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Small Business

Every Successful Business Needs A Plan

A business plan is your map to the money. It tells you where you’re going to get it and how much of it you’re going to be able to keep. And just like any map, the more detail the plan has, the easier it makes it to get to your destination.
Do you need a business plan? Would you hire someone to remodel your kitchen who didn’t have a set of blueprints? I’m sure you wouldn’t think of it. So why run a business without a plan? Unfortunately, it happens all the time, which may be the reason well over 500,000 businesses fail every year.
Most of the small business owners I deal with really know their craft. They know what materials to use, which vendors offer the best terms, which customer is most likely to complain, and so on. They’re also pretty good business people. They understand controlling expenses, tracking labor and material, and pricing their product to make a profit. They work hard and are justifiably proud of the results.
Their business plans, though, all too often sound like “If I build it, they will come.” That may work in the movies, but it stands as much chance for success as a plan to install a tonneau cover that doesn’t include the model number of the truck.
If you expect to run a profitable business, you need a business plan for many of the same reasons you need a plan to remodel a house. It helps you focus on the important factors that contribute to success. It helps you make key decisions on everything from the types of work you look for to the number of employees (if any) that you hire. A sound business plan is also an absolute must if you are looking for capital, whether it be from investors, banks, or even suppliers.
A concrete business plan identifies the customers, quantifies the sales they will produce, and analyzes how profitable those sales will be. It’s like a job estimate that begins at the end of the process (the sale to the customer) and works backward. It helps you determine how much material to order and how much labor to plan on, project the costs, and figure out whether the job will be profitable at the price quoted. Only, instead of doing it on a job-by-job basis like an estimate, the business plan does it for your company as a whole over a period of time.
A business plan isn’t really about what kind of work you’re going to do or how much shop space you need. Those are elements of it, but they are so minor that they’re almost footnotes. There are five basic components:
1. Business Description – A short statement about why the business exists and what it hopes to accomplish. Generally, the more specific-and shorter-the better.
2. Marketing Plan – Answers the questions about how the business will be successful. Who is going to buy the product or service? Why? What need does it satisfy? How many potential customers for it are there? How often will they buy? What are their competitive alternatives? What price will they pay? How will they know about it? How will you get it to them?
3. Financial Plan – Shows the expected financial results of the marketing plan. How much income will be produced? What net worth will be generated? Who will receive that income (you or the bank)?
4. Cash Flow Plan – The step-by-step instructions for generating cash and keeping it. How will the working assets be acquired? When will operating cash be needed? How soon will profits appear? What happens until then?
5. Management Plan – Describes the shop owner or manager’s role in the business. Who will do what? What are their qualifications? How much training expense and time is required? How much time will be devoted to production, marketing, and administration? It also includes contingency plans for events like natural disasters, up- and downturns in the economy, and competitive changes.
This very brief description of each component is not at all complete but it should give you a flavor of what kind of information, hard data, guesstimates, and reasoning go into the business plan. Most of all, a good business plan needs to be grounded in reality, not wishes. I like to say that it should produce an optimistic outlook based on pessimistic expectations.
Preparing a good plan doesn’t happen over a lunch hour. It requires research and thought. Sound business plans can come in many forms, but they all have one thing in common: they are in writing. Whether you use one of the many good software packages available or fill up a loose-leaf binder with pencil-written notes, the act of writing it down forces you to give your plan …

