Advice About Setting Up Your Own Business

September 7, 2017 by  
Filed under Entrepreneur Info

Are you thinking about setting up your own business? Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. I am going to write about how to plan and create a successful small business.

Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.

Leaving a full time career can be quite a scary prospect however. The security of having a regular income and other benefits such as a pension and a share save scheme can seem hard to let go. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use.

Other people are willing and happy to take the risk and see it as a way of getting out of the rat race.

When you have an idea for a new business you then need to think of a name to call it. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business sector you are entering.

You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term I would advise to keep these start up costs as low as possible, you can always buy or rent better machinery in the future as an example.

Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by releasing the equity from your house. There is also the option of a business loan.

The next stage is to market your product or service. There are many ways of doing this including:

The internet via a website

An advert in the newspaper

Direct marketing in the form of leaflets

An advert in the yellow pages

Exhibitions

Trade fairs

I would advise finding out where other people from your industry advertise as they will have tried and tested many of the above options.

You then need to work out how much to charge for your product or service. I always keep these charges fairly low at the outset in order to attract as many people as I can and to get some income in. I then hope that word of mouth will take over and the idea is that after a few months I will be in a position to increase my fees.

It is also important to realise that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. It is an experience we can learn from.

Always have belief in yourself. At times any business will go through a rocky period, this is when we need to be strong. In my opinion the more work we put in, the more rewards we are likely to obtain.

Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.

Aspects of Creating a Mobile Concession Business

September 5, 2017 by  
Filed under Entrepreneur Info

The ability to be one’s own boss and make lots of money doing it is all part of the American Dream. An up and coming segment of the small business world is food concession vending. This is a form of food service that does not involve being stationary. Mobility is the key to the food concession industry. The ability to pick up and move whenever you have an event or want to switch locations is paramount in this business; which brings attention to the fact that there are several things needed to begin a concession business. One of the first important things is location. Another important aspect is choosing the type of food you will serve. One more vital thing to consider is advertisement.

One of the first things to consider when starting a food concession business is the location where you will set up your vending equipment. You’re best bet is to set up in a highly trafficked area where many people live and work. One of the biggest parts of your clientele is potentially the work force around the location. Even better would be to find a highly trafficked area that also had little choice of food. People are more tempted to think outside the box and eat from your concession trailer. Many of these workers do not have a lot of time for a lunch break. Quick, simple, cheap, and delicious food is the key to drawing people in and creating loyal customers.

Another thing to consider when you start a concession business is what type of food you will serve. You must first consider the part of the country you are in. Goulash may not appeal to New Yorkers. Another thing you must consider is financial history of the area you are serving. Some people may neither desire or be able to afford sushi or caviar for lunch so be careful about offering food out of the economical means of those to whom you are planning to sell. Another thing to consider about food is how easy or difficult it may be to prepare in a mobile style kitchen and how long it will take to prepare. You definitely don’t want the items you are selling to take a long time to prepare. If so, people will be more tempted to just go into a sit-down restaurant to eat. Quickness is definitely a way to go for the food concession business.

One other thing you may want to weigh when setting up a food vending business is advertisement. Roadside signs and billboards are a great way to go, albeit expensive. A great way to make sure you have great advertising is to have exceptional food and service. With these to attributes, your company will be advertised by one of the best and most powerful means of advertisement: word-of-mouth. Get people to enjoy your food and the friendly face you offer in the middle of a possibly hectic workday. Having a great relationship with your customers is definitely a must when dealing with the food service industry. Other forms of advertisement include fliers, sale signs, and coupons. Bags, napkins, and containers with your company name and logo on them are also great ways to advertise. For the business with the larger budget, t-shirts, hats, and bumper stickers might be a way to go.

Whatever decisions you might make about your mobile concession business, there are certain things you must consider to make having a successful company easier. In the mobile food service industry, important options include location of your vending equipment, type of food served and advertising your business in order to make it more successful. By considering these things, you will have a better chance of making a name for yourself in the food industry.

Catch the Spirit of the Entrepreneur

July 15, 2017 by  
Filed under Entrepreneur Info

Grabbing opportunities with open arms is often easier to talk about than to actually do. Most people find themselves dreaming about being rich but never actually doing anything about it. A combination of procrastination and ‘what if’ syndrome can cripple your creative spirit and might mean your idea will never become a reality.

Socrates said “Action equals knowledge’. He was one of the greatest philosophers of our time. What he meant was that it is through action that we achieve results.

For example, you could think about learning Spanish for months, imagining the holidays you will take and the people you will communicate with. You can dream forever but accomplish nothing unless you actually make the effort to start taking lessons.
Much like the martial arts approach – the idea is to take action immediately and avoid over analyzing the situation.

Do you want to start your own business but are afraid of what kinds of things can go wrong? What if your initial investment doesn’t pay off? There are millions of things that could go wrong but likewise there are many things that can go right! Fear can be paralyzing. When thinking about starting a business particularly if you keep waiting for the right time. There will never be a perfect time. It’s now or never when it comes to starting your own business.

