business

Tips for Starting a Business While Unemployed

June 6, 2020 by Tim McMahon

Job loss is never nice, that much is for certain. It brings with it a lot of financial uncertainty, and it can have a devastating impact on the person’s confidence and self-esteem. That being said, unemployment still throws up a host of different opportunities, one of which is entrepreneurship. If you ever lose your job, don’t allow yourself to wallow in the disappointment for too long — see it is as an opportunity to broaden your professional horizons. If you use your newfound free time wisely, there’s no reason why you can’t start your own business and ultimately take your career to a whole other level.

Explore Your Options When It Comes To Financing Your Startup

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Things to Consider Before Starting Your Own Business

December 3, 2019 by Tim McMahon

Starting a business is a popular dream among those who wish to break from the day to day drudgery their current job. If you’ve reached a point in life where you’re interested in taking a chance on your entrepreneurial dreams, there are many factors to consider. Here are some things to think about before you quit your day job.

Ideas are “a Dime a Dozen”

Only 1-in-60 people who dream of starting their own business actually follow through. Many of the other 59 ideas are good but good ideas aren’t the only key to starting a successful business. More important than a good idea is dedication and “follow-through-ability” i.e. persistence. Starting a business is hard work. Do you have the persistence and dedication necessary to get it done… no matter what? Your “million-dollar idea” isn’t worth anything until it actually makes a million dollars. A good idea with mediocre execution won’t get anywhere… BUT a mediocre idea with great execution will still yield a viable business. Execution is everything.

Start Slow

No matter how profitable your business may eventually be, it pays to start slow. Trying to get big too quickly can result in problems. Start small and use that time to work out processes and systems that are scalable. Although early months or years with little cash flow can make things tough, they are a time for learning when the consequences of mistakes are small as well.

A safe route is to start slowly in your spare time. This way you can learn the ropes, build clientele, and you still have your income to fall back on. Once you are earning as much part-time as you are full-time you can easily tell your old boss good-bye.

Be Honest with Yourself

Many people attempt to start a business without carefully considering their strengths and weaknesses. Their friends encourage them but don’t honestly believe in the idea. They tell you “Yeah, I’d buy that but then when the time comes they have nothing but excuses. Like ideas, opinions are worthless unless they are willing to put their money where their mouth is. Get advice from unbiased parties before committing money to the project. That is why programs like Kickstarter and GoFundMe are so valuable. They show how many people are really willing to buy your product because they have committed real money.

Is There a Market?

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How Businesses Can Support the Career Goals of their Veteran Employees

November 19, 2019 by Guest Contributor

Veterans are disciplined, dedicated, loyal, are fast learners, have integrity and a strong work ethic. So you would think employers would be tripping over themselves to hire them. But often they have difficulty adapting to the differences between corporate and military life. According to Spencer Milo, a former sergeant in the US Army, “If you hire someone from the military, you are never going to be concerned if they are going to show up on time… they are going to give you everything that they’ve got.” But the transition can be difficult as veterans of our Armed Forces adapt to civilian life.

Educate Your Management to Educate Others

But adaptation is not a one-way street. Incoming veterans are absolutely not the only ones who should be prepared to adjust to a new cultural influence. Managers and corporate leaders who are comfortably versed in the military’s uniquely disciplined structure can actively see communication and language gaps ahead and navigate them creatively in search of more comfortable common ground. If your organization is already home to experienced veterans, those members of your workplace family may be the ones best equipped to recognize the ingrained strengths and expertise that will provide the greatest value in your environment. Military experience cultivates significant competencies and skills corporate life simply doesn’t develop as effectively. The right veteran could become some of the most agile decision-makers and collaborators to a company prepared to recognize and talk about how cultural differences can actually strengthen a team’s knowledge, world view and capacity for cooperation.

Help Veterans Find Opportunities

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Taking Your Real Estate Business to the Next Level

August 27, 2019 by Guest Contributor

Owning a real estate business is one of the best ways to make a living in today’s world. It can be interesting, exciting, and lucrative, but you always need to try harder to maximize your potential. Taking your business to the next level might seem easy at first, but it’s just as hard as starting it. However, if you get properly organized and make a real plan, you can do whatever you want. If you too are trying to improve your real estate business as well, here’s what you need to do.

