Are You Prepared to Exit Your Business?

One thing is inevitable when someone enters a business - they will exit at some point in the future. Whether the exit is planned or not, and whether the exit is voluntary or involuntary, it will happen.

Many business owners have a desire to successfully exit their business in the future, but the future feels a long way off. Consequently, contemplation of and planning for a successful exit is never properly addressed. There are many things that can be done to increase the value of the company if they are done well in advance of a potential transaction. Regardless of when you think you will exit, you should start planning for it today. Some of the major items that require attention in this process are structure, timing, due diligence, valuation, impact on operations, and terms.

There are two basic structures of business exits - stock sale or asset sale. A stock sale, also referred to as a partnership or membership interest sale in partnerships and LLCs, means the new owner takes over all of the assets, liabilities, and inherent equity in the firm. An asset sale means that only the assets are acquired and put into a new legal entity, leaving the selling entity to pay off its liabilities and close down its operations. Both types of transactions have pros and cons to the buyer and the seller. Asset sales are much more common in today's business environment. Family-owned businesses may execute these transactions from one generation to the next.

The timing of the exit can be critical to the result for both the buyer and the seller. If the industry in which the business operates is slow or struggling, it may not be the most opportune time to exit because potential buyers will only be interested in buying distressed companies that are selling for prices far below their worth.

Both the buyer and seller should separately conduct the due diligence required to make both parties involved in the transaction comfortable with each other's representations. This can be a painful process, especially if the company's accounting and other books are not in order. The business owner should learn about the buyer and if they are the type of person or entity with which they want to do business and to whom they are comfortable to hand over their pride and joy - their business. The buyer's due diligence may be sparse or thorough, but will drive towards the same result - is what they are buying really what they thought it was.

What method, metric, or formula should be used to determine the value of the business? This depends on several factors, including the standard valuation for the industry in which the business operates and the intentions of the buyer for the business once they take ownership of it. A multiple of EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) is a common method along with multiples of revenue, net income, units produced, and more. The underlying theme of what someone is willing to pay comes down to the value of the current and future cash flows the business will generate. If the business is in a complementary or synergistic position to the current business of the buyer, then the cash flow model may include more than just what the business can generate, but also how it will help the other related business as well.

What are the intentions of the buyer with your business? The seller has every right to understand the answer to the question. Perhaps the buyer intends to dismantle the business after it is bought and fire all of the employees. Or the buyer may want to drastically change the operating business to add value to other core competencies of the buyer. In addition, the structure of transaction may seriously impede the company from making the progress it should.

The terms of the transaction are obviously important when considering what is best for everyone involved. How the reigns are handed over to the new ownership is part of this consideration. A common practice of a buyer is to require the seller to remain employed with the new company for a minimum of three years and promise to not compete with the company in the future. The structure of the payment for the business can have serious cash flow and taxation implications that need to be addressed before the paperwork is signed. The key is to look at all of the terms of the transaction and make sure they will accomplish the objectives of all parties involved.

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Do You Have What it Takes to Be a Successful Entrepreneur?

Entrepreneurs think differently than the 9 to 5 masses. It's not that there's anything wrong with being a 9-5'er or thinking like an employee-after all, good employees are more or less the bread and butter of what makes the world go 'round. But to be a successful entrepreneur does require thinking from a slightly different perspective.

It's not about the boss...it's about the bottom line.

You can't be a successful entrepreneur or small business owner without thinking about the bottom line. One of the initial culture shocks that many employees who choose to become their own bosses face is that they now must make all of the financial decisions that go along with operating a successful venture (and they must make them correctly to avoid untimely failure).

Sure, as an entrepreneur, you'll have all of the freedom in the world to be your own boss, but this requires a keen responsibility to keep the bottom line healthy, too. Entrepreneurs must understand that the buck stops with them and no one else...it is their game to win or lose!

Entrepreneurs don't think about putting in the time.

Again, there's a great deal of freedom that comes with giving up the 40 hour work week in favor of the freedom to work when you want, where you want, and how you want. This is probably one of the most popular advantages of being an entrepreneur. But there's more to the story.

Entrepreneurs are blessed with flexibility-but building a profitable business does take time. In fact, it would be safe to say that almost all entrepreneurs work well over 40 hours per week. The good news is that the work is often second nature when you're doing something you're truly driven to do. As an entrepreneur, if you find yourself watching the clock, you might not be following the path that's best for you.

Leverage is essential to solo-preneurs.

Starting a new business all by yourself requires thinking in terms of leverage. You can't do it all, but you've still got to figure out the right balance-because ultimately, it all must still be done. The key is leverage. This means leveraging your time, finances, sanity, and more.

While not all entrepreneurs have a staff of employees on board, most do find it helpful and necessary to outsource non-core tasks on a frequent basis. As a solo-preneur, your time and talent is absolutely precious territory and must be used to the maximum. This means that typing up that sales presentation or spending hours updating the website might not be the best use of your time when an outsourced partner can do it for a fraction of what your time is worth to you.

And that brings us to one final note-oftentimes, as an entrepreneur, it's easy to think in terms of lofty long-term financial goals. This is a good thing, as having a winning vision does provide the inspiration to keep moving forward. But in the meantime, it's very important to assign a dollar value to your time. Thinking in these terms will help you make decisions on what tasks are best for you to handle or best to leverage and outsource instead.

Entrepreneurship presents many challenges to those not practiced in this way of thinking. Do you have what it takes?

You may never know unless you try!

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Tips For an Entrepreneur

Great potential entrepreneurs should start with a great business plan which will lead to adequate funding as well as better guidance to their team. These tips will help to create that great business plan.

