Business Plan | Nigerian Entrepreneur

Goat Farming Business Plans for Beginners - 3 Important Step by Step Strategies

noreply@blogger.com (El-Brukevwe Shalom) — Tue, 09 Oct 2012 22:22:00 +0000

It is important to have goat farming business plans if one decides to invest in this market. The investment needed in goat farming is much smaller as compared to other larger farm animals such as sheep and cattle, though the profits that could be acquired from it are actually good. Starting up a goat farm is not a walk in the park; however it is actually achievable, especially for anyone smart enough to plan ahead and knows what they are doing to run things smoothly. For those interested in venturing in this business, the following is a step by step strategy for a goat farming business plans:

1. Before you even think about investing in goats, goats are multi-purpose farm animals, so you should know first and determine what goat by-product you are interested in selling. A goat is a great source of several by-products, such as:

A. Meat: while not as popular as the likes of beef, chicken, or pork, chevon is actually in demand on certain target markets and it would good to invest in them.

B. Dairy Products: such as milk and cheese. Usually, the more unique something is, the more expensive it could be sold thanks to consumer demand.

C. Fibre: goat skin is actually a great source of some fabrics such as cashmere. Aside from fabric, its hide is also used to make leather.

D. Goats themselves: why kill them when you could sell them alive and well? Breeding goats is an industry itself. Goats are quite to reproduce and a single kid would fetch quite a price in the market, depending on its condition and breed.

2. After deciding what type of product to sell from goats, it is time to proceed to the next step for your goat farming business plans. Selecting the breed of goats to take care of, since not all goat breeds are the same. For example, if you are after the meat, go for a Boer goat, since they are specifically bred for that purpose and not very good when it comes to milk. If you are after the wool, then go for Cashmere goats. But if you are after crossbreeding to make more genetically superior goats, then go for Kiko goats. And the list goes on. Make sure to choose carefully, as this is an important factor for the success of your goat business.

3. Up next is a crucial step for your goat farming business plans. Consider your current budget or how much would you be able to invest before starting. Initial capital aside, raising goats requires having a spacious field for them, as well as a goat shed and goat fence. Also, if you would be able to afford continuous usage of goat feeds, or alternatively go for the natural way of feeding them especially if your field happens to be abundant in vegetation that happens to be nutritious and edible for goats. Just be careful and don't forget to get rid of the toxic ones.
Finally, in order for goat farming business plans to be successful, keep your goats healthy, since they are the actual source of your income after all.

How to Write a Farming or Agricultural Business Proposal

noreply@blogger.com (El-Brukevwe Shalom) — Wed, 12 Sep 2012 11:11:00 +0000

Are you in the business of agriculture, or planning to get into it? If you're running a big, established farm operation, you may be selling crops the traditional way, through brokers and middlemen, and see opportunities to pitch new ideas. Or you may be selling or servicing industrial farming equipment.

If you're a small farmer or a specialty operation, or if you're looking to start up such an organization, you'll be searching for new customers, or funding, or both.
The best way to begin your quest is to learn how to write a business proposal. Writing a proposal doesn't have to be hard. You know the business. You know what you want to do. The next question is: how well do you know your potential customer or funding organization? You need to keep that person or organization in mind at all times while writing your proposal, because (of course) your objective is to persuade them to do business with you.

How do you start off a proposal project? By writing a simple Cover Letter. Just introduce yourself and your proposal, explain what you'd like the recipient to do after reading the proposal, and provide all your contact information. Next, create a Title Page for your proposal. Choose a descriptive title, like "Funding Request to Start a Local Organic Farm," "Plan to Increase Efficiency in the Smith Farm Operations," or "Fresh Local Produce Delivery for Your Restaurant Chain."

The next pages should be a description of what your potential customers or funders need and want. Put yourself in their position, and describe the need, as well as any limitations or deadlines you're aware of. For example, markets may not be keeping up with the demand for kosher beef in your area; or perhaps there are no Community Supported Agriculture (CSA) programs in your county, and customers are driving to the next county to buy produce subscriptions.

Pages in this section will have titles like Needs Assessment, Market Demand, Restrictions, Opportunities, Schedule, and so forth. If you are applying for funding to start or enlarge an operation, you may have received a checklist of items you need to provide, and you can insert that checklist here. Funding topics may include Funding Request, Use of Funds, Repayment Plan, and various financial topics that a lender will want to see.

