Tag Archive | business plan

How to make a successful investment abroad work for you

businessDeciding to start up a business and investing abroad can be a daunting thought, it takes a lot of effort and hard work to accomplish success.

Although it seems like it can be difficult and a long road of challenges lie ahead take the time to research.

 

Seeking growth for your company is a fantastic entrepreneurial opportunity. Willingness and hard work get great results.

Have a strong business plan

Uprooting abroad and expanding the business without a business plan is incredibly risky. The best way to ensure success is to create lengthy goals, start with a small 6-month plan along with a longer plan of 10 years.

Developing a strategy is crucial to ensuring you have a solid concrete plan to on the road to success. Creating weekly budgets to ensure you are on the right track money wise and to keep attainable analysis on the progress of the business plan.

Also, give yourself time to set aside research allowing you to see what bumps in the road may come up. Remember that this won’t happen overnight.

Investment

Investing your money in the correct bonds or property can be a confusing situation if not fully aware. Stocks and shares are however the easiest and most popular method to making money, invest wisely and compare your currency with the conversion of the country’s stocks.

Being able to invest in stocks and share without losing your hard-earned cash can be simple with research, reading up on the subject can increase your chance of making more money.

Get the right documents

The legal aspect in other countries can bring up lots of issues it’s crucial to have the correct documents before proceeding with starting abroad. Investing in business abroad comes with different guidelines.

Ensure you get the right help by getting an EB-5 Lawyer. They guide you through the correct strategies and to help get your green card running smoothly. Allowing you to begin your journey to being a successful entrepreneur.

Marketing

The most effective way to branding your business abroad is to have a checklist marketing strategy to achieving a high-level success rate. The checklist needs to be an in-depth list of whether the structure fits the mold designed for an abroad market.

Simple boxes that need to be ticked are branding of the company along with the delivery to the potential distributors.The top 5 tips to various marketing strategies to suit your business model.Depending on the country you plan to distribute  ensure the pricing model is fitting of their economic environment.

Make new networks

Starting up a new network of contacts is crucial, the current network residing in your current country can only help so far. Traveling to the country you plan to set up a business is by far the best strategy to ensure you’re making the right decision.

Whilst out in the country it gives you a great opportunity to test your product in the environment of origin but a general idea of how it will be perceived.

You will also be able to return home with a lot more research and get an idea of how the social norms of how the country work. Be sure to go with a partner in the business or even a translator, the extra effort will pay off in that you aren’t going alone and less likely to fail.

Get to know the competitors

Conducting research in the foreign field such as the difference in culture and if your business infrastructure will uphold in a different field. Conducting market research into your product and your potential target market allows you to see the potential success that can come from abroad.

Ask yourself plenty of questions such as has the market already seen this business before, if not then this can open exciting business opportunities leading to expansion.

Uprooting your business to another country requires you to know the culture and ways of the working environment of the country. Learning the basics shows mutual respect to the country’s heritage and getting comfortable with your potential business partners.

Allowing plenty of ways to make an impression on business partners abroad.Also, take the time to learn basic words of their language it shows you’re making the effort to understand their country.

Following up with these steps sets you on your way to succeeding. Choosing to take your business abroad shouldn’t be taken lightly. Most abroad opportunities are a great way to expand business and growth. Understand as much as possible about abroad markets that you choose to do business with to taking your time to getting it correct.

 

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Business Building: Debunking The Misconceptions

on kAs any business owner knows, launching a business is something that takes a lot of time, effort and thought, it’s not something that you can decide to do on a whim. When it comes to launching a business, there’s a lot that needs to be taken into account, because the last thing you want is to start a business only for it to fail, wasting your time and funds.

It’s all well and good having a fantastic business idea, but you need to think about practicality. Ask yourself, do I have what it takes to run a successful business? Do I have the mindset, skills, and experience or am I willing to find ways to get them? If the answer is yes, then starting a business could work well for you. If not, then it might be time to rethink your aspirations.

Of all aspects of launching a business, one of the most important things is to ensure that you aren’t laboring under any misapprehensions. You see, when it comes to launching a profitable and prosperous business, there are various misconceptions that a lot of new business owners fall foul of. These are myths if you like, that many new entrepreneurs believe, causing their venture potential problems in the future.

