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The idea of starting a business is alluring to so many people.  There is the vision of wealth, providing opportunities and security.  Also there is pride and purpose- knowing what you’re doing is for you and your family.  And of course, one of the most appealing reasons is the freedom of being able to work from home and choose your own hours.  

These visions are wonderful and, in many cases, attainable.  In fact, according to the U.S. Department of Commerce, there are over 17.6 million businesses with one or more owners but no paid employees.      

So why are so many aspiring entrepreneurs left on the sidelines? 

It turns out, there are three reasons.  One, as you can imagine, is good old fashioned fear.  Fear of the unknown.  Fear of failure.  Believe it or not, fear of success.  The second reason is a lack of knowledge.  “Where do I start?” “I don’t have enough resources.”  “I don’t know anything about marketing.” And the third reason, which I will be discussing in this article, is about the business idea, itself. 

Business Idea Paralysis

What is business idea paralysis?  Quite simply, it’s a condition that prevents people from starting a business because they get held back in the idea generation stage.  Basically, they are stuck in neutral.  Below are the two most common reasons why:

 The Pet Rock Syndrome

In 1975 a gentleman named Gary Dahl created a product called the pet rock.  Many of you have probably heard of it.  In case you haven’t, it was nothing more than a rock set in a box on some straw.  Within 6 months, Dahl had sold over 5 million of these pet rocks for $3.95 each.  It cost him less than 30 cents to produce the rock.  So, when you do some basic number crunching, he made over 15 million dollars in just 6 months – selling rocks.   

What does this have to do with anything?  Well, quite a bit actually.  Imagine how much your life would change if you could sell something as simple as a rock and become a multi-millionaire in just 6 months.  Pretty tantalizing isn’t it?  Unfortunately, it has tantalized people so much that they never end up starting a business.  They only end up chasing their own “pet rock” gimmicks that never catch on.

The reason is simple.  Some people just haven’t been blessed by the idea gods.  The gods have failed to spring upon them the multi-million dollar idea that they believe they need.    No matter how hard they try to come up with the next pet rock, they can’t.  If you don’t believe me, take a look at how many get-rich-quick schemes are being sold today.  If people can’t think of the next great idea, then they will buy the idea from someone else.  Well, guess what?  It doesn’t work.  Mr. Dahl was an aberration.  He hit the winning lottery ticket.  Chances are you won’t.

After you have wiped the pet rock syndrome from your head, beware of the next, equally as paralyzing syndrome that can keep you from getting to business with real, tangible ideas. 

Peace, Love and Happiness Syndrome

On the other end of the spectrum we have the peace, love and happiness camp.  This group is a little more realistic in their pursuit of a business idea.  Their problem, however, is that they love too many business ideas.  In fact, they love them so much that they can’t decide on the best one.  They become paralyzed by trying to figure out which idea is best, and ultimately, never try any of them.

These types of people, I have found, are extremely visionary.  They love to explore all of the different business angles and long term visions.  The problem is they don’t take action because their heads are filled with amazing ideas and forecasts for success.

If you fall into this camp, I have bit of advice.  Stop it!  You need to choose an idea and then let your mind run wild within the boundaries of that idea.

How Do You Find the Right Business Idea?

There are two schools of thought on how to come up with the right business idea.  I’ll discuss them below:

The Traditional Approach

The traditional theory for finding the right business idea states that you should find a need and fill it.  In other words, you need to pay attention to your surroundings and look to see where there might be an opportunity to offer a new product or service that people may need.  Once you do, that’s what you will build your business around. 

There is no question that this method of generating business ideas work.  It has led to many great inventions and innovations over the years.   It is for this reason that pharmaceutical companies make billions of dollars.  They develop new drugs to satisfy a need, such as a heart condition.  You can also see the traditional approach at play with today’s green technologies.  New, “green” businesses are trying to fill the need for clean, renewable energy.

There is one problem with this method, however.  It can be quite expensive and time consuming.  First, you have to develop the product or service.  This includes spending a lot of time and money on market research and sampling.  Second, you have to spend a lot of money on marketing to not only introduce the product or service, but to also convince people that they really do need it. 

