Up until a few years ago there were only 3 types of formal business formations. These were the corporation, a partnership and a sole proprietorship. Each had both positives and negatives and depending on your situation, you would choose the right one for you.
The latest business type however has attempted to create like a hybrid with the benefits of sole proprietorship and protections of a corporation without the formalities.
An LLC (limited liability company) provides the benefits of liability protection, like a formal corporation but also features the tax design of a sole proprietorship or partnership. The biggest benefits of an LLC are in the taxation and liability areas, although unlike a corporation, an LLC can be set up for a limited amount of time only.
Unlike a corporation where income is taxed twice, an LLC business passes through income to the owners. That is, the income goes directly to the owners of the company who then are responsible for the taxes. Of course good business practices are a must and this doesn't mean that the company can be treated as a personal piggy bank for the owners.
As the rules that bind an LLC are more in line with a sole proprietorship, many of the corporate governance like a board of directors is not required. The LLC formation also makes it easy to dissolve without the filing and notice requirements of a formal corporation.
LLC's can usually be formed with a simple form filed with the state. Check your local authorities for more information on the type of filing, forms, and other information that may be needed. One identifying characteristic to note is that the name of any limited liability company needs to end with the letters "LLC." Here's an example: Joe's Shoe Repair,LLC.
Filing LLC business documentation though is not difficult and can be accomplished in several ways.
An attorney can generate the basic documentation and should cost a couple of hundred dollars. This is recommended if you're planning to change the business type of an ongoing business. If you already have a business in operation, it's necessary to cover all the details. Using an attorney also can give peace of mind should you be concerned.
If however, you're just starting out or have a brand new business, filing the necessary paperwork is really very easy. To set up an LLC, you file articles of formation or articles of organization with the state. This document is usually an easy to complete one-page form. It has areas where you can fill in the blanks with basic information about your new company including the name and other important information. The state agency that is usually charged with accepting LLC filings is the state department of corporations. If your state doesn't use this name, a quick call to the secretary of state office can point you in the right direction. Some state also have additional minor requirements to open an LLC company. The state department where you file the documents will let you know of any additional requirements.
After the state accepts your articles of LLC formation and you complete any other state requirements, you're done with your LLC formation.
Is Your Home Based Business A Professional One?
Is your home based business a real business or simply a hobby? Most people when they start their own work at home business are quite serious about what they want the business to deliver. That is a full-time income with unlimited growth potential. While a legitimate business can certainly deliver these results, too many would-be home based business owners treat their business more like a hobby and the results correspond. A professional home based business is one that provides excellent customer service, quality products and services, and is easy to find on the internet. A professional home based business has a website that is easy to navigate with plenty of information for the customer and is one that can be found on the web. Updating your website monthly is important to help make it search engine friendly. Offer new products or services or provide links that are helpful to your customer. Add interesting articles related to your business. Give your site the occasional "facelift" in order to attract more people and keep the regulars coming back.
Once you've proven yourself to those who purchase items from your website, you will begin to build a valuable reputation that will eventually bring others to try your products or service as well. Word-of-mouth advertising is still the best(and cheapest!!!)form of advertising for a successful businesses. This is why providing quality customer service is critical. A professional home based business answers email questions and complaints promptly. Daily if possible. Notify customers on your mailing list of new products & services that are coming soon. Give them a head start. Another sign of a professional home based business is the presence of a monthly or bi-monthly newsletter that features information that your customers need or want to know. Having such a newsletter is not mandatory, but it does raise the level of professionalism for any business.
Find and invest in the right software for a home office is another way to build a professional business. Depending on what you plan on selling, you need to track orders all the way through the shipping process, collect email addresses to keep contact and send your newsletter to, and of course maintain accurate financial records. Such software is readily available at your local computer store and certainly online. A good powerful computer with lots of memory is a huge asset. File maintenance should be done monthly in order to retain valuable information and maintain accurate records.
With a solid home office set up and in place, you can really focus on building or growing your business. If you are still unsure about which online business venture you wish to pursue, then do a little online research. There are many terrific opportunities out there. Some are very much “turnkey” home based businesses that are very easy to get started with a lot of help and direction for you to follow. Consider your own skills and passions too. They may lead to business ideas for you. Creating a list of possible business ideas will help you decide which ones will be the easiest to market.
Many people run successful businesses from their homes and enjoy the freedom that working from home can bring. If you are looking for a way to spend more time with your family, pursuing other goals, or you want to be your own boss, then a home based business may be for you. You should know however, from the start, if you plan on running your business as a professional business or more like a part time job or hobby. There is nothing wrong with any of those ways you choose to approach you business. But if you choose to run it professionally in order to generate a full-time income, you can take great strides in that direction by learning from what you have read here. I wish you the best of luck. Grow a large home based business and realize your dreams.
Once you've proven yourself to those who purchase items from your website, you will begin to build a valuable reputation that will eventually bring others to try your products or service as well. Word-of-mouth advertising is still the best(and cheapest!!!)form of advertising for a successful businesses. This is why providing quality customer service is critical. A professional home based business answers email questions and complaints promptly. Daily if possible. Notify customers on your mailing list of new products & services that are coming soon. Give them a head start. Another sign of a professional home based business is the presence of a monthly or bi-monthly newsletter that features information that your customers need or want to know. Having such a newsletter is not mandatory, but it does raise the level of professionalism for any business.
Find and invest in the right software for a home office is another way to build a professional business. Depending on what you plan on selling, you need to track orders all the way through the shipping process, collect email addresses to keep contact and send your newsletter to, and of course maintain accurate financial records. Such software is readily available at your local computer store and certainly online. A good powerful computer with lots of memory is a huge asset. File maintenance should be done monthly in order to retain valuable information and maintain accurate records.
With a solid home office set up and in place, you can really focus on building or growing your business. If you are still unsure about which online business venture you wish to pursue, then do a little online research. There are many terrific opportunities out there. Some are very much “turnkey” home based businesses that are very easy to get started with a lot of help and direction for you to follow. Consider your own skills and passions too. They may lead to business ideas for you. Creating a list of possible business ideas will help you decide which ones will be the easiest to market.
