EntrepreneursWorking

Building An Entrepreneurial Attitude

When it comes to business, it is a dog eat dog world out there, and existing corporations and competing companies won’t hesitate to take all of your business and customers and leave you stranded. It’s absolutely vital that in today’s world, you build and maintain the right mindset and attitude if you want to succeed in your business or franchise endeavor.

Whether you are a furniture store such as Mann Kidwell, or the next Wal-Mart founder, the steps apply to you regardless.

If you are interested in starting a company, or building off of an existing business’s groundwork, take the time to help build and develop the right mindset and attitude beforehand, and save yourself plenty of trouble once you’ve begun.

EntrepreneursWorking

We’ve compiled some of our top tips on helping to build the foundational entrepreneurial attitude that is one of the most important building blocks for growing a successful company.

  1. Wake up every morning inspired and ready to begin the day – if you are on this page, then you are more than likely on the right track!
  2. Become passionate about a hobby or job path that you desire. There is a way less likelihood of you succeeding in your business without having any passion behind it. Passion is what will drive you to show up to the office or crank out the late night work sessions when your business isn’t doing so well.
  3. Take the time needed to fully educate yourself on the business or field that you want to pursue. It’s not what degrees you have, or where you went to school, it’s how you apply the knowledge that you learn that truly propels you ahead of the crowd.
  4. Spend time on the forefront coming up with a truly innovative or creative idea. This will be a major differentiator between yourself and the companies that you want to overtake.
  5. Communicate with others constantly, whether it is your family, friends, or co-workers, about your ideas and plans, and don’t be quick to cut off any criticisms that may be directed your way, it could potentially save you a ton of headache in the future.
  6. Research, research, and research some more! Creating a business plan from day one is one of the most important foundational blocks you can take to building a great business. Not being prepared and having forethought for a variety of issues, problems, or situations that may arise can cost you your entire business!

Becoming a top business in your field doesn’t come easy, and there is plenty of hard work, blood, sweat, and tears that go into nearly every business. If you aren’t prepared to put in the effort and spend lots of time dedicated to your business, whether or not it’s succeeding at the moment, then developing your entrepreneurial attitude will not come easy. It will take a lot of persistence, dedication, and all-around hard work to build a great, successful company from the ground up, and that starts with you and your mindset!

FranchiseOwners

Choosing A Franchise That Fits You

If you are thinking about taking the plunge and becoming a franchise owner, it’s necessary that you spend the required time and effort doing extremely thorough and detailed, in-depth research of everything involved. Whether you are interested in owning a 7-11 franchise or want to become a franchise owner of a service-based industry such as owning a carpet cleaning company in Virginia Beach, the planning and work that goes into the decision is the same.

FranchiseOwners

One of the most important, and vital steps to choosing a franchise for your lifestyle is knowing what your individual strengths and weaknesses are. If you are a highly-technical individual who loves being able to record numbers and quantitative data, then you may want to pursue something in the finance or commerce-based sector.

If you are a hands-on, get down and dirty type of person, there are plenty of franchises for you as well! Some of the biggest topics to consider when choosing a franchise are the following:

  1. Your Experience
    1. This is easily over-looked, but in my opinion, one of the absolutely necessary items. In a lot of cases, an individual will have an opportunity to become a franchise owner in a field that they have no experience in. This is a huge mistake! If a franchise owner is experienced, knowledgeable, and very comfortable in the business field they want to own a franchise in, their odds of succeeding are vastly increased! They will have more information to base their business decisions off of, and will know exactly what potential customers will be looking for from the business. If you aren’t knowledgeable about a particular field, either find someone who is to help, or choose another!
  2. Your Budget
    1. Another important factor to consider when deciding on pursuing a franchise ownership or not is your budget. For most, if not all, franchises, you will be required to put a “down payment” towards the franchise when you start up. This goes directly to the corporation, and in some cases, they will use a small portion of these funds to help get you going with a variety of training and other helpful resources. As a general rule of thumb, you should expect to be required to put down somewhere in the range of $10,000+, depending on the franchise you are looking at, and the area it is located in.
  3. The Franchise Itself
    1. Sometimes, individuals are easily lulled into believing that a franchise is performing well steadily and will continue to perform well. As times change around the world, businesses come and go, and the same is true for franchises. In some instances, franchise owners have had conflicts of interest and other personal issues with the franchise they are a part of, and that is never a good sign. Whether you are focused on the company’s performance, their moral & political views, or something totally different, being comfortable and happy with the franchise you represent is huge! Choosing a company that cares about the environment is a major factor for me, so one of my first franchise opportunities that came along, a business that specialized in carpet cleaning in Hagerstown MD, was the first thing I jumped on. They utilize an all-natural cleaning product that is eco-friendly and really resonated with me. Take the time to choose the franchise that fits with your personality, values, and morals!

