Business Idea to Business For Sale – Systemise to Sell From the Start

Starting your own business is a daunting task, although there are a lot of home-based business opportunities out there. Taking that leap of faith to give up the comforting knowledge that you will receive a salary pay cheque each month and to jump to the risky position of working for yourself with no guaranteed income. Even the most self confident of people will have doubts about their ability at some stage in the process. You may have worked in senior management positions for other people but to suddenly be responsible totally for every aspect of your business is quite frightening. One way to give yourself more confidence is to follow a proven track record of a friend, colleague or mentor, or to buy a guide to follow. Learn from other peoples success and avoid the mistakes that they have already made for you, this is a quick way to learn how to start a business.

Having started your own business naturally your main focus will be on what you have to do to make money, as soon as possible, to justify your decision to give up the day job, or your social life if you are trying to start your own business at the same time as doing the day job.

People often make the mistake of failing to put in place all appropriate business systems from the start. Having a correct filing system does not seem to be as important as bringing in that deal that you have been chasing for the last 3 months. Does it really matter whether or not you correctly log customers Z’s details into your database? You have already made the sale to them and will not be able to sell them anything else for at least another year. Who is to say they will still be in business in 12 months time and you will have lots more customers by then.

You do need to log that customers details. You need to call that customer in 3 months time to check that everything is OK, to maintain the relationship and to ask for referrals. If you don’t have their details to hand how can you ever contact them again? If you don’t have any customers you don’t have a business. You are back to being a wage slave but with the worst boss, and an even worse salary.

Systemise your business from the start. Each day ask yourself if I did not come into work today could anyone else pick up my business and know what they need to do? If the answer is no then your business is not systemised sufficiently, in fact you don’t have a business you have a job.

It is far easier to systemise your business from the minute you start, to turn your business idea into a true business opportunity. Create your own user manual for your business it should correspond with your business plan but be a separate document, have a correct data entry system, have hard copies and soft copies of all relevant documentation stored in a methodical fashion. Make sure that you have a full job description for everyone involved in the business, including yourself, so that every knows who is responsible for what and someone can easily step in to replace the previous person.

Imagine that you are going to market your business now. What can you sell to someone? Will you have a business for sale? They will want to know how to run your business, who your customers are, what they bought from you previously, what they might buy from you again, who your advisers are and how to contact them, what each member of staff is responsible for, what monthly outgoings and incomings the business has etc. If you have systemised your business you will be able to answer these questions and show the potential purchaser how to run your business following your systems.

Again if you follow business start up advice some of this will be down there for you, enabling you to focus more on bringing the sales in.

Branding – Things You Would Require to Launch a Business

What does launching a new business involves? Is it just your idea that matters or is it the business launch that can make or fail your business? Does your business really requires a branding or you can just make any business successful by simply floating your business idea or a successful product. Do you really think that brand management is simply something you can save on and launch your business successfully?

Research shows only 10% of the working class people get a chance to launch their own business in their lifetime. Out of the 10% of people not many get a chance to escape the 9-5 job routine. only few of the people launching their first business are successful to switch from their 9-5 job routine to run their own business. The success rate of business success is 1 in 100.We do see business that were launched from a small room to a world wide business but we never think of businesses that were launched and failed in no period of time due to some reason. The people who launched the businesses never even knew what brought them down. Consider yourself a lucky one if you are getting this chance to start your own business. At least you have this chance which many don’t even get in their lifetime. You will be a very lucky one if your business is successful in the first go but for most they never even get a chance to learn from their mistakes and launch their business again.

