For many of us, each New Year brings with it a mishmash of emotions and challenges, some good and some bad. It’s a time to reflect on everything that went right in the year gone by as well as an opportunity to initiate the process of making positive changes moving forward. But change is rarely ever easy...
For many small business owners, the holiday season can be overshadowed by the unpleasant reality that the latest tax season is upon us. Yes folks, it’s time once again to answer to Uncle Sam and the IRS (Internal Revenue Service, as if you didn’t know!).
And while some SMB (small- to medium-sized...
Deciding whether or not to stage an exhibit at a trade show or other networking event as part of your marketing mix for 2014 is something you as a small- to medium-sized business (SMB) owner might be thinking about right now. If so, you’d be one of many.
Contrary to speculation in recent years that...
Today’s uncertain economic climate has many people interested in buying a home-based or other type of business opportunity, licensee opportunity, distributorship or franchise, all in the hopes of subsidizing their regular full-time income. If you are one of them, that’s a very reasonable plan as well as expectation.
However, having a second job or even a third presents a whole range of exceptional challenges when it comes to managing your time, let alone your life, whether you are working for yourself or someone else. And when it comes to owning your own operation in particular, it’s a whole different ball game than if you were just showing up to punch somebody else’s time clock. That’s for sure.
The trick is to be certain you know in advance what it is exactly you’re getting into and to do your due diligence to ensure to the greatest extent possible that you’re making a solid investment as well as a good move. Here are the most crucial questions you should be asking yourself about owning a side business long before you part with any serious money:
Is the business I’m interested in buying legitimate and does it have a proven track record of success?
How long has the parent company been in business?
How will they support me at start-up and in the future as I grow?
Is the product or service I will be selling one that is in demand? In general? In my specific market area?
Who is my competition?
What are my financial goals with respect to this new side business, and can I realistically achieve them in the necessary timeframe?
Is my home set up to handle a side business with respect to such things as office space, the necessary technology and even inventory?
Are there any covenants or local ordinances that may preclude me from operating this side business, either out of my home or from any other specific location?
Can my personal life handle the changing dynamics that come as a result of being a new business owner and one with two jobs to do at that?
Do I have the necessary experience to operate this new business or is there a significant learning curve, one that I can master?
Do I have a business plan and a marketing plan, both of which are critical to the viability of my new business not only at the outset but well into the first few years or so?
Have I asked enough questions with regard to just how much of an up-front investment I will need to make in this new enterprise? How about ongoing fees or royalties?
Do I know what my options are for securing start-up capital, such as a bank loan, a U.S. Small Business Administration (SBA) loan, a state-sponsored small business lending program loan, a credit card or even family and friends?
Can I realistically obtain the start-up funding I need from one or more of those sources and not put my personal financial health in too much jeopardy by doing so?
Am I prepared to take the critical steps to protect myself and my side business, which includes setting up the right kind of venture from a legal standpoint (sole proprietorship vs. partnership; LLC vs. corporation, etc.) and purchasing the necessary insurance?
Have I thought about how I will get paid and pay others, and can I put the processes, procedures and/or services in place to make it happen fairly quickly?
Am I clear on what my state and the federal governments expect from me and my business when it comes to everything from naming and branding my new venture to filing taxes and everything in between?
With regard to this last question as well as many of the others listed here, the SBA is a great resource for anyone who is considering owning their own business, whether full-time or part-time on the side. And because the research you need to do before purchasing a business opportunity, licensee opportunity, distributorship or franchise is considerable, knowing where to begin is half the battle.
Small- and medium-sized (SMB) business owners are usually pretty fearless, which is a great thing when it comes to becoming a successful entrepreneur. However, that very same “can do” attitude can very well get you into hot water if you try to tackle too much or get in too deep.
A recent study by...
Small business owners each have different management styles, so choosing a CRM (customer relationship management) vendor, supplier or distributor with a product or service that best accommodates your own management...
Okay, business opportunity and other small business owners, you may have noticed that all of Google’s recent algorithm changes have changed up your website rankings a bit in the last year or so…and not for the better. As a result, it’s never been more important to structure your site in a very conscientious...
Are you a business opportunity or other small business owner who wants to know whether or not making the investment in a toll-free phone number is worth the effort and expense? Have you ever thought about how a toll-free number might help you to more effectively market your business opportunity or other...
A company is only as good as its employees. Keeping them motivated sounds easy but is harder to accomplish than most would think. According to Forbes.com, over 43 percent of workers cite a lack of recognition as a determining factor when it comes to how they perform while on the job. The question is...
If you’ve ever wondered whether or not you have what it takes to become a travel and leisure entrepreneur, working from the comfort of your own home while earning as much as 100% commission on the sales of exciting cruises and destination vacations, then you owe it to yourself to listen to Terri Maldanado.
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