allows a business owner to keep pace with the changing times and meet the inconstant needs of the society. More and more people are suing the Internet to get their hand on the information and products and services they need. A simple point and click allows them to access to the vast network of information available online. They are able to save much time and do not have to go out of their way just to buy things they need. Online marketing also has some of its perks. It allows the business owner to reach out to a wide audience without having to pay that much on advertising. It is also extremely flexible, with several strategies and methods that can be used to gear your MLM business towards success. These methods include search engine optimization, content syndication, backlinking, social media marketing, referral marketing, e-mail marketing and a lot more. All of these has been proven to be effective and have the potential of building your MLM business.

MLM businesses have been appealing to the public for quite some time. It did not fail to catch the attention of people who are seeking ways to earn money in a simple way. Multi-level marketing businesses promise great results and several opportunities to earn and improve the business. Indeed, MLM businesses have lots of benefits for the beginning business owner. It is important that you begin your MLM business and experience the many benefits offered only by MLM businesses.

What Do You Need To Start Your Own Business

Starting your own business is like putting pieces together in a production line. So what do you need to start your own business? Below is guide on how to start a business step by step:

Step 1

You will need to first of all program your mindset to a positive setting. This will be better achieved by clearly noting down your goals and how you are going to achieve your targets to fulfil those goals. Having clearly defined goals helps to keep you focused on making your business a success. If you encounter any temporary hiccups, try to keep focusing on the end results to keep you motivated.

To help me keep focused I set myself weekly goals to fulfil and try to avoid any minor distractions that will take my attention away from achieving my targets.

Step 2

The next part of the process is deciding what product or service you are going to be selling as this, in effect, will determine whether you need premises and staff or not. Without a doubt, bricks and mortar business are more costly to set up and maintain as they involve premises, wages, insurances and often large reserves of stock. One way of reducing business start up costs is by running a business from home but this will largely be determined by the business that you are going to start as some businesses need a business premise and staff.

I am fortunate enough to be able to run both my current businesses from home whereas when I started my first business, namely a chain of convenience stores, I obviously needed business premises.

Step 3

Once you have decided what business that you are going to start, you will then need to decide on a name for your business. Creating a good name for your business is important. When choosing a name for a business, it is important to make sure that the name is not already in use, otherwise you could be sued.

I personally used to think that the name that you choose for your company should reflect what your business is about. However many successful companies have had huge success from unrelated trade names for their business... Apple is a great example of this! It is still unclear why Steve Jobs chose this name but some believe that it may have been thought of whilst he was working on a community farm or due to his love of Apple records.

Once you have chosen your name you will need to register it with Companies House if you are going to be a limited company.

Step 4

Regardless of whether you are starting an online business or a bricks and mortar one, it is important to create a website and domain name for your business. It is possible to create a website quite cheaply (often less than £70 if you use word press).

You will then need to buy a domain name to use for your website. You will need to renew this domain name periodically, depending on what arrangement you make with the hosting company.

Step 5

The next step in the process, when starting out in business, is marketing your products or services as cheaply and effectively as possible. After all there is no point in owning your own business, if you do not attract any customers to purchase from you.

If your budget allows for paid advertising like banner advertising, then it is important to make sure that you choose the most appropriate place to advertise e.g. If you are running a business from home make sure that you select a site that targets people wanting to work from home e.g. entrepreneur magazines and make sure that your banner is positioned on the best page, namely an interesting page that people will take enough time to browse over, to notice your advertisement.

If you do not have any budget available for marketing your new business, then social media sites like Facebook, Twitter and Pinterest offer a great free means of marketing your business.

Other free ways that you can market your new business include video marketing, blogging and writing articles. You could also publish a press release to make people aware of your new business.

Step 6

Finally you will need to employ an accountant who will be able to offer you valuable advice including any ways that you may be able to offset any of your business start up costs. They will also be able to process your annual accounts and returns for you.

These six points are what I regard as being main things that you need to start your own business.

It is important to realise that all corporations and businesses have the same system, what sets them apart is how they manage to succeed in standing out above their competitors. When owning your own business, that is how you too will succeed, namely by choosing an in demand product or service and by branding and marketing your product to stand out above the rest.

My name is Roy Derrick and I have over 20 years experience in running my own business. Over the years I have set up and sold several successful businesses including a chain of retail stores and a construction company.

My wife Julie and I currently run a home based business that specialises in finding and sourcing the best ways to start a small, sustainable business working from home.

Business is our passion and that is why we set up Perfect Prosperity so that we could share our vast business knowledge with others to help them enjoy a better work/life balance.

Selling Your Business: There Is Always Room For Improvement

It is not an easy task to start your own business, when you start a business you starts it with lots of hope and passion you have worked hard to and did all efforts to make your business common among old businesses, clients and customers. People start a business but after some years with few reasons they sell their business, lest see what are the common reason/problems behind selling a business and what are the alternative solutions of these general problems

• I realized that I need some change and I get bored with my old business

If you are selling your business because of above reason then please don't sell it try to recall yourself how much you have worked for your business. Do not sell you business just because you get bored doing same thing, try to introduce new things in your business you can even introduce new services.

• I realize that I was wrong when I was selecting my business and I chose a wrong profession

You are assured that the next business is according to your interest and you will not change it in future? No, no one can give you assurance about it, you have to change your thinking. You have to accept that you are a business owner and you have no choice because we are human and we love changes but that doesn't mean we change our profession after few years.

• My business was not generating revenue

Every business is good, has bright future and also generate revenue, but it will take time to get settle down even an ice cream takes 5 hours to get set, then how you can imagine that your business will generate after few days? A business is like a balloon it will go up to sky if you hold it nicely. And will be in your hands always if you hold it tightly.

• If I select another business I will get more profit

This is human tendency we always think that other side is always good, but it not always no one knows about future it is possible that you will get more profit but on other side it is also possible that you will not. Thus I suggest rather than thinking about these things please concentrate in your business.

Now, let's see what actual reasons you must have before selling a business, or when you must sell a business

• If you think you want to expand your business

Yes, you must sell your business if you think that you want to sell your business. A business expansion is may be in two ways it may be you are buying another business which is huge and give you a large platform to perform. Second you want to sell your franchises to start your business in different cities

• If you want to settle down in different city or country

This may a genuine reason to sell a business by choice or by any problem many times it happens that we have to shifts from one city to another, sometimes we have to leave a country to get settle down somewhere then you can sell your business

• If you are getting an good opportunity

Many times it happens that people get opportunity to sell business to their competitor; it may be because he wants to collaborate with you or you want to collaborate with him then go ahead you must sell you business.

• If you have encountered a heavy loss

Unfortunately, if you had a great loss in your business and not it was almost impossible for you to spend and continue with your business then you must sell it to someone.