Funding a Home Business

Posted by admin in Business Checklist on Jul 16th, 2010 | 0 comments

No matter how you look at it, starting a home business requires money. There are many different costs to consider when it comes to your own home business, so make sure to take out a pen and piece of paper in order to write down all the things that you’ll need to start your business off on the right foot.

Checklist

Make sure that you have these essential items:

- Computer
- Scanner
- Fax Machine
- Printer
- Business Phone Line
- Plenty of Office Supplies
- Filing Cabinets
- Date Book

In addition, take the time to create a clutter-free office space. Sure, your kitchen table might seem pretty comfortable, but you’ll have to devise an actual office area if you want to reap the tax benefits of owning your own business.

Product Items

Depending upon the type of business that you intend to run, you may need to purchase some product items. If you want to start manufacturing small items, you will need to have a large amount of the things that you use to create your products. In general, home manufacturers have a one year supply of materials.

Think of any other costs that you might not have considered. Do you have everything you need to run your own business? Go through a dry run (a typical day at your office), and see if anything is missing. Lastly, think about the extra money that you will need to complete your home business area.

Small Loans

While some banks may approve large business loans, many of them are not quick to approve smaller business loans. This poses a problem if you want to borrow less than $5000 – after all, why should you be stuck paying back a loan that you don’t need?

When traditional lenders turn down your loan request, it’s time to look to alternative lending sources. Loans such as car title loans are often granted in small amounts, and they are also easy to attain. If you own your own car, then you can easily acquire a car title loan. The best part is that you only have to take out a loan for the amount that you actually need. In short, you won’t have to worry about being forced into a large loan.

Once you gain all the money that you need to start your business (along with all the items listed above), you’ll be ready to start working for your new boss – you!

How to Survive in an Online Business

Posted by admin in online business on Jul 16th, 2010 | 0 comments

If your company does not offer its services/products online, then you’re definitely living in the Stone Age. Businesses today realize that in order to stay competitive, they have to communicate with today’s audience who do business primarily online

Running an online business means that you have a global audience. And having a global audience means that your store is up and running twenty four hours every day and seven days of the week. While your customers from New York might be sleeping, those from Tokyo would surely be awake. Therefore an online business is one that never sleeps. It is one that is always on call by customers. As such, an online business must be manned at all times, keeping a close watch on potential business.

In managing an online business, communication is important. Using email and instant messaging as a form of communication between you and your staff will surely be beneficial. There are also different technologies such as the VoIP that enables you to talk with your business partners and your staff from all over the world quite easily. But since you and your associates live in different time zones it is important to set up a specific time of the day when you can communicate with them about the updates and different issues that your business face today and what they need to do about it. You should make sure that they follow your instruction and schedule strictly.

Meetings are also a must for online businesses. Meetings are where you’ll know the issues hounding your employees and problems that the business is facing. To be able to save on time and effort, online businesses today can meet in an online conference room. This will eradicate the need for physical space and manual preparations.

Another way to survive online is to build up your brand! Yes, brand is important even though you’re on the Internet. Building your brand means providing good products, fast services, and pleasant experiences to your customers. Yes, you’ll definitely want your customers to have pleasant experiences. Remember, word spreads fast on the Internet. If you have one customer who had a not-so-good time in dealing with your online business and spreads the rumor, then chances are your name will be ruined.

Don’t forget that your website is the face of your online business. Surviving in the online world means that your online business must be able to keep up with the latest technology. And in designing your storefront always keep navigation in mind. A potential customer would not want to visit twenty different web pages just to buy a certain product.

Surviving your online business is tough. Everyday, there are thousands of companies going online and millions of individuals setting up an online business. Ultimately, the key is to success in this endeavor is to love what you do. After all, not everyone gets to touch lives in a global scale.

HOW TO BE SUCCESSFUL REACHING OUT THE SPANISH-SPEAKING ENTREPRENEURIAL COMMUNITY

Posted by admin in Entrepreneurialism on Jul 16th, 2010 | 0 comments

Many organizations, businesses and government agencies have been trying to reach out the Latino community, specially the Spanish-speaking people. They do it for different reasons some to sell their products and services, and others to assist and to help them. Some of this companies and organizations are successful and other ones are asking them selves why their efforts have not have the results that they will like to see.

 

I believe that there is a combination of factors which contribute to the success of programs that are reaching and serving the Spanish-speaking community. I also believe that each geographic area is different in the mix of Latino immigrants, their region of origin, (even we the Mexicans are coming from different states, we have our own way to speak, preferences on food, music and are more or less formal in the way we dress), and we have to add their level of education, time living in this country and level of integration to their communities and language, without forgetting that everything is changing constantly.

