Question about business
How can i start a business if i am not sure of my passions?I've done alot of research on starting a business. I am a college sophmore-havent picked a major yet but i'll probably go with business and photography. My interests are business, photography, web design, photoshop, traveling and languages (spanish and italian) When people say base your business ideas on you passions–mine are a little too complicated for starting a small business. Any Ideas? Thanks!
Why do 70% of all businesses fail to survive after one year? Why do 65% of small businesses never survive the 2nd generation? Are you unable to retain great staff? Why it need not cost a bomb for branding your business?
Before embarking upon any business, a good entrepreneur will need to “blue-print” win-win-win business & marketing strategies to ensure business continuity and growth.
This is the most crucial component of your business … even before you start. It provides the fundamental framework & blue print of your business in 6 sections, mapping out your business goals, marketing strategies, operations framework, organization structure, financial viability & business expansion or exit strategies.
There are many complex Business Planning Software sold in the market, which you will need depending on the scale of your business. A simple checklist as below is a good start for you to build upon. One major benefit for crafting your own business plan be it using Business Planning Software templates or developing your own, is that it helps to tune your thought process in exploring the essence of your business.
BusinessFast4ward Business Plan Template
1) Goals with a Timeline – Measurable, reasonable and achievable over a set time period
2) Your Marketing Plan with a Timeline
* Viability studies – Porter’s 5 factors, P.E.S.T. analysis, S.W.O.T. analysis, Target Segment analysis, Product Life Cycle analysis, Value Proposition of products, Competitive Advantage Model, Product Growth Directions, BCG Matrix
* Market Planning – Marketing Mix (4Ps) strategy, Internet Marketing, Integrated Marketing Communications, Marketing Implementation plan, Marketing Budget plan
* Monitor & Review plan
3) Your Operations Plan with a Timeline
* Business Structure, Scope, Regulatory Issues, Plant & Equipment, Production Arrangement, Distribution & Warehousing Arrangements, Credit Terms, Quality Control, Location, Business opening hrs, Commencement Date
* Stand Operation Procedures (S.O.P.) for each business function
* Monitor & Review Plan
4) The Organisation Plan with a Timeline
* Organisation Structure, Skills required, Talent management strategy, Business Succession plan
* Monitor & Review Plan
5) The Financial Viability Plan with a Timeline
* Financial Statement Forecast, Breakeven Analysis, Capital Spending plan, Required investments and spending, Ways to raise $, Additional $ source
* Financial Contingency Plan
* Monitor & Review Plan
6) Business Strategies
• Business Succession planning
• Business Exit strategies
It is important to note that a well crafted smart Business Plan is the first step to solicit funds from Bankers or Venture Capitalists should the need arise.
Your new or existing business must be planned adopting the broad basis in consideration of sustainability, scalability and contingency. Sustainability implies consideration of realistic sustainable longevity of the business. You should also plan well ahead for your business growth, ensuring that the business is expandable via scalability, like the famous “LEGO” blocks. Contingency is the most ignored part of most businesses, be it in unforeseen man-made emergencies like terrorism, or natural disasters and calamities like hurricanes, earthquakes and floods, or simply, unexpected financial crisis.
Hence, the rule of thumb to drafting a good business plan is to adopt a conservative approach both in planning financial and manpower resources. However, also learn to strike a balance and permeate that innovative and curious mindset when drafting your business plan.
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Ken
on February 27 2010
You need to keep accurate records when running a business. This will be your best defense if you ever get audited.
For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.
You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.
Having a separate checking account and credit card is a good idea. However, it isn't necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.
For your revenues, you don't need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.
You can read Publication 334 for more information.
Chev
on February 27 2010
Hi,
i have found a site to be usefull, just check this out
nacao
on February 27 2010
Surely THIS (getting education to embrace right-brained thinking) is what our Western world needs to clean out the poisoned thinking that has brought us into the mess we currently experience? Surely once we have sorted ourselves out, then we are in a position to help those in the Third Word? You are a great lady and a very positive force for these urgent, historic and pivotal times. May you and your family experience abundant Love and Blessings.
earthlink
on February 27 2010
Palestinian beauty!!!
guzen
on February 27 2010
Rania you are the most important woman in the world!
corpo
on February 28 2010
I say this too.
You probably won’t post this.
In fact, you shouldn’t.
The people that you are representing gambled away our future in the derivatives market.
We are broke.
You know it and I know it.
So who is it that you are defending exactly?
rails
on February 28 2010
I just can say that you are just a great smart queen wish you can do something for the poor jordanians. I like your accent and the sense of humour you have.
Austinite
on February 28 2010
You can't post a Proposal for Sale of Business here. It is a comprehensive document similar to a business plan with dozens to hundreds of pages. Contact a broker like VR Business Brokers and see if you can get help. Yours is a unique business driven by personal contacts and is not easily sold.
psychic
on February 28 2010
The Western World has been dumbed down by a systematic focus on logic and left-brain reasoning. In this way, a country can create un-thinking masses who can be easily controlled. Also, left-brain thinking creates an ‘us and them’ mentality. It creates a ‘problem-focussed’ mentality. It creates a ‘me’ rather than a ‘we’ society. Right-brain thinking creates a ‘we’ society – a society where respect, sharing, solution-focus, inventiveness and genuine inquiry into difference happen.
Gina G
on March 1 2010
Are you asking the same question or was my answer deleted? YOU CANT COLLECT ONCE BANKRUPTCY IS FILED.
jpro
on March 1 2010
Hey Rania.
You make some good points
.
Maybe certain real issues should be brought to the forefront. Multinational corporatism should not override national sovereignty. This is the number one issue on the global stage and you know it.
Secondly, the people are aware of the lies and spin being pushed by the same powers trying to maintain control. It’s having a negative effect and it isn’t going to last much longer.
Now as for the educational system, you already know.
watch?v=CWGsj5NgZ5Y
urbantool
on March 1 2010
For the world to progress into a better world, if EDUCATION is the key, then BUREAUCRACY is the stopper.
With the average global IQ going DOWN, and critical information being ridiculed into entertainment, will people ever understand?
With the dumbing down of MEDIA ENTERTAINED nations, education may just be the only way to stimulate brains to learn to think again. And maybe turn the average IQ back up again?
But will the ever growing bureaucratic OVERHEAD allow this to happen?
The Invisible Woman
on March 1 2010
The requirements vary according to your state. Call the business license office for your county and just ask them if you need a business license to operate an internet store. I live in Georgia, and in my county, you do.
cooolioooo
on March 1 2010
business school is the right field to study, if you choose your college carefully, some have an entrepreneurship track/program
truth
on March 1 2010
haha he said ma’am instead of your majesty
But I love Queen Rania, she is not only beautiful but smart, and caring
SarahR
on March 1 2010
Hiiiiiii..
I think you have to choose the Marketing section in Human Resource Management(HRM) because in marketing you get the nice job in the good reputed company on a high post..
Mikelo
on March 1 2010
How about a book store, if you are looking retail?
I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town.
Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location ..
Passion, YES .. you do have to work long hours but passion because you believe in what you are doing.
I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success ..
If you don't like books, don't like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do.
GL!
Wayne R.
on March 2 2010
Yes, the courses you speak of will help you to become a Business Analyst.
A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs.
If you're a BA on the IT side of the house, then you're taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You're generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for).
With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.