Sbi Magazine

Your ideas for new business will take a while and it requires a degree of effort on your part. You might decide to go the route of building a business from scratch or you might choose a business opportunity franchise. I for myself like to use established systems and therefore I would go for the business opportunity franchise direction.

You could say that the business opportunity franchise would be the way to go for most of us looking for a business. It just makes good business sense. Here are some items you might want to consider in your new endeavor.

A business opportunity franchise has an established model that you as a business proprietor will follow. The best part is that this makes it straightforward for the young entrepreneur. There is no speculation. That means your not spending a lot of money or time to find out that your fantastic idea does not work!

Second, the cost of infrastructure is greatly reduced. Most legitimate work at home programs take care of the everyday work for you. They will take care of various shipping, labor costs, and others for you.

Another key point of consideration when looking at a business opportunity franchise is that they have a proven track record of success. Everyone wants to be on the winning team and business is the same. Pick the leaders and your company will expand.

Last but not least is that you will have a great foundation for building your business right from the start. You can concentrate on building your business as opposed to trying to figure out the little things. With a franchise, this is done for you.

The business franchise will be the clear-cut winner when choosing a new business opportunity. You will get a verified business model, reduced cost to start, a track record of achievement, and a groundwork that will set you up for success. This will take time and money on your part but there are options that will reduce not only the risk but also the amount of money needed to start.

You will want to start forming ideas for new business and you will want to do your homework. Be sure to check all the options your new opportunity offers. Don’t get started in something without having the desire to pursue your dreams. You will find many barriers on your way to success. That is typical, but having a business opportunity franchise will reduce the risk and provide you with an increased chance of success.

The successful entrepreneur is generally more inclined, once a business idea is selected, to sharpen the concept by a detailed planning process. The result of this step is a comprehensive business plan, with its major components being the marketing “mix,” the strategic plan, operational and logistical structures, and the financial proposal. The purpose of the business plan is to recognize and define a business opportunity, describe how that opportunity will be seized by the management team, and to demonstrate that the business is feasible and worth the effort.

The business plan is the “blueprint” for the implementation process. It focuses on the four major sub-plans: marketing; strategy; operational/logistic; and financial. While the business plan often goes through some revision, it generally represents a rather advanced stage in the planning process. The primary product or service to be offered, based on the results of the market research, should be determined. Whether the business will be a start-up, purchase of an existing business or a franchise should certainly be firm at this point. Often, a specific business location is indicated, or at least a rather specific area.

Time estimates in a business plan should allow for meeting all the necessary regulatory requirements and acquisition of permits to get to a “customer-ready” condition. The amount of funding required and a general approach to raising these funds should be determined. Marketing mix issues focus on how the product or service is differentiated from the competition.

A business can differentiate itself on any of what are often referred to as the “four P’s” of marketing: product characteristics, price structure, place or method of distribution, and/or promotional strategy.

Strategic issues relate broadly to the company’s mission and goals. Every venture must continually assess its strengths and weaknesses, the opportunities to be seized, and any threats to the success and plans of the business. Operational issues relate to company structure, and the scope of the business. The operational plan addresses tangible items such as location, equipment, and methods of distribution. Decisions on these issues largely determine startup costs.

The financial proposal includes an estimate of the amount of money needed to start the venture, to absorb losses during the start-up period, and to provide sufficient working capital to avoid cash shortages. It projects sales and profitability over some period into the future, generally 3 to 5 years. Where outside funding is sought, it also describes distribution of ownership of the venture and methods of debt repayment and/or buyback of partial ownership.

Where implementation of the plan requires participation of lenders and/or investors, the plan must clearly and convincingly communicate the financial proposal to the prospective stakeholders: how much you need from them, what kind of return they can expect, and how they can be paid back.

Many entrepreneurs insist that their business concept is so clear in their heads that the written plan can be produced after start-up; this attitude “short-circuits” one of the major benefits of producing the plan. The discipline of writing a plan forces us to think through the steps we must take to get the business started, and, to “flesh out ideas, to look for weak spots and vulnerabilities,” according to business consultant Eric Siegel.

A well-conceived business plan can serve as a management tool to settle major policy issues, identify “keys to success,” establish goals and check-points, and consider long-term prospects. The plan must realistically assess the skills required for success of the venture, initially and over the long run, and match the skills and interests of the team to these requirements. Test the plan, and an accompanying oral presentation, on friends whose business judgment you value. Let them assume the role of a prospective investor or lender.

Many college students aspire to achieve success at a young age. Many seek financial stability along with the feelings of accomplishment that follow. After all, you wouldn’t attend college, furthering your education, without having future goals in mind. If you have not seen the show “The Big Idea,” on CNBC, I highly recommend watching it. The show explores successful entrepreneur’s trials and tribulations. The show shares with you firsthand, individuals who have taken success from an idea and turned it into a way of life. Most entrepreneurs on the show are over the age of 40. Many started their own business out of frustration with their traditional jobs. On average, it took around 3 years for them to reach their desired level of success. I often discus the adult success stories with friends and fellow peers. People show interest but are generally not very impressed. They do not find it extraordinary for a 40 year old to start a successful business. Then, I tell them about a 20-year old entrepreneur who made over 1 million dollars in 2 years. The same individuals explode with energy and inquisition. For some reason people validate older individuals success as “something that is supposed to happen.” When a young entrepreneur makes a substantial amount of money, in the same amount of time, people explode with enthusiasm.