Many people run successful businesses from their homes and enjoy the freedom that working from home can bring. If you are looking for a way to spend more time with your family, pursuing other goals, or you want to be your own boss, then a home based business may be for you. You should know however, from the start, if you plan on running your business as a professional business or more like a part time job or hobby. There is nothing wrong with any of those ways you choose to approach you business. But if you choose to run it professionally in order to generate a full-time income, you can take great strides in that direction by learning from what you have read here. I wish you the best of luck. Grow a large home based business and realize your dreams.
Legitimate Home Based Businesses
As a Work at Home web site owners we see many searches daily for legitimate Home Based Businesses, Home Business, on line Business, Internet Business and more.
Today we find millions of people turning to the Internet for income. It is so fantastic to be able to work from home. Many people simply have an office at home, which is an extension of their JOB, while others are looking to replace there yearly income and have a piece of the pie for themselves.
Almost anyone with the right discipline, basic computer skills and work ethic can create a nice income from home. Once a person has made the decision to do so, then the big question becomes how? You can waste a lot of time and money trying to figure it out yourself or with a little research you can follow in someone else’s footsteps that has been and is successful.
I had been a business owner and Vice President of a large company for years. To be honest I simply got tired of working. Tired of the day-to-day rat race of life. I saw my Dad save every dime and finally retire only to die one month after doing so, thus never getting a chance to enjoy life. On top of that I had a lifetime of happiness with a son I lost to leukemia when he was fourteen. I just decide enough was enough. I wanted more time with my family and further more I did not want to let the same thing that happened to my father years earlier happen to me.
After finally making the decision to take control of my financial future, I started looking for an on line business that would give me the following:
· Income level that would take care of my monthly expenses and more
· Residual Income if possible
· Web based Business – It seemed as though it was the easiest way to reach the masses
· An on line business that could still generate cash, while I was traveling
· On line business that would require a minimum of effort once setup so I could have my time back
· A business which would not require anyone other than myself or perhaps my wife to operate a few hours a week
After many hours of research I found a man, his name is Erich Winnecke, who seemed to be very successful and was willing to be helpful with others. I read all of the testimonials, but I did not really expect to find any bad ones. I wanted to believe them all. If I’m honest I didn’t really know, but I had a good feeling about him. I was simply at the point where I had to give myself a shot. I knew from past experience to either use PayPal and / or my credit card to protect myself.
Well the results are in and I have to say I have gotten so much for joining his program. Here a just a few of the many areas that Erich and his team have given me support in.
· Step-by-Step guidance on how to create exactly the type of business I was looking for.
· With in minutes I had my own web page capable of generating multiple income streams.
· Step-by-Step guidance and excellent support on how to modify my own web page thereby adding new companies on a regular basis.
· Step-by-Step guidance on how, when and where to market my web site
· Special savings on getting my web site published on the Internet
· Lifetime support for my web site
· Access to a large group of successful people who are doing the same thing (It’s like having my own board of directors to help me)
· Step-by-Step guidance on how to get people like yourself to visit my website
I cannot list all of the areas I have gotten support and direct guidance from Erich and his team. I have never gotten more support from anything anywhere.
I can tell you that I am writing this article sitting in my bus overlooking the Gulf of Mexico at South Padre Island, Texas. As I sit writing this article I can look out the window and see the waves rolling in. Mexico is about a mile away. It is so beautiful and relaxing here. Wow ! My wife and I will stay here for a few months, then if we do like last year, we may go out west as far as California. We will visit my oldest son whom I'm quite proud to say is fulfilling his dreams to be in the movies. We usually end up back on the east coast visiting the rest of our family and children. It is so beautiful here and unlike my poor dad I'm getting to see how beautiful the United States of America really is. I only wish he could have done so as well.
The best part is if you want to do the same thing as I have, or if you simply want to make some extra income, then the opportunities are there for you. You don’t have to reinvent the wheel.
I knew absolutely nothing about creating and on line web business or web site for that matter. I could not believe how inexpensive Erich's program was. The roadway to success has been paved for us.
Please feel free to read more of this article by visiting my link in the resource box below. I always enjoy getting emails pertaining to my articles or my site. Your feedback is important to me.
Today we find millions of people turning to the Internet for income. It is so fantastic to be able to work from home. Many people simply have an office at home, which is an extension of their JOB, while others are looking to replace there yearly income and have a piece of the pie for themselves.
Almost anyone with the right discipline, basic computer skills and work ethic can create a nice income from home. Once a person has made the decision to do so, then the big question becomes how? You can waste a lot of time and money trying to figure it out yourself or with a little research you can follow in someone else’s footsteps that has been and is successful.
I had been a business owner and Vice President of a large company for years. To be honest I simply got tired of working. Tired of the day-to-day rat race of life. I saw my Dad save every dime and finally retire only to die one month after doing so, thus never getting a chance to enjoy life. On top of that I had a lifetime of happiness with a son I lost to leukemia when he was fourteen. I just decide enough was enough. I wanted more time with my family and further more I did not want to let the same thing that happened to my father years earlier happen to me.
After finally making the decision to take control of my financial future, I started looking for an on line business that would give me the following:
· Income level that would take care of my monthly expenses and more
· Residual Income if possible
· Web based Business – It seemed as though it was the easiest way to reach the masses
· An on line business that could still generate cash, while I was traveling
· On line business that would require a minimum of effort once setup so I could have my time back
· A business which would not require anyone other than myself or perhaps my wife to operate a few hours a week
After many hours of research I found a man, his name is Erich Winnecke, who seemed to be very successful and was willing to be helpful with others. I read all of the testimonials, but I did not really expect to find any bad ones. I wanted to believe them all. If I’m honest I didn’t really know, but I had a good feeling about him. I was simply at the point where I had to give myself a shot. I knew from past experience to either use PayPal and / or my credit card to protect myself.
Well the results are in and I have to say I have gotten so much for joining his program. Here a just a few of the many areas that Erich and his team have given me support in.
· Step-by-Step guidance on how to create exactly the type of business I was looking for.
· With in minutes I had my own web page capable of generating multiple income streams.
· Step-by-Step guidance and excellent support on how to modify my own web page thereby adding new companies on a regular basis.
