Entrepreneurs are a different breed - they think different, act
different, and live different than the rest of society.
However, the
successful ones all seem to share a few of the same traits with each
other. Here are 12 of the most common:
1. They take what they do seriously.
Entrepreneurs
understand that the success of the business ultimately rests upon their
shoulders. When you run a startup, whether or not rent is paid depends
on how you run the business. Because of this, all successful
entrepreneurs take their work very seriously.
2. They make it all about the customer
Customers
are why a business exists. Their sales dollars determine the success of
any business. Successful entrepreneurs realize this early on and make
their business about the customers. Studies show that customers are four times more likely to switch to a competitor if they have a customer service concern versus a price or product issue.
3. They make the big decisions carefully.
Every
decision has consequences, whether good or bad. Over time, those
consequences shape our reality and tell the story of our lives.
Entrepreneurs who are doing well take note and carefully identify the
potential long-term effects of each decision, while seeking counsel
before making major decision.
4. They aren’t scared of the road less traveled.
Following
the crowd only leads to where others have been before. Successful
entrepreneurs aren’t afraid to venture out on their own with a company
and blaze a new trial. That’s their defining characteristic. Some of the best inventions and designs have come from the minds of those who weren’t afraid to be different.
5. They harness technology.
Things
change constantly, and they change especially quickly in business. To
best serve their customers, successful entrepreneurs keep up to date
with the best technology can offer to them. Take, for example, live
chat. It can make a huge difference in your company’s customer service results and overall growth.
6. They invest in themselves.
You
can’t make other people better unless you make yourself better first.
Entrepreneurs who are successful make a point to carve out time from
their calendar and money from their budget to invest in themselves. This
investment may be further education or a well-earned vacation. Either
way, successful entrepreneurs find ways to recharge and propel
themselves further.
7. They are constantly learning.
There’s
always something you don’t know and something else that has just been
discovered. Both are essential for entrepreneurs. You can’t build a
business around something you don’t know about, and you can’t improve
products and services using outdated methods. Entrepreneurs are always
on the prowl to learn more about what they do and what the competition
is working on.
8. They’re not afraid of risks
The
best things in life are often found on the other side of a worthwhile
risk; in that way, the best business you can build may be on the other
side of possible failure. Entrepreneurs don’t shy away from the unknown
or the uncharted. They know that’s where the future sales dollars and
profits are. While uncalculated risks can cause terrible consequences,
calculated risks are the sweet spot of a new business venture.
9. They’re willing to experience failure
Very
few successful entrepreneurs have made it without living through some
failure, large or small. They realize failure is just information about
what doesn’t work, not the end of the journey. They continue trying long
after most would have given up.
10. They adapt to the current needs of the customer and market
As
conditions and society go through changes, so do the needs of
customers. The successful businesses of tomorrow will be those that
learn how to meet those needs quickly and don't get left behind in the
heap of non-adapters.
11. They know how to sell themselves
Successful
entrepreneurs know when something is valuable, even if no one else does
yet. They can explain and prove why their product or service is worth
the price or investment. Finding a way to sell yourself before anyone
believes in you or your business is the key to successful
entrepreneurship.
12. They network, network, network
Not
everyone is going to be jumping at the chance to use a new product and
service, and some still won’t adopt even after a lot of compelling
information. So entrepreneurs network; not only to find clients, but
also to meet others who share their passion and desire and who can help
them go even further.
There’s no shortage of theories on why some startups are successful
while others fail. Shops are full of “how to make it rich” books and
well-known entrepreneurs can always draw crowds to events where they
reveal their “secrets”. This is understandable: a survey by insurer RSA
found as many as 50% of startups don’t survive beyond five years.
Ultimately, a business fails because it runs out of money. But there
are a multitude of reasons why this can happen. Management teams,
business models, access to markets, finance, ideas, timing and the
abilities of the entrepreneur themselves are all factors that can
influence the failure of startup. But is one cause more common than others? We speak to investors and serial entrepreneurs to find out what’s really important.