If you’re a typical entrepreneur with limited funds and expertise, this may not be the best method of generating business ideas. 

The Give Them What They Want Approach

There is a second school of thought about coming up with a business idea that in many ways is far less risky and is much less expensive.  This theory is based on the idea that you should come up with an idea that already exists.  Or, simply put, offer people a product or service that they are already buying. 

Wait a minute, you may say, but doesn’t that mean there is more competition?  Isn’t the market already saturated?   Um, I would reply, tell that to Netflix. 

In 1997 the originator of Netflix reportedly hit upon the idea for movie rental-by-mail when he was forced to pay $40 in fines after returning an overdue videotape of the film Apollo 13.  Renting movies was not a new business “need” that needed to be satisfied.  In fact, Blockbuster had been renting movies for over 10 years, and in 1998 had served nearly 60 million people who rented more than 970 million movies and video games.  Netflix took a proven market (movie rentals) and simply enhanced the service by offering movie rentals by mail, with no late fees.  The result:  today, Netflix has over 10 million monthly subscribers while generating  an annual revenue of over 1 billion dollars.  Blockbuster, on the other hand, is struggling to stay afloat. 

The point is that if you know what people are buying, a good business idea is nothing more than simply enhancing the product or service and/or marketing message.  It’s a lot less risky and more often than not, a lot less expensive. 

Business cards have three major configurations. These configurations are used for certain kinds of custom business cards of different purposes. If you are a wise business man, you would do well to know these types of business cards. Using a combination of different configurations of these custom business cards should make your business networking task more effective since each has a specific area in which it can excel.

Simple 2-color cards:
The first configuration for business cards is the simple “two color” business cards. These are the most common type of business card out, and is the most widely used in most countries. As its name suggests, this kind business card has only two colors. You have the color of the paper stock or background of the card, and you also have the color of the text itself. The simplest setup here is the black and white business card, with a white background and then black text. However, other people have often tried to change the background color to different ones to stand out among other business cards. If you want a standard business card that you can give to almost anyone, and if you are just starting out in business card printing, then this configuration should be your best choice.

Full Color cards with images:
The next most common configuration are the full color business cards. Also called “four-color business cards” (which relates to the CMYK printing process), full color business cards offer one of the best looking business card configurations out there. This configuration is usually used if you want to place an image or symbol in your business card. This might typically be a logo of your business, or it might even be your own photograph. Regardless of the content however, these types of business cards are printed in the highest quality color printing to make those graphics look the best that they can be. Use this kind of configuration if you have a large printing budget and an eye to improve your business image. If you deal with and talk to a lot of clients, customers or investors, full color business cards are always a must.

Special Configuration:
Lastly, you can also have special configuration business cards. These are the cards that have custom aspects to them that you specify for a certain kind of purpose. For example, you can print extra information at the back of a business card like a marketing message or advertising slogan. Also, some people print calendars or something similar on their business cards as a way of adding more usefulness to them. These special configurations are usually best used by people that want to do more than just gain a business contact. Typically they would usually want to directly sell something, or they want to improve their company reputation or any other types of specific objectives.

As you can see, you can print business cards with certain kinds of configurations for a specific type of purpose. By knowing what your main purpose for business card printing, you should be able to produce the most apt business card configuration that fits your goals.

For comments and inquiries about the article visit Business Cards and Custom Business Cards

Many times, business owners make the decision to sell a business and too quickly dive into a listing arrangement without considering all of the consequences. 

As a business owner looking to sell a business, here are a couple of issues to keep in mind if you want to sell your company quickly and at a good price.

Deal with a professional
As a business seller it is in your best interest to deal with a business broker, intermediary or specialist that focuses on the selling of businesses.  Oftentimes, owners list their companies for sale with an individual who normally focuses on residential real estate and are disappointed when their business doesn’t sell.  If you want to sell a business, it’s better to deal with a specialist.