A failed business could leave a big debt for you to pay off for your lifetime and feeling of failure for the rest of your life. So give this chance your best short. Once you have registered your business the very first thing you will need for your business is a logo that portrays what you do. Don’t consider a logo just a piece of design. Its the most important part of your business. A good logo portrays what your business does and grows as your business grows. You should be very careful at this stage as your logo should not look same or similar to your competitors logo. Once you have finalised your logo your next step is to trademark your logo. Once you have decided on the trademark your next most important thing is tagline.A tagline is a punch phrase that will make your products sell. You might spend days looking for a good tagline. For example tagline for McDonalds is “i’m lovin’ it”. For years McDonalds have spend building their brand and less building or improving their taste. Each one of us definitely know how a McDonalds logo looks and its tagline have made us believe we love it. If you are among the ones who think idea is everything you are definitely wrong to proceed with. Idea plays a vital role in business success or failure but there are other very important things to consider. Once you have a well designed logo and a great tagline.

Your next step would be to get business cards for each member of your business. Business cards and a well designed and printed stationary like letter heads,memo slips, brochures and other printed items gives your customer satisfaction that the company they are dealing with is a professional business and take business seriously. This would give satisfaction to your customers that their work is in professional hands. During the phase your stationary and other printing items are being finalised you can should start looking for a best 1300 or 1800 number for your business. Getting a 1300 and 1800 number involves lot of research work. If you want to be in your customers mind an easy to remember 1300 number can do the job for you. You can always be in their mind and they can reach you anytime they need you.. To complement your phone image your next step is to get your self a PABX system with your business msg recorded on it. Once you have decided on your business departments and companies message and department you are ready to contact a PABX company which would help you get your PBX service installed and work. Your phone system and 1300 should give a good impression to your customers. Now the most important this is to register a domain name which is your company name on the internet and get your website up and running. Registering a domain name is same as getting a 1300 or 1800 number. Unlike the registering of the 1300 and 1800 number domain names require lot of research work as you might want to get a domain name that would be easy to remember for customers and would rank well in search engines. A domain name which is not well remembered or does not rank well in search engines can be a big loss of business. More over you will need a website that has all your business information and is easy for your customers to use.

While your website is being completed next thing to look for is a hosting service. Just like your mobile phone coverage area a hosting company has its uptime and downtime a cheap hosting company means your hosting might be down for anytime of day and night and during this outage time your website will not be available to your customer and the emails they send you will be returned to them. Missing orders due to hosting company downtime is very common and you would not even know about the downtime or your emails being lost. This is one of the main reasons of online business failures where customers send orders via email and the email lends up in your server junk mail box or never reaches you. There are many other issues to consider here which are your website compatibility on different operating system like MAC, PC and different browsers like chrome, fire fox, explorer and safari. Your website being search engine friendly and your website being user friendly. More over you would need to regularly update your website with new information or new deals so your website should be user friendly.

Remember a website which you cannot update yourself is of no use as you would need your designer to keep on updating the website for you which gets very tough for yourself and your designer company. Once you have sorted most of the listed issues your next step would be to start designing store displays if you own a physical store. For physical stores you would need outside signage. There are many council restrictions on outdoor signage’s you should be well aware of the allowed sizes before you get to design an outdoor signage. Once you have outdoor signage’s and indoor signage’s installed including great hot deals your next step if to start advertising your business. There are a million ways to advertise your business. Simple advertisement rule is the more your spend the more you get. A yellow pages add will not get you all the business. It might give you just a few clients per year. You should not totally depend on yellow pages. Business make this mistake and think that they have given an add in yellow pages and that should do the job. Many business think and collapse they do every possible thing other then advertisement. You should do every possible advertisement regularly from dropping brochures in mail boxes to TV advertisement what ever suits your budget.

Rule of thumb: the more you spend the more you get, Exhibition and shopping centre stalls will get you lot of business. Exhibitions and shopping centres are where you would want to introduce your service or product. To get started with exhibition and shopping centre advertisement you need need to get started with a proper display system designed for your booth first before you can book a small space for your business. Remember you stall should look professional and attractive else your effort would go waste. Once you have decided on the display system you would need to get your display systems and advertisement designed so you can get them printed. Once business starts to roll in you would soon get busy catering your customers and get repeated business. Remember word of mouth is the best advertisement. A happy customer will refer 10 clients but an unhappy customer will make 100 customer run away.

