(Top home base business) 7 Reasons Starting Your Own Business in an Economic Downturn is a Grand Idea
No commentsBy Nickolove Lovemore
Starting your own business in an economic downturn is a plucky rather than reckless thing to do. It’s certainly not for the faint-hearted.
With the economy in a downturn there is a great deal of uncertainty in the air. Some folks are clinging desperately to their jobs, afraid to seek other opportunities despite the fact that they are unhappy in their current position. Thousands are reeling from being abruptly dismissed from a job that was bringing in a sizeable income and thousands more can expect to face axe over the coming months.
Yet, these are precisely the reasons why you should be considering starting your own business or looking at ways in which you can boost an existing business.
So here are 7 reasons why starting your own business in a downwardly spiralling economy is a grand idea:
1. Control your destiny
Do you want your future in someone else’s hands or yours? If you run your own business you are responsible for its success. Yes, it’s a big responsibility but you can succeed in business even during a recession. Instead of living in fear live in anticipation of the new opportunities that each day will bring.
2. Write your own pay cheque
If you are working for someone else, unless you are a commissioned salesperson, then your pay cheque is fixed. As a business owner you can decide your level of pay. Okay, you might not immediately achieve your desired income but once you do, you can simply work on improving your business skills and expanding your business so that you continually increase your level of income.
3. End the daily rush-hour commute
Commuting to and from work can be a very stressful experience. Did you know that 9am on Monday mornings is the time when most heart attacks occur? If you have a job you generally have to travel at peak times when the roads and the public transportation systems are crowded and congested. It’s not the best way to start and or end your working day. Instead, how about a 60s commute to your home office? Think about the time you’ll save and what you can accomplish in that time.
4. Set your own working hours
When you work for someone else they generally decide your working hours and even the times at which you can take breaks. Work for yourself and you can choose your working hours. You can take time off to spend with your children or to take care of an elderly or convalescing relative.
5. Decide where you want to work
Naturally, this will depend upon the type of work that you do but many occupations allow for great flexibility regarding you choose to work. In many cases, individuals decide to relocate and work in a different country or even travel and work so that they can experience life in several countries. Individuals with an Internet-based business may simply want to take advantage of a beautiful day and work outdoors. It certainly beats being stuck in a cubicle.
6. Choose your team
At work you generally do not get to choose who you work with and some members of your team can be a living nightmare to work with. If you have you own business you can choose your team. Hiring the right individuals for a particular role is a highly skilled task but there’s great expert advice available such as from Brad Smart of TopGrading. And here’s another thing, a down economy is a great time to scout for top talent.
7. Follow your passion
The majority of people dissatisfied with their current jobs but they stick it out because they have bills to pay. This is the worst reason to be in a job when you can do something you enjoy and are passionate about and get paid. You don’t have to jump ship and go full-time into starting your own business. You can start on a part-time basis and when you’re earning enough to take care of your monthly bills and have money set aside for at least six months living expenses you can abandon your J.O.B. and start living your dream.
For all the ins and outs of starting and or running your own business who better to mentor you than someone who’s not only been bankrupt but also a billionaire? Check out the Billionaire Business School for full details of this comprehensive, step-by-step, customisable business training at an incredibly affordable price.
Five Simple Strategies To Help You Attract Investors
By Mike McCoy
Most people don’t realize that potential investors are all around you —there is no shortage of money—and the more prepared you are, the more compelling your investment opportunity becomes. Raising capital from investors or acquiring the proper resources you need is a right of any entrepreneur and one of the best ways a growing business can assure its success. Know how to compel others to invest rather than you chasing the money. Here are top 5 things you can do right from the beginning to build value in your business and help you become more attractive to the money:
1. Develop a healthy relationship with money and know that you deserve to have it. Money is just energy and capital is just one of the many resources necessary to grow your business. If you become too attached to this process or have a sense that your self-worth is tied into the money, you may actually repel investors.
2. People invest in PEOPLE so make sure you’ve taken the time to attract the right mentors and advisors to support you during this process to help you attract the resources you need. There are others who have made this journey successfully before you so find out who they are and attach them to your project somehow. Investors and sponsors are more inclined to put their money into a project with a management and advisory team that has a proven track record. If they’ve done it once, they are more likely to re-create their success.
