Category: Expedition

Why Your Home Based Online Business Failed to Make Money

Category:Expedition

If your business does not money, here’s the reassuring news.

Failure in running a home based business or an online business is common. Recovery from failure to success is also common, and for those owners persistent enough to bounce back, nothing can make them go back to their old lifestyles ever.

So what went wrong? And how to pick up the baton and touch the finish line? How to be finally successful in our journey to make money?

1. Incorrect mindset

Most of us come from a career background. We have the worker mindset. Our focus is to get our job done and collect the paycheck. We are afraid when other people come do our job. They might later take away our job.

As a business owner, whether it’s a home based business or an online business, we have to plan, find product to sell, make that product, sell that product, make the customer happy so they want to come back again and again for more, communicate with people interested to buy but have not yet decided to buy. There’s so much to do when we choose to make money on our own.

We need a change to a home based business and online business owner mindset. But what is this mindset like?

Recognize that time is of utmost importance when we set out to make money. Whatever that we can get other people to do we should. If free that’s great. If there is a cost then as long as its affordable, and the works get done better and faster than we can achieve ourselves, go for it. Deciding factor is can we make money? Do not allow self-pride to hinder our goal to make money.

Just like the aeroplane taking off from the runway, the home based online business must be up and running soonest, at all costs.

2. Help for your home based or online business

As a home business or online business owner we are our own teacher and mentor. Sometimes that may not be enough. It’s good to have a friend who is also running a home based business or online business like yourself. So very often the kind of difficulties that need to be overcome are common and there is no need to re-invent a solution when asking and sharing is all it takes. This can alleviate a whole lot of stress.

3. Run out of gas

We have to keep the initial enthusiasm and fire burning. Never allow the wish to make money to wane. Key to making sure this never happens is to get your home based online business to earn money as fast as possible, doesn’t matter that it is small income at the beginning. It is a well-known fact that franchise businesses exhibit a significantly higher success rate and earlier take off rate than completely new concept businesses.

4. Patience and determination

It definitely helps to have a symbol of your goal right in front of you. Why are you working your guts out for? This can be a model of a house that you want to own, a Porsche car that you have been dreaming so long to have, a happy family that can afford they things they want, and so on. Some look at their children and immediately feel the necessity and the must do even I die trying kind of force. You’ve got to be able to survive the bounce.

5. Don’t fall for short cuts

It’s an illusion. Short cuts, especially when they come free of charge, don’t work. There are many people who made millions in a month. People can push buttons and make tons of money, but it takes time, knowledge and a whole lot of experience to do it. The best that you can do, and this is proven to work, is you should aim to cut short your learning curve, and better still, earn while you learn.

6 Fail because your home based business or online business never got started

If you want to learn how to swim, you’ve got to get in the pool!

Reading and planning and for that matter watching a ton of videos will in fact certainly help you… but please don’t stop there. If you want to make money the take definite action to get your home based business or online business off the ground.

Home-Based Business Call Center And Earn Income Within The First Month!

Category:Expedition

While there are a host of companies that promise legitimate work-at-home opportunities that don’t deliver, luckily, there are companies that do indeed have “work” to offer that can be done from home. Customer service work is a leading work-at-home opportunity that consistently seeks to bring aboard talented home-based customer service representatives that excel in providing quality service to customers.

To get to the level of working legitimately from home and taking customer service calls for companies, one must first understand the differences that this form of “work” may come in. First, there’s the need to overcome the negative connotation associated with paying a fee to work online.

I know, I know! Before, I stated that there are a dozen or so companies out there that would not ask individuals to pay to work for them instead of the other way around, right? Well, quite honestly, there are. Allow me to explain. There’s a difference in working for a company from home as an employee or as business.

The question is: do you want to work as an employee or a contractor? Not all work-at-home opportunities offered are offered by employers. Rather, many work-at-home opportunities, more specifically customer service positions, are just that, an opportunity — an opportunity to make an income by forming your very own home-based business.

What’s the difference? An employer hires an individual to perform one role within the organization and the individual will work for that employer with an agreed upon salary. A home-based business contracts with several different companies and may offer a variety of services because the business would receive a different pay rate for each service the business is contracted to service.