Selling a business requires a unique skill set and the process is much different than selling a piece of real estate.  For instance, business sales are usually kept confidential so dealing with a business sales specialist will benefit you by working with a professional that has an existing network of potential buyers interested specifically in businesses for sale.  There is also more technical expertise required (example – business valuation for the purpose to sell a business is much different than determining the value for a piece of real estate, the negotiation is usually much more involved, there are typically more deal terms to be negotiated, due diligence must be managed and the overall transition facilitated).  If you are looking to sell a business please choose to deal with a professional that specializes in business sales.

Declare your income
Too often, business owners don’t ‘declare’ a portion of their business income in order to have a lower tax bill.  This is highly unadvisable.  For starters, CCRA would not be too happy if they discovered such activity.  Secondly, from a purely economic point of view, it costs you, as a business owner, in the long run when you go to sell a business.  For instance, suppose you decide not to declare $10,000 in earnings and keep this instead as cash ‘off the books’.  If your overall small business tax rate was 23% you would be saving about $2,300 in taxes.  Alternatively, supposing you did declare the full amount you would pay $2,300 in taxes and be left with $7,700 in ‘declared’ income.  However, supposing your business was valued at 2x earnings you would be gaining $15,400 in supportable business valuation when the day came to sell the business.

The point is that it may seem appealing in the short-run to cheat and not declare income but it really does pay to be honest.  Businesses with undeclared earnings are much more difficult to sell and much more difficult to justify a valuation on.  Business buyers always like to see properly documented and supportable earnings. 

Do some analysis on your business
When you decide to sell a business, it is important to be able to tell a narrative to potential buyers about your business.  Do some analysis and try to anticipate what an interested buyer might ask you.  For instance, if profit margins have been decreasing, find out why.  If sales have been decreasing, get to the root of it.  Perhaps you had a period where you lost a staff member and have since resolved the situation. 

Find out the story behind the numbers to paint an accurate picture to a buyer.  Remember that no business is perfect and most reasonable buyers don’t expect it to be.  Don’t try to gloss over any blemishes your business may have.  Be forthright. Buyers expect you to be honest and if you’re not then that would raise a red flag that could potentially de-rail a deal.

I know what you’re thinking, start and online business without having to market or advertise? Well it’s true. It is one component to a two part approach for starting an online business. For year’s many online e-Commerce businesses have attributed their success and associated costs to the traditional way of doing business online.

Approach #1

The traditional approach to starting an online e-Commerce business is to follow some simple actions to start the process. The following is a list of action items in no particular order that need to happen prior to set-up.

ü  Perform Market Research on the Business You want to Start

ü  Understand Drop Shipping or inventory management

ü  Legalize Your Business

ü  Create or buy a Domain Name

ü  Web Hosting or Site Creation

ü  Open a Checking Account

ü  eMail

ü  Website Optimization

ü  Customer Service

ü  Marketing

ü  Affiliate Programs

ü  Shopping Carts

ü  Obtain a Merchant Account

ü  Perform Competitive Research on the Internet

ü  Order Fulfillment

This is what the traditional approach is to starting an online e-Commerce business. Sounds like the same old information that you get from millions of websites on the internet. Times have changed and so has the business model. Business owners have spent countless dollars to search engines for advertising their business website. It is time that businesses that sell products get an upper hand on the market and put them in the driver’s seat. Online businesses have to pay for advertising, pay for marketing, invest countless hours on natural SEO, and a myriad of other out of pocket money that should remain in the possession of the business owner. The first approach continues to dominate the internet and will in the future.

Approach #2

The second approach requires “out-of-box” thinking. This approach focuses to looking at an online e-Commerce business with a fresh set of eyes. The first approach will act as a platform or vehicle for which businesses will process the orders and the second approach catapults the first. This model is known by multi-million dollar companies, but not to small businesses online that sell products. Remember that the traditional model is still being used and the mindset has not shifted from how to drive traffic to an e-Commerce website. Until the mindset is changed and the business owner chooses another path, business owners will not see the benefit to this approach. A comprehensive solution using the first and second approach has been fully developed and matured; however, online businesses still fail to realize their potential to capture the business. Imagine an online e-Commerce business that no longer requires excessive money to market and advertise, but simply generates income without the added expense. The thought of this approach can seem unreal. This is not the case. The reality is that the solution to this age old internet problem has been solved. In order to conceptualize this approach it does require that a business adopt this new method of business. The good news for those business owners that are skeptical of this approach, businesses do not have to abandon the traditional approach. That can continue as normal in parallel and adopt the second to achieve colossal results.

