Here is some helpful business advice for the individual starting a home based business:
People may start a home-based business for several reasons. Some of these reasons include dissatisfaction with their employment, being jobless, having a wish to be their own boss, or a need to spend more time at home with either their small children or aging parents.
The first thing to remember while starting a home-based business is to be realistic in your expectations from the home based business. There are too many advertisements of home based businesses that boast of making quick money, but in reality, it actually takes between one and three years to make a significant profit from the business.
People who want to make fast money or who think they can start a home based business without spending any money until earning some money should not venture into the small home based business arena. Another piece of advice for home based business entrepreneurs is to spend time as much time possible researching their business idea by making sure there is enough of market for your product or service.
Learn as much as you can about small business by going through the various small home business sites. As with other jobs, it is better to write a business plan and to earnestly stick to it. Seeking the advice of a tax professional is very important in a home-based business. Although this activity may seem a bit expensive in the beginning, you will certainly make up for this expenditure by the different forms of savings you will be taught by the tax professional during the tenure of the home based business.
(Source: Kent Pinkerton) Back to Denver Business Advice
Showing posts with label denver business advice. Show all posts
Showing posts with label denver business advice. Show all posts
Monday, December 15, 2008
Wednesday, December 3, 2008
Thinking about 2009
written by Kevin Kragenbrink
Wow, it is hard to imagine that 2008 is almost at its end. It has been an incredible year. An economy in turmoil, a presidential election of historic proportions, and a greater degree of uncertainty than I have seen in the business community in more than a decade of business coaching. Despite all of that, I am optimistic about next year. I have a plan in place that I think will help me reach new heights with my business. Speaking of plans, I wanted to talk with you all about how you are developing yours for next year.
Here is a planning principle I hope all of you have in mind.
Plan from the Vision Back
Over the years we have helped hundreds of businesses develop strategic business plans. Along the way we have seen some of those plans produce tremendous success and some of them fall far short. The difference between success and failure is often where the plan starts.
In my experience, the most successful strategic plans start with the vision and plan backward from there. Those that fail are most often those that start with what happened in the past and try to build on that alone. Here is the problem, if your plan is based only upon what has happened, you are always limited by what you know you can do. You will plan to grow or change only in comparison to your accomplishments in the past. You may indeed grow in this way, but you are not likely to reach your potential.
Think of it like climing a mountain. When you start out you fix your eyes on a distant peak that you want to reach. Along the way your path will take many twists and turns. You will likely find that sometimes you have to down or back before you can continue your climb up and forward. Still, if you keep your sights set on that peak, you will always know where you are headed. If, on the other hand, you turn and look back and try to decide your next move based on where you have been, you will not be able to set a clear path. You may gain a sense of accomplishment and pride from what you have already done, but that will not get you to the top of the mountain.
When you plan from your vision back, you change the process completely. Vision in business is about your potential regardless of obstacles and roadblocks. It is about that future level of accomplishment or success that creates and sustains your passion and gives your team something to work toward. It is that mountian peak that you believe you can reach even though the entire path is not yet clear. When you start your planning with this in mind your plans define a path to that vision and gives you the tools to make the right decisions along the path.
Here’s a tip: As you prepare your next strategic plan, take the time to review your vision. Make sure that everyone on the team has a clear idea of that vision and talk together about the path you will take to make that vision a reality. Now ask the question as you develop each piece of the plan, how will this contribute to accomplishing our vision. If you make every part of the plan meet this standard, your plan is much more likely to be effective and your chances of success will be the highest they can be.
Of course, I also want to encourage you to plan with your business coach alongside. Remember that your business coach is a valuable asset who can help you expand your perspectives and see that mountain peak with greater clarity. They can act as a guide along the path, helping you to avoid pitfalls and wrong turns because of their experience. You don't have to go it alone.
Wow, it is hard to imagine that 2008 is almost at its end. It has been an incredible year. An economy in turmoil, a presidential election of historic proportions, and a greater degree of uncertainty than I have seen in the business community in more than a decade of business coaching. Despite all of that, I am optimistic about next year. I have a plan in place that I think will help me reach new heights with my business. Speaking of plans, I wanted to talk with you all about how you are developing yours for next year.
Here is a planning principle I hope all of you have in mind.
Plan from the Vision Back
Over the years we have helped hundreds of businesses develop strategic business plans. Along the way we have seen some of those plans produce tremendous success and some of them fall far short. The difference between success and failure is often where the plan starts.
In my experience, the most successful strategic plans start with the vision and plan backward from there. Those that fail are most often those that start with what happened in the past and try to build on that alone. Here is the problem, if your plan is based only upon what has happened, you are always limited by what you know you can do. You will plan to grow or change only in comparison to your accomplishments in the past. You may indeed grow in this way, but you are not likely to reach your potential.
Think of it like climing a mountain. When you start out you fix your eyes on a distant peak that you want to reach. Along the way your path will take many twists and turns. You will likely find that sometimes you have to down or back before you can continue your climb up and forward. Still, if you keep your sights set on that peak, you will always know where you are headed. If, on the other hand, you turn and look back and try to decide your next move based on where you have been, you will not be able to set a clear path. You may gain a sense of accomplishment and pride from what you have already done, but that will not get you to the top of the mountain.
When you plan from your vision back, you change the process completely. Vision in business is about your potential regardless of obstacles and roadblocks. It is about that future level of accomplishment or success that creates and sustains your passion and gives your team something to work toward. It is that mountian peak that you believe you can reach even though the entire path is not yet clear. When you start your planning with this in mind your plans define a path to that vision and gives you the tools to make the right decisions along the path.
Here’s a tip: As you prepare your next strategic plan, take the time to review your vision. Make sure that everyone on the team has a clear idea of that vision and talk together about the path you will take to make that vision a reality. Now ask the question as you develop each piece of the plan, how will this contribute to accomplishing our vision. If you make every part of the plan meet this standard, your plan is much more likely to be effective and your chances of success will be the highest they can be.
Of course, I also want to encourage you to plan with your business coach alongside. Remember that your business coach is a valuable asset who can help you expand your perspectives and see that mountain peak with greater clarity. They can act as a guide along the path, helping you to avoid pitfalls and wrong turns because of their experience. You don't have to go it alone.
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