· Step-by-Step guidance on how, when and where to market my web site
· Special savings on getting my web site published on the Internet
· Lifetime support for my web site
· Access to a large group of successful people who are doing the same thing (It’s like having my own board of directors to help me)
· Step-by-Step guidance on how to get people like yourself to visit my website
I cannot list all of the areas I have gotten support and direct guidance from Erich and his team. I have never gotten more support from anything anywhere.
I can tell you that I am writing this article sitting in my bus overlooking the Gulf of Mexico at South Padre Island, Texas. As I sit writing this article I can look out the window and see the waves rolling in. Mexico is about a mile away. It is so beautiful and relaxing here. Wow ! My wife and I will stay here for a few months, then if we do like last year, we may go out west as far as California. We will visit my oldest son whom I'm quite proud to say is fulfilling his dreams to be in the movies. We usually end up back on the east coast visiting the rest of our family and children. It is so beautiful here and unlike my poor dad I'm getting to see how beautiful the United States of America really is. I only wish he could have done so as well.
The best part is if you want to do the same thing as I have, or if you simply want to make some extra income, then the opportunities are there for you. You don’t have to reinvent the wheel.
I knew absolutely nothing about creating and on line web business or web site for that matter. I could not believe how inexpensive Erich's program was. The roadway to success has been paved for us.
Please feel free to read more of this article by visiting my link in the resource box below. I always enjoy getting emails pertaining to my articles or my site. Your feedback is important to me.
Merchant Account Fees To Business Owners
As a business owner, when you set up a merchant account to enable your customers the ability to pay for your products or services using credit cards (or debit cards with a Visa or Mastercard Logo), you will have some fees associated with the credit card transactions.
The specific fee amounts that you pay will depend on the merchant account provider you select to provide your credit card processing service; however, there is a list of typical fees that the majority of providers charge business owners in exchange for the ability to accept credit as payment.
Discount Rates
Visa and MasterCard have what is called “interchange” rates. They range in price- so in order to make it easier, the merchant providers created three categories.
Qualified Discount Rate – a percentage is paid from each dollar charged.
Mid-Qualified Rate – does not apply to merchants that manually enter transactions.
Non-Qualified Rate – added to the qualified rate n certain transactions. Also get billed this higher rate if you don’t use address verification service (AVS) when you manually enter transactions.
Other fees many merchant account providers charge their business customers include, but are not limited to the following:
Reward Cards- most merchant providers charge higher rates if the consumer pays using a reward card.
Transaction Fees- a specific, flat rate that is paid on every sale processed through the credit card processor. (Sometimes the transaction fee is called the interchange fee, authorization fee, or per inquiry fee).
Address Verification Service (AVS)- merchant account providers charge a small fee for the validation service to ensure that the billing address provided in the online checkout process matches the issuing bank’s records. Not using this service will result in hefty charges on the processing of the card for that sale.
Batch Fees- most merchant account providers require that customers close out their transactions a minimum of one time each day. The batch fee pays for expenses for the gateway or software that accesses the credit card processing network. If you don’t have transactions to process, there is no batch fee to pay.
Monthly Statement or Customer Service Fee – most merchant account providers charge a monthly fee in order to cover their monthly costs of operation (paying their customer service team for example).
Monthly Minimum Fee- some merchant account providers require you process a minimum amounts of sales per month, or you pay a monthly minimum. Monthly minimums tend to range between $15 and $40 per month.
Gateway Fees- for some merchant accounts, there are fees for internet and mail order merchants to use an internet gateway service such as Authorize.net, although some merchant providers will cover this fee on their customer’s behalf as part of the package deal. If you are solely an internet business, you’ll want to look for an internet merchant account that includes the gateway service as part of the package.
Annual Fees- often charged by merchant account providers- particularly the merchant account providers that offer free terminal equipment. There are numerous merchant account providers that do not charge an annual fee, so you may want to shop around if the first few you look at require an annual fee. Sometimes it would be cheaper to purchase the equipment than to pay an ongoing annual fee.
Cancellation/Termination Fees- Most merchant accounts require a contract agreement of one or two years and if you cancel early, you are likely to be charged a termination fee.
Chargeback/Retrieval Fees- When a customer requests a refund (or the customer’s credit card issuer requests a refund), merchant account providers typically charge a “chargeback” fee.
The specific fee amounts that you pay will depend on the merchant account provider you select to provide your credit card processing service; however, there is a list of typical fees that the majority of providers charge business owners in exchange for the ability to accept credit as payment.
Discount Rates
Visa and MasterCard have what is called “interchange” rates. They range in price- so in order to make it easier, the merchant providers created three categories.
Qualified Discount Rate – a percentage is paid from each dollar charged.
Mid-Qualified Rate – does not apply to merchants that manually enter transactions.
Non-Qualified Rate – added to the qualified rate n certain transactions. Also get billed this higher rate if you don’t use address verification service (AVS) when you manually enter transactions.
Other fees many merchant account providers charge their business customers include, but are not limited to the following:
Reward Cards- most merchant providers charge higher rates if the consumer pays using a reward card.
Transaction Fees- a specific, flat rate that is paid on every sale processed through the credit card processor. (Sometimes the transaction fee is called the interchange fee, authorization fee, or per inquiry fee).
Address Verification Service (AVS)- merchant account providers charge a small fee for the validation service to ensure that the billing address provided in the online checkout process matches the issuing bank’s records. Not using this service will result in hefty charges on the processing of the card for that sale.
Batch Fees- most merchant account providers require that customers close out their transactions a minimum of one time each day. The batch fee pays for expenses for the gateway or software that accesses the credit card processing network. If you don’t have transactions to process, there is no batch fee to pay.
Monthly Statement or Customer Service Fee – most merchant account providers charge a monthly fee in order to cover their monthly costs of operation (paying their customer service team for example).
Monthly Minimum Fee- some merchant account providers require you process a minimum amounts of sales per month, or you pay a monthly minimum. Monthly minimums tend to range between $15 and $40 per month.
Gateway Fees- for some merchant accounts, there are fees for internet and mail order merchants to use an internet gateway service such as Authorize.net, although some merchant providers will cover this fee on their customer’s behalf as part of the package deal. If you are solely an internet business, you’ll want to look for an internet merchant account that includes the gateway service as part of the package.
