Wouldn’t it be great to be able to quit your job,be your own boss and earn a paycheck from the comfort of your own home?The good news is that with a little planning and some startup money,it is possible!There are a number of issues you need to consider.Different supports and regulations apply,depending on your particular situation.
Do you have what it takes? – Not everyone is cut out for the challenge of starting their own business.There are several personality traits that are common among successful entrepreneurs, including discipline,confidence,good communication skills,humility,honesty,record-keeping skills,motivation,good health,optimism,etc.
Develop A Work Space – If you are considering a home-based business,remember that your home’s primary function is to serve as a dwelling for you and your family,not as a warehouse or meeting place for your clients.If you’re considering a computer-based business,make sure you have the technology necessary.
Legal structures – You can set up a business as a sole trader,as partnership or as limited company.The type of structure you choose depends on the kind of business you are running,with whom you will be doing business and your attitude to risk.It is advisable to get the advice of a solicitor or accountant when considering the structure for your business.
Business plan and funding – Your business plan will serve as a guide and communicate with your bank and/or investors what you’re doing and why they should invest in you.It should include mission statement,executive summary,product or service offerings,target market,marketing plan,industry and competitive analysis,pro-forma financials,resumes for the company’s principals,your offering and an appendix with any other pertinent information.
Most businesses require startup finance.This investment will help you break even after a year, but remeber that even successful businesses can remain in debt for the first few years.Potential sources of funding include a small-business loan from your local bank,tapping into your savings,money from other investments,borrowing from family/friends and as a last resort,credit cards.
Plan your budget – Without a budget,a business runs the risk of spending more money than it is taking in or not spending enough money to grow the business and compete.Plan your budget by researching industry standards,giving yourself a cushion,reviewing the budget periodically and shopping around for services and suppliers.
Employment rights and employers’ obligations – If you are starting up a business and decide to recruit staff you must register for PAYE and PRSI with the Revenue Commissioners.You need to know your obligations and duties as an employer and what are the rights of employees.There is a guide for employers who are starting a new business with paid employee.
Money makes your business go,and usually banks give loans only to businesses with operating histories.If the target company has a lot of assets,positive cash flow and strong profit margin,the buyer should be able to find bank financing.But if you want to buy a service company that has a lot of receivables and short-term assets,the level of difficulty of securing bank financing increases.To help improve your chances, find a bank that has a history of financing the type of business you are buying.If the seller has a strong relationship,then talk to seller’s banker.Talk to a number of banks in order to secure financing.What most buyers or prospective borrowers don’t understand is that each bank’s requirements are different.So you may go to one bank and get turned down for a convention loan or SBA financing.You are left with the impression that you don’t qualify for a loan.But that could be further from the truth.
Small business funding – Finding small business funding is one of the survival skills needed for small business success.Whether you’re a start up or growing business,learning the basics of raising capital will go a long way to ensure you stay in business.There are a variety of money sources for small business including grants,small business loans,SBA loans,angel investors,etc.The new changes to the small business lending market represent an intensifying competitive industry.Many non-bank players are forcing banks to adapt to the market or lose market share.For the small business owner,this means a greater choice and service as all companies wake-up to the size and power of small business.
Business finance can be short-term or long-term.Based on the need,both these categories have their respective
business finance sources:- Short term finance – A trade credit is a short-term business finance option.Some banks provide short-term business finance by allowing businesses to overdraw money from their accounts.Overdraft facilities are made after a prior agreement by the bank with its customer.
Long term finance – Share capital has been on top of the list for long-term business finance options.A company will sell its stocks to shareholders in return for cash.It can also be defined as a process by which a company raises business finance by issuing common or preferential shares to investors.
Venture capital is germinal business finance,invested purely for long-term results.Investment funds or wealth management companies will identify high-potential companies who are at their nascent stages of development.By investing at the grass-roots level itself,venture funds always have a long-term vision in mind.Venture capital is also given to established companies that have business finance needs for expansion or diversification purposes.
