Archive for

Tips For Setting Up Your Small Business

If you have been itching to start your own small business but not sure where to start, business ideas and opportunities are everywhere to be found. Identifying good opportunities is often as easy as identifying problems many people share and finding a solution for those problems.

Anyone can own and run a successful small business; you do not need to have an MBA to turn your business opportunity into profits. You just need capital for investment, a good solid team and reliable small business software. To run your business smoothly and efficiently you need effective business software as they help automate and simplify many office and management tasks related to accounting, management, scheduling and database etc.

To setup your small business finance, various types of loans are available. If you want to start a business and require relatively low capital, then a small business loan is the best option for you.

Two forms of small business loans are available:

* Secured small business loan: This kind of loan is ideal if you have home or property to place as collateral. Interest rates are comparatively low.

* Unsecured small business loan: If you do not have a house of your own or you do not want to put your property up as collateral, you can opt for this kind of loan. Rates are generally higher.

Approval of your loan depends upon several factors, such as the purpose of the loan, your credit history, your business plan and the collateral placed. Normally, you can get a loan ranging from $5,000 to $100,000. The repayment period for these loans range from 5 to 20 years. The lender takes all these variables into consideration when calculating the interest rate, loan amount, and the amount for monthly installments.

With a business loan you can raise money for business opportunities with flexible repayment options. You can even use this money as an effective tool for debt consolidation at tax-free interest rate.

The loan procedure involves a lot of paper work that tends to get quite chaotic and confusing. An alternative to this is to apply for a loan online with reputable firms. You will only need to fill out an online application form and the lender will get back to you with the best possible deal for your case.

You can go a long way expanding and growing your business if you make smart use of your business loan.

Top 6 Problems of MLM Home Based Business Opportunities!

Your primary responsibility in MLM is selling products. Examples of products you may sell are health supplements, vitamins, herbal drinks, satellite dishes, etc. This is done by using independent distributors who you recruit. These independent distributors build and manage their own sales force. This is done by recruiting, motivating, supplying, and training others to sell products. The distributors’ compensation includes their own sales and a percentage of the sales of their downline (sales group).

So what’s the deal with MLM? Is it just hype or can you truly get rich quick? Read on for the truth you must know about MLM.

The first problem, you won’t have the temperament for it: You have to be “up” and excited 7 days a week, 365 days a year, to do well at MLM. In order to successfully lead your team (downline) you have to be a neurotically “positive thinker.” At least this is what your upline will tell you. They expect you to never get upset, never to say anything bad about another…whatever you do remember to suppress your emotions. That is what they will tell you. Your team and your upline will count on you to always be Mary Poppin’s no matter how bad things get. Practice your fake grin; you’re going to need it!

The second problem is that MLM requires you to attend too many meetings: You’ll despise all the meaningless meetings, being around people you don’t like, and investing a bunch of time dealing with every incalculable annoyance you can think of. If you have a day job this can really be a problem. You think you have no spare time now? Wait until you are sitting in someone’s basement at 11pm at night on a Wednesday listening to the same “Plan” you’ve heard a thousand times before.

The third problem is that recruiting people will become like a second job: Your friends, family, neighbors, and complete strangers will get tired of you begging them to become a member of something or asking them to buy something. You will become emotionally fatigued from all of their rejections and dealing with the natural capriciousness of human beings.

The fourth problem, simply put, is fatigue: You’ll get worn out due to overexertion from recruiting people and maintaining your other business affairs. Every weekend you used to spend relaxing and recuperating from your crappy, draining 9 to 5 job will be spent doing stupid MLM related stuff.

The fifth problem is the unpredictable nature of distributors you will be associated with: You’ll get sick of companies shutting down and folding up on you.

The sixth problem is constant frustration: You will be constantly grumpy and tired due to fatigue and lack of sleep. Yet you are expected to be “bright and shiny,” happy and enthusiastic all the time. These unrealistic expectations finally will wear you down completely.

There have been thousands of people who have fallen victim of MLM scams. There are legitimate companies out there offering real work at home opportunities for those interested. Unfortunately, home based business scams are at an all time high. So, if you are planning on trying MLM, use common sense and the guidelines above to avoid falling victim to these infamous scams!

Extracting Value From Your Existing Business Networks

It very much used to be, “it’s not what you know, it’s who you know!” Unfortunately your business contacts will only get you so far, unless you really know how to extract value out of your existing business networks and relationships.

This rarely happens due to a lack of education in the area of specialised networking. As business owners, we generally focus on how to develop a marketing campaign, sales processes and how to write business plans (even though few businesses seem to be operating with any of these anyway).

But when do I ask, is the time taken to develop a clear cut business networking strategy? Next to never!

Considering it is one of the most cost effective strategies to attract new clientele and reduce your client acquisition costs, why is such an important aspect being over looked by 1000′s of small to medium enterprises and companies?

Purely because of the huge gap in understanding the processes involved in extracting such value from ones networks. It is not as simple as exchanging a few pleasantries and business cards at networking events. That makes up 1 %. It is about the processes and strategies that are implemented following that initial meeting that makes the difference.

With the price of marketing our businesses ever increasing and the return on investment ever decreasing, businesses must shift their focus rapidly to succeed in such a competitive business environment.

So how do you extract value out of your pre existing networks?

There is an entire tool kit of strategies and alliances you can establish with another business owner that will see you both win at the end of the day and have your customers jumping for joy.

They may include:

- Host Beneficiaries
- Cross Promotional Strategies
- Affiliate Programs
- Referral Strategies

I have seen many businesses generate millions in revenue by hugely effective and what some would say, overly simple referral strategies. The funny thing is, the simpler the better when it comes to business alliances and networks!

It is sometimes the simplest of strategies that provide the most value to you, your business, your colleagues business and your customers.

Do not overlook what is sitting right in front of you with your existing networks. We are in such a well connected society, so connected in fact that in most business networking circles you are only ever 1 degree of separation away from your ideal client.

The above strategies are simply just processes utilised to extract those clients and direct them to your business. They are channels, even pathways to your door, website or phone but they do not work unless you build them and maintain them with care.

All of these strategies have one common denominator, they are all about who you know, who your colleagues know and who your clients know. The real benefit comes however when you utilise different styles of alliances to obtain and extract value from your network, as they will from you.

At the end of the day, what’s another name in your phone going to do to help you grow your business unless you dial the number and put the wheels in motion?