Friday, 24 October 2014

Need a Business Idea? Here are 55

Need a Business Idea? Here are 55

Today, tens of thousands of people are considering starting a home based business, and for good reasons. On average, people can expect to have two and three careers during their work life. Those leaving one career often think about their second or third career move being to their own home. People who have been part of the traditional nine-to-five work force and are on the verge of retiring from that life are thinking of what to do next. The good news: Starting a homebased business is within the reach of almost anyone who wants to take a risk and work hard.
$1,500 or less to start up
1. ACCOUNTANT
Experience, training or licensing may be needed

Create a flier outlining your services. Before you do that, you need to know what those services will be. Do you want to simply do bookkeeping for a small business? A more involved level of accounting would be do actually work up balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the business. Other specializations can include tax accounting, a huge area of potential work. Many business owners don't mind keeping their own day-to-day bookkeeping records but would rather get professional help with their taxes.
2. BICYCLE REPAIR
In many parts of the country, this business tends to be seasonal, but you can find ways around that. Rent a storage unit and offer to store people's bicycles over the winter after you do a tune-up and any needed repairs on them. If you want to cater to the Lance Armstrong wannabes, you can have business all year round. These road race riders are training through snow, sleet and dark of night. Some of them work on their own bicycles, but many of them don't, so you can get their business all year. And if you keep Saturday shop hours, you can be sure you will have a group of enthusiasts coming by to talk all things cycling.
3. BOAT CLEANING
Experience, training or licensing may be needed

Boats that are hauled out of the water for the winter or even just for mid-season repairs will need the hull cleaned. And depending on the type of boat, it is a good time to give a major cleaning everything else too--the decks, the sleeping quarters, the head, and the holds. Start by approaching homes that have a boat sitting in the yard. Or you could market your services to the marina to contract you to do the boat cleaning it offers to customers.
4. BUSINESS PLAN SERVICE
Has expansion possibilities

Offer a soup-to-nuts business plan, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary. Have business plan samples to show clients--and make sure to include your own!
5. CHIMNEY SWEEP
Learning to be a chimney sweep may mean nothing more than apprenticing with someone already in the business. By becoming a chimney expert, you can combine a chimney sweep business with a chimney inspection service--covering more than just whether or not the chimney needs cleaning but whether the chimney is in good working order or in need of repair.
6. CLEANING SERVICE
There are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients. You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don't have to spend lots of money on advertising or marketing because your customers will come by word of mouth.
7. COMPUTER REPAIR
Experience, training or licensing may be needed

Study the main types of software that system users will want--word processing, photo manipulation software, mail merge, spreadsheet, design and especially security software. Investigate all the components--monitor types in all their varieties; keyboards, from wired to ergonomic to wireless; mouse types; as well as peripheral components like printers and scanners. Become completely familiar with all the ISPs (internet service providers) available in the market area you plan to cover. Establish yourself as the guru who can meet the needs of the personal computer user, the small business or a larger corporation.
8. CONSULTANT
Has expansion possibilities

To be a consultant, you need to have an expertise in something so you can market yourself as an advisor to others looking to work in that area. Perhaps you managed several large warehouses in your career with a drugstore company, you did all the marketing for many years for a large shoe manufacturer or you set up a chain of beauty supply shops or take-out restaurants. You can use this experience to help others do similar things without making the same mistakes that you made along the way.
9. DOG BREEDER
Experience, training, or licensing may be needed
Pets are phenomenally popular in the U.S. While many people are willing to adopt from animal shelters, others are looking for a specific breed. Purebred dogs are more popular than ever and can command large sums of money. But becoming a dog breeder is serious business catering to savvy consumers with high expectations of their pet purchases. You will need to establish yourself as a conscientious breeder who cares about the health and welfare of the animals you bring into the world.
10. EBAY ASSISTANT
Do you have items lurking around your household that you could sell on eBay? Figure out your asking price and decide whether to auction it or put it in your eBay store. Then decide if you want a minimum bid and how long you want the auction to last. You will want to establish a PayPal account to use for transactions. The eBay website provides all the information you need to know to get up and running with an eBay business.