I have learned many things through my personal encounters with older entrepreneurs. Most importantly, they always tell me “Don’t Wait! Start young.” All of them are over the age of 40 and they wish they started at 20. You and I have a major advantage over them. We have the ability to adapt quickly. We were raised using new technology and it was required to adapt with changing trends. This sets us apart from older generations, giving us a huge advantage in today’s markets. Business strategies and tactics are changing so quickly that many older generations cannot adapt. 99.9% of the time, a 40-year-old entrepreneur will give anything to switch places with just about any 20 year old. He or she realized, later in life, that success is not something that finds you. You find it! So, what are you waiting for? Are you waiting for a miserable corporate job to force you to start your own company? Certainly you are not waiting for the right opportunity!

The opportunity to start a business is right in front of your face! For the first time in business history, you can reach a worldwide market without enormous expenses. You can start a business online for less than $300. Slowly building profits you will quickly be on your way to financial independence. Keep in mind that having a partner nearly always increases your chance of success. Additionally, having a partner lowers any initial investments in the business. Your online website investment is now only $150 per person. If you don’t take full advantage of this opportunity you will surely regret it in the future. I can guarantee that you will be the one always asking yourself “what if I had…”

As we speak, you are missing an opportunity similar to the “tech boom” of the early 90′s. Do not wait until opportunities are scarce and barriers to entry are high. You are better than that! Success in this market is similar to the way an avalanche works. It takes a lot of noise to break the ice, but when it does break you better watch out! Your initial investment will consist primarily of personal time and energy. If you convert your time into profits the avalanche won’t stop rolling. This is a very dynamic opportunity, which is sure to compliment any personal goals you have set for yourself.

Every college student, regardless of current levels of involvement, has something to gain from starting their own business. Yes, even the super-involved kids are missing out on a golden opportunity. Trust me; I have had numerous conversations with employers, professors and the like. Without a doubt, employers want to know “What sets you apart from everyone else competing for a job?” Even the most respected positions in the world of on-campus involvement cannot compare to the life experience gained from starting a business in college. If you put in the time and energy, you will reach a level of success every college student wishes to obtain. You have the opportunity to avoid dreaded career fairs, leaving college self-employed! You have nothing to loose, and everything to gain! That alone should be enough to give it a try. Even if you are ultimately forced to find a traditional job, you will unquestionably beat out your competition in an interview.

o You have start up experience. This is something every new corporation is starting to value highly. Start up experience and fluently speaking Chinese are the two highest valued resume strengths valued by new Corporations such as Google. Proof here!

o You have not just visited the job market through an internship, but have actually lived in it for however long you have invested in your business.

o You have experience in managing a budget. According to many employers, this is by far the most important distinctive qualification. It does not matter how small your budget is, because you have experience managing it. I did not recognize its importance until I spoke with a former Senior V.P. of Grey Advertising. He pointed out that budgets in the corporate world are often in the millions of dollars. Proving that you were accountable for every penny in your low-budget operation instills a sense of trust to them. They know you have the ability to be effective with your spending, thus their money is not going to wasteful purchases. For example, an unnecessary expense of $10,000 seems insignificant to many employees who work with a $2,000,000 budget. If you come into their business with a tight hold on every expense, you add VALUE to their business.

o You have a paper trail proving you are a responsible adult. You have taken care of taxes for your business. In addition, instead of only having letters of recommendation from Professors and Teaching Assistants, you have previous customers willing to support you.

o You are on top of the market. You stay current with new business ideologies and practices. You know about new innovations to traditional markets that are being used today. I assure you, your mastery of this material will result in them approaching you for advice.

o Obviously the ultimate goal of a college entrepreneur is to work for himself. After all, somewhere at the top of whatever job you take rests an entrepreneur, who is actually very similar to you. Rest comfortably; your ventures will never be overlooked in the business world.

Closing:

You are so far ahead of the game by exposing yourself to this material. If you choose to enter the world of entrepreneurship, through E-commerce, you will never regret it. There will be many positive additions to your life! A journey on the path of success places a new perspective on life that cannot be seen from anywhere but ACTUALLY on the path. You will no longer envy the success of others, but instead compliment them on their accomplishments. The fear of missing an opportunity to succeed is the only reason people “hate” on the success of others. You will experience a new joy for living, taking full advantage of your college years. Going out and having a good time does not have to end. Having bigger and better things in the works may limit the amount of times you go out, but it will balance out to a perfect equilibrium. Instead of waking up asking yourself, “what in the hell happened last night?” You will be waking up refreshed and energized saying, “wow I accomplished so much last night.” The gratification of being a successful entrepreneur is not always immediate but it will always prevail in the end. Do me a favor and ignore those who say you can’t! Imagine a college campus filled with only students who say they CAN! That would undoubtedly be one thriving environment! Start telling yourself that you can and will. Reinforce yourself positively every opportunity you get. We are not solely focused on making money; instead we are centered on improving every aspect of our lives.