Labels

Monday, 1 January 2018

How to be your own Boss

be your own boss

Today, anyone can own and run a business as long as they possess certain ingredient such as the desire to own, to control, to be free and in order to set their own hours and do as they wish.

Today many persons are unemployed, feeling down, depressed, unhappy, experiencing rejection, have no self-worth to make a positive contribution to society, yet they yearn for personal security. However, the thought of working for a person with the title of Boss is not a nice prospect for many. Most of them prefer to spend their days dreaming of the day when their personal Business Empire will be up and running.

Others may be employed and possess security, however they spend a good amount of their time wondering if there is any other useful purpose in life. The job they are presently doing is boring, even though the income pays the bills, educate their kids, plus offer some form of comfort yet they are still unhappy. Hence, every morning when the clock strike 7 am at daybreak they feel like pulling out their hair from the socket of their heads and scream since it is time to get out of bed and head to work.

Some have similar objectives, such as to be the captain of their own ships, but due to lack of things such as inadequate capital, lack of business knowledge, including ideas of the type of business one wish to pursue. Some may arrive at the conclusion that owning a business requires too much time include a great amount of expense that cannot be possessed in the meantime, even though some have identified a few of the operation they would love to start.

Questions many ask themselves from time to time, is “what kind of business must I do?” Others may be even wondering if they I should visit the wise lady in the district and ask her to look in her Crystal Balls, in order to predict the outcome of tomorrow.” Starting a business is not a rocket science nor does it involve any form of hocus pocus, not even hand out from a distance wealth relative. If one follows the simple steps outlined which require actions, then dreams and goals will be brought to life.

Find an Idea

The first thing is to come up with an idea of what kind of business one want to get involved in then a research is required to gain personal knowledge of the business endeavor. Without sufficient research, there will not be enough knowledge of what to expect.  Specialize knowledge may be called for depending on the type of business.

Create a plan of Action

A business plan is needed to chart the course of the operation. It is like a roadmap to the Treasure, which ensures that you do not get lost during the journey from position A to position B then finally arrive at the spot where the treasure lies which is marked X called position C. The business plan is a guide that shows you in the proper direction or like a light in the darkness leading your patch to the Promised Land.

Finance to Operate

Just as power is needed to start a Computer Hardware System, where the action is to plug the extension cord into the electricity socket from the wall or connected to another secondary power source such as a surge protector to draw power to the Computer. In a similar way to bring a business idea to life require finance in the proper amount for such plan to be born, grow and continue to survive. Figure out the exact sums that are needed, then go about acquiring the said amount from your bank, personal saving, distance relative or where ever finance can be obtained. If you are having no luck with traditional sources you can try Bitbond, which is the first global marketplace lending platform for small business loans. Loans are offered for up to 6 weeks to 36 months at relatively low cost. You can check it out HERE!

Type of Business Structure

One of the most important things when starting a business is usually the type of legal structure you set up and the most important thing is the best one that offers maximum protection related to taxes. There are four common types of Business Structure and they are classified as, sole proprietorship, partnership, corporation and S Corporation and the new limited liability company (LLC) and the limited liability partnership (LLP). They all have their advantages and disadvantages and also determine the personal liability you will face and your ability to raise money to finance your business. It is advisable that you do some research according to the nature of the business you plan to put in operation. Best to speak with a Lawyer who specializes in the business incorporation.

Decide Business Name

Deciding a Business name is possibly one of the most stressful processes, which is important for a brand perception and growth, plus it can be a complete success or a failure. Any business whose name does not fit with the brand then the business will head under because of it. There was once a company with the name ISIS that has been in operation since 1923. They were manufactured of Belgium Chocolate and commenced good business until the dreaded Terrorist Organization surfaced with the same name ISIS. There was a mad dash to rebrand the name under a different one as business was sinking at an alarming rate, due to the constant posting of the beheading of citizens on YouTube by the Terrorist Organization.  Take successful companies such as Microsoft, Yahoo, etc., for example. Such names have become well known and prosperous. Therefore give careful thought to a good name for the business, according to the field of operation by ensuring that it does not often anyone. Therefore, select a proper business name that fit your business and registers it.
  
Get Business Permit (depends on type of business)

The question if a business permit or license is needed to operate an online business operation will depend on the type of business one wish to launch. If you are going to health care, medical or prescription such as vitamin supplements. It is important to check with the Government Agencies in your country of residence or state. However, items like digital stuff that can be downloaded or the selling of information or offering support services business, e.g., writing, database, or virtual teaching should not be an issue.

Accounting Software /Accountant or Bookkeeper

Once a business is set up and running it needs to enforce strict financial control over financial expenditures and ensure that a profit is being made. After all, the purpose of setting up a business is to make money and not the other way around. This is the point when new business owners will ask themselves the question. Should I hire an accountant or do the accounting myself? If you are a new business owner I suggest you use an accounting software until the business has grown to a point where you find yourself doing hours of work consist of managing books and creating financial reports on a weekly base and it starts to become a frustration. At this point seek to add an accountant or a bookkeeper to your team.

Location

Owners of online business are happy with the advantages they possess over a physical business, due to the low overhead expense associated with the enterprise. Conducting operation online can open up markets all over the globe, but can be a bit harder to develop a good business relationship with a customer as a business that greets individual buyers face to face. Therefore, one needs to ensure that customers are feeling welcome and set up the operation in such a way that it is more user-friendly. Observe this video and it will instruct you how to accomplish the most user-friendly site. Visit here! 

The location won’t be a factor until you decide you want to open and operate a physical business.

The Team Needed

A new startup has to wear different hats at the beginning, but as time progress a few support team members might be needed, however, at the beginning of the business it is wise to locate a team of business Specialist. Such persons should be individuals who can offer advice and encouragement which will help to increase one’s morality. 

  • The Business Mentor - Persons who have experience in the same field of business and offer support, encouragement include lending support and with a specific skill and knowledge. Their business influence helps to improve the performance of the enterprise. There are a number of places where a Mentor can be found online and even free of cost. Just google the words, “free online business mentors.”
  • Financial Guru –  The Accountant, won’t be needed until later on, when the business expands.
  • Virtual Assistant to do some personal tasks plus keep reporting on business procedure and Developments.
  • Search Engine Optimizer (SEO) Marketer – to keep the enterprise visible to search engine and market to the customers so that the operation goes smoothly as a clockwork.
Market and Promote

Once the business is up and running marketing and promoting is a full-time process as it is not wise to wait around for customers to find you. The business has to introduce it to others and let them know what service or product is available to include the pricing etc. The Enterprise can either do the marketing and promotion themselves or hire others to do so on Fiverr. Check out Marketers on Fiverr here.

Conclusion

Running a business can be a simple task for some, but not for everyone. A great deal of planning and activities are involved in the first stage of the operation. However, once everything is in place, work hard to land your first customer or clients and deliver the best quality service on time.
Have fun making money and look forward to years of prosperity and success in your endeavors. I wish you prosperity and success. Cheers!



 bitbond small business loans

No comments:

Post a Comment

ARTICLES