You get some new or would-be business owners who scoff at the idea of preparing a business plan. For the business hobbyist, someone who may only be growing vegetables in their garden for sale to friends and family, perhaps a business plan is not required. But for any business that requires reasonably substantial resources, investing money from your savings account or using other people’s money, then it’s hardly likely that you are going to get away without a business plan.
Not having a business plan is like taking a road trip but not planning beforehand. You don’t have a map, you have no petrol in your tank, you haven’t taken the right things to go with you on your journey and you have a general sense of where you going but no specific idea. Well, if that’s how you like to travel in a spontaneous, free-flowing way, then don’t blame anybody if you get lost along the way and never reach your final destination. Continue reading “What are the elements of a good business plan?”
In this economy every source of income counts. But where do you begin to discover hidden or new sources of income?
You may wonder about the term “multiple streams of income”. What is it? A buzzword from some self-help business guru that helps him or her sell their books and other products. It’s really a term to entice people into believing that it so easy to make money that you merely need to turn open a tap and money will pour into your banking account. This does not happen in the real world. You need to work long and hard for any sort of income.
The guru coaches and experts make starting and running an independent small business sound so easy that just about any fool can do it. Yes, we all believe them.
Let them speak to real business owners who are forced to live with landlords that push-up rentals every year. One small business owner I know lives in fear that his landlord will learn that he is doing well and push-up his rent. He’s devised sharp ways to keep the big bulldog at bay. Taking cash, running his business on word-of-mouth and keeping quiet as a church mouse about his sales. Continue reading “What challenges fire your innovation powers the most”
Many aspiring entrepreneurs are turning their hobbies, favourite pastimes, and passions into profitable businesses. They are making a living doing what they love. And because they love what they do, they work harder at it.