Understanding Your Business – A Feasibility Analysis

Every business is unique. There is no single set of rules that apply to all. The challenge to survive and grow that business is a function of its market, its customer base, its competitors and its resources. Only by understanding where opportunities may lie for supporting, growing and expanding opportunities will the business be able to meet and overcome the enormous challenges that exist today.

(While understanding the competition is of extreme importance, it is beyond the purview of this article.)

Understanding the overall picture is vital. You need to understand your consumer and his relation to your product or service. What is the ‘value proposition’ that your product or service offers your customer?

Regardless of the type of product or service you offer, a major determinant of the success of your business will be the price you set. Price must cover the costs of production including overhead. To lower prices, you must lower your costs, so you must know the real costs of running your business.

The first step is to gain a thorough understanding of the internal workings of your business–you need to understand your critical business processes–all of the activities that are essential to providing quality products and services.

Work to understand your culture, processes, and technology. Start by analyzing your business using a process map to identify your bottlenecks and delays. Identify the activity owner of each business function. This is generally a manager or supervisor with overall responsibility for a particular business unit.

Rank the importance of each process as it impacts the performance of the business. The aim is to identify where the flow slows within your business. By documenting and analysing every interface between departments you will ensure that all business problems are addressed and reduce the risk of eliminating the benefits of existing processes.

Determine how effective the accounting procedures are in monitoring all your financial activities. Out of date or poorly prepared records can actually hinder the growth of your business. Evaluate how computers and software can improve efficiency.

Understanding your business inside and out will give you much better operational control. It will enable you to determine what processes and procedures need to be eliminated or added to ensure your survival and prosperity.

Understanding your business, and understanding what the risks are and what changes you have to make will be the key to whether the business succeeds or fails.

MLM Business Opportunity Network Marketing – What You Should Know

So you want to know where to go to make money with an MLM business opportunity in network marketing. You will go to many websites that will try to persuade you to sign up with them and they will show you how to succeed.

The truth to all of this network marketing business is that you need to do real work to achieve real results. There are many scams out there and there are many reputable companies. Pick a company that you are passionate about and learn the business inside and out.

Business Opportunity

Many companies that have a service or sell a product will offer affiliate commissions if you sell them. The MLM companies realize the power of direct sales and business by referrals. This is often the cheapest and easiest way for them to start a business and to experience growth. They do not have to spend millions of dollars on up front advertising. They can just pay people to sell their product AFTER the product is already sold. This is great for them because the sales person is motivated by the sale and the company does not have to spent any money until their is already a sale.

The business opportunity for the sales person is a great opportunity only if you have the correct knowledge on how to sell and how to recruit people into your business. This is the most important part. The company does not care if you sell a couple packages and then quit of give up. They will just have more people sell and do the same thing.

You see, it is really up to you to be successful and grow your own business. This is also nice because you are working for yourself and you should be growing your own list so if the company goes out of business you can refer a different product or service to your list of people

A lot of people do not realize that this takes some time and a great deal of work in the beginning. This will all pay off in the future.

Compensation

The payment plan for these MLM businesses are very attractive when looking at the possible growth and income you will make by selling products and services. Realize the work and commitment involved in selling the products. This takes great endurance and patience.

MLM companies always pay on multiple levels and reward you for the performance of the people that you sponsor beneath you. This is very important. Many people become really successful because of the performance of others. Essentially they are earning money while they sleep because people are working for them all the time.

This only happens when you are a great leader and are able to duplicate your success with others. I would highly suggest before getting into an MLM system to review training systems and learn how to market effectively.

Laws Involved Around Small Businesses

Many people think because they have a small business they can’t benefit from the counsel and advice of an experienced business attorney. An experienced lawyer can easily help a small business owner avoid unnecessary litigation and if necessary have the best outcome for the case.

A business should always do things to protect themselves from lawsuits and its personal from business and personal liability. To avoid those kinds of situations the business should have a complete business liability policy available in place, and as well a company procedures and policies, like an employee book. Most  lawyers should be able to provide assistance with developing procedures, policies, and handbooks.

A small Business Attorney Can Help Resolve Your Dispute

A small business is an enterprise generally with less than 100 employees. It is usually a closely held corporation, partnership, or sole proprietorship acting under small business law regulated by the government. In terms of ownership, only a few stockholders own or hold the shares of a closely held corporation. In contrast, partnerships involve two or more persons who agree to go into business together as co-owners. And a sole proprietorship is a business operated by a single owner with no separate legal entity for holding or operating the business, including the liability of the owner for the debts.

Most business law firms has the type of strategic, aggressive, and experienced business lawyers you need to best represent your business law matter. The entrepreneurial spirit translates into willingness and ability to craft attorney-client relationships that better suit the clients’ needs and make economic sense.

If you have a small business don’t hesitate in hiring an experienced law firm to protect you and your business. There are people out there ready to file a lawsuit against you or your business for the minimum issue they can find. For example, in the year 1994 the  famous chain food restaurant McDonald’s lost a lawsuit against a 79 years-old that claimed had spilled hot coffee on her lap. McDonald’s ended up paying a ridiculous sum of $2.86 million regarding this lawsuit.

Business Insider,a famous website that write about news related to legal issues, create an article entitled “Ten Ridiculous Lawsuits Against Big Business”. Click here to read it.

Four Tips to Funding a Business Start-Up on a Shoestring

Are you unsure about whether or not to start your business because of lack of start-up funds? Many small and home business owners face this very issue in the beginning. Do not get discouraged — there are lots of ways you can fund your start-up business on a shoestring.

The first thing to remember is that there are endless numbers of success stories of shoestring businesses making it big.

One of my clients, back when I was running a web hosting business, started a baby sling company from her kitchen table. She simply purchased fabric and thread and used a sewing machine she already had to create a sling that was comfortable for her, and her baby. She really did not even plan to start a business.

But after getting rave reviews from friends and strangers at the grocery store, she started selling her slings online.

Today, she is a well-known sling maker whose products have been in big box stores and who sells thousands of dollars a day from her website.

Be encouraged and know that you can build a successful business from scratch, but you have to be focused and never willing to quit.

The second suggestion that many who have been in your shoes suggest, is not to quit your job until your business begins showing a profit. All too often, new business owners are enamored with the idea of owning and running a business and quit their day jobs, only to discover that funds run short fast. Then they are forced to take extreme measures, or look for another job.

Next, you have to truly know your business inside and out. How much money will it cost to run your business? You should complete a business plan, which will tell you if your business idea will be a feasible one or not. Research similar businesses and find out what kinds of profits and losses they are seeing.

Finally, if you find that you still need some financial backing but you do not want to borrow money from a financial institution, find a few investors. Present your business idea, along with your prepared business plan and research to trusted friends and colleagues and request their financial backing for your start-up business. Many times you will be able to obtain this kind of monetary help from those who believe in your business and want to see you succeed.