Month: May 2016

Create a Business Plan to Reach Your Goals

Business plans are for those who plan to go in to business or are in a business already. Starting a new business also needs planning, time management, scheduling and organizing to make it a success. Business plans are made so that there is some direction to your work and you don’t go “off track”; get bogged down with details that can wait etc.

A business plan gives you a plan of action that you can use to meet your requirements. Creating a business plan involves a lot of points that must be factored in. There are some things that are common to almost all business plans like projecting cash flow, marketing plans etc. But each business is different and so is each business plan. What suits one may not suit the other. There is no master plan that one can use. A good business plan is like a good outfit that highlights your best features.

Before you create a business plan you have to plan the plan. The plan has to take in to account your goals and objectives, where you want to be, say, 3 years from now, what steps have you thought of to get to that goal etc. This is more so if you are starting a new business. There are many decisions to be made like your business strategy down to the color of the paper. You will be accountable to the business plan you present so you have to be very clear about what your plan is going to say and how.

Basically there are four types of plans, the mini plan, the electronic plan, the working plan and the presentation plan. Each has their own pros and cons. Key issues have to be addressed in all types of plans and these would consist of

o A business concept,
o Specific financing needs,
o A marketing plan and
o Important financial statements, especially regarding cash flow, income projection and balance sheet.

Your business plan would depend on the type of business you have decided to do. You have to consider issues like

o Is there going to be a partner or investor?
o Any employees?
o Your own role… hands-on manager or just supervisory
o Financing… what kind?
o Is your product a niche market product or a broad spectrum service?
o Are you considering expansion?

These are some issues; there are others which would depend on your individual requirement. Your plan also has to tell you what you intend the plan to do like

o Is the plan going to help you raise money?
o Will it help bring in talented employees?
o Will it double as a presentation plan which you show to suppliers or prospective clients?

After these issues are addressed one will get an idea whether the business venture you have decided on is going to be viable or not. It is not unknown for a business to end at the planning stage because the assumptions were not up to the mark.

Here Is the Biggest Industry Where Your Next Business Is

It is really a good time to have your own business. Emerging marketplaces with a rich growth potential, a steady economy and an improved consumer spending have set the groundwork for a prosperous future for small-sized businesses within America.

It has been witnessed that the SBA loans are granted frequently; now along with the low interest rates and the Baby Boomers inching toward their retiring age, it is a pretty good time to realize your long-cherished dreams of entrepreneurship. These factors combine together to form a really excellent atmosphere for entrepreneurs who are looking forward to living their dreams of owing small-sized businesses.

Buying or acquiring or merging with a business is a crucial life decision that should be done only after performing extensive research works and after considering all the internal and external business factors. However, whenever a business is being bought, the most important part is to pick an industry; this point will become ever more important if an entrepreneur is making this decision. For this reason, here is the low-down on the top industry that has displayed remarkable potential as well as stability for investing money and for embarking on the eventful journey of becoming a small business owner.

The warehouse and storage sector

Quick facts

· The Net Profit Margin for 2015: 36.8 percent

· The projected growth for 2016: 5 percent

The self-storage industry is becoming one of the topmost growing sectors within the U.S. economy. For the past four decades, this sector has grown by leaps and bounds and has been termed as “recession-proof” by many trade analysts.

During tough economic times, many Americans gave up their everyday luxuries before getting employed within the countless storage units that dot the American continent. In a fluctuating economy, doing a business that does not change much and even carries great financial tides is a key bonus for any business owner.

Close to 9 percent of Americans have their space earmarked within a storage unit-even if they are having an attic or a garage. One more interesting fact-if you happen to combine all the storage spaces within the nation, it will easily equate to more than 2.3 billion sq. ft. of space-that is, indeed, expansive! More than 6 percent of the storage units are often leased to the military personnel, too. That is, by investing in the business, you will not only let the nation’s military contribute to the business’s bottom line but also earn its precious loyalty. Last but not least, this sector is having a high profit margin (close to 36 percent) and has an admirable annual growth rate (nearly 5 percent).