What we now call the business support services industry has experienced a similar and perhaps even more remarkable evolution. It began as secretarial services or typing services. But those operations have gone and, replaced by modern, techno-savvy entrepreneurs who want to take advantage of a virtually limitless market.
What exactly business support services are – The business support services refer to those business activities that act as auxiliaries to trade and facilitate smooth flow of goods from producer to consumer and the functioning of business as such. These include banking, insurance, transportation,warehousing and communication. Banking helps in providing finance and payment facilities,insurance to provide a cover to all sorts of business risks, transportation to facilitate physical movement of goods from one place to another, warehousing to provide storage facilities at various places to meet seasonal variations in demand, and communication for facilitating exchange of information and ideas between producers, middlemen and consumers. Thus,effectively, these business services are essential for smooth functioning of any business in any part of the world, and every person who is engaged in business must be fully aware of their functioning and use.
The gamut of support services of business – Support Services of Business means services provided in relation to business or commerce and includes evaluation of prospective customers, telemarketing, processing of purchase orders and fulfilment services, information and tracking of delivery schedules, managing distribution and logistics, customer relationship management services, accounting and processing of transactions, operational assistance for marketing, formulation of customer service and pricing policies, infrastructural support services and other transaction processing.
Banking helps business through a variety of services such as providing long-term and short-term finance, arranging remittance of money, collection of cheques and bills etc., assisting in raising of capital by acting as underwriters and merchant bankers and so on.
Tata Business Support Services – Established in 2004, Tata Business Support Services (formerly E2E SerWiz Solutions) is a wholly owned subsidiary of Tata Sons, the holding company of the Tata Group. It provides voice and non-voice based business process services from its delivery centres in India and in the US.Tata Business Support Services has both onshore and offshore capabilities to meet specific client requirements. The company provides voice-based inbound and outbound interactions, as also interactions through email, chat and collaborative web sessions.Tata Business Support Services focuses on select industry segments such as travel, healthcare, direct-to-home entertainment, utilities, telecommunications and government-to-citizen initiatives.Headquartered in Hyderabad,Tata Business Support Services has centres in Pune,Hyderabad and Mohali in India and Florida and Ohio in the US.
Business development is a broad term applied to the process of strengthening ties with existing clients as well as cultivating customers in other sectors of the consumer market.In order to accomplish this goal,business development normally crosses the traditional barriers between sales,marketing,customer care,operations and management in order to promote this process of expansion on more than one level for the company.This means the business development specialist must exhibit a degree of competence in many different areas in order to identify and capitalize on growth opportunities.
Business development is a must for every company – The process of business development can incorporate many different departments within a company.All businesses need to focus attention on the creation of marketing and business expansion.While there are people who devote their professional lives to stand alone business development tactics for other companies,some businesses prefer to do the work themselves.Small businesses need at least one person devoted to the development of the business,even if they have other responsibilities.An employee who works closely with the marketing and sales team as well as the product development team will do very well in their job duties.
Work profile of a business development professional – A business development professional’s main focus is to identify opportunities for the business, but also they need to stay up-to-date on current industry trends. Knowing what business competitors are working on is helpful to keep your business strong. Noticing when there is a new market sector or specific new client’s means your company can work to improve or change up your advertising campaign. Most business development experts recommend that new opportunities in the company’s industry be identified as often as possible in order to expand current markets and bring in more money. If your company cannot afford to have its own business development team, often you can have the advertising, sales, and/or marketing department handle the business development responsibilities.
The key to successful business development – It isn’t about simply hearing the word “yes”.It’s hearing it fast.You need to know,quickly,whether someone you’re in discussions with is serious about doing business or not.If they’re not,you need to move on.One of the foundational aspects of business development is to assess the current assets of the company as they relate to the maintenance and expansion of the business.To this end,the business development specialist will work closely with sales and marketing professionals to identify the degree of penetration already enjoyed by the company in various sectors of the consumer base.
Business development is all about three things – relationships, value and timing.