 

To begin with, the success of those organizations and companies that are serving the Spanish-speaking community with their programs did not happen from one day to the next. It took time, several years in fact, in many cases.

 

In the specific case of organizations that are serving with technical assistance programs to the Hispanic entrepreneurs, here are some of the contributing factors to their success:

The instructors and leaders of the program are or were entrepreneurs and businesspersons. They have owned several businesses, so they know what it is like to be there; and they have had many good and not so good experiences in their businesses, which they share with their audience. The Latino community respects and pay attention to a person that have academic education, that have a College degree, better if they have an MBA. This creates a trust in the presenter and leader of the program. The trainers have experience working as business consultants, learning and helping different kind of businesses. Another critical issue is the development of business teaching material for a Hispanics, this has to be created by a Latino for Latinos, not just a translation, the material and classes have to be bilingual and bicultural, adapted to the audience of that geographic area. More important, is to have knowledge and experience teaching and giving seminars and courses to Latino-owned small businesses. How well you communicate the information and the wording that is used is very important. The trainers should speak very good Spanish, because even though they might have experience and knowledge they will loss their audience with their Spanglish or bad pronunciation. This is very distracting.  When scheduling the seminars or workshops, the best time to present these are in the evenings after 5:30 PM, sometimes even later during weekdays or Saturday at any time. Also the place where you hold the presentation is important, it should look professional and be located in a Latino area. The participants will feel more welcome. Another factor that contributes to the success is when the directors and presenters have been involved and participate in the development of bilingual conferences and expositions for Hispanic entrepreneurs. Hispanics also gave attention to people that have been awarded and recognized for their support and involvement in their communities.

 

Other facts that contribute to the success of these programs are:

 

Latinos like to be motivated, so always include motivational and self-esteem exercises in the classes. Create a program that is practical and simple, but also complete. Do not include a lot of concepts and theory, just the necessary. Very important, be careful to be consistent with the information that you provide through the different sessions and seminars and have continuity, even when you have guest speakers. Some time a presenter give information that sound contradictory to other presenter in another session, that is why you should have an experienced instructor that is the connection through the program. A good attitude in all personnel in the organization is crucial. Try to help every person that call, visit your site or attend your programs. We, the Latinos area very sensitive and we will go away if we don’t feel welcome in a place. Always try to find someone who can help that person. Have bilingual personnel to make the participants feel comfortable. As I mentioned, to gain the trust of the Latino community takes time, so you have to be ready to start and stay with your program almost at any cost. I have seen others programs and organizations start a program and after facing difficult times, they disappear. Brag in a very subtle way about your success stories, big and small. Be accessible and try to maintain a positive attitude. People will like to be affiliated with you because of this positive attitude. Participate in the community, helping organize events for entrepreneurs and small business people, giving free presentations to high school students, churches and other associations. Join to different organizations, associations and chambers. Give value to your seminars and courses, although you are offering these free. In our case we obtain grants and offer scholarships to those who sign a contract and are committed to attending the entire course. (We value the course at $1,000.) We usually graduate 95% of participants and of these, 80% have completed their business plan.

 

So when combine academic knowledge, and lots of experience as business consultants, experience as business owners, experience writing business plans and obtaining loans and helping others to obtain loans, experience as public speakers and developers of their own materials and experience of marketing to the Hispanic community, you will have a successful program. Participants will refer friends, family and associates to your classes. They will come back to take other classes that complement the other courses.

 

The benefit and reward, when you show experience in running and managing a successfully TA programs for Hispanics is the confidence and support from foundations, and government agencies to award grants to your organization.

 

In regards to marketing you should do an extensive amount on a regular basis, some ideas are:

 

Send PSAs to your database of media including: newspapers, magazines, radio, TV and organizations. Create a database of faxes, and using a software (Win fax) keep informed your contacts in organizations, businesses, chambers, associations and government agencies, and keep adding more names to you database. Design and e-mail your information to your database, (collect every e-mail possible) Create a bilingual Web site and place your event in a calendar. Design, print and distribute flyers (2,000 to 7,000 per event) to consulates, churches, businesses, libraries, banks, markets, non-profit organizations that serve Latinos, associations, etc. When possible place ads in newspapers and magazines. Have members of your organization or volunteers doing telemarketing to your ex-participants, asked them to help you promote the event. Network in different associations and events to promote your seminars and courses. Ask to local TV news programs or radio programs to invite you for an interview and to promote your entrepreneurial program. Publish in different newspapers and magazines business and motivational articles in English and or Spanish; ask them to include your phone and web site.…