With that in mind, below is a list of the most common misconceptions that many new business owners believe, leading to all sorts of issues for their business.

A business plan is only necessary if you’re applying for a loan

For some reason, there’s a common misconception among new business owners that a business plan is only necessary as part of applying for a bank loan or grant. But the fact is that a business plan gives new businesses the steps that they need to succeed by helping them to plan out their aspirations, as well as what is needed to meet them.

So it’s safe to say that a business plan isn’t only necessary for businesses applying for a loan, but for all startups. Think of your business plan as the framework for your businesses success, a guide to how to build a business that is both profitable and prosperous. To create a business plan, there are plenty of free online templates that you can download and use, so it doesn’t need to cost you a penny.

For a range of business plan templates, visit Inc.com. However, working with a business specialist can help to ensure that your business plan has all the right steps in it, giving your venture the best chance of success. Or, if you can’t afford to hire a business specialist, how about looking for a mentor instead?

Market research is a waste of time

A lot of new business owners think that market research is a waste of time because people just tell you what they think that you want to hear. However, that is most definitely not the case – for any startup, market research is crucial.

Obviously, friends and family may well tell you what they think that you want to hear, but if you use an objective group of people who you don’t know, for your market research, you should get some honest answers that can help you to make your brand more successful.

Don’t worry about negative responses because the fact is, you need to hear them. Negative feedback allows you to make changes and improve your product or services, which is why they say all feedback is good feedback.

Money isn’t everything

For one reason or another, there’s a common misconception that it’s possible to start a business with little to no budget. Sure, you could launch an online business this way, but the chances of success are low. Without a professionally designed website, effective marketing, and market research – something people tend to be paid for, your chances of success are much lower.

That’s why having a budget for your startup is important so that you can ensure that your venture has the best chance of success possible. The good news is that when it comes to your finances, there are various options for ensuring that you have the funds your venture needs.

From looking into government grants to using sites like PersonalMoneyStore.com to find out more about loans, there are plenty of options. The fact is that if your business is going to be successful, having a good sized budget is important, so it’s crucial to look at your finances before launching.

If you can’t get the money that you need, it’s best to wait to launch your business until you can get your hands on the funds that you need, improving your chances of success.

Working hard is all it takes to succeed

Of course, working hard does help to ensure that your business is a success. However, the fact is that hard work is not all it takes to be successful – it takes a lot more than that. To be successful, your business idea needs to offer consumers something that no one else offers; it needs to be innovative, unique, and efficient.

You also need to have an effective strategy in place that allows you to market your product or services and meet your goals, so that you can slowly grow your business. Hard work is important, but it’s not all it takes to succeed in the business world.

There’s no need to take note of what your competitors are doing

Whatever you do, don’t listen to this common misconception. One of the most crucial things when it comes to business success is ensuring that you are aware of what your competitors are doing so that you can offer a product or service that beats what they are offering.

The fact is that if your business is going to be successful, you need to offer consumers more than what your competitors offer. This could mean offering a better price, more for the money, a product or service that gives more, or something completely unique. You need to always be a step ahead of your competitors if you want to succeed.

There you have it, a guide to the misconceptions surrounding starting a business. To improve your chances of business success, take note of the tips and advice above.

 

Fudged Your Company’s Finances? Here’s Why You Need An Accountant

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How were your business’s finances throughout 2016? Hopefully, they were healthy and stable! However, even if they were fine and you didn’t have too many problems with this year’s finances, there is still one thing that could have tripped you up. And that would be if you did your own finances and taxes. This is a very dangerous game to play, especially if you don’t have in-depth previous financial experiences.

You will find that your finances look a lot better and that you reduce your risk of making any big mistakes with your taxes if you hire an accountant. Still not convinced? Here are some reasons that should sway you!

You Will Have More Time For Your Other Tasks

As an entrepreneur, you will be one very busy person indeed! And trying to do your company’s own taxes and bookkeeping are just some more jobs to add to your to-do list. Do you really have the time to get all these things done in time?

The answer is probably not. You will find that outsourcing all of your finances to an account such as Raffingers will free up more time for you to get on with managing your business and operations.