Once you have taken some time to thoroughly evaluate and review each of your options, take a moment to reflect upon yourself and make your decision. Deciding on pursuing a franchise option that doesn’t have any tangible returns can cause enormous burdens, both financially and mentally, on an individual.

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Bright Market Prospects for Home Businesses

Employees thinking of starting their own business from their kitchen or bedroom but have misgivings about the wisdom of their plan may get the push they need from two fronts: proponents of home businesses and the latest market research. Both indicate a long-term uptrend that will continue to accelerate in the coming years. In short: home-based business are here to stay, and grow.

“Over the next 20 to 30 years, you could see the percentage of people who are self-employed and home-based double, potentially,” says small-business blogger Steve King. He bases his prediction on new developments that favor the home business segment, mainly having to deal with technological advances, low operating costs, and the outsourcing of business functions by large companies to overseas providers.

There is also the changing perception about home-based entrepreneurs. Once dismissed as amateur hobbyists and part-time crafters — given “a kind of second-class citizenship in the small business world,” according to business journalist Carol Tice — “homepreneurs” are now being recognized as legitimate business practitioners.

This is due largely to trends that are making home enterprises acceptable, says King. “[You’ve] got the technology, the legitimacy, and the fundamental fact that it’s cheaper.”

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Home Businesses as Economy Drivers

Two reports released last year reinforce the view that home businesses are serious and viable sources of alternative income for workers, with a crucial role to play in economic growth.

“Homepreneurs: A Vital Economic Force” was published Emergent Research, a home-based research and consulting firm in Lafayette, California, that is run by King and his wife, Carolyn Ockels.

Among the report’s findings: Homepreneurs in the United States comprise a seldom recognized economic force that numbers about 6.6 million businesses. They account for some 34% of all small businesses that provide more than half of the owner’s household income. About 35% of these homepreneurs have annual revenues of more than $125,000, and 8%, more than $500,000.

“Home Business Report” was released by Enterprise Nation, a Web site for home businesses in the United Kingdom. Emma Jones, founder of Enterprise Nation, notes in the report that 2015 “has been a good year for home business” in the U.K. The number of people starting and growing a business from home rose to 2.8 million, an increase of 300,000 businesses over the past 12 months. These home-located entrepreneurs contribute a total of £284 billion to the annual UK economy, says the report.

U.S. Home Business Report Highlights

Here are more findings from “Homepreneurs: A Vital Economic Force.”

  • Some 75% of homepreneurs report working full time in their home business.
  • Homepreneur businesses employ over 13 million people, with an average of two employees (including the owner) per business.
  • These businesses are typically well-established and long-lasting. Almost half of the homepreneurs surveyed had been in business for more than 15 years. Only 20% had been in business for less than five years.
  • Homepreneur businesses are as competitive and successful as businesses located outside the home.

According to a news release from the U.S. Census Bureau, the top home businesses are engaged in the professional, scientific, technical, construction, retail trade, and other services (e.g., personal, and repair and maintenance services).

U.K. Home Business Report Highlights

The “Home Business Report,” on the other hand, shares these facts:

  • The recession contributes to the increase in home businesses in the U.K.
  • Most popular factors for starting a business from home are lower start-up costs, better work-life balance, and being close to the family.
  • Home businesses are growing by outsourcing and subcontracting, as opposed to taking on staff.
  • Technology remains a key enabler to starting and growing a business from home.
  • Home businesses are early adopters of social networking sites to keep in touch with other businesses.
  • The number of people holding down a day job and building a business at nights and weekends is increasing.
  • The most significant growth areas are business services such as business consultancy, legal services, accountancy, architecture and design, training, and outsourced services, and consumer services such as arts and crafts, domestic repairs and services, beauty and wellness, tutoring, and caring.

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Starting a Home Enterprise Today

Often shrugged off as sideline endeavors adding little to the family coffers or general economy, home businesses are slowly being accorded the respect that other kinds of small businesses enjoy. Latest statistics show that they are a growing industry that augments, if not completely provides, the income of households as well as contributes to economic prosperity.

For workers who wonder when might be the best time to join the home business market, now seems an opportune time to do so. The combination of technological advances, low operating costs, and increasing acceptance of this sector tilts the odds in favor of the aspiring home entrepreneur.