February 10, 2012

How to start a new business, become successful, and make money

If businesses were easy any one will have a business. The true is that start a new business is a hard process where only few survive.

If you look around you many businesses are open every day but many also closed all day. According Money CNN in 5 years there is a 50% chance that a small business to survive.

The secret that you are not among those who fail is based on 3 aspects:

1. Education. You should be educated permanently in business. Attend conferences or seminars in your country, read, learn.

2. Planning. The famous business plan that we have stressed several times.

3. Careful cash flow. This is a vital issue, many businesses fail because had not adequate cash flow even though the business was very good.

Where to start?  As I said in another article, the passion is not everything, investigate, educate yourself, plan and watch your cash flow. Never forget that you are a winner and the success is inside you.

Photo via Sxc. You can read the article cited at Money CNN by clicking here on this link

Successful Business Ideas, special food for special people

There are a lot of research about the risks of a restaurant as a business (read Why Some Restaurants Fails as Business Idea).

However the restaurant business is still an attractive idea for make money. As the market is already saturated maybe you should think to focus your restaurant in specialized food.

Look these ideas about it:

1. Food Allergy specialist. Here there are several alternatives depending on the type of allergies. You should do an investigation of population density in your city that suffers from allergies so determined to give more prominence to a product over another.

2. Food Diabetic specialist. The importance of this market is indisputable. On supermarkets you can find special lines of this kind of food.

3. Food organic specialist. This item is perhaps one of the most exploited, but the suggestion is to distinguish the presentation of the other specializations.

4. Food specialized athletes. This item is also over-exploited but more from the perspective of vitamins and supplements. You can give a new approach with special recipes provide effective counseling with a nutritionist.

5. Food for weight loss specialist. Here you need the advice of a nutritionist to do business differently. You could sell not only products but also how to use them together to achieve goals.

6. Food specialist to reduce certain pathogens in the body. One example of this is people with high cholesterol that should to do special diets. So there are several diseases that require special diets. Visit your city clinics and find out where they will be more successful.

The restaurants as successful business. Why some fail and others not?

The passion is not everything.

Business Week give us that explanation as a  the reason because some business fail and others not.

In an interesting article, Business Week detail how some restaurants fail and other has success. All of them start from the same business idea, so the problem is not the idea. So what happens?

Simple, passion is not everything. Maybe you heard or read that to succeed you need passion and if well it is true, that’s not all.

As developed in Business Week you should know business management, dealing with clients, marketing, management tools, among others knowledge.

There is the misconception that you’re going to lunch at a restaurant may already know everything about the restaurant business and that is not true.

Business Week cites a successful case where just to avoid that problem, the entrepreneur first gave up his job to work in a restaurant and order and learn a few things that had never encountered in their previous research.

You can read the full article at Business Week website by clicking here on this link

How to sell my business idea and get money for my project, learn to sell your idea

If you have a business idea you should to learn how to sell it to potential investors.

Forbes give us some advices about how to sell a business idea. On summary with some comments:

1. Avoid calculation mistakes in your presentation. If you make a projection of profits, be very careful in your mathematics calculation.

2. Do not use overloaded power points. On this point there are several books that even advised not to use power points that distract your audience. You need that your audience to be focused on you and the business idea that you are selling. In any case if you use Power Point follow regulation 6 of 6 (no more than 6 items per slide and no more than 6 words per item).

3. Never turn your back to your audience. If you need to see your Power Point slide do it for 1, 2 or 3 seconds or less. Use the rule “touch, turn and talk”, ie touch the slide, Turn around and keep talking.

4. Do not speak about details of your business if it is not intended to show the money.

5. You must have a good closing. Perhaps comments from the attendees can be an appropriate closure or perhaps the presentation of what other customers say.

6. Anticipate the objections your audience. You have to anticipate which questions will be your audience and answer them in your presentation.

7. Do not give multiple messages. The message should be toward one goal, one should not confuse the audience with perhaps other projects. Now selling exclusively your business idea and nothing more.

8. Know the audience. You have to know to whom you speak, the message is different if you talk to a banker if you talk to an investor who is perhaps another entrepreneur like you.

9. Do not ignore the risks of the business. You have to treat these risks, not doing so is to insult the intelligence of your listeners.

Luck and jump know to sell your business idea.

You can read the full article at Forbes website by clicking here in this link

3 factors or keys that you should know to be successful in business

Any business is a risk and you will be suspicious of anyone that tell you that have a secret and magic formula for make money to become in millionaire on few days.

Some times the business fail for a lack of preparation and not because the business idea was bad.

There are many factors and keys for business success, here three of them:

1.  A good idea.

2. A good business plan.

3. The will to bring it forward and be a winner.

The 3 factors are necessary for success, but the third is that often fails, you must be passionate in your project business and believe in it. You should never think it will fail, as I said above always there are risks but you should foreseen them in your business plan.

Do not be intimidated by the fact that you maybe you do not have an MBA, an MA or a PhD, most people who have been successful in business have not had these studies. What if you have to do is work hard and be consistent, to have faith in yourself.

Often one’s family is the fiercest criticism of an entrepreneur, wife or husband or parents begin to say “why waste your time doing that”, “please to study it,” “seeks a job,” “you to lose all the money from our savings. “

What you should do is stick to a plan for success, being a winner in business is difficult but not impossible.

5 tips if you want to be successful in a new small business

Many times we hear a series of stories of people who have become millionaires overnight. In this website we have several stories of success however almost all of them there has been enough work.

At MarketWatch website I have found an interesting article with five tips for starting a successful small business.

In summary the tips are:

1. Determine if there is a real market for your business. Caution here that sometimes one is misled by the enthusiasm of the idea of your business.

2. Analyze your competition.

3. Make a business plan for 5 years. The business plan is an essential tool that never, for any reason should fail to develop.

4. Keep your accounts in order.

5. Constitutes a separate company for their personal assets of any business that involves risk.

You can read the full article at MarketWatch website from which I extracted these ideas by clicking here.