Hope everyone is having a wonderful day today. Now that you’ve built a “value proposition” for yourself – this means a way that you’ve decided you want to own a business so ….you can stay home with your kids and generate some extra money. Whatever this is normally has a number that falls out from it – what are you making at work now or how much does day care cost or what do the extra things I want cost? Having a financial goal tied to your why is very important – it enables you to measure your progress and understand how / what opportunity may be a better fit.
When you’re taking a look at opportunities look for 3 things – if anyone tries to tell you anything else – throw up a red flag. Some people say I’m an analytical guy or a technical guy or a detail guy and most of that may be true but most of all I’m a simple guy – I like things to flow and be connected and for me to see how the dots are connected and get a clear picture - not get lost in a maze.
The three things you want to feel comfortable with in order of importance are the market, your supplier and the support systems. Everything cascades from here.
Knowing the market is the MOST important thing in starting / maintaining a business. I’m not talking about a detailed understanding of everything but a clear general knowledge that the market your operating in is large, growing and has the momentum to sustain new players. You could have the best product in the world but if nobody wants to buy it – you don’t have a business. I’ve seen people advertising to get into the candle business for free and make money. Does this make sense in general – what’s the size of the market, is it exploding, can you sustain a viable income stream?
In general, look for a business that is supported by demographic trends and offers a consumable product. This way you are operating in a market that is expanding rapidly and as the pie grows you can grow a business with it. In addition, with consumable products customers come back to you and you can develop referrals – lowering your costs. There are lots of major trends or waves – we are all part of them normally. Wellness is one of those demographic shifts. It starts with two explosive trends – First - a growing and expanding population that is seeking to maintain or better their quality of life – second, an aging population that is expected to live and be active 15 to 20 years longer than previous generations. These trends together are creating a tidal wave of people are looking for products and services to maintain their health and active lifestyles.– large, expanding and aging population looking to maintain healthy, active lifestyles.
In this challenging economic time – you want to be working with the trends and not bucking them, so this is probably not the right time to start a real estate or a car business from scratch.
Friday, February 27, 2009
Wednesday, February 25, 2009
Business Basics #2
When determining your “Why”? Don’t go through a big philosophical debate – keep it simple. Maybe it’s as simple as “I want to stay home with my kids” or “I need pay off the car loan” but it’s clear – no ambiguity and it has a value that can be measured. It will change and grow over time but it becomes the basis for driving your attitude toward your business. It will drive how you value your business – example, if your kids are the reason you want to do a business then when your business causes you to be late for dinner or miss a baseball game – you will understand and be more comfortable with the value of the tradeoff.
After you find a good “Why” - People normally want to own a business for three reasons You may want to take control of your own future – to be your own boss because you know you’ll never get rich working for someone else and you know that your hard work right now continues to make wealthy individuals wealthier while you may struggle to make ends meet. In these challenging economic times you may want to create new income because your current job could be at risk, you may need to bridge the gap between what you make and what you spend or perhaps you are just planning for your future. Third, maybe you’d like to start a home based business as a way to lower your taxes by taking advantage of the phenomenal deductions available to small business operators. Could be like most of us – all three. Whichever it is for you – that’s great.
After you find a good “Why” - People normally want to own a business for three reasons You may want to take control of your own future – to be your own boss because you know you’ll never get rich working for someone else and you know that your hard work right now continues to make wealthy individuals wealthier while you may struggle to make ends meet. In these challenging economic times you may want to create new income because your current job could be at risk, you may need to bridge the gap between what you make and what you spend or perhaps you are just planning for your future. Third, maybe you’d like to start a home based business as a way to lower your taxes by taking advantage of the phenomenal deductions available to small business operators. Could be like most of us – all three. Whichever it is for you – that’s great.
Tuesday, February 24, 2009
Business Basics #1
Whenever I talk with people about starting a business, so many people immediately jump into – “How do I make money?”, “Do I have to talk to friends?”, Is this a get rich quick scheme?”, “is this a scam?”, and guess what – all I’ve asked is if there interested in a home based business and they sent their name to me requesting information. Why are they so defensive and feel attacking someone is their best policy? Don’t request a message and then kill the messenger. If you are one of these people – you are NOT READY for an opportunity to change, whatever that change might be.
To find out if something is right for you – take some time – listen and learn the basics and be alert for something that sounds too good to be true (i.e., guaranteed 15% on some hedge fund or Nigerian money). Do not be mislead by “internet research” – where you read, usually the garbage, of other people’s opinions. Are they you? Do they have your goals, your life circumstances, your drive and determination? When doing any research always go to reputable sources.
But I get ahead of myself, if you are looking at a home based/internet business – the very first thing you need to do is spend some time determining “why”. Why do you want to own a business? May sound simple but when the winds blow, as they will in any business, if you’ve built a house of cards your business will be less than the success you wanted. Start BIG picture and work your down – don’t start small and work your way up. Reason – you will let your preconceptions / assumptions about your capabilities and what’s out there shrink your possibilities at EXACTLY the time when you need to be open. Your why is the capstone or the umbrella under which everything you do operates. Whatever it is for you is great because it is yours – that’s why you can’t compare it to your neighbors and vice versa.
To find out if something is right for you – take some time – listen and learn the basics and be alert for something that sounds too good to be true (i.e., guaranteed 15% on some hedge fund or Nigerian money). Do not be mislead by “internet research” – where you read, usually the garbage, of other people’s opinions. Are they you? Do they have your goals, your life circumstances, your drive and determination? When doing any research always go to reputable sources.
But I get ahead of myself, if you are looking at a home based/internet business – the very first thing you need to do is spend some time determining “why”. Why do you want to own a business? May sound simple but when the winds blow, as they will in any business, if you’ve built a house of cards your business will be less than the success you wanted. Start BIG picture and work your down – don’t start small and work your way up. Reason – you will let your preconceptions / assumptions about your capabilities and what’s out there shrink your possibilities at EXACTLY the time when you need to be open. Your why is the capstone or the umbrella under which everything you do operates. Whatever it is for you is great because it is yours – that’s why you can’t compare it to your neighbors and vice versa.
Thursday, February 19, 2009
Welcome - Building a Business that Works for You
Welcome, it's a pleasure to have you visit our blog. My wife and I operate an internet based based home business in Northern California. Over the past few years our team has developed the methods, planning and support structure to enable a person who is serious about changing their life to make that change. We have a business team of over 100 people in 3 countries and enjoy a great lifetstyle for ourselves and our family. Over the past 3 years we had ups and downs, successes and failures BUT from those we have learned the techniques and acquired the skills necessary to run a successful home business.
We have reached a point where we want to share our key learnings about how a business really works and how anyone can reach their dreams if they get clear right from the begining.
Post a response, let others know we're here and get on our list so we can let you know about our FREE business training webinars in March. If your reading this - its because your looking for a change - get the background you need to make the best decision for YOU.
Lori and Gordon
We have reached a point where we want to share our key learnings about how a business really works and how anyone can reach their dreams if they get clear right from the begining.
Post a response, let others know we're here and get on our list so we can let you know about our FREE business training webinars in March. If your reading this - its because your looking for a change - get the background you need to make the best decision for YOU.
Lori and Gordon
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