So you have a business idea.  In fact you have more than an idea, you have a business model and plan thought through, researched and documented.  Now you are brainstorming that perfect name for your new business.  Here are a few considerations while you go through the process:

1.  Write your mission statement. As you get really clear on what service or product you will deliver, it will be easier to concentrate on a name.  Then you have even more options to explore.

2.  You can use your own name as your business name, but the downside of that is it will always be linked to a real person.  But then it’s worked for people like Trump and Oprah!  Generally, you need to have a following or a fan base.

3.  If you really want to be identified with the company, choose a business name and then become the “official” spokesperson.  This is especially suited when a company name represents a product or service that “registers” with the public before your personal name does.

4.  You can also use a descriptive company name such as ETrade or ToysRUs.

Regardless of the type of name you decide to pursue, it should reflect what your product or service is – either in the actual business name (title), or in your tagline.  Have some fun while you’re at it!

Let us know how you came up with your business name?  Were there any particular steps you can share?

Until next time,  J.

“Take control of your destiny or someone else will”

Last month in my newsletter I mentioned that spring is when I regroup, which includes looking at updating business plans and revising business models.  I also heard from some of my subscribers that are doing the same.  I heard from a few who want to start a new business of their own but are stuck on how to choose a good name.  If you fall in that category, here’s a couple of points to consider at this juncture:

• The name you choose should be meaningful
• Think of future placement and use
• Is the name you choose “protectable” and the domain available?
• Choose a name that has an optimistic feel to it
• Be thinking about your logo at the same time – does the company name lend itself to a graphic format?

This is just one small piece of starting a business of your own, but thinking of how you want to brand your company and/or yourself up front will minimize the backtracking, and costs associated with doing so.

Until next time, J.
“Take control of your destiny or someone else will”

Being a self employed entrepreneur and working from home has so many benefits.  Have you ever thought about the freedom you could have waking up without an alarm clock?  Working for awhile and taking an exercise break?  Coming back to work and not fighting traffic or paying for gas?  And now here’s another huge benefit… being able to work from anywhere?

Right now I am working from the patio of an apartment I’ve rented for a couple of weeks in Zihuantanejo, Mexico. You’ve got to love my office view!  What’s stopping you?

Until next time,  J.
“Take control of your destiny or someone else will”

It is no surprise whether you are retiring and looking for another career, or whether you’re stuck with this economy, more and more people are looking to start home based businesses.  This article by Cheryl Kimball and Entrepreneur Press list 55 business startup ideas. These are separated into 3 categories:

• Startups under $1500
• Startups under $3000
• Startups Over $3000 (but might not exceed $5000)

It’s worth looking at because they don’t just list the idea, but provide a short comment on how to get started.  It was interesting though, that I didn’t see much having to do with online marketing, most were service related.  Lots of great food for thought though!  Visit: www.businessonmain.msn.com

Until next time, J.
“Take control of your destiny or someone else will”

As baby boomers are rapidly approach what used to be defined as “retirement age”, a big concern often comes up about whether there will be enough retirement savings in place to be able to live a comfortable life later in life.  There have been plenty of rumbles from Washington that the Social Security system will not be able to bear up under the huge demand the boomer generation will put on it.  So few baby boomers are looking to depend on that money being there, even though we are all paying into it every month.

On top of that worry, the method our parents used of working for the same company for 50 years and retiring with a hefty financial package and a gold watch has gone the way of the dinosaurs.  Long ago corporate America began to eliminate retirement packages as a straight forward benefit.  So many baby boomers find themselves approaching retirement age with insufficient retirement monies to support them.  What is needed is a solid plan to attack this problem while boomers still have a good 10 to 15 years of working potential in them.  Some principles of that plan might be…

Simplify Your Life.

When the kids finish college and get out on their own, you may find your life could be simplified considerably.  You might not need as big a house and many of the extras that were important when you raising a family in that house.  Do a thorough review of your assets and your expenses.  You will find you can cut costs significantly and even begin to cash in on some of the extras you have had all these years and put all of those savings into the bank as a hedge for the day when you are ready to retire.

Pack the Bank Account Now.

The empty nest syndrome isn’t all bad.  There are some real benefits to returning to a lifestyle of just you and your spouse discovering life together.  You have conquered many challenges raising a family in this tough world and you deserve to be proud of your life of accomplishment.  But now you and your spouse can take on a big challenge that is just for you which is to get out there and generate income for retirement.

Both members of the union can take on as much work as can be found.  Often in the mid to late fifties, the primary bread winner may be able to retire from that job they have held down for several decades.  But instead of beginning to live off of retirement funds, get another career going that can generate another ten to fifteen years of income.  With good budget management, it’s very likely you will be able to bank at least one entire income if not more and put all of that money back into retirement.

