Small Business Q & A: Choosing A Business That's Right For You

Written by Tim Knox


Q: I really want to start my own business, but I have no idea what business would be best suited for me. I'm also eager to get started, but I don't want to pickrepparttar wrong business just because I'm impatient. How should I go about deciding what business would be best for me? -- Samuel J.

A: Before I answer your question, Samuel, I want you to reach around and pat yourself onrepparttar 104823 back for not letting your eagerness push you into making a wrong decision. All too often we entrepreneurs tend to let our impatience drive us to make decisions that we later regret. In business such haste can be very costly, indeed.

I always compare starting a business to jumping into a pool of freezing water. There are typically two types of entrepreneurs who takerepparttar 104824 plunge.

The first arerepparttar 104825 "Toe Testers." These are those cautious folks who just stick their big toe inrepparttar 104826 pool to gaugerepparttar 104827 temperature ofrepparttar 104828 water. It is for these careful entrepreneurs thatrepparttar 104829 phrase "testingrepparttar 104830 waters" was coined. Toe Testers enterrepparttar 104831 business pool slowly, a little bit at a time. The lesson to be learned from Toe Testers is to start slowly and don't feel like you have to wade in too fast. Ease intorepparttar 104832 business pool gradually to make sure it's right for you. Remember, many entrepreneurs realize thatrepparttar 104833 business world is not right for them only after they are in it up to their necks. And that's whenrepparttar 104834 term "sink or swim" takes on a whole new meaning.

The next type of entrepreneur isrepparttar 104835 "High Diver." These are those fearless souls who climbrepparttar 104836 ladder and dive intorepparttar 104837 business pool head first without worrying aboutrepparttar 104838 depth ofrepparttar 104839 water orrepparttar 104840 dangers that lurk beneathrepparttar 104841 surface. It is for these entrepreneurs thatrepparttar 104842 phrase "damnrepparttar 104843 torpedoes, full speed ahead" was coined. Quite often these entrepreneurial daredevils find themselves drowning in unknown waters or end up with their heads buried inrepparttar 104844 bottom ofrepparttar 104845 pool.

Both types of entrepreneurs may find success, depending on how well equipped they are to handlerepparttar 104846 water they are diving into. Here are a few ideas to help better prepare you forrepparttar 104847 plunge.

** Let your experience be your guide. Start with what you know. If you have spent twenty years working as an accountant or you love to build wooden toy trains as a hobby, consider how you can take that experience and turn it into a successful business. You might also find a great business idea right under your nose. Look around your workplace. Do you see needs that are going unmet or can you think of a better way of doing something? If so, you might haverepparttar 104848 seed for a profitable business.

** Do what you love and enjoy what you do. I can't emphasize this enough. Many people start a business forrepparttar 104849 wrong reason: to get rich. While it is true that many millionaires in this country made their fortunes from their own business ventures, that should not be your sole motivation for starting a business. If you don't enjoy what you do, you will not be successful, at least not from a mental point of view. Sure,repparttar 104850 monetary rewards can be tremendous, butrepparttar 104851 mental anguish of working in a business you don't enjoy is a high price to pay. I talk to entrepreneurs allrepparttar 104852 time who are running successful businesses, but are so unhappy as a result that they literally make themselves sick. If you don't enjoy what you dorepparttar 104853 business will become a chore, not a joy.

** Don't reinventrepparttar 104854 wheel, just make it better. Many first time entrepreneurs assume that they have to come up with a new business idea to be successful. That simply is not true. Most successful businesses are born not of innovation, but of necessity. Instead of trying to come up with an idea that changesrepparttar 104855 world, take a look atrepparttar 104856 world around you and see where there might be a void that needs filling or a business concept that needs improvement.

Small Business Q & A: Cut Start-Up Costs By Using a Dropshipper

Written by Tim Knox


Q: I'm starting an online specialty shop that sells gifts and home accessories. I want to be able to have items dropshipped to customers through my site. I already have a Web site and a domain reserved, but I don't have a lot of money to get this going. Can you offer any insight?

A: Setting up relationships with companies who will ship merchandise directly to your customers for you-- dropshippers, as they're called --is an excellent way to start your e-business and, if done properly, doesn't have to be a costly endeavor. There are literally hundreds of companies out there that will dropship products for you, everything from gifts and housewares to power tools and furniture.

In a nutshell, here's how dropshipping works. You set up an account with a dropshipper (or multiple dropshippers who offer different kinds of products) who provides merchandise that you can sell on your Web site. The dropshipper typically supplies you with images and product descriptions that you can use to build your online store or feature on static HTML Web pages.

You can locate dropshippers withrepparttar new e-book The 2003 Guide to repparttar 104822 Top 400 Dropship & Wholesale Companies. YOu will find it at: http://www.dropshipwholesale.net op400.asp.

When a customer places an order forrepparttar 104823 product on your site, he or she pays you forrepparttar 104824 product. You, in turn, placerepparttar 104825 order withrepparttar 104826 dropshipper and pay them forrepparttar 104827 product. The dropshipper then shipsrepparttar 104828 item directly to your customer under your company name. To your customer's knowledge,repparttar 104829 product was shipped by you.

Dropshipping offers many advantages torepparttar 104830 shoestring online start-up. You don't have to pay for an item until it sells, and your customer pays you, so your personal cash outlay forrepparttar 104831 product is zero. You never have to handle or warehouserepparttar 104832 merchandise, as order fulfillment is handled byrepparttar 104833 dropshipper. You can also offer a wide variety of items from multiple dropshippers, and your end customer is nonerepparttar 104834 wiser.

Dropshipping does have its downsides. Since you do not actually stockrepparttar 104835 products featured on your site, you have no control over inventory management, product availability, order fulfillment, shipping processes and so on. Still, if you do your homework and establish a good relationship with a reputable dropshipper,repparttar 104836 problems you experience should be few.

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