Overcoming your fear is a step by step process.

– Do you have a clear idea of what kind of business you want to start? A clear plan will help keep your worries at bay.
– Do you have access to the resources you will need? This includes the necessary start up cash as well as anything else you will need.
– Do you have access to clients or do you know enough about marketing basics to ensure you will have enough interest in what you are offering?

Just like anything – taking action is the most important part. Make an itemized list of what you feel needs to be done in order for you to start that business you always dreamed of.

Prioritizing your list will help too. Don’t wait for all your ducks to be in a proverbial row before you begin but make sure you have all the basics covered. Don’t wait for that ‘perfect someday’. Make an imperfect start.

Don’t over think everything. Sometimes the best approach is to just jump into the deep end.

Don’t wait to start discovering your own entrepreneurial spirit. Take action today!

Business Systems – Not Just For Big Business

April 5, 2017 by  
Filed under Entrepreneur Info

When I mention business systems to you, what comes to mind? Do you think of an IBM mainframe computer sitting in a big room in the middle of your building? Do you think of expensive, highly specialized software? That’s what many small business owners imagine. And they think it’s not for them. If that’s what you think, you’re only half right.

Half right because expensive, highly specialized software is probably not for you. Half wrong because good business systems most definitely are. A business system isn’t hardware or software. It’s the way that you do any part of your business. It’s how you do things. You are using systems all the time, you just may not be using them efficiently.

I regularly urge business owners to get everything they know about their business out of their head and onto paper. I’m urging you now to do the same with your systems. Start writing out how you do things in your business. At a minimum, write out how you treat your customers or clients, how your paperwork for each sale flows, how your production systems work, how you market to clients, and how you do your bookkeeping.

Do this in detail. For each area, make a very detailed description of every step in the process. Include what you do and why you do it. Include the subtle parts that make your company uniquely you. Include the parts that you are proud of. Include the tricks that make it efficient. Include what you tried that didn’t work and explain why. Each system should become a very rich, highly detailed system. Why so much detail?

Because this is the beginning of being able to consistently deliver results. And the beginning of being able to consistently deliver results even when you aren’t around. Documented (written) systems make delegating much more manageable. Delegating is one of the keys to success in growing your business while still having a life.

Maybe you don’t want a bigger business. Maybe you want to keep yours small. Still, wouldn’t it be nice to be able to go on a long vacation and turn the keys over to someone else to run and make money for you while you are gone? Without systems, that wouldn’t be remotely possible. With systems almost anything is. Now, does that sound like something that should only be for big business? I think not.

Career Freedom With Franchises

March 18, 2017 by  
Filed under Entrepreneur Info

Franchises – a French word meaning “freedom from servitude” – implies that the dream of being financially independent can come true. Just pay a fee and sign the papers and you become the proud owner of your very own business. Yes, you are the boss, you make the decisions, and you get the earnings. Someone else has done all the ground work, solved the anticipated problems, and is sharing their knowledge and experience with you.

However, thousands of franchisees have lost their life savings and their companies. The innocent purchaser realizes after-the-fact that he has no real choices about how the business will be run.

The rules and procedures that go with the “Name Brand” dictates every tiny aspect of how the business is to be run – color schemes, what is sold and who you buy it from, hours to be open, type of employees to hire and exactly how to train the employees. The innocent purchaser now has a new boss who is a hard task-master. This new boss comes in the form of detailed manuals that must be followed.

Do franchises ever provide true success? Of course they do! There are thousands of happy, successful franchise owners. However, if they are happy it is because they ‘did their homework’ before signing on the dotted line or putting money out. During the 1980s there were hundreds of fraudulent get- rich-quick franchise dreams available, which, because they weren’t all legitimate, gave franchises a bad name. By 1979 the Federal Trade Commission began requiring complete disclosure of all pertinent information pertaining to a franchise business.

Then the public began to have confidence once again in acquiring a dream business which could not fail. Observing McDonald stores opening up around the globe is proof that, even though the product isn’t the healthiest in the world, it still sells and people still head for the golden arches. And someone is making money!

How can one best analyze a potential franchise business? How can people know it’s right for them, even if the paperwork and finances appear intellectually perfect? After asking every conceivable question, and getting the answers that sound right, here’s the best way to really, really know if that business is for you. Go sit in an identical franchise business that is already in operation.

Sit there and watch and listen — from early morning till they close at night. Learn all you can by watching every aspect. Do this for at least ten days straight. If, at the end of ten days you still ‘feel’ excited and ‘really like being there’ then that particular franchise just might be perfect for you.

If by the tenth day you are making excuses for not going that day,or begin showing up later and later, or just downright begrudge being there, then that is a good indication of how you might feel if you own it. If that’s the case, find a different franchise product to invest in.

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