From Editorial Services to Household Organizer

11. EDITORIAL SERVICES
Has expansion possibilities

Here are some of the editorial services you can provide from the quiet of your own home:
  • Copyediting. This is where fact checking takes place, and where grammatical, stylistic and typographical errors are caught.
  • Proofreading. This is the last stop for a "finished" piece. The proofreader makes sure the copyediting changes have been properly made and no new errors are created in the process.
  • Indexing. There are indexing courses available and you can get indexing software.
  • Developmental editing. A developmental editor works with a manuscript on big-picture things like organization and content issues.
  • Book doctoring. This is an editorial service provided for manuscripts written by experts. They create a manuscript as best they can and then a book doctor puts it into publishable shape.
  • Ghost Writing. As a ghost writer, you actually do the research and write the book and someone else's name is attached as the author.
  • Copywriting. Also known as business writing, this is writing that promotes a product or a service.
  • Book writing. Do you have an expertise in something professional, such as accounting or interior decorating? Or personally, like knitting? Why not write a book about it?
  • Magazine article writing. Magazines and newspapers are a great way to get your writing published before tackling the daunting task of writing a whole book.
  • Web page content provider. Providing content for a web site is a good way to make some money writing.
12. ELECTRONICS REPAIR
Has expansion possibilities

This business is similar to the computer repair business, but you will take on all sorts of electronic equipment besides just computers. With smaller electronics, you will need to be prepared to have customers bring their repair projects to you, as you would have difficulty recovering the cost of driving around picking up broken equipment and returning it. You may also want to encourage people to give you their old electronics so you can use them for parts.
13. EVENT PLANNING
Has expansion possibilities

One of the first things you need to do is visit every potential event location with which you plan to work. Work with the marketing manager to tour each site and learn what is available at each location. Start a database that will allow you to sort venues by varying features--the number of people each site holds, if there is AV equipment available on site, will you need to arrange for rental chairs, etc. Then when you are beginning to plan an event with a client, you can find out what the key parameters are for the event and easily pull up the three or four sites that meet the basic criteria. and engagement parties, etc.
14. EXPERT WITNESS SERVICE
Experience, training or licensing may be needed

One way to make money in this field is by being an expert witness yourself. If you have an expertise that could be useful in legal cases, you can market yourself to attorneys to act as an expert witness. Another way to be active in the expert witness field is to play a sort of matchmaker, matching attorneys up with expert witnesses for their cases--either for the defense or for the prosecution. Expert witnesses for big money cases can be expected to fly anywhere to testify. There's no reason your database of witnesses can't be from all parts of the country.
15. FINANCIAL PLANNER
Experience, training or licensing may be needed

To start, you should go through the certification process so that you can label yourself a CFP (Certified Financial Planner). Your certificate shows that you have expertise and credibility, and this differentiation will help people choose you as their financial planner.
16. FLEA MARKET
Has expansion possibilities

People love to spend weekends rummaging through tables full of other people's unwanted items, looking for treasures. Make sure to change your layout and put new stuff out for sale often. You want people to come back time and again to see what's new. You don't even have to have that much new stuff to make things look new. Just moving an item from a table to the top of a bookshelf might get it noticed, even though the item has been in your inventory since you first started having sales.
17. GOLF COACH
Experience, training or licensing may be needed

Let the local public courses know about your coaching business. Cultivate relationships with the staff and encourage them to recommend you as a coach. Another place to look for customers is the corporate world. Golfing is a game that business people use to develop relationships outside the office. You do need to be a better than average golfer to develop a reputation as a golf coach. You also need to be a good teacher, know how to be motivational and be willing to work with many different types of people.
18. HOME ENERGY AUDITOR
Experience, training or licensing may be needed