Seek Expert Help

In the world of business plans there are those that are prepared by professionals to the entrepreneur's specifications and there are those that are created from scratch by the entrepreneurs themselves. The first category have the advantage of being carefully reviewed by experts, containing deeper and more detailed research, and having strategies that have been tweaked and improved. Furthermore, experts, such as business plan consultants, know what funders are looking for in a business plan and can pass that expertise on to you. Although it is always possible to create your own business plan that holds up, you will be fighting an uphill battle against professionally prepared plans, so it is in your best interest to join the pack.

Think (Hard) Before Writing

The first time that you consider how your marketing or operations will work should not be when you sit down and put pencil to paper on that section of the plan. Your marketing, operations, and other business activities should all stem from a unified strategy and the competitive advantage you seek to create. You should craft these elements and receive feedback on them well before the time comes to write. The writing itself should be a simple process after the detailed preparation you have done.

Use a Flexible Financial Model

If you create your own Excel financial model you may find that, once you have developed the financial statements, it is painstaking to make simple changes to the underlying assumptions because of the way it is set up. If you are not extremely experienced with Excel formulas this is a distinct possibility. Instead of creating the financial model from scratch, find an appropriate and customizable financial model, whether from a business plan template or another source, which will allow you to play with different numbers. The financial model should allow you to make simple changes and see the effects automatically populate through the linked income statement, balance sheet, and cash flow statement. The software exists to do this and you are wasting valuable time if you do not seek it out and use it.

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What is a Monopoly?

Everyone's heard of the term monopoly, even if only in the context of the popular board game. Most people have negative feelings about the term, but might not know why. And while many people know what a monopoly is, many more do not, even though they can be greatly affected by such a condition.

Put simply, a monopoly exists when one company or individual controls a type of good or service to the point where they can affect the access consumers have to it. That is, one source is able to control how people get a product or service, and can determine how much it costs and how available it is, since there is no competition for the goods.

One of the most famous examples of monopolies in US history is Standard Oil. Standard Oil was founded and run by John D. Rockefeller, America's first billionaire, and the company effectively controlled petroleum in the United States for decades.

While the US is a capitalist country and therefore favors free trade, there are laws in place to protect consumers from the predatory practices of monopolies. While large market shares do not necessarily indicate monopolies, and monopolies are not, strictly speaking, illegal, taking unfair advantage of the situation is. If a company is exhibiting abusive behavior, they could be running the risk of being brought into court for having an illegal monopoly. In general, abusive behavior can be categorized as the following:

• Predatory pricing, or selling the product or service at such a low price that other companies cannot afford to compete
• Limiting the supply of the goods or service, to drive up price
• Refusal to deal, or limiting who can buy the product or service
• Tying products, or forcing consumers to buy one product in order to have access to another, distinct product

If a company or individual is abusing the power of their monopoly, the US government may step in to protect consumers. In the case of Standard Oil, the company was forced to dissolve itself into several smaller companies to ensure that there was competition in the marketplace, thus allowing consumers a choice and preventing one company from controlling the price and distribution of much-needed oil. Some of the companies formed out of Standard Oil still exist, namely ExxonMobil and Chevron.

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Entrepreneur Qualities Vs Opportunist Tactics

What exactly are entrepreneur qualities? Do you think you have the qualities of an entrepreneur to be successful? Why not take the test below to see if you are an entrepreneur or an opportunist?

Entrepreneur Qualities

Answer these questions truthfully to find out if you think like an opportunist or an entrepreneur:

1. Entrepreneur Traits:

* Can you 'think outside the box'?

* Do you have a clear vision of what you want to achieve?

* Do you have a plan in place in order to get what you want?

* Do you have a marketing strategy in place?

* Are you focused only on that one business model?

2. Opportunist Thinking:

* Do you find yourself hopping from one project to the next?

* Do you buy lots of eBooks and software on a monthly basis?

* You don't have a set plan, you just go with the flow?

* You don't exactly know what you want, maybe some extra money?

These are just a few questions you can ask yourself and see which one you fit into. If you find that you are an opportunist thinker, don't worry! You can easily make the transition from opportunist to entrepreneur (or internet business owner which I prefer to call ourselves).

When I think of an entrepreneur, I think of Richard Branson. I'm no way anywhere near his level, but I am an internet business owner with a clear vision of what I want to achieve and have a plan of how I'm going to get there.

I did used to be an opportunist (without realising it), but I changed my way of thinking and I believe I have some entrepreneur qualities which help enormously in driving my internet business forward.

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Starting a Business in Middle-Age

People over fifty are setting up their own businesses at a growing rate. They are doing so for various reasons like redundancy, a job market that's geared more to youth making it difficult for them to get back into it. They may have just had enough of taking orders and being subject to the daily discipline of working for someone else. Or they may have just decided that the time was right to follow their dreams.

The job market may be geared for youth but the self-employment market has no such discrimination. Anyone can start a business and the good news for mature people thinking of taking this route is that you have the skills to succeed.

Skills like communication and self-confidence are crucial to succeeding in business, mature people have usually honed their social skills and are comfortable in social situations, and happy to pick up the phone and talk to clients and potential customers.

Starting a sole business is relatively easy and can be done for little initial cost by utilizing the internet and cheap technological solutions. There's also plenty of excellent software out there designed to help you run your own business from bookkeeping software to accounting.

Another advantage of being middle-aged is that the kids will have left home leaving you with plenty of space to set up an office and storage area. Make use of empty bedrooms and create your own work area to run your business from.

Deciding what you're going to do is the major step. We all have skills that we have acquired over a lifetime of work. If these skills are no longer relevant, like shovelling coal into steam engines, for example, it's not a problem; learn some new skills.

Look at what you are interested in. If you have an interest in programs like Photoshop for example, take an online course and get to know it inside and out. This is a great skill to have and is always in demand. Look at what your interests are. It's not necessary to start a business around something you are interested in but it's better if you can.