The entrepreneur
The founding entrepreneur is the driving force of any startup and, in
the early days, will characterise much of the business. Bill Morrow,
founder of Angels Den,
regularly assesses new companies for investment by his network’s
members, but says that even if he saw a great business idea, he wouldn’t
back it if he didn’t believe in the entrepreneur. In particular, entrepreneurs need to be aware of their shortcomings
and how they might be addressed. “I am interested in how aware the
entrepreneur is of their weaknesses so they know how much they are going
to need other people and create a team,” says Morrow.
The team
Having a good team to run the business is critical. The Tech Factor Report
found that businesses with more than one founder tend to be more
successful than those with just one. Certainly, investors and business
advisers are united in their belief that the people running the company
are of fundamental importance.
Paul Smith is the managing director of startup accelerator programme Ignite,
which works with entrepreneurs to hone their business models and find
investment. Smith also ranks the management team as being more important
than the idea. “You can have the best idea in the world but unless you
have a strong team, they will never execute it,” he says. “However, if
you have a great team then even if the idea isn’t fully formed, the team
will hone in on it.”
The big idea
Entrepreneurs
may be surprised that having an original idea, even if it is a good
one, is far from a guarantee of success. In fact, for many business
thinkers, original ideas aren’t that important.
“Entrepreneurs need to understand it’s not about innovation, it’s
about implementation,” says Hari Mann, a technology entrepreneur and
lecturer at Ashridge Business School in Hertfordshire. “Great entrepreneurs are really good at implementing small changes to existing ideas.” Mann suggests many entrepreneurs have similar ideas at the same time,
but only a few are successful. “Facebook is a classic example – look
how many people have tried to sue [Mark Zuckerberg], saying it was their
idea, or how many other people have said ‘I had that idea’. It was an
idea that was out there at the time.”
Crucially, whatever the business idea is, there needs to be demand
for it. Research by CBI Insights into failed startups found that almost
half of them went bust because of a lack of demand for their product or service.
The market
Accessing the market is one of the big problems startups must
overcome. Mann says some entrepreneurs wait too long before launching.
“It’s a myth that things have to be perfect before they go to market,”
he says. “Entrepreneurs go to market when they are 90% ready, listen to
customer feedback and sort out the glitches later.”
For B2B companies there are different struggles. “Gaining access to
market is really important,” says Smith. “It can take a large amount of
time and small teams don’t have the manpower to go through long
tendering processes.
“If the business has developed a solution for larger companies then
it can be difficult as they are often only geared up to do business with
other large companies. Even when you are talking about a simple product
or service, the sales pipeline can be two years.”
The model
The business model, or how the company addresses its market, is key,
even if this evolves over time. For Mann, this is the product of
research. “A lack of planning and understanding the amount of resource
and time it takes to get to profitability is the cause of many
failures,” he says.
Julie Meyer is a serial entrepreneur and founder of Ariadne Capital,
which invests in and advises businesses. She looks for companies with
business models that are game changers, the ones where “an entrepreneur
says ‘here is how it’s working now, but this is how it should be
working’.” Such businesses sound like they ought to be disruptive. However,
Meyer believes that at this point in the IT technology cycle, startups
that enable larger organisations are more likely to be a success.
She is inspired by the work of academic Carlota Perez,
who proposed the idea that technology cycles last 60-80 years. The
current cycle, started in 1971 by the invention of the Intel processor,
is now in its maturing stage. Meyer says the successful startups will be
those that enable some of the world’s biggest companies to advance.
The money
Cashflow is always the killer of startups and financing is a key issue. This should be addressed as effectively as
possible during the research stage and if the entrepreneur isn’t
financially minded, they must have someone in their team who is. In
terms of investment, it’s a commonly cited maxim that a great business
will always find backers.
As Smith says: “There is so much seed money out there, I don’t know a
decent team that can’t raise money. If you can’t, there’s something
wrong.”
