Free daily tips, information, advice and ideas
to help you better manage your small business.
Managing a small business means managing money. If all your expenses and payments add up to less than income, you can point to a healthy bottom line.
Even so, there is never enough money to do all the things you want to do. It comes down to a juggling process--matching income with expenses. This is like a juggler juggling only two balls.
Good business people juggle three balls. That third ball is the money that's left over after all the bills are paid. That third ball is growth capital. It's the excess dollars you can use to expand your business.
Example: Nancy runs a flower shop. Income exceeds expenses, but there is little left over after all the bills were paid. She decided to make a big push for Mother's Day since it represented the biggest day of the year for flower orders. She blasted out emails to current and former customers. She took dozens of pictures and posted them on Facebook, Pinterest, and LinkedIn. She reminded people of Mother's Day on Twitter. With little expense, Nancy put her flower shop in front of hundreds of people in the area. Orders began arriving and Nancy had to hire several part time helpers to handle the work. With the excess bottom line dollars generated by Mother's Day sales, Nancy planned to add a big new line of silk flowers and arrangements. This would expand her business to include corporate offices, banks, and other organizations looking for revolving flower arrangements to beautify their establishments.
Example: Alex runs a home improvements business. Projects typically run $5,000 to $25,000. He requires 1/3 at contract signing, 1/3 when an agreed-upon milestone is reached, and 1/3 at the completion of the project. The projects are therefore almost self-financing. Alex is careful to separate the accounting for each project, and he is very much aware that the bottom line excess, or profit, is in that last payment--not upfront. This money management scheme has allowed Alex to grow confidently--those last payments have funded his addition of new equipment and workers.
Example: Judy is a certified Pilates specialist. She used her personal credit cards to get into business--paying for training and equipment. It took many clients, both private and group sessions, to pay off the bills Judy had run up on her credit cards. Using credit cards means borrowing money, and that means paying interest charges. It's a higher rate of interest than you might get with a bank loan, but sometimes, it's the only way out. Do this only with your eyes wide open, and when there is no other way. Judy has a long term plan to eventually establish her own wellness center. It will take many months to pay back all the credit card borrowings, but with self discipline, Judy will eventually be able to realize her dream.
The general public, politicians, and all your friends and neighbors believe that owners of small businesses are millionaires. Of course, they have no idea what it means to run a business, having never done it themselves. They know little of business or economics.
In business, you learn to manage money or you won't survive. You understand cash flow. It's the acid burn in your gut when there's not enough money to pay the bills. It's also the good feeling you get when there's money left over after all the bills are paid every month. That's the money you can use to grow and expand.
Managing money in small business takes ingenuity, creativity, and a willingness to take risk. Taking a risk is not like rolling the dice. Taking a risk is seeing a likely path forward--no matter the obstacles.
Thursday, April 23, 2015
Wednesday, April 22, 2015
Using catalogs
Free daily tips, information, advice and ideas
to help you better manage your small business.
Catalogs have a long and colorful history. For more than a century, catalogs brought the world to the mailboxes of Americans everywhere. In the past, you could order an automobile or a whole house from a catalog.
Times change. Today, you are more likely to find a catalog in your email inbox than in your mailbox. The basic idea of the catalog has moved with technology.
Example: Oscar has been running a garden center for years. He expanded by putting up greenhouses and growing annuals and perennials, herbs and vegetables--serving the local retail and wholesale markets. When competition became too stiff, Oscar made a change. Today, he has eliminated the former items and concentrates on unusual plants in the greenhouses. In the fields, he grows many types of hostas and daylilies. His catalogs are online, accessed through his website, and he ships anywhere in the country. He uses social media (Facebook, etc.) to point people to the catalogs.
Example: Mary has an upscale gift shop. She makes jewelry herself--one of a kind pieces that appeal to her regular customers. To expand her reach, Mary decided on two approaches. (1) She invited a select group of artists to consign handmade items in her gift shop. This gave the shop a broader appeal. In addition to the jewelry, she now offers selections of fiber art, paintings, photographs, glass pieces, and woodworking. (2) She established her gift shop on Etsy.com. Viewers far and near can browse through her catalog of items online and place their orders. The catalog is easy to update and maintain.