Business owners should feel that their interest level in the second approach has changed after reading this article. The desire for every business owner is to minimize costs and increase profitability. Adopting a new way to growing company profitability is here to stay it is up to the business owner to seize the opportunity before them. New business start-up’s that do not have a significant amount of capital to advertise, market, attract customers, and drive business, this is the time to act on the new approach to internet business. In searching the internet one can find work from home programs, purchase an online business already operational, start an online business, affiliate programs, financial blogging, and many more. The key is to develop a baseline of income from an e-Commerce business so that after your customer base is set, additional customers that attach themselves to you become pure profit. To expand on this, if your customer base enables a business to generate revenue with associated profit to cover expenses, the balance is profit that has no expense attached to it. The second approach to this business model achieves this. Once customers understand your approach and business overall, the business is yours to lose.  

There is a call to action on the business horizon that should not be ignored, but embraced. The potential to achieve huge profits sits at the door step for those who have an e-Commerce business or are thinking of starting one.

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What Is Business Sense?
 

By Eric Okeke

What is the principal thing you need to succeed in your business today? Money. Sure, you need it, but it is not the main ingredient for success. People .Of course they are necessary, but having them may not guarantee success. Excellent products or services. Well, this is a must to succeed. But you may have them and still not succeed. Promotions, visibility, marketing. These factors lubricate your business activities for success. So what is the principal thing?

Take this from the book of Proverbs. Wisdom is the principal thing. Therefore get wisdom. And in your getting, get understanding. Riches and honour are with me. Enduring riches and righteousness . Translate this into your business, you get what I call Business Sense. As we progress into year 2005, it is necessary we refresh our minds on what this sense is all about. That is the mission of this article.
 

So what is Business Sense? How you do your business. Not really. Strategies for doing business. Well you may be correct, but not quite. Doing business with the sixth sense. No you are off the mark for though Business Sense has something to do with feelings, it has more to do with wisdom.
 

But what exactly is Business Sense? It is the application of wisdom for today s business, or simply put, common sense in business. It is more than knowledge, facts, and figures. It is copious use of ideas especially those that are so simple, ordinary, or basic that they are disregarded. It is insight, the ability to interpret developments and the business environment differently, and to see, discern, and use differently and profitably, what others see but ignore because they look so ordinary or appear foolish. If you put your attention on those simple issues and things about they way you work and live, and use them for business, you are operating with business sense.
 

Business sense. Two words, So profound, readily available, so simple to learn and apply, yet largely ignored. You can call it common sense. Though it readily abounds, it is not so common in acquisition and application among the professional and managerial class who rule the corporate world.
 

They have studied in the best schools locally and abroad, acquired the latest technology and skills, and apply the best management methods, but are still struggling with the challenges in the marketplace. It is as if the more degrees, diplomas, and certificates our professionals acquire, the less they make use of common sense in business.
 

Not so for traders at the Alaba International market in Lagos. What they lack in formal education they make up with a copious supply of business sense. Little wonder, virtually all the banks flock to wherever these traders cluster to set up branches.
 

No economic sector or concentration of businessmen/women or professionals who exchange value have been able to attract such corporate attention from the financial services sector in Nigeria. These traders thrive while many other sectors are complaining. Do not blame the banks for chasing the traders. They badly need the cash which these traders generate daily. That is why they gravitate towards the traders. No other group maintains such a gravitational pull on a sector as formidable as the banks.
 