Working with your investment counselors you can find ways to shelter that extra income so it stays out of the tax system until you are ready to use it.  The good news is that this push for productivity and revenue generation late in life can lead to a healthy retirement budget that can benefit you well as you finally sit back to enjoy your leisure years in the rocking chair taking care of the grandkids. (Or traveling to places you’ve dreamed of and writing postcards to the grandkids!!)

Identify a Money Generator that Can Stay With You

There are second careers that you can find that will become a good source of supplemental revenue even after you retire.  Start now looking for a potential “retirement career” which will be a line of work you can do even after you retire to generate additional income for you.  Writing or internet marketing is a good way to set up a home based business that you can continue to work at as long as you can type, see reasonably well and your thinking capacity is sound.  (Plus, this can be done from anywhere – even while you’re traveling and writing postcards to the family!)

Retirement jobs have the double benefit of adding to your revenue resources and keeping you active and enjoying life in your retirement years.  And that is what all of us want.

Take control of your destiny or someone else will
Until next time, J.

Welcome back to the last part of how to start a side business without quitting your day job….

6.    Plan to act.

You now have all of the tools needed to get create a plan of action for your business idea(s). You may have 3 options or more on your list. Continuing with the exercises presented in this article learn more about what’s needed for your business. See what additional skills are needed to get started. Find out what fees and licensing if any are needed to get started with your business. Add additional columns if needed to your checklist so you can visually see the results.

Start a second page to make notes of your plan of action after completing your research. This is where you will list all of your tasks needed to achieve your objectives. You’ll also want to set small milestones for yourself so you can chart your progress.

As you are starting your side business share it with your immediate family as you’ll need their complete support. Only start sharing your plans outside of your immediate family when you are clear on what you want and have mapped out a plan. Most people don’t get started in business because of fears: fear of failure, fear of rejection, and fear of success. Imagine if you shared your excitement about your business idea with someone who was in this category.

They may try to talk you out of it or make you think your idea will not work. There are many multi-million dollar businesses that would have never taken flight had they shared the idea early on. Remember we pay for bottled water when it comes freely out of the faucet. Whoever initiated this business idea could have easily been discouraged because why would people pay for something they can get for free. You get the idea!

Here are the six critical steps to get you on your way to starting a side business without quitting your day job:

• Exercise #1: Create list of things you are passionate about.
• Exercise #2: Determine what time you have available to commit to your business.
• Exercise #3: Determine what funds you have available to invest in your business.
• Exercise #4: Rate your business ideas on a scale 1 to 5 with 5 being the most time needed. And rate your business ideas on a scale 1 to 5 with 5 being the most money needed to start.

• ·  Make a list of skills you need in order to start your business.

·    Exercise #6: Create a plan of action.
Being a business owner is not easy, yet it is most rewarding when you have carefully selected the business that works best for you, your family, and your lifestyle. With these steps you can identify business opportunities that work best for you and allow you to keep your day job. It is possible to start a side business and work full-time. In today’s economy building your nest egg is now up to you and the only way to make it grow the way you want is to start your own business.

I wish you much success in determining what your new venture may be, and if I can be of any assistance, please don’t hesitate to reach out.
“Take control of your destiny or someone else will”

Welcome back to the next part of how to start a side business without quitting your day job….

3.    Be realistic about funding.

It may seem a bit premature to think about funding before narrowing down a business idea, however, much like time it’s important to be realistic about what money you have available to invest in your business. Knowing this early on will help you to eliminate business ideas that do not match what you are able to invest. Consider not only what funds you have to invest, but whether you want to include partners or get a bank loan. Answering these questions helps to narrow or broaden your business options. The great thing about being an entrepreneur is that it doesn’t matter how much or how little money you have to get started, you can still get started. When being realistic about your funds have a ballpark figure of what you can invest. You may not need as much money as you thought, but it’s good to have a general budget to start.

4.    How do you determine business opportunities that work best for you?

We are building on the previous steps. At this point, you should have a list of things you are passionate about, you should know how much time you have to commit to your business, and how much you have available to invest. Looking at your list of passions make note of the ones in which business ideas can easily be developed. Remember my organizing friend? Her passion easily can be turned into a business. If you have not gotten your list together stop right here and complete your list.