Catalogs can be useful in many businesses. Products can include women's fashion, gifts, trendy housewares, furniture, unusual plants, cigars, chocolates, coffee, teas, and more. In addition there are catalogs offering courses of instruction in various subjects.
You can catalog your items on your own website or you can use sites like Etsy to offer your goods to a wide audience.
Printed catalogs are expensive to produce and mail. But you can avoid this by using today's social media combined with your own website, or one that reaches a wider audience.
to help you better manage your small business.
Catalogs have a long and colorful history. For more than a century, catalogs brought the world to the mailboxes of Americans everywhere. In the past, you could order an automobile or a whole house from a catalog.
Times change. Today, you are more likely to find a catalog in your email inbox than in your mailbox. The basic idea of the catalog has moved with technology.
Example: Oscar has been running a garden center for years. He expanded by putting up greenhouses and growing annuals and perennials, herbs and vegetables--serving the local retail and wholesale markets. When competition became too stiff, Oscar made a change. Today, he has eliminated the former items and concentrates on unusual plants in the greenhouses. In the fields, he grows many types of hostas and daylilies. His catalogs are online, accessed through his website, and he ships anywhere in the country. He uses social media (Facebook, etc.) to point people to the catalogs.
Example: Mary has an upscale gift shop. She makes jewelry herself--one of a kind pieces that appeal to her regular customers. To expand her reach, Mary decided on two approaches. (1) She invited a select group of artists to consign handmade items in her gift shop. This gave the shop a broader appeal. In addition to the jewelry, she now offers selections of fiber art, paintings, photographs, glass pieces, and woodworking. (2) She established her gift shop on Etsy.com. Viewers far and near can browse through her catalog of items online and place their orders. The catalog is easy to update and maintain.
Catalogs can be useful in many businesses. Products can include women's fashion, gifts, trendy housewares, furniture, unusual plants, cigars, chocolates, coffee, teas, and more. In addition there are catalogs offering courses of instruction in various subjects.
You can catalog your items on your own website or you can use sites like Etsy to offer your goods to a wide audience.
Printed catalogs are expensive to produce and mail. But you can avoid this by using today's social media combined with your own website, or one that reaches a wider audience.
Tuesday, April 21, 2015
Health expansions
Free daily tips, information, advice and ideas
to help you better manage your small business.
Pathways to better health offer good business opportunities. After all, everyone is looking to improve their health.
The medical field is wide open today. People are looking beyond the pill popping solutions of the recent past, and they are eyeing alternative methods to feeling better, living longer, and tackling ills. Healthy living has taken center stage.
Specialists of many types have entered the health arena. Chiropractors, nutritionists, herbalists, wellness and holistic practitioners and more are rushing in to fill the void. Small businesses are being structured around life coaching, aromatherapy, hypnotherapy, acupuncture, massage, yoga, and many more possibilities.
Traditional medical establishments, clinics, and others in the fields of health are taking note. Integrative medical offices today regularly bring in experts in various wellness modalities to offer patients a wider range of healthy alternatives.
Example: Cheryl is a chiropractor. She opened her office and immediately began looking around to expand. Networking her way through the holistic and alternative health communities, she homed in on several specialists--experts in massage, nutrition, yoga and the use of hypnosis to help people lose weight or stop smoking. Separately, these small businesses struggle as independents. Together, Cheryl convinced them that they could form a wellness center that would appeal to a wider public. It has been a successful expansion, and she is now adding a licensed acupuncturist to the group. The new wellness center's website is comprehensive but easy to navigate. And a social media presence brings in referrals.
Example: Massage therapists, nutritionists, hypnotherapists and holistic practitioners can benefit by coming together in a shared location. Justin offers various types of massage. He brought together several different therapists in a single location. Each of the experts has a private office in a building that was formerly a dentist's offices. They share the common areas (restrooms, receptionist, waiting room and utilities) and the expenses of the building, including the monthly rent. The arrangement amounts to a wellness center operating as a cooperative, and it offers each of the specialists more than each might be able to afford acting alone. They regularly hold talks and demonstrations, free and open to the general public. This, along with social media, brings in more and more people concerned with their health.