Timing
In a recent TED talk,
the American investor and entrepreneur Bill Gross argued that timing –
when a company comes to market – is key to its success. Gross
highlighted a number of internet-based businesses that arose prior to
the widespread adoption of broadband and that were later superseded by
companies with similar ideas. Timing may indeed be a factor, but
assessing the best time to launch is easier said than done.
Entrepreneurs and their teams should be well prepared, well
researched, aware of their weaknesses and have a clear route to market.
But as Smith says, success is closely related to another factor:
survival. “Companies are creating products that seem ridiculous now, but
they won’t in five years’ time. It’s about staying alive and being
relevant when the market is ready for you.”
Nobody warned me about turning into a full-blown monomaniac when I
started out on my business venture. It was as if a raging fever had
taken over, and all cautions and criticisms were just obstacles to be
overcome in my all-consuming mission to be successful. Of course, having
faith and perseverance is what gets you there in the end, but I didn’t
realise how much it would change me. A year on, I may be thinking and
worrying about the business 24/7, but I am trying very hard not to be
such an obsessive bore all the time.
Another surprising aspect of all this is that it doesn’t actually
feel like work, even the really difficult, stressful stuff. Somehow it’s
completely different when you are your own boss. And I’m learning new
things all the time. One minute I am wrestling with accounting software
and VAT calculations, the next I’m doodling ideas for a YouTube video,
or pasting some code on a page of our website. Overnight I have had to
learn a whole new set of skills, and the challenges keep coming. To say
it’s a steep learning curve doesn’t do it justice.
2. What developing a new product actually involves
This is how it went: “Hey, we’ve got a great idea for something new
and different (a colourful patterned outdoor plant pot in our case) so
let’s go and get it made!” If I had known how distressing, expensive and
difficult this path is, I might have been better prepared. Many people
give up without achieving their goal, but funnily enough, we don’t hear
much about them. All I can say is that researching the idea from every
angle is a good start, but it is just the start. At some point you have
to put your money on the table and trust people, and if it doesn’t work
out, you have to be prepared, financially and emotionally, to start
again with someone else. As I explained the other day to a passing
stranger who hadn’t actually asked me about it: developing a new product
takes nerves of steel and much more money and time than you think.
3. The true value of friends, relatives and neighbors
There are plenty of companies providing advice and services to
startups for a fee, but I found lots of invaluable free advice right
under my nose. I was amazed when I realised how many people I already
knew who had useful contacts, experience and knowledge. Suddenly I found
my attitude changing from “Yeah, I’m not sure what my friend does, it’s
something to do with Intellectual Property” to “IP? Just what I need to
know about. I can totally grill my friend about her job, with only a
faint sense of shame that I had no interest in it until now.”
4. That selling stuff is not easy
You follow the advice, create a great website, online advertising and
social media, press releases, even distribute flyers, but there’s no
overnight success. I’ve now realised that it’s a great long hard slog to
even be noticed, let alone convince people to buy stuff. When I’m
shopping, I think “There’s a product, it’s been put on a website or
displayed in a shop, and people buy it.” But I now know that there’s
blood, sweat and tears behind every retail transaction, and that people
gloss over it because they are so relieved to have made it this far
without going bankrupt or insane, or both.
5. That your business plan will look hilarious within 6 months
Yes, writing a business plan was a vital first step that helped me
focus on the task ahead and apply a professional approach. But after a
few months things had changed so much that those initial projections
looked laughably naïve. What they don’t tell you is that this doesn’t
really matter. Ditching the old plan and writing a new one just shows
how adaptable you are in the face of all those “unforeseen challenges”.
Well, that’s what I tell myself anyway!
Entrepreneurs are known for being risk takers. We jump in with both
feet knowing we could fail. And when we do fail, it doesn’t keep us from
jumping in with both feet again. There is no fear of failure.
Failure
just means we need to try something different.
Fear of success? Now THAT'S the doozy.
Working
with entrepreneurs of all ages, backgrounds and skills over the years,
I’ve found there’s only one thing standing in the way of our success.
