Tag: Small business

Location, Location, Location

When you are buying or selling a house only three things count. Location, Location, and Location.

Is location a factor if you are starting a business?

Location Factor #1 – Mindset: Your location may make a difference in terms of what you think and know about small businesses. I have only lived in Massachusetts, so I will mainly use my state as an example. In the medium –sized cities, especially in the central area of the state, I see few examples of small businesses; a few small restaurants usually owned by immigrants, insurance agencies, psychologists and counselors. In the smaller the cities and towns I see more examples or small businesses and seasonal businesses, especially in western Massachusetts, on the North Shore and on Cape Cod .

In Worcester, my current hometown, my resume clients want jobs, even those well over 60 years who have been out of work for several years. If I suggest that they start their own business – I get a response of “NO…. never heard of anyone doing such a thing successfully.”   They don’t even notice the examples that do exist – solitary massage therapists, yoga studios, in which one owner began slowly ant then hired additional instructors. In the small towns to the west, my older clients are more likely to look around and see people who have started a “Boomer” business – Photographer, Handyman, Mideastern pastries, computer repair.

Gallery

Last week I was on vacation on Cape Cod. Small businesses

Gift Store -consignment

are everywhere.   Mini art galleries, gift stores, gift stores that sell gifts and crafts on a consignment basis, (fairy doors and accessories, any one?) photographers, wood carvings, all kinds of jewelry businesses, massage therapists working out of colonial homes, and many homes that apparently convinced their owners to start bed and breakfasts.   On the Hyannis waterfront, fishing shacks have become the artist’s

Artist Shanty

shanties.

Fairy Door

Location Factor #2 – Working from Home: If you are just beginning it is convenient and you can’t beat the low price. For some part time businesses, it is ideal: an internet business, landscaping, dog walking, coaching, some types of crafts. Since no customers visit your business, all you need is some space, a telephone number, and your lap top.

Your home may not be suitable for businesses in which you will be having face-to-face contact with your clients, unless you have a separate space for your business. I run my resume business,   halfpreneur.com, and my college teaching profession from what used to be our dining room. I can easily block off the room from the rest of the house, if clients enter through my front door. Unused In-law apartments can become a business space, a friend ran her Reiki and hypnosis business from the “apartment” that no relative needed.

If you plan on seeing customers, you also need to check on the zoning requirements of your city/town.

Location Factor # 3 – Choosing a Location: If you cannot work from home for some reason, you will have to rent, lease, or share space.   Subletting an office or using a space that specializes in new businesses (sometimes referred to as incubators) may give you some instant visibility, and the price will be lower than renting a place on your own, which as a part-time entrepreneur you probably do not even need.

If you are making a food item, you may need to rent time in a commercial kitchen. Check the laws in your area, if you a producing a version of your family’s famous salsa or fudge.   Before renting or leasing a store for you craft items, check the market by starting at craft fairs or specialty consignment shops. Look at trends in your area, you may want to run your craft business only during the summer in an area that has tourist traffic and use the internet and craft fairs the rest of the year.

For any small business, especially for one serving actual customers in real time, you first must determine that there is a need for your product or service. Location will make a difference in terms of attracting business and what you can charge. If my resume service were located in Boston or New York, I could be charging much higher prices for my services!   www.career-development-services.com

September 4, 2013
A Business Plan – Does a Halfpreneur Need One?

My Business Plan

Does a Halfpreneur need a business plan? It is a question that has no right answer. Yes, No, and Maybe are all correct.

YES!

If you will be applying for a business loan, a business plan will be required by the bank.

You will need a business plan if you are seeking business investment. Potential investors invest in people, their ideas, their track record, the market and other factors. Your business plan will define and explain your business and its potential.

If you will work with partners or a team, a business plan defines the agreements between partners. For a management team the business plan establishes where you are starting off and where you intend to take the business.

Last but maybe not least, you will need a business plan to set a value on your business if you sell your business, when you do estate planning, or if you divorce.

NO!

You may not need a business plan if you are running a small business that you are self-funding.

