Friday, October 28, 2011
How to Develop a Business Idea
So you want to create a business but you really have no idea to start. I mean, NO idea... you don't even know what you would do with your business, what kind of products you would sell or anything. All you know is that you want your own business. Well, then this is the blog for you to read. I'm going to give you some basic instructions to figure out what it is you want to do with a business so you can develop that idea before going any further.
First thing you want to do is think of what your passion is. Can you turn that passion into something will make you money? Make a list of everything you would do, even if you wouldn't be getting paid to do it. Which ones would give you a possible income? Keep that list.
Now from that list, put the ideas in order from what you love the most to what you hate the most. Think to yourself and reflect on why it is you put the ideas in the order that you did. Eliminate the ones at the bottom of the list, even if they are money makers. Just because you can make money off of them doesn't mean you'll enjoy it. If you're creating a business from scratch, you might as well make it something you want to do. The amount of time it takes to develop and grow a business takes a lot and you don't want to waste on something you're not going to love.
Then figure out what are the strengths, weaknesses, opportunities, and threats with each business idea towards the top of your list. Your next step is doing the research. Check out the market and find out what people are buying. Is your product something that is a fad or something that's going to be here to stay? If you want a product that is just seasonal, then you may be able to find work at just a particular time of year, like many farmer's markets. But if you wan't something year-round it might take more research to see what has been getting purchased, what is currently being purchased, and what will likely continue to be purchased.
Talk to some people that are experienced in the area that you want to pursue. It can be informal; just invite someone that is a top person of that market in your area out to lunch. Pick their brain, most of them enjoy the idea of helping others build a business. Like when students in med school go to doctor's offices to shadow them, the doctors enjoy teaching someone how to do what they do. Everyone has fun.
Start with what you know. If you don't know much, then don't push too much at the beginning. Start small and see where it goes. If it's something you enjoy and it seems to be working, then you can invest a little bit more at a time and build up your business as you go.
And lastly, go to business seminars. Each individual seminar can teach you different things about how to get your business up and running. They can give you personal ideas that would benefit you. They even have seminars online now that you can attend without even leaving the comfort of your own home. It's not quite as personal and you may not be able to ask as many one-on-one questions with the presenter. So both ways have their pros and cons. Decide whichever makes you feel comfortable and which one you feel you would get the most out of.
What it basically comes down to is if you want to start your own business, do it with something you enjoy and love. If you're going to love it, you might as well just stay at the crummy job you have now because if you create a business and it's something that's just "okay" in your head, it won't get much better than that. Be creative, rattle your brain, and see what you can come up with. Have fun and do something you love.
Thursday, October 27, 2011
Presenting a Business Idea
Presenting your business idea to investors involves the same basic principles you learned in middle school of how to speak in front of a group. Well... that's where you want to start anyway is with the basics, so I'm going to go over a few points that you once knew, but may have forgotten.
First, you want to make sure your audience is ready. Request permission to begin your presentation. If their minds are elsewhere, they won't be focused on you, so you want to make sure they're prepared to give you their undivided attention.
You want to summarize at the beginning and keep it simple. You can go into details later on if they still seem interested but you want to tell them the key points and what your overall product is at the beginning. Don't have a long introduction. Your audience's attention span won't last forever so present it in three quick points. After you present those three main points that they'll retain, you can go into detail informing them of what those three points consist of.
Make sure they know what's in it for them. As all consumers, we want to know what YOU can do for US. We're not going to throw you a million dollars if we have no clue what kind of valuable products we'll get in return.
Make sure you SHOW them what you're talking about, not just TELL them. Even if it's just through personal stories about why the product has helped you or someone you know; give examples.
Take control of the audience. If you want to save questions for the end of the presentation, let them know that. If you want the room set up a certain way, show up a little early and rearrange it to your needs. Arrive early enough that you can not only do that, but practice where you'll stand and how you'll present. This also gives you time to relax and get comfortable.
Stage management is an important aspect as well. Check to see where the lighting is best because you want to be seen, not hidden in the shadows. Avoid podiums if you can because it puts both a physical and emotional barrier between you and the audience and closes them off.
Lastly, connect with individuals. When you look around, actually look people in the eyes so they know you're talking to them and not the wall behind them. Once you see a nod or smile or any facial sign from them, you know they realize you were connecting with them and you can move on and do the same with another person. They will listen more intently on what you're saying and pay better attention.
Now that we have those basics out of the way, I'm going to specify on what you need to in terms of presenting an actual business idea to investors (you know you're gonna need their money to get started so be smart about it!).
You need to know what your business is all about! You don't want to have a hard time explaining your business, so make sure you know the answer. Have an elevator pitch prepared. What that means is that if someone ran into you in an elevator, saw your badge that said your company name and asked what it is, you have 60 seconds to explain it while being interesting, engaging, and conveying the brilliance that is your business idea. Make it just two sentences long - the first being a description, the second an explanation of the size of the market space, and the state of the company (already profitable or what have you).