Looking at your list of passions with business potential, make note of the time commitment involved on a scale of 1 to 5 with 5 being the largest time commitment. I want you to do the same thing in regards to the funding needed to start that business. If you enjoy baking cakes, it may cost more to get started than to start a dog walking business. It’s understandable that you may not be aware of all of the costs and fees upfront, however start with the information you do know. This exercise is to help you narrow your business choices. In the end you’ll research just a few ideas and not all of them. This will save you lots of time and frustration.

For those future business owners with limited time try to select a business that can operate 24/7 without you. As mentioned previously businesses such as network marketing opportunities are businesses that function in this manner. Of course any business will require your time initially, but ongoing you don’t have to commit as much time for things to continue moving. The great thing about network marketing type businesses is that a model and plan have already been laid-out, tried, and perfected. You’ll be able to follow a system that you know can work for those who work it. Many years ago, when I started my network marketing business, my mentor who got me started was absolutely fabulous at marketing. She taught me the main ingredient for a successful network marketer is the love of people. She enjoyed meeting new people, sharing ideas and things she’d learned, all of which made her a phenomenal business woman. If you’ve got lots of time, then this area is not an issue for you and you can be available or not to work your business 24/7. But if you’re like most of us, time is limited.

5.    What skills are needed for my business idea(s)?

Has your list gotten a little smaller than when you first started? If so, you’re on the right track. As you go through this article you want to add and subtract ideas from your list accordingly. Now it’s time to consider what skills are needed for your business. Consider the skills you currently have and build from there. Make a list of skills you have today and then see how those skills can be applied to your business idea(s). You may see where you need to add to your skills or that you have the exact skills needed to get started. Your best asset are the skills you’ve used all of your life. The one thing I enjoy most about working my business is that I’m able to use all of my skill sets I developed while working in corporate America. Recycling is a good thing and it applies in business as well, so recycle the skills you’ve learned working your day jobs. In fact, if additional training is needed for your business, you may want to take a closer look at the training offered by your current employer. I once received an email from an exciting future business owner who wanted to get into graphic design. Her funds were limited and she did not qualify for loans so she took advantage of the training offered at her job on the Adobe Creative Suite. Not only was she able to apply what she’d learned for her current position, but she was also able to apply it to her new business. As a result of taking the initiative to participate in the training offered by her employer, she later received a raise due to her continued efforts to build her skills.

I wish you much success in determining what your new venture may be, and if I can be of any assistance, please don’t hesitate to reach out.

Come back again for Part 3!!

“Take control of your destiny or someone else will”

If you’re reading this, is it fair to guess you have some interest in starting your own business? You may not know what business, you just know that you were created to be more, do more, and that includes owning your own business. It’s quite exciting just thinking about the possibilities of owning a business, having flexibility and autonomy are advantages that top the list when dreaming of being an entrepreneur. It’s very easy to get caught up in the idea of it all, but what are the realities of owning your own business? What should be considered before starting? And how do you fit it in with your current full-time job? All of these are very important questions and I’ll take you through step- by-step so you can make the right decision for both you and your family.

1.    What is your passion?
As a new business owner, you’re going to spend lots of time thinking, planning, and dreaming about your business. Pick something you are passionate about and have a very strong interest in seeing through to the end. Let your passion be the driver and not the need or want for more cash. I learned many years ago that when you’re passionate about your work, money follows. My experience in corporate America, and possibly yours as well, is a demonstration of this very philosophy. For employees who loved their jobs, promotions followed because they didn’t mind staying late, learning new skills and technologies, or going above and beyond to help team members and clients. These are the employees who thrived at work and reaped financial benefits as a result. The same applies for your business. Future clients will feed off of how you feel about your business. If you’re not passionate, they’ll know. If you’re in it for the money, they’ll know. So choose what you’re passionate about. If you’re unsure or have been jaded by the financial outlook of today’s economy, think back to when you were a child. When the main concerns were school work and friends, this is when you were at your purest self. What did you enjoy doing as a child? Could that be applied to a business? For some of you, going back that far may not be necessary. In fact you may be sitting on that great idea right now. It may be something that friends and family have said for years, “you should sell that” or “that’s a great idea, you should market that”.

I have a friend who is super organized. She loves containerizing, planning, and putting things together. For many years she’s talked about helping others get organized as a side business, but has been hesitant to get started. At the end of 2008 she got laid-off from her job despite having recently completed her master’s degree. Imagine if she had started that organizing business before her layoff, just think of how much more she could have accepted of her fate. Most recently I received a message from her on Facebook and she’s currently working with a relative and a friend to get them organized, and they’re paying her to do so! I’m very excited for her and hope this will give her the boost she needs to move forward in her organizing business. Are you like my friend, depending on your current job to get you through? Please don’t. Nothing is guaranteed and you must be responsible for your own financial outcome. What better way than to own your own business doing something you love? Let’s say you know what you’re passionate about, but are not sure of the time that will be required working a full-time job and starting a new business.

