Monthly Archives: November 2016

Right Time to Start a Second Business

You have a business. It’s doing quite well. You have everything so much under control, you have spare time. You also have spare money. Is it time to start a new business? It depends.

The following are some of the ways to know if it’s time to start a second business.

Opportunities Abound

People start a second business when they are presented with an opportunity that seems too good to pass up. A good opportunity will be one that comes with moderate risk and high return on investment.

Don’t make the mistake of falling into a scheme, though. Many people approach successful business owners with promises of more success. It’s best to decide on if an opportunity is a good one on your own, instead of relying on what others are telling you.

You’re Bored with Your Current Business

Your current business has been with you for years. You grew it from a baby to a full-fledge business that operates seamlessly. Now, you’re bored with the day-to-day monotony of it.

Entrepreneurs are always look for something new and challenging. This is why you are feeling bored with your current business. It doesn’t mean you don’t have love for it – it just means you’re ready to spread your wings and fly somewhere else to create your next big success.

You Want to Do More with Your First Business

Many people don’t start a completely different business – they diversify. They take a part of their current business and make it bigger and better to create its own income stream. If you see an opportunity to do this in your business, you might as well see how it goes because it’s just an easier way to start a second one.

An example of this is offering classes to people who are using your products. You may be selling exercise equipment, and to expand on that business, you offer exercise classes using the equipment. People can bring the products they purchased from you, rent some from you, or you can offer them as part of the classes. The money you make from the classes, rentals, or even selling more products to students can be quite good.

Be creative with your business to see how you can make more money from it.

You’re Ready to Take a Risk

There’s a decent amount of risk when starting a business. You know this from starting your first one. The same goes for the second one.

Since risk is always involved, many people have to conjure the strength and courage to do it. When you feel ready for the risk, you are likely on your way to a new exciting and challenging adventure.

You Have Support from Your Family

Starting a second business can be a huge strain on your family. You will be involved with getting the new business off the ground for a long time, and that means you’re not going to be as accessible.

Your family will have to cope with this loss. They will need to understand and support you. You will know it’s time to start a second business when your family is behind you 100%.

You Have a Vision

The only way a business owner can be successful is if he or she has a vision. This vision is what the business will become IF it is managed properly. When you have no vision, you have no direction, which makes managing hard.

Sit down for a moment and come up with your vision. Don’t have one? You are not ready for a second business just yet.

Have one and it’s detailed enough you could easily create a business plan from it? Good job. You are probably ready to move forward with it.

You Have a Team

You know the value of a team. It can help you grow your business when you aren’t able to do it. While you may not have had a team when you started your first one, you need one much more for the second one. Why?

When you started your first entrepreneurial project, you probably did it on your own. You didn’t have the money or the know-how to have a team grow it for you. Now, you have this advantage. You have extra money (or at least you should) and you know that you don’t have to do it all on your own. You may even have people who can help you as soon as you give them the go ahead. This is how you know you’re ready to get started with your new business.

Disposable Income and Time

As mentioned, it’s not all about money and time. However, it does have a lot to do with it. If you have many of the other factors explained here along with the income and time, you are in a great position to get started on a new venture.

Successful Entrepreneurs Think and Act

Successful entrepreneur think and then act. So, think about what you’ve read, and decide if it’s time to move forward with something new. It’s likely if you’re not ready now, you will be in the near future. You wouldn’t be reading this article if you weren’t already interested in moving on to something new, exciting, and challenging!

Get Success At Self Employment

Owning your own business comes with a number of perks. For starters, you get to be your own boss and set your own schedule. Now, who wouldn’t love that? Additionally, you get the final say when it comes to decision-making, the freedom to work with people of your own choosing, and, in success, you get to reap more of the financial rewards. Unfortunately, being self-employed also presents a number of challenges, and properly maintaining a successful business takes a great deal of time, care and hard work. If you’re thinking about going into business for yourself or you’re looking for ways to improve your already existing company, these six tips will help put you on the road to success.

Be Passionate About Your Business

Perhaps the most important key to success is passion. Getting out of bed every day and going to work is a grind, and without a supervisor to be beholden to, many self-employed individuals eventually lose motivation, affecting the health of their business. In order to combat this problem, make sure that you truly believe in the work that you do. Find an endeavor that fulfills you and gives you a sense of purpose. If you love your business, it will be exponentially easier to give it the care and attention it needs to thrive.

Know What You Want

Passion is great, but it needs to be channeled into achievable goals. In order to succeed in business, you need to know what you want, understand what it will take to get there and then execute a plan in order to arrive at your objectives. At the outset of creating your business, sit down and make a list of what you hope to achieve. What profit margin do you need to maintain? Do you want to have a certain number of clients? Do you hope to work with a certain company or individual? Once you know what benchmarks you want to achieve with your business, brainstorm the necessary steps in order to get there and create a business plan accordingly.

Network

They say that succeeding in business isn’t a matter of what you know, but rather who you know. While that old adage may not be entirely true, knowing the right people can certainly make a big difference. By attending networking events and industry trade shows in your field, you can build up a roster of connections that will make it easier to succeed. Additionally, it’s a good idea to get to know experienced people in your field, as they can serve as mentors and provide invaluable advice.

