Archive for July 2011
How Much Money Do I Need To Start An Investment?
Getting started in investing is something that makes a lot of people nervous. They worry about the potential of losing all their money, making bad decisions, or possibly even being scammed. Another major concern is that they think they need a lot of money to get started that’s why “how much money do I need to start investing” is such a common question.
The good news is that you don’t need nearly as much money as most people think. In fact, you could get started for as little as $25, if you are able to make ongoing contributions to your portfolio. There are several ways that you can go about doing this, but the main thing to remember is that you don’t need tens of thousands of dollars to get your foot in the door of investing.
Is it really possible to start with such a low amount? Yes it is. One way to do it is to join an investment club. This is where a group of people get together, and to pool their money to buy the stocks that the club agrees on. An arrangement like this gives you a chance to start investing with very little money, plus you will learn a lot about various investments in the process. Educating yourself will continue to pay you dividends for years to come.
Another way to invest without a lot of money is through any of the various online trading companies. Each one varies in the lowest amount they accept, but most of them are low enough to allow anybody to invest. Be sure to check into any company before sending them your money, though, as there are some scammers out there. However, most of the bigger names online are totally legit (again, it’s up to you to make sure), so you can invest with confidence.
No matter how much or how little you have to invest, you need to take it seriously. Don’t just invest in a company because you recognize their name or like their logo. Instead, learn as much as you can about the company, and any of their finances. While there is no way to predict performance with 100% accuracy, you should do your best to be an informed investor.
“How much money do I need to start investing” will also depend on what type of investments you want to make. The way you will spend your money (a lump sum or monthly contributions), how much risk you can tolerate, and how long you can wait for your investments to mature all play a role in the amount you will put towards your investments
Who Are Entrepreneurs?
A Successful Entrepreneur is More Then A Business Owner Websters Dictionary defines an Entrepreneur as: One who organizes, manages, and assumes the risks of a business or enterprise. Yet what the designation lacks will be a significant distinction between an entrepreneur and a successful entrepreneur. Unfortunately, as many as 96% of companies fail. So becoming a successful Entrepreneur is the true goal. But who, or what are the kind of people who fit this pattern and how are the successful ones different from the less fortunate among them. While the economic recession has required many individuals to be less then willing entrepreneurs, generally speaking these unique business people are the ones who are ready to take a fiscal risk to make the upside reward. They might be inventors, resellers of products or people that offer their time, services and expertise in exchange for money. But the common thread is the desire and drive to succeed. Successful entrepreneurs are ready to do what ever it takes, and wish to learn from those who have done what they want to achieve. It can be a different product or solution to a problem but the basics are always the same. Entrepreneurs Focus On The Prize One thing that a business person does to keep them grounded would be to continue to take the long view for his or her business. You must know in advance where you are going and where you intend to finish up and why you are doing what you are doing if you want to be successful. Sure there are a few who have been lucky and possess a successful business in spite of themselves, but with no clear vision of where to go, most business’s will fail. No matter what kind of business you are in, or planning to go in, you have to know what it’ll take and what you are likely to get from it, or don’t start in the first place. While this appears to be rather obvious, I’ve talked to many business owners who don’t have a clue, of what their goals are and how much money they want to make. Saying you want to make a lot of money doesn’t answer the question. Just how much is a lot and how much material do you have to purchase to make a lot of money, what profit margin do you have to achieve to make a lot of money? These are pretty basic questions, but sadly, if you talk about them with a business owner, they will not be able to articulate an answer. As such, when the economy adjusts or the industry shifts they get left behind and join the unhappy ranks of those 96% who are no longer in business. Entrepreneurs Understand Their Markets Again, this is something that should be obvious, but in many cases is not. A few years back I talked to a guy who happened to think that he could develop a huge business by selling spices. He could not tell me what huge actually meant, but the worst part, was he did not have a clue about the size or dynamics of his market. he didn’t know: 1) How or where people preferred to purchase their spices. 2) What they were willing to pay for them. 3) How often they made those purchases. 4) What the profile of the person was that made those purchases was. 5) Which kind of spices they preferred the most and why. 6) Or even what caused somebody to purchase a spice in the first place. He just believed that if he set up shop and started selling spices online that he would soon have a promising business. Unfortunately his spice business is no more. I had suggested that he do some research, even some basic things like visiting the stores and seeing which spices took up the most shelf space to see which ones sold the most, take a look at popular recipes to determine how spices where used, ask people if they had any concerns about freshness if they ordered spices online? But he knew that people bought spices and that was enough for him. He didn’t even know how much he wanted to make or the number of spice packets he would have to sell to produce a profit. His is an all to common tale. If you need to be a successful Entrepreneur, before you decide on a product or service, you have to possess the answers to expenses, market trends, buyer decision making processes and far more. Even with that, being in business means adapting to an always changing market, but when you don’t know where you are today, you will never be able to figure out where you’re going in the future. Scott Schreiber is a retired businessman who has over 30 years of successful management of turn around projects, Mergers & Acquisitions, Venture Capital work and senior sales and marketing management. Scott’s current mission is to help small business owners and entrepreneurs learn how to compete, grow and succeed in our current economy. He is also the founder of The Entrepreneur Success Team. Learn more about 21st Century Entrepreneurs here.