All homeowners are always on the lookout for ways to save on their utility bills. You can come to their aid by providing them with an audit of their house and giving them a breakdown of how they could accomplish real savings in heating, cooling and electrical use. You can go one step further and do the implementation and installation of some of your suggestions in their home yourself. Do a complete appliance audit, with efficiency ratings and calculations based on the age of the appliance. And don't forget the water heater!
19. HOME INSPECTION
Experience, training or licensing may be needed

In order to be successful, you will want to establish contacts with real estate agents who can recommend your services to customers. The home inspection field is one where you will need to do constant updating of your education and knowledge. New products are constantly coming out on the market--if you only know about decks made of wood, you will not know how to inspect and assess the new materials on the market, such as composites that are made to look like real wood. Also keep apprised of all safety updates of materials and issues with things like off-gassing, carbon monoxide production, and other chemical precautions.
20. HOUSEHOLD ORGANIZER
Has expansion possibilities

You can choose either to do the organizing work or to come in to a home and consult on the things the homeowner could do to better organize. Have a portfolio of different organizational scenarios in different rooms in the home and talk with the homeowner about the style he or she likes. Create checklists and questionnaires to understand how the family uses the home. Are the kids wildly busy with after-school activities? Or are they usually home after school and want access to their toys? Do they share rooms? All of these things will help you tailor an organizing plan and become the family hero.

21. IMPORT/EXPORT SPECIALIST

Experience, training or licensing may be needed

If you don't already have work experience with importing and/or exporting, you will have a longer learning curve. You can start by learning the basics and hosting educational sessions to teach others what they need to know to get started in import/export. That alone would probably gain you your first couple of clients. If you keep going with educational seminars and expand your reach to outside your immediate region, you could probably develop a sufficient and ongoing customer base very quickly, but be careful not to outpace your learning curve!
22. INTERIOR DECORATOR
Experience, training or licensing may be needed

Market your talents to building contractors. People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Design some questionnaires for each major element and each major room in the house. Find out how the homeowner will use the home--are there children? Pets? Does the woman of the house wear high heels? Do the home's residents neglect to remove shoes? How will each room be used? Where might task lighting and ambient lighting be most appropriate?
23. JEWELRY MAKING
Experience, training or licensing may be needed

There are many different ways of getting into the jewelry business and many different types of materials with which you can work. Working in metal will probably require the most in the way of specific tools. You need to be able to heat the metal to manipulate it, and you need metalworking tools to cut and engrave it. But there are many other materials that you can work with to make jewelry--glass, plastic, beads, feathers, even wood, to name just a few.
24. MARKETING COPY WRITER
Experience, training or licensing may be needed

If you can write copy that gets people excited about purchasing what your client has to sell, you can make good money in this business. Unless you are highly experienced from working in the copywriting field, take a course. There are online courses or classes at community colleges and universities that can give you a leg up in getting savvy at writing copy for brochures, catalogs, advertising and, of course, marketing copy for the web.
25. NOTARY PUBLIC/JUSTICE OF THE PEACE
Experience, training or licensing may be needed

In most states in the U.S., a notary public is a state officer who is authorized to witness and attest to the legalities of certain documents by signature and stamping a seal. Most states require that you pass an exam and a background check. It costs very little to become a notary and your income from notary work is negligible. A justice of the peace typically performs wedding ceremonies. States have varying rules and procedures for becoming a JP and performing services. Becoming a JP and/or notary public does not cost much money. And it is not a big moneymaking venture! Many states set the fees you can charge for JP services. JPs can add additional fees, and often do, including travel and hourly rates for additional meetings such as rehearsals, other prep time and any special requests.
26. PERSONAL CONCIERGE
This business is for someone who is supremely efficient and has the ability to make things happen. People who hire you will expect things when they want them and you need to be able to come through with not only what they want, but with a personal touch and a smile on your face. The most likely clients for a personal concierge service are top executives who find themselves at the office by 7 a.m. and are there most nights until 9 p.m., leaving them very little time to do all those things that often need to be done during those very hours.
27. PERSONAL TRAINER
Experience, training or licensing may be needed

