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Can You Acquire Good Credit Overnight? You Bet.
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel,...
Global warming: why consumers and insurers are getting hot under the collar over life insurance.
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The Ecology of Environmentalism
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The Importance of Background Verification
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Why AutoResponders can be Legally Required
Do you market your products or services via the Internet to customers in California? Many businesses do, but hardly anyone is aware of a little known law in California that is intended to keep customers from being scammed by unknown website...
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The Cold Facts of Starting Your Own Small Business
Do you have the right stuff to make it work? Ask yourself these
five questions before making that leap from steady paycheck to
entrepreneurial uncertainty:
1. Are you a self-starter? You must have the self-discipline to
plan, set goals, not procrastinate and stay focused.
2. What are your expectations? Do you think you'll work less and
have less stress and more money? Think again.
3. What are your financial goals? Be prepared to work more for
less money, at least in the beginning. Set up your retirement
plan in the beginning and stick to it. Forget vacations and be
sure to keep your health insurance going....now there is no one
but you to take care of these things.
4. Can you plan and organize? You'll be making countless
decisions each day. Can you make a workplace for yourself that
is free from distractions, where you can think, plan and
communicate? To be a success, you must combine your fantastic
ideas and business tools with solid planning and organization.
Success is never guaranteed and the variables and factors can
sometimes be out of your control. But if you ask yourself
honestly, before taking the plunge: Do I have what it takes to
run a business? The answer should tell you if the "American
Dream" is right for you.
95% of small businesses fail within the first five years? Why?
Here are a few reasons why:
1. Mistaking a business for a hobby. Just because you "love" to
cook doesn't mean you should/could start a restaurant.
2. Poor planning. Have you researched all aspects of start-up
costs and on-going expenses? Do you know what your monthly nut
is going to be and do you have enough capital to carry you
through for several years? Do you realize the sheer number of
hours you'll be working? Do you have the management skills to
wear all the hats necessary?
3. Only one product, one service or one big client. Markets
change and needs change...will you have the foresight,
flexibility, resources and ingenuity to change with the times?
Diversification will cushion you against the ebb and flow of
business tides.
4. Poor record-keeping and financial controls. If you don't know
how to keep records and do accounting and file taxes and other
business filings, find an expert to do it for you! Learn how to
review your revenue and expense reports each month so you always
have your finger on the pulse of your business.
5. Poor money management. Be prepared to plow all revenues back
into your business for the first several years. No frills, no
thrills, stick to a budget and a plan and forget vacations.
Don't use any of the business income on personal spending and
watch your
business and personal debt, it can kill your new
business faster than a speeding bullet.
6. Wrong location. Can your customers easily find you? You know
the old saying "Location, Location, Location!" What about
visibility, image, parking, room to expand?
7. Competition. Check out your competition. Know who they are,
what they offer and what makes your products or services better
(or worse).
8. Poor time management. Wearing many hats is a reality of an
entrepreneur. Learning how to manage your time means the
difference between success and failure. A daily "To Do" list is
essential, with the top priority items at the top of the list.
Hire help for those things you don't know how to do or hate to
do.
9. Lack of Marketing and Sales Skills Keep track of what
marketing/sales ideas work and don't work and quickly drop those
that don't work. Hire a pro if you need to.
10. Poor Customer Service. Once you have a client, you need to
keep them. This means you have to pay attention to the customer,
fulfill their needs in a timely manner, return their phone calls
and emails promptly, bill them properly, utilize a win-win
problem-solving attitude and BE NICE!
11. Entrepreneurial burnout. Owning your own business requires a
huge investment of time, money, energy and emotion. Take time
off for yourself, you are your greatest asset!
A lot of people do not realize that entrepreneurs play a big
role in our society.
When you put the total number of entrepreneurs together, they
count as the biggest financial contributors to our nation's
wealth. If only politicians would give grants to finance small
business start-ups, the economy's growth could be hastened.
Knowing the obvious financial rewards and the important role to
society of business owners, many individuals aspire to be
entrepreneurs. The fact remains, however, that several business
start-ups fail and never take-off from the ground because of one
thing: the lack of adequate and sufficient knowledge on how to
start and run a profitable business.
With proper planning and research and the necessary
professionals to help you in the areas that you are lacking in,
accompanied by adequate capital and resources, and fed by
imagination, energy, excitement and self-discipline, you could
be one of the many successes that is the backbone of the
American economy.
About the author:
Cynthia Macy has been successfully self-employed since she was
28 years old. She has traded foreign currencies and has
co-authored 3 forex training ebooks.
http://www.featureblog.com/blogs/bestsmallbusiness/
http://www.featureblog.com/blogs/successtrading2000/
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| United States Small Business Administration |
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| Business & Small Business |
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| Small Business and Self-Employed One-Stop Resource |
| IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
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| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
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| NSW Small Business |
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| Business Management & Advice: Small Business Resources & Information |
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