After you have described the need or opportunity, it's time to describe the solution by providing all the details about what you propose to do. This section could have any number of pages, based on your plans and ideas. For example, if you want to sell products to restaurants or stores, you'll want to include pages describing your Products and their Availability, as well as explaining Costs and Distribution or Delivery Details. You might describe different Deals or Options, or tell about your Organic or Environmental practices. If you are starting a farming operation, you might describe your Project Plan and Schedule as well as your existing or needed Real Estate and Equipment. If you propose to provide a service to existing agricultural operations, such as Consulting, Packaging, Transportation, Training, or Services, then you'll want to describe all the tasks you will do.

After you have thoroughly described the need or opportunity and your proposed solution, it's time to describe why you can be trusted to deliver on your promises. In the final proposal section, you should describe your Company History, your Personnel or Team Members, your Expertise, and your Experience. If you've worked on similar Projects, add a page listing them. Include pages about any special Training or Credentials you have, as well as any Referrals or Testimonials that others have given you. If you've won Awards or have a list of special Achievements, you'll want to put those in this final section, too. Remember that recognition by others is always more credible than bragging about yourself.

That's it--now you understand that the basic structure of a business proposal is: introduce yourself and your plan, explain the needs/opportunities and requirements, then describe the solutions you propose that will meet that need or take advantage of that opportunity, and describe why you can be trusted to carry out your plan.
After you have written the first draft of your proposal, take the time to proofread and polish the wording and the appearance of all the pages. You want your proposal to represent you at your professional business best.

Want more guidance? Using a proposal kit writing package will give you a big head start on writing a proposal. A good proposal kit will come with hundreds of pre-written and designed topic pages, including all those mentioned above, and completed sample proposals you can check out for ideas.

Reference: Ian_S_Lauder

How to Overcome Common Entrepreneurial Problems - Part 3

noreply@blogger.com (El-Brukevwe Shalom) — Thu, 23 Aug 2012 21:38:00 +0000

In the final part of this article, we shall look at dealing with ethical and regulatory challenges and also succession planning. As stated earlier, when you have a good idea of the nature and cause of the problems, you are better positioned to effectively and efficiently address the problems.

Ethical and regulatory problems are common. Some of these problems are caused by the entrepreneurs themselves. For example, reluctance and intentional noncompliance to statutory and regulatory matters. In noncompliance you may achieve short-term goals such as hiding your enterprise and its revenues and investments, evading taxes both local and national etc. In the long run however, the price you eventually pay for these may be extremely high, even to the extent of leading to enterprise failure. You should establish systems and procedures that help and guide your enterprise towards compliance.

To solve such problems, seek expert opinion on these issues and try your best to comply. Regulatory compliance differs with location and nature of business. You can obtain useful information from business consultants, mentors and coaches, trade journals, government departments etc. Many governments today have trade offices and specialized institutions that provide advice and assistance to entrepreneurs at different levels. While networking, associate with enterprises and colleagues that are doing it right otherwise peer influence may also make you follow the wrong lane. Where compliance costs are high for your enterprise, you can reach an agreement with the authorities to implement the requirements in stages and hence making it more comfortable for your cash flows.

You can lobby for better government support regarding ethical and statutory enterprise issues. This can be more effective if you are organized in associations, unions, business clusters etc, than when you are alone. Feel free as an entrepreneur, or as a group, to approach the authorities regarding regulatory issues pertaining to business. Ethical matters are also very important for you an entrepreneur. Try finding out and documenting the short- term and long-term direct and indirect costs of unethical behaviors. If you really understand these you will endeavor to stick to ethics. Ethical problems tend to be contingent - it's only when things have turned very bad that you start regretting and yet it may be too late. We have seen enterprises shut down due to unethical practices, haven't we? Forewarned is forearmed.

Poor succession planning is the main reason why many enterprises, especially the micro and small and also some medium scale ones, do not exist beyond their founders. As an entrepreneur, you need to put emphasis on succession planning. Don't you desire to leave a legacy after your demise? Won't your children, dependants and other people be happy to know that you have left behind a sustainable and continuing business? Unless you are the type of person who desires to die with everything around you, this issue is a must for any entrepreneur. I do hope you agree with me, don't you?