Annual Fees- often charged by merchant account providers- particularly the merchant account providers that offer free terminal equipment. There are numerous merchant account providers that do not charge an annual fee, so you may want to shop around if the first few you look at require an annual fee. Sometimes it would be cheaper to purchase the equipment than to pay an ongoing annual fee.
Cancellation/Termination Fees- Most merchant accounts require a contract agreement of one or two years and if you cancel early, you are likely to be charged a termination fee.
Chargeback/Retrieval Fees- When a customer requests a refund (or the customer’s credit card issuer requests a refund), merchant account providers typically charge a “chargeback” fee.
Leaving Your Job To Start A Home Business
Making the transition from a traditional job to working from home or starting your own business can be scary. You are giving up the known for the unknown, giving up stability and schedule for something that isn’t guaranteed. But you are also giving up limitations for unlimited possibilities, and giving up a strict schedule for complete flexibility…
I had the opportunity to share my own start-up story with a friend over coffee yesterday. I still laugh at myself when I think back on it, because the idea was completely crazy - yet I was totally confident that it would work. Chalk it up to age (23 at the time) and inexperience, but that naive confidence was probably the one factor that contributed most to my own success as an entrepreneur.
It was basically the Think and Grow Rich concept, even though I wasn’t familiar with Napoleon Hill or his work at the time. While it takes more of a deliberate thought process now ,10 years later, with plenty of experiences to contribute to decision making and goal setting… at the time I simply believed in it, and then went through the steps to make it happen.
Ten years ago I was a working wife and mother, and we were a combined family with 4 children. My husband couldn’t seem to get or keep a job, and I was making barely over $6/hour at my job in the small town where we lived. The house was rented, the car was always breaking down, and we were barely getting by from paycheck to paycheck. My one paycheck for 6 people, at that. We had no savings, no assets and no real shot of making it out of the rut anytime soon.
What I did to make the transition to a successful entrepreneur is not necessarily something I would advise to others. That said, it did work for me and I was up and running and (at least somewhat) financially stable within 3 months. To give you the short story: I quit my job cold turkey, sold everything that we owned, and started a service-based business out of our home. When I say sold everything - I mean the china, furniture, the kids’ toys, right down to my eel skin heels. It all went to auction.
I was in it to succeed, and had every intention of replacing it all. And did.
The most common advice, though, is that you save up at least 3 months worth of living expenses before you quit your job, or make the transition to working from home full-time. I think that this is great advice, and recommend it myself.
Another option is to begin working from home in your spare time, while keeping your current job. While this may mean insanely long days and unrealistic hours for you… it is only an investment you have to make for a short time. Once your business begins to earn what you are making at your job, you can comfortably leave that job and get back to normal working hours.
No matter which option you choose, you will most likely be making a sacrifice of some sort… and taking a chance. Plan smart, believe in yourself, and resolve to do whatever it takes to see your dreams come true.
Most people go into business for themselves because they want more out of life. More free time, more flexibility, more options, more financial stability. Whatever it is that you want more of… want it bad enough to throw caution to the wind and make it happen!
I am now starting my 11th year in business, and never had to even consider taking another job since I left mine in early 1997. If a struggling mother with a full house and an unemployed husband can do it - then so can you!
I had the opportunity to share my own start-up story with a friend over coffee yesterday. I still laugh at myself when I think back on it, because the idea was completely crazy - yet I was totally confident that it would work. Chalk it up to age (23 at the time) and inexperience, but that naive confidence was probably the one factor that contributed most to my own success as an entrepreneur.
It was basically the Think and Grow Rich concept, even though I wasn’t familiar with Napoleon Hill or his work at the time. While it takes more of a deliberate thought process now ,10 years later, with plenty of experiences to contribute to decision making and goal setting… at the time I simply believed in it, and then went through the steps to make it happen.
Ten years ago I was a working wife and mother, and we were a combined family with 4 children. My husband couldn’t seem to get or keep a job, and I was making barely over $6/hour at my job in the small town where we lived. The house was rented, the car was always breaking down, and we were barely getting by from paycheck to paycheck. My one paycheck for 6 people, at that. We had no savings, no assets and no real shot of making it out of the rut anytime soon.
What I did to make the transition to a successful entrepreneur is not necessarily something I would advise to others. That said, it did work for me and I was up and running and (at least somewhat) financially stable within 3 months. To give you the short story: I quit my job cold turkey, sold everything that we owned, and started a service-based business out of our home. When I say sold everything - I mean the china, furniture, the kids’ toys, right down to my eel skin heels. It all went to auction.
I was in it to succeed, and had every intention of replacing it all. And did.
The most common advice, though, is that you save up at least 3 months worth of living expenses before you quit your job, or make the transition to working from home full-time. I think that this is great advice, and recommend it myself.
Another option is to begin working from home in your spare time, while keeping your current job. While this may mean insanely long days and unrealistic hours for you… it is only an investment you have to make for a short time. Once your business begins to earn what you are making at your job, you can comfortably leave that job and get back to normal working hours.
No matter which option you choose, you will most likely be making a sacrifice of some sort… and taking a chance. Plan smart, believe in yourself, and resolve to do whatever it takes to see your dreams come true.
Most people go into business for themselves because they want more out of life. More free time, more flexibility, more options, more financial stability. Whatever it is that you want more of… want it bad enough to throw caution to the wind and make it happen!
I am now starting my 11th year in business, and never had to even consider taking another job since I left mine in early 1997. If a struggling mother with a full house and an unemployed husband can do it - then so can you!
Part Time Web Businesses...Full Time Commitment
Let us cut to the chase...
To the extent your website is an extension of or supplemental to your brick and mortar operation, it can be and probably is a part time endeavor in comparison to your main business. Note it is relative.
Treat your online presence, however, like the proverbial "red haired step child", and you might as well not waste your time, money or man power on it. After all, whether generated on the world wide web or on main street from leads generated by your website, your web's only purpose is to increase name recognition and loyalty and generate and increase revenue.