If your business is based on your hours or space and growing it larger is not in your plans, the b plan may not be needed. For instance many coaches do not have business plans. If you are going to walk dogs, board birds when their owners are on vacation, or make and sell custom quilts, the business plan probably is not necessary.

If your plans to be a Halfpreneur are very temporary, such as you will be doing small home repairs until you find full time employment again, a business plan may not be needed.

MAYBE!

If you are a Halfpreneur who wants to sell a product or service, a business plan provides a structure for outlining what will be important for setting up and successfully running your business. It can help with setting reasonable and measurable goals.

If you are starting off part-time as a trial run for full-time entrepreneur or you do not want your profits completely tied to space in your extra room or the 10 hours per week that you have to devote to your business, then a business plan may be useful.

A business plan can start off just a document to guide you and your new business. It may never go any further than your desk, but it gets you off on the right foot, thinking like an entrepreneur of business person.

A business plan generally includes such sections as: Executive Summary, Company Description, Products and Services, Market Analysis, Strategy and Implementation, and Financial Analysis. It might also include sections on Management Team and Web Use. A copy of your resume is often a part of the Executive Summary or just a part of the plan.

If you decide that a business plan is not necessary, you should at least have a plan that contains short and long term goals that you are committed to being accountable for.

The Plan

www.bplan.com offers information on business plans and starting a business, business plans that you can review for free, and business planning software (not free, but reasonably priced).

Need help setting your goals. The Halfpreneur offers coaching. Contact Mary Ann, the Halfpreneur,at 508-752-2600 (Career Development Services) or at thehalfpreneur@gmail.com

August 19, 2013
Starting Your Own Business – Obstacles and Solutions

Initially you are excited about starting your own business and then the obstacles to self employment begin to emerge. If you are planning a seasonal or weekend business, some of these obstacles will apply but they may be far more relevant for the potential entrepreneur who is starting out part-time with the hope of pursuing their entrepreneurial venture on a full time basis.

Erroneous Advice and Lack of Support

Avoid Negative People

The erroneous advice is most likely to come from people that you care about and people who care about you. You may get a litany of “90 percent of all businesses fail.”   “Remember your uncle who did Amway and was left with a garage full of soap.”   “You’ll never be able to afford health insurance or save for retirement.” “If you’re no longer making enough money, tighten your belt, downsize your house, move to an area of the country where the economy is better.”   “You don’t have enough experience or knowledge to start a business.” “You’ll never find the time.”

Chances are these people want what is best for you and what is best is, at least, for them is SECURITY. It is quite likely that they are afraid of trying new things and therefore you should be afraid, too. These family members, relatives, and friends can throw a wet blanket on your plans and dreams. If you have any fears or doubts about starting a business they may make your anxieties even worse.

Solutions

Surround Yourself with Entrepreneurs

Do not “go public” with your idea too early. Do your preliminary research and surround yourself with people who have started businesses and believe in you and your business. Begin to seek out people who you may need to consult with about skill sets you lack such as web design or accounting. Although a business plan may not be necessary for a small, self-funded business, having a plan may make you more confident when you have to deal with the naysayers. If one of the chief naysayers is your partner or spouse be direct in your communication. Be clear on why you need to pursue this dream and don’t set your relationship up for future resentment.

Lack of Confidence, Fear of Failure

You realize there are new things to learn, skills that you may lack, or that you may fail. If you lack support, your forward movement may be paralyzed and this may set off a vicious cycle of self-fulfilling prophecy

Solutions

Meditate

Pay attention to your thoughts and engage in practices to help you detach from them: meditation, journaling, yoga. Thoughts are powerful and if you become obsessed with the possible problems and obstacles to your success, you will not launch any of your plans into action. Thus you create the self-fulfilling prophecy.

Again, surround yourself with other who are entrepreneurial and who believe in you and your business. They probably have experience with fear and failure as well as with success.

Lack of Finances and Time

If you are starting a part-time business and keeping your full-time or regular job, you need to finance your business but you do not face the financial anxiety of being totally self-supporting. We cannot create more time! To find the time to start and run your business, you probably will have to make some sacrifices.

Solutions

If you goal is to be a full-time business owner, take time to transition into this role by starting part-time.