The passion you will have for things you have an interest in will drive you through the down times of running your own business. Middle-aged people today do not have to lie down and die because the job market has shunned them. There's never being a better time to start your own business and enjoy a happier and healthier lifestyle where you are in total control.

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From J-O-B To Fire Your Boss!

So your tired of your J.O.B. (Just Over Broke) and you want to Fire Your Boss. I want to help prepare you for what lies ahead. Some of you will have done a bunch of preparation for the big day. Others will simply find themselves at a point one day at work when they say, "I've had it, this is it I'm outta here!!" While I can't say I didn't have the latter, I did, however, prepare myself for what was to come. Only to find out I didn't prepare enough. So I'm going to give you a few quick points to have in line before you Fire Your Boss.

1) Do what you Love: I know, I know this is almost a cliche. However, it is the most truthful statement in forging out your own piece of the pie. Some of the most highly paid individuals are doing what most would consider a vacation. Tiger Woods, Kobe Bryant, Tom Brady. Each of these people play a game and make hundreds of millions of dollars. The same is said for entertainers; go ahead, think of your favorite musician or actor. These people sing, dance and play make believe and are compensated VERY well. Granted, these people also have a tremendous amount of talent to go along with their chosen profession. I've got a question for you, what came first, the talent or the profession.

2) Work: Be prepared to work more now than you did when you had a boss. That's right, now you have to do the same amount of work that the entire business was doing before. It won't be like this for long, but in the beginning you have to be the one to set up everything. This is normally when we lose most people. People tend to leave their J.O.B. for greener pastures of days on the beach and sleeping late. Saying things like, "What's gonna happen, I'm not gonna get fired." This is the kiss of death. Let's go back to the athletes and entertainers for a moment. Do you think they just decided they were going to choose that profession and then the next day they were signing contracts with the Yankees. NO, they spent their entire lives WORKING to be the best and now their compensation reflects that work. Some may say they are overpaid, but they are only getting what the market will allow.

3) Change: That's right, what made you good at your J.O.B. is not enough for you to Fire Your Boss. While you might have been stressed at work, the stress of owning and operating your own business is completely different. Your boss treating you like an incompetent child may be frustrating, but not having any money to pay your bills is more frustrating. The only difference is that now you have nobody to point the finger at except yourself. This is by far the most difficult process new entrepreneurs have. They expect that the mindset they've had is going to be good enough. Wrong!! Take the athletes and entertainers again. Everyone of them is used to being the best player or star on there team or cast. Then they hit the big time and EVERYONE is the best. It's time to take your game to another level. This means your mentality has to change, which means you have to change. What you are doing now is what has gotten you to where you are. So, in order to go further you have to do something different! Keep practicing, this game is never over and there are no time outs.

Making the transition from J.O.B. to Fire Your Boss truly is a life changing experience. You'll notice things you once thought were huge deals barely even matter. Your ability to make decisions and handle large tasks will begin to grow. And as you practice and practice and practice, your compensation will also garner what the market will allow. This process can absolutely free up your life if you're willing to take the necessary steps. Do yourself a favor and find a mentor, this always helps to shorten the learning curve. I hope this helps you on your Journey. Until next time, Happy Marketing!

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Tips to Build a Successful Consulting Engineering Firm

Many of these firms know who their paymasters are. They had been able to develop very excellent working relationship with their clients that make them kept returning with more assignments. Even though they have excellent working relationships, they always clarify the scopes of works required right from the beginning of the project.

This is very important as many clients have high expectation towards their consulting engineers. It is alright to be frank with them as to what you could or could not do. If certain projects or assignments are beyond your capability, you should acknowledge your own shortcomings and advice them to employ other experts. Many said that "honesty is the best policy", and this advice still stands today.

You may end up losing the project to another engineering consultant firm, but it is still better than to secure the job but unable to perform. Many customers appreciate your frankness and openness and would likely return to you for other projects. You also avoid the risk of being entangled in law suit filed by the client.

When you first submit your proposal to a potential client, be as clear as possible about your scopes of work. You should always be affirmative in describing to the client on why he should engage you instead of other engineers. Present clearly the benefits of engaging you versus the cost.

Some consulting engineers also committed the mistakes of spending too much time trying to convince a prospect client. However, there are no fixed rules on how much effort you should spend. Just stick to your business sense and let your intuition guide you.

There are also many engineers who established their own consulting engineering firm thinking that they no longer need to work for somebody else. This is wrong. In fact, instead of just working for one boss previously, you will now have many "bosses" as all your clients are your paymasters.

You may need to work twice as hard but always bear in mind that whatever effort that you have put into your own firm, one day you will enjoy the fruit of your own labour. It may take many years before you can see your business prosper, but the satisfaction gained from building an enterprise by itself is already a satisfying process.

Practicing engineering consultancy is a lifelong process and you should constantly upgrade yourself. This is called continuing professional development. Otherwise, you may find that other business could easily overtake you.

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How Effective Business People Succeed

These days, it's quite challenging to make it big in business. There are many factors you have to contend with. There's your competition, and of course, the poor performance of the world economy as well. However, some business people still manage to hit the jackpot. We could all learn a thing or two from the qualities of these successful entrepreneurs.

While some people are just naturally adept at handling businesses, there are quite a number who have to work hard at their trade. This just proves that successful entrepreneurs aren't always born, they're made. So if you want to get started on being part of that exclusive group, check out these qualities of successful entrepreneurs.

1) Resourcefulness

When the going gets tough, the tough gets resourceful. As an entrepreneur, you'll sometimes come across a situation wherein you don't have everything you need. These are the times when resourcefulness is crucial.

