You’re done with your job that bounds your creativity, want to start a business of your own to earn good money and even have an idea for what your product of sale will be. That sounds like a perfect plan that should be instantly implemented so the dollar bills can start flowing in.
Stop right there. You might just be on the path to failure. Starting up any business, let alone a product based business requires planning, investment and a whole lot of other things. If you’re thinking about setting out on the journey of a product based business, our guide will be all you need to ensure you’re on the right track.
Writing your own book is a great way of earning good money. It is a one time effort that can bring you profits for a long period of time. The problem is that this isn’t a piece of cake either. While writing the book is in itself a rather tedious job, getting it out there in the market to sell is not easy too. You need to get it published, market it and spread the word about your book. Let’s talk about publishing.
There are two main publishing procedures. One is the traditional publishing method in which you have an agent who gives you deadlines for submissions. Once you give them the content, they take it to a publisher who’ll go through the book, get it edited and then it gets published. The other method is self publishing. You write your book. Then you contact a freelance publisher and het your book out there.
The question is, why do we suggest self publishing when traditional publishing sounds more professional. Here are some reasons why we recommend doing it on your own.
Running a successful business is a lot easier if it’s done the right way. Even if it’s something like selling a service, it can become a successful, profitable business by following the right tips. The thing with service based businesses is that anyone can do it. So read on and find out how to start a fool proof service based business.
Offer what will help you grow.
The hardest thing about selling services is the constant struggle of finding clients. Since it is a service, it isn’t something the customer will add in their shopping list. Neither will there be assurance that the customer will reach back to you again even if they were satisfied with your service. This issue mostly rises for services that are one time. Although you can earn profits this way too, but there will be a lot of extra effort. Therefore, opt for a service that the clients will require often. This increases your chances of growth as a business. Convince existing clients to re-hire your services after certain periods of time. You can, as a result, hire permanent employees and have permanent clientele too.
Taking the risk of starting a business but getting an underwhelming outcome can be hugely demoralizing. However, it is important to realize that perseverance is the key quality to any successful business person. If you’ve reached a point in your entrepreneurial endeavor where you feel like giving up, here are a few rational questions to ask yourself.
Have you made any progress?
Progress is not measured in profit or revenue only. You can measure progress in terms of your users, churn and overall cost-efficiency. If you thought your project through, you might have set yourself a few business goals. Did you manage to get 100 new customers in the last 6 months, or 1000 new users? Have you actually reached any closer to your goals? The benchmarks you have set for your venture, and your success in reaching them, should give you a decent idea of your progress.
Starting a business from scratch is a total risk. Not only does it require a great deal of your time, it isn’t a guarantee if your startup will last or not. It’s always a good option to continue your regular job and work for the settlement of a side business all along. However, that comes with some risks of its own. For example, what if your boss spots you working for your business. Will he fire you?
Your first choice is to make sure there is no such company policy that may get you fired for working on your side business. Some companies have strict policies regarding this issue and may have given details about it during employee interviews. In case you weren’t given any such warnings, stay on the safe side and read through your contract. You may also reach out to any appropriate person in your firm who could give you related information.
Thinking of taking that little risky leap to chase your dreams? No matter how much you hate your boss, believe your business plan is a guaranteed win, or can’t wait to leave your unfulfilling job; there is a right and a wrong way to start a business. Regardless of whether you intend to juggle your startup with your current job, or plan to leave your job and fully dedicate yourself to your business, you must make sure to be fully prepared and make the right moves.
If you think you have a solid plan for a business but are unsure if you have enough investment, or if your investment might end up going to waste; here are questions you must ask yourself to achieve success in your venture.
A lot of people dream of having a successful business but only a few accomplish their goal. Small businesses are highly likely to fail. The minutest mistakes can cost you the whole business. It’s easy to think about starting a business but when it comes to the practical world, there are many factors that affect your choice. Let’s find out if you’re ready to take the leap of risk or not.
Your 9 to 5 isn’t satisfying you.
There’s a time when you absolutely love what you do. During that time, you don’t mind waking up early or following tight schedules. You love following the timetable even if your boss crafted it for you. However, if these signs don’t seem to match your current situation, odds are you’re on your way to a business. We don’t suggest you to immediately quit your job. In fact, continue your job while you devise a plan for your business. You never know what the fate of your business might be at this point. So keep the job fir financial security while you start to think in detail about your business plan.
Serving the greater good can be accomplished in many ways. And most don't require setting up an IRS approved nonprofit, a complicated task that many people underestimate.
If you are thinking of starting a new nonprofit, consider one of the many other ways of applying your passion for a cause. You might decide that another nonprofit is not needed at all and that you can do more good in another way.
Joanne Fritz of www.thebalance.com has provided eight alternatives to starting a nonprofit.
1. Look for fiscal sponsorship.
Look for a fiscal sponsor instead of becoming a tax-exempt organization yourself. Fly under the cover of an existing nonprofit so that you can accept donations and apply for grants before being registered as a tax-exempt organization. Fiscal sponsorship is often used while a nonprofit gets organized, or it can be used for a single project. Fiscal sponsors cover a lot of the back office expenditures you'll need as you set up shop.
The first rule of a non-profit organization is that the founders work on a zero profit basis. Take note that non-profits have founders, not owners, who work for some non-profit purpose like education, charity or something related to religion. These people are also exempt from taxes as long as their activities and earning is based off such non-profit purpose.
Does this mean non-profit founders earn nothing? Well, that’s not true. There are certain ways you can earn money while running a non-profit business that is exempt from taxes too.
When joining a new organization, understanding its structure and goals is tremendously important if you are looking for long-term success. Nonprofits and For-profits are two major organizational structures that have different missions and target audiences. Below are the key differences between the two:
All companies have a unique purpose, and hereby lies the primary difference between a nonprofit and a for-profit. For-profit organizations have a number of different goals. Out of these, the primary goal is to develop products that are valuable to customers and eventually generate profit. Companies are focused on developing products and services that directly solve a problem, or are looking to increase overall efficiency. A nonprofit, however will not prioritize profits, and is instead dedicated to promoting a social cause, focused on helping communities, or advocating for a particular issue.