A teenage boy who moves into this market to learn the trade begins from the fundamentals- book keeping, retailing, pricing, and delivery of goods. Within four years, he has polished his negotiation skills and with the dexterity he has acquired, he can sell coal to a tourist form Newcastle in the UK. He is well equipped to deal confidently with consumers who are becoming very articulate and demanding. The hard times has made them to be very price sensitive and value conscious in their purchases. Patriotic messages may not move them anymore to vote for your brands with the dwindling value of their money. Neither will promotional hypes do that anymore.
 

What business sense tells you is that consumers want more promotional information to guide them in their purchases. Two decades ago, a nursing mother in Nigeria would hardly glance at the nutrition facts on a tin of baby milk. Today, before she buys, she picks up tins of SMA and other brands of baby foods to determine the one that offers the best value for her money. Now you can understand why Nestle Nigeria Plc mounted a promotional campaign to teach consumers Nutrition Facts . That beverage and baby foods maker has caught the vision of business sense.
 

What about Guinness Nigeria Plc.. Its premium brand Guinness stout says: Guinness brings out the action in you. But what the brewery has failed to do is to explain how the consumption of Guinness will galvanize consumers into action.
 

Take this from Oceanic International Bank. Its lighted billboards in Lagos metropolis sends the corporate message in two words: Experience peace . Good promo. But in these days of consolidation, banking distress and all, Oceanic Bank will definitely make more impact if it sends out detailed promotional messages on how a relationship with the bank guarantees peace. That is the latest trend in corporate communications, a shift from promotional hypes to information loaded promotions which communication experts call infomercials.
 

Business sense means that corporate bodies, the professional and managerial class must bend down from their ivory towers; go back to the fundamentals of doing business which we so often ignore, and get connected to the consumer. These fundamentals or common sense are readily available but hardly appreciated or used. Business sense teaches vision, mission, ethics, corporate care, charity, courage, humility and defining your business properly.
 

Business sense is not taught in the real sense in academic institutions and managerial courses. The approach in these places is more academic that real.. This sense is acquired more through real life experiences, insightful observation, and learning the hard way in the School of Wilderness Experience. That is the essence of this article series, to complement the teachings of these unique business schools , and prompt professionals to use common sense and what almighty God has deposited in them.
 

Dan Thomas, founder and president of Focus, a management consulting firm in Polo Alto, California, USA, wrote a book titled Business Sense. In the book, he shows how managers can use core management processes he calls Five Freedoms, to achieve success. As Dan s book moves through the offices of corporate America, see how Ken Blanchard, co-author of One Minute Manager, described the book: The biggest problem in business today is that common sense is seldom common practice. This book is all about using common sense in business. If you have any sense, you will read it and share it with others . No need commenting on the common sense remark of Ken. The message is clear.
 

For you to acquire and apply business sense in your business, you need to humble yourself, have a large heart, be of lowly spirit, keep an eye on business fundamentals, and above all be close to your creator. That put s you in the right frame of mind to recognize and apply common sense. If you are fixated on your academic achievements, total quality management, best practices and all, you will not apply common sense. No one is jettisoning these management methods. They are very necessary. But you need to lubricate their application with common sense. That is what brings lasting results.
 

You may be agonizing how to deal with that management, production, or marketing problem not knowing that the solution is one common sense application which you have not considered.
As I sign off today, take this classic example of a common sense solution to a big problem from the scriptures which most of you know more than me. The story of David vs Goliath. This giant had instilled morbid fear into the entire army of Israel. The solution for Goliath was readily available, yet no Israeli soldier or General saw it. Even if they did, they must have written it off as some managers in the corporate world are doing now as they confront the many Goliaths in the marketplace today.
 

The Israeli soldiers who lacked faith in God put all their trust in their spears and other armoury which paled into significance against Goliath s. It took the courage and common sense of a teenage boy, David who trusted almighty God. He dipped his hands into the brook there, picked five smooth stones for his sling and ran towards Goliath. You know the rest of the rest of the story. That was a simple solution for a big problem.
 

The common sense approach is even more real for today s marketplace. Dear professional, this is my call to you today: begin to apply wisdom in your business today. In subsequent articles, I will share my thoughts and the insights of other professionals like you on common sense in business. Apply them and it shall be well with you.