From your planning stages and business model, to the design of your virtual office, to the selection of key words and ad words, to the selection of an internet host, to your branding, to your promotion strategies, to your monitoring and tracking techniques, to follow up and deal closing - detail, brain storming, and professionalism are key. Your creation must be an entity that makes money, not cost you precious resources.
You need to stop listening to the self declared gurus, and ask yourself the same tough questions you do about your main business. And, if your primary business is going to be the internet based business this factual examination becomes even more crucial.
First, know success is never final. Without proper drive and commitment, he who is on top today will be eclipsed tomorrow. Make sure you have a dream and not a night mare. Assure you have a sufficiently tough skin to pursue your idea and have enough heart to see it through the bad times not just skim off the cream of the crop. If all you have is heart burn from the rich dinner you ate last night rather than an unquenchable fire in your gut, don't toss your cash in the furnace for it will surely be consumed.
Second, never buy into the pie in the sky schemes of the wild blue yonder hucksters who sell everything for nothing and over valued and over priced half truths and for hard earned dollars. They market visions of grandeur purportedly coming true with untold bundles of cash flowing into your bank account while you sleep through the night and golf away the days. Experience shows that virtual life does not work that way any more than real life does.
Get rich quick schemes are the same as and do not work any better than the alcoholic or addict looking for a softer easier way to recover. Lazy people will find they fail and fall faster, harder, and further playing with a new enterprise whether corporate, partnership, or sole proprietorship than punching a time clock.
In your own venture you will soon be painfully aware you cannot pass the buck. There is no lead man, no foreman, no HR department, no big bad boss to keep you honest, to keep you focused, or to keep you working. When you make bad decisions there is no one to bail you out. When you fail to pro
duce there is no payroll clerk from which to draw advance cash. There is no blame game to play because when things are not going your way there is no one else to blame. There is no one about whom to gossip except your customers and that is suicide. There is no one to gossip with except your clients, and that is even worse.
Friendships get relegated to the back burner. You are not here to make friends. A few will come with your success over time as you prove yourself to be a no nonsense professional in your field, a competent business person, and worthy of trust and friendship. But initially you will be consumed with making a living, supporting a business and maybe a staff (if you have one). Don't let it steal family time and relationships.
Don't become pompous! Think of yourself as you think of your dentist... a necessary evil with whom you are cordial and professional. You will be the dentist from this day forward. Don't let it steal your positive spiritual walk.
You will find you now have more legal and social obligations and responsibilities than ever before. People will start to demand more and more of your personal time and attention. Some are simply trying to use you for their own purposes. Don't become a recluse! Faithfully fulfill your obligations to your community and your fellow man, and good things will happen for you.
Now if you have what it takes to run your own business, if you are a self starter and driven you can make money (good money) on the internet or anywhere else. If you understand it is not about luck, not about others, not necessarily about how much money you have today and not necessarily about your education level, and if you are willing to make the commitments, invest the time and do what it takes you are probably ready to become an entrepreneur.
Little will get you more than informed persistence without spamming and without becoming obnoxious.
Part time indeed! What are you waiting for? Go make something happen!
To the extent your website is an extension of or supplemental to your brick and mortar operation, it can be and probably is a part time endeavor in comparison to your main business. Note it is relative.
Treat your online presence, however, like the proverbial "red haired step child", and you might as well not waste your time, money or man power on it. After all, whether generated on the world wide web or on main street from leads generated by your website, your web's only purpose is to increase name recognition and loyalty and generate and increase revenue.
From your planning stages and business model, to the design of your virtual office, to the selection of key words and ad words, to the selection of an internet host, to your branding, to your promotion strategies, to your monitoring and tracking techniques, to follow up and deal closing - detail, brain storming, and professionalism are key. Your creation must be an entity that makes money, not cost you precious resources.
You need to stop listening to the self declared gurus, and ask yourself the same tough questions you do about your main business. And, if your primary business is going to be the internet based business this factual examination becomes even more crucial.
First, know success is never final. Without proper drive and commitment, he who is on top today will be eclipsed tomorrow. Make sure you have a dream and not a night mare. Assure you have a sufficiently tough skin to pursue your idea and have enough heart to see it through the bad times not just skim off the cream of the crop. If all you have is heart burn from the rich dinner you ate last night rather than an unquenchable fire in your gut, don't toss your cash in the furnace for it will surely be consumed.
Second, never buy into the pie in the sky schemes of the wild blue yonder hucksters who sell everything for nothing and over valued and over priced half truths and for hard earned dollars. They market visions of grandeur purportedly coming true with untold bundles of cash flowing into your bank account while you sleep through the night and golf away the days. Experience shows that virtual life does not work that way any more than real life does.
Get rich quick schemes are the same as and do not work any better than the alcoholic or addict looking for a softer easier way to recover. Lazy people will find they fail and fall faster, harder, and further playing with a new enterprise whether corporate, partnership, or sole proprietorship than punching a time clock.
In your own venture you will soon be painfully aware you cannot pass the buck. There is no lead man, no foreman, no HR department, no big bad boss to keep you honest, to keep you focused, or to keep you working. When you make bad decisions there is no one to bail you out. When you fail to pro
duce there is no payroll clerk from which to draw advance cash. There is no blame game to play because when things are not going your way there is no one else to blame. There is no one about whom to gossip except your customers and that is suicide. There is no one to gossip with except your clients, and that is even worse.
Friendships get relegated to the back burner. You are not here to make friends. A few will come with your success over time as you prove yourself to be a no nonsense professional in your field, a competent business person, and worthy of trust and friendship. But initially you will be consumed with making a living, supporting a business and maybe a staff (if you have one). Don't let it steal family time and relationships.
Don't become pompous! Think of yourself as you think of your dentist... a necessary evil with whom you are cordial and professional. You will be the dentist from this day forward. Don't let it steal your positive spiritual walk.
You will find you now have more legal and social obligations and responsibilities than ever before. People will start to demand more and more of your personal time and attention. Some are simply trying to use you for their own purposes. Don't become a recluse! Faithfully fulfill your obligations to your community and your fellow man, and good things will happen for you.