Why Entrepreneurs Adjust Their Thinking When Business Failure is Not an Option

Owning and operating a business always comes with many challenges. For different reasons the current recession seems “the worst we’ve ever experienced.” Whether that’s true or not, this particular recession is marked by how low the economy has gone, high rates of unemployment, but I think worst of all, how it’s taken so much longer than normal to work its way through the economic system.

Perhaps it’s a good time to remember that things don’t always flow smoothly and that bouncing back “to get on with it” is part of an entrepreneur’s tool kit of things to do. Here are some things to consider that will put a little spring back into your step.

1. Failure is not an option!
I think most business owners are familiar with Colonel Sanders of KFC fame? If you aren’t, search the web and find his story and read it. It is inspiring. Over 1,000 people or companies told him his idea wouldn’t fly when he was in his early sixties. Giving up wasn’t an option. If he didn’t give up, why should we?

2. FEAR – False Education Accepted as Reality.
Fear can be a part of what every business owner needs to deal with. Equally, not giving up is why we fall down but then get up again. Remember; fear will linger as long as you let it. It’s no more complicated than that.

3. Keep it real.
I think one of the healthiest approaches to the current recession is to keep it real and accept that it’s tough out there. Talk to other business owners to get their perspective, and use this quiet time to get your business ready for the inevitable return to growth. Make a list of things to do and then do it. Seeing and feeling yourself accomplish things will help sustain you.

4. Disappointments are part of the journey; not a destination.
I’m sure you’ve heard the expression – if it was this easy, everyone would do it. If things are not going as planned, look for positive options or outcomes. If you have spare time, look for someone to help that’s worse off than you; it enables you to keep your problems in perspective. Also, don’t forget. A problem is an opportunity to resolve; but it doesn’t need to be resolved immediately.

5. Keep your Dream alive.
I’m a great believer in a written business plan. It’s a collection of thoughts that you build over a period of time and if used properly, help keep you focused and on target. If you don’t have a business plan, create one now. If you have one, dust it off and give it an update and put it to work. It will help keep your dream alive. And make sure your business plan includes some of your dreams; as that’s what helps sustain us.

6. Leap then look.
Analysis is good but perhaps not at the moment. As Lee Iacocca says “Apply yourself. Get all the education you can, but then, by God, do something. Don’t just stand there, make it happen.”

If you’re an entrepreneur but are currently unsure what the next step should be consider the following.

If your business has sales revenues of at least $1,000,000 and you are motivated to keep going but need help or advice, talk to support groups such as family and friends or trusted advisors. They can provide emotional support; which is critical. You will then need expert technical and financial help for your business and you can find trade associations a great source of ideas. Alternatively, there is the Turn Around Management Association. This is a group of professionals that will assess your business, decide if it can be saved and execute a plan with you. Each situation would be different, but you may find they will partner with you to fund the cost of their service or charge fees to get the business to the next level. The bottom line is that you have to be willing to make the time, emotional and financial investment to get the business stabilized and successful.

If your business has sales revenues between $500,000 and $1,000,000 also start with your family and friends for emotional support to decide if you want to keep going. If you need expert help or technical advice about your business and its outlook, look to trade associations or industry experts for guidance. You will almost without exception have to fund any costs yourself. Bank loans including SBA loans may be available but you will need to clearly explain the current strengths and weaknesses of the business including its financial position and build a business plan to explain why AND how the business can be saved and taken to a more profitable level.

If your business sales are less than $500,000 you can explore the last option described but it will be on a case by case basis what solutions will be available to you. The bottom line is that any solutions will emanate from you with the vision, leadership and financial resources you possess to make things happen.

If you are interested in additional steps to take, visit my website and buy a copy of my book, Successfully Sell Your Business: Expert Advice from a Business Broker.