Find a suitable replacement for what you lack and then proceed. Or if you find yourself in a bind, you have to be resourceful enough to make the situation work to your advantage.

If you're just starting out, don't expect everything to be spoon fed to you. Most of the time, you'll have to go looking for what you need yourself!

2) Bravery

Most people don't think that entrepreneurship has anything to do with bravery, but you'd be surprised at how courageous a lot of successful entrepreneurs are.

One of the more subtle qualities of successful entrepreneurs, bravery applies to any situation where a person has to take a risk. Those who want to stay in the safe zone won't make it big.

If you want to be successful, you're going to need to cross the danger zone every once in a while. Of course, bravery is not the same as impulsiveness. You still have to think things through and plan carefully before making any kind of leap.

3) Taking Responsibility

One of the great qualities of successful entrepreneurs is being responsible. I have lost count over the number of people who seem so excited about their business at first, only to leave everything else to someone else's hands after the first month.

If you want your business to flourish, you have to be responsible for everything that happens to it. You have to train and delegate trustworthy and dependable people to handle your business operations; or else, you risk losing everything to bad management. This has happened so many times before. Don't add your business to the statistics.

By adapting these qualities of successful entrepreneurs, you'll definitely have a higher percentage of achieving success!

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7 Steps to Success

Every great business started with an exceptional idea. The better developed the plan the better the chance of success. For everyone that wondered if there is a surefire design for business success I can only say every plan is different, but a few common steps will be important to tapping the potential of any business idea.

1. Dream Big - Part of the reason many business plans fail is they don't dream big enough. They seem content to pattern what they do after something that has already proven successful. What is it about your dream that sets it apart from everyone else? What will you provide that no one else does?

2. Don't Rush - Like a good pot of stew let your idea simmer for a while. As you retrace your steps through the plan you may find concepts that need adapting and little considered ingredients begin to enhance the flavor of your dream.

3. Know Who You Are - Take the time to cast your business vision into an understandable set of directives. The better you understand yourself as a business the better you can brand your concept in the minds of potential and actual customers.

4. Triple Check Laws Related to Your Idea - You may want to hire an attorney for this or simply engage in multiple calls making sure you have all the applications and licenses you need to take your business live.

5. Determine Whom You Developed the Business For - This means you need to know whether your focus will be in the money you will make or the people you will serve. As backwards as it may sound it is likely you will make more money by focusing on the customer. When they are satisfied they reward you with repeat business and referrals.

6. Never Assume You Have Arrived - There will always be revisions needed in your business. This may mean an alteration in product line up, a change in website design or even the potential addition of new products. Long-term resting is not an option.

7. Marketing is a First and Foremost Duty - Contrary to what you may have heard products do not simply sell themselves. No matter how good your product may be there is great importance in letting people know about it. Don't be timid. I know it may feel uncomfortable, but toot your own horn. Get testimonials and publish them. If you believe enough in your product to start a business based on that manufactured good then you should be equally excited to find ways to tell others.

This isn't a one-size-fits-all concept, but I do believe the points are applicable to a greater or lesser degree to virtually all businesses. No one wants to fail, but not every entrepreneur takes the time to methodically interpret the architecture of the business plan. If they do they may not take the time to take the chisel to status quo ideas in favor of something that might become known as a revolutionary idea or concept. Many such concepts are the brainchild of entrepreneurs who waited long enough to understand and observe the brilliance of at least one prime business ingredient that is often overlooked.

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The Number One Skill Entrepreneurs Need

Would you like to know the number one skill for entrepreneurs? Well it's the same one that all CEO's need - to understand the company P&L and Balance Sheet. Right about now some of you may be grumbling. Some may even be thinking that you are no good with numbers and that your dreams of being an entrepreneur are crushed. I ask that you not be so mellow dramatic and if you are freaking out, then you need to first focus on your mindset shift before you can go any further.

The truth is you need to understand the numbers whether you plan on keeping your business at six figures or grow it to eight figures and beyond. In fact understanding the numbers is a key strategy employed by GE in its leadership academy. And you all know that there have been more CEO's to come from GE than some of the top business schools combined! The numbers help you to fully understand and therefore influence things like, your margins, business cycle, purchasing trends, overall sales, expenditures and so on. In essence it gives you full control over your companies and therefore your own success.

So what's the first step to understanding the numbers, if you are numbers challenged? Rest assured you do not have to go back and get your MBA. In fact the easiest way is to start by pulling out the spreadsheet or Quickbooks report and look at the basics, profit and loss. Look at where all the money comes from, when it comes in and where it all goes. If you are really intimidated enlist the help of your CPA or bookkeeper, they love numbers. Ultimately, you need to grow comfortable looking at, working with and understanding those numbers - regardless of their size.

It's time to face the numbers. Go, pull those reports and start studying!

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Starting a Business

Equally important to having all the physical "stuff" collected for your business, is being collected mentally. Your thoughts, ideas and attitudes should be in harmony so you are prepared to handle your business.

One of the best methods of doing this is to schedule your time, so you know how much effort is going toward each activity you're required to undertake in your business. All this will go a long way in helping you maintain the essential attitude you developed when you became comfortable.

As you go through the process of getting collected, an important point to keep in mind is your professionalism. Getting collected not only means making your business as easy as possible, but also as professional as possible:

You'll know how to manage your time. You'll have a professional-sounding voice mail system. You'll know how to get yourself mentally prepared for calling potential clients. You'll know how to respond to unexpected questions. In essence, you'll conduct your-self in a professional manner.

Many people decide to work from their homes, however, you must be cautious about doing this. Just because you're home-based doesn't mean you don't have to be professional.

On the contrary, you almost have to be more professional when you're home-based. Don't get overly casual just because you're working from home. Have professional letterhead and business cards created and present a business image that's on a par with large successful companies.