Now if you have what it takes to run your own business, if you are a self starter and driven you can make money (good money) on the internet or anywhere else. If you understand it is not about luck, not about others, not necessarily about how much money you have today and not necessarily about your education level, and if you are willing to make the commitments, invest the time and do what it takes you are probably ready to become an entrepreneur.
Little will get you more than informed persistence without spamming and without becoming obnoxious.
Part time indeed! What are you waiting for? Go make something happen!
Is Your Home Business Going To Make Money? How To Know In Advance
These days when most people are finding they need extra money, home businesses are more popular than ever. Organizations have stepped up to the plate providing what seems like thousands of new business opportunities to choose from.
Most promise you'll make good money. More than a few outright guarantee you'll get rich. Surprising numbers say you'll never have to do any work.
I suppose it's possible to get rich without ever lifting a finger, but I've never known anyone to do it -- excluding lottery winners, of course.
With all these claims floating around, how can you know if the home business you choose will make money? There ARE some surefire ways to tell.
1. You must be selling a product a big group of people REALLY WANT. Notice I didn't say a product EVERYONE wants. That's not necessary. You'll do best if you sell a product that just SOME people want, but you need those people to want it very BADLY.
Make sure you consider THE PRODUCT that a home business is selling. Too often, business opportunities focus entirely on the compensation plan. But at the bottom of every plan is a product that MUST sell, or there won't be any revenue to fuel the compensation plan.
2. Don't plan on learning your business all by yourself. You'll earn bigger money faster if you have plenty of experienced help. Find a company that will give you upline or management assistance.
You'll not only need step-by-step explanations of how to run your home business, you'll need some personal encouragement to keep your enthusiasm up over the long haul.
3. This many be the most important point of the bunch. Make sure you have a way to get a non-stop supply of good, warm leads. Presenting your home business to your relatives and friends may work for a few weeks, but after a while, you'll need new prospects.
This is where most home businesses fail. They spend money on buying leads and advertising, but soon find they don't the results they expect through advertising.
Make sure your home business opportunity comes with a solid system for attracting new customers.
There are even more ways to ensure your home business is a good one, but using these three tips will take you miles toward creating a home business that produces the extra cash you need in a timely manner.
Most promise you'll make good money. More than a few outright guarantee you'll get rich. Surprising numbers say you'll never have to do any work.
I suppose it's possible to get rich without ever lifting a finger, but I've never known anyone to do it -- excluding lottery winners, of course.
With all these claims floating around, how can you know if the home business you choose will make money? There ARE some surefire ways to tell.
1. You must be selling a product a big group of people REALLY WANT. Notice I didn't say a product EVERYONE wants. That's not necessary. You'll do best if you sell a product that just SOME people want, but you need those people to want it very BADLY.
Make sure you consider THE PRODUCT that a home business is selling. Too often, business opportunities focus entirely on the compensation plan. But at the bottom of every plan is a product that MUST sell, or there won't be any revenue to fuel the compensation plan.
2. Don't plan on learning your business all by yourself. You'll earn bigger money faster if you have plenty of experienced help. Find a company that will give you upline or management assistance.
You'll not only need step-by-step explanations of how to run your home business, you'll need some personal encouragement to keep your enthusiasm up over the long haul.
3. This many be the most important point of the bunch. Make sure you have a way to get a non-stop supply of good, warm leads. Presenting your home business to your relatives and friends may work for a few weeks, but after a while, you'll need new prospects.
This is where most home businesses fail. They spend money on buying leads and advertising, but soon find they don't the results they expect through advertising.
Make sure your home business opportunity comes with a solid system for attracting new customers.
There are even more ways to ensure your home business is a good one, but using these three tips will take you miles toward creating a home business that produces the extra cash you need in a timely manner.
Is Your Home Business Making You Rich?
Every business owner wants to make his or her business successful. Many times we expect to make more money than working for a boss. The fact is that it is far from easy to make a living with your own business.
With the rising of the internet the obstacles of going into business have lowered. It is easier to start and it doesn¡¯t take too much investment to make it work. In the ¡°normal¡± business environment, where more investments and risks need to be taken, it is more likely that a starter will consider his future business more carefully. And rightfully so. He or she has a lot to lose. Most probably this entrepreneur will need to quit his job to work full-time on his or her business without any guarantee on success and income. Starting an e-business doesn¡¯t need those huge risks. A lot of part-time e-based business owners can make an excellent living. That is all great, but because it is relatively easy to start your own business the process of thinking your business through is not enhanced.
And that is the disadvantage of an internet-based home business. Because it doesn¡¯t take so much effort compared to other businesses, the business owner might think the rest is also easy. But let¡¯s face it, to make a living with a business that has so many competitors it is far from easy to stand out and make it work. Many business owners start to wonder after a few months what they do wrong. No sales and no income. But this can be overcome.
Forget the fact that you, without any specific experience in the home business, were able to set up a nice website where you sell your products and services. Start to think about why people would need to join you and buy your products. Think what you need to do just to make one sale. Think what resources, time and money, it will cost you to make it work. To summarize, think of your business. Even better, put your thoughts on paper and make a business plan with your goals, assumptions, forecasts and action plans. This will not guarantee your success, but will for sure let you think about how you can reach whatever you want to reach with your home business.
In the end, your home business is as much of a business as that of any other company!
With the rising of the internet the obstacles of going into business have lowered. It is easier to start and it doesn¡¯t take too much investment to make it work. In the ¡°normal¡± business environment, where more investments and risks need to be taken, it is more likely that a starter will consider his future business more carefully. And rightfully so. He or she has a lot to lose. Most probably this entrepreneur will need to quit his job to work full-time on his or her business without any guarantee on success and income. Starting an e-business doesn¡¯t need those huge risks. A lot of part-time e-based business owners can make an excellent living. That is all great, but because it is relatively easy to start your own business the process of thinking your business through is not enhanced.
And that is the disadvantage of an internet-based home business. Because it doesn¡¯t take so much effort compared to other businesses, the business owner might think the rest is also easy. But let¡¯s face it, to make a living with a business that has so many competitors it is far from easy to stand out and make it work. Many business owners start to wonder after a few months what they do wrong. No sales and no income. But this can be overcome.