Cultivate a Support Team

Creating a support team is akin to networking, but it serves a slightly different function. Your support team can consist of friends, family members or your favorite customers/clients, all of whom have a vested personal interest in your continued success. Think of these people as your emotional support system, there to provide encouragement, pick you up after a trying experience or offer advice about the direction of your business. Just as it’s important to surround yourself with positive influences, it’s equally important to block out negative ones. If people in your life are either intentionally or unintentionally trying to derail your career aspirations, then you may need to limit your exposure to them.

Maintain Your Brand

Maintaining your company’s brand is one of the most important keys to success. Effective branding is all about creating an identity for your company in the minds of customers, clients and anyone else with whom you may do business. If you have a physical store or office, make sure that the space is professional and that the signage is attractive to potential customers. Perhaps even more important than your physical space is maintaining your business’s brand online. In order to be taken seriously nowadays, you will likely need to create a professional website as well a profile for your company across various social media platforms, such as Facebook, Twitter and LinkedIn. However you choose to advertise your business, make sure that your messaging is consistent and positive.

Be Flexible

No matter how solid your business plan is or how much support you get from the people around you, your company may not be successful right out of the gate, or it may fall on hard times in the future. In order to succeed, business owners often need to be flexible. If your current approach isn’t working for whatever reason, it may be necessary to change up your game plan and try something new. Do an honest diagnosis of your business, assess its biggest strengths and weaknesses and make adjustments as needed. By being flexible and nimble, you can adapt to a wide range of obstacles and setbacks.

Tips To Starting a Business After You’ve Been Laid Off

Being let go from your job can be tough. After all, most of us put an immense amount of pride and effort into our work, and being laid off for any reason is painful and embarrassing. In the aftermath of getting fired, many people flounder as they decide what move to make next. Searching for a new job is often a full-time job in and of itself, and it can be a very long, frustrating process, with jobseekers routinely spending over a year looking for a new career. Given these challenges, many people decide to make immediate use of their skill sets and start their own businesses in the wake of being laid off.

What Type of Business Should You Start?

If you’re going to go into business for yourself, you must first decide what type of company you want to create. In general, most people decide to leverage their existing skills and experience to create a consulting or freelancing business that is closely tied to their old career. For example, if your previous job was in marketing or IT, you can build a business around providing those services on an individualized basis. Typically, this approach is the easiest way to go about starting a company.

Alternatively, you may want to use your recent unemployment as an opportunity to start a business in an entirely unrelated field. On the one hand, this path presents more challenges. On the other hand, motivation is a necessary ingredient in starting any new business, and losing your job can incite unprecedented levels of motivation and productivity. If you feel like being laid off was the wake-up call you needed to start following your dreams, then use that motivation to start a totally new endeavor.

Regardless of what type of company you create, just remember that passion will only get you so far. Ultimately, if your new enterprise is going to be successful, it needs to provide a good or service that is valuable. Don’t just follow your heart. Be strategic and carefully consider all of your options when starting a company.

How Do You Get Your Business Off the Ground?

Once you’ve decided on a plan for your business, the next step is to get it up and running. Fortunately, the U.S. Small Business Association provides a number of tools for emerging entrepreneurs, including tips for starting and managing your company as well as information about applying for loans and grants to serve as seed money.

Also, early on you’ll need to make a list of the practical elements your business requires, such as an office space, a computer, supplies and maybe a dedicated phone line. Also, you’ll have to decide whether or not your company needs a website. While many businesses have their own web pages, it’s sometimes more of a luxury than a necessity. In fact, a lot of entrepreneurs get by using a combination of existing social media sites, such as LinkedIn, Facebook and Twitter, all of which can add legitimacy to your business.

Most of the other major questions you’ll need to answer involve finances. From a practical perspective, you’ll need to make sure that you have enough money to start a company. In addition to the initial startup costs, it takes a little bit of time for many small businesses to become profitable. By going into business for yourself, you and your family will need to accept the fact that there might be some lean days in the immediate future.

Before getting too far down the road on your new business, you’ll definitely want to talk to an accountant. Not only will a CPA help you to better understand the financial ins and outs of the business you’re about to start, but he or she can also provide invaluable advice about the taxes that will eventually arise from your new endeavor. Additionally, it’s wise to invest in small business accounting software, such as QuickBooks or, if you’re watching your budget, Wave, which offers many basic functions for free.

What if Your Business Fails?

If you’re going to start a business, you need to go in with your eyes wide open. The fact of the matter is that most small businesses fail, but even if your new company never turns a profit, it can help your career in the long run. After going into business for themselves, many workers re-enter the traditional corporate world with a new set of skill that are highly desired by employers. By running your own company, you’re gaining invaluable experience in marketing, sales, finance, and management, all of which can translate into necessary skills in virtually any business setting.

In fact, many entrepreneurs create their companies with the knowledge that they will only be temporary. If you know that your job search is going to take six months or a year, what better way to cover that employment gap than by starting your own business? While some hiring managers may look down on the six months or so you spent freelancing, others will respect the hard work and ingenuity it took to run your own company. Also, explaining your freelancing or consulting business is much easier than explaining a glaring gap in your work history.

Starting a new business under any circumstances isn’t easy, and the aftermath of being laid off can be a particularly trying time. However, if you have the motivation and the financial stability, creating your own business, even on a temporary basis, can be beneficial. Plus, in the event that your new enterprise is wildly successful, you can work for yourself indefinitely and never have to worry about getting laid off again.