Business Travel Packing List – Essential Gadgets to Bring on Your Business Trips
When you are packing for business travel, your goal is two-fold. You want to pack light and you want to make sure you have equipment that can boost your productivity and save you time. This article contains four products you need to look at.
You need to get a Roaming SIM Card- If you get an International Roaming SIM card, you will save a fortune, especially if you are a regular international traveller. You can keep in touch with colleagues, family and friends easily from one number. If you need immediate contact with people back home, for example if important business decisions must be made instantly, then this is the best option for you when it comes to mobile communications and avoiding roaming charges. Roaming SIM cards work in nearly 200 countries and you can save up to 70% on your costs. If you use your home phone you will find that you also have to pay to receive calls. With a roaming SIM card you will avoid these costs in many countries.
You need to get a tablet device- You should travel light. What is the point of carrying excess stuff if you don’t need it? Do yourself a favour and get an iPad or something that uses Android. This device gives you access to the Internet so you can check emails and it is an entertainment device. You can read eBooks, you can play games or you can watch movies. You can also store important files for work meetings and presentations. There are plenty of apps that allow you to create and edit Word Documents, PowerPoint Presentations and Excel Spreadsheets. If you get a tablet device you should be able to leave the laptop at home.
You need to get a Smart phone with WiFI Access- If you don’t have a smart phone with WiFI access then you will spend more money then you have to. You should get a smart phone with WiFI access. That way you can access the Internet at the many free WiFI networks you find littered through major metropolitan cities. You can also store music on them and carry it as an MP3 player. There are also hundreds of thousands of apps available on smart phones that can improve your business or your life. There are exercise apps, language apps and all-round general productivity apps.
You need to get a Skype App on your devices- Skype, or other VoIP providers, can make it cheap and easy to keep in touch with friends, family and colleagues back home. To utilise VoIP, you will either need an Internet cafe or a Smart Phone with inbuilt Wi-Fi. The reason that I recommend the smart phone option is because you are more likely to find a free WiFI area at a time when you need it then you will be likely to find an Internet café.
This article has helped you work out 4 things that need to be on your business travel-packing list.
If you are considering purchasing an international roaming SIM card, check out some international roaming SIM card reviews here. Click here for reviews on international roaming SIM cards.
11 Small Business Trends for 2012
Each year I write an article focused on trend for the coming year. I am writing this one a little earlier this year, September vs. December, so we as small business owners have some time to adapt these trends into your strategic planning for next year.
#1 Trend – Value Proposition Must Be Bigger Than Ever.
Consumers are much smarter, better informed and more discerning than ever before. The internet has given them the inside edge. You now have to be able to quantify your value to them. If you don’t, your competitors will. One example of a way to add value instantly is to sit down together prior to the sale. This personal touch creates the opportunity to add value.
#2 Trend – Listening to Customers in New and Creative Ways.
There are many more opportunities to listen to your customer today. We must learn to use these new avenues of communication. Face to face feedback, surveys, emails, online surveys, Facebook online conversations, tweets, company websites, online watchdog groups, are an example of a few of the communication opportunities that we have. If you have not been paying attention to it, you need to start. Each year that goes by our younger generation is getting older. This means that they are savvier and used to getting all their info online.