Example: A local medical center is run privately by the medical doctors who see patients there. They regularly bring in alternative practitioners--acupuncturists, Pilates experts, nutritionists, hypnotherapists, experts in Chinese medicine, and others. These additional specialists can be particularly helpful with post-surgery patients, pain management, exercise and healthy eating habits. It is working out well for both the traditional medical establishment and the newer alternative medical specialists. Events and seminars attract a public thirsty for information.
Health concerns by everyday people are driving an expansion in the medical field. No specialist will ever be on call to remove your appendix on your kitchen table. But delivering babies at home? It's already being done.
What's old is new again. I was myself delivered in my mother's bedroom--assisted by a neighboring farm wife acting as midwife. And every spring I gather dandelion leaves and cook up a pot of greens as a seasonal tonic.
It's foolish to leave behind everything that worked in the past. Some things have been tested through trial and error over generations. Re-examine? Yes! Discard? No! And that's what's happening in medicine today.
Business opportunities for therapists and other alternative medical specialists are opening up at a fast pace. Step outside your specialty, and look around with your business eye.
to help you better manage your small business.
Pathways to better health offer good business opportunities. After all, everyone is looking to improve their health.
The medical field is wide open today. People are looking beyond the pill popping solutions of the recent past, and they are eyeing alternative methods to feeling better, living longer, and tackling ills. Healthy living has taken center stage.
Specialists of many types have entered the health arena. Chiropractors, nutritionists, herbalists, wellness and holistic practitioners and more are rushing in to fill the void. Small businesses are being structured around life coaching, aromatherapy, hypnotherapy, acupuncture, massage, yoga, and many more possibilities.
Traditional medical establishments, clinics, and others in the fields of health are taking note. Integrative medical offices today regularly bring in experts in various wellness modalities to offer patients a wider range of healthy alternatives.
Example: Cheryl is a chiropractor. She opened her office and immediately began looking around to expand. Networking her way through the holistic and alternative health communities, she homed in on several specialists--experts in massage, nutrition, yoga and the use of hypnosis to help people lose weight or stop smoking. Separately, these small businesses struggle as independents. Together, Cheryl convinced them that they could form a wellness center that would appeal to a wider public. It has been a successful expansion, and she is now adding a licensed acupuncturist to the group. The new wellness center's website is comprehensive but easy to navigate. And a social media presence brings in referrals.
Example: Massage therapists, nutritionists, hypnotherapists and holistic practitioners can benefit by coming together in a shared location. Justin offers various types of massage. He brought together several different therapists in a single location. Each of the experts has a private office in a building that was formerly a dentist's offices. They share the common areas (restrooms, receptionist, waiting room and utilities) and the expenses of the building, including the monthly rent. The arrangement amounts to a wellness center operating as a cooperative, and it offers each of the specialists more than each might be able to afford acting alone. They regularly hold talks and demonstrations, free and open to the general public. This, along with social media, brings in more and more people concerned with their health.
Example: A local medical center is run privately by the medical doctors who see patients there. They regularly bring in alternative practitioners--acupuncturists, Pilates experts, nutritionists, hypnotherapists, experts in Chinese medicine, and others. These additional specialists can be particularly helpful with post-surgery patients, pain management, exercise and healthy eating habits. It is working out well for both the traditional medical establishment and the newer alternative medical specialists. Events and seminars attract a public thirsty for information.
Health concerns by everyday people are driving an expansion in the medical field. No specialist will ever be on call to remove your appendix on your kitchen table. But delivering babies at home? It's already being done.
What's old is new again. I was myself delivered in my mother's bedroom--assisted by a neighboring farm wife acting as midwife. And every spring I gather dandelion leaves and cook up a pot of greens as a seasonal tonic.
It's foolish to leave behind everything that worked in the past. Some things have been tested through trial and error over generations. Re-examine? Yes! Discard? No! And that's what's happening in medicine today.
Business opportunities for therapists and other alternative medical specialists are opening up at a fast pace. Step outside your specialty, and look around with your business eye.
Monday, April 20, 2015
Starting decisions
Free daily tips, information, advice and ideas
to help you better manage your small business.