Succession planning can follow several approaches. For medium and large enterprises with seasoned and skilled managers this aspect can be easier if due importance is laid on it. In such cases, internally groomed or externally sourced executives can provide good replacement to the CEO or founder. In fact the CEO can groom candidates for this role over some years. For smaller enterprises you can use the second-in-command approach, where you identify and develop someone, possibly your right hand man, to take over overall control when you retire from the enterprise. You can then handover your roles to such a person in phases, ensuring that the person grasps properly each phase before proceeding to the next phase. Such candidates may sometimes even be related to the founder of the enterprise. However, you should not forget what we stated earlier, that it is not advisable to engage unqualified and incompetent relatives in the enterprise. If you want success you need to hire right.

The legal status of the enterprise to some extent also influences continuity or succession planning. In a sole proprietorship situation, you the entrepreneur can single-handedly determine your successor. In limited companies where other directors and shareholders exist, this decision usually rests on a team of people. For public limited entities the dynamics are even more complex and the original owners may eventually lose control, subject to some factors. There are also cases where an entrepreneur may decide to sell off the enterprise. In such cases he may not have much interest in what happens to the enterprise afterwards. This sale can be made to employees, competitors, friends etc. It is advisable for you to obtain expert advice whenever you desire to dispose off your business.

Reference: Clayton_WL_Mwaka

How to Overcome Common Entrepreneurial Problems - Part 2

noreply@blogger.com (El-Brukevwe Shalom) — Tue, 21 Aug 2012 09:57:00 +0000

Welcome once again. I do hope that you enjoyed reading the first part of this article, didn't you? In this second part of our article on overcoming common entrepreneurial problems, we shall look at issues related to money and personalities. An entrepreneur who is wise enough to adequately tackle and overcome these setbacks stands a higher chance of developing a successful enterprise. Let's proceed.

Money related problems are diverse and require multiple approaches to handle. To address the challenge of under-capitalization, it is advisable for you to document a comprehensive business plan, which can guide you regarding the appropriate capital required. You then work towards raising sufficient capital. You can have alternative versions of cash flow plans with the worst case scenario as the bottom line. Of course these alternative plans are for your own consumption but the business plan will have only one cash flow projection. Consider other forms of financing your enterprise such as guerrilla financing, grants, equipment leasing, angel investors etc in order to raise sufficient capital. Many financial institutions are reluctant to lend to startups but you can search for venture capital firms since these are more willing to finance startups.

In addition to the adequate capitalization, you need financial discipline. Obtain professional advice on how to document your transactions, maintain books of accounts and generally manage your finances. Have a financial plan and stick to it. Give time for your enterprise to grow before you start making drawings. Even when you commence drawings, consult a professional to advice you on the realistic level of drawings you can make, without distorting cash flow. Maintain separate bank accounts for your enterprise from your personal accounts, so that you can properly monitor your business. Be financially intelligent by acquiring required knowledge through training, mentoring, coaching, networking etc. Do business with integrity and avoid quick-fix approaches to making quick money. Don't be too much money-oriented in your enterprise. Exercise patience and understand that you need to invest some good years into your enterprise before you can start enjoying the fruits of your investments.

Learn various aspects of business finance. There are some basics that you need to understand as an entrepreneur. For example, you need to know how to price your goods and services. You need to properly understand the costs, fixed and variable, of operating your enterprise. You need to have an idea of common financial statements such as the income or profit and loss statement, balance sheet or statement of financial position and also cash flow statement. Basic ratio analysis is also part of financial intelligence since it deals with an insight into the figures contained in your financial statements. Without an insight you may go astray and you won't even know you are straying.

Personality problems, as mentioned earlier, largely require attitude and personality changes. Negative thinking for example requires you to be aware of what triggers these and try to offload such emotions. You can also use positive affirmations, visualization and positive self-talk. Planning and preparation in your enterprise also tend to eliminate fears arising from business uncertainties. Learn how to tackle indecision and procrastination. Use time management tools and prioritization. You can gradually change your habits to tackle this. Stress management techniques such as exercising and deep breathing approaches can be useful. At one point or the other entrepreneurs feel stressed as they work hard to develop and grow their enterprises.

Additionally, to be able to avoid bad advice, check out a number of business consultants in terms of their expertise and quality of service before you sign on any to provide for you services in your enterprise. Networking can also be useful because your fellow entrepreneurs are able to advice you on good consultants. A focused entrepreneur cannot be hopeless. He cannot remain in a comfort zone. Where you have serious personality problems you cannot manage because you can't change, let other people play your role to ensure smooth operation and growth of the enterprise.