#3 Trend – Aggressively Identifying and Pursuing New Opportunities for Growth.
This isn’t different from what every business does all the time, is it? Actually it is. Why? During a slow economic time there is a greater opportunity for both growth of geographic footprint and customer acquisition. Savvy SBO’s realize that our recovery is slower than expected and in order to increase revenue and profitability pursuing new opportunities for expansion is of great importance.
#4 Trend – Creating Stronger Stakeholder Relationships.
Remember if your business is hurting so is theirs. This is the time to sit down with your key customers, suppliers and channel partnerships to discuss price negotiations, payment options, other products available. They know what is happening in the industry. Meaning, they know what your competitors are selling the most of. Ask them what they would recommend you focus on. I wouldn’t follow what they say blindly, but it is good info to have. If your business increases so does theirs. They want you to be successful.
#5 Trend – Capitalize on Emerging Markets
Is it possible for you to do business outside of your local area? Nationally? Internationally? Don’t discount growth outside of your current footprint. With the internet you never know where your next big customer can come from
#6 Trend – Segmentation for Profitability
By segmenting your customer base you can focus more efforts on what you consider the most profitable target market. Don’t try to be everything to everyone. Too many companies decided this was their best strategy during the recession and ended up losing even more money.
#7 Trend – Creating Quality Content Online
Creating quality content for your customer base and prospect base is becoming more and more important to win online attention. Don’t sell. Inform. Help your consumers understand how to use your products and services more effectively. Get them excited about being in touch. Help them to spread good word of mouth about you. This will happen when you have meaningful “conversations” with them online.
#8 Trend – Increasing the Online Marketing Budget.
Data is showing that more and more small businesses are moving away from traditional marketing budgets and investing more in the social online venues. Good news: People are getting that online marketing works…..especially social media. Bad news: They think this can totally take the place of traditional marketing. Increase your online budget but don’t have it replace your traditional budget. Move your traditional budget around a little and be smart about it.
#9 Trend – Mobile Marketing
Do you have an App for that? Mobile marketing is the growth industry. Although it is in its infancy it will grow quickly. I already have an App for the Entrepreneurial Excellence Radio Show. How cool is that? And….it was free! A great word for SBO’s. Speak with your local marketing expert and see how you can become part of this growing market.
#10 – Geo Target Marketing
Creating targeted, local marketing campaigns using tools like Yelp, GroupOn and the like will become more powerful this year. The internet is becoming what you want it to be. Local, regional, national or international…maybe soon Galaxical! Is that a word? Anyway, you know what I mean. Get up to date on these things and take advantage.
#11 – Co-Marketing
Create greater perceived value by co-marketing with businesses that complement your services. For years we have seen things like, “Bring your movie stub and receive 15% off a dinner here at Joe’s Pizza.” Same idea. Who can you partner with to create greater perceived value for your customer base? Alliances are a very powerful way to make the most of every dollar. Don’t go it alone.
Are you seeing a thread of commonality through these trends? Yes, the internet. A year or two ago it wasn’t as powerful as it is becoming today for small business owners. There are more tools and affordable opportunities out there. Use them. Be smart. Get yourself educated or have your Chief Internet Marketing and New Technology Officer put together a plan. This is great news and we need to take advantage of it.
Frank J. De Raffele Jr. is the Founder & President of Entrepreneurial Excellence Worldwide, Inc. He is also the Host of the syndicated Entrepreneurial Excellence Radio Show. All his radio shows are archived and you can listen to any of them at any time for free at http://www.EERadioShow.com. You may also email Frank directly at Frank@EERadioShow.com
Business Plan Structure
Creating your own business plan is quite an overwhelming project, which in itself is often a great obstruction to getting beginning on that concept for the great restaurant. However if it is divided into small steps they can each be confronted and taken care of in turn. The plan by itself really should not an extremely large document although should possess all of the key essential details about your plan to open a restaurant. If more info is necessary it might be either filed within the appendix or offered at request.
Initially you should know whom you are going to be creating the business plan for, if you are writing for your financial institution in order to secure resources then you will have to include more financial information than if you’re creating it for you to plan out the following twelve months of your restaurants business. Whoever the projected audience will be, the normal business plan design shall be pretty much identical:
- Business Profile
- Business Environment
- Marketing
- Recruitment/Staffing your restaurant
- Financials
- E-Commerce
- Business structure and compliance
Not all these sections need to be included in the final business plan however they must be considered, investigated and also recorded to ensure all bases are covered.
