Five Questions to Ask Yourself Before Launching a New Business

Written by Nancy Wurtzel

Owning a home used to berepparttar “American Dream.” However, this long-standing goal that so many aspired to, and ultimately reached, has been replaced with a new goal -- becoming a business owner.

At first glance it sounds perfect: Leaverepparttar 116790 corporate world behind and become an entrepreneur. No more commuting, office politics, difficult co-workers and demanding supervisors. You’ll be your own boss and reap allrepparttar 116791 financial rewards. It will be a brand-new lifestyle with incredible opportunities and much less stress.

Others have achievedrepparttar 116792 new “American Dream.” Look atrepparttar 116793 young kids who started Apple on a shoestring inrepparttar 116794 late 1970s. Don’t forgetrepparttar 116795 two engineers who launched a little company called Hewlett Packard out of a small backyard garage. Mrs. Fields took a cookie recipe -- of all things -- and built it into a national model that is taught in many business schools.

Why not you? Yes, you could haverepparttar 116796 next great business idea, but that alone might not be enough. Ask yourself, do you haverepparttar 116797 right stuff to launch and run a successful business? Here are five questions to consider before makingrepparttar 116798 big leap from a steady paycheck to business owner.

1. Are you a self-starter? With no one looking over your shoulder, it’s easy to procrastinate. You must haverepparttar 116799 discipline that is needed to plan, set goals and stay focused.

Since many small businesses initially start out as home-based to keep overhead low, working from home brings additional distractions. Can you resistrepparttar 116800 temptation to eat cookies and watch reruns of “Law and Order” when you should be making marketing calls?

2. What are your expectations? If your goal is to work fewer hours and feel less stress, then think again.

The U.S. Small Business Administration estimates that business ownership requires a tremendous commitment, with 12-hour workdays, often seven days a week. Needless to say, this can be a strain on family life. If you think it might be too much, then consider a job change or a new career with an established company rather than launching your own business.

3. What are your financial goals? Inrepparttar 116801 short-term your income will probably be lower, and it could stay this way for a long time. Additionally, no one pays for vacations, health care plan, profit sharing or stock options. You must set up your own retirement plan as well.

The U.S. Small Business Administration offers some sobering statistics. It reports that half ofrepparttar 116802 small businesses started will fail withinrepparttar 116803 first year. Furthermore, byrepparttar 116804 fifth year 95 percent will have ceased operations. Whilerepparttar 116805 reasons for failure vary, one ofrepparttar 116806 most common is a lack of adequate financing. To beatrepparttar 116807 odds, meet with an independent accountant to honestly discuss your finances and expectations. The good news is that if your business takes off you will reaprepparttar 116808 financial benefits.

Simple Business Tactics Are Your Key To Success

Written by Cathy Qazalbash

Summery: By eliminating complicated marketing and applying simple business principles you can make more money and improve your business.

In a world full of complications sometimes we overlookrepparttar simple things in life. We are so busy trying to work out our twisted problems that we miss out onrepparttar 116789 simple secrets to success. The same can be said of our business tactics. We get caught up in endless problems when all we really need to do is to step back and seerepparttar 116790 simple alternatives, that will lead us to success. Sometimes we need to think withrepparttar 116791 simplicity of a child.

Not so long ago, Summer holidays (vacation) inrepparttar 116792 USA meantrepparttar 116793 rebirth ofrepparttar 116794 Lemonade Empire. Enterprising children of about 10 years and up set up their lemonade stands and earned themselves some holiday money. A note to all who do not live inrepparttar 116795 USA, school children in USA have a 3 month vacation inrepparttar 116796 summer, allowing them a great deal of free time. This was beforerepparttar 116797 year round schools that have tried to cut downrepparttar 116798 long summer vacation. The Lemonade era was in full swing in these “good old days.”

The Lemonade King/Queen, who would earnrepparttar 116799 most money byrepparttar 116800 end ofrepparttar 116801 vacation, depended on individual business tactics. Being children they did not have any complicated “think tanks" or secret board meetings, they relied on simple principles and techniques. Let me explain with these few points.

There was a need/market: Hot thirsty people, (most ofrepparttar 116802 USA has hot Summers) A proven hot selling product: Cold Lemonade isrepparttar 116803 ultimate drink for a hot Summer day. Cheap premises, simple set up and low overhead: A stand with supplies atrepparttar 116804 curb( side ofrepparttar 116805 road) would not be too expensive.

However there was hot competition, many children on vacation, and this is where simple business tactics came into play. Just 3 examples:

1. The Price War:

One child was selling Lemonade for 10c

Another for 15c

A third for 25c

All had simple stands with a white board saying Lemonade 10c/15c/25c. They had stands that stood alone, with no related service.

Business tactic #2 Location:

Each Lemonade Stand owner vied forrepparttar 116806 best traffic location, some got lucky others not. All fair inrepparttar 116807 Lemonade game. Then came:

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