Reference: Clayton_WL_Mwaka

Overcoming Common Entrepreneurial Problems - Part 1

noreply@blogger.com (El-Brukevwe Shalom) — Mon, 20 Aug 2012 20:03:00 +0000

Recently we considered common entrepreneurial problems. Now, in the first part of this article, we would like to look at some approaches to addressing the said problems. Every entrepreneur desires success in his business ventures. There is need to identify challenges facing an enterprise in order to be able to design and implement solutions that eliminate the problems. It is only obvious that after we have identified the problems, we proceed to recommend possible solutions. Don't you think so? Overcoming difficulties generate success and this translates into viable and sustainable enterprises.

We shall consider these solutions based on the respective problems.

I. Knowledge and skills deficiency. Addressing this entrepreneurial problem mainly hinges on continuous learning and development on the part of the entrepreneur, and also staffs working with him. Today so many training opportunities exist. An entrepreneur can address knowledge and skills deficiency through attending seminars, workshops and other similar fora. Mentors and coaches also help transfer valuable enterprise management skills to those who want. Government agencies, trade associations, private trainers etc are also available. Networking also adds a lot of value to skills sharing and transfer. Also, vast internet resources today are easily accessible to people. Additionally, an entrepreneur needs to have initiative, critical thinking etc to tap from various knowledge resources. By the way, are you willing to do whatever it takes to improve on your entrepreneurial knowledge and skills? I hope your answer is a yes. If not I'm afraid for you. When the student is ready the teacher appears.

II. Planning and organization problems. Where an entrepreneur cannot develop and implement strategies, tactics, work plans, processes and procedures, policies etc, he can make use of external expertise. There must be realistic planning and organization for the enterprise and this has to be documented. Ensure staff participation in this and confirm their understanding and co-operation. Record keeping has to be done either by the entrepreneur or any other assigned person. Operational plans have to be documented, implemented and reviewed so that deficiencies are addressed. Growth and expansion have to be well thought out, documented and executed. Responsibility and accountability to the enterprise have to be emphasized at all stages and levels. For medium businesses with ambitious change programs, an external change agent or change leader can be engaged to oversee enterprise changes. Failing to plan and organize is planning to fail. You obviously can't go far without planning, can you?

III. People problems require a lot of wisdom. Avoid hiring relatives and friends as much as possible, though the allure occurs due to closeness, possibility of delayed pay etc. Avoid hiring incapable or the wrong staffs by having comprehensive staff selection processes. You can interview a potential staff several times and watch for attitude and entrepreneurial attributes that can complement yours. Consider factors such as passion, integrity, energy and ability to energize others, maturity, authenticity, intelligence, vision, resilience etc. Since finances may be limited, consider hiring staffs in stages while you the entrepreneur fill in any skills gaps. Fill the most critical positions first as you start building your team. Offer other perks such as shareholding, performance bonus, training and development opportunities etc in order to motivate and help retain staffs.

IV. Attitudinal problems such as your inability to delegate, entrepreneur's dilemma, the know-it-all attitude, unwillingness to use external expertise etc are fundamentally addressed by attitude change. You need to change your attitude. Just consider the big enterprises around you and imagine that the owner does everything. Consider the associated stress and failure. Could they have grown so big with such myopic and self-centered approaches to enterprise management? Certainly not. So, why you? Can your enterprise grow when you pretend to be a financial, marketing and operations expert when indeed you are not? What benefits have your competitors who use external experts got, that you obviously don't have?
A serious consideration of the above solution aspects are a must if you want entrepreneurial success. In the second part of this article we shall consider how to address the other common entrepreneurial problems.

Reference: Clayton_WL_Mwaka

Common Entrepreneurial Problems

noreply@blogger.com (El-Brukevwe Shalom) — Mon, 20 Aug 2012 10:07:00 +0000

Are you an entrepreneur, investor, entrepreneurship student, enterprise consultant, business educator, regulator, entrepreneurial policy advocate and developer? If your answer is yes then this subject may be of interest to you. What really are the common entrepreneurial problems? Certainly one can come out with a long list. However, some of the problems tend to be minor and also differ with factors such as geographical locations, the nature of business, the level of investment and several other factors. Nevertheless there are common problems that seem to cut across the board. These have been highlighted below.

I. Knowledge and skills deficiency. Most entrepreneurs lack proper knowledge and skills in enterprise management. This deficiency encompasses various aspects of business management. Leadership and managerial limitations fall under this category. Lack of costing knowledge for example, can cause underpricing. Poor understanding of costs of operation may lead to budget deficits and operational challenges. Poor people skills may mean high staff turnover. Bad procurement skills may make your enterprise lose valuable time and money. Poor market research may affect business feasibility. These deficiencies also generate some of the problems indicated below indirectly including inability to learn from mistakes and setbacks. Poor decision-making and implementation result from these drawbacks.