Invest in Marketing

Most real estate professionals generally don’t really like investing in marketing, but you need to spend money to make it. That’s why marketing is vital, and you should always be looking for new strategies. Instead of being complacent and happy with what you’ve already got, you need to start thinking outside the box. There are lots of marketing strategies you can explore, so you too can find something that will work for you. From using online resources to tailoring your web content, these will help you boost your business and start earning more.

Widen Your Scope

Real estate agents are always accentuating the importance of location, but is that really enough? Being the best realtor in your area is amazing, but that doesn’t mean you can’t do something more than that. Simply widen your scope and start covering a larger area. Take other properties into consideration and do something new. Don’t be afraid to take chances and risks because some of them will surely pay off in the future. This is the way to make your business grow and develop in the decades to come as well. [Read more…] about Taking Your Real Estate Business to the Next Level

Best Side Hustles of 2019

July 2, 2019 by Tim McMahon

Changing careers is a risky business. But with unemployment rates at the lowest levels since 1969 finding a new job should be easier. However, if you’d like a little bit of insurance against the unexpected you might want to pick up a little “side hustle” cash to tide you through the transition. Or perhaps you are a stay at home mom and would like to pick up some extra cash. Here are some tips so you can make money from home.

Do Surveys

You may be wondering, why would you want to do something so completely boring and low-paying? However, not all surveys pay ridiculously low rates. Some can pay as much as $75. Look up good survey platforms and keep an eye out for surveys that match your experience and interests.

Play or Create Games

Believe it or not, this is a good way to make money. You can work with user Testing, which pays people to test out games and record their thoughts. That is a pretty exciting new way to make some money. You can make money and have fun while still feeling like a hardworking person.

Starting Your Own Business and Keeping It Successful

May 13, 2019 by Guest Contributor

No matter what you do, where you work, and how much experience you have, you’ve probably thought about starting your own business at one point or another. Even though this idea is scary and challenging, it’s still one of the best moves you could be making, and all it takes is some self-confidence and a lot of hard work. The thing that might frighten young entrepreneurs the most is the fact that the majority of new businesses and startups fail after just a year or two, so starting your own business isn’t enough – you need to keep it successful as well. Therefore, here are a few things you need to take into consideration if you want to be successful in the future too.

Come up with a Lucrative Idea

This is probably the first issue you need to deal with. Yes, coming up with a unique business idea is hard, but if you approach this process carefully and give it some thought, you’ll surely be able to find an idea that might work for you. Often copying a proven idea and adding a new spin or targeting it to a new niche is all that is necessary. Look into new niches, think outside the box, search for other fields of interest, and figure out what the customers are looking for, and you’ll have a whole list of ideas you could put into practice.

Find a Great Name and Visual Identity

If you watch “Shark Tank” you know that business people start new companies every single day, and if you want to be successful, you need to find a way to stand out and be better than your competition. The way to do this is offering great services and products, but also having an amazing business name and visual identity as well. Although picking a business name doesn’t seem like the hardest thing in the world, finding one that’s going to be special and catchy could turn into quite a tiring process, so don’t be afraid to dedicate some time and energy to this decision. Once you do that, you can continue working on your logo, slogans, business cards, and other elements of your visual identity, thus completing your branding process. [Read more…] about Starting Your Own Business and Keeping It Successful

4 Ways to Spot Early Financial Problems in Your Business Practices

April 3, 2019 by Tim McMahon

Most businesses fail because of financial troubles. The key to running a successful company is catching these problems before they get out of hand. Here are four ways to spot early financial problems in your business practices.

Keep Track of Every Dollar in and out of the Company

There are a variety of different forms of financial problems. There are cash flow issues i.e. you aren’t collecting on receivables quickly enough. Another issue is too much debt without enough income to cover both interest and principle. Instead of falling deeper into debt, often a business will make the wise choice to cut their losses. Cash flow management is the best way to spot this potential problem before it is too late. Every business has cash coming in and out every single day. Money comes in as customers make purchases, some of the money goes to pay employees, some goes to cover material costs and utilities etc and some of the money is reinvested into the business. Tracking and managing this flow of cash is critical to keeping a new business afloat. This information can help business owners make more accurate and key decisions in a moment of crises.

Starting a Restaurant Business?

March 25, 2019 by Guest Contributor

Being a fan of cooking and preparing three healthy meals for your family every day of the week is one thing, but doing that professionally for dozens of people all the time is something completely different. But, if you think cooking is your true calling, this is something you have to invest all your time and money into. Starting a restaurant business can be hard and challenging, but it’s probably the most exciting thing you’re ever going to do, so here’s what you need to look into and how you can become the best restaurateur you can be.

