Your Own Business - 7 Tips Before You Start

To have your own business often seems to be the ultimate. The grass is, however, not always greener on the other side. It is important not to be blinded by the potential rewards. Do you have what it takes? You need the right skills, determination, financial backing, etc. There are also several serious and potential fatal risks. The following tips act as a guideline before you start your own business:

1. Make sure that entrepreneurship is for you. Entrepreneurship is not for everyone. If you feel safer in your comfort-zone and are risk-averse the chances are that you are better off where you are - nothing wrong with that. Entrepreneurship needs passion, a certain amount of risk-taking and the motivation and dedication to succeed when everything seems to be against you.

2. Understand the risks. Financial risk, including potential bankruptcy, is a real threat if things go wrong. Less obvious risks include social-, career- and psychological risks.

3. Build a support structure. To have your own business can be quite tough at times. The more support you have the bigger the chances of surviving these times. It is worthwhile to make an effort to get your family and friends positive about the business.

4. Get the right partners. It is often not advisable to embark on a business on your own (or even impossible). Good synergy between partners can drastically increase the potential of a business. Unfortunately many business partnerships don't work and are often disastrous. Choose your partners very careful and ensure that legal contracts are in place for any potential "divorce" in the future.

5. Prepare diligently. To have your own business generally means a lot of hard work. This should start with a proper feasibility study and business planning. Is there a big enough gap in the market that your business can fill? How will you do it? How will it be funded?

6. Be realistic. A new business is never just moonshine and roses. It tends to take much longer than expected to breakeven and it needs much more resources (especially financially) than normally planned for. Reflect this in your cashflow planning.

7. Get expert advice. When you lack specific skills it is much cheaper to pay for it in the beginning rather than later when the business does not work. The advice of auditors, attorneys, bankers, consultants and other experts should be sought where applicable.

About the Author
Wim Venter is the CEO of Ventex Corporation, a business development consultancy. To receive more information on starting your own business and other business related topics (articles, case studies and tips) sign up for our free newsletters.

Questions to Ask Before You Start a New Home Business

In today's corporate climate of downsizing and layoffs, many people are considering starting their own home-based business. While there are significant risks, a good business plan which asks some key questions can really help.

Some major questions to ask yourself should deal with your GOALS for starting the business. Why do you want a home business (beyond the idea of just making enough money to live on?) Here are some of the reasons which may interest you:

Flexibility

Many home business owners love the flexibility of their home business which affords them the opportunity to set their own schedules. This can mean more time with family and the ability to occasionally step away from the business for other pleasures.

Income Potential

Business people have the opportunity (potential) to make more money than working for someone else. They also take on more risk as well.

Helping the Community

Business owners (even in home-businesses) have the ability to be a blessing to the community by employing others and making charitable contributions.

There are many more goals you can list which a small business can help you accomplish. I suggest writing down both RISKS and REWARDS when brainstorming about starting your own business. Take enough time to adequately research these two sides of the equation. Get information and coaching from those successful in the business you're going into before launching. Make sure you're adequately capitalized before beginning.

These are just a few tips to help you begin the process of transitioning into business ownership. There are many more details to research, but you have to start somewhere. What I have written here will help you begin thinking about the process and developing your vision. Don't move too fast and especially keep up the work of developing your dream of business ownership.

Good Luck!

About the Author
Mark Evants manages a profitable vending company of 2,200 machines in the mid west. For more extremely practical vending tips and articles on increasing cash flow and structuring your vending business visit: http://www.vendingarticles.net - Tips and Articles for PROFITABLE Vending!

How to Deal With Work at Home Business Scams

Work at home business scams are one of the main concerns for home business moms around the world. Sadly, the number of such scams are increasing each day and it does not look like there will be a stop to it anytime soon. It is insufficient for home business moms to only recognize and avoid these work at home business scams. Many of these working from home moms are eager to take action against the companies or individuals responsible for these schemes.

Work at home business scams usually have certain distinct features such as a simple and vague job description and promises of a huge amount of money. Home business moms are normally required to pay a start-up fee or some form of upfront payment in order to get "hired".
Furthermore, it is more often than not impossible to get in touch with a representative from such companies for further information regarding the position.

Fortunately, there are many organizations and associations dedicated to combating these home based business scams. For instance, the Better Business Bureau (BBB) is an organization which helps consumers with complaints and credible information regarding charities and businesses. BBB also alerts individuals about the latest scams which might affect them and their business. On the other hand, the Direct Selling Association (DSA) has more than 200 companies, many of them well-known, as members of their association. DSA's mission is to make sure that their member companies follow ethical business practices and if they fail to do so, home business moms can file a complaint on the DSA website or send them a mail or fax.

The National Fraud International Center is another organization which helps consumers and businesses fight against work at home business scams. It aims to help people avoid telemarketing and Internet schemes and pass their complaints to law enforcement agencies without any hassle. Working from home moms who come into contact with a home business scam can file a complaint on their website or call 1800-876-7060. Alternatively, work at home mums can visit the Internet Crime Complaint Center which is a partnership between the FBI and NW3C to deal with matters relating to Internet crimes, including work at home business scams.

Home business moms should be weary and careful, but definitely not fearful when looking for business opportunities on the Internet and in the real world. They should keep these important information handy in case they may need to use it in the future to report against a scam.

About the Author
Stella Parks is a 28 year old corporate slave, determined to spread the word on "work at home" opportunities to Mums everywhere. Visit her blog at Mummy's Home Biz for useful info, advice, tips and more to help you become a successful work at home Mum.