The Business Profile
The business profile is a overview of your business plus is going to offer readers a concise insight into your business as well as its plans. It will contain information about the business background (track record, plans, and type of food enterprise) as well as the business and market environment.
The Business Environment
Here you are going to evaluate the size of the market for your niche together with who is your current target audience, this is individual most likely to buy from you. The company environment will even contain industry characteristics, movements and also the competitors.
Marketing
This looks at the short-term objectives (plans across the upcoming year) of the restaurant and also searching further into the long run and at the longer strategic objectives. Many restaurants neglect the long-term asking how it will assist the bottom line currently, however looking forward will enable you to be adaptable to potential movements.
Recruitment/Staffing your restaurant
Opening a restaurant necessitates a variety of employees, this section must look at your workforce, the kind of staff you would like to hire (chefs, kitchen hands, delivery drivers, front of house) and how you are going to hire these individuals. Recruiting personnel requires making crucial choices as staff members signify an important investment in addition to a risk if you choose the incorrect person for the job.
Financials
It is the crucial element with regard to proving your notion will if handled the right way be a successful opportunity. It’s going to comprise of 3 critical financial documents; Profit and loss forecast, cashflow forecast and balance sheet forecast. They are necessary whether or not you’re after capital investment because they will provide you with a robust comprehension in the economic aspect of the restaurant.
E-Commerce
Whether it be customers booking online, spending using debit cards or buying items through email or maybe looking at your bank balance e-commerce is all around the food business. This section enables you to plan the way you intend to capitalise and exploit this growing sector trend to develop your sales/number of covers and also to streamline your company operation.
Business structure and compliance
What is the legal framework of your enterprise; are you considering a sole trader, in a partnership or a limited liability company? All these structures has its positives and negatives. It will also deal with issues of compliance; value added taxes (VAT, GST determined by your region) together with safety and health and licencing issues.
Your finished business plan is only the tip of all the study as well as perseverance which has gone in to growing your concept. The more work which you put in now the much better grasp you should have on the actuality of running inside the food industry. Do too little and you’ll be out of business before you realize it.
In addition you can find useful information and helpful tools about how to open a restaurant at www.restaurantownershq.com. Restaurant Owners Headquarters is a site dedicated to helping people take their first step towards opening a restaurant and running it successfully.
The Black Hole of Job Applications
A career coaching client recently updated me on his job hunting progress. He told me that in the preceding six weeks he’d made twenty applications to recruitment agencies and employers in response to advertised jobs. He had received no response from any of them – by which I don’t mean that he had failed to get invited to interview, but literally that he’d received no response at all. When I tweeted about this later that day, I received a flurry of replies and retweets from others who had experienced the same response – or lack of it. This is consistent with the experience of my other outplacement and career coaching clients over the past year or so. Indeed this has been a growing issue for a few years but it now appears to be almost standard practice. Not that long ago I remember it being considered poor form for candidates merely to receive an automated response to applications. They would typically read along the lines “…thank you for your application. If you haven’t heard from us within the next 10 days please assume that your application has been unsuccessful”. Today, automated responses like that are approaching best practice.
In the past when I have discussed this with recruiters the impression I have often had is that it is not considered a major issue and that commercial pressures of time and cost mean that responding to all applications is not viable. I think there is a real issue here with far reaching implications for employers. It is creating a firm mindset among potential employees about organisations and business that is harmful to both. It includes beliefs that companies are exploitative, uncaring, ruthless, faceless and lacking in integrity. I see this is an underlying and almost unspoken assumption and attitude in many of my job seeking clients, and this is naturally exacerbated among those recently made redundant.
What are the implications? I believe this behaviour leads to a jaundiced view of organisations when people join them – which is not a great start – and which leads to candidates reciprocating with the same poor treatment and lack of commitment. In the wider picture I think it further diminishes people, their wellbeing and the climate of work and organisational life. This is not healthy for anyone.