An important part of being professional is creating a business plan. You need to have a business plan and plan your activities week by week - even day by day - because planning means using your time efficiently.

To plan, you must have goals. Remember the goals you wrote down when you made your commitment? To get collected, you need to use those goals to create a business plan.

You may resist creating a business plan. Perhaps one of your goals is to get away from a rigid schedule and creating a plan seems to go against that goal.

However, if you don't create a plan and make some sort of schedule, you'll never claim your success. If you don't want a rigid schedule, create a schedule that isn't rigid - it's as simple as that. It's not creating any schedule at all that is self-defeating.

Now, your business plan doesn't have to be set in stone. It is just an estimate of how to get where you want to go, and it can change as you see necessary. Also, it's okay if you don't follow the plan to the letter, as long as you don't completely disregard the plan.

Remember, if you plan nothing, that's exactly what will happen with your business - nothing. And, if you let your plan go, you'll be letting your goals go also.

Without a plan, you'll essentially wind up being goal-less, plan-less and clueless.

When you make a plan, you need to include your professional as well as your personal commitments. This will help to ensure that you are making a plan you know you can follow.

For example, if you know you have to pick up your children from their after-school activities, don't schedule meetings for that time, because you obviously can't be in two places at once.

By considering your personal commitments when making your business plan, you increase the likelihood of following your plan and claiming your success.

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An Idea Could Mean A Great Business

We all know that ideas big and small can lead to great business success. Some of the worlds richest people started with just a small idea and turned it into an empire of wealth. When thinking of Ideas for a business try to think of things that are suitable for the market place. After you come up with your good or great Idea the next step is to put into action the steps necessary to achieve that success you dream of. Thinking of the Idea is the most important part but it is also the easiest. To get it off the ground and having some success with it you have to overcome many obstacles in the process. There are many questions that one has to answer for his or herself before they can move forward into the process of setting everything up and actually implementing the your ideas into an action plan of success. Think good, think hard and think wisely before moving on to the next level.

What abilities and gifts or talents can you contribute to your business and how can you implement them in a way that will benefit the people you will be targeting. What do your customers expect, what will make them happy and keep them coming back in the future. It is extremely important to identify these areas when beginning your business project don't just jump in and throw things out there for others to stumble over. Try to make your business something you enjoy this will make it much easier to continue your efforts towards success. If you enjoy what you are doing it will be easier to help others enjoy what you are doing. Also keep in mind that if you do something you enjoy then putting your heart and passions into it is already there and that is half the battle.

The most important thing to keep in mind is the product of course. Analyze the market for what you have to offer. Do people want what you have ? How can you get it to them and make them happy? Will they come back the next time they need it ? How competitive is the market place for what you have to offer? These are just a few of the answers one has to ask self.

There are other aspects of this business venture that you need to take into account, see see the list below.

- Is your Idea unique and one of a kind?

If your idea is unique then there will really be no competition this will help you to definitely control the market for what you are offering. When you have control of the market and you are the leader, success is yours, but dont loose track of it because there is always someone else right behind you that will put you out of business just as fast as you reached success or faster.

Always continue to think of new ways to implement your product to the market and keep your customers 100% satisfied. This will keep them coming back and keep the competition in their place (behind you).

- Is what you have to offer a quality product for the customer?

Be sure to offer good quality products or product. This is by far the most important aspect of any business on earth. If you don't offer a good product and your customers are not satisfied you will not be successful with your business. Always offer a guarantee and make it a good one! Be satisfied and sure of what you sell, if you are then they will be too.

- What will this business cost you?

There are a lot of businesses online that you can start for little to nothing and the rewards from some of them can be very pleasing to the pocket book and to your desire for success. Look into how much a business will cost you before you get into it to far. If the over all costs are more than you can handle or care to take on then look for other ways to reach your goals. Where there is a will there is a way.

Through a business link You can  review some impressive business opportunities that could help you to reach the goals you desire, whether its your own product you wish to offer or a small business you can start now and run from the comfort of your own home. Success is always available for all of us no matter what the obstacles are to get there. When you have someone that has been there time and time again to help you in your journey it makes things easier and most of all quicker to obtain.

What ever you choose to do. I wish us all the very best in all of our endeavors.

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Should You Work For Yourself?

Let me guess, you don't jump out of bed 15 minutes before your alarm goes off every day do you? Instead, do you find you literally drag yourself out of bed at the crack of dawn every morning getting ready to throw yourself into the daily grind? Can you imagine what it would be like if you worked for yourself instead? How would your day be different if you didn't have to leave your house in order to work? Imagine the freedom, relaxation, and control you would have. Working for yourself is something you can achieve. You have to have a big enough why to step out and work for yourself. You also have to have the right vehicle to help you accomplish your goals.

Once you have these two things figured out you are on your way. Here are five reasons why you should work for yourself:

1. Time -- Everyone wishes there was more time in the day to do the things they want to do. When you work for yourself, you will have control of your time to do the things YOU want to do when you want to do them not when someone else tells you to.
2. Cash Flow -- Money makes the world go round whether you focus on having it or not. With a job or career, you are being told how much your worth by a dollar amount. You get raises not based on how hard you work, but on the health of the company you work for. You have no control over how much you make. When you work for yourself, there is no end to how much you can make. All you have to do is decide what that is and apply yourself.
3. Ability to spend time with your family -- Would you like to wake up without an alarm clock and eat cheerios with your children and spouse? Work for yourself and this will be the option you finally have.
4. Tax Breaks -- Face it paying taxes isn't the greatest thing you have to do each year. Owning your own business allows you to write off numerous things you would never be able to working for someone else. The savings in taxes is a reward in itself!
5. Peace of mind -- Working for yourself allows you to control the things in your life. Times are tough now and working for someone else is very unstable. There is no corporate loyalty anymore. You have to take control of your destiny and future. Wouldn't you like to be at ease about having everything set up for your family and truly know you can limit the struggles going on in your life.