Can you guess what it is? Point at yourself. It’s you. It’s me. It’s us.
We
set deadlines, create to-do lists, write marketing plans, network like
crazy and tell people about our incredible ideas. Nothing else is in the
way of getting us to where we want to go, except self-sabotage -- the
pesky excuses why we didn’t get something done, telling ourselves
mediocre is good enough or believing that huge goal we set is just too
big.
The
person who created the fake list of excuses is the person standing in
our way. We can’t blame our families, upbringing, spouses, kids,
circumstances or clients. It’s our fault, not theirs. It’s not because
we can’t do the big thing; it’s just because we are afraid of the
results.
So, what if you ARE successful? You might make a huge
difference? Sounds terrible. Oh, not so terrible, huh? Because making a
huge difference is what you’re meant to do, what you were created to do,
why you were put on this earth. (Even if it’s a huge difference in one
person’s life.)
And I’m pointing at myself while I write this. As
I’ve been transitioning my own business over the last two years, I’ve
watched others do this and then realized that I too have been putting
off the inevitable change. I’ve made excuses. Caused distractions.
Staged events that would get in the way of success.
Because I’m
terrified of success. Of the overwhelming amount of lives I can change,
because I have that power inside of me. So, what if I’m successful? The
world might be just that much sweeter because there are other humans out
there who are doing what they’re called to do while supporting
themselves and helping others. Sounds horrible, huh?
Ask yourself the same questions I’ve been asking myself:
Why am I standing in my own way?
Our
pasts have a way of creeping in and being a part of our future. We can
be such heavy objects to move out of the way. What do you need to let go
of? What words have others said that still fill your mind?
What does success look like to me?
Success
can be an ethereal thing unless we define it. Getting clear on your
goals is key to know what success looks like. And it can't be a moving
target. Will you hit a certain monetary goal? Will you help a certain
number of people? Are there smaller successes along the way you can set
to get to your big success?
What happens when I am successful?
It
can be a huge release to finally hit success, but what will happen you
finally get there? Will you set another goal? Will you celebrate? Will
you find a new direction? Will you quit?
Creating an online business has never been easier. With the right
combination of software and a great business idea, you can start up
a venture quickly.
However, if you want to create a profitable online
business, you’ll need to follow some simple, but essential, steps in
your approach.
Here are four of the essential steps you’ll need to take to ensure your online business goes from set up to profitable -- fast!
1. Get and maintain a list.
If
you ask any online marketer today, they’ll tell you that having an
email list is your most valuable asset -- yet it’s probably one of the
least developed or pursued avenues of most startups. Don’t make the
mistake of letting your email list building and maintenance go on the
backburner. Start out with a simple, free list building tool such as Mail Chimp, which easily integrates into many online shopping cart services such as Shopify,
or if you have the budget, begin with a more sophisticated email and
customer-relationship management integration option such as Infusionsoft.
Regardless
of where or how you start, make sure you have a solid communication
schedule and strategy to leverage your list and build trust. Then as you
grow your online business, you can use your list as a direct sales arm
to reach an already interested audience.
2. Optimize for search.
Most
people don’t understand search engine optimization. That’s OK -- just
know that SEO is an important tool for getting visitors to your site.
You’ll want to build out organic SEO with industry standard practices
such as page titles, keywords and links. These things can change month
over month, so it’s important you hire someone who knows how to manage
this for you and is current on all the best practices.
SEO will boost your site rankings and help drive traffic, which means more potential clients on your site. Try sites such as eLance or Fiverr
to hire a freelancer who can help you with SEO for cheaper than an
agency, and less headache than trying to figure it out alone.
3. Test, tweak and track.
One
of the greatest things about having an online business is the
adaptability. With a brick-and-mortar business it might take weeks or
months to judge the efficacy of campaigns, but online you can test and
tweak in real time. To truly create an online business that is maximized
for profitability, you should constantly be testing and tracking your
efforts.
