Turning Your Startup Ideas Into a Business

Turning Your Startup Ideas Into a Business

Transforming an idea into a fully functioning, revenue-generating business takes some thought and planning. Here are tips to get you started. 1. Know your vision. It's important to do some long-range planning at the start, and understand your vision for the business you hope your idea will eventually grow into. In other words, what does success look like to you? While many people equate money with success, in the long run, success is defined by a lot more than merely financial reward. "Before chasing the money, take a step back and think about how running this business will fit with the rest of your life," advises Dave Labowitz, a four-time, venture-capital-backed startup executive turned business coach. "Is the business fulfilling on an emotional and/or spiritual level? If not, will you get bored over time? Will you have enough time to fill those needs outside of work? What kind of hours and/or travel will the business demand? How will that fit with your familial and social commitments?...
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Hiring the Right People

Hiring the Right People

Recruiting: Business owners can not do everything themselves and will eventually need to hire employees. Bringing on people with specific skills and paying them enough without breaking the budget is a challenge. One solution could be to hire part-timers or freelancers until the business builds up its cash flow. In the beginning, owners feel they can handle everything themselves. While the ability to multitask with many skills is admirable, the execution may be lacking. A smooth start needs people who are well-trained and skilled to shoulder the responsibilities. An owner trying to do everything can create issues for the business with slow responses to customers and poor execution of normal business activities. Employee retention: With unemployment rates at historic lows, recruiting qualified employees is difficult, but retaining them can be even more challenging. A company has to offer competitive benefits and make sure that employees are satisfied and productive with their jobs. Happy employees need recognition, days off and the belief that they...
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Personal Issues at Play

Personal Issues at Play

Being your own boss is the dream of most entrepreneurs, but it comes with a price. The freedom of not having to answer to someone else becomes the obligation of having to answer to the needs of the business. In this sense, the business is the new boss. Work-life balance: Starting a business will consume a lot of time, energy and commitment. Not letting the business prevent you from having personal time is a challenge. An entrepreneur needs to set aside time in the workweek to spend time outside the business and stick to it. The failure to deliberately manage a work-life balance can lead to burnout, health problems and lost relationships with family and friends. Where to start: Starting a business requires a seemingly endless list of things to do; it can be overwhelming and lead to paralysis and inaction. The best approach is to organize the tasks, pick one and get started. Managing growth: After making the first sale, the next challenge...
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Understanding Money Issues in Entrepreneurs

Understanding Money Issues in Entrepreneurs

Cash is a vital concern for any business, especially startups. Startup capital: Having enough capital to start a business is usually the first problem of entrepreneurship. Entrepreneurs tend to underestimate starting expenses and overestimate growth of sales. Businesses will typically run negative cash flows during the early months that will consume startup capital. Even after the business begins to generate positive cash flow, the owner has to make sure that money goes for the right expenses and does not get wasted. Sales: Nothing happens without sales. Developing a solid, stable customer base is essential when starting to build a foundation for growth. Identifying and reaching the right audience takes focus and effort. It takes time to strategize and create a campaign to attract the target market. Even when you have the best products or services, it is still possible to fail if you do not have a loyal customer base. Marketing: Figuring out what is going on in the minds of consumers is...
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Choosing a Good EBay Username

Choosing a Good EBay Username

The biggest obstacle to becoming successful as an eBay seller is branding. You do have the advantage of operating under the eBay brand, which is substantial — but your ultimate goal should not be to have your customers say, "I bought it off of eBay." Your goal should be to have your customers recognize and appreciate your own brand. When considering eBay username ideas, remember that eBay is just a selling tool, so do not make the mistake of relying too heavily on eBay for driving your sales. Importance of eBay Seller Names You are starting a business of your own — you are not eBay. The most important part of that process is establishing your own brand and your own identity, and so your company name — reflected in your eBay user ID — is going to set the tone for your future success. Choose an Actual Company Name The best eBay sellers do not limit themselves to selling on eBay exclusively. You...
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