Advertise your services in places where everyone goes, like restaurants and grocery stores. Having a website is a good idea--people want some privacy in their decision-making when it comes to getting fit. They can go to your website and determine if your approach to personal training is an approach that would work for them. It is important to emphasize the safety aspect of using a personal trainer. You can help clients get fit and avoid injury.
28. PROPERTY MANAGEMENT
Your job, in the case of rental units, will be to make sure the property is running smoothly. For seasonal properties, you will most likely spend your management time making sure the property is ready for seasonal visits and well-maintained when no one is around. If the owners go away for six weeks in the winter, the property manager makes regular checks on the property. You will be the contact number if the security system operator needs to contact someone about a breach in security.
29. SMALL ENGINE REPAIR
Experience, training or licensing may be needed
Most community colleges offer some level of engine-repair courses. Another way to learn would be to take a part-time position at a repair shop or a rental facility where you could learn on the job, although you will want to be open about your plans. You should be prepared to work on push-behind lawn mowers, riding lawn mowers, generators, garden tools such as rototillers and edgers, chainsaws, wood chippers and snowblowers. You need to decide whether you'll want to take on bigger jobs, such as tractors, snowmobiles and ATVs; space may be your decision-maker.
30. SOLAR ENERGY CONSULTANT
Experience, training or licensing may be needed
Has expansion possibilities

As a solar consultant, you can basically conduct a home inspection and give clients a report on their solar options for their particular home and site. This can range from full-fledged general solar installations that generate electricity to simple solar walkway lighting. You might want to start by working in a solar products company to become knowledgeable in the solar energy field. However, to be a consultant, it is often best not to be affiliated with any one company or product and be able to recommend products and options across the field of solar energy.

From Tax Preparer to Graphic Design

31. TAX PREPARER
Experience, training or licensing may be needed

Most tax preparation franchises offer courses, seminars, and training to get you ready to work for them. You will learn a lot about tax preparation while working for them before going out on your own. There is a lot of educational support out there to learn tax preparation and all its complexities. And there are lots of individuals and businesses willing to spend a few hundred dollars a year to have someone else prepare their taxes and keep watch for tax breaks or tax burdens on their behalf.
32. TAXIDERMIST
Experience, training or licensing may be needed

Today's world of taxidermy isn't exclusive to preserving real specimens. Taxidermy also refers to recreating a specimen using completely artificial materials. Taxidermy schools where you can learn the trade are located almost throughout the country, typically as courses over several weeks specializing in certain levels of expertise, from beginner to master's level. Like any enterprise, there are taxidermy conventions that you can attend and learn about the latest techniques and materials.
33. UPHOLSTERING
If you have a knack for sewing, upholstery repair might be a perfect business for you. One of the best ways to learn how to upholster is to get some discarded upholstered furniture and start tearing it apart. Many books and some videos are available to help you learn this trade. Often furniture ready for upholstering will also need repairs. Have a list available of furniture repair people you can recommend to your customers. Or you can take the piece in, have repair people you work with do this work for you, and add it to the overall cost. You can also learn to do this work, especially minor repairs, yourself.
34. USED BOOK SALES
Almost everyone has a few boxes of books stashed away in the house somewhere. Why not make a business out of them? In order to gain customers--especially repeat customers--you will need to have some regular shop hours. Make your shop known for something-a specific category (or two) of books, having some first editions for sale, all paperbacks a dollar and all hardcovers two bucks, and/or a swap program. Maps, illustrations, postcards, greeting cards and magazines are good sidelines to include in your shop.
35. WEDDING PLANNER
You will need to be up-to-date on wedding trends and fads, dress styles, color trends--almost everything under the sun! Offer your customers an ala carte menu of services, from helping pick flowers, the wedding gown and bridesmaid dresses to picking the venue and hiring the caterer. Before you open your business, shop at all the wedding shops, and even pretend you are a bride-to-be to see what kinds of services the wedding gown shop provides and how they treat potential customers. You need to know every detail of the business to give the accurate impression that you are the go-to person for anyone planning a wedding.
$1,500 to 3,000 to start up
36. APPLIANCE REPAIR
Experience, training or licensing may be needed