What is the problem and what is your solution to it? The reason your business idea came about was because of a problem that you recognized. As such, present what the problem is first then let them know how you are addressing that problem by creating your business.
Know your competitors and the problems they are having. Tell the people your presenting to about how you're different and why your company would work when others are having issues in the same type of business. You need to know your market and where you fit into at that moment. Do the research and make sure you understand where you're at.
Next you need to present business financials. The investors won't believe what you tell them about the numbers, but that's okay. At least you demonstrated that t you have a plan and you've thought about the potential revenue that you will both obtain from your business.
Make sure you have a team in place. Not one made up of your family members, but an ACTUAL team. If you're missing a few from the team, let the investors know that and tell them your strategy for filling those gaps. Bring some of those key members to your presentation with you! They can describe what their essential duties and job functions are as an executive and it gives the investors a chance to hear from someone other than you who believes in your business.
What this all entails, is that before presenting a business idea, be prepared. Know what you're going to talk about and with these tips, you have a good idea of what they'll be asking you. Instead of giving them an opportunity, answer their questions before they even ask them. They'll be impressed that you did the research ahead of time and came in as prepared as you were, plus you'll be able to answer the few questions they do have because you know so much about your business and what they're looking for before they invest.
First, you want to make sure your audience is ready. Request permission to begin your presentation. If their minds are elsewhere, they won't be focused on you, so you want to make sure they're prepared to give you their undivided attention.
You want to summarize at the beginning and keep it simple. You can go into details later on if they still seem interested but you want to tell them the key points and what your overall product is at the beginning. Don't have a long introduction. Your audience's attention span won't last forever so present it in three quick points. After you present those three main points that they'll retain, you can go into detail informing them of what those three points consist of.
Make sure they know what's in it for them. As all consumers, we want to know what YOU can do for US. We're not going to throw you a million dollars if we have no clue what kind of valuable products we'll get in return.
Make sure you SHOW them what you're talking about, not just TELL them. Even if it's just through personal stories about why the product has helped you or someone you know; give examples.
Take control of the audience. If you want to save questions for the end of the presentation, let them know that. If you want the room set up a certain way, show up a little early and rearrange it to your needs. Arrive early enough that you can not only do that, but practice where you'll stand and how you'll present. This also gives you time to relax and get comfortable.
Stage management is an important aspect as well. Check to see where the lighting is best because you want to be seen, not hidden in the shadows. Avoid podiums if you can because it puts both a physical and emotional barrier between you and the audience and closes them off.
Lastly, connect with individuals. When you look around, actually look people in the eyes so they know you're talking to them and not the wall behind them. Once you see a nod or smile or any facial sign from them, you know they realize you were connecting with them and you can move on and do the same with another person. They will listen more intently on what you're saying and pay better attention.
Now that we have those basics out of the way, I'm going to specify on what you need to in terms of presenting an actual business idea to investors (you know you're gonna need their money to get started so be smart about it!).
You need to know what your business is all about! You don't want to have a hard time explaining your business, so make sure you know the answer. Have an elevator pitch prepared. What that means is that if someone ran into you in an elevator, saw your badge that said your company name and asked what it is, you have 60 seconds to explain it while being interesting, engaging, and conveying the brilliance that is your business idea. Make it just two sentences long - the first being a description, the second an explanation of the size of the market space, and the state of the company (already profitable or what have you).
What is the problem and what is your solution to it? The reason your business idea came about was because of a problem that you recognized. As such, present what the problem is first then let them know how you are addressing that problem by creating your business.
Know your competitors and the problems they are having. Tell the people your presenting to about how you're different and why your company would work when others are having issues in the same type of business. You need to know your market and where you fit into at that moment. Do the research and make sure you understand where you're at.
Next you need to present business financials. The investors won't believe what you tell them about the numbers, but that's okay. At least you demonstrated that t you have a plan and you've thought about the potential revenue that you will both obtain from your business.
Make sure you have a team in place. Not one made up of your family members, but an ACTUAL team. If you're missing a few from the team, let the investors know that and tell them your strategy for filling those gaps. Bring some of those key members to your presentation with you! They can describe what their essential duties and job functions are as an executive and it gives the investors a chance to hear from someone other than you who believes in your business.
What this all entails, is that before presenting a business idea, be prepared. Know what you're going to talk about and with these tips, you have a good idea of what they'll be asking you. Instead of giving them an opportunity, answer their questions before they even ask them. They'll be impressed that you did the research ahead of time and came in as prepared as you were, plus you'll be able to answer the few questions they do have because you know so much about your business and what they're looking for before they invest.