What’s
the effect of changing the color of a call-to-action button? Is orange
better than red? What headlines get the most clicks? What are people
drawn to on your site?
You can find out some surprising stats on testing from the incredible site Which Test Won? For some free and inexpensive insights into where people are clicking around in your site, check out SumoMe, which offers a “Heat Maps” plugin that actually tracks the highest areas of click actions on your site.
4. Make it easy.
A
clean, uncluttered site that is easy to navigate will be more
profitable than a confusing site. This is especially important during
checkout. You need a clear, easy process. The better your online
shopping cart, the better your conversion rate will be and that means
better profitability.
According to the Baymard Insitute, nearly 70 percent of
all online shopping carts are abandoned. That’s a lot of people
ditching your products after they’ve expressed interest in
purchasing. Up your conversion odds at checkout time by streamlining
your shopping cart experience with a single page, frictionless
experience. While studies and industry best practices may vary, by and
large a shorter checkout experience gives the consumer less chance to get frustrated or change their minds.
Follow these simple steps and watch your online business become more profitable.
There’s no denying, entrepreneurs – or those aspiring to be – must
retain as much knowledge as they possibly can and they must also
continue to grow it.
That’s because, in order to be successful in any
market, you’ll need to hone your skills, knowledge and be vigilant in
your work. That’s why, in addition to knowing your business, employees and
various strategies for success, you must also know how to use all the
tools at your disposal. These days, those tools are mostly composed of
modern tech and software.
You don’t have to be a techie at heart to be a successful
entrepreneur, but there are several forms of technology that you will
need to understand – and know how to use appropriately – to stay afloat.
This rule can also apply to many job-seekers and business professionals
looking to enter a high-profile market. At the very least, adding these
particular skills to your resume will improve your personal branding,
making it more likely you’ll land a position.
Without these skills, you might not fail, but you certainly won’t
rise above your peers and that’s important. To make an impact for your
business or brand, you’ll need to know a lot more – and have a lot more
tools at your disposal – than just the field you’re entering. Simple
skills like Web design techniques, working with social media and
communication tools, and even marketing will greatly affect your
success.
Ultimately, you’ll need to know a lot more than what’s listed here,
but these are some of the most important tech skills required if you
want to reach the top of your field. Social Media Social media isn’t just for personal use, it’s a remarkably effective
communication and marketing platform for businesses too. If you don’t
have a business, it’s also a great place to improve your personal
branding. You can always hire a team to handle this process, but
successful entrepreneurs always knows how to do the work themselves.
It’s not just about using the big networks like Facebook and Twitter,
either. You’ll also need to know how to make a splash on new networks,
and how to market across all of them – even some smaller ones that might
crop up later. Understanding how to communicate with your audience and
manage customer support is just as important. The social media space is
always evolving and changing and you need to be ready for it.
It’s a bonus if you have experience or know your way around social media tools like Hootsuite and Buffer, too.
This is one of the first skills you should focus on if you don’t already have experience. Know How to Wireframe Knowing how to wireframe a page is more technical in nature than it
is technology-based, but it’s still just as important. Once you know how
to complete a wireframe, you’ll have a better understanding for how Web
pages, apps, software and various projects are designed. At first, you
may wonder why this is important, especially since you’ll likely have a
development, tech or product team to handle this.
It’s because, once again, knowing how to do the work yourself means
you can communicate more effectively and more openly. In addition, if
and when you run into problems, understanding the process will allow you
to better visualize a solution.
Since this is a particular skill you’ll want to know before starting up a business, some great resources to look at are Digital Telepathy and Wireframe Showcase. Working With the Cloud Local storage has taken a backseat lately, and now everything is being stored in the cloud.
Cloud services like Google Drive, Dropbox, Salesforce and many others
are ideal for sharing large files and hosting community-based file
systems. This is especially important if you’re working on an app, piece
of software or similar tech-related platform. A solid understanding of the cloud – including what it is and how to
use it – will make you a more efficient collaborator, improving your
competitive skillset
Basic HTML and CSS Coding
HTML and CSS are integral to website design and administration. In fact, HTML is one of the most widely used languages in Web development.
