Business Plan Development

The need for comprehensive business plan development can never be overstated. Every entrepreneur must develop a business plan, irrespective of the nature of his commercial setup. Whether you set up a new venture, or buy out a running business, purchase a franchise, or simply wish to expand your current business, it is imperative to develop a business plan. Often, timely business plan development saves you from being wiped out by the competition.

A well-developed plan proves very informative. Besides stating the goals and the ways and means to get there, it lists all the production processes and their capacities. A description of your products and services, the size of your business and the scope for expansion tells you exactly where you stand. Even details of the competition are included along with price comparisons to keep you alert. It lays down the standard to be followed for the advertisement of the company’s products and services, and allocates the resources accordingly. Vital information on the ability of company personnel to adopt and implement the plan guidelines solves many HR issues.

Creating a plan involves more than just a feasibility study. It is the first document you present before potential investors and bankers. Even suppliers may extend initial or extended credit on the basis of your plan content.

The plan serves you till the very end. If you decide to sell your business, the buyers uses it to evaluate your business and to feel confident about their investment. The set of guidelines helps the new owner ensure a smooth transition and continued operational success.

How to Stay Motivated As an Online Home Business Entrepreneur

No matter how dedicated and passionate you are about your online home business, as an entrepreneur who works from home it is inevitable that at some point you are going to find that your motivation levels begin to drop. This is something that will happen slowly over a period of time, so that you don’t realize it until you find that your productivity has almost slowed to a standstill.

Because this happens over a period of time, there are ways to maintain your levels of motivation by developing some daily habits. If you fail to do this what will happen is that your online home business is going to crumble, so it is essential for you to keep up on your daily tasks and keep your head in the game.

The best thing to do when you begin to lose focus is to just take a short break. Depending on your preferences you could either go for a walk to clear the cobwebs from your mind or maybe just take the whole day off.

Some people find that the best thing for them is to just change from the project they are working on, to something else for a short while but irrespective of how passionate and driven you are to succeed, there will be times that you find your motivation to carry on faltering, and just trying to push through it can do more harm than good. If you are not sufficiently focused your chances of making mistakes will increase or alternatively you may find yourself just not working efficiently. When you take a break it gives you the opportunity to refresh your mind and come back to working enthusiastically.

Two hours of focused and efficient work will reap better rewards than eight hours of trying to work and losing focus all the time. A break can help to get you feeling energetic and focused and you will achieve far more.

Another option to remain motivated is to set boundaries on the time you spend working. One of the difficulties faced by many online home business entrepreneurs is that they tend to spend most of their time in front of their computers. If you plan your time so that you allow time for family and friends in your schedule, just as you would if you worked a 9-5 job then you will have more motivation and focus when you are working. Let’s face it you wouldn’t spend 60 hours or more per week working in a regular job and just because you are working from home doesn’t mean you need to increase the hours you work.

Keep your motivation high by making sure that you really enjoy your free time. Many people feel guilty when they take time off and end up spending that time worrying that they are not working. One of the main reason why people choose to work from home is the freedom of choice that it allows, so enjoy the time when you are free, it will benefit both you and your business in many ways.

A big issue in the workplace and one that is regularly addressed is motivation and there is a good reason for this. When you are not motivated you will make more mistakes, you will not enjoy what you are doing and your work performance will suffer. This applies equally to running an online home business. Be pro-active, take regular breaks, set boundaries for yourself and enjoy the free time you allow yourself. By doing this you will keep your motivation levels high and you will find greater success for your online home business.

Four Tips For the Online Business Entrepreneur

It truly is a great time to be an entrepreneur.

Technology has leveled the playing field and there are online business opportunities for all budgets and knowledge levels. There are so many online business opportunities offering to help the budding entrepreneur make money online that it can be a bit over whelming and this is one of the first hurdles that the new entrepreneur has to overcome.

The online business entrepreneur now has more information on hand than ever before in history. You can Google search just about any topic and come up with more information than you can deal with in a day.

Making money online may not be as easy as just searching on a search engine but there are numerous opportunities out there for the entrepreneur that has a discerning eye.

The speed of the internet development and the speed of online business development means that the online business entrepreneur is better placed to identify and take advantage of online business opportunities than large corporations, that have multiple layers of policy and procedure. There are some things to consider as you develop your entrepreneurial online business though.