Working for yourself has great benefits and is achievable. All you have to have is the desire to succeed, willingness to apply yourself, and the right vehicle to take you down the road to success. How would your life be different if you had the time, money, and peace of mind you have always wanted? Drastically for the better that's for sure! If you want to know more on how to accomplish your dreams. If you don't make a change now, when are you ever going to?

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5 Ways to Keep Learning and Growing

I recently received a long letter from one of my readers - whom I'll call "Amy" -- that went something like this, "Ali, I see you're now charging beaucoup bucks for your coaching programs and to mentor with you. No question you are worth thousands of dollars to work with! But I feel really stuck. You see, I am down to my last dime. You emphasize how important it is to keep learning and growing... and to have a mentor, but how can someone like me do this when there's no money to invest?"
Ah yes, Amy, believe me, I remember what that was like. In fact, things got so bad when I first started my business back in New York 10 years ago that there was one evening I couldn't even take out $20 from the ATM. (And even if I did have cash to spend, I didn't know where to find a mentor anyway.)
So what's a girl to do when she's on a budget?
Answer: Learn all she can within her means.
While in-depth courses and high-level mentorship programs deliver a complete plan for those who are ready to invest and move forward quickly, don't forget about tried and true low-budget learning options. The five I list below are surely nothing new, but often times we forget they are here for the taking! The only trick is you have to motivate yourself.
1. Books.
Yes, books. Remember books? There are millions of helpful and educational books out there. Both new ones in bookstores and used ones at the library. Ones to inspire you, to motivate you, to help you think differently, and delivering specific steps to grow yourself and your business. Spend a rainy afternoon in a Borders or Barnes & Noble with a coffee and see what strikes your fancy. Or finally get that local library card and see what they have to offer in their business and self help sections. Bonus: Most libraries also carry CDs and DVDs that they rent for free or a low fee, and usually you'll be able to find several educational titles.
2. Free ezines and reports.
Search your topic of business online and you're bound to find tons of free online information and many in the form of ezine subscriptions and reports. From marketing to moneymaking, from advertising to finding clients, if you search for it you will find it.
Just know these media - being free - are typically more introductory information and used as lead generators. But good content can surely be found!
3. Free teleseminars and webinars.
Along the same lines, many experts are also hosting free teleseminars and webinars day and night around the globe. All you need to participate is a phone or an Internet connection. From business training to personal development - search and you will find as well! As with free ezines and reports, you can learn a lot from these events, but just expect a sales offer during the session.
4. Free and low-cost live seminars.
Even adult education classes via organizations such as the Learning Annex are great to get started. Even though they usually feature very basic info, I've found these classes are still good to help reboot your brain and give you some new ideas to walk away with.
If you live in a major city you can also almost always find free or low-cost seminars to attend as well, if you keep your eyes and ears open. But remember, the hosts of these events aren't non-profits! Expect a sales invitation to buy their products or enroll in a program. Just realize this upfront as you go in and graciously decline should you choose not to take advantage.
5. Lower-priced information products and programs.
If you can't afford a live mentor, how about one in a box? That's how I started! And I admit it was even from a TV infomercial.
Back when I had finally quit my last job 10 years ago, I was lost and frustrated. I had started my business but was down to just a few hundred dollars in my bank account. One late night I was up and turned on the TV and saw an infomercial for Tony Robbins' "Personal Power II". (Funny enough, I could barely see it on the screen since I couldn't afford cable TV and was watching it via old-fashioned rabbit ears.)
If I remember correctly, the product was $179 at the time. That was a huge stretch for me, and I opted for the payment plan. And when those cassettes arrived (yes, I got the cassettes because they were cheaper than the CDs), I dove into them like a box of chocolates! Tony became my virtual mentor as his voice of encouragement, showing me how to think big, was played in my ears every day while I rode the subway.
If you're not growing, you're dying
Remember that not having cash to invest in your business is no excuse to sit on your bum. There's a great saying, "God helps those who help themselves." Having money isn't a prerequisite to step forward to grow and become your best. The only requirement to your stepping into your greatness is your true desire to do so.

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Get Comfortable With Your Professionalism

As an entrepreneur, you'll have to get comfortable with your ability to react professionally when you can't answer questions, and with your ability to learn on the fly. You'll have to get comfortable with learning from any kind of experience, success, failure - and everything in between. Because of the very nature of business, you will find that you will go through many twists and turns on your Journey of Success.

When you get comfortable, you won't get upset with every new twist to your business. When you get comfortable, you might even get to the point where you enjoy the challenges presented by each new deal. Let me share a quote with you from football great Walter Payton which I believe with every fiber of my being.

"Having the courage to do things you are not an expert at, trying things that you are totally unsure about, having the courage to stick with it once you start and learning from every step that you take until your particular goal is reached, even if your goal is never reached, is a learning process that will enhance your life. Just remember, it is your decision to succeed or fail; no one else's."

Now, you might be the type of person who has trouble getting used to new things. Does that mean that you can't do this business? No, it means you have to try a different approach. If you can't get comfortable with new experiences around every bend, then just decide to get comfortable with being uncomfortable.

This is all part of the process of moving from your Comfort Zone to your Discovery Zone. Just acknowledge that you are going to feel uncomfortable, and don't let that stop you. You can get through plenty of business deals feeling uncomfortable if you decide that for you, that's the only way it'll work.

The most important thing is to maintain a positive attitude. If you focus on things always being different from which you are accustomed, you will get caught up in the things that are making you uncomfortable. If instead, you focus on the fact that you can do business anyway, despite feeling uncomfortable, you might find that the uncomfortable feeling dissolves away.