Forget the fact that you, without any specific experience in the home business, were able to set up a nice website where you sell your products and services. Start to think about why people would need to join you and buy your products. Think what you need to do just to make one sale. Think what resources, time and money, it will cost you to make it work. To summarize, think of your business. Even better, put your thoughts on paper and make a business plan with your goals, assumptions, forecasts and action plans. This will not guarantee your success, but will for sure let you think about how you can reach whatever you want to reach with your home business.
In the end, your home business is as much of a business as that of any other company!
Is A Work From Home Franchise Business Right For You?
If you’re interested in opening your own business, you should definitely consider the potential rewards of a business that would allow you to work from home. A home based business offers an amazing level of autonomy, and there are a surprising number of work at home franchise opportunities. In this article we will discuss some of the pros and cons of working from home as well as some of the available home based business franchises.
Pros and cons of a home business:
One major advantage of home based business franchises is that the initial investment required is typically much lower than a traditional franchise. Work from home franchises are usually in the $15,000-$30,000 range. You can occasionally even find a work at home franchise for as little as $10,000.
Another advantage is that a home based business has very few overhead expenses. Of course you will have to maintain a home office, but your chief operating tools will be things such as a computer, telephone or fax machine. If you choose to employ one or two people, there would, of course, be some payroll.
Home based business franchises require you to stock little to no inventory, which is advantageous because it alleviates the responsibility of keeping up with an inventory system.
Many prospective franchisees find the lifestyle associated with working from home to be the key advantage. There are a number of work at home franchise opportunities that only require a part-time commitment to be successful. This provides franchisees with a great deal of flexibility in their schedules and often affords them more time to spend with their families. This flexible schedule also allows business owners to conduct business at times that are most convenient for them as opposed to adhering to the traditional “retail-style” hours of operation.
However, working at home does have some disadvantages, too. There is staggered revenue potential associated with these types of businesses. Because there is no walk-by traffic, home based businesses are dependent upon a loyal client base for repeat business.
As the owner of a home business, you will have limited exposure due to municipal law, which prohibits home based franchises from maintaining “street signage” on residential properties. You can get around this restriction if your home has been zoned for commercial use, but for the most part your business’s exposure will depend on your ability to market it through various advertising media.
National advertising campaigns are not commonly associated with home based franchises. Normally, marketing the business is the sole responsibility of the franchisee, and this may limit the reach of your marketing campaign to your own town or city.
Finally, as a home-based franchisee, your business practice will be isolated. This can curtail the number of networking opportunities you will have. If you do not maintain an active and effective advertising campaign, you are likely to lose potential customers to any competitor who operates a street-front or retail business.
Available home based business franchises:
If you’ve weighed the pros and cons and decided that a home based franchise is right for you, you might consider some these franchise opportunities:
PosiGrip is a turnkey, home based franchise that offers its customers protection from dangerous slip-and-fall accidents. PosiGrip is a process that creates a tread design on almost any hard surface including tubs and showers. The process does not discolor or change the look or feel of floors or showers. It simply makes them safer. For an initial investment of $8,000-$10,000, you will receive training and support, national advertising and a complete marketing program. PosiGrip imposes no franchise or royalty fees on its franchisees.
Guard-A-Kid™ Child ID Systems is a franchise that allows the franchisee to choose working from home or from a mall kiosk. The services and products they provide their customers are essential for child safety. For example, a complete child ID and safety package that includes two wallet-size printed IDs, a large file-size ID and a CD-ROM containing all the child’s information in digital format is available to patrons. The initial investment for this franchise is $19,900. Your start-up kit will include numerous technological tools to ensure your success including a state-of-the-art laptop PC and an FBI-quality digital fingerprint scanner. Guard-A-Kid was included in Entrepreneur Magazine’s Franchise 500® list and was also recently named one of the top 100 new franchises by Franchise Market Magazine.
You can even work from home in the travel industry. For example, Cruise Planners is a nationally recognized cruise planning agency, and they were ranked number one in their category in Entrepreneur Magazine’s Franchise 500® for 2004, 2005, 2006 and 2007. The initial investment required for this home based business franchise is $20,000. Franchisees in this system enjoy training programs, marketing and advertising programs, exclusive lead and website programs as well as the highest commission levels in the industry.
Final thoughts concerning home based businesses:
The possibilities for entrepreneurs seeking a work at home franchise opportunity are virtually limitless. You can see the diversity in available franchises just from the short list above, and it is a short list. Many other opportunities exist.
If you’ve done your research and concluded that a home based franchise business is for you, you shouldn’t have any trouble finding a franchise to meet both your personal and your professional needs.
Pros and cons of a home business:
One major advantage of home based business franchises is that the initial investment required is typically much lower than a traditional franchise. Work from home franchises are usually in the $15,000-$30,000 range. You can occasionally even find a work at home franchise for as little as $10,000.
Another advantage is that a home based business has very few overhead expenses. Of course you will have to maintain a home office, but your chief operating tools will be things such as a computer, telephone or fax machine. If you choose to employ one or two people, there would, of course, be some payroll.
Home based business franchises require you to stock little to no inventory, which is advantageous because it alleviates the responsibility of keeping up with an inventory system.
Many prospective franchisees find the lifestyle associated with working from home to be the key advantage. There are a number of work at home franchise opportunities that only require a part-time commitment to be successful. This provides franchisees with a great deal of flexibility in their schedules and often affords them more time to spend with their families. This flexible schedule also allows business owners to conduct business at times that are most convenient for them as opposed to adhering to the traditional “retail-style” hours of operation.
However, working at home does have some disadvantages, too. There is staggered revenue potential associated with these types of businesses. Because there is no walk-by traffic, home based businesses are dependent upon a loyal client base for repeat business.
As the owner of a home business, you will have limited exposure due to municipal law, which prohibits home based franchises from maintaining “street signage” on residential properties. You can get around this restriction if your home has been zoned for commercial use, but for the most part your business’s exposure will depend on your ability to market it through various advertising media.
National advertising campaigns are not commonly associated with home based franchises. Normally, marketing the business is the sole responsibility of the franchisee, and this may limit the reach of your marketing campaign to your own town or city.