3. Do what you can to prove out your concept by developing your markets, monetizing some aspect of your business, building a database of prospective customers, forming strategic Alliances and Joint Ventures, and obtaining purchase orders and letters of interest whenever possible. Investors and sponsors are more inclined to take notice if you can show that there really is interest in your products and services.
4. Obtain as much protection for your Intellectual Property (IP) as possible. Having a patent, or the opportunity to patent your IP, is generally the most attractive opportunity to an investor. If not a patent, make sure you have the opportunity to create future IP such as trademarks and copyrights to show that your products and services will not become obsolete. Protect what you can up front to assure interest from investors but if that’s not possible, make sure you have a plan to do so in the near future.
5. Make sure you are passionate and invested in this process yourself and be able to clearly articulate that to investors. Investors want to know how much time and money YOU’VE invested, how passionate you are, how far you’re willing to go with it and how stable you are emotionally and financially so that they know you will have staying power.
Application of these items can be done over time and will help you become super-attractive to money and other resources!
I help people tap into their passion, package their ideas and talents to create multiple revenue streams. For more information got to www.passion2prosperity.com
Become A Small Business Success Story And Take Charge Of Your Life
By Ben Needles
Jobs are no longer secure, even when you are working for a large corporation and have plenty of qualifications and experience. Many people think that if you are a good worker then your job will be safe. Unfortunately, this is not true. Over the past few years, hard working, loyal employees have been retrenched for a variety of different reasons, one of the most common being outsourcing to cheaper foreign labor.
As more companies choose this option, Americans (along with employees in other developed countries) are finding their employment options shrinking. Technology is also robbing workers of traditional employment as machines are able to do the same work more efficiently and at less cost. Loyalty and faithful service appear to mean absolutely nothing as corporations act with total disregard to the effects on individuals, families and ultimately society as a whole. The only way to be sure you wont be fired is to be the boss. In other words, you have to start your own business.
However, this is easier said than done. Sadly, most small businesses fail in their first year. Dont let this fact put you off from becoming your own boss, just let it be a warning that you need to establish a solid foundation in order to succeed in your own small business. The majority of small business failures can be narrowed down to some common mistakes that can be avoided.
The first big mistake is that many people just jump into small businesses with inadequate knowledge and preparation. You have to be willing to put in the time and effort to evaluate a business opportunity, market demand, competition, legal requirements, start up costs and ongoing costs before you open your doors. If you are willing to learn from other peoples mistakes and study how to create a small business that has the best chance to succeed, you can be one of the minority that succeeds.
Owning your own business is a major lifestyle change, so it is normal to question whether or not it is for you. Unlike a typical nine to five job which you can do and leave until the next day, your own business can make constant demands on your time, particularly in the early years. When equipment breaks down, it is your problem. When orders cannot be delivered on time, it is your reputation on the line. You will probably have to work late and on the weekends, at least initially. It is good to be fully aware of this so that you can decide whether or not you want to work for yourself.
If you decide to take up the challenge, youll find that there is plenty of information available to help you on your way. You can purchase business start up books at your local book store that guide you through the initial evaluation process, set up, accounting and management functions. Read through the list of contents at the front of some books before you choose the best one for your needs. Alternatively, you can choose to take a course designed to teach people everything they need to know about starting their own business. A mentor with significant business experience can also be a valuable source of information.
Even successful businesses didnt happen overnight. Persistence, patience and flexibility are also qualities you will need to have in great supply. When you decide to start your own business, you need to be willing to be in it for the long haul. Rarely, will a business produce a living wage immediately or even quickly.
To give yourself every chance of success, it may well be a good idea to start your business while you are still employed and bringing in a steady income. It wont be easy, but if you arent worried about how to pay your bills, you will be able to work steadily towards your business goals and achieve them gradually.
About the Author (text)
Kevin Sinclair is the publisher and editor of Be Successful News, a site that provides information and articles on how to succeed in your own home or small business. http://besuccessfulnews.com/
Your Online Resource For Your Own Home Business
Thursday, October 30th, 2008 at 8:10 am and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