Every household has a number of appliances, large and small. You can work on your own or on contract with appliance stores to cover their warranty service calls--or, best of all, you can do some of each. Plan to start slow and build your customer base on recommendations and referrals based on work well done. Consider developing relationships with contractors to be the go-to person to install appliances in newly constructed houses.
37. COMPUTER TRAINING
Experience, training or licensing may be needed
Has expansion possibilities

If you are proficient in both Macintosh and PC, you should offer training in both types of computers. You could probably make a living helping seniors learn how to use the internet and e-mail to keep in touch with their loved ones, who are now commonly spread around the country. Err on the side of caution in this business. People do not want to know all the details about what makes a computer work. If you overload them with information from the beginning by explaining bits, bytes, and megapixels, they will stick to their paper and pencil forever.
38. DESKTOP PUBLISHER
Experience, training or licensing may be needed

You can use desktop publishing software to create newsletters, magazines, books or even marketing materials. You can create the content for your desktop publications, or you can pay a writer to create the content for you. Alternatively, you can advertise your desktop publishing services to design and create newsletters and books for others with their content.
39. FENCE INSTALLATIONS
Fences are everywhere. And they don't last forever, so they need to be repaired and replaced with a certain amount of frequency. The most common fence material is wood. However, vinyl has become a popular fence choice due to its longevity and relative freedom from maintenance. Wrought iron is another common fencing, especially in urban environments. You can have fun shopping for vintage wrought iron fencing at salvage yards.
40. FREELANCE GRAPHIC DESIGNER
Experience, training or licensing may be needed

Despite the proliferation of the internet, print media is here to stay for the foreseeable future! Fliers, newsletters, magazines, information sheets, letters and advertisements are just a few of the types of print media that business hire freelancers to create for them. Websites and online advertising need graphic design services as well. Even if your expertise is only in design, offer the works for potential clients, including the editorial creation and the printing and even mailing of the final piece. You can line up regular freelancers for those parts of the job you can't do.
From Gift Baskets to Rug Cleaning
41. GIFT BASKET SERVICE
Has expansion possibilities

Finding a niche is the best way to start out in the gift basket business. Are you a dog lover, horse lover, or exercise guru who could put together baskets that hold the things that people with this interest would like? Do you already create a product that a gift basket could be built around? Have you made your own soaps for the past 10 years? A gift basket that included one or two of your soaps, hand lotion, a scrub brush and manicure kit could be a lovely basket to receive.
42. GRAFFITI REMOVAL
Create an arsenal of cleaning products that can clean almost every kind of product (paint, chalk, markers) from every kind of surface (cement, wood, pavement). The best way to conduct a graffiti service is to offer a subscription-like arrangement. Once a month or whatever interval makes sense for your clients, go around to their property and clean off the graffiti. Charge them a monthly or quarterly fee and make it simple for everyone--they don't have to think about graffiti, and you just do your job.
43. HAIRSTYLIST
Experience, training or licensing may be needed

Hairstyling is a popular business that can be quite lucrative. Generally a home based hairstylist business is likely to be started by someone who has already has a cosmetology career and wants a change. If you already have your cosmetology training and license, and loads of experience under your belt working in a hairstyling salon, you probably have a following that will follow you right home without any hesitation.
44. HERBAL FARM STAND
You need to decide whether you will sell your herbs as live plants, picked or cut in bunches and packed, or dried. If you plan to market to cooks instead of gardeners, you will want to sell your herbs either fresh cut and packed in sealed bags, or dried and sold in baggies. You can also consider a "pick-your-own" arrangement; however, be aware that herbs are more delicate than most P.Y.O products. You may save your garden a lot of strife and your plants a lot of wear and tear if you do the picking.
45. LANDSCAPER
Experience, training or licensing may be needed