Deciding what business to go into is a perplexing problem for many. It need not be. If you are sorting through several possibilities, you need to step back and take a fresh look at yourself.
You have several interests that you are passionate about. For some, it's physical fitness. For others, it's gardening or video games or music or dozens of other pursuits.
So you begin with yourself. Among your interests, is there one that can be made into a business? The answer is yes. Any interest can be turned into a business.
Next question. Can the business be grown into a size that I will be comfortable managing? Now, this is when the difficulty begins. Be honest with yourself. Do you want to work alone as a one-person business? Or do you want to grow into a multi-employee business?
These questions must be answered before you begin your new business.
Example: Jesse began playing guitar as a youngster. In high school he was a member of a band. That was 10 years ago. He decided to turn his interest in guitar into a small business built around music. He began teaching guitar to others and built up a following. He decided to open a small music shop where he sells and repairs guitars. Today, he is still a one-person business, supporting his family. He still plays in local bands.
Example: Matt loved sailing. Whenever he had time away from his corporate position, he was at the local lake. Deciding he would make a transition, Matt began offering informal sailing lessons to others. His reputation spread. He got himself certified as an instructor in water safety. He began giving group as well as private lessons. When he was ready, he quit his corporate job and set up a small sail shop at the lake. Today, he sells sailing gear and supplies and sailboats. It took several years to make the transition, but today Matt is happy.
Example: The arts and crafts field offers many opportunities to establish a small business. Artists and artisans today offer painting and pottery, fibers and wools, beads and beading, wood turning, basketry, quilting, glass, metal work and many others. They can work alone or ban together to work with others--the choice is theirs. They set up websites and are on social media, attracting widespread attention. Some are members of co-ops which attract more attention from the buying public than single studios. Others offer their creations through gift shops--or they establish a high end gift shop themselves. But all of them turn their passion into a business.
Deciding where to start can be frustrating. The answers to starting decisions are inside you. Start with what you know and what you are interested in. Then you build.
Deciding what business to go into is similar to the young person's complaint--I don't have the experience to get the job I want, but I can't get the experience without having the job. This is a lame excuse at best. Just do it.
to help you better manage your small business.
Deciding what business to go into is a perplexing problem for many. It need not be. If you are sorting through several possibilities, you need to step back and take a fresh look at yourself.
You have several interests that you are passionate about. For some, it's physical fitness. For others, it's gardening or video games or music or dozens of other pursuits.
So you begin with yourself. Among your interests, is there one that can be made into a business? The answer is yes. Any interest can be turned into a business.
Next question. Can the business be grown into a size that I will be comfortable managing? Now, this is when the difficulty begins. Be honest with yourself. Do you want to work alone as a one-person business? Or do you want to grow into a multi-employee business?
These questions must be answered before you begin your new business.
Example: Jesse began playing guitar as a youngster. In high school he was a member of a band. That was 10 years ago. He decided to turn his interest in guitar into a small business built around music. He began teaching guitar to others and built up a following. He decided to open a small music shop where he sells and repairs guitars. Today, he is still a one-person business, supporting his family. He still plays in local bands.
Example: Matt loved sailing. Whenever he had time away from his corporate position, he was at the local lake. Deciding he would make a transition, Matt began offering informal sailing lessons to others. His reputation spread. He got himself certified as an instructor in water safety. He began giving group as well as private lessons. When he was ready, he quit his corporate job and set up a small sail shop at the lake. Today, he sells sailing gear and supplies and sailboats. It took several years to make the transition, but today Matt is happy.
Example: The arts and crafts field offers many opportunities to establish a small business. Artists and artisans today offer painting and pottery, fibers and wools, beads and beading, wood turning, basketry, quilting, glass, metal work and many others. They can work alone or ban together to work with others--the choice is theirs. They set up websites and are on social media, attracting widespread attention. Some are members of co-ops which attract more attention from the buying public than single studios. Others offer their creations through gift shops--or they establish a high end gift shop themselves. But all of them turn their passion into a business.
Deciding where to start can be frustrating. The answers to starting decisions are inside you. Start with what you know and what you are interested in. Then you build.