At the least, you should have a basic understanding of these core
technologies so that you can better understand websites and the Internet
as a whole. From the onset, it’s tough to pinpoint times where you would
absolutely need this skill; but when you’re in the thick of it, HTML and
CSS knowledge will definitely come in handy. Consider the times when
you’ll need to generate a Web page for your business, or your
professional portfolio, and when you’ll have to customize said portal.
You can hire a Web developer to handle the heavy loads, but you’ll still
need to understand the basics to shape the website to your liking. Plus, it will help you better understand and communicate with your team of Web developers when the time comes. SEO Marketing SEO – or search engine optimization – is not as impactful as it once
was. That doesn’t mean it’s any less important in the world of
marketing. You simply cannot hope to survive if you don’t understand the
basics of SEO, and how to use it to your advantage.
It’s still a
considerable factor in the visibility of a website, and it’s especially
important for small to medium businesses. A small company like United Yacht Sales – which has done an excellent job with its website SEO
– can hope to remain visible in search results much longer. This in
turn drives more traffic to its website, bringing in more potential
business and ultimately resulting in higher profits. Naturally, you can
see why this is an important skill for budding entrepreneurs. Online Accounting and Bookkeeping In the long term you may have a team or group who handles the
accounting and bookkeeping for your business. In the meantime, it would
be beneficial if you understood the process and could complete it
yourself. Since managing your books and finances is largely software and
online-based these days, that’s where you’d need to focus your
attention. There is a long list of accounting software
you can use to aid with this task, but you’ll still need to understand
the software package you choose and that includes knowing your way
around it. Graphic Design and Image Editing At some point, you may need to dive in and help design or edit
various images on your website. In other cases, you may need to assist
in creating solid advertisements, fliers or promotional materials for
your brand. Whatever the case may be, understanding the fundamentals of graphic design and knowing how to edit and manipulate images is a crucial skill in today’s market. Knowing how to use design software like Adobe Photoshop or Canva will
greatly increase your skillset and make you a more valuable asset.
Expect this to be one of the personal branding skills that modern
companies and marketing firms look for. Email Marketing and Communication As an entrepreneur, you have to be a go-getter. It’s not enough to
leave outreach and communication solely up to your customer support and
sales teams. In fact, for your business or brand to succeed, you’ll need
to invest time marketing and communicating via email too. There’s more to it than just sending out blanket emails, of course. Understanding when, how and who to email are all parts of the equation.
However, once you grasp the core ideas behind email marketing and can
confidently reach out to potential clients yourself, you are well on
your way to success.
Online business is booming, and there has never been a better time to build, or buy, a business of your own. Buying
is a particularly attractive option, because a lot of the legwork is
already done for you. You don't have to go through the often long and
grueling process of figuring out your business model and monetization methods, which means you can go straight to expanding the business and increasing its profits.
Of
course, if you do acquire a business, whether you take it to the next
level or drive it into the ground is contingent upon your experience and
ability to run it. If you are new to the process, buying and running a
business could be more of a learning experience than anything else.
Nevertheless, if you're going to be searching for an online business for sale,
having a focus is extremely important. This will allow you to narrow
your search from the get-go, and eliminate the need to sift through
sites that don't match your interests and other key criteria. Whether
building or buying, the same principle applies: focus is critical.
Naturally, finding a business to buy can also be a challenge, because you have to know where to look. Here are four ways to find an online business for sale.
1. Directly
It
may be worth approaching businesses independently if you know exactly
what you're after. Of course, you'll still want to go through the
appropriate channels to do your research, prepare a business plan to
demonstrate your ability to run a business and pitch the business owner,
whether directly or through an intermediary.
You'll want to analyze the website's traffic and backlink profile using tools such as Alexa and Ahrefs.
