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Three Simple Tips For Success In Your Home Based Business

Whatever home based business you might be in, it really doesn’t matter. The question that you must ask yourself as you read this, is how seriously are you taking your business? Recently I heard that if you had a 9-5 job, you would do anything it took to go to work. You wouldn’t think twice about going to that JOB, right? Of course. You have to go to work no matter what. Sometimes you even go to work when you are not feeling so well. Yes, when you are self-employed you have the leisure of taking off whenever you want, but for the most part when you are actively building your business, you absolutely do what you have to do, no matter what. Take a moment right now and think about your current situation. It may be like many new entrepreneurs right now around the world. You may be struggling right now to get your business going. That’s ok. Every business builder starts out that way. You most likely have heard this before: your business, must be taken seriously and must not be treated as a hobby. A hobby is something that you enjoy doing, for fun. A business is something that you love to do for the purpose of increasing your knowledge, the knowledge of others and obviously growing your finances. The home based business that you are in right now, must be taken seriously and you must not treat it as a hobby. Did I say that already? It needs to be repeated I believe. You’ve already taken the time to think about your current situation, and now you need to look at the future of your business. If you are indeed a new home based business owner, you need a mentor or a coach or someone that can help you in the things that will help you continue to grow your business.

You might be thinking that most of the people that grow to have a successful business, are those who are single and have nothing else to do. That couldn’t be farther from the truth. The many business owners that are successful and help others to be successful are those who have one of the busiest lives.

There are other people that work around those excuses and prioritize around those”excuses” and make things happen. What should you do to be successful?

  1. Take your business seriously.
  2. Treat your business like a business not like a hobby.
  3. Never stop learning. Education is important.

Taking your business seriously means, to take the time in needs to grow your business, whatever that may mean. Reading books and taking advice from other successful people in the home based business world is an example of taking your business seriously. Never stop learning no matter how far up the business ladder you go. Once you have “arrived” you most likely will start to fail. No one is exempt from “falling”.

Treat your business like a business not like a hobby. Many people that enjoy their business, often make the mistake of treating it like a hobby. If you have fallen into this trap, it might look something like this:”You enjoy the home based business that you are in, but you rarely spend time on growing the business. You spend lots of time looking at things that you could do, instead of actually doing what it takes to grow your customer base or business partner base.

Never stop learning. Education is important. There are many views on this point, but I will share what has helped me, and hopefully it will help you. You probably agree with me that there are so many “gurus” that offer there knowledge and advice for a hefty price. There are many books and video presentations and e-books that are in fact very beneficial to growing your business. The warning that I would give is, don’t buy everything that you see or here. As a rule of thumb, if there is free advice that you can receive from the “expert”, then do that. Be aware that not all free advice is good, but keep an eye out for things that you can use and be sure to apply them right away.

Take your business seriously by putting the effort into it that you would if you were in a 9-5 job. Who knows, you might still be in a 9-5 still and are slowly working your way to the self-employed life. That’s ok, and that is the safest way to go. Work your business diligently and only do what matters.

Business Partnerships and Alliances – Business Networking

Business is all about relationships and connecting the dots. It involves connecting the consumer to the producer and removing any inefficiency in the process. There are many agencies that help you find a business partner and connect the suppliers and buyers. They act as the intermediary and smoothen the process and flow. They keep a record of all the potential suppliers and buyers and help in arriving at the perfect choice between the parties.

Business partnerships are like marriages whose foundation is built on analysis and financials. Some suggestions that should be considered while entering into a business alliance and include:

1. The business should have a sound plan and the company should undergo a SWOT (Strengths, Opportunities, Weaknesses and Threats) Analysis. This would enable them to identify their needs and then chalk out a strategy to meet them.

2. Once a partner or a list of probable partners is drawn up, a process of due diligence should be followed which matches them with the company to find the synergies in business that will ensure competitiveness. The partners financial, background, future plans, resources business plans and organization culture should be carefully reviewed and analyzed.

3. The final steps should involve drafting the written agreement that lays out each the performance and delivery parts to be used as a reference later.
The above steps will be useful to find a business partner. Business associations and business matchmaking services are useful in narrowing and finalizing the perfect partner. Most of the services are available online and one can start by registering and researching on the potential partners. These service providers have already done the due diligence part and take care of the hassles in forming alliances. A potential partner should have the same values and commitment and should complement you and the business. These agencies organize events where you can meet business representatives in person and serve as a great networking tool. These events bring the suppliers and buyers to one place and serve as a productive catalyst for the small and medium business

Business To Business Event
We all know that business networking is the most essential and significant ability needed in order to have a successful business. This skill will help you in growing your business and take it to high level of success. It will help you getting innovative ideas, meeting up with people who will be a lead for your business.
To present yourself and your venture a different one from others is very important. It will make you noticeable in front of others. Attend interesting and exciting seminars, meeting, forums, clubs, groups which will help you to increase your business network.