If you have a knack for this type of work, a degree won't be necessary. Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, and their shrubs and driveways ready for winter snow. You will also want to offer garden work such as spring planting of annuals and perennials; vegetable garden preparation, planting and fall cleanup; pest control and watering. You can offer tree care service. There is plenty to do in the yard that has nothing to do with plants: stone wall restoration, fencing, irrigation system installation.
46. MASSAGE THERAPIST
Experience, training or licensing may be needed

You will want to become certified in massage therapy to be able to effectively market your services. Courses that lead to certification include not only information on human anatomy and physiology and the effects that massage has on both, but also on how to make a business out of the field of massage. You could do either a certification program or an associate's degree and stay within the $5,000 scope of this book.
47. MOVING SERVICE
Lots of people who are moving want to hire someone to do the heavy lifting for them. You can leave the large-scale, long-distance moving to the big moving companies. Your work can be the local, moving-across-town or to the town-next-door jobs. These are the ones that people start off thinking perhaps they could do themselves, and it will be your job to convince them otherwise. Your signs around town will tempt them to let you take care of that part of the move, while they are busy taking care of those other 500 items on their list.
48. MUSIC LESSONS
Experience, training or licensing may be needed

You want to stick to the instrument(s) you know, but you may be a skilled enough musician to offer lessons on several different instruments, or those in a particular class, e.g., stringed or woodwind.You can decide to take on individuals or classes, depending on space and availability of instruments. Public schools are continually reducing their commitment to art and music classes for students, so you can try to work with the public school system to supplement their efforts in those areas.
49. PHOTOGRAPHER
Experience, training or licensing may be needed

Making money as a photographer can be done in a number of different ways. You can specialize in one area, the most common being weddings. There are niches you can explore for photography: portraits of people and their pets, families, and homes; photographs of holiday events, birthday parties or Christmas cards; the possibilities are endless.
50. RUG CLEANING
You will need to learn how to work with all kinds of carpet fabrics, from synthetic to wool carpets. Decide whether you will take on valuable antique carpets and family heirlooms; if so, you will want to get specialized training in how to handle these carpets and the specialized ways of cleaning them. Learn how to get tough stains and odors out of carpets--such as dog and cat odors--and your services will be in great demand.

From Websites to Pet Sitting

51. WEBSITE DEVELOPER
Experience, training or licensing may be needed

Many courses exist (many of which, logically, are offered online) where you can learn the language of website creation and can learn about the details, like how to set up shopping cart systems, security concerns, etc. You will, of course, need to learn about each company you design for. What is the atmosphere of the company that you need to reflect in the website design--is it wild and contemporary, meaning brilliant colors and fun graphics? Or will more classic colors like black, navy blue and maroon be more appropriate?
$3,000 to $5,000 to start up
52. BED AND BREAKFAST
Do you have a room that has its own bathroom and is private from the rest of the living space? Are you near attractions such as a tourist area, sports stadium or venue for a large annual event? Or is your home in the country with spring peepers, summer crickets and crisp fall nights that could give a city-dweller a weekend of peaceful living? Say you can rent the room for $150 a night for Friday and Saturday nights 48 weeks a year--that's $14,400 in revenue! Utilize what you have and create a unique experience.
53. CHRISTMAS TREE SALES
If you want to start a Christmas tree farm, you need to plan ahead. It takes approximately seven years for a Balsam fir--perhaps the most traditional Christmas tree--to grow from a small sapling to a 5- to 6-foot tree. Selling your trees yourself is the best option. Consumers come to the property, pick the one they want, and you harvest it for them. The other option is to buy your trees from a wholesaler and sell them either in your yard or in a vacant lot that you rent from Thanksgiving to Christmas.
54. DAY CARE
Experience, training or licensing may be needed

Perhaps you love children. Perhaps you have children of your own and the idea of taking care of a few more for part of the day appeals to you. Child-care needs continue to soar in the United States. Many people prefer the option of their child being cared for in a home environment while they are at work, opposed to a more institutional-like setting. These things mean that a homebased childcare business can get off and running immediately.
55. PET SITTING
Experience, training or licensing may be needed

