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Will You Add? - (Home-Based) Business Success Tips: Busting Five Myths
Setting unreasonable financial goals for your business can make you crazy! You may think you are motivating yourself to achieve more by setting your expectations high, but the opposite is often true.Big businesses have systems and algorithms for projecting their financial goals, and so should you. Yours can be much less sophisticated and complicated and can yield the same result.When your business is new, setting your goals is kind-of a shot in the dark. Unless you have some data on which to base your projections, you will most likely be estimating. Talk to people in your same industry to find out what they earned in their first years, keeping in mind how your business differs from theirs.Otherwise, here are some exercises you can do to get a reasonable number. Start
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,00
You have decided that you love firearms so much that you want to open up your own business, right? How to get your federal firearms license may seem like a daunting task, but when you take it step by step, it can be as easy as filling out paperwork at a doctor’s office. Remember that you have a second amendment right to have a firearm but to sell a firearm is a totally different task to embark upon.The Bureau of Alcohol, Tobacco, Firearms and Explosives dictate how to get your federal firearms license. There are certain things that they will and will not require of you, including these:• You must be at least twenty one years old. There is no exception to this rule. You have to be twenty one just to own a gun, why would you think you could sell one at a younger age?• You mu
Why aren’t they? Because as I find out when I talk with them, they subscribe to many of the myths that surround business in general, and in particular the home business industry. To help them—and you if you’ve been thinking about it—I’d like to take a look at five of those myths and BUST them!
MYTH # 1: You need A LOT OF MONEY to start a business…
This is true IF you want to buy an existing business or start a traditional business (in most cases), specially a brick & mortar business. While doing some research the other day, I saw a motel for sale for $600K and a drycleaner for $250K.
I’ve owned a brick & mortar business once: an art gallery and framing shop in Whitehorse, with 12 employees. I bought it in 1986—inventory & goodwill for $200,000 (they wanted 250K). I had to borrow $20,000 from my parents for the down payment, then pay the ex-owners $30,000 a year for 8 years. That was hard on the cash flow. More recently, I invested in six online “stores”. With the support and the tutoring, that was a $20,000 investment.
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,000
The possibilities involved in refinancing are overwhelming. If you have considered using a refinanced mortgage to do some remodeling you should consider cash-out refinancing. With a cash-out refinance home loan you can refinance your current mortgage for a higher loan amount than your outstanding debt and thus obtain extra cash for whatever purpose you desire. You can easily use the money to make home improvements and thus, you would be using as collateral for the loan the very same property that you’re going to improve.With Cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference. Cash-out refinance home loans are just like regular refinance home loans, only that you actually refinance for a higher loan amount than your outstanding m
MYTH # 1: You need A LOT OF MONEY to start a business…
This is true IF you want to buy an existing business or start a traditional business (in most cases), specially a brick & mortar business. While doing some research the other day, I saw a motel for sale for $600K and a drycleaner for $250K.
I’ve owned a brick & mortar business once: an art gallery and framing shop in Whitehorse, with 12 employees. I bought it in 1986—inventory & goodwill for $200,000 (they wanted 250K). I had to borrow $20,000 from my parents for the down payment, then pay the ex-owners $30,000 a year for 8 years. That was hard on the cash flow. More recently, I invested in six online “stores”. With the support and the tutoring, that was a $20,000 investment.
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,00
k & mortar business. While doing some research the other day, I saw a motel for sale for $600K and a drycleaner for $250K.I’ve owned a brick & mortar business once: an art gallery and framing shop in Whitehorse, with 12 employees. I bought it in 1986—inventory & goodwill for $200,000 (they wanted 250K). I had to borrow $20,000 from my parents for the down payment, then pay the ex-owners $30,000 a year for 8 years. That was hard on the cash flow. More recently, I invested in six online “stores”. With the support and the tutoring, that was a $20,000 investment.
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,00
"Bureaucracy - any administration where action is impeded by unnecessary procedures" - Collins Concise English DictionaryIn your own organisation, do you ever think "Why are we doing this?" or "Why aren't things moving as planned or desired? Do you notice people becoming more difficult to deal with? Do you sense a rising level of frustration? Has your workplace lost its shine? Perhaps it's becoming or already is bureaucratic.Often unnoticed in an organisation's growth is a tendency towards bureaucracy. It's rarely intentional, yet very common.Here are some other symptoms of bureaucracy:• Ineffective meetings - too long, too frequent, too little value. • Less direct and personal communication - too many emails or "memos". • Ever growing proce
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,00
Corporations have many constituents. But they seem to play to only one audience – the investment community or Wall Street. Any business is made up of workers, supervisors, managers and executives. They also have customers, suppliers and in many cases dealers or distributors. They have facilities in cities, towns and communities. Some have factories and others have only offices. But the fact is that all corporations touch the world they operate in beyond the narrow confines of where they raise money through investors – or Wall Street. So why do almost all corporations decisions revolve around how Wall Street will react? Are there alternatives?What is the problem?Most corporations can track performance to a “gnat’s eyelash” but do not spend time understanding downturns. Is
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,000. And I know of MANY business opportunities you can get going for even less than that
So you see, that’s another myth busted: you DO NOT need a LOT of money to start a lucrative business. You just need to start with the right one*.
MYTH # 2: You need to WORK A LOT—at least 50 or 60 hours a week—to get a business off the ground and profitable.
You do for a ‘regular’ type of business. That was the case for me with Yukon Gallery… 7 days a week… 10-12 hours a day…Working on the Holidays… I remember one summer going 48 days without a day off.
But that’s not the case with most home-based businesses… For example, I’ve invested just over 100 hours in my home business over the last 5 weeks (about 20-25 hours a week), for very good RE$ULT$!
MYTH # 3: A home-based business is SMALL BUSINESS
When they hear the words “home-based business”, many people think “cottage industry”; stuffing envelopes, making earrings, gluing pine cones to make decorations.
I find that kind of funny…That’s because I personally know at least 30 people—maybe 50 if you gave me a bit of extra time to think about it—who are making BIG money from a home-based business. I mean $20,000, $30,000, $40,000 and more a MONTH! They do that with direct sales opportunities, with Network Marketing opportunities, with MLM-type opportunities like you see on the internet all the time.
For most people—because most people have a scarcity mentality, or a this-is-too-good-to-be-true mentality—those incomes sound ludicrous. Well, they’re not. Not in these types
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