Posts Tagged ‘Getting Started’
9 Ways to Spot an Opportunity for a New Business
As an advisor to startups and entrepreneurs, I often hear the myth that all new businesses must start with a great idea. I have to disagree. I believe the best entrepreneurs start by finding a large opportunity, and only then use good ideas to capitalize on that opportunity. The best opportunities are recognized from painful…
Read MoreThe “Leading” Issue with Starting a Business
A lot of people dream of owning their own business, and as a young man I was no different. However, the reality of a weekly rent payment meant my entrepreneurial spirit was put on temporary hold while I followed in the footsteps of my father, earning a trade and a wage to pay for life’s…
Read MoreHere are 10 Vision Tests for Your Success
Your vision for success must be solid and flexible enough to pass several critical tests if it is to guide a business enterprise to greatness. Here in brief are ten tests for your successful vision. Try these on for size, and test yourself for attractiveness to the marketplace, to investors and to history. Ten tests…
Read MoreTop 5 Reasons Small Businesses Fail in the First 5 Years
Sadly, 55 percent of new businesses fail within the first five years. At times this can be due to unexpected causes such as radical technology, market shifts, or changing regulations. But even in these cases, failure could have been prevented by careful planning. Here are five common reasons that businesses fail. 1. Lack of Knowledge…
Read MoreFranchise Fees: What to Expect
The franchise fee varies between franchises, but aspiring franchisees need to have a general idea of what to expect when it comes to covering the initial fee. In my experience, the average franchise fee range is between $25,000–$50,000 for a single unit. It’s not uncommon to find newer business models with a lower franchise fee…
Read More8 Reasons to Initiate a Startup in a Sluggish Economy
According to CNN Money, the economy is still very sluggish, with only 1.6 percent growth in 2016. Yet if you wait for an economy bubble before starting your new business, you will be making a comparable mistake to the people who thought during the dot-com bubble “all I have to do is a startup, and I’ll…
Read MoreBuying a Franchise vs. Buying a Stock Portfolio: Why Not Choose You?
If your day is consumed with thoughts about wanting a better retirement but you don’t know where to turn, you’re not alone. Historically, Americans have opted to buy a stock portfolio and hoped for spot-on investment advice and growth to sustain you and your family in retirement. Have you ever thought about buying a franchise…
Read More9 Steps to Starting Your Own Textile Business
The textile industry can be regarded as one of the most active in recent times. Hopefully it will continue to gain strong ground in times to come, as well. If the idea of opening a textile business has fascinated you, it is time to take some action. Remember, starting you own textile business means lots…
Read More3 Most Annoying Things Small Business Founders Face
The moment when they decide to quit your 9-to-5 job and become your own boss is definitely one of the best in every business owner’s life. Once you take that plunge, your new life begins, a life of making your own decisions and building your own future. Unfortunately for the vast majority of small business…
Read MoreHow to Find the Perfect Location for Your Small Business
You’ve heard it before, and you’ll hear it again: location, location, location. It’s a huge determining factor in just how successful a small business will end up being. So how do you go about finding the perfect location for your small business? How do you get into this elusive situation of being in the best…
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