Starting a pet sitting service requires almost nothing in start-up costs. You do need some general credentials that will cost little or nothing to acquire. Your list of credentials should probably include personal pet ownership--if not currently, at least in the past--as well as other pet-related experience, including working at a pet food store, an animal hospital or other animal-related business. You will need to spend a little to become "bonded." This is known as "honesty insurance," and ensures your clients that you won't get their house keys and make off with their valuables (or that they'll get their money back if you do).
From Entrepreneur

To Keep Your Startup Alive, Keep Creating Value

Have you ever wondered why seemingly successful companies perish? It seems like they're doing fine on the surface. But many of them fail -- at first slowly. And later, they abruptly collapse.

I have been thinking about this problem for decades ever since the first startup that I worked with, Applied Expert Systems, shut down. Founded by a former MIT computer science professor, the company aimed to replace personal financial planners with a so-called expert system. The product automated the decisions of a planner in helping a client develop a financial plan. But after raising millions in venture capital and hiring dozens of employees, the company introduced a product but too few financial planners were interested in buying it.

Several years later for one of my first consulting projects, I worked with a huge telecommunications giant that attempted to find out why some tech companies survive as waves of new technology are introduced and others perish. My resulting investigation turned into my first book, The Technology Leaders.

I later boiled down the findings of that book to its essence, dubbing it the value cycle: To sustain superior performance, a company must keep its strategy focused on addressing three distinct processes:

1. Create value.
The first stage in the value cycle is to design and market a product that consumers are eager to use because it meets their most important needs better than competing products.

In 1995, Netscape's Mosaic web browser became popular after the company's initial public offering. That widespread popularity suggests to me that Netscape had achieved success in value creation, doing a better job than almost any other browser at that time in helping people visit websites for the first time.

2. Capture value.
The second stage of the value cycle is choosing business activities so that customers are willing to pay for a product at a price high enough above the company's costs to generate sufficient profit and create a return for shareholders after compensating employees and suppliers.

Netscape is a great example of a company that created value but couldn't capture it. How so? Lots of people used its browser but did not pay money for it. Moreover, the other ways that Netscape made money were not sufficient for it to survive an onslaught from Microsoft. So the company ended up being acquired by AOL in 1998 for $4.2 billion.

For a startup to survive, it must at least create and then capture value. 

3. Renew value.
The final stage in the value cycle is filtering out the noise from the market signals (from changing customer needs, upstart competitors and changing technology) to identify how a company must adapt to stay ahead of competitors.
This value renewal is the most difficult part of the value cycle for startups trying to survive over the long term.

Remember Blockbuster? It rented DVDs and VCRs at retail stores. Then Netflix came along, sending DVDs by mail, making it cheaper and more convenient for consumers to rent movies. Blockbuster was unable to adapt and perished.

Netflix engineered its operations beautifully to win the battle for DVD-by-mail market supremacy. It bought huge quantities of DVDs cheaply, set up a system for people to order them and engineered a process for delivering and collecting them. People have been willing to trade the convenience of picking up videos at the corner store in exchange for a wide selection of titles and the elimination of late fees. 

Then along came video streaming. As more people use smartphones and tablets, they are finding it more convenient to watch movies on these devices rather than sitting in front of their TV sets and plugging a DVD into an attached player.

Netflix renewed value, developed new capabilities (such as the ability to stream movies) and also created its own popular content.

With HBO and CBS eying online streaming customers, Netflix must keep its eye on the value cycle. 

And so should any startup with the hope of surviving over the long term.

From Entrepreneur

Mistakes Women Entrepreneurs Make Pitching to Venture Capitalists

Women own 28.2 percent of U.S. companies and yet only a tiny number of these companies are securing backing from venture capital investors, according to a report by the Ewing Marion Kauffman Foundation. Based on this research, female-founded companies receive just 4 percent to 9 percent of the funds doled out by venture capital firms.