TIME – Skip TV viewing and cut down on your computer time, especially FaceBook and surfing the web. Use your weekends for your business. Depending on the type of business, get up earlier in the morning, to work on your information product , write your blogs, or your ezines, or your book before the family gets up.   Sacrifice but don’t be a martyr! Take time to rest and recharge; take vacations. No breaks from work often decreases productivity.

Have a Yard Sale

– raise some money by selling what you don’t need. Reduce some living expenses, if possible, like what you are paying for telephone and cable TV. Cut back on fast food, eating out, and entertainment. When starting your business, keep your overhead low. Work from home, or a coffee shop, or an office co-op, or sublease your office space. Start off with a website that you can do yourself or with minimum assistance. Weebly and WordPress are fairly easy to use. (I use both – one for my blog and one for my website). Vista or moo.com are sources of inexpensive business cards. Use PayPal or Square with your mobile device to accept credit cards and do your marketing on Twitter, LinkedIn, Facebook, and Yelp.

Self-Sabotage

Self-Sabotage can come from many things: perfectionism, unrealistic attitudes, attitudes about money, lacking a clear business plan, or not thinking like an entrepreneur.

PERFECTIONISM – Don’t wait for things to be perfect. The website, the blog, the information product just has to be good enough.

Solution: Strive for excellence but not perfection.

Easy Money

UNREALISTIC ATTITUDES – If we are looking at self-employment –related websites on the Internet, we are bombarded by sites telling us we can earn a six-figure income and only work four hours a week, just purchase whatever it is that they are offering.   It takes time to grow a business.   Unrealistic attitudes may also take the form of overestimating your market.

Solutions: Research – Talk to people who in similar businesses to yours or to the one you want to start. Read magazines and journals written about this business.

Invest in Yourself

ATTITUDES ABOUT MONEY – Do you have issues with money? Have you been told that it is the root of all evil? Is it more noble to be poor? Does having money mean your selfish? Does starting a business mean that there is no money to invest in yourself? Not charging what your service is worth is another problem that will bring your business down. Finally, back to finances and on to business planning , you must be willing to work on how you will manage your income and expenditures.

Solutions: Daily mindfulness – become aware of what you are telling yourself about money. Get coaching on this issue. Invest in yourself as well as in your business.

LACKING A CLEAR BUSINESS PLAN – Do not begin your business until you are sure what you are in business to do. A lack of focus and vagueness as to who your business will serve is a recipe for disaster.

Solutions: Assess your passions, interests, strengths, talents, and skill sets. What can you offer to a specific niche? Research similar businesses online, what are their strengths and weaknesses. What do they offer. Join a local Chamber of Commerce or meet-up group to develop a professional network of people who share a similar interest. Dream/imagine what you want your business to look like. Creating a vision board might be helpful. Set short and long term goals for your business or use business plan software that will help you develop your ideas.

Learn to Think Like an Entrepreneur

NOT THINKING LIKE AN ENTREPRENEUR   – You are an entrepreneur, even if only a seasonal or weekend entrepreneur. Thinking like an entrepreneur may mean that you will need to give up something called entitlement thinking. No this does not mean that you need to become right-wing and against Social Security and Medicare.

Solutions:   According to Barbara Winter, author of Making a Living Without a Job there are a number of differences between how an entrepreneur thinks and the entitlement thinking common to many who work in corporate/state-funded positions. Entrepreneurial Thinking                                    Entitlement Thinking

How much can I give? How much can I get?

Embrace problem-solving Others should fix my problems

I am responsible It’s not my fault

Instigates Waits

I can create my own benefits I deserve lots of benefits

Let me stretch Let me stay in my comfort zone

Work is endless discovery Work is predictably routine

Most people are trustworthy I don’t trust anyone

Flexible Ideas set in concrete

Welcomes change Fears change

Forward-thinking Clings to the status quo

Capacity to shift gears quickly, not Resentful and complaining during driven by economic ups and downs economic downturns

August 12, 2013
Passion, Purpose, Problems, People – Starting a Part-Time Business

With the 2008 recession and it’s effects, self-employment, home-based businesses and an entrepreneurial spirit have emerging as an economic trend. This trend is not new, but it has accelerated in recent years with statistics now showing that 61% of all Americans want to start their own business (Parkinomics, 2010).