Eric Okeke is a consultant storyteller, author, editor, CSR specialist and a leading strategist in brand marketing and mobilising support for corporate/social issues. He has a background and training in Chemistry, Marketing and Financial Journalism.

As a business writer and speaker, Eric has recorded a distinguished career in financial journalism and media consulting. He holds an MBA in Marketing, and the professional qualification and membership of the Chartered Institute of Marketing, UK.

Eric’s communications niche is “storytelling” which he is now using to empower professionals and improve business returns in Nigeria.

If you are a business owner in Southern Ontario thinking about selling a business, the issue of ‘timing’ may interest you.  Company owners often put off a decision to sell a business due to ‘bad timing’ of one sort or the other (example – the economy has slowed, new staff need to be trained, just acquired a new complex account, etc.)  The decision to sell a company is an important one and clearly prudence with respect to timing must be taken.  However, there is a grey area between thinking that the timing to sell a small business is off compared to finding reasons not to sell.   The purpose of this article is to de-bunk a main reason that business owners cite as to why they think it’s not a good time to sell and also to explain why now is a good time to sell if you have a strong, profitable business.
Selling a business does certainly require preparation and foresight.  The successful business seller will have taken several steps to ensure that they are able to find a buyer interested in their venture and that their business presents well.  Doing things like claiming all of your earnings, maintaining proper records, increasing sales and improving business operations contribute significantly to selling a business successfully.  The trouble, however, is that some business owners neglect to take the necessary steps to sell their businesses and then cite the “slow economy”, “new staff”, etc. as the reason that they won’t or can’t sell their business.  The reality is that it is never a 100% ‘ideal’ time to sell – there is always something that is not quite perfect prior to listing a business for sale (example – revenue might be off for the latest quarter, the economy may have softened, a key staff member may have resigned, and so on.)  The point is that selling a business is a long term decision that requires forethought.  Decisions must not be knee-jerk otherwise you, as a business owner, may never sell your business at all.

Sell a business in a challenging business environment
The other issue to consider is that of perspective when you are selling a business.   For instance, some people look at a situation and only see how the negative might affect them while others see opportunities.  For instance, consider the economy of southern Ontario.  The economy has traditionally been a manufacturing-centred area stretching from Toronto (GTA) to Mississauga, Oakville, Burlington, Hamilton, St. Catharines through to Niagara Falls.  This QEW corridor is the home to countless factories, machine shops, steel companies and many other types of manufacturing companies.  When the economy softens this sector is usually impacted much harder.  Jobs are lost, exports decline, and so on.  Clearly this is not an optimal situation.  However, as a business seller you must remember that Ontario’s economy is now a modern, integrated service-based economy that has evolved greatly from the manufacturing roots.   Economic downturns usually mean an increased level of unemployment as well.  Consider that many workers look to buy a business when they lose their jobs.  Buying a business is a clear option for many downsized workers so the potential pool of business buyers can increase in this scenario. 

Good businesses are always in demand
The final point to consider is that not all businesses for sale are the same.  Keep that in mind when you see a long list of online business for sale listings that don’t seem to be selling.  Business buyers look for strong, stable and profitable businesses.  They look for a business for sale that has ‘clean’ books, a history of good operations and one that is truly cared for and priced fairly.  These types of businesses are in constant demand.  All too often, the business for sale market is flooded with businesses that have failed (or are failing) and the owners list them at a price that is far too high and then expect to attract buyers.  The trouble is that not many buyers are in the market for these types of companies (some are, but not many).  The point is that even when the economy is soft or if something is not quite 100% with your business (and it never is with any venture), a fundamentally strong company that is profitable and well run should have a very good prospect of selling in any economy.

Talk to a business broker
Selling a business is a big decision to make.  Talk to a business broker to discuss some of the many different options that will work best for you.

The business directory is a concept to communicate various businesses around the world in a single place. There are many business directories available on internet that helps users to find out the business in their local area and the business which they want.  You can get opportunity to find the business of your choice and in the location that is specified by you in a business directory. For the business owners, the business directory is a customer attracting tool. Business owners place promotion of their business to the business directory. General public will search for the services they want, and may find your business listing proper for them, by this way your business can grown more and more.