II. Planning and organizational problems. These include lack of strategies, plans, organized systems etc. Processes, procedures, policies are non-existent or are disorganized. Operations may be done haphazardly. This also negatively affects growth and expansion of the business. Lack of record keeping is also organizational. Planning problems also manifest in inability to manage change, such as changing too slowly, failure to consolidate change, etc. Poor accountability, lack of process standardization etc also arise from the above.

III. People problems including hiring incapable staffs such as friends and relatives, hiring the wrong people, inability to attract and retain skilled manpower due to financial and other limitations, inability to place key people in critical positions, difficulty in building teams, hesitation by potential staffs, and others. Reluctance to train and develop staffs also falls under this.

IV. Attitudinal problems such as the craving to do everything without delegation, resulting in burnout, are common. You may also micromanage. Closely connected to this is entrepreneur's dilemma - the inability to let go because you started the whole thing and feel no other person can take over. The know-it-all attitude may also exist, where you don't consult, share experience etc. You don't see value in using experts such as consultants, mentors and coaches. These problems also hinder the entrepreneur from handing over the enterprise to a team of people to manage on his behalf. The enterprise thus remains dependent on the initiator for too long.

V. Money related problems comprising under-capitalization of the enterprise, inability to access funds from other sources, financial indiscipline hence mismanagement of cash, and lack of financial intelligence are common. Additionally, some entrepreneurs are greedy and are too much in a hurry to make money. This is manifested through quick-fix approaches to making money, lack of patience, cheating people and the like.

VI. Personality problems, additional to the attitudinal ones mentioned above, are also common in entrepreneurs. These comprise negative thoughts, too much hence disorganizing fears of uncertainties and failure, lack of self-control, hopelessness, inability to detect and avoid bad advice, lack of critical and analytical thinking, poor stress management, false comfort, taking long but scenic routes to success and being dazed by too many opportunities. Indecision, procrastination and lack of focus also occur. Some entrepreneurs also have the luck mentality and make big business gambles. With false comfort, for example, an entrepreneur may think that if he attains a certain level of sales or profits then his problems are over.

VII. Ethical and regulatory problems. These include challenges in complying with required statutory and regulatory matters, unethical practices by the entrepreneur, reluctance to comply, lack of regulatory and government support etc.

VIII. Poor succession planning is also a major problem with many entrepreneurs. This explains why many enterprises perish after the demise of their originators.
Some startups may also have problems such as poor business model, product quality problems at time of market entry, and other similar challenges. It is important to note here that different stages of an enterprise manifest different problems. The listing of common entrepreneurial problems therefore cannot be complete. I do hope I have provided a good guide, haven't I?

In subsequent articles we shall be tackling how to overcome some of the above problems.

Reference: Clayton_WL_Mwaka

London 2012 Olympic Games Lesson for Entrepreneurs

noreply@blogger.com (El-Brukevwe Shalom) — Mon, 20 Aug 2012 09:17:00 +0000

As I was completing the edit of my soon to be published business development books last night, I took a break to watch the news. CNN World Sport was on at the time.

At the end of the program, CNN correspondences who covered the London 2012 Olympic Games were asked to share their most memorable moments of the games.
For most of the British correspondence, their most memorable moments was Mo Farah winning gold in the 5000m or Bradley Wiggins winning gold or the overall performance of Team GB that saw them produce their best Olympic result in decades.

What was your Olympic moment? Care to share?
Everyone have their own Olympic memorable moments. For me it was Usain Bolt of Jamaica winning his triple double gold medals.

Gee I almost forgot!
One of the greatest moments of the London 2012 Olympic was when Nigerian rower Hamadou Djibo Issaka triumphantly crossed the finishing line. Even though he finished last, his was the triumph of the human spirit.

As entrepreneurs, what lesson can we learn from the Olympians? I personally have a lot of respect for the Olympians because it takes tremendous discipline and will power to be an Olympian.

There are two lessons to be learnt:
• One: preparation pays off
• The ability to market or brand oneself

Usain Bolt won in 9.63sec. But how long did it take him to prepare for just those few seconds? Try four years. As entrepreneurs, the majority of us fail to take the time to prepare because we feel it is too time consuming. Remember if you fail to prepare, you are prepared to fail.