This presents a slightly different level in regards to earning potential for the home-business providing the service because the business can service any number of clients at any given time. No salary cap — only capped by the business offering its services. So you see, the opportunity becomes a little greater when offering services as a business vs. as an employee. Since a business has the ability to earn more, there are requirements for this kind of privilege.

Now while there are employers that do hire employees to work from home to take customer service calls, and it’s important to know of these options, we will take the time to focus on business opportunities instead of employer-to-employee work-at-home opportunities. It’s important to understand that some companies only work with home-based businesses and independent contractors, so that all work-at-home opportunities and options are considered and not mistakenly cast aside, which leaves money on the table.

Selling A Business Is Unlike Anything Else

Category:Expedition

The price of a business is determined by a valuation. The rules of a valuation come from the law and then legal cases as well as the Internal Revenue Code and custom. The price for most other items of value are determined by market comparables (for example, when valuing a house), looking up a book or some online site such as Kelly Blue Book (for cars) or results from eBay or some other online service (for any item you can think of). That is, there is no legal interference with the value of any these items except a business.

When advertising to find a buyer of these items, with the exception of a business there are no rules. To be clearer, when selling any other item the owner wants the world to know it’s for sale. Regular and established advertising channels are used including online web sites, newspaper or magazine advertising, family, friends and anything else to find a buyer. Conversely, with a business, advertising is done using less familiar methods and in most cases, the advertising is obscure so family, friends, customers, employees, suppliers, landlords, lenders and others are not aware the business is for sale.

When a buyer and a seller enter into negotiations for anything except the business, it’s generally very simplistic and does not need the involvement of third parties. In contrast, negotiating a business often involves complex negotiations with sophisticated parties. These parties can include lenders, landlords, attorneys, accountants, business intermediaries or business brokers as well as hidden support for buyers and sellers such as family and friends.

When selling a business, to get the maximum price possible, normally involves a lot of work for an extended period of time. The steps the seller takes includes trying to increase revenue, recasting the financial statements to arrive at an accurate and supportable discretionary earnings of the business and repairs and upgrades to make sure the business looks the best. Items being sold other than a business can similarly be polished but there is a limit on what can be done and the amount of time to do it.

When the buyer and seller reach an agreeable point in the negotiations of a business transaction, all items must be converted to paper. One of the first items it defines is whether the business is being sold as an asset or stock sale with this single decision has many tax and legal implications. Additionally, this one decision in itself, can set off a series of negotiations or at least, in-depth discussion and analysis by both parties.

In some business transactions, the negotiations can trigger a set of different valuations to support each parties position and whether or not the transaction ultimately closes. For example, if the purchase includes real estate or a large number of physical assets or intangibles such as trademarks or copyrights or the business itself then there could be four valuations. The first is a valuation of the commercial property, the second is a machinery and equipment appraisal, the third is an intellectual property appraisal and the fourth a business valuation.

7 Ways to Exit Your Business

Category:Expedition

If your plan is to start a business grow and run the business until you are 65 and then sell it- you have a plan and are ahead of most. It is so easy to start and buy a business and spend a lot of time preparing for that acquisition or start up, then get wrapped up in the transition or start-up, then get wrapped up in the day to day, and then one day you get real sick, and you have no one in your business that knows how to run your business, and laying in bed decide that you may need a plan- it may be to late then.

I am currently a business broker based in Florida and find my role of meeting with small business owners brings awareness to the need for an exit strategy. I had owned my own small business for 20 years and realized how ensconced with the day to day one can get with their small business. There are several ways to exit ones business- I primarily work with small business owners looking to sell their Florida business, but observe some of the other exit mechanism and have been personally involved with several of these methods.

These are a few methods a small business owner may utilize to exit a business. Some are good, some not so good.

The Good, the Bad and Ugly Ways to Exit Your Business

Sell at profit- can include “merger with other companies
Sell at Loss
Close your doors-bankruptcy, long term negative cash flow.
Poor Health, Significant Injury, Death
LBO (Leveraged Buy Out)
Successfully grow it to such a size and take it public
leave to children

Or some combination of the above- one could die and leave the business to the children

But when you look at the above list you recognize that some of the exit strategies you choose on your schedule and others are “chosen for you” and you have less control over the time frame. Your plans can change and often do, but I suggest you plan to have a plan.