Doing your due diligence at this stage is absolutely crucial, because
if you discover any off-putting trends, you may want to broaden your
search and find other businesses worth approaching. If a site still
looks attractive after you've done your research, you can move forward
with the pitch. The key thing to remember is to communicate that you are
serious about buying the business. This is why having a plan is so
important.
If you aren't sure who the website belongs to, you can often find details by running a simple Google search or Whois lookup.
2. Online marketplaces
There
are many online business marketplaces out there, and there are a lot of
buyers that begin their searches on one of these sites, as it is one of
the more obvious places to start. Buyers can look at a variety of
available listings in their chosen industry to find the most viable
opportunities. Buyers can also ask for additional information on any
listing, which will alert the seller of your potential interest.
Although
getting an account set up, scanning the listings and interacting with
sellers is a relatively straightforward process. One marketplace doesn't
necessarily have any more credibility than the other, and are generally
only as good as the brokers and sellers that are using them to sell
their businesses.
It is certainly possible to find desirable sites
using marketplaces, but you will still need to use your best judgment
in finding sites that make sense for you.
3. Auction sites
Auction
sites are similar to business marketplaces with the main difference
being that potential buyers can bid on sites. Using this system, sellers
have the opportunity to attract more interest in their websites, drive
up the price of their businesses and earn more money. At other times,
sellers may auction off a site without having a firm grasp of its value,
which gives the market the chance to cast a vote with their bids.
The
large number of listings makes auction sites an attractive option for
willing buyers. However, you should be aware that businesses on auction
sites haven't necessarily been vetted. Therefore, buyers assume more
risk, as there is less of a focus on operational and income
verification, and there is always the chance that some listings are
being misrepresented.
Due diligence therefore lies with the buyer.
If you aren't familiar with best practices, purchasing a business
through an auction site should be approached with some caution. Quality
listings are harder to determine, and shill bidding -- the practice of
creating fake buyer accounts to bid on the site -- can artificially
inflate the price of businesses that may not be worth the asking value.
4. Website brokers
Website
brokers (such as my company) are experienced in the sale of online
businesses, have knowledge and expertise, tools and a broad network to
draw from. Broker listings are usually pre-vetted using their
due-diligence process, and they specifically look for legitimate,
established sites with a stable income -- everything you should be
looking for as a buyer.
Brokers make the buying process easier on
buyers. They can rely on their experience, work with them to resolve
issues that may arise and can benefit from their advice and guidance
when going through their structured sales process.
Brokers are
only paid when the sale goes through, and therefore have a vested
interest in overseeing the deal from beginning to end. This is also why
they are committed to curating high-quality listings.
As a buyer,
you still need to be on the lookout for trustworthy brokers, as it is a
relatively new industry. Focus on building relationships, as this is how
you will find the best website brokers.
Final thoughts
If
you're looking to buy an online business, there are a variety of
different channels available to you, and one isn't necessarily better
than the other. They all have their upsides and downsides, and you have
to check your overall experience against the channel you're looking to
utilize.
If the due-diligence process is new to you, and you've
never bought a business before, then online marketplaces and auction
sites may not be the best options for you. On the other hand, even if
you do have a great deal of experience with the sale of online
businesses, there are times when working with a broker is still the
smartest thing you can do.
Running a home-based business comes with many benefits, like
flexibility, the ability to create your own schedule and even tax
breaks.
These benefits are hard to beat, but it can be difficult to grow
your home-based business.
However, being home-based doesn’t mean “staying small” or limiting your opportunities. In fact, some of the most well-known companies in the world - like Apple, Hershey’s and Ford Motor Company - started as home-based businesses.
Furthermore, 69% of entrepreneurs start their businesses out of their homes.
If
you have big aspirations and are looking for ways to turn your great
idea into a tangible business model that’s run out of your home, you
need a plan. Consider the following tips for starting and running a
home-based business:
1. Evaluate your space
Running
a business out of your home doesn’t mean your home is an ideal
location. It might be, but you might need to adjust. Think about your
current living space and compare it with the business model you have in
mind. If you need to be able to meet with customers or employees, can
you comfortably make that happen in your home? Are you easy to find? Do
you have adequate parking?