Friday, October 21, 2011
Education Business Ideas
Most people might think that you have to be a teacher and teach in a school to provide education. However, there are a few ways in which you can start your own educational business without ever stepping into a classroom (of course, there are a few ways that put you in a different kind of classroom to have you teach, too).
The first such type of education is private instruction. What that means is you can be part of a tutoring business. It is one of the simplest and lease expensive business ideas. Private instruction can be given on any subject. Some teachers tutor students in the area of mathematics, English, science, history, or anything else. Others provide instruction on acting, drawing, dance, or music. Formal education is not required for this business, just need a demonstrated knowledge of the subject they wish to teach. A bonus to this is that educators can teach in their homes, so they don't need to purchase or rent a space for business. Most students who are being tutored also have textbooks from the schools they attend, so there would not be much of an expense for education materials.
Another form of education is through blogs. The internet has brought many new businesses and blogging is one such business. Blogs can be on a wide range of topics, as an educator, including history, current evens, fine arts, music, the sky's the limit. Blogging can also be established from home; all that is needed is a computer with internet access. Once the blog is up and running, money can be made through advertisement sales and affiliate link placements.
Education can also be enforced through a business that acts as a day care and a pre-school, all in one. The advantage of this kind of education is that young children (under maybe 5 years old) can be watched and taught at the same time. This means that parents can still work and have their children taken care of, and their children would be learning some basic knowledge at a young age.
With the boom of technology, there is another future source of education and it was mentioned on a website that even online schooling is going to one day be available. What that means is that the best professors from all around the country will be able to have their lectures viewed live online by hundreds of students all at once and be able to answer the questions right there.
For now though, there are many opportunities that can be taught, not only from the comfort of one's own home, but they can teach something they have a passion for. From mathematics and science to art and music, children, and even adults, can be taught something knew. What's your passion? What will you do with it?
Thursday, October 20, 2011
Farm Business Ideas
Ideas for farm business are really based on a case-by-case basis, for the most part. Each farm is different, and everyone's skills are different, as well. Part of it does consist of knowing the market, the area you're located in, and your farm. But there's more to it, which may require a little bit of creativity and you should be willing to learn something new.
To start up a new farm business, you don't necessarily need a big family with a rich uncle, a government grant, a big line of machinery, a lot of cash, or a pickup truck. What you do need is to be open-minded to different ideas, patience, time (to plan, analyze, and maybe re-plan), and to communicate (with lenders and others when problems are still small and manageable).
You need to start with a plan. First, and foremost, this plan has to have all the details, which you need to stick to. Include in your plan the financial projections, present financial information, marketing plan, competing strategies, market analysis, business description, and mission statement.
Next you need to establish the farm as a business entity that is legal. You'll have to file required forms with your local government which includes permits and licenses. Then you will want to set up an accounting system (most likely with the use of a computer). Once you have all of those preliminary aspects set up, the real fun starts.
You'll have to find farm land that you can purchase or lease. This will be based on the business model from the plan you previously made. Then you can start purchased the necessary tools and equipment that will be needed to get the farm work done. To stick to your plan and and save you money, try to find the best deals on the materials you'll need. After that, start your marketing.
Some things that may factor into a rise of success is having good communication skills, being frugal, having family close by (for support and help), keeping good records, and having multiple sources of capital.
Some common causes of people not succeeding include communication breakdowns, buying toys instead of paying bills, high amounts of illness and death in livestock, poor record-keeping, and poor work habits.
Keep up with your finances! Keep track with a balance sheet, income statements, and statement of cash flow (where money comes from, where it goes, and what sticks). To increase profitability, reduced overhead costs, improve gross margin (get more for your milk, etc), and increase asset turnover.
Those are the basics to getting any farm up and running, but if you want more specifics for your personal type of farm, go here. That is a website with a long list of what to do if you want a certain farm (poultry farm, organic meat farm, worm farm, turtle farm, deer farm, etc.). It also has tips on how to do certain things most farmers would, at some point, be doing, like how to clear land for farming, building a farm gate, and building a farm pond.
Good luck, and most importantly have fun on this new business venture!
To start up a new farm business, you don't necessarily need a big family with a rich uncle, a government grant, a big line of machinery, a lot of cash, or a pickup truck. What you do need is to be open-minded to different ideas, patience, time (to plan, analyze, and maybe re-plan), and to communicate (with lenders and others when problems are still small and manageable).
You need to start with a plan. First, and foremost, this plan has to have all the details, which you need to stick to. Include in your plan the financial projections, present financial information, marketing plan, competing strategies, market analysis, business description, and mission statement.
Next you need to establish the farm as a business entity that is legal. You'll have to file required forms with your local government which includes permits and licenses. Then you will want to set up an accounting system (most likely with the use of a computer). Once you have all of those preliminary aspects set up, the real fun starts.
