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3 Reasons to Start Internet Business Today

Starting up a new business involved budget allocation, location hunt, structural development, research and more research. If you are into a conventional business, you probably know how much you ought to struggle to set up your own business. Simply put, the process of setting up an office or business is not the end to your struggle; it is only the beginning. To make sure your business can reach wide customer base, you will have to deploy marketing strategies too. Therefore, setting up a business, small or big, conventionally is going to be very difficult.

Of late, more and more businesses are entering into the World Wide Web for a better business platform, greater visibility and lesser investment. There are several reasons why the internet has become the only virtual marketplace for business that gives you profits in no time. Even if the start-up capital required for your business is not an enormous amount, you can enjoy profits within a very short time.

A lot has been said about doing online business. To many, online business is just too complicated and risky. Moreover, the technicalities are believed to be more cumbersome than anything else. But, businesses that have gone online have actually fetched rewards and the experience is convenient, comfortable and much easier to handle.

If truth be told, the most complicated part of starting any business, a new journey, is to take a call. It is easier to give excuses for a business that is not happening, but it is difficult to take a decision and make it work. If you are considering online business, here are 3 top reasons why it will prove to be the most beneficial venture for your business:

Reason#1: It Just Takes A Few Hours
Starting any physical business takes up a lot of time; from several weeks to several months, or even a year. It is very difficult to calculate the correct timeframe for setting up a business. Because the time to set up is too long, it will take longer to earn profits from your physical business. But, if you take the business online, it takes only a couple of hours to accumulate everything and start the business. Although it takes some planning and investment at the beginning, it is nothing compared to the labor required for physical business. If you have planned everything beforehand, within a few hours you will see your business going online.

Reason#2: You Don’t Need Huge Capital
To start off a physical business, you need more than a few thousand dollars in today’s market. However, with an online business plan, you need very little investment. All you need to have is time to monitor your business presence on the internet. Money will play a key role when you deal in some physical goods; you will have to pay for the same. There are several information products and services, telecommuting profiles and other businesses that can start without any investment.

Reason#3: You Can Start Earning Immediately
If you are totally focused on the online business, the best thing is that you will start making profits from the first day itself. Profit is the most awaited incentive to business, and when it happens in less than 24 hours of starting a business, it is exactly what you wanted.

Start your own internet business as early as you can!

Risks Small Businesses Face

Own a small business? If so, be aware of the risks of different kinds. These risks can either be manmade or natural, and they may eventually bring serious damage to your business and may also leave a serious impact on your financial stability and daily business operations.

Following are the risks that your business may face and in this article you will know how to protect your business against these risks.

Acts of God
Storms, floods, fire, earthquakes, hurricanes, tornadoes and other natural disasters are high potential risks. These disasters are unpredictable and may occur at any time and pose as risks to your business.

As a small business owner, you cannot afford to ignore these risks. You need to determine these risks and take a sensible business decision by purchasing business interruption insurance, to keep your business operations moving.

Security breaches
Small businesses face potential threat to data online. For example, data hacked online. Further, the personal data of customers, such as e-mail addresses, passwords, social security numbers, etc., face the risk of being lost, theft or leaked.

You cannot rule out such risk to your business data. However, you can insure against it by purchasing security breach insurance or cyber liability, to protect your business.

Breakdown of machinery and equipment
Your business faces the probable risk of accidental breakdown or failure of machinery or equipment. You may be forced to shut down your business temporarily, if the cost of repairs or replacement of damaged equipment is more. If you are financially unable to bear these expenses, it will ultimately affect your business’ profitability badly.

Buy equipment breakdown insurance for this kind of circumstances. This type of insurance protects your business against the risk of accidental breakdown of the equipment. It covers the repairing/replacement cost incurred.

Lawsuits
Small businesses majorly face the risk of litigation issues such as employment dispute, wrongful termination, injury to employees, libel, slander – to name a few. Also, due to your negligence with regard to your products or in business premises, the third party may sue you to recover the damages that they have incurred.

Business liability insurance will protect your business from the risk of legal issues. It covers the cost of litigation, medical expenses in case of injury to the third party in your business premises in an accident or because of a fall.

Insure against your risks
You should be aware of all the probable risks to your business. Identify the risks that may interrupt your business and decide for yourself which insurance coverage suits best for your business.

Purchase a comprehensive insurance package to protect your business against all potential risks. It is better to pay insurance premiums, rather than spending for the liability the risks bring in.

Choose an experienced and reputed insurance broker
Purchase an appropriate insurance coverage for your business, taking help and advice of an experienced and reputed insurance broker. They will look into all aspects of your business and figure out where your business is likely to face risk and then suggest a policy for you. It will not only save your time, but also gives you professional advice.

You can be rest assured by purchasing an appropriate business insurance package to cover all the risks your business encounters.

5 Profitable Business Strategies to Identify, Define, Incorporate, and Avoid, Plus a Bonus

Running a business is not everyone’s game. We like to say in America that if you can dream it, you can do it, but as business owners know, it’s not always that simple. Statistics will support that fact as 85% of all new businesses fail within their first 5 years, but that figure does not stop enterprising people from hanging up a shingle and trying to make a go of it.