Why are you doing this?

There are lots of reasons why people open restaurants – from wanting to be in a charge of a successful business and trying to invest their money into something lucrative, to actually trying to make a difference in their community and sharing their passion with the world. So, you need to understand what you’re doing and why you’re looking into this idea in the first place.

Once you define this, all the other crucial things – the scope, the size, the location, the menu, the design, etc. – are going to come to you naturally. In the end, if you don’t know what you’re doing and what you’re trying to achieve, your restaurant won’t be successful and you’ll just waste your time and money.

How big a restaurant do you want?

Depending on your ideas and desires, you can either start a small restaurant that’s going to prepare only a handful of different meals daily, or a huge place that might be able to accommodate dozens and dozens of hungry guests. Ultimately, it all depends on your level of skills and dedication to your new career. [Read more…] about Starting a Restaurant Business?

Running a Successful Restaurant Business

February 26, 2019 by Guest Contributor

Owning a successful restaurant is hard because of the competitive market. With so many restaurants opening, it can be hard to find your unique niche. Common wisdom has it that 90% of restaurants fail in the first year. But actually it isn’t quite that bad. The actual number is is about 26%. But another 19% fail in the second year and 14% more fail in the third year of business for a total of 59% failure rate in the first 3 years. So obviously there is more to running a successful restaurant than just knowing how to cook grandma’s famous baked beans. If you have a desire to succeed, you need to study the secrets of successful restaurateurs. [note: the proper spelling is without an “n”.]

Location is Everything

Legendary marketer Gary Halbert used to ask his students this question, “If you and I both owned a hamburger stand and we were in a contest to see who could sell the most hamburgers, what advantages would you most like to have on your side to help you win?” The students’ answers vary. Some say “superior meat from which to make their burgers”. Others say “sesame seed buns”. Others mention “location”. Someone usually wants to be able to offer “the lowest prices”. But Halbert says the one advantage that trumps them all is “a starving crowd”. Now some may say this is actually a function of location. But without keeping this factor in mind you might misjudge what makes a good location.

When it comes to choosing the perfect location, you have a few choices. For example, it’s always great to find a property near colleges because students love reasonably priced meals (and always seem to be hungry). On the other hand, if you want to run a high-end restaurant, you may want to think about the business quarter and try to attract people during their lunch break or business meetings. But be sure to keep Halbert’s advice in mind and find the location with the “starving crowd”.

Getting Started

Starting a restaurant can be a very expensive proposition. According to Restaurant Engine “the median cost to open a restaurant is $275,000 or $3,046 per seat. If owning the building is figured into the amount, the median cost is $425,000 or $3,734 per seat.” So if you are on a limited budget (and who isn’t?) you might want to start small. Unless you have a lot of restaurant experience and a Culinary Arts degree, consider getting a food truck and visiting events (this will put you in front of a starving crowd) and give you experience preparing food and dealing with customers. If this small venture succeeds you can consider looking for opportunities to expand into things like catering, etc. and then when you do open your restaurant you will be prepared and experienced.

Mowing Grass to Earn Green: Things to Consider Before Starting a Lawn Care Business

February 19, 2019 by Tim McMahon

Lawn care can be a profitable entrepreneurial opportunity for those who are willing to work hard and consistently network for more clients. Just like any other kind of business, though, there are a few factors and challenges to consider before heading out to buy equipment. Here are a few things to consider before starting a lawn care business.

Managing Startup Costs

Perhaps the most prohibitive aspect of launching a businesses in this industry is relatively high initial startup costs. It’s possible to start with minimal equipment, but this limits the number and type of projects you can work on. Starting a proper lawn care company requires an arsenal of equipment, including chemicals, tools, and vehicles. This is particularly challenging, as it can take a few years before earnings rise to a significant margin over costs.

Demanding Work Environment

Anyone working in lawn care spends a lot of time outdoors on job sites. Even owners and supervisors are often doing as much physical work as their employees as the company gets off the ground. That’s why you should consider talking to a personal physician to assess your personal fitness and physical health before starting a physically-demanding business. You don’t want to invest in your business only to discover your health won’t allow you to continue with it. But if you enjoy being outdoors a lot this could be a great option for you. [Read more…] about Mowing Grass to Earn Green: Things to Consider Before Starting a Lawn Care Business