When you get used to feeling uncomfortable, your uncomfortable feeling can begin to feel comfortable. Hopefully, this makes sense to you. If not, read it again, because understanding what I'm saying here is an important key to success

Something that will help you maintain a positive attitude is to keep your challenge and your commitment in mind. Remember that challenge is the starting point for the entrepreneur's success journey.

It's okay to feel uncomfortable with a challenge, as long as you're committed to succeeding.

When you look at whatever it is that makes you uncomfortable, and then looks at your reason for becoming an entrepreneur and your commitment to it, your discomfort should seem like a minor issue.

The problem that many people have with getting comfortable is that they're worrying about either the past or the future, and not paying attention to the present. They may be worrying about mistakes they've made in the past or worrying about what will happen in the future if they make a mistake today. The trick is to focus on the present - on your current situation - and to focus on what you can do, rather than what you can't.

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Creating a Business You Love

Businesses are meant to be owned by its creator - not the other way around. Unfortunately many people have left the constraints of a job only to become a slave to their business. Our business should be built on our passion and we should be deliberate about the type of business we desire to operate. The business we start up should be a reflection of who and what we are. A business can be only as good as those who are a part of the business.
Whether you realize it or not you can design and build the ideal business that you love. There are several things you can do to make this happen:
Create the exact definition of your ideal business.
Ensure the business operates within its definition. Do not allow the business to become more than what you created it to be. Be careful not to allow the business to dominate your thinking or your time. Ensure that God and family are your first priority.
Target the right people. You should work to attract employees and customers with vision, goals, responsibility and who are coachable.
Overdeliver. Always provide excellent customer service and valuable products/services. Give beyond the expectations of your clients and staff.
Don't provide hype. Always offer truth and facts. Market from a position of educating your clients. Think value first. The information you provide should be high on your clients list of importance.
Create a buzz. Actively drive your word of mouth advertising. Give the market something exciting and positive to talk about.
Use wants based marketing. People buy what they want not what they need.
Use an effective selling process. Funnel marketing builds a loyal customer by giving them a quality product free to take action.

Harold is christian multipreneur who is committed serving entrepreneurs from a christian based approach. His ability to write, train, market, and communicate is establishing him as a voice for spiritually inclined people building spiritually aligned enterprises.
Harold Thompkins is not a guru or expert in any specific field of business However he is quickly becoming an authority on the christian principles of success for the modern day business person. He shares the information he learns in an impactful manner that influences the development of the proper mindset and motivation for required effective business building. His passion is discovering and learning to utilize proven marketing techniques and relationship building with people who pursuing their entrepreneurial dreams through the internet.
Harold incorporates his vast and diversified leadership/management/ supervisory experiences in athletics, work, business and ministry in motivating and inspiring others move beyond quitting and giving up. His knowledge and faith to succeed by helping others build profitable difference making businesses is his fortay.

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Your First Business Idea is Hidden Behind This Lesson

I used to ask my friends and relatives about their ideas on starting this First Business and just like YOU might have experienced I got different answers without finding what I was looking for and believe me: IT WAS VERY FRUSTRATING.

For some of them starting your own thing is just..TOO RISKY. (How ridiculous huh?)

To others there's just TOO MUCH COMPETITION OUT THERE. (Which is GOOD by the way)

THANK GOD..one day it hit me. And HARD.

You see, nowadays EVERYONE believe that they have the right answer to EVERYTHING and honestly, THEY DON'T.

What's really amazing here is that MOST are trapped in a PRISON where they HATE their life (including their job of course) and even MORE AMAZING is that YOU dare to listen to their opinions and end up FRUSTRATED too.

So, let me ask you: Do you FEEL this way? Are you trying to change that situation but don't know where to start

The truth is that there's a FACT that you CAN'T deny: YOU CAN'T live alone. Period.

You Either hang out with your college buddies, your co-workers or your closest relatives. It doesn't matter, you hang out with someone.

What YOU are not conscious of, is that you become whoever you hang out with and that's exactly why you haven't found that SUPER IDEA for your First Business.

Now, let me take YOU behind the MOUNTAIN and let you know something: YOUR NET WORTH = YOUR NET WORK.

Whatever you do each day affects your life in ALL WAYS and your desire to become an Entrepreneur is NOT an exception if you surround yourself with people who don't think like one. (And by the way I'm offering YOU the chance to CHANGE THIS at the end of this article. Be sure to check out the link.)

So to prove my point let me end this article with the following EXCERCISE FOR YOU:

*Go calculate an average of how much your closest friends make each month and compare it with what YOU DO.* Got it?

It's just a matter of learning from your friends.

Remember: If you want to become a successful Entrepreneur it's time to hang out with someone who's already one.

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First-Time Entrepreneurs should avoid

The first step to entrepreneurship is finding the right business idea. The popular advice is to do what you love, but for many successful entrepreneurs it is far more important to do something that sells. Do you really think that the guy who manufactured and sold the first rubber bands had some bizarre affinity for that particular binding implement? Doubtful. The best business for you depends on your reasons for going on your own, your skills and experience, and a handful of other factors. That said, there are certain startups that everyone should avoid, especially if you are looking for your first entrepreneurial opportunity.

Don't Do What You Hate

On the flip side of the standard "do what you love" advice is do not do what you hate, no matter how good you are at it. If you have put twenty years into an industry and have had enough, don't launch your own business doing the same thing just because it is what you know. If it is simply the day-to-day tasks of your particular position that you don't enjoy, consider other ways to use your knowledge of the industry in a business that you would find more interesting. Or, go ahead and learn something altogether new. But continuing in a line of work you despise just because you already know the operations is a bad idea. You will be bored, unmotivated, and disillusioned very quickly...a situation that virtually guarantees failure.