You'll have to find farm land that you can purchase or lease. This will be based on the business model from the plan you previously made. Then you can start purchased the necessary tools and equipment that will be needed to get the farm work done. To stick to your plan and and save you money, try to find the best deals on the materials you'll need. After that, start your marketing.
Some things that may factor into a rise of success is having good communication skills, being frugal, having family close by (for support and help), keeping good records, and having multiple sources of capital.
Some common causes of people not succeeding include communication breakdowns, buying toys instead of paying bills, high amounts of illness and death in livestock, poor record-keeping, and poor work habits.
Keep up with your finances! Keep track with a balance sheet, income statements, and statement of cash flow (where money comes from, where it goes, and what sticks). To increase profitability, reduced overhead costs, improve gross margin (get more for your milk, etc), and increase asset turnover.
Those are the basics to getting any farm up and running, but if you want more specifics for your personal type of farm, go here. That is a website with a long list of what to do if you want a certain farm (poultry farm, organic meat farm, worm farm, turtle farm, deer farm, etc.). It also has tips on how to do certain things most farmers would, at some point, be doing, like how to clear land for farming, building a farm gate, and building a farm pond.
Good luck, and most importantly have fun on this new business venture!
Tuesday, October 18, 2011
Golf Business Ideas
The Golf Academy of America estimates that roughly $76 billion each year is represented by the golf industry, offering over 2 million jobs. However, it is also estimated that some $430 million will be lost to golf courses and country clubs due to unemployment rates compared to the maintenance costs and lower numbers of golfing participants. However, there is a way that golf course owners can fight those low sales and stimulate business.
First, become friends with people that own miniature golf courses. Spread the word about your golf course by marketing with them. Set up some "just-for-fun" courses in business areas and shopping malls to allow potential customers to putt for free after signing up with your establishment for services, memberships, or even lessons. This is a good way to network with veteran golfers, exchange business cards, and offer consultations.
You can also go "green." Use organic treatments to maintain your property by using products like commercial or in-house compost. This prevents topsoil damage that can occur. And offer golf instruction. Create a better relationship between your gold instructors and clients. This can mean offering in-home consultations, or free broadcasts online from your website. Increased contact and relationships can lead to more visits at your golf course.
Offer in-house loyalty clubs for frequent visitors. This allows you to reward clients directly for continuing to come to your place of business. Reward cards can allow customers to purchase rounds of golf at discounted prices when they purchase in bulk, which may begin to cause them to sell themselves as members and bring guests to the course, which furthers your business and networking.
Lastly, host community events, like blood drives. This can attract new visitors because of reputable businesses setting up at your clubhouse. You can make special offers, like coupons and discounts, to anybody who participates in the visitor's attendance. While those visitors are there, you can offer tours of your club house and golf course and make them feel comfortable being at your place of business.
So the best golf business ideas are very basic. Get people to your club. Just like many other businesses, golf is enforced by those who already play and are members at your course. It is all about networking. Make your current members feel special and important, and they will say good things to their friends, which will get those friends to visit your club. When they are in your club, you are able to give them the grand tour and impress them with your business to convince them to become members as well. They will then tell their friends, and so forth and so on.
So take some of these tips, and apply them to almost any business, and you will see additional prospects and visitors and, eventually, members and people that frequent your company.
First, become friends with people that own miniature golf courses. Spread the word about your golf course by marketing with them. Set up some "just-for-fun" courses in business areas and shopping malls to allow potential customers to putt for free after signing up with your establishment for services, memberships, or even lessons. This is a good way to network with veteran golfers, exchange business cards, and offer consultations.
You can also go "green." Use organic treatments to maintain your property by using products like commercial or in-house compost. This prevents topsoil damage that can occur. And offer golf instruction. Create a better relationship between your gold instructors and clients. This can mean offering in-home consultations, or free broadcasts online from your website. Increased contact and relationships can lead to more visits at your golf course.
Offer in-house loyalty clubs for frequent visitors. This allows you to reward clients directly for continuing to come to your place of business. Reward cards can allow customers to purchase rounds of golf at discounted prices when they purchase in bulk, which may begin to cause them to sell themselves as members and bring guests to the course, which furthers your business and networking.
Lastly, host community events, like blood drives. This can attract new visitors because of reputable businesses setting up at your clubhouse. You can make special offers, like coupons and discounts, to anybody who participates in the visitor's attendance. While those visitors are there, you can offer tours of your club house and golf course and make them feel comfortable being at your place of business.
So the best golf business ideas are very basic. Get people to your club. Just like many other businesses, golf is enforced by those who already play and are members at your course. It is all about networking. Make your current members feel special and important, and they will say good things to their friends, which will get those friends to visit your club. When they are in your club, you are able to give them the grand tour and impress them with your business to convince them to become members as well. They will then tell their friends, and so forth and so on.
So take some of these tips, and apply them to almost any business, and you will see additional prospects and visitors and, eventually, members and people that frequent your company.
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