Business to business event is such a place where hundreds of buyers and suppliers meet, exchange there thoughts, vies, onions. It will help the sellers to connect to the buyers directly who would be interested in their product or services. Buyers will find the suppliers at the same platform for which they are looking out for.

So business networking is imperative if you want to spread out to larger audience and want to take our business to next level. So make sure that you never miss the next business event which will help you to increase your customers or even just help you to improve your networking skills.

How To Get On The Fast Path For Small Business Loans For Your Start-Up

So many people have excellent ideas for starting their own business, and you may very well be one of those people. But most of the time, the problem many entrepreneurs run into when trying to start their business is that they just don’t have the money.

Getting small business loans is not easy – I am just going to tell you that up front. If you don’t have a large amount of funding yourself, a successful track record in the field of your business, good credit, and a top-notch business plan, you are really going to find getting small business loans difficult.

OK – so enough with the bad news! Let’s get to the good news of some simple steps you can take to greatly increase your chances of receiving that small business loan.

Create an Amazing Business Plan

Your business plan is the first impression lenders will have of you and your business idea. Your business plan is basically your resume or application for money. The more thoroughly you have thought out your business and explained it in your plan, the better chance you have of receiving the loan you want.

Now we won’t go into a lot of detail about what all is needed in a business plan because the subject is too large, but here are some highlights.

1. Executive Summary – this is a high-level overview of your business. The executive summary lets the lender know what your business is and where you plan to take it. Notice the keyword ‘plan.’ This isn’t just where you ‘want’ to take your business, but where you ‘plan’ to take your business.

The rest of your business plan is proving that you have a plan, explaining that plan, and convincing the lender your plan will work.

2. Market Analysis – this is where your knowledge and experience in your industry will come in. In this section, you have to describe the industry, its current growth, challenges, and expectations. You have to describe your target market, how you plan to reach that market, and the results of any market tests.

You also need to analyze your competition, their advantages, and how you plan to overcome their advantages. Finally, if there are any regulations, patents, or laws that you have to deal with, those will need to be described in detail.

OK – so as you can see, there is a lot that goes into writing a business plan. What I have mentioned so far is probably around 25% of what is required.

But don’t give up just yet. While you are going to have to put a large amount of effort into your business plan, there are ways to speed up the process – you can hire a consultant, you can buy business plan templates, or you can even purchase business plan software to give you a head start.

Get Your Personal Finances In Order

You have heard that it takes money to make money? Well, this is the case with receiving small business loans.

First of all, your finances have to be healthy? Lenders will scour your personal finances to find reasons not to lend money.

Do you have bad credit? That’s a problem.

Have you had a recent bankruptcy? Also a problem.

Do you own your house? That is very good!

Do you have liquid savings to invest into the business? Even better!

Your personal credit means a whole lot. Lenders (usually correctly) suppose that if you can’t manage your finances well, that you won’t be able to manage a business’s finances well.

Also, the more collateral you have, the better. Lenders want to know that if you fail, they will get something for their money.

Try Various Lending Options

Don’t put all of your eggs in one basket, so to speak. There are several lending options you have based on your needs.

1. Small Business Administration loans (SBA)

Naturally, when most people think of a business loan, they think of going to the bank. Many business loans from the bank are backed by the Small Business Administration (SBA), and the SBA has the final say whether you get lending or not. But once you realize all of the competition you are against for SBA loans, you will understand why you need to have a plan B.

2. Get a line of credit – a line of credit is easier to obtain, but only if you have sufficient collateral to back it up. Generally a line of credit will work if you have assets (i.e. house, rental properly, etc) but can’t spend the money because it is not liquid.

3. Venture capitalists – these are the big-time private lenders. They usually won’t lend less than $1 million, and they expect you to be able to turn a profit fairly quickly. If you have a great plan, great experience in your industry, and a game-changing idea, a venture capitalist might be the way to go. After all, just about every major company (Google, Microsoft, Wal-mart) received some money from venture capitalists at one time.

4. Angel investors – Angel investors usually lend less than venture capitalists. They certainly want to make a profit, but they also want to help others. For example, perhaps someone gave them a hand at the beginning of their careers that really gave them a head start, and they may want to help the next generation.

5. More private lenders – there are all types of private lenders out there. Some specialize in certain industries, some will lend you money for almost anything but they charge outrageous interest rates, and others are looking to invest in long-term businesses. It will just be a matter of you doing some legwork and finding the dancing partner that you need.

Finally, one more note on lending options for small business loans – you can mix and match lenders. Sometimes you might have to get a little from here and a little from there, but when you put it together, it gives you the money that you need.

Summary

So we have talked a great deal about getting small business loans and the steps you have to take. There is intense competition for this money; after all, if you were to lend someone money, you would want to have a pretty good idea you would be getting it back. So jump in there with both feet, start planning, and see if you have what it takes to start your very own business.