The second important lesson is marketing. Who was London 20120 Olympic Games about? A single person: Usain Bolt.
For most Americans the London 2012 Olympics was about Michael Phelps or Gabby Douglas. For the Brits it was about the performance of Team GB and for the Aussies it was about the miserable performance of their athletes.

But while the Americans might know Michael Phelps or Gabby Douglas, or the Brits might know Mo Farah or Bradley Wiggins, hardly anyone else in the world might know them.

Michael Phelps could walk on the High Street on a busy Saturday in London, hardly anyone would recognise him. But not Usain Bolt. If he landed in Bangladesh or Nigeria, he could turn the entire city upside down. Even before the Olympics, he was already on billboards in the UK.

Can you imagine Michael Phelps on billboards in the UK or any European country?
That is the power of marketing. So as you go back to your businesses, the question that I want you to be asking yourself is: how can you use the Usain Bolt marketing strategy in your business. Trust me it is very effective.

Ha! One last thing I almost forgot again. In the same CNN program a British athlete was asked if she had received a call from British Prime Minister David Cameron, she replied not yet. The reporter remarked that American athletes receive calls from President Obama.
She responded that she was going to have a word. Well I am having a word on their behalf that Prime Minister David Cameron at least makes the call. She is looking forward to it.

Reference :Romeo_Cliff_Richards

One of the Most Dangerous Things an Entrepreneur Can Say

noreply@blogger.com (El-Brukevwe Shalom) — Sun, 19 Aug 2012 23:31:00 +0000

I SHOULD BE ABLE TO DO EVERYTHING
I think this is one of the most dangerous things you can ever say to yourself because it has the potential to destroy your confidence and your business.
You might wonder why I've made such a strong statement. Here's why... we are put on this earth for a short space of time. If we have the belief (and a belief is only something we keep saying to ourselves) that we have to be accomplished in every aspect of our life, that seems to me like a lot of time 'attaining' but not a lot of time 'enjoying'.

In the past, management and training literature emphasised the need to focus on acknowledging your strengths and quickly moving onto what you are weak at and how to remedy. More recently, the tide has been turning (which I think is a good progression) and now the focus is on understanding and appreciating your strengths more. It's so important to acknowledge how good you are something and not taking it for granted.

When you always focus on what you can't do; your confidence falls, doubt and anxiety increases and it's too easy to fall into a downward spiral of thinking about what a failure you are when in reality if you were to focus your mind and attention on your strengths and gifts, you would see how much you have to offer and in turn what your business can do for others.
Your business depends on you working in your zone of genius 80-90% of the time ('zone of genius' is a term coined by Gay Hendricks) and when you run your own business, there are many facets of that business. If you had a job and you were Head of Marketing or a sales representative, you would focus solely on marketing or sales. You would not be concerned about what the Finance guys are doing or what the Production team are up to.

It's not the same when you have a business... suddenly you are all of the above! So this is a unique challenge you face. It's important not to downplay how overwhelming it can be to the entrepreneur who is perhaps a one-(wo)man operation or manages a small team.
When I advise my clients to focus on their strengths, talents and passions, I make an important distinction. Focusing on your strengths does not mean that if you are a poor speaker and this is part of your business, that you make no attempt to get better because you're better at being behind the scenes.
This is really important... if your weak area is negatively impacting you and your business' success; this is something you have to work at.

If, however, you are poor at maintaining your website and you hate technology, this is not something you should be spending hours learning. You can outsource this to somebody who loves this type of work and who will take a fraction of time to complete compared to you pulling your hair out and wasting time and money when it is not necessary.

So there is an important distinction... focus on your strengths and work on improving the weak areas that are critical for your business. For everything else, find someone who can do it for you and save you a huge amount of time, money and stress!

Reference: Yasmin_Vorajee

Turnkey Home Business - Read This Carefully If You Want To Begin Your Own Turnkey Home Business

noreply@blogger.com (El-Brukevwe Shalom) — Sat, 18 Aug 2012 22:43:00 +0000

A home business is an interesting concept and almost every one will be lured by it. But the situation of a few people is such that they are not in a position to allow the business to grow gradually, break even and give them profits. They have to make money almost immediately. For them, the best way is to choose and buy a turnkey home business.

A turnkey home business is nothing but an established and well-running business. It will have a business plan and will be fully equipped with all the essential items, advertising and marketing strategies and will also have a dedicated customer base. You may wonder if such an opportunity can fall on your lap. But, it is possible to get such a turnkey home business.