Additionally, look into whether zoning and permit laws in
your current location prohibit business or certain types of business.
If there are any hold-ups during this evaluation, moving to a home
that’s more suited for running a business and living comfortably at the
same time might be a good first step.
2. Stock up and set up
Once
you’re sure your home is ready for business, it’s time to focus in on
your actual office space. First, be sure you have a dedicated area
that’s appropriate for doing business. Your home may be equipped with an
office. If not, consider portioning off a specific area of a larger
room, turning a large closet into an office or even weatherproofing to convert a garage into your dream office.
Also,
think about the supplies you’ll need to do business. Everything from
furniture to offices supplies should be considered as you budget your
start-up expenses. Examine what you’ll need going forward and look for
ways to save. Services like Amazon’s Subscribe and Save allow
business owners to save certain percentages on ongoing purchases, which
could free up a considerable amount of money in the long-run.
While
stocking up, consider your brand. Personal branding is just as
important for home-based businesses as it is for large corporations.
Look at investing in marketing materials that carry your logo and
creating a website that does the same. Consult with a designer if you’re
unsure of where to start.
3. Set a schedule
You
may be dreaming about the flexibility you’ll soon have at your
fingertips, but if your business is going to be profitable, it will
require work. To set your schedule, consider:
How many hours per day you’ll need to get your business off and running.
What your current schedule looks like — what can you reorganize, and what will you need to plan around?
When
you work best. Are you a morning person or a night owl? When are you
most efficient and focused? For most adults, the answer to this question
is during the late morning. Plan to work during your most productive hours.
When
your customers and business partners are available. If you work best at
midnight, but you need to be able to contact customers or key business
partners during normal working hours, it may be difficult.
Once
you’ve considered all of the important factors listed above, create an
actual schedule. Mark it on your calendar and share it with your family
and friends. Understanding that you’re actually working, even though
you’re at home, is beneficial for everyone.
4. Get your books straight from day one
Here’s the thing. Running a business out of your home comes with many tax benefits.
However, there are still penalties for failing to comply with tax laws
and failing to report proper income levels. To avoid this, consider
investing in comprehensive tax software from the beginning stages of
your business to keep your books straight, or start working with a tax
accountant. Ensuring your operations are in concordance with IRS regulations will protect your business in the future.
5. Consult with a business attorney
Just
like IRS regulations, there are many laws that apply to home-based
businesses. This is especially true if you’ll be using contractors or
hiring employees. One misstep or oversight could ruin your business.
Consider searching for a reliable business law attorney in your area and
set up a consultation. An attorney can help with:
Setting up the proper structure — LLC, corporation, partnership or another option.
Ensuring you have the proper paperwork on file for each employee.
Asking the right questions and providing input to ensure you move forward according to the law.
6. Keep your personal life separate
When
you work from an actual office space, it’s easy to leave work at work.
You may think about it after hours, but everything you need to do your
job is at the office. When you work from home, it’s much easier to blur
that line. Remember that you have a set schedule. Things may come up
unexpectedly, but try to find a way to stay away from your office space
when you’re not working. This is critical for your mental health and
happiness — and that of your family, too.
7. Create a network
When
you work from home, you likely spend most of your time on your own.
This can lead to negative emotional and psychological consequences,
especially for entrepreneurs who thrive on being out and around others.
To
combat this, consider looking into local, professional organizations.
Find something up your alley and go to a meeting. If it’s a good fit,
become a member. Make an effort to attend social events to learn more
about your industry and to connect with people in the field. This might
provide the social energy you need to thrive, and it’s another important
aspect of creating a personal brand that’s recognized by others.
Running
a home-based business is an exciting prospect, but it’s going to need
some work. To ensure you get started on the right foot and prosper going
forward, consider the seven tips above and jump in. Big things could be
right around the corner.