Avoid Competing With a Current Employer

Also avoid business ideas that are in direct competition with your current employer. If you are under an employment contract (even an official employee manual), there is a good chance you agreed to a non-compete clause, whether you realize it or not. Part-time or moonlighting businesses are especially relevant here -- it is a bad idea to start any business that even might have a distant conflict of interest with your current employer. They will fire you, then sue you. Just don't do it.

Don't Rush Into a Business

Many would-be entrepreneurs are so eager to launch their own business that they make really horrible, knee-jerk decisions about which business to pursue. Don't rush into anything. Take the time to thoroughly research your idea. If it turns out to be viable, then you have a huge jumpstart for launch. If it turns out to be too high of a risk or unlikely to succeed, you are only out the time you spent researching. Any tools you purchased to help you through the planning can be used again to help you plan the next idea, so no waste there.

Avoid Commodity Businesses

Avoid commodity based businesses, where the lowest price captures the sales. Startups don't have the volume purchasing power to compete with the established corporations, and you will end up with an inventory full of loss leaders...and no profitability. Instead, consider ideas in which personal attention, innovation, or other factors drive your target market's selection. Service ventures are good, and the more specialized, the better. Niche businesses make it easier to identify and reach your target market, and focusing on a single marketing message can save you both time and money in the early stages of your first startup.

If it Sounds Too Good to be True, It Is

Don't fall for the get-rich-quick scams. If it sounds too good to be true, it is. Anything that claims you can make a lot of cash by doing nothing, learning nothing, and spending nothing (except their scam fees) is nonsense. Somewhere, your logic is telling you its balderdash...listen to that inner voice and save your money for the startup resources you really need. MLMs of all types (including the scams and product-based outfits like Amway and Avon) have over a 99% failure rate. That is, more than 99% of people who buy in to become rich from the lower levels never even earn back their investment. Don't try to jump aboard someone else's idea. If you want to be truly successful in business, find your own business idea and do the work to build your entrepreneurial skills.

Don't Exceed Your Risk Tolerance

Be careful of any idea that requires a huge upfront investment. Unless you have an extremely good reason, avoid risking everything you have on your startup. If your business idea involves more money than you can reasonably accumulate, look for ways to modify it down to a reasonable scope. You can always grow and expand to meet the bigger idea over time. Also avoid significantly high-risk ventures your first time around. Entrepreneurship is difficult enough in low-risk ventures, and uncertain startups add an entirely new, thick layer of stress to everything you do. Look for the lower hurdles and the obvious ideas. Once you work out the kinks in how to run a successful startup, you can move on to the higher risk/higher reward ventures.

Choosing the right business idea is critical. While you need to be happy with what you are doing to stay on track, it is not true that you have to do what you love. Instead, keep the "what to avoid" in mind and take a look around you. Often, the best ideas are the most obvious.

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a Business Partner Can Make the Difference

Like anything else in business, there are viable arguments for and against launching a startup with a partner. Some business ideas make the decision obvious, while others require a bit of consideration as to whether a partnership is the best option. In some cases, just planning to hire employees to fill any knowledge or skill gaps makes the most sense. That way, you retain control over the major decisions of the business (and the profits) while relying on an experienced staff to handle the day-to-day. Still, partnering with the right person can provide significant benefits to any startup.

The first obstacle, of course, is choosing the right person to partner with. Many successful partnerships begin close to home. Working with your spouse or a close friend can be very advantageous. You already know each other's habits, quirks, and strengths and weaknesses. Often, two people in a close relationship are close because their personalities are complementary -- each one excels at different things and sees things from different perspectives. These relationships translate very well into the business environment. Starting a business is not an exercise in mastering a single subject. Rather, successful entrepreneurs must become experts in marketing, accounting, legal issues, leadership and every other aspect of managing a venture for success.

If you are looking for an outside partner, be clear about the qualities you are looking for, and don't settle for someone who is just like you. Consider all of the knowledge and skills required to run your business idea efficiently and evaluate your strengths against that list. Then, search for a partner who fills in the gaps as much as possible. Of course, it is critical that you get along well and can work together effectively, as you will be spending more time with your business partner than any other person in your life. Look for someone with a similar sense of humor as well -- laughter goes a long way in getting you through the stresses of a startup.

Working with a partner is usually better than working alone. A partner can provide motivation and pep talks when you need them and help you look at problems from a different perspective. You are able to check in and keep each other on track. Encouragement is invaluable during the long stretches of tedium that come with any startup, and the support of someone close to you, who is working toward the same goal, can make all the difference.

If you choose to partner up for your startup, be sure to lay the ground rules before you begin working together. Decide who is responsible for what, from daily tasks to major decisions. The early stages of a partnership tend to be like a honeymoon...but that feeling will quickly wear off. Therefore, it is critical that every aspect of the business is discussed and agreed upon beforehand. Evaluate each of your strengths, and leave the final decision to one partner or the other. Don't expect to agree on everything, but don't let alternative opinions cause ongoing problems either. If everything from setting deadlines to splitting the profits is worked out before you start, your partnership can avoid the problems of resentment and dissatisfaction that plague many multi-owner ventures.

More than anything, effective partnerships realize that they are in it together. Don't compete against each other (except, of course, for friendly, motivating competitions), but work together to compete against the rest of the world. Develop solid communication skills and trust each other, your venture's success depends on it.

About the Author-K. MacKillop, a serial entrepreneur, is founder of LaunchX and authors a small business startup blog. The LaunchX System includes step-by-step business startup procedures, small business software & more, to help entrepreneurs start a business based on their idea. Visit LaunchX.com for a free Business Readiness

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