You Will Be Able To Better Understand Your Company’s Finances

You might find that when you are examining your business’s books, you don’t really understand what all the figures mean. You might also not totally understand everything there is to know about your taxes. You simply work out the figures and fill them into the forms.

But it is very important that you try and educate yourself to understand as much as possible about your company’s finances and its financial situation. And the best person who can educate you about your finances is an accountant. They will be able to sit down with you and go over all of the important figures and tell you exactly what they mean from a business point of view.

You Can Create A More Realistic Business Plan

Generally speaking, the majority of entrepreneurs have fantastic business ideas. But not many know whether or not these ideas will translate into financial successes. This is where your accountant comes in. They will be able to work with you to create a business plan that is both idealistic and will prove to be a realistic success. Your accountant can also create reports and financial forecasts that will help steer your ideas in the right direction.

You Have A Better Chance Of Getting A Business Loan

Getting a business loan approved can prove quite tricky. Especially if your business has been going through a rough patch. But, as long as you can show the bank that you are able to pay back the money you loan, you will stand a better chance of getting one.

And this is something your accountant can help you with! They will be able to help you decide which type of loan is most favorable to you and can prepare financial reports that you can show the bank.

Opinion Piece: Working From Home as an Entrepreneur

For anyone who has had a bad boss or a co-worker that made their job miserable, starting a home-based business sounds amazing. There is no one to scream at you, and you can work the hours that you want to. But running a business of any kind requires a lot of responsibility. So before you quit your day-job, there are some things you ought to know. If you can master these elements, then the world of working from home can be very lucrative and rewarding indeed.entreprenuer

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 You Must be Disciplined

Even though working from home provides a more relaxed environment, it still requires working a set amount of hours a day. This isn’t always easy when there are lots of distractions from children and friends who want to talk. As many writers of past would have testified and still do in fact, people see working at home as an invitation to chat, phone, and visit.

In his novel, “A Man in Love,” Karl Ove Knausgaard speaks about how difficult it is for him to work and even when he tries to get some alone time for writing, his girlfriend sees it as an open invitation to come visit. So anyone who wants to have their own business has to make a determined effort to be able to multi-task work with conversations, cooking, and household tasks. Otherwise, they will get behind in everything.

The Business Won’t be Profitable Right Away

It takes time to build up a business and attracts customers. And no business can predict how long it will take them to turn a profit. Therefore, it is essential for a potential entrepreneur to have a good amount of savings in the bank before they start things up. If there isn’t enough money saved, that doesn’t mean that someone can’t begin setting up their business, though. Many people continue to work at their regular job and do their business tasks after-hours.tips-working-from-home

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 The key bonus of setting up a business venture from home is overheads. Firstly, there are a lot less of them. For example, Amazon has thrived because it is not weighed down by the cost of bricks and mortar stores. Furthermore, in many cases, your home expenditure in terms of rent/mortgages, equipment purchases, and utility bills can be deducted in full or in part from your income before tax.

Businesses Require Lots of Time

Most home-based businesses start out with just one person doing everything because there isn’t enough money coming in to support a staff. There will be phone calls to make, products to put together, and bookkeeping tasks to do each day.

Sometimes, new entrepreneurs must work long into the night to do it all. But this shouldn’t deter anyone from giving it a chance. When a business is your very own, the work doesn’t seem so boring and difficult because you are doing what you love each day.

Many successful businesses have been started out in someone’s home, and they ended up making millions of dollars later on. So if being an entrepreneur is your dream, don’t give up on it. Just be sure to have a business plan set up ahead of time. That way, you will have a clear direction where your business is going and how you are going to get there. It should have your financial goals, product ideas, and marketing plans in it. If you aren’t sure how to create a business plan, consult a financial advisor for a little help.

That way, you will have a clear direction where your business is going and how you are going to get there. It should have your financial goals, product ideas, and marketing plans in it. If you aren’t sure how to create a business plan, consult a financial advisor for a little help.work-from-home

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 The Power of Modern Communication

Some people feel that groups and teams work less well when separated than when they are together. However, there is a lot to say for not having an office-based company. Not just on overhead savings and equipment savings, but on the flexibility of who you hire and what for.

There is a massive gig economy out there providing PA services, PR, SEO, writing, delivery, manufacturing, drawing and graphic design, answering services and so on. This combines with communication software ranging from Skype to Slack, which allows environments for 1-on-1 or team communications, assigning of tasks, feedback, and discussions for the future of the business.