You have the option of buying a running business that is successfully being carried on from home by an owner. The owner may wish to dispose of the business for various reasons such as having attained old or retirement age or due to ill-health and so on.

Having toiled to grow the business to such a good level, the owner may not wish to wind it up but may prefer to sell it off to a competent and interested entrepreneur. You can get this business along with its client list and since the owner is selling it off to you, you will not face a competition from this owner. The owner may also help you in the initial stages for knowing the nuances of the business.

Another option is to go in for a franchise business. This option is becoming highly popular nowadays. You have a number of home franchise businesses and you should choose the most suitable and successful one for you. Since such a business will have an established reputation, they will give you all their systems, procedures and distribution processes.

They will also give you a good training on how to conduct the business. You will have to pay an initial lump sum to the franchiser company. It may be as high as a hundred thousand or as low as only a few thousands. This amount depends on the franchise. There are franchise opportunities in various products like children's products and services, pet care, home and carpet cleaning, closet organization, garage organization, disposal services and a host of others. You should choose the turnkey home business that suits your tastes, skills and interests.

You should bear in mind that you should do sufficient research before choosing a franchise opportunity. Your investment will be quite substantial and if you choose a wrong business, you will be wasting your money, time and efforts. Since there is a mushroom growth of many franchise companies, you should be careful not to fall into the trap of fraudulent companies.

Since the turnkey home business will give you the opportunity to start the business immediately, you can choose to invest your money in a suitable one to reap immediate rewards. If you learn the nuances fast and apply them scrupulously, you may very soon break even and start earning profits.

Reference: Ming_Jong_Tey

A Business Plan Gives You Four Big Advantages

noreply@blogger.com (El-Brukevwe Shalom) — Fri, 17 Aug 2012 23:10:00 +0000

A business plan is not just for large corporate organsiations. It's essential whatever your business size or stage of growth. Whether you're starting out, with just the seed of an idea, or have been in business a number of years, a well-crafted plan will capture your vision and purpose, products and services, revenue targets, support required and actions to make it a reality.

As Mark Spillman, of cosmetics company Bare Escentuals says...

'We've experienced significant growth over the last 4 years. From a small company we've now become a leading company in the UK premium cosmetics industry. This growth has, of course, been achieved with great people and great products but essentially it's been achieved with well-crafted co-ordinated business plans that include all aspects of our business, from operations through to customer service."

It really is a blue print for success and like a vision board you can bring it to life with pictures, quotes and inspiring goals... so that it becomes your own personal and practical guide to making your dreams a reality.

Here are just 4 big advantages to having a written business vision and plan...

Benefit # 1. It provides you with a bigger WHY. It's easy to become exhausted with the day to day busy work of running a business and there probably will be times when you wonder 'is it worth it?' By having your purpose, vision and plan to hand you can reconnect with the real reason why you are in business.

Benefit # 2. A business plan maps out a clear route for where you're heading which you can refer to, review and adjust as you progress. Think of it as an important destination that you're setting out on. Like most holidays or trips, for example, you would work out in advance where you are going, how long it will take to get there and how much it would cost. Having this information will get you to where you want to get to faster than trying to figure it out along the way. Then once you set out you can make changes and course corrections when circumstances change or obstacles appear.

Benefit # 3. It acts as a benchmark against which you can assess what's working and not working in your business before you run into problems. If you're not meeting your revenue targets, or a particular product or service has not taken off, by referring back to your plan you can review your pricing, marketing and product mix to work out the changes you can make to get you back on track financially.

Benefit # 4. Your plan provides the template for you to work out different strategies to adopt to move your business forward. One strategy may be to grow your client database or list, so that you can raise your profile and visibility, or you may want to focus on retaining existing clients by introducing new products or services and increasing the level and quality of service provided. Concentrating your efforts in this way will speed up your results.
Much has been written about the law of attraction and the power of positive thinking to manifest your dreams but your visioning needs to be backed up with planning and action to make it actually happen.
By investing a small amount of time upfront in preparing your Business Plan you'll be amazed, like Mark Spillman, at how quickly your business can take off!

Reference: Susan_Tomlinson

Writing Your Business Plan and Developing Your Online Presence

noreply@blogger.com (El-Brukevwe Shalom) — Fri, 17 Aug 2012 07:38:00 +0000

For start up small business owners, it is critical to understand how to effectively write a business plan. If you are wishing to start a business, your first move should be to construct your plan on action.

