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Answering Why You, Why Now Critical in a Winning Business Plan Business plans continue to be an essential element of the capital-raising process. They must convince investors to take notice - investors that are shrewder today due to the ups-and-downs they have experienced over the past few years. Starting Your Business By The Book I've gotten several questions recently about the legalities of starting a business. So, this week I thought I would address a few of the more common legal issues most new businesses face. What Kind of Business Should I Start? It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.The desire to own a business is becoming more common as workers grow more frustrated with the economy and working in corporate America. The 7 Major Reasons Businesses Fail and How to Overcome Them This year, over 800,000 of the approximately 2,000,000 start up businesses will fail!Nearly 1,000,000 of those remaining will fail within 3 years. Why do so many businesses fail? Many studies show that approximately 98% of all failures occur because of the owners. 100% of Nothing What would it be worth to you to receive a steady stream of new customers with little or no effort on your part? Would you be willing to pay 10% of the revenue they generate? 20%? 50%? Or do you believe that you can't afford to pay anything?During a recent discussion, I was surprised that people said they could not afford to 'give up' 20% in commissions to reach new customers. If you have more work than you can handle, that makes sense. Franchising Companies Need New Franchisee Checklists When franchise companies are moving fast in the market place they must pay attention to the details. If a franchisor fails to give the required items as outlined in the franchise agreement to the franchisees on the prescribed timeline they risk legal issues and regulatory issues. New Rules Last week I was working with one of my small business clients, a bright and dynamic woman who's passionate about positioning her artisan business for growth. We were talking about her financial picture and forecasting robust sales over the next three years. Delivery Companies Make the Grade In the United States we have the most efficient delivery service companies in the world. This is because the free market competitive system has pushed entrepreneurs to become more efficient to make more profit and to keep costs down. The Perfect Little Coffee Shop: Are You Afraid of Failure? Are You Letting that Failure Cripple You Ah, coffee, the drink of choice when I want to share a special moment with friends, when I want to sit and ponder life or when I want a moment alone. I am an avid coffee drinker. Four Steps to Entrepreneurship As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing upon opportunities. Needs Versus Wants For Entrepreneurs How often do the words "I need" come out of your mouth, as it relates to your business? When you run your own company, it's easy to think that the only way to succeed is to be moving forward with your expenses -- the newest technology, a broader circle of professionals providing you services, involvement in more and more costly marketing efforts, etc. And it's particularly difficult to resist the urge when you know you can generally take a tax DEDUCTION for any business expenses. My Nemisis Living in the twilight zone has its advantages. In the early days of starting my business, I found the limitations of living in a rural area to be restrictive. Entrepreneurs Ask: As a Novice Entrepreneur, How Can I Feel Less Overwhelmed? Great question! Overwhelm is very common even among the most veteran entrepreneurs, so take solace in the fact that you are not alone. With the ever-increasing numbers of new entrepreneurial endeavors, and therefore new entrepreneurs, there are many who are experiencing the very same feelings as you. Starting Your Business: 3 Tips for Bootstrapping Your Way to the Top Bootstrapping a business startup does not necessarily mean that you are unable to find traditional sources of capital. It may mean that you are clever, or that you know a bargain when you see it, or that you are the type of person who derives a certain satisfaction from crafting something using your own hands and vision, from scratch. Determine Your Niche & Be Successful What's a niche?Dictionary.com provides a great, twofold definition:"A situation or activity specially suited to a person's interests, abilities, or nature. The Myth of Undercapitalization - Six Ways Entrepreneurs Achieve Success in Spite of Start-Up Money This year more than 17 million people will become entrepreneurs, according to the National Association of Self Employed (NASE). By the end of the year, 8 million of them will return to the corporate world because their entrepreneurial effort did not succeed. Outcomes - Thats What You Need to Focus On Successful business owners and managers need to be very clear about what outcomes they want. Whether you call them goals, objectives or targets, these are the factors that you're ultimately judged on. The 5 Senses of an Entrepreneur If you have seen me speak you will know that I believe the word 'entrepreneur' is used way too much these days. People seem to wear it as a badge instead of just getting out there and doing entrepreneurial things. Entrepreneurship: Insight and Closer Look At The Entrepreneur Life as an entrepreneur is the American Dream. To be able to be your own boss, own your own business, never report to anyone else, work from home, make unlimited earnings and income potential, etc. Find Me the Expert on This! Many people who set up as consultants never make more than a minimal living. They get some clients who like them, but are so dependent on these few businesses that the resignation of a key contact can destroy their business for months ahead.
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