In addition, cloud computing allows for real-time sharing of files, photographs, and data, allowing a new business to be more responsive to on the ground actions.

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Written by Jenny Holt – A freelance Writer and a Work-From-Home Mum!!

 

Baby We Were Born to Run… A Successful Startup!

Succesful Startup.jpgWorking in the world of startup businesses is complex and challenging. But, it can also be the realization of everything you’ve ever wanted to achieve. So, it’s important to think about the process of running a business, and what it entails.

We’re you born to run a business? Well, you don’t have to be, but it certainly helps. And these are some of the things you’ll want to focus on if you’re going to be one of those people who were born to do this.

Always Be a Step Ahead

You will face stiff competition in business and an ever-changing landscape. And you need to make sure you are prepared to deal with this. You don’t want to lose market share to your rivals because they are doing things better and sooner than you. Innovation and originality go a long way in the business world. But, it’s also important to stay ahead of the game at all times.

This means predicting how the market is going to change and keeping in constant communication with clients. A great way of doing this is by fully utilizing your business blog. Did you know 67% of business leads generated this year was made by businesses with active blogs? If you don’t have one already, this needs to be your first course of action right now.

Make People Come to You

The best business owners, those who are naturals at this, they make people come to them. Sure, marketing is important, and being proactive matters. But, if you are clever enough you can get people to come to you. We’re talking both staff and customers here. Employees can be sucked in and dazzled by the way you do things, and how you treat your workers.

Using the likes of hoxtonmix.com to create a vibrant, trendy business space is a good place to start. You also need to offer attractive compensation and be a great boss. When it comes to bringing in customers, it’s important to think about what they want. If you can do things differently and offer something new customers are going to flocks to your startup.

Don’t Panic!

There are going to be times during the process where things start to go wrong. It’s a guarantee that the business will struggle at some point. This is just one of the rules of the business world. What separates those who were born to do this from the pretenders is how they deal with these problems. You need to approach things in a calm and professional manner and make sure you don’t panic.

Hopefully, you will have accounted for problems when writing your business plan. So there’s really nothing to get overly concerned about. You just have to make sure you follow the right procedure to get the company back on track. Eight out of ten businesses are thought to fail, and that’s because the owners don’t take the right sort of action.

Were you born to run a successful startup? Well, you will probably find out in the first couple of years, as they tend to be the hardest. So, make sure you use this guide to assist you and try to get the best possible outcome you can.

 

What Are The Essentials That Your Startup Needs To Have?

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One of the most common mistakes startups make is not being properly prepared to run a business.

Despite what many people think, it’s not just a case of coming up with an idea and running with it; there’s a lot more to starting a company than that.

To have any chance of your venture being successful, it’s vital that you have all the essentials in place and know what you need to do.

If you’re serious about running a business, regardless of what sector it’s in, you need to be prepared. You also need to make sure that you have all the most important things in place so that you’re able to run your new venture effectively.

It might be a time-consuming task, but it’s one that needs to be done to give your company the best chance of being successful.

Here are some of the essentials that every startup should have in place before launching.

 

1. A well-researched plan

Having a plan in place is crucial when it comes to business success. As without a plan, you won’t know what steps you need to take to grow your business.

By putting a plan in place, you have everything in one place, from your annual goals to your weekly tasks. This helps to make managing your business that little bit easier. As well as managing your money, that is.

When putting your business plan together, take the time to research the sector that you will be working in. Say, for example, you’re thinking of starting a party bus business; take the time to research the idea.

For this, you could use resources like http://gogocharters.com/blog/how-to-start-your-own-party-bus-company-in-north-america. By reading up, you can get an idea of suitable goals to set yourself. As well as how long it will take to grow your startup.

 

2. Suitable office space

Not having a dedicated area to work in can impact your business’s growth. This is because if you’re working from your living room, for instance, it’s easy to get distracted. Plus, you won’t have everything that you need set up to make life as easy as possible.

Hence, that is why it’s so important to have a suitable office space. This can be somewhere in your home; it just needs to be a dedicated area that has everything that you need to work effectively.

To learn more about this, use resources like http://freshome.com/home-office-ideas/.