If you are in this 61%, how do you make the transition from employee to being your own boss? Websites, books, e-books, and magazines may be helpful or they may leave you absolutely confused. Is it as simple as find your purpose and the money will follow? Do you really need to talk to your lawyer, your accountant, the volunteers at SCORE and then develop a business plan, decide on the legal form your business will take, and choose a domain name before getting started?

It is NOT as simple as just find your passion and the money will follow, but with the Internet, businesses are easier to start than ever before. Of course, if you are buying a business or a franchise then your lawyer and accountant definitely should be involved!

“Businesses are easier to start than ever before!” What if you want your own business but you don’t know what you want to do or where to begin? Get started by considering the FIVE Ps: Passion, Purpose, Problems, People, and Part-Time. For many individuals Passion and Purpose go together. Although they are different issues, the Problems you will solve and the People you will target are related. Your business is YOUR business, and it is your choice as to whether to pursue it on a full-time or part-time basis. If you are just starting out, there are good reasons to begin Part-time.

Passion: Yes, you do need to discover your passions or passions. If you feel that you have no passions or that this word seems too strong, what about your interests, skills, abilities or talents? If you won a lottery that would pay you for life with just one stipulation that you had to “work” at something until you were at least 65, what would you do? Dream a little – If you had your own business what would you be doing? If you can’t envision what you would be doing, ask yourself – would I be working by myself or with others? Where would I be working – from my home? In an office? On a stage? Would I be writing, talking, painting, walking dogs, arranging flowers, designing solar homes? Start off dreaming and brainstorming. Don’t be concerned yet as to how this passion will make money. Figuring out how to monetize your passion is a later step.

Purpose: Do your feel that you have a mission in life? A calling? A purpose? Some career coaches and counselors believe that having a purpose is essential, but it may be that a purpose is only discovered after one has had some life experiences. At this point, maybe you just want to make money, and there are plenty of young wealthy Internet marketers who know that they don’t want to work 40 hours per week. Knowing your purpose may make it easier to discover your passion. Purpose is related to the sense that your life is fulfilling and abundant, but a stool can stand very well on three legs or four legs. You can start a business without knowing your purpose or mission in life.

Problems: Businesses exist because they solve problems. Fixing cars, computers, plumbing… providing food, toys, and electronics from other areas of the world… assisting people to heal from sickness, find jobs, train their dog… Successful business continue to exist because they solve problems better than others do. These businesses or individuals make promises and then they over deliver. The solutions they provide are bigger than the promise that they offer so customers repeatedly return. What problem or problems will you solve? What can you offer that no one else is offering? Try dreaming or brainstorming again or look around your community and to see if there are any problems that no one is trying to solve. Do you have the passion or expertise to solve it?

People: Who, what niche or market, has the problems that you will solve? Do they have a common interest or need such as they need to lose weight or they’re technophobic? Are they members of a particular demographic group – working parents, baby boomers, etc. How will you market to this target group? An important aspect of monetizing a passion is to know who needs or wants what you have. This means your target may not be individuals; rather it maybe small or large businesses who need what you are offering.

Part-time: If you still have a job, build your new career on the side. When it is established, you can jump into it full time, or sell it, or keep it part-time. It’s your business! Starting part-time allows you to figure out whether this business really is for you, test the market for demand, master any web based technologies that you need, attend trainings and conferences that will improve your knowledge base.

Originally published by the author of this blog on June 14, 2010. Article Source: http://EzineArticles.com/?expert=Mary_Ann_Nalbandian

Profiting From Your Passions Coaching is available through http://www.career-development-services.com and this blog http://www.halfpreneur.com/services/

August 5, 2013
Encore Entrepreneur vs. Encore Entrepreneur

Approximately 25 million Americans between the ages of 44 and 70 are interested in starting new businesses or nonprofits in the next five to ten years. According to the U.S. Small Business Association, 15 percent of workers between the ages of 50 to 64 are self-employed, and that figure increases to 25 percent when considering entrepreneurs who are 65 and older. A 2010 survey by the Kauffman Foundation found that Americans 55 to 64 start business ventures at a higher rate than any other age group. In 1996 approximately 14 percent of 55 to 64 year olds were entrepreneurs, now almost half the working members of this age group have started their own businesses.