Most advertisers are racking their brains as to how they can tap into a larger customer base and keep up their sales. There are many who have an offline presence and they are looking at increasing awareness through online sales and promotions. But what if you are simply an online coupon deals website? How would you grow your customer base? Well, there are ways at arriving at solutions and keeping up the sales and promotions by reaching at an increasing number of customers all the time. Here are some tips.
Decide Your Category
Do you promote coupon deals of only one category of goods or services? There are coupon sites which promote coupon deals of only fitness products like equipments, weight loss supplements, creams, lotions and everything under the sun that is related to fitness. Such websites need to ensure that their presence is there in all relevant fitness sites. For this, one needs to associate themselves with the right ad program which will automatically link your ads to the relevant sites. What’s more, as and when new sites come up in the specified category, your website’s ads will be flashed.
Ensure That You Specify The Domain
Sometimes, online or offline businesses are region specific. For instance, even if you sell coupon deals through your website, the companies which provide such deals cater only to customers of a specific region, either of the US, UK or the Asian continent. Some may sell internationally. Thus, ensure that your coupon site gets associated with the websites that sell their items or promotions in the right domain. Customers who get disappointed to not get free samples by mail as they do not belong to a specific region or country will veer away from your website for good.
Expand Your Client Base
Explore and find out ways to increase your client base. If you were tying up with only web host companies and offering their coupons on your site, what other categories of products or services could you tie up with? Or could you advertise everything under the sun? That is a strategic decision to take and the actions have to be planned accordingly. The online traffic management, the coupon advertisements and other associated work will also increase accordingly.
Keep Your Site Updated
No matter what kind of online business you run, it is a dampener if customers find invalid links or information on your site. That reduces the credibility of your site in the eyes of customers and you will find reduction of traffic to your site soon. That will in turn adversely affect sales. Thus, ensure that all information is updated on your site. If you run a coupon deals site, ensure that the coupons are updated and have not expired. People should be able to leave their comments and you need to check on links that are reported broken. In such ways, one can ensure that more traffic flows into one’ site. Click here for a great free samples site and find the success signs in its working.
Why Personal Assistant?
A personal assistant hired on hourly basis the best option that is available to small businessmen in order to have control over their business costs and also to increase the sales and productivity of the business. There is no businessman who would not like to save every penny whenever he gets an opportunity and by hiring personal assistants whenever you need so, you will be able to save a lot of money that you might have spend on the salary of a personal assistant. With such an easy option, you will be able to hire eligible personal assistants instantly and they will be able to share a portion of the workload and relive you of excess work load and tensions. The most important advantage that you as a business owner will get by hiring personal assistants from exec runs is that you will immediately get more prime time to concentrate on other important business issues and the clerical jobs will all be taken care of by the personal assistant you have hired on hourly basis.
Caliber Of Personal Assistants
The exec runs have the apt person for the apt business and hence you will always be getting highly trained and courteous personal assistant to carry out any of your office jobs. He or she will be well versed in providing administrative support to your business and will also ease your work pressure by sharing some of your work load. These personal assistants do have excellent time management and hence you need not worry about him completing the assigned job in time. The person whom you hire would be thorough in back end data entry, social media, web as well as good in managing business. There is no doubt all your business information and important details will not be leaked outside as these personal assistants stick to confidentiality. They can be hired for as many hours as you want and you need to pay the company on hourly basis. The best part is that these personal assistants are available every time on demand and you will be able to get one within a space of one to two hours.
The first and foremost advantage is that you need to pay these personal assistants that you hire on hourly basis only and that means that you need to pay only for the man hours that they put in. You will be able to hire them at any moment of time and they will be handling your business calls whenever you need them to. With an on demand personal assistant you will be saving a lot of your time on clerical jobs during business meetings and client meetings. Your small business will be able to provide a better customer service and will also help in increasing the productivity of your business as you will be able to concentrate on the important job at hand.
There is no doubt that hiring personal assistants is the ideal solution that you can look into when you have some urgent and emergency business meetings that crop up from time to time. Click here www.execruns.com to know more about the personal assistant services.