Why is Business Planning So Critical to Business Success

If you don’t know where you are going (i.e. have a roadmap), then how do you expect to get there? Running, expanding or starting a business without a business plan is like trying to drive from New York to Chicago for the first time without a roadmap or MapQuest! Planning gives you a path to follow, otherwise, you are just guessing. In running or starting a business, the learning curve is short before you run out of resources and are forced to close. Therefore, a business plan helps you set up a sound framework, model and system ahead of time, as well as, address potential problems and threats, so that you can capably run a business. If you don’t have a system in place to deal with problems and you don’t have a sound strategic plan in place, you will find yourself needlessly sidetracked by working “in” the business instead of “on” the business.

A Business Plan will save you a lot of time and money. Careful planning ahead of time will help you wisely budget your resources and significantly minimize the time you spend assessing threats, problems, obstacles and opportunities.

A business plan actually creates the future you want it to be. It gives you the process to develop the future business you want, whether it is to successfully start, expand, acquire or build. Granted, a business planning process can’t predict everything and markets change very quickly; yet, a business plan puts a solid process model in place to deal with such unpredictability. Otherwise, you will become even more lost in the unpredictable nature of future market changes without a system in place to deal with and predict these changes.

A business plan is an actual guide to starting, acquiring, expanding, building and managing a business. It is a step by step process that will guide you through the complexities and intricacies of building a successful company. Business school will teach you something about business planning, an MBA will teach you a little more, but most good business planning experience comes from doing and learning from others who have gone before you. Find a good business plan mentor!

If you need to raise funds for your business venture or project, a well thought out business plan is the very best tool available to achieve the mix and amount of funds your business requires. A good business planning process will actually determine and design financial structures which specifically address your funding requirements. Utilize a planning process to develop and design a financial structure customized to your particular company’s requirements. When times are tough in your business, industry or lending market, a good funding plan will give you a fighting chance of obtaining the badly needed funding.

A business plan is a fantastic communication tool. It establishes a system so that you can effectively communicate with your executives, managers, employees, shareholders, investors, lenders, customers, potential customers, markets, suppliers, on down the line. So many companies fail because effective communication was significantly hampered by assets and people doing contrary things. Effective strategic planning within the business planning process establishes strong communication ties, links and systems so that all the fore mentioned human variables can come together in a directional, well coordinated strategy for success.

Nothing stays the same from one day to the next in this global, fast tracked business world. Because of this constant change, your business will quickly fall behind and suffer without having a good business plan in place. A plan puts a system in place to identify and address changes in the market place so you can proactively seize and turn them into opportunities. Without a forward thinking system in place, changes in your market place can quickly become insurmountable problems and obstacles. A business plan empowers you to convert these changes into opportunities and increased profitability.

Ways To Start Changing Your Mindset For Success Especially If You Are An Entrepreneur

The minute you felt called upon to seek out your freedom and prosperity through entrepreneurship or running your own home based business, what kind of thoughts and emotions flooded your mind?

Did you immediately feel totally confident that this would be the turning point of your life where you get to design life on your own terms and create your version of heaven on earth?

Or did you get filled with a sense of worry and overwhelm over whether or not you have what it takes to make such a huge thing happen?

For most people it’s always a little bit of everything… That’s why I am making this little article for you because I want to make sure that you don’t get stuck halfway through your rise into greatness and success.

If you know that becoming an entrepreneur and being independently wealthy is the reality that most suits you, then you certainly need to read through and gain better clarity as to how you can handle those voices and emotions of distress that will try to keep you stuck in the old way of life.

Why you need a change of mindset now

Most of humanity has been conditioned into a level of conscious awareness that has set the “normal standard” too low. For most success seekers, the dominant thoughts that saturate their days are those of worry, insecurity and fear.

This my dear reader is like getting into a battle that’s already been lost before it even begins because all external results and yes, that includes your business as well, can only come about if the level of consciousness and mindset you dwell in, is one that’s set on “success”.

When you already doubt whether or not you can win and gain victory in this endeavor, when you always feel like you’re not enough or that you don’t have enough, you are actually create a self-fulfilling prophecy that will come to confirm the secret beliefs that you carry.