1. When should you become fully dependent on your online business for income?

I have heard of some people that had one good month from their online business and then quit their job only to find that within another month they are out beating the pavement for a new job because they didn’t make enough money to keep the momentum of their business going. This is another example of people failing to plan and so planning to fail.

You need to have a business plan that gives you clear indication as to when you are safe to leave your current job. This may mean long hours for the first few months and may not be as fast an exit from your old life as you would want but it is better than having to go ten steps back and then probably loose momentum and leave your online business venture for good believing that it didn’t work for you.

2. Decide on what you want to sell before you get online.

You need to know what areas interest you and what product lines you will be following before you even get online. This will help you maintain your focus because as soon as you get online you are going to be swamped with online business opportunities that could suck all the money from your wallet before you even get your first product on the shelf.

Know what you want to sell and then go and search it out. This is called ‘finding your niche’ in some circles and it is an important part of the online business development.

When thinking about your niche you may want to examine the competition on the internet in your chosen areas. It is very difficult for the small guy to come in and corner a niche that is already over full with experienced and often wealthy entrepreneurs.

Look for a niche that is not covered by the big guys, something that is selling at a reasonable pace but doesn’t have too many affiliates.

3. Make sure that you spend time developing your online personality.

Your online personality is your presence.

It maybe you have some accounts on Facebook, Twitter, YouTube and other social networking sites. It is imperative that you nurture your contacts on these sites in a way that you generate respect in your chosen area of online business growth and development.

Even before you start to promote your chosen products you can be involved with groups and be adding valuable information to forums and blogging sites.

Get yourself known as someone that people can turn to for support and help. Write articles, create blogs and squidoo lenses. Promote yourself and your presence at every opportunity.

4. Finally the last thing that you should do or not do is give up. One of the analogies that I like is the one degree it takes to get hot water boiling.

At 100 degree Celsius water boils but at 99 degree it is just hot. Many online marketers give up just at the time that the water is going from hot to boiling.

They put in so much energy and then they drop out before the surge takes place. You will get frustrated and you will feel that you are wasting your time but you should never give up on trying to make your online business venture successful.

There is nothing wrong with failure; we just don’t want to repeat the same mistakes twice. There is nothing wrong with falling flat on our face; so long as we get up and move forward.

Business Entrepreneur Ideas

Finding ideas for a new business involves identifying something someone wants, or better still something someone needs. Any salesperson will tell you that needs-based selling is much easier to achieve. The cliche is that the top salespeople can sell ice to Eskimos. That is most assuredly not needs-based selling.

If a business entrepreneur cannot identify a need in their audience, the next best thing is to find an idea that taps into a passion – a want. When people are passionate about a subject, their rational mind is relegated to the back seat and their heart takes over. Often, wanting something defies logic. All luxury goods in the world defy any rational reason for their existence, but companies make millions from selling them.

Combining a needed product with desired qualities is a sure-fire way to make money. Everyone in the developed world wears shoes, therefore you’d class them as necessities, but it is the fashion industry that has turned shoes into must-have items.

Thus you have this third hybrid group of products:the must-haves. Not simply needed, not only desired. Must-have products are a marketing dream, and this should be the pinnacle for any business entrepreneur.

the Must-Have Entrepreneurial Idea

So where exactly would you look for the next big must-have? One area that is arousing increasing interest and is set to continue in that trend is the whole eco-friendly and sustainability business. As the earth’s natural resources are plundered to death and we all belatedly wake up to the realization that we need to reverse the damage we have done to the planet, ideas and products designed towards this end are becoming ever more popular. These might not create the products we usually think of when we imagine a must-have item – which in truth are usually quite dispensable luxury goods – but as we are forced to readjust our priorities, eco-friendly products and services may well come to define the ultimate in must-have, and business entrepreneurs who can tap into this vein will, and already do, make serious profits.

Another evergreen area for entrepreneurial business ideas is the personal health and fitness industry. Anyone reading about the shocking and worsening obesity statistics in the developed world might think that people no longer care about their health and well-being, but the inevitable by-product of this is a massive backlash in the form of a parallel quest for increased fitness in the non-obese, and a desire to shed the weight in those who are obese.

The bottom line is to find something that a person can feel truly passionate about. Both the longevity of the planet and our own personal longevity are ideal candidates for the genesis of some great entrepreneurial ideas.