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Wednesday, April 11, 2012

Top 10 Business Plan Myths of Solo Entrepreneurs

Gnomes' three phase business planGnomes' three phase business plan (Photo credit: Wikipedia)
A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?
Here's the top 10 myths Solo Entrepreneurs often have about business plans-usually, the reasons why they don't have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun--and can jumpstart your success!
1. Myth: I don't need a business plan--it's just me!
Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for-and you might have to phone home for funds for your return ticket.
Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a plan for their business really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.
2. Myth: I have to buy business plan software before I can start.
Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.
Solo Entrepreneur Reality: Software can be helpful-but it's not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.
3. Myth: I need to hire a consultant to write my business plan.
Consultants are expensive and don't really know as much about your business as you do!
Solo Entrepreneur Reality: Your business IS you-and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor-someone who can guide you in what you need to do, not do it for you.
4. Myth: The business plan templates I've seen have all these complex-sounding sections to them-I guess I need all those?
The only time you need to follow a specific outline is if you are looking for funding.
Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions-that's it! Don't make things more complicated than necessary.
5. Myth: My business plan needs to be perfect before I can start my business.
If you wait for everything to be perfectly detailed, you may never start.
Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.
6. Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.
Many Solo Entrepreneurs never start because of this myth-which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!
Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don't be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!
7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced...
Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.
Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on stickie notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and and it is easily accessible to you when you have doubts, that's all that is necessary.
8. Myth: I don't need a loan-so I don't need a business plan.
YOU are the investor in your business-and would you invest in the stock of some company without seeing a prospectus?
Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If "doing the numbers" seems overwhelming, remember you don't need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.
9. Myth: My business plan is in my head-that's good enough.
I don't know about you, but I sometimes can't remember what I planned yesterday to do tomorrow, if I don't write it down!
Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it's a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.
10. Myth: Friends and family are the best sources of feedback and advice on my business plan.
If your brother is an accountant and your best friend is a market research expert, then this might be true.
Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren't the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!
Terri Zwierzynski is a self-employed business strategist and marketing consultant to solo entrepreneurs, and a grassroots promoter of the solo entrepreneur lifestyle. She runs Solo-E.com, the resource website for the self-employed which attracts thousands of solo home business owners monthly from over 100 countries on six continents (and was recently named a finalist for "Website of the Year" in the 4th Annual Stevie® Awards for Women in Business).
Find more articles about Business Planning at Solo-E.com, plus get a copy of our new ebook, "25 Surefire Ways to Capture More Clients, Get More Done in Less Time, and Make More Money -- in 90 Days or Less."
Article Source: http://EzineArticles.com/?expert=Terri_Zwierzynski

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Monday, April 9, 2012

How Do You Find Affordable Office Space

Office SpaceOffice Space (Photo credit: Wikipedia)
By Orlando Ring


In our current economy, affordable is the key. Most people are looking for the most inexpensive way to do basic things like washing their cars, all the way up to starting a business. If you are shopping for office space, you probably already know many spaces are not exactly affordable. You can tweak your search to help you find options that will be more in your price range. Although business owners have traditionally wanted to set up shop in a permanent location, our current economy makes it sensible to take a different approach when finding affordable office space.

Many business owners find it difficult to secure a business loan in order to purchase a permanent location. This leaves renting as the only option. While it might initially seem like a poor investment, the money saved when you rent can actually help your business save money and reinvest. There are many cost effective rentals spaces that you might like for the long term business plan. Small businesses don't have a guarantee on returns, and many are facing bankruptcy. This has mad renting office space the new normal and leasing companies have catered to this new trend. There are more options than ever to suit the different needs of business owners.

Shared office spaces allow businesses to share the cost of leases for a designated period of time with other businesses. This ultimately allows each business to save an ample amount of money on rental payments per month. As such, this money can go back into the business where needed most. This is particularly advantageous for small businesses and for startups. However, more established businesses may find it a perfect solution to avoid paying huge amounts in rental costs that they will never see returned.

Short term office space is another trend in affordable office space. Offices are leased for a shorter term, so a business isn't stuck paying rent long after the space has become obsolete. Many of these short term spaces are offered fully equipped, which can save countless dollars on furniture and equipment. Not only does the business save money on the furniture, but the cost and hassle of moving it at a later date once a permanent location is found.

Established business that are looking for more affordable office space can take simple steps to go green and save money for existing offices. This can be done by installing energy efficient bulbs, as well as solar panels. The green movement is not only beneficial to the monthly expense account, but businesses may qualify for government incentives when installing energy efficient features. Find out about specific incentives in your area, and find out if investing in green energy is a way to save money on your office space.

There are many options when it comes to affordable office spaces so long as businesses are creative and open minded in their approach to less traditional leasing options. By breaking away from the traditional approach to acquiring and setting up permanent office locations, businesses are able to utilize a variety of existing options such as shared and short term offices spaces as well as the budding green office building incentives and ultimately spend the money they save on furthering the growth and the financial stability of their business.




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Monday, April 2, 2012

How Web Surveys Can Help Your Business

Table of Surveying, 1728 CyclopaediaTable of Surveying, 1728 Cyclopaedia (Photo credit: Wikipedia)
By Nia Lawrence


Conducting a business does not only involve making sure that the products and business solutions your company offers are all of top quality. Aside from this, it is also necessary to determine your market's opinion about your business in general and your products and solutions in particular. All of these will be important in knowing how your market accepts your business and your offerings. The info you can get here can also help you assess how you are currently performing in the industry, market opinion considered. All of these info and data can be discussed in a customer satisfaction survey template. This type of survey generally focuses on how your market perceives your business. It can help you identify the particular strong and weak areas of your business. This way, you'll be more efficient in addressing the specific aspects or areas that need to be improved.

Aside from the typical surveys commonly administered, a lot of businesses these days also use online surveying. Internet surveys can be just about anything. Apart from assessing the market's perception about your company and the products or solutions that your business offers, online surveys can also delve into the market's first impressions about a new business offering. Online web surveys can also be used to know how the public generally receives a product or service that is still being developed. If your company hasn't been interested in web surveying in the past, the following can show you some of the uses and advantages of investing in internet surveys.

Online surveying is a growing business thing nowadays. This is mainly because they offer several advantages. First off, you are most likely aware that a lot of people use the internet every day. Since there is a large and increasingly growing internet user population, it will be more convenient to find the target market that is ideal for the results you want to achieve later on. It is also a lot easier to make your own survey because you can find a lot of sources and you can also be guided by the numerous satisfaction survey template materials available around the web. Web surveying also involves lower operational costs compared to doing it physically. And as most people are aware of, surveys are important in virtually all companies and businesses as these can help them assess the current market competition and know their present performance and status amidst this competition.

Apart from being cheaper and more convenient, online surveying also allows faster responses - you can have numerous respondents and submitted answers just a few hours after posting the survey online. Online surveys also let you have more flexibility in terms of the respondents you choose. As there are a lot of online users, there can be a lot of people who will possibly suit your requirements. You can also adjust these requirements accordingly if needed.

While online surveying is beneficial, you still have to ensure that potential problems are dealt with accordingly. Make it a point to utilize an appropriate program that will gather the data and address the potential problems involved. Also, work on knowing some web survey tools and techniques apart from using free survey templates that are available on the web. This will help you oversee the online survey more efficiently and gather independent and valid results in the end.




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