Business idea

Business Idea – Choosing your business to start
Building your own asset is another one of the great ways to improve your life. Assets refers to something that will give you profit like Businesses and etc. Building your asset has a great factor to consider, it is somehow choosing your own business to start.
What are those factors to consider in choosing your own business?
1.            What businesses are in today? – This factor you have to consider when you start building your own asset, what are the businesses that are in today? Choosing your business by looking the demand of the people, ex. We are in the new era of technology; you can do business related to technology. You can start with selling electronic gadgets and etc.

2.            Cost and expenses – You have to determine how much it cost to start your business, it will fall into a capital or investment. Chinese people never think of a cost if they can determine how much they can earn in a long period of time.  They appreciates every single cent of money they can earn as long as its a profit.

Business us not an think-and-start right away, its a thing that you have to study, evaluate and look for a long term goal.

Online business versus offline Business
Everyone are aware of these industries, before the online world exist in the world people are basically doing offline business. They had barter, buy and sell and selling their thing. Offline Business refers to a business types that usually not involved any online activities and transaction. Now a day, online became the trending and modern way of doing business.
Online refers to used of any online transactions and communications to do business with other people. Using computer, telephone and cell phone is the basic way of doing online business. But what are the differences between the two businesses
 Offline Business – Refers to those business that have massive buildings, centers and etc. They are not using computer and internet to deal with people and to the transaction but they are using traditional way of transaction. They sold items to people or people will visit to the place of business and do whatever they want to do business. Offline business needs to have proper set up of staff like manager and other personnel.
Online Business – Refers to using the modern technology which is the computer and internet.  All transactions are made through online, and there are people who are monitoring it but consumers don’t have personal access to those who are handling the business except accessing the website and do transaction with them online.
Thousand of failures are equivalent to one success
Do you agree with this? Indeed its one the common lines that most successful person and share on how they managed on the top. To become successful you have to undergo different trials and challenges, and you have to encounter not just one failure but many before you will become successful, but are you ready to endure the pain just to become successful? If yes, then you have to understand failure is part of it. If you failed today, expect that you will failed again but every failure is one step closer to success.
Because challenge is part of your life and is part of your journey towards success. How successful people became on the top? How Gokongwei became one of the richest person in the Philippines, because he was determined to become rich by choosing to face the challenges in life. When he was a kid, he used to sold candle and soup at the streets, who is he now? He is the founder and chairman Robinson Company, 2go sipping lines and go hotel and many more.
Its not impossible to get what you want in life if you just set yourself ready for the challenges. Focus to your goal, tell yourself to become successful.

Products review, another online writing opportunity
Writing is always be the best when it comes to online opportunity, there are different platform that offers way of earning by writing. You can be an article writer, script writer, web content writer and product review writer. Product review is one of a kind opportunity, its one thing that the company needs for their products. They need good article describing how their products worth for the market and worth for the people.
Product review writer is really needed for this kind of opportunity, you will earn for every product review you made. If you have knowledge in writing better to grab this kind of opportunity, however you have to choose for the best company where you can find product review writing opportunity.
Usually blogger and writer do product review for a particular company, they are affiliated and submit their review at their own blog and got paid from it. Its like advertising other products and get paid by exposing it your blog. However there other ways on how to deal with it, you can write product review  articles and submit it to your own blog or submit it to their website.

Business start up

I strongly suggest that would-be entrepreneurs do a business plan. As a result of completing the plan you will be much better prepared and know whether or not your business idea is feasible. Try the following article for a short-cut. However, I caution you on following a short-cut unless you have substantial experience or knowledge about your area. Proceed with caution without a business plan!

How is your business unique, and why will your goods or services appeal to customers? What are the primary differences between your company and your competitors? What are the driving factors to choose your business over another?

In other words, what is the underlying reason a customer would do business with your company?

1) Define Your Business and Vision

Defining your vision is important. It will become the driving force of your business. Here are questions that will help you clarify your vision:

• Who is the customer?
• What business are you in?
• What do you sell (product/service)?
• What is your plan for growth?
• What is your primary competitive advantage?

2) Write Down Your Goals

Create a list of goals with a brief description of action items. If your business is a start up, you will want to put more effort into your short-term goals. Often a new business concept must go through a period of research and development before the outcome can be accurately predicted for longer time frames.

Create two sets of goals:

1. Short term: range from six to 12 months.
2. Long term: can be two to five years.

Explain, as specifically as possible, what you want to achieve. Start with your personal goals. Then list your business goals. Answer these questions:

• As the owner of this business, what do you want to achieve?
• How large or small do you want this business to be?
• Do you want to include family in your business?
• Staff: do you desire to provide employment, or perhaps, you have a strong opinion on not wanting to manage people.
• Is there some cause that you want the business to address?
• Describe the quality, quantity and/or service and customer satisfaction levels.
• How would you describe your primary competitive advantage?
• How do you see the business making a difference in the lives of your customers?

