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”

“Escape the 9 to 5, live anywhere, and join the new rich!”

Big words… And that’s Timothy Ferriss’ promise to you in his ground breaking book The 4-Hour Workweek. As intriguing as its title, the book takes you on a journey of redefining and rediscovering yourself. The 4-Hour Workweek is more than just another self-help guide… it offers you a DEAL that’s almost too good to be true!

Here’s Ferriss’ DEAL for you in a nutshell, based on the four pillars of Definition, Elimination, Automation and Liberation:

• Define your objectives. Decide what’s most important to you. Set specific goals. Answer the question, “What do I really want?”

• Eliminate daily distractions to free up your time. Be effective, not efficient. Focus on the most important 20% of what you need to do… simply ignore the rest. Reduce interruptions and chuck out the information overload. And yes, learn to say “No”!

• Automate your cash flow in order to increase your income. Outsource the mundane tasks in your life — appoint a virtual assistant to take care of daily tasks. Create a business model that runs on auto-pilot.

• Liberate yourself from all conventional expectations. Think “out of the box”. Design your work to boost mobility, so that you can do your job wherever you are, whenever you want!

All the four aspects of DEAL may seem to be difficult to master, but follow Ferriss’ roadmap and you can accomplish many of the positive results that he promises. A perfect blend of all the four components of DEAL can help you live your life in a way that is both self-sustaining and fulfilling.

Pearls of wisdom:
Timothy Ferriss has developed a knack for shattering conventional wisdom every step of the way in The 4-Hour Workweek. Here are a few nuggets for you to chew on:

• Ask yourself, “If this is the only thing I accomplish today, will I be satisfied with my day?”

• Learn the art of non-finishing. This is all about the sunk cost fallacy: just because you paid $10 to see Pirates of the Caribbean 3 doesn’t mean it’s a good idea to watch the entire thing.

• If you can’t define it or act upon it, forget it.

• Life exists to be enjoyed — the most important thing is to feel good about yourself.

If you’re interested in outsourcing your life just like Ferriss suggests, here’s a handy list of online marketplaces where you can find the perfect virtual assistant for you:

1.    www.elance.com
2.    www.odesk.com
3.    www.scriptlance.com
4.    www.ework.com
5.    www.guru.com
6.    www.freelancers.net
7.    www.getafreelancer.com
8.    www.allfreelancework.com
9.    www.project4hire.com
10.  www.contractedwork.com
11.   www.getacoder.com
12.   www.rentacoder.com
13.   www.staffinseconds.com

Until next time,  J.

“Take control of your destiny or someone else will”

Ask anyone what the central focus of their lives is; and chances are you’ll get a blank stare or an unclear account of what they think they want; as their response. Most of us find it hard to pinpoint a single focus or central element in our lives. We move from goal to goal, happy if we achieve some of them, unconcerned if others are unfulfilled. And then we sit back and wonder why we’ve not achieved the financial success we had hoped for.

Successful entrepreneurs will tell you that focus is one of the key ingredients that allows them to move forward and step their businesses up a notch. Desire, combined with focus and a single minded determination will push your mind into over-drive. You begin to visualize what you want and see it happen on a daily basis. You talk about it, live it and breath it, and most importantly, you believe it to be true. You take the first step toward controlling your financial destiny and your future.

Gaining this focus is easier than you think. Make a list of what you really want to achieve and next, make a list of those clients, products or services you work with, that can help you achieve it. This follows the 20%-80% rule as outlined by Brian Tracey in his book, Focal Point. (Link here for a Kindle version). It’s the top 20% of your clients, products or services that will contribute to 80% of your income.

The same hold true no matter what kind of business you run or how many income streams you tap into to make your money. For example, if you work with affiliate marketing, then identify those affiliates which offer a larger percentage. If you offer consulting services, make a list of those clients who are willing to pay a premium price for your services. It doesn’t have to be a large list. In fact, a smaller list will allow you to earn more income with less number of hours put in.

The 20%-80% rule doesn’t work only for your career; it can be applied to any aspect of your life. Within your wish list, make a note of all the things that are currently working for you. At the same time, write down those which are not working for you. Can you downsize, delegate and eliminate much of these things? Hire a cleaning company to help get your home in order; find a nanny or babysitter to look after the children for a few hours each day; get a personal trainer or dietician to help you achieve your health and fitness goals. By completing tasks of higher value and outsourcing or if necessary, downsizing tasks of lesser value, you are automatically realigning your focus onto achieving more in a lesser amount of time.

Remember that putting this formula into action is a matter of personal choice. You can choose to rethink your focus and strategies or you can choose to continue along your current path. If you are not happy with the way your choice goes, you can further make a decision to change it. Accepting responsibility gives you a sense of control over your actions and your future.  You are the driver of your own destiny.

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