We are going to explore the advantages of business directory for the business owners. The facility of listing their business online is very nice for any business owners. There are many websites that provide you such facility for free or charging you affordable money. You can also get a chance to promote your own business to the world and get more sales and more profit.

The first advantage that you can find is to promote the advertisement of your business to the world! You can promote your ad to the global customers by placing it on the business directories. You can attract global public towards your business by listing your business to the business directory. You can upload each information about your company such as name, location, contact number, detailed description of your products and also prices of them. You can add information in a professional manner in the business directory.

Another good advantage is the targeted audience. You can categorize your business on the business directory. Choosing the appropriate category is important step in order to publish it on the web. If you choose wrong category, you may get more people to your business but they may not buy anything from you. Choose right category of your business when you place the information of your business on the internet business directory. Categorized listing will always give the right traffic of customers to your business and help you a lot to increase your business.

You can also post various promotional offers by your business on the web directory. When you promote offers, be sure to remove them when they are expired or you don’t have enough stock of the specified product. The promotional and selling offers are nice ways to attract buyers. Post various offers advertise on your listing of business directory and get more number of buyers to your business.

You can also keep track of the market by using the news alerts given by the business directory. Whenever something new is announced, you get information about it from the business directory. When you register to the business directory, the doors for your success are open for you! There are so man advantages offered by the business directory for you and you can utilize them in order to increase your business and earn more profit.

One of the biggest struggles I had in starting my business was actually coming up with the idea.  I wanted something that was scalable as well as needed in our society.  I combed through hundreds of ideas before settling on my current venture.  Through this discovery period, I uncovered what I believe are the five most important concepts in determining what makes the perfect business idea. 

So, what is a perfect idea?  Each individual entrepreneur has their concept of the perfect business.  While Google is a great business for the founders of that company – it may not be a great business for others that are non-tech savvy or who do not want to run such a large organization.  

Therefore, each perfect business is defined by the business owners.  Keeping this in mind, let’s start on my five concepts of finding the perfect business: 

Number One – Understanding your customer:  This might seem strange to start here as how do you know your customers before you have a business idea in place.  The answer is simple – your customers make the business, therefore without customers there is no business.  If you have a business idea don’t try to develop the idea around what YOU think potential customers will like or need, but find out what your customers actually desire.  Too often business owners get an idea in their head and jump right in with both feet.  However, they soon find out that their target market does not want what they are offering.  Spending both time and money on a project just to see it languish is not the perfect business idea. 

Moreover, let’s say you don’t already have an idea – getting out and understand consumers (those who will eventually become your customers) may lead you to the perfect idea.  Knowing what potential consumers need and building products to meets those needs will get customers beating a path to your door – that is a perfect business idea. 

Number Two – Passion:  Passion here does not mean being fanatical about your product or service.  But, it does mean having some interest in what you do. More times than not, you will be spending 15 to 18 hours a day working on your business in the beginning – usually for the first 12 to 18 months (more like 2 years in this economy).  You have to constantly be thinking about ways to improve and grow your business as well as be out talking about it to everyone, everywhere. If you end up starting a venture that you don’t have passion for, something that does not make you jump out of bed each morning, it will be very hard to put in the hours and energy to make it successful – thus not a perfect business idea. 

Number Three – Understand Your Competition:  Every business has competition – either direct or indirect.  Think about movie theaters.  They have direct competition from video rental stores or at home television.  They also have indirect competition from any other activity that consumers spend their disposable income on like bowling, paint ball, golf, etc.  Anything that people do in their spare time. 

Further, some competitors are ruthless.  Meaning that if you promote and offer a product that is similar to theirs but at a lower price, these competitors will just lower their price to match or beat you.  If they are already established businesses – they may be able to undercut your price enough to drive you out of business.  

If you don’t know your competition – what they are willing to do to keep you out of their market – you may be spending more of your time in a pricing war then growing your business – not the perfect business idea. 