Among that flurry of tweets, one follower sent me the flipside – what about a nudge to those candidates who don’t bother showing up for interview and don’t advise of non-attendance? From my conversations with hiring managers and recruitment companies this is increasing too. We need to ask why – I believe this is in part a response to the shoddy treatment many candidates have experienced for years from employers and recruitment companies. In many ways, poor candidate behaviour reflects, and is a symptom of, how they regard employers.
It must be time to turn this around. If you’re an employer or recruitment company, in future how about all applications you receive for a job you’ve advertised get, at least, an acknowledgment? If you’re a candidate how about you meet your interview commitments, or at least advise of non-attendance or lateness? Let’s pick up on consideration for others…
If you have experienced either side of this issue I’d be interested in hearing from you.
Sarah is a career coach and coaching psychologist at Managing Change, based in Cambridge, UK.
T: 01954 718037
E: sarah.jaggers@managingchange.org.uk
W: http://www.managingchange.org.uk
7 Reasons Why Gold Investment Is Great
Here are 7 reasons why buying physical gold is still the best precious metals investment:-
1.Gold has been around for thousands of years so there is plenty of investment research. The more research available, the better chance you have of assessing an asset’s prospects.
2.If you buy gold there is no VAT to pay on the purchase. However, silver and other precious metals are not VAT exempt so you’re 20% down before you’ve even started with those.
3.The gold market has evolved into a highly competitive and efficient arena. So the bid/offer spread (or difference where a dealer will buy and sell gold) is relatively tight (perhaps 5-10%). This means the market doesn’t have to move up much for you to enjoy profits.
4.When you do come to sell your gold, you’ll find the market is very liquid (there are lots of buyers and sellers for gold). As long as you bought from a reputable gold dealer, they will have helped you buy coins or buy gold bars and gold bullion which are well recognised globally, therefore maximising the price you’ll get for your gold.
5.Gold is a precious metal and there’s not a lot of it in existence! The lack of supply and difficulty in extracting gold provides a huge support to its price. If you have an asset who’s supply could increase significantly, the price of that asset is always exposed to a sharp fall.
6.Due to gold’s relatively high price per kilo, buying gold bullion is cheap to deliver. This means that a £50k gold investment can be shipped cheaply and discreetly whereas the equivalent in say, silver would be heavy and expensive to deliver.
7.With political unrest in North Africa and continued terror threats from the Middle East – the Safe Haven tag of gold provides one of the most compelling reasons to buy. Gold investment also provides a portfolio insurance against the current economic instability we’re experiencing. If you believe there is a chance that Greece may default on its debt, that it may withdraw from the Euro currency, that Spain, Portugal, Italy and Ireland may follow, or that the US will need to increase its debt ceiling, then you should buy coins or buy gold bullion now before it’s too late. As the ultimate safe haven asset, gold will undoubtedly spike in value if this happens.
Three Primary Reasons To Become An Entrepreneur
You Need Good Reasons To Climb Out On The Skinny Branches!
For some time, I’ve written and spoken about the difference between two basic types of person out there these days: The Victim, and The Entrepreneur. The Victim needs to be taken care of… the Entrepreneur takes care of herself, and others. The Victim is competitive, and views life as a win-lose (sometimes even a lose-lose) proposition; the Entrepreneur is collaborative, and sees life as win-win. Victims blame others; Entrepreneurs are self-reliant, and get things done.
These are attitudes, and both characters reside in each of us. One or the other spirit will dominate your worldview, and it’ll depend on which you feed and which you deny. As attitudes, they don’t necessarily dictate what you do for a living… but while some Entrepreneur-types choose to stay loyally involved in the service of a company they don’t own, most have some sort of commercial enterprise going, if only as a side-business.
Frankly, in these tough economic times, I think every family should have at least one entrepreneurial venture up-and-running, just so the entire family’s livelihood isn’t completely dependent upon employers (or, worse, the government). And for an increasing portion of the working population, the full-time calling of being in business for oneself is more appealing each day.
Being a business owner is not for the faint of heart, though. You need some good reasons to climb out there on the skinny branches of the tree, where the margin for error is slim. Those reasons can vary from operator to operator… have you thought of yours? Here, in my view, are three primary to become an entrepreneur – to scratch that entrepreneurial itch.
Service to others. If you only want to get into business to replace what you get from some job, that’s not a strong enough “why.” If that’s your only motivation, when things get tough, you won’t be able to make the difficult decisions or do the hard things it takes to make a business successful. You have to have some reason not to let down other people… and your own family only counts partially. What will your business contribute to your community, and to the world?