Ken Haley

So what do we call these older, new entrepreneurs? The press, book authors, academics love to label people! They sometimes call them boomer entrepreneurs and they are now also calling them encore entrepreneurs.

Boomer entrepreneur is obvious. Encore entrepreneur? It’s time to enter a fuzzy, new stage of life – the encore years and the accompanying encore career. This new stage of life can begin anytime after 40 and can last well past 70.

Marc Freedman has popularized the idea in his books Encore and The Big Shift, in which an encore career means a new second career that an individual would feel good about, and would use their experience in a meaningful way to improve the quality of life in his or her community. Marci Alboher in The Encore Career Handbook concurs with this concept of an encore career.

Using their books and definition, an encore entrepreneur then would also be a social entrepreneur. Social entrepreneurship is defined as using entrepreneurial techniques to achieve social change. It includes nonprofits and for-profits businesses with a social purpose. By this definition, all those 55 -64 years of age who start businesses that do not include a social purpose and improving the quality of the greater community are not encore entrepreneurs. Boomer entrepreneurs, yes, but not encore entrepreneurs.

So much for definitions. The popular press is calling older entrepreneurs, encore entrepreneurs. If someone is making a transition to being an entrepreneur after the age of 50, the author of this blog also considers them to be an encore entrepreneur. My guess is that any older entrepreneur is starting their business for profit as well as to do something that brings them meaning and pleasure.

Two examples!

Example 1

Feather a Bee – photo on a Ken Haley cell phone case

Channel 9 in Eugene Oregon considers photographer Ken Haley to be an encore entrepreneur. Ken does incredible nature photography, but he is not a social entrepreneur. He hopes his photographs will inspire a response and if they sell, that’s a plus. He sells cards, posters, prints, and cell phone cases. His work can be found at http://www.redbubble.com/people/kensabe

Example 2

Judi Thompson-Henderson

Judi Townsend-Henderson became an encore entrepreneur in her mid-40s, creating a mannequin recycling business. Her recycling business is credited with saving 100,000 pounds of mannequins from landfills in a single year. Learn more at http://mannequinmadness.com/.

I will be using both terms. If you are over 50, look for blog posts on Encore Entrepreneurs, Boomer Entrepreneurs, and their half-time variation – halfpreneur.

July 22, 2013
Regular Employment, Self-Employment or Both?

For most of our past history (1945 – 1995) “regular” employment, working for someone and getting a paycheck and benefits has been the norm for most American workers. Since the 1990s this “regular” employment has been slowly fading, to the chagrin of many whose first work value is security. Dan Lacey predicted the decline of steady employment in The Paycheck Disruption, 1990 and Cliff Hakim’s book We Are All Self-Employed, 2003, stated the need for Americans to reassess their place in the marketplace. William Bridges predicted both the fading of steady employment in JobShift, 1994, and that each individual was his or her own enterprise, Creating You and Co., 1998.

So whether or not you start a business, every working person today has to regard themselves as self-employed. Working for a salary is renting your skills; we are all temporary employees. Over the past 15-20 years, more and more individuals have started small businesses as either primary or secondary forms of income.

If you are thinking about starting your own business, you are not only in sync with a number of authors but also in sync with an old tradition and with some of the past leaders of our nation.

Colonial Stores

The more people who own little businesses of their own, the safer our country will be … for the people who have a stake in their country and their community are its best citizens. —– John Hancock

The prudent, penniless beginner in the world labors for wages for a while, saves a surplus with which to buy tools or land for himself, then labors on his own account for another while, and at length hires another new beginner to help him. This … is …the just, and generous, and prosperous system, which opens the way to all, gives hope to all. —— Abraham Lincoln —- “Annual Address before the Wisconsin Agricultural Society”

American Flags

Happy 4^th of July!

July 3, 2013