2.    Be realistic about your time.

Anyone in business will tell you it takes more than 40 hours a week to grow a business. You’ll find yourself thinking about it even when you’re not trying to. A new business is like a baby. It must be nurtured and cared for, requiring your time and attention even when it’s not convenient. This again is why it’s so important to have a business that you are passionate about. I don’t mind eating, sleeping, and drinking my business because of the great joy I feel when I’m working. I don’t even like to call it work because it’s so pleasurable. If you know your time is limited because of other obligations, choose a business that can work and function without you. Yes, this is possible! Thanks to the advancement of technology you can have a business where you earn money in your sleep. Businesses such as network marketing, affiliate marketing, and more are all businesses that work continuously for you. Once you’ve developed a core target market you can develop a strategy that puts your business in front of them regularly whether it’s through emails, blogs, websites and more. In the mean time, I want you to think realistically about the time you have to commit to your business.

I wish you much success in determining what your new venture may be, and if I can be of any assistance, please don’t hesitate to reach out.

Come back again for Part 2!!

“Take control of your destiny or someone else will”

For home-based businesses, quality leads are a necessity and your website is the mainstay.

But does your website exude professionalism? The look and feel of your site should convey stability and develop confidence in your services or products. It should also directly appeal to your target market.

Do you see your website as a closing tool? Think again! It should be functioning as a lead generator by providing quick, inexpensive methods to attract new customers by:

1)    Using online forms to solicit information from visitors. This information should also provide contact information about the visitor and assist in qualifying.
2)    Identify a common problem your customers are experiencing or may experience in the future then offer solutions.
3)    Your solution can be delivered in various ways, such as a report or white paper, a webinar or teleclass, a audio or video report.
4)    Attract customers in by enticing them with a great title. Make mention of the title on blogs and forums, social media as well as writing press releases and distributing.
5)    Next provide additional information and make it available for download on your website. Use an “opt-in” before allowing access to your freebies, thus providing additional quality leads.

The above methods work, require very little time and money, can be easily updated and promoted, and will make your website a valuable resource for your target market.

Until next time, J.
“Take control of your destiny or someone else will”

When I say DR-BCP, what I’m referring to is a Disaster Recovery Plan, but a more positive reference is a Business Continuity Plan.  Regardless of what terminology you use – remember to add water!

Those of you who have followed along for awhile already know I also have another business besides my online marketing.  For those of you who are new here, we provide project management services to companies who are relocating their facilities (offices, warehouses, & IT Labs), but we additionally assist with the development of operational procedures and business continuity plans. Recently, I realized the last couple of posts on the subject didn’t start at the beginning….so let’s backtrack.  This is information for all ages, and for those working or retired.  While it sounds like common sense, it’s amazing how many people do not have a preparedness plan.

I strongly believe the beginning point of your planning should focus on your home and personal/family plans. Doing so will provide you with a peace of mind, knowing that if you ever need to implement them, you’ll be ready and not scrambling around.  Ensuring the safety of your home and family will then allow you to focus on your business and implementing those continuity plans without distraction.

No matter where you live in the world there are natural disasters that could potentially affect your routines.  We’ve seen in the news as of late all of the earthquakes, fires, and hurricanes.  Also in the news are the extremists predicting doom & gloom because of the economy.  While I don’t think you need to be a survivalist, I do think you should prepare to be self-sufficient for up to a couple of weeks.  In the event of a power grid failing and/or transportation routes affected, your pre-planning will allow your family to be less stressed and reactionary.

Here are some considerations when creating your plan (we’ll only discuss natural disasters for this exercise):

• Assess what natural disasters could potentially occur in your area
• You will need 2 plans – one to remain at home and one in the event you need to evacuate
• You will want to consider all family members living in your home when developing your plan- children, adults, pets
• You will want to think through what to do if you’re all home or how you will communicate / meet up if you’re not
• You will want to have supplies on hand prior to an emergency – make a list and start acquiring them (Not just food and water, but possibly building materials as well)

In the next post we’ll review some specific steps to take in developing your plan.

Oh yeah, regarding adding water to the list…. I have always lived in suburban neighborhoods.  If the power went out, but the water lines not affected we could still get water.  Now, the last couple of years we’ve lived in the country, with a well.  If our power goes out the well can’t pump water to the house.  We had to revisit getting a generator.  So another key to a good plan is to review it periodically and make changes/updates when necessary.

Until next time,  J.
“Take control of your destiny or someone else will”