Business is often called a game. Games are about strategy and winning, so there are some parallels. But, in sports, winning is easy to identify. The winning team is the one that has the most points. Winning in business is harder to recognize.

To identify “winning” in business, one must identify:

* What does winning in business look like?

* How will you conquer the competition?

* How do you define your true USPs (Unique Selling Proposition)?

* How do you determine what needs managing?

* How do you determine what doesn’t need managing?

Winning

For large corporations, global domination becomes the goalpost to defining what winning looks like. Sony, Hewlett Packard, AT&T…the list goes on of companies that are the world’s Fortune 500. But what does winning look like to you? Is it staying alive in a stressed economy? Is it beating out your competition in sales? Is it being able to take off three months from your company and know it’s going to run smoothly in your absence? What’s the win? You must have an idea of what the “win” is, or you’ll constantly be chasing it, rather than experiencing it.

Competition

Annihilating the competition undoubtedly has its roots in war. Kill the enemy, right? Ironically, in business, competition is healthy. You don’t want to kill them; you simply want to outsell them. What is light without darkness? It’s just light. What’s sweet without sour? Hot without cold? A team without an opponent?

In business, competition is healthy, but it is only healthy if you truly understand what you’re competing against, and a lot of business owners have what I refer to as misplaced goals, a term commonly used in parenting. In business, this misplaced goal is in thinking that one thing is your competition, when it’s really something very different. For instance, in business coaching, we work with companies who might feel a certain industry is their competition, when the real competition is not the product or service of that company, but their ability to market themselves.

Misplaced goal is a syndrome that follows business owners into team building. After all, if the business owner’s vision isn’t clear, including what his or her company is working toward and competing against, how can the team’s vision be clear? It starts to become a “who’s on first” scenario, and that can quickly get things very confused and out of focus.

Unique Selling Propositions

There are three types of USPs: Perceived, Actual, and Created.

Perceived USPs happen when the customer perceives a difference and uniqueness

Actual USPs reveal actual differences or processes.

Creative USPs occur when there is no real difference, so you create one.

Effective USPs occur when you have identified an area of pain or discomfort for your customers and then show how your product will eliminate or reduce that pain.

Identifying what is unique about one’s company is perhaps one of the most important things to identify, yet one of the hardest things for many business owners to recognize. It seems simple enough: If you strip away everything similar about your company to your competition, what’s left that they don’t have? That’s your USP. What about you do they want to copy?

Yet, business owner after business owner that I have worked with are unable to identify even one thing that sets them apart from their competition. They’ll often say, “Well, we strive to have the best customer service,” or “Our products are built to last.” So what? Theirs are, too.

Can your truck pull an airplane? I say that because you may not need your vehicle to pull an airplane, but it’s kind of nice to know that it can, isn’t it? Can theirs? No. And the fact that their vehicle can’t pull an airplane is provable. My point is: Just Do It. You’re In Good Hands. Have it Your Way. Because You’re Worth It.

Management

One of the highest things on the list of “why businesses fail” is business owner burnout. Why? Because business owners often harbor a do-it-all attitude. Some even pride themselves on how much they can handle, filling their plates so full they start to crack. “To save money” they’ll often justify. But are they really saving money? Is their time worth minimum wage?

Is killing yourself worth losing time to save a little cash? Stress kills. Part of becoming an effective leader is determining what in your company needs managing and what doesn’t. Once that is determined, you can work on getting the right people together and can delegate responsibilities to them so you can focus on working “on” your business rather than “in” it.

What Doesn’t Need Managing

A truly educated, well-trained, nurtured dream team does not need micro-management, they simply need to be respected and held accountable. Tied in with management above, of course, is identifying what needs your undivided attention, and what can be delegated to other people on your team.

Are business strategies set in stone? Of course not! Just as strategic plays in sports aren’t. But strategies do need to be established and carefully thought out so that when they are needed they can be put into place.

In closing, it’s clearly important to identify, define, implement, and avoid certain business strategies. Some will be identified through trial and error, but areas that are pretty universal and necessary to help you profit in your industry are the 4 strategic “M”s listed below. I’ve included the key things that fall under each.

MANAGEMENT: Motivator, Implementer of Objectives, Delegates authority, Visionary, Strategist:

* Team Training: Scripts, feedback, delegation, sales

* Accurate databases

* Purchase Orders

* Efficiency, productivity, time management

* Systemize routine, humanize the exceptions

* Negotiation

MONEY

* Audit costs, set budgets

* Increase your margins/prices

* Stop discounting

* Make it easy to buy

* Reorganize financial affairs

MARKETING

* Up-Sell

* Down-Sell

* Effective “lists”

* Offer exceptional value

* Warrantees

MERCHANDISE

* Sell More Big Margin Goods or Services

* Stock More High Priced Items

* Sell Fast-Moving Stock

* Carry Exclusive Lines

* Sell Your Own Label

* Sell Only Quality – Reduce Your Product Line

I hope these tips have been helpful for you. Being a business owner can sometimes feel like you’re standing on a high ledge in a very heavy wind. My colleague likes to say, “If you’re not living on the edge, you’re taking up too much space.” True, but there’s nothing that says a safety net can’t be put in place. A business coach is your safety net. He or she won’t necessarily keep you from falling, but a business coach can help you put systems in place to reduce those falls and help you build and grow your company.