The Big Idea. I’ve known too many would-be entrepreneurs who really didn’t think big enough to make a business work. Their plan was simply to create a variation on a familiar theme, and one that was different from its competitors only in that it was owned by somebody else (them). You have to do better than that. Do something new; or do something your competitors do, but in a completely new way. Think about your Big Idea from the perspective of your customers… why would they reach for your solution, when they’re already comfortable with alternatives?
Willingness to risk it all. If you are already down to your last few bucks, you need to do something else for a while to build up some working capital before you start a business. These days, you can get into business in cyberspace for a fraction of the resources your granddad needed for his radiator shop… but don’t be fooled by claims that you can have a home-based business without a shred of investment. And be prepared to lose it all. It’s a fact that about eight in ten small businesses fail in their first year. You may have to try more than once before you hit the business you can make successful… and you will never do that if you aren’t willing to take risks and be persistent.
Entrepreneurship is the only real way to build lasting wealth, and America is still a land of opportunity for business owners. There are at least three primary reasons to become an entrepreneur, but it starts with having an Entrepreneurial attitude, and genuinely thinking through your own reasons for striking out on your own. Many people think they can run their own business; fewer than that number can actually do it successfully.
by Michael D. Hume, M.S.
Michael Hume is a speaker, writer, and consultant specializing in helping people maximize their potential and enjoy inspiring lives. As part of his inspirational leadership mission, he coaches executives and leaders in growing their personal sense of well-being through wealth creation and management, along with personal vitality.
Michael and his wife, Kathryn, divide their time between homes in California and Colorado. They are very proud of their offspring, who grew up to include a homemaker, a rock star, a service talent, and a television expert. Two grandchildren also warm their hearts! Visit Michael’s web site at http://michaelhume.net
Ways to Control Costs on Business Travels
It is time to plan a long awaited vacation. You have the location set and your transportation booked so all you need to do now is find accommodation. Obviously, many travellers choose a hotel for convenience and amenities, but in many cases vacation rentals are a more appropriate option. Vacation rentals can provide an interesting and affordable way to enjoy your time away from home while still benefiting from the comforts of home.
Without question, the benefits of vacation rentals extend beyond mere comforts. While staying in this places does offer the amenities and facilities you would expect to find in your own home, they also provide an unparalleled opportunity to explore the local culture while also representing a significantly cheaper accommodation option. Villas and condos are generally agreeable vacation rentals that can offer spectacular views and easy access to the aspects of a locale you are most likely looking forward to visiting. For example, many rentals offer beach-front access while also being located conveniently in walking distance to shops, restaurants, and bars.
Furthermore, those types of rentals give you a level of privacy that you might not otherwise find in a hotel. If you are travelling with pets or children, vacation rentals offer peace and quiet so that you can rest without worrying about disturbing or being disturbed by neighbours. In your rental you will likely benefit from a fully supplied kitchen with appliances and storage for your own food which will save you money on restaurant meals. Laundry facilities, entertainment devices such as televisions and blue-ray players, and other appliances make your vacation rental a comfortable and convenient place to stay.
Perhaps most importantly, rentals remove you from the tourist traps that are geared toward drawing hotel crowds. When you stay in a special vacation rental, you can choose a place that is away from the typical tourist destinations and where you are more likely to experience the local culture. You can interact with locals, shop at local stores, and visit local nightspots for a more in-depth cultural experience. Many operators even provide a list of local activities that you can easily enjoy from your rental place.
Compared to corporate housing, those types of rentals are actually quite similar. Many of the conveniences including location, facilities and appliances, and access to local activities are the same. However, vacation rentals tend to be operated by their owners but marketed by one or more agencies, including the owner of the property. The problem with this is that it can lead to overlapping or conflicting reservations. With corporate housing, on the other hand, the properties are operated by a single agency or hospitality management company, so that all reservations are funnelled through a single source, eliminating confusion. It makes sense to seek out a corporate housing provider for your vacation accommodation needs, especially when you are looking for an extended urban-style vacation.
For more information on Furnished rentals Vancouver and vacation rental Vancouver, BC please visit HighStreet Accommodations.