Archives: 2009 May

Getting your own business off the ground can be very difficult yet rewarding. Depending which area of business you choose you may need to take out a small business loan to cover such expenses as leasing a location, insurance, payroll, and of course advertising. Even if you are choosing the Internet for the base of your business you may still need a loan to cover such expenses as shipping, payroll, inventory, and once again the most important advertising. We all know the process of starting a business can be nerve racking to say the least, but once you start to see your business become profitable you’ll know all your time and commitment was worth while.

First you will need to develop a business plan outlining all your plans and expenses before applying for a small business loan. Most lending institutions will only grant loans to those who have a financial plan. Your business plan outline should include a description of how much each phase will cost, your projected returns, along with any other means you have of generating income. Make sure to outline the total amount you are requesting and a time frame in which you plan to pay off the loan.

Even if you don’t need a loan it is still very important to develop a business plan with a direction for your business consisting of an outline of goals and costs. Understanding your business is key make sure you know who you competition is, how much demand is out there in this field, which client base you will be targeting. Have a financial back up plan until your business is strong enough to support your needs.

The next step is locating a space to lease if need be. Location can make or break your business depending on the type of traffic you plan to attract. Ask yourself a few questions, is this place easy to find? Is their adequate parking? Is it customer friendly? Perhaps you’re in need of a workspace or storage, if your signing a long-term lease you want to make sure the space is equipped and large enough to support the growth of your business.

In these trying times that many of us are experiencing, just having a job has become our best asset. Only a few years ago people were looking for larger bonuses, higher salaries, and whatever they could to capitalize on a growing economy. But now the tides have taken a serious turn.

Many of the same workers right now would be happy to make a small percentage of the salaries they were not happy with. But, due to large layoffs and downsizing of companies throughout the country they are left with nothing.

Many Americans should feel good in the fact that they are still employed while so many others are not. Things may be tough, but at least your biggest asset, your job is still putting bread on the table. Be proud and feel secure in knowing that you have stability and an asset such as yourself that you can rely on.

While a few years ago many people were refinancing to get the car of their dreams or buying that vacation home that they simply could not afford. Today, things are far different. Instead of taking a tour of Europe many families this summer will be going on a good old family camping trip.

So now it is back to the basics! Where we can create our own fortunes and misfortunes based on our best asset, ourselves.

Scott Darrohn

Its not the economy that poses the greatest challenge at the moment ” nor is it customers, its the negativity from the media.

All the messages of doom that we are constantly being bombarded with and all the talk of cutbacks and falling profits will affect businesses and force them to lower their goals.

Recession is an unpleasant time for everyone, and inevitably, some businesses will struggle, and very possibly fail. But some will thrive and succeed, and these will be the companies that don’t get overwhelmed by all the negative press that surrounds us nowadays and that take a positive attitude toward growth during this difficult time.

The main concept to grasp during a recession is that you need a positive mindset. If you don’t believe success is possible then the severe likelihood is that you will not succeed. You need to think as if things are going to happen, and that will improve the chances of things happening drastically.

Another very important step to take is to use the services of a very experienced sales and marketing coach.

If you choose the right person, they will be highly experienced and will have dealt with recessions before, and therefore will know the best marketing strategies to adopt.

Although it does seem mostly bad, some good can come from a recession. Quite often you see competitive businesses get scared by the state of the economy and back down from heavy marketing campaigns, creating opportunity for others to swoop in and collect their business.

The fear of the credit crunch will most likely stop a lot of companies from conducting their marketing effectively, which will then affect their openness to new business opportunities. Had they taken a positive attitude from day 1, the predicament could well have been avoided.