Number Four – Cash Flow:  Lots of entrepreneurs enter the business world with great ideas but very poor understanding of the capital it will take to get their venture off the ground.  Most will prototype their product or service and understand what it takes to make the product or provide the service but they don’t understand the capital it takes to manage the rest of the organization – including marketing (very expensive but extremely necessary), employees (more than just salaries or wages), insurance or supplies and all the little miscellaneous expenses that add up very quickly like phone, internet, computer services, etc.  Knowing your total cash flow will help ensure that all of your costs (variable and fixed) can be covered by the business – the perfect business idea.  I have seen way too many businesses with great products fail because they could not cover simple expenses like rent or utilities. 

Number Five – You:  Know who you are.  Know your strengths and weaknesses.  Know that you are ready, willing and able to do what it takes to make your venture a success.  I have worked with many business owners in the past that think all they have to do is hang out their shingle and they have it made.  Thus, when it comes down to actually running the business day-to-day – they are unwilling to invest the time, energy or money necessary for success.  Thus, know how hard you are willing to work. 

Moreover, know your personal financial situation and what you need the business to generate to cover your lifestyle.  If you think your business will pay you a great salary from day one – it will not.  And, if you need it to, it is not the perfect business idea for you. Take away outside distractions like your personal financial situation – get those in order – thus, when your business concept does materialize – you will be able to solely focus on its conception and growth.  In the end providing you the financial security you are seeking – it will be the perfect business idea. 

Regardless of the level of your desire for your business – a lifestyle mom and pop operation or a multi-national conglomerate – if you develop a business idea with these five concepts in mind – your idea will be the perfect business idea for you.

What is a Business Plan?

You can pretty much define a business plan as a resume for your business idea in mind. Some may say it’s like your company’s calling card. When you need money to start your business, or when you need an office space, your business plan is what will do most of the talking to convince your investors / lenders or property managers to believe in your business and give you what you need.

Why is it important to have a Business Plan?

The time that you spend on writing a solid business plan will pay for itself in corporate strategic and tactical clarity as your business grows. A solid business plan: (not in particular order)

Allows you to describe your vision / concept in writing, helping your potential investors to understand and believe in you; it serves as a basis for discussion with third parties such as shareholders, agencies, banks, investors…etc. Allows you to identify the structure of your business, giving you the chance to focus on the big picture. Your business plan is the “framework” which your business must operate within. A solid business plan provides a considered and logical framework within which a business can develop and grow with business strategies in the long run (not for just short-term growth). Determines the startup and managing costs. Clearly defines your target audience and provides detailed research on your target market. Identifies potential opportunities and obstacles that the business may encounter down the road. Identifies the strengths and weaknesses of your business and your competitors.

No businesses are the same, and no business plans are the same. Your business plan is like your business blueprint; it should be unique. While it is important to be able to illustrate your business concept well enough for others to understand what you hope to be doing, the business plan is essential for your own use. It is about the process of developing the business plan; the process helps you to focus on exactly what you are trying to achieve. It will give you a lot more clear vision of the entire structure of your business as you develop your business plan through detailed research and planning.

A business plan consists of the following parts:

Executive Summary

Briefly describes the business concept Highlights the important financial points of the business such as sales, profits, cash flows, ROI Clearly states the capital needed to start the business and to expand States legal information about the business, the owners and key personnel.

Business Description

Describes the business structure on how it operates / profits Describes the nature of industry in which the business plans to operate Identifies the business’ current position and future possibilities

Market Strategies

Defines the target market Defines the strategies the business plans to use in order to tap into the target market Describes the pricing of products or services with respect to the demand of the target market

Competitive Analysis

Describes the competitors in your target market and how you plan to obtain your share of the market Analyzes your competitors in the following categories: product, distribution, pricing, promotion, and advertising.

Design and Development Plan

Describes the steps the business will take to carry out its plan with scheduling and cost analysis. Identifies the risks during the development period

Operations and Management Plan

Describes the strategies the business will implement in order to operate and grow effectively

Financial Statements

Defines all the financial aspects of a business.