Deciding what business to go into is similar to the young person's complaint--I don't have the experience to get the job I want, but I can't get the experience without having the job. This is a lame excuse at best. Just do it.
Friday, April 17, 2015
Percent vs. dollars
Free daily tips, information, advice and ideas
to help you better manage your small business.
Every business can use sales to build traffic and move goods and services. Sales can take different forms. Inventory can be marked down, dollars-off coupons can be offered, and then there is the "50% off everything" banner strung across the entrance.
"Dollars off" and "percent off" notices attract the attention of your present clients/customers as well as people who have never done business with you. But what's the difference?
Example: Gretchen runs an upscale shop specializing in women's clothing and accessories. From time to time she held a sale, putting much of the merchandise at 20% discount. She decided to try another approach. She put the word out that certain items would be offered at dollar discounts. Some items were $20 off, others $50 off. When she used "dollars off" as opposed to "percent off" the results were noticeably better.
A variation of this occurs with big ticket items. New cars are frequently advertised with "$1,000 cash to buyer" at the time of sale. It draws more attention in a more positive way than offering a percentage off the price of the car.
Example: Gustav runs a small auto repair shop. He uses coupons to attract attention of current and future customers. Side by side, coupons offer $10 off an oil change and 10% off other auto services. His coupons appear in print (ads, flyers, postcards) and on the Internet (social media, website, emails). The $10 off coupon brings people into the shop, and the 10% off coupon brings them back.
Percent vs. dollars off is all about the perception created in the minds of the people you want to attract. It is next to impossible to pass by that $10 bill you see on the sidewalk--so you bend over and pick it up. Not so with percent off.
The next time you want to do a little promotion, try the "dollars off" method. A coupon that is worth a dollar is a coupon that is just like the dollar bill in your wallet. It's perceived as money. Either people use it themselves, or they pass it on to a friend.
Get creative in promoting. Use both percent and dollars off and test out the results. It might surprise you and get you onto another way to grow.
to help you better manage your small business.
Every business can use sales to build traffic and move goods and services. Sales can take different forms. Inventory can be marked down, dollars-off coupons can be offered, and then there is the "50% off everything" banner strung across the entrance.
"Dollars off" and "percent off" notices attract the attention of your present clients/customers as well as people who have never done business with you. But what's the difference?
Example: Gretchen runs an upscale shop specializing in women's clothing and accessories. From time to time she held a sale, putting much of the merchandise at 20% discount. She decided to try another approach. She put the word out that certain items would be offered at dollar discounts. Some items were $20 off, others $50 off. When she used "dollars off" as opposed to "percent off" the results were noticeably better.
A variation of this occurs with big ticket items. New cars are frequently advertised with "$1,000 cash to buyer" at the time of sale. It draws more attention in a more positive way than offering a percentage off the price of the car.
Example: Gustav runs a small auto repair shop. He uses coupons to attract attention of current and future customers. Side by side, coupons offer $10 off an oil change and 10% off other auto services. His coupons appear in print (ads, flyers, postcards) and on the Internet (social media, website, emails). The $10 off coupon brings people into the shop, and the 10% off coupon brings them back.
Percent vs. dollars off is all about the perception created in the minds of the people you want to attract. It is next to impossible to pass by that $10 bill you see on the sidewalk--so you bend over and pick it up. Not so with percent off.
The next time you want to do a little promotion, try the "dollars off" method. A coupon that is worth a dollar is a coupon that is just like the dollar bill in your wallet. It's perceived as money. Either people use it themselves, or they pass it on to a friend.
Get creative in promoting. Use both percent and dollars off and test out the results. It might surprise you and get you onto another way to grow.
Thursday, April 16, 2015
Business back-ups
Free daily tips, information, advice and ideas
to help you better manage your small business.
Customers and clients don't want to hear about your problems. They have problems, too. This means that your small business cannot afford to go dark. No reason is good enough.
Equipment breaks down. Employees call in sick. Suppliers suddenly go bankrupt. Many things can go wrong. It's up to the business owner to anticipate problems that can occur. And have in place business back-ups.
