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Why a Business Plan!

Many believe when starting an online business a business plan is optional. This isn’t true; if continued without a solid plan this could lead to a path of destruction.

Many think since they are the boss why a business plan; “I am working for myself so why would I bother”? Would you go on a trip or get married without a plan? Plans are necessary with everything we do. Business plans will help you get started and keep you focused. While developing a business plan this will give you an opportunity to think through all aspects of your business and will guide you too success.

Expensive software is need in order to establish a solid business plan. Of course software could help but is not necessary.

The only way to get started is by hiring a consultant to develop a business plan. Everyone should have a theme and/or strategy in mind before getting started ; or an idea of how the business should run. If not, all the consultants in the world won’t help. Find a coach or mentor to guide you through the process instead of hiring a consultant to do things for you. This would be more profitable and help with the learning process.

Many think an online business can’t be started until everything is set up perfect. If you wait until everything is perfect you may never get started. Fix it as you go. Just make sure the major points are as good as they can be and you have established a solid budget within the plan.

Once a business plan is developed it must be followed exactly or the business will fail. Sometimes detours or changes can be profitable to your long term plan. Don’t sweat the small stuff.

A business plan must be typed and professional with a minimum number of pages. There are no requirements on the number of pages; it can simply be an outline with solid goals. It can even be written on a wall as long as it can be understand and accessed when needed.

The only reason a business plan is needed is if a loan I being obtained. With or without a loan an investment is still required; either from savings or a family member. Wouldn’t it make sense to have a solid direction established for the business before making any investment? Again make sure the business plan includes a solid budget.

A business plan doesn’t need to be in writing. Like mentioned above it can be written on a wall but you will need it written down. Many think that as long as they have something in mind they can move forward. Honesty will you remember it or follow it?

All advice must comes from friends and family to have a successful business. Think about this; could a city slicker tell a farmer how to run a farm? Friends and family maybe great advisers if they are currently running a successful business. Keep in mind your business many be completely different making the advice they are giving meaningless. Advice can come from whomever. Remember that it is advice!

The bottom line; is it is very important to have a plan with a solid budget prior to start an online business. Once you have established the plan remember you can make modifications as your business grows. Never turn down advice, keep an open mind something that may seem trivial may come in useful down the road.

Is Traditional Business Taking a Backseat to Network Marketing?

More and More Americans are turning to the Network Marketing Industry rather than brick and mortar businesses.

In today’s unsure economy and with conventional businesses becoming more and more risky to venture into. A lot of those entrepreneurs are turning to the Internet network marketing industry to build their financial empires.

There are several reasons for this. 1 out of every two traditional businesses goes bankrupt within its first year of operation and the risk is just too high. From the initial investment needed to start a brick and mortar business to the capital they will need for their first few years of operation it sometimes runs into the hundreds of thousands if not millions of dollars to get a business profitable.

Network Marketing allows the average person to control their time as well as resources. With the power of the internet and the access to over 1.5 billion people around the globe that are on the web, it offers a robust platform to infiltrate a market with a fraction of the cost of a franchise or other start-up business.

With the Internet, you have no light bill, no employees, no payroll and very little overhead in comparison. Entrepreneurs like Donald Trump and Robert Kiyosaki are endorsing the Network Marketing industry and for good reason. In fact, Robert Kiyosaki said that if he had to build his wealth all over again, he would have done it in this industry.

The sad thing is, most people have a negative connotation about the industry because they just dont understand it or they have heard something from someone that had failed in the industry and got a bad taste in their mouth because of it.

The truth is, it’s the only way other than investments to create a passive income.

In today’s Internet Business model, it is not uncommon for people to replace their current income in just a few short months with a modest work ethic. The caliber of people that the industry attracts is astounding. Everyone from doctors, lawyers, CEO’s and Real Estate professionals are very attracted to the industry due to the time compounding and freedom it affords it’s top earners.

The price of admission is anywhere from $200 to $20,000 which is a steal compared to the hundreds of thousands people will invest in a franchise business. There is way less risk and way more reward.

In conclusion, if you have been thinking of owning your own business and know that the internet is where business is shifting, there has never been a better time to develop the skills and knowledge to build a successful network marketing empire.

How Attending Live Events Can Boost Your Business

Are you the kind of business owner who tends to hide behind your computer screen? You network online through discussion lists and other virtual forums, but you’re hesitant to leave the comfort of your home office to actually meet others in person?

Whether you’re a natural introvert or extrovert, attending live events and meeting peers and colleagues in person can make a dramatic difference in the success of your business. If you’ve been the lone wolf type, it’s time to get out and start gathering with your pack.

When I was in the public relations/higher education field, I attended dozens of conferences, but when I started my consulting practice, money was tight and it took me a few years to get back out on the circuit.

The first event I attended in my capacity as a consultant/coach changed my business and my life. I hesitated about attending because it was a lot of money to invest back then and I was going to be starting over in a way in a new industry, which were both risks for me at the time.

Was it worth it? Let’s just say that I still have the card from the Irish pub my husband and I went to the final evening of the event where we figured out how I was going to make this work. It really is when everything changed.

Not only did I learn a ton of great stuff, I met some amazing people who have become colleagues, joint venture partners and even friends. And I truly believe that what you put out is what you get back, and by attending this event, I was sending the message that I was ready to start playing big.

One of the best investments you can make in your business is in your continuous learning, by attending events, as well as investing in high-quality education products and programs. Part of my own marketing budget is dedicated solely to my learning (and believe me, it’s hard to keep the lid on it!).

So, are you thinking maybe you’ll take the risk and attend a live event in your industry?

Here are some specific reasons why you should:

1. Dedicated time and focus on the event topic

I bet you have at least a few books, CDs, home study courses, etc. that you’ve probably listened to or read, but that you haven’t actually applied. I know I do. And I also know that when I get out of my office and dedicate time and focus to one thing, I make some big breakthroughs.

2. Sharing space with like-minded individuals

Nothing inspires me more than being around others who are as passionate about what we do as I am. Collaborations come naturally and we easily share ideas and resources. Taking the time to share space with these folks helps keep me motivated and excited about moving forward.

3. More high-quality connections

Not only do I end up with a ton of business cards, but there’s also a handful of strategic partnership opportunities, as well as new ezine subscribers and new customers of my products. And by attending an event comprised of others in my industry, the quality of the connections I’m making is much higher for my business building than attending something like a local chamber event.

4. Discounts on materials to increase your learning

Typically the speakers of these events will offer special discounts to attendees on their products and programs. And if the event has vendor booths, the same usually applies. Events are a great place to “shop” for the next tool that will help boost your business.

5. It’s guaranteed and tax-deductible

I think this is something most small business owners forget. They just look at the price tag of the event, and then shy away. But remember, whatever you put out as an investment in your business is tax-deductible. Be sure to check with your accountant for details, but stop to think about how much you could increase your bottom line by attending the event, instead of how much it costs.

Besides, most reputable events offer a money-back guarantee, so if you really felt it wasn’t worthwhile, you can always ask for a refund.

6. Meet the experts

Most of the time, the speakers at the events are accessible, so don’t be shy and go on up and introduce yourself. You may not have another chance and you never know where that connection may lead!

7. Enjoy yourself outside of the event

Don’t forget that you can take in the place where the event is being held. Do a little research ahead of time and plan at least some time away from the event to enjoy wherever it is you’re visiting, even if it’s in your home state!

Once you’re home and recovered from being out and about at the event, you’ll be both excited and recharged to jump in with all your new knowledge and connections!