Homework has taken on new meaning for millions of Americans and businesses worldwide. The drive for economic self-sufficiency has been a motivating factor for massive numbers of entrepreneurs to market their skills and talents for profit. Our increasingly service-oriented economy offers a widening spectrum of opportunities for internet and other home-based and personalized business growth.

Though untrained entrepreneurs who did not do their homework nor plan ahead effectively have traditionally had a high rate of failure, well-thought out small businesses can be profitable. There are many resources on the internet to help the small business owner get off the ground, even if they themselves have never developed a business plan.

The first item on your agenda is to take stock of your interests, aptitudes, and skills. Many people worldwide have good business ideas, but lack what it takes to succeed. If you are convinced that a small business is attainable based on your skills and interests, follow these step-by-step set of instructions on how to develop a business plan.

While the reason for the rapid growth of small business operations may vary from the need to supplement one's income all the way to a sophisticated well-oiled technical full-time consulting services billing clients hundreds to thousands of dollars per month, there are many common traits and significant challenges to be considered in launching most online or other home-based businesses, regardless of size of your company.

Careful planning and special attention needs to be given to researching legal and taxation issues, proper space utilization, establishing time management discipline, having the equipment and hardware on hand, and most of all, self assurance. Poor planning or careless attention to the development of highly detailed business plan can be costly for you in terms of lost time, wasted talent and lost wages.

First thing to do is to select a business. Perhaps you have already determined what your business will be. You may already know how you will serve your market and with what. Establish your niche. Determine what makes you different from the rest?

Your business plan needs to also include hiring of employees and management, financial and budget analysis, and one that is often overlooked is outside sources of assistance.
The U.S. Small Business Administrative Office of Business Development programs are diversified and very extensive. They include free individualized counseling, conferences, online courses, workshops, problem clinics, and an extensive library of publications. So, check also into local resources within your community for aid in launching your own business and include those in your business plan.

If you are not sure what your business should consist of, list potential areas of special training, educational and job experience, background and special interests that could be developed into your business plan. Some ideas may include areas in the category of personal services such as house cleaning and maid services, tutoring, catering, direct mail, child care, and any other service. Perhaps you are an artsy-crafty type and you want to start a business in the category of handicrafts to include needle work, ceramics, jewelry design, or upholstery. If that is your trade, you should plan to have a website and sell your crafts through an online payment system. You will need to draw customers to your website.

Reference: Stephanie_A_Hill

Business Planning for Start-Ups

noreply@blogger.com (El-Brukevwe Shalom) — Thu, 16 Aug 2012 21:03:00 +0000

Some entrepreneurs believe in detailed planning, others like to fly by the seat of their pants. The survival record for business start-ups at about 51% suggest that some planning is essential; there are no records to reflect the number of really good projects that have been still-born through over analysis.

The trick, as always, is to achieve a balance.
My own experience is that the process of thinking out my business plans has been every much as educational as the plan itself. In my pragmatic way the thinking process has resulted in an organised 'to-do' list rather than a detailed written plan.
The Business Planning process has been reduced to an aide-memoir which has always done for me in the past. It doesn't work for everyone, but it does for me.
The classic business plan structure would suggest a hierarchy:

Table of Contents.
Executive Summary
Company Description
Products and Services
Marketing and Sales Plan
Management and Organisation
Personal Financial Statement
Start-up Expenses and Capitalisation
Financial Plan

But it time and resources are limited we probably need to mount a triage operation on this list separating out:

What we 'need to know' to get started at all?
What follows from our 'need to knows' and has to be resolved before we launch?
What is 'nice to know'?

'Products and Service' and 'Marketing and Sales Plans' are definite 'need to knows'. Everything else in the plan will follow from that.
Products and Services
It's fine to start a business on the basis of 'this is what I can do' or 'this is what I'm interested' but what you like, though important, is secondary to 'what will your clients need and like' and even more important 'What will they pay me for". It is a stark fact that by going into business yourself you get rid of one boss and get dozens - your clients!
Marketing Plan
Your marketing plan requires that you think through:

Your Pricing Where do you stand in the market: cheap and cheerful - mid-market - top of the range? It will make a vast difference to how you set up.
Place Are you on the high street, on a trading estate or on the internet.
Promotion How will people find you?
People Who will you need to sell your services?
Processes How will you deliver your products?
Physical Evidence Have you tested your assumptions?

Your marketing plan will dictate much of what follows in your business plan proper.

Reference: Roger_J_Webb