Finally, as a home-based franchisee, your business practice will be isolated. This can curtail the number of networking opportunities you will have. If you do not maintain an active and effective advertising campaign, you are likely to lose potential customers to any competitor who operates a street-front or retail business.
Available home based business franchises:
If you’ve weighed the pros and cons and decided that a home based franchise is right for you, you might consider some these franchise opportunities:
PosiGrip is a turnkey, home based franchise that offers its customers protection from dangerous slip-and-fall accidents. PosiGrip is a process that creates a tread design on almost any hard surface including tubs and showers. The process does not discolor or change the look or feel of floors or showers. It simply makes them safer. For an initial investment of $8,000-$10,000, you will receive training and support, national advertising and a complete marketing program. PosiGrip imposes no franchise or royalty fees on its franchisees.
Guard-A-Kid™ Child ID Systems is a franchise that allows the franchisee to choose working from home or from a mall kiosk. The services and products they provide their customers are essential for child safety. For example, a complete child ID and safety package that includes two wallet-size printed IDs, a large file-size ID and a CD-ROM containing all the child’s information in digital format is available to patrons. The initial investment for this franchise is $19,900. Your start-up kit will include numerous technological tools to ensure your success including a state-of-the-art laptop PC and an FBI-quality digital fingerprint scanner. Guard-A-Kid was included in Entrepreneur Magazine’s Franchise 500® list and was also recently named one of the top 100 new franchises by Franchise Market Magazine.
You can even work from home in the travel industry. For example, Cruise Planners is a nationally recognized cruise planning agency, and they were ranked number one in their category in Entrepreneur Magazine’s Franchise 500® for 2004, 2005, 2006 and 2007. The initial investment required for this home based business franchise is $20,000. Franchisees in this system enjoy training programs, marketing and advertising programs, exclusive lead and website programs as well as the highest commission levels in the industry.
Final thoughts concerning home based businesses:
The possibilities for entrepreneurs seeking a work at home franchise opportunity are virtually limitless. You can see the diversity in available franchises just from the short list above, and it is a short list. Many other opportunities exist.
If you’ve done your research and concluded that a home based franchise business is for you, you shouldn’t have any trouble finding a franchise to meet both your personal and your professional needs.
Over 48 business entities to seek bank licences
About three dozens entities, including billionaires like Aditya Birla Group, Tata Capital, Religare, Reliance Capital, are applying for bank licences, the deadline for which expires tomorrow.
Entities which have taken board approval for applying to for bank licence from the Reserve Bank include country’s oldest financial institution IFCI, IDFC, India Infoline, Videocon Industries, SREI Infrastructure Finance etc and the Department of Posts.
ReutersReuters
Bajaj Finance, a subsidiary of Bajaj Finserv, has already submitted its application for the licence. According to sources, as many as five micro finance institutions are also applying for bank licence. So, the final tally at the end of July 1 could go beyond three dozens. However, Mahindra Finance, a Mahindra and Mahindra Group entity has decided not to apply citing “disadvantageous” and unclear norms.
“The RBI guidelines provide for the conversion of NBFCs into a bank, but do not provide any flexibility for an NBFC and a bank to co-exist for a reasonable period of time,” Mahindra Finance said in a statement. Although RBI is closed on July 1 for public transactions to facilitate annual closing of RBI’s accounts, the central bank has made special arrangement for receiving of application for bank licence by private companies.
Intending applicants for setting up new banks can submit their applications up to 17.45 hrs to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Central Office, RBI said in a statement.
Applications received after close of business on July 1,or incomplete applications will not be considered, it added. RBI issued final guidelines for new bank licence in the private sector on February 22 while clarifications pertaining to norms was released on June 21.
RBI while issuing clarification on new bank licence guidelines said, the entities getting licences to open new banks will be given 18 months to open branches against 12 months prescribed earlier, and promoters would have to transfer their holdings to the non-operative financial holding company (NOFHC) in a stipulated period.
The NOFHC envisages holding of the bank and other regulated financial services entities of the promoters under the NOFHC and prudential exposure norms for the entities. India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Ten banks were licenced on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks, and fresh applications were invited.Of the 10 licences issued in 1993, four banks merged with other lenders over a period of time. Times Bank merged with HDFC Bank, while Global Trust Bank was amalgamated with the state-owned Oriental Bank of Commerce.
Entities which have taken board approval for applying to for bank licence from the Reserve Bank include country’s oldest financial institution IFCI, IDFC, India Infoline, Videocon Industries, SREI Infrastructure Finance etc and the Department of Posts.
ReutersReuters
Bajaj Finance, a subsidiary of Bajaj Finserv, has already submitted its application for the licence. According to sources, as many as five micro finance institutions are also applying for bank licence. So, the final tally at the end of July 1 could go beyond three dozens. However, Mahindra Finance, a Mahindra and Mahindra Group entity has decided not to apply citing “disadvantageous” and unclear norms.
“The RBI guidelines provide for the conversion of NBFCs into a bank, but do not provide any flexibility for an NBFC and a bank to co-exist for a reasonable period of time,” Mahindra Finance said in a statement. Although RBI is closed on July 1 for public transactions to facilitate annual closing of RBI’s accounts, the central bank has made special arrangement for receiving of application for bank licence by private companies.
Intending applicants for setting up new banks can submit their applications up to 17.45 hrs to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Central Office, RBI said in a statement.
Applications received after close of business on July 1,or incomplete applications will not be considered, it added. RBI issued final guidelines for new bank licence in the private sector on February 22 while clarifications pertaining to norms was released on June 21.
RBI while issuing clarification on new bank licence guidelines said, the entities getting licences to open new banks will be given 18 months to open branches against 12 months prescribed earlier, and promoters would have to transfer their holdings to the non-operative financial holding company (NOFHC) in a stipulated period.
The NOFHC envisages holding of the bank and other regulated financial services entities of the promoters under the NOFHC and prudential exposure norms for the entities. India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Ten banks were licenced on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks, and fresh applications were invited.Of the 10 licences issued in 1993, four banks merged with other lenders over a period of time. Times Bank merged with HDFC Bank, while Global Trust Bank was amalgamated with the state-owned Oriental Bank of Commerce.
Subscribe to:
Posts (Atom)