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Business Ideas

Top 4 Requirements For A Successful Online Home Based Business

Starting an online home based business can be a daunting prospect at the best of times because of the various challenges involved. When you’re new to the Internet marketing world there are many different concepts and techniques you have to study, understand and implement in order to succeed on the web.
However, there are 4 tactics you must understand and eventually master in order to accomplish your entrepreneurial goals and gain the freedom you’re looking for from your Internet business.
This article will explore each one of these marketing methods in detail so you’ll have a head start with your new web based career.
1. The number one requirement for any venture to succeed online is website traffic or, in other words, driving as many visitors as you can to your home page on a regular basis. Without these guests your web page will be a virtual ghost town and making sales and profits will be impossible.
Of course there are many different traffic generating techniques available for you to use and my suggestion is to try out several and find one or two that you enjoy and you have success with and concentrate on using these tactics to bring people to your website.
2. When you finally attract the prospects you need to your home business web page you need to capture their contact information so you can follow up with them and persuade them to become paying customers. Subscribers are an absolute must to ensure any notion of long term success on the web and by building an email list of loyal members you’llA� have an automatic income generator that you can use anytime you feel the need.
To convince your visitors to give you their name and email address you need a squeeze page with a free offer attached which you’ll give them in exchange for their contact details. This freebie must be something of value to your visitors which will sway them to give you their email address.
Your landing page will be attached to an auto responder service which is pre-loaded with follow-up messages written by you containing valuable information which are sprinkled with product offers to turn your prospects into clients. Of course the larger your list becomes the more income you’ll generate on a monthly basis from the different merchandise you’ll promote to them along the way.
3. Relationship building is a vital component for success with any Internet enterprise because without a trusting bond between you and your prospects your chance of converting them to customers diminishes significantly. People are looking for more than information and products when they visit your website.
They’re also looking for someone they can look up to and view as an expert who will help them accomplish their goals online. By providing valuable content to your list on a regular basis and by answering any questions or concerns they may have you will begin to establish a feeling within your subscribers that they know you and that they have confidence in your ability to help them to get where they want to be on the web.
4. Finally, another absolute necessity for achieving you goals online is having your own product. When you’ve written an e-book, or created an audio or video product to sell on the web you’re viewed differently by everyone concerned. Your prospects begin to see you as an expert while your Internet marketing cohorts view you as a professional business owner online.
Having merchandise that you’ve produced yourself will open up an avalanche of different marketing opportunities including joint venture agreements with other Internet marketers which will help take your Internet venture to a new level on the web by increasing your exposure as well as by enhancing your reputation as an expert in your field.
If you can master the 4 Internet marketing techniques of traffic generation, email list building, relationship building and product creation then your online home based business will prosper for many years to come.…

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Economic News

Why Internet Home Businesses Are One of the Most Successful Business Ideas of the Era

Why Many of us turn to self-employment these days?..A�
The recent world is in the need of best successful business ideas and tips to be financially sound. That’s why Internet Home Businesses are one of the most Successful Business Ideas of the Era to earn more with least investments.
Internet Home Businesses, Home Based Business, Virtual businesses, enable more work-life balance and flexibility with higher earning potential. There are risks and rewards for Home Based Business however considered one of the top successful business ideas of the Year 2000 era.
There are different types Internet Home Businesses, pursuits and entrepreneurial endeavors for you to embrace. Many other have already and are still entering the modernized, technology-enabled marketplace in droves.
Based Home Work Business, whether the most successful business ideas to begin?
If you have any inclination to be self-employed, a business owner, franchise your business then by doing work at home, planning or developing a long-term business and financial plan, investment to get off the ground, setting up a business registration, services and products are all part of the set-up process. Ensure that you protect yourself from the myriads of online scams and schemes of thousands of others trying to make a quick buck.
To make Internet Home Businesses a real success, it requires effort, time, legwork, background checks, verification etc. whether you work for yourself or for someone else or on contract.
Turn-key Internet Home Businesses are open to your imagination, creativity, marketing, means and determinations.
If you’re just fed up working for someone else, really want to start an Internet Home Business to have more time with family, kids, want to earn more money, be self-sufficient, independent, the discipline and commitment will get you only half-way there!. You do not have to do cold calling or selling either.
Internet Home Businesses as the most Successful Business Ideas of this era! You have to find and follow your passion and with a few basic start-up tips to get running in no time. So don’t wait for someone and don’t be skeptical. Act fast to be successful with one of the most Successful Business Ideas of this era and be financially independent. The Internet Success Secrets.…