Example: Elena specializes in finishing kitchens and baths with tile, granite, marble, slate and other materials. Most of the work is with ceramic and porcelain tiles imported from all over the world. She must know and stay in contact with many suppliers who can vary widely in products, availability and price. She has made it part of her business model to keep abreast of the market and maintain alternate suppliers. A client-specified porcelain tile might be in inventory at one supplier at a high price, but it can be delivered in two weeks at another supplier at a much lower price. Elena juggles suppliers against need, price and schedules.
Example: Eric runs a rug and carpet cleaning service. He serves residential and commercial accounts. Jobs are scheduled days in advance, and Eric sends two employees to each job in fully equipped vans. He cross-trains his employees in cleaning techniques and use of equipment--this gives him flexibility and back-up. Sometimes, employees call in sick the day of a scheduled appointment. This means Eric must substitute employees to meet schedules. When he runs out of substitutions, Eric jumps in the van himself.
Example: Dan runs a mid-sized printing operation. He has anticipated equipment breakdowns by having duplicate presses and computers to handle jobs without interruption. He also made arrangements with a friendly competitor--if his shop had a big problem, jobs could be farmed out to the competitor and vice-versa. Both realized that getting the job done on time was more important than competition.
There is never an excuse good enough to let down a client. They have their own problems, and you must fit into their schedules.
Backing up your operation is critical to ultimate success. You back up employees, equipment, suppliers, and anything else that can interfere with on-time deliveries.
Business back-ups include your clients as well. Sooner or later, you'll lose every client you have. You back them up by having a stream of new clients coming on board.
to help you better manage your small business.
Customers and clients don't want to hear about your problems. They have problems, too. This means that your small business cannot afford to go dark. No reason is good enough.
Equipment breaks down. Employees call in sick. Suppliers suddenly go bankrupt. Many things can go wrong. It's up to the business owner to anticipate problems that can occur. And have in place business back-ups.
Example: Elena specializes in finishing kitchens and baths with tile, granite, marble, slate and other materials. Most of the work is with ceramic and porcelain tiles imported from all over the world. She must know and stay in contact with many suppliers who can vary widely in products, availability and price. She has made it part of her business model to keep abreast of the market and maintain alternate suppliers. A client-specified porcelain tile might be in inventory at one supplier at a high price, but it can be delivered in two weeks at another supplier at a much lower price. Elena juggles suppliers against need, price and schedules.
Example: Eric runs a rug and carpet cleaning service. He serves residential and commercial accounts. Jobs are scheduled days in advance, and Eric sends two employees to each job in fully equipped vans. He cross-trains his employees in cleaning techniques and use of equipment--this gives him flexibility and back-up. Sometimes, employees call in sick the day of a scheduled appointment. This means Eric must substitute employees to meet schedules. When he runs out of substitutions, Eric jumps in the van himself.
Example: Dan runs a mid-sized printing operation. He has anticipated equipment breakdowns by having duplicate presses and computers to handle jobs without interruption. He also made arrangements with a friendly competitor--if his shop had a big problem, jobs could be farmed out to the competitor and vice-versa. Both realized that getting the job done on time was more important than competition.
There is never an excuse good enough to let down a client. They have their own problems, and you must fit into their schedules.
Backing up your operation is critical to ultimate success. You back up employees, equipment, suppliers, and anything else that can interfere with on-time deliveries.
Business back-ups include your clients as well. Sooner or later, you'll lose every client you have. You back them up by having a stream of new clients coming on board.
Wednesday, April 15, 2015
Choosing a business
Free daily tips, information, advice and ideas
to help you better manage your small business.
It seems everybody I've ever met has dreamed of starting a business. It's a common phenomenon. Then the dream gets lost in the weeds.
They think about a dozen different businesses. This might work, but I don't have the money. That is a good idea, but I don't know enough about it. Gradually they talk themselves out of every possibility.
In short, weeks turn into years and they keep showing up at their day job. It's easier than making the break. And, besides, I'm too old to start a business.
Your age has nothing to do with when you might start a business. Neither does money. You can still start a business in your home, in your spare time, with little money.
Starting a business has to do with you, your passions, your interests. You can start a business built around the things that interest you.
If you are interested in something, others are also interested. They represent your market. The business you establish brings together your passion with the marketplace. Your business matches your interests with the interests of customers and clients.