3) Understand Your Customer

It is not realistic to expect you can meet the needs of everyone, no business can. Choose your target market carefully. Overlook this area, and I guarantee you will be disappointed with the performance of your business. Get this right and you will be more than pleased with the results.

• Needs: what unmet needs do your prospective customers have? How does your business meet those needs? It is usually something the customer does not have or a need that is not currently being met. Identify those unmet needs.
• Wants: think of this as your customer’s desire or wish. It can also be a deficiency.
• Problems: remember people buy things to solve a specific problem. What problems does your product or service solve?
• Perceptions: what are the negative and positive perceptions that customers have about you, your profession and its products or services? Identify both the negative and positive consequences. You will be able to use what you learn when you start marketing and promoting your business.

4) Learn From Your Competition

You can learn a lot about your business and customers by looking at how your competitors do business. Here are some questions to help you learn from your competition and focus on your customer:

• What do you know about your target market?
• What competitors do you have?
• How are competitors approaching the market?
• What are the competitor’s weaknesses and strengths?
• How can you improve upon the competition’s approach?
• What are the lifestyles, demographics and psychographics of your ideal customer?

5) Financial Matters

How will you make money? What is your break-even point? How much profit potential does your business have? Take the time to invest in preparing financial projections.

These projections should take into account the collection period for your accounts receivables (outstanding customer accounts) as well as the payment terms for your suppliers. For example, you may pay your bills in 30 days, but have to wait 45-60 days to get paid from your customers.

A cash flow projection will show you how much working capital you will need during those “gaps” in your cash position.

I recommend thinking about these six key areas:

1. Start up Investment
2. Assumptions
3. Running Monthly Overhead
4. Streamlined Sales Forecast
5. Cumulative Cash
6. Break-even

6) Identify Your Marketing Strategy

There are four steps to creating a marketing strategy for your business:

1. Identify All Target Markets: define WHO is your ideal customer or target market. Most companies experience 80% of their business from 20% of their customers. It makes sense then to direct your time and energy toward those customers who are most important.
2. Qualify the Best Target Markets: the purpose of this step is to further qualify and determine which customer profile meets the best odds of success. The strategy is to position your business at the same level as the majority of the buyers you are targeting. It is critical to figure out who your best customers are and how to best position your company in the marketplace.
3. Identify Tools, Strategies and Methods: a market you cannot access is a market you cannot serve. Marketing is the process of finding, communicating and educating your primary market about your products and services. Choose a combination of tools and strategies, that when combined, increase your odds of success.
4. Test Marketing Strategy and Tools: the assumptions we do not verify are typically the ones that have the potential to create business problems. Take the time to test all business assumptions, especially when you are making major expenditures.

Business plan

Creating a business plan will help you achieve your entrepreneurial goals. A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving your financial goals. It is also a document that can persuade others, including banks, to invest in what you're creating and running. While there are many types of businesses out there, the basic categories of information and questions that need to be covered by a business plan are fairly standard and widely applicable. You can learn how to conduct research, structure your business appropriately, and write up a draft.

 Analyze the potential markets for your business. Consider which segment of the local (and/or international) population will be seeking to use your products or services. This needs to be more than mere guesswork and involves doing accurate and intelligent research. You need to analyze secondary research collected by outside observers, as well as getting primary research that you collect yourself, with your own methods and observations. Consider the following areas of inquiry:

• Is there a viable market for the product or service you want to sell?
• How old are your potential customers?
• What do they do for a living?
• Is your product or service attractive to a particular ethnic or economic population?
• Will only wealthy people be able to afford it?
• Does your ideal customer live in a certain type of neighborhood or area?

 Establish the size of your potential market. It's important to be as specific as possible in regard to your market and your product. If you want to start a soap business, for example, you may believe that every dirty body needs your product, but you can’t start with the entire world as your initial market. Even if you’ve developed such a universally needed item as soap, you need to identify a smaller, more targeted customer group first, such as children under eight who might like bubblegum scented bubble bath, or soap made for mechanics. From there, you can analyze demographic information more specifically:

• How many car mechanics are in need of soap in any given community?
• How many children in the United States are currently under the age of eight?
• How much soap will they use in a month or a year?
• How many other soap manufacturers already have a share of the market?
• How big are your potential competitors?

 Identify your company’s initial needs. What will you require to get started? Whether you want to buy an existing company with 300 employees or start your own by adding an extra phone line to your home office desk, you need to make a list of the materials you’ll need. Some may be tangible, such as five hundred file folders and a large cabinet in which to store them all. Other requirements may be intangible, such as time to create a product design or to do market research on potential customers.

 Prepare product samples. If you’re going to build a better mousetrap, you may have constructed a prototype out of used toothpaste tubes and bent paperclips at home, but you’ll need a sturdier, more attractive model to show potential investors. What exactly will your mousetrap look like? What materials will you need? Do you require money for research and development to improve on your original toothpaste tube and paper clip construction? Do you need to hire an engineer to draw up accurate manufacturing designs? Should you patent your invention?