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Why The Internet Is A Good Place To Develop Small Business Ideas

Friday, March 19th, 2010

Starting up your own business is quite a lucrative prospect; however you need to have small business ideas to go about it correctly. The good thing about small businesses is that they require very little capital and at the same time can have a world wide market owing to the internet. However before you start putting into practice any small business ideas that you have, it is advisable to gain more knowledge about what you are planning to do.

You can start by searching the net. An online business system can be an extremely lucrative proposition. You can sell your own physical products. Auction sites such as Yahoo! Auctions and eBay are hotspots for millions of shoppers around the world. You can sell your products here.

If you do not have any products to sell, you might want to promote others’ products and earn commissions on this. Affiliate marketing is among the good small business ideas. In fact it will be even better if you choose to promote something that you are passionate about. This way you will be able to generate more content for your site. What basically happens in this kind of marketing is that if a customer is interested in the product that is being promoted by you, he or she will click on that link online. This link redirects them to the company’s sales pages. If this actually leads to sales the company will track the sales made by you and pay you commissions. This makes it one of the most lucrative small business ideas and the best part is that you do not have to invest your own money.

Copywriters are always in great demand online. Hence if you learn the tricks of the trade, you could start your own copywriting venture and work as a freelance copywriter for different companies.

Small business ideas need research on your market’s wants and needs. So you need to learn where to find the answers to the questions. You can start by looking up bulletin boards, forums, chat rooms and so on. You should participate in some of the discussion that takes place in order to gain more knowledge. You could even put up questions. However, do keep in mind that these sites themselves should not be used as selling grounds because that will not work.

A business plan makes for a successful business so do not forget to ignore this while you are drawing up your small business ideas. Do some goal and timeline setting and only then should you plan business strategies. It is a good idea to make a list of potential problems or draw backs that you might face once you are in the business. Knowing these problems before hand would mean that by the time they actually crop up, you will be well prepared to ward them off.

Translating small business ideas into a successful real venture does need a lot of hard work, patience and careful planning. But once it is up and running, you can reap the benefits.

How to Launch Your Start-Up While Keeping Your Day Job

Wednesday, January 27th, 2010

For most entrepreneurs, the ideal way of starting a small business would be to free yourself up from every other venture, problem, time consuming effort and obligation and throw yourself into starting a small business every waking moment. This isn’t an ideal world. Few of us can afford the luxury of setting everything else aside to devote all our time and efforts, as well as capital to starting a small business.

Some of us have the itch to become an entrepreneur but have to “keep our day jobs” while we give this starting a small business idea a go. It may well be, in fact, that starting a small business part-time is the most common entrepreneurial process.

Part of succeeding at starting a small business, if you have to do so part-time, is to know your schedule and your time limitations and choose a business concept that you enjoy, have some training or expertise in and can be accomplished around your work schedule. The other alternative is to change your work schedule either with your current employer or choose an alternative employer. Starting a small business takes effort and focus as well as time.

It may be that your current job is not only time consuming but also the type of work that requires a great deal of energy, a great deal of concentration, a very regimented schedule and perhaps the responsibility that tends to have you taking your work home with you either actually or mentally. This sort of work style doesn’t lend itself well to starting a small business part-time.

Let’s look at an example of a journalist who has a successful writing and editing business from her home office. When she decided she was interested in starting a small business she had been working for many years in newspaper management. Her executive responsibilities required 70 and 80 hour work weeks and even then she took work home.

After many years of this she began to think more and more about her dream of starting a small writing business. The calling became too strong to ignore. But how was she to even think of starting a small business when she had little time, energy or focus left in her busy work week? Besides, she had to work to keep the roof over her head.

What she did to determine if starting a small business was even possible, was to sit down and begin writing her business plan along with examining her budget, deciding where she could eliminate some non-essential expenses in her life, and what she absolutely had to have to live on. She then looked for, and found, a job that not only brought in enough money to live on but freed up a lot of her daytime work week hours as well as her mental focus. She took a customer service job in a call center.

Starting a small business was going to be possible with this job where it had not been with her newspaper career for a number of reasons. It required considerably less mental acumen, it didn’t require that she take her work home with her, it was easy, the hours were flexible (she worked 3 pm to midnight Thursday through Sunday) and the dress code was highly casual. She could work all day starting her small business and then don her jeans and go into the call center in the evening. Now she’s quit that call center job and her dream of starting a small business has been fulfilled. Her business is thriving and she works at it full time.

Launching a start-up requires adaptability and sacrifice but the potential rewards include a powerful sense of accomplishment, financial success and the freedom that comes with being your own boss. Succeeding as an entrepreneur is more than worth the hard work.

11 Surefire Ways To Make Your Start-Up Fail

Monday, January 18th, 2010

I stumbled on this post by written by Jacek Grebski of F3FundIt and wanted to share it with our clients. Great stuff!

Here are just a few ways to completely and utterly dig your startup into the ground, as such read them, and do what you can to avoid them.

1. Have a poorly defined value proposition. Having a poorly defined value proposition will cause you headache after headache when looking at and presenting your business model. You have to know who you are targeting, what you’re offering and why they would want to use your product or service. Who is your customer?

2. Setting unrealistic objectives in your development and deployment pipeline. No matter what you think you will not underpin the world in a year, you will not have income of €20.000.000 in year one, and you will be greatly disappointed.

3. Focusing on the bottom line instead of on the service / product you offer your customers. Your customers are your lifeblood, if they are unhappy your bottom line will suffer, if they are happy, they’ll be repeat buyers, and even help market your product. Simple as that.

4. Involving yourself and your business in ethically questionable practices. Unsavory marketing practices, overly creative accounting are just some of the things that will in the end ruin your business, don’t do them.

5. Developing a product without adequately deploying resources to market it effectively. Sure, you may have a product that could cure cancer, end world hunger, and fly humans to the moon, but if no one knows about it, no one will use it. Market it, and market it effectively.

6. Going on a spending spree. Meaning, poor cash management. You may have €250.000 that you received in the form of F3 (Friends Family Fools) Capital and you think it’s great so you pay a premium for services that could otherwise be outsourced, delivered in a more cost effective way, and get everyone a brand new Mac Pro to write e-mails on. Not a good idea.

7. Launching too early or too late. Timing is everything, think about the market, the economy, the sector you’re in, where is it now, where will it be in 3 months, 6, a year or two. You don’t have to change the world today, and launching today may lead to failure.

8. Flying solo. Think you can do everything yourself? You can’t. Involve others. Even if you’ve decided to start alone, bring in friends, talk to your network, and see if people will help you out. You don’t have to give them an equity stake in the beginning see how you work together. If you work well, ask them if they’d like to come on board.

9. Forgetting about scalability. Good ideas scale well, multi-million ideas scale at their core. How big can your product realistically get? Who is your customer, and how can fast can you grow without compromising service.

10. Secrets are no fun. Talk, and share your idea with people you trust, friends, family, colleagues, these people are inevitable to the success of your business, you don’t know everything, and collaboration can more often than not fix problems before they arise.

11. Doubting your idea early on. Doubt is natural, you will have ups and downs, this is completely natural, but if you doubt your idea within the first month, or three of your start-up career. Chances are you’ll become disheartened quite early on and quit. Save yourself the trouble and thoroughly analyze your concept before taking the plunge.

A friendly message from the people at F3FundIt, and with that. Good Luck!

Original blog post written by Jacek Grebski and found here.

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