Easy examples: (1) Jason collected post cards--you know, the picture post cards showing buildings and bridges. They were popular 50 and 100 years ago. Every city and town had post cards showing the sights. Jason's day job was in accounting, but his nights and weekends were spent chasing down small collections of post cards. When his collection numbered over 10,000, Jason quit his accounting job and spent full time buying and selling post cards--at conventions, on eBay, and directly to other collectors. (2) Roberto had many LPs from the early days of rock, blues, and pop. He was passionate about the sound that LPs produced and had several stereo systems on which he played them. His LPs dated from the 1950s to the 1990s. Suddenly he discovered that there was a wide spread interest in older LPs. He set up a website and put the word out on social media. Today, Roberto's business supports his family. He sells to a marketplace that is world-wide. (3) Jennifer has done a similar thing with beer cans and bottles. (4) Margaret concentrates on items made of glass. (5) Bill is into old tools. (6) Jon turned his matchbook collection into a business.
Harder examples: (1) Ruth turned her interest in gluten-free foods into a small store that offers all sorts of food specialties. Her customers are people who want nut-free, sugar-free, GMO-free, lactose-free and other foods. (2) Carl is one of Ruth's suppliers. He set up his bakery to provide the types of foods that health-conscious customers wanted. (3) Gwen decided that pizza had another life. She set up her pizza shop with all imported inputs. Her oven came from Italy, and the flours, tomatoes, garlic and herbs come from there as well.
Your small business might never turn into a Microsoft or Apple, but the principles are the same. Do what you are passionate about, target the marketplace, and never look back.
Choosing the business to go into is not an easy task. But you always begin with yourself. Start with what you're passionate about and build out from there to find your market.
to help you better manage your small business.
It seems everybody I've ever met has dreamed of starting a business. It's a common phenomenon. Then the dream gets lost in the weeds.
They think about a dozen different businesses. This might work, but I don't have the money. That is a good idea, but I don't know enough about it. Gradually they talk themselves out of every possibility.
In short, weeks turn into years and they keep showing up at their day job. It's easier than making the break. And, besides, I'm too old to start a business.
Your age has nothing to do with when you might start a business. Neither does money. You can still start a business in your home, in your spare time, with little money.
Starting a business has to do with you, your passions, your interests. You can start a business built around the things that interest you.
If you are interested in something, others are also interested. They represent your market. The business you establish brings together your passion with the marketplace. Your business matches your interests with the interests of customers and clients.
Easy examples: (1) Jason collected post cards--you know, the picture post cards showing buildings and bridges. They were popular 50 and 100 years ago. Every city and town had post cards showing the sights. Jason's day job was in accounting, but his nights and weekends were spent chasing down small collections of post cards. When his collection numbered over 10,000, Jason quit his accounting job and spent full time buying and selling post cards--at conventions, on eBay, and directly to other collectors. (2) Roberto had many LPs from the early days of rock, blues, and pop. He was passionate about the sound that LPs produced and had several stereo systems on which he played them. His LPs dated from the 1950s to the 1990s. Suddenly he discovered that there was a wide spread interest in older LPs. He set up a website and put the word out on social media. Today, Roberto's business supports his family. He sells to a marketplace that is world-wide. (3) Jennifer has done a similar thing with beer cans and bottles. (4) Margaret concentrates on items made of glass. (5) Bill is into old tools. (6) Jon turned his matchbook collection into a business.
Harder examples: (1) Ruth turned her interest in gluten-free foods into a small store that offers all sorts of food specialties. Her customers are people who want nut-free, sugar-free, GMO-free, lactose-free and other foods. (2) Carl is one of Ruth's suppliers. He set up his bakery to provide the types of foods that health-conscious customers wanted. (3) Gwen decided that pizza had another life. She set up her pizza shop with all imported inputs. Her oven came from Italy, and the flours, tomatoes, garlic and herbs come from there as well.
Your small business might never turn into a Microsoft or Apple, but the principles are the same. Do what you are passionate about, target the marketplace, and never look back.
Choosing the business to go into is not an easy task. But you always begin with yourself. Start with what you're passionate about and build out from there to find your market.
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