 

3. Business contact details

The key to launching a successful business is being professional from the start. It’s something that if you don’t do, it can impact your startup and makes it harder for it to grow.

Being professional means having business contact details in place, such as a dedicated phone number and email.

It also means having business cards printed with your contact details on. There’s nothing more unprofessional than handing out your contact details on a scrap of paper. That’s why it’s so important that you have business cards to hand at all times.

 

4. A smart and easy-to-navigate website

Ask any business owner and they’ll tell you that their company wouldn’t be where it is without their website. Don’t make the mistake of skimping on your business’s website.

Invest in a site that’s smart, stylish, and easy to use. If you want people to be able to find your brand online, a website is a must. It’s also worth adding a blog section to it, to help increase your site’s search engine ranking.

If you want to make a success of your startup, take note of the essentials listed above and invest in them. These are all things that you won’t regret spending on.

Business Plan Explained

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Did you know that creating a business plan should be the first step when launching your business idea? Unfortunately, many of us start a business without having a clear picture of what exactly we want our business to be in future.

That’s why creating business plan is prudent. The plan outlines the route the business intends to take so as to achieve its yearly milestones such as revenue projections.
Developing a business plan serves as a roadmap that outlines the step needed for business success. As an entrepreneur, creating a business plan helps you make future projections of about 3-5 years on how the company or business is expected to grow.
Business plan comprises of different sections stipulating essential components of business success.

The following are the major sections of a good business plan.

1. Executive Summary

This section is the most important section of your business plan. Why? The section represents a summary description of your business idea.

Under this section, you are supposed to inform the reader about your company, its mission statement and why you also think that your business idea is viable. Proper presentation of the executive summary helps to grab the attention of potential investors who can provide the needed finances for startup.
If you already have an established business, the following parts should be highlighted;
The mission statement
• Company/ business information
• Products/ services the company is dealing with
• Growth highlights and future projections
• Current financial position/information
• Outline of expected future company plans

Note that this section should be written as the last section of your business plan. This is because it gives a summary strength of your plan. Nevertheless, it should always appear first on your business plan documentation.

2. Company Description

Under this section, your business or company goals/objectives must be clearly stipulated. The reader of your business plan must quickly comprehend your business idea and its uniqueness.

When developing you company description, make sure to include;
The nature of your company/business as well as the market need/demand that you want to respond to.
• Clearly stipulate how your products/services will meet the market demand
• Why you think your business will do well despite existence of other competitors
• Specify your target market or segment that your company is targeting

3. Market Analysis

This section helps you to illustrate your knowledge and experience in your target market. It should include your research findings as well as your conclusions.
The following are the essential components that you should include in your market analysis.
Market/industry description
• Details about your target market segment
• Uniqueness about your target market
• Business regulations in that market segment
• Market competition analysis
• Prices and gross margin targets

4. Organization and Management

Under this section, you are expected to stipulate clearly the company organizational structure. Other important details are;
Information pertaining the ownership of the company
• Details about qualifications and experience of your board of directors
• Management team profiles
The above details increase potential investors’ confidence to have trust on your business idea.

5. Service or Product Line

This section is where you get an opportunity to describe your business product/service. You should be able to convince the reader about the benefits that the product or service is providing to the target market segment.
The main focus should be to depict how your product or services are customized to fulfill the market need of your target customers.

6. Funding Request

This section is necessary only if you are planning to seek funding for your business idea.
When making a funding request, make sure to include the following details;
Your current financial requirement status
• Projected financial funding requirements
• Breakdown of the funding needs and how you are planning to spend the money
• Your future financing strategy if any

7. Financial Projections

Formulate your financial projections when you are through with making market analysis and setting your business objectives. This helps you in making effective resource allocations.
Be sure to include historical financial data or statements if you already have an established business. It’s also important to include the prospective financial data.

Whether you are operating a startup business or a growing one, investors will be eager to know your future financial projections.

The bottom line;

Creating a business plan creates a roadmap of your company’s future growth. Therefore, it should be embraced by every entrepreneur who wants to accomplish great business ideas. The essential of a good business plan are;
It should clearly state the objectives
• Outlined strategy on the exact product/ service you want to deliver to the market
• Clearly specify your market niche