You need to believe that you can succeed.

It’s important that you believe not only in the truth that you are capable of prospering but that you will produce the harvest that you want.

The level of your self-confidence will determine your level of productivity and your self-confidence plainly reveals how much you believe in Self.

When you believe in yourself you will always give yourself the chance to make things right because you know that you can make things better and that you do have something valuable to give to the world.

That faith and confidence that is very crucial for an entrepreneur can only come through a renewal of the mind and that’s why you cannot afford to postpone the study and retraining of your mind while you grow your business.

It is the winner’s mindset that we all need to cultivate in our lives, especially for those of us who didn’t grow up in abundant, prosperous environments.

I have created more resources and a video that explains what a mindset is and how you can effortlessly shift it, which I encourage you to check out but as of now, here are just three big ideas that will help you realize the kind of mindset you’ve currently got as well as how to start shifting it.

1. Start becoming aware of- what you are noticing and paying attention to – in your world:

Recognize whether or not you have self-defeating thoughts. What kind of an outlook do you have about life and entrepreneurship? Do you approach it with the expectation of overwhelm, struggle, pain?

What kind of things are you noticing as you go about your daily routine?

What kind of forums, communities and engagements are you having?

Are you noticing more prosperity or lack in your business?

Negativity and pessimism are like migraines and are quite difficult to ignore because they constantly nag at you. Sometimes these thoughts can be quite overwhelming and easy to recognize. However some people have become so accustomed to them and having created coping mechanisms, barely realize that they dwell in negativity and pessimism.

The best way to start recognizing where you stand is by keenly observing the words you use, the conversations you engage in, the actions that are subconsciously playing out and the way you predominantly feel throughout the day.

I have met a lot of clients who say they are positive and use affirmations yet halfway through our conversations all they speak of is what they don’t have and how much of a struggle life is.

This is certainly a pattern to watch out for because if you get so used to lying to yourself by pasting affirmations on your intellect and yet dwelling in negativity subconsciously, you might think that the universal laws or other people are to blame for your struggles and failure when in truth, it’s all coming from your mindset.

2. Learn to condition your mind by focusing on a specific desire.

Choosing, defining and living from your true desires is so powerful and paramount when you decide to seek out a liberating lifestyle.

This is because it means you stepping out of the norm that you were taught and raised with, to pursue your uniqueness and individuality.

There is great power in that! Which is why I only work with individuals who want to create a passion business, because I realized that even for myself, the only reason I overcame the African slum life and started creating success and prosperity was because I was passionate and in love with an idea.

If you don’t know what your passionate about, do something about it. If your entrepreneurship isn’t yet aligned with your passion and purpose, do something about it – you’ll be amazed how quickly things will shift in your world once you live from your true desires.

3. Learn to take risks and enjoy them

Most of us are so afraid of risks because we are working with false ideas about who we are and how life works.

When you learn the truth about your real identity, the role you play in life and how life really works, taking risks that you enjoy won’t sound so ridiculous or illogical.

Now, I can get into great details here just with this one tip and in fact I do in one of my training classes and a report I made on how to create massive breakthroughs as an entrepreneur, but just know this…

It’s very important that you learn the value of taking risks; taking a step toward something when you don’t really know where your foot is going to land, and doing so with full confidence that it can only turn out right.

This doesn’t mean being silly, or doing it recklessly while still ignorant of the principle of life. It’s why we first teach on what the principle of life is and how you can align with Spirit so that your mind can be conditioned rightly.

Then and only then will you know in the depths of your soul that you were born to be a risk taker and in fact all the good stuff that you want in life will come by very quickly when you stop tip-toeing through life looking for safety.

An entrepreneur who’s looking for safety is sure to be highly disappointed because without this ability to have a well-governed mindset that knows how to take great risks and enjoy them, massive success and prosperity will not become a daily reality.

If you liked this article and are looking for more ways to make your life absolutely awesome and prosperous as well as digital solutions and education that can show you how to become independently wealthy please visit our website below.