This means that very, very few women score venture funding for their startups. I'm proud to say that I’m one of them. My startup, Admittedly, received $1.2 million in venture capital funding this year. While I might not have all the answers, I’ve certainly learned a few lessons about pitching VC investors as a woman.
Based on my experience, here are four unique things that female entrepreneurs have to deal with and suggestions for addressing them. 

1. Address the other women at the table.  

It’s more and more common for venture capital firms to have women at their tables. That’s a good thing and a smart business decision.
But for women who pitch, this can be a double-edged sword. On the one hand, a woman may provide valuable insight for a project or help her colleagues see the pitch differently.
At the same time, I know some women are hesitant to give criticism to other women -- especially in front of male colleagues. Women have told me they are nervous about being seen as hostile or worse. As a consequence, some women at the venture capitalist table save their criticism for after the pitch -- when the woman giving the pitch is not there to answer. That can be a real problem.
When I'm doing a pitch, I try to draw out the other women and bring them into the conversation. I ask them for their feedback directly -- at the time of the pitch. If they (or any potential investors) have questions or concerns, it’s better to put them on the table in a situation where they can be addressed.

2. Try to not stand out too much.

Although I’ve found many VC investors want to invest in women-started businesses, having too unique a business model is problem.
Instead of trying to reformat the thinking of male investors and convince them why their traditional rules don’t apply to the idea being pitched, learn the rules they use and speak in those terms. There are certain assumptions about a company’s ability to scale up, get to market and go public. Embrace the venture capitalists' rules and think big -- not different.
3. Avoid being complacent or vague.
The boardroom of a venture capital firm is not the place to play go along to get along.
Statistically men have proved better at asking for what they need in business and therefore getting what they want. Here's one time that I say, follow their lead.
Time and time again I see women go to business meetings and ask for things such as “backing,” “support” or “investment.” But “support” isn’t a number. The bank won’t take a check made out to “your help” so don’t ask for it. If you need a million dollars, ask for it. Be specific.
Trust me, the (usually) men on the other side of the table know the meeting is about money. They will be surprised only if it isn't requested. 

4. Dress well for the meeting. 

For men, the choice of attire for a meeting with venture capitalists is usually easy: They either wear a suit or the tech uniform of a T-shirt and jeans.
For women, it’s far more complicated. Their hair and makeup styling and shoes matter as well as the clothes selected. Appearing put together, confident and stylish is essential but there’s real danger in sending the wrong message. Attention is desired but not the wrong kind.
Unfortunately there’s no one-size-fits-all answer. But my rule of thumb is to be comfortable and appear professional. Don’t dress different and unusual -- for your style. Women who wear a skirt and heels four days a week should do that. If someone is a pants and button-down shirt type of gal, she should wear that. Don’t let fashion choices lead to uncomfortableness, physically or otherwise.
I’m the last person to say that the gap between women businesses and venture capital funding results from women entrepreneurs blowing their pitches. Venture capital firms are still dominated by men and they need to become better at recognizing the extraordinary business opportunities that women bring to the table.
But if the United States is going to close the gender gap in venture capital funding, there’s work to be done on both sides.
From Entrepreneur

Wednesday, 22 October 2014

No Money to Start a Business? No Problem. Try These 5 Options

You might be limited to a strict budget when you want to start a business, but that doesn’t mean you don’t have any options. It is possible to start a business with very little money, if you have the right combination of skills, work ethic and marketing know-how.

According to Chris Guillebeau, author of The $100 Startup, “To succeed in a business project, especially one you’re excited about, it helps to think carefully about all the skills you have that could be helpful to others and particularly about the combination of those skills.”
Follow these simple guidelines to start a business when you have little to no money.

1. Make something.

Yes, making something does take an initial cost in supplies, but oftentimes, these products can be sold for many times over their actual cost. What you decide to make is up to you, but there are several places you can sell your handmade options online:
  • Abe’s Market deals in natural and organic goods, such as lotions, candles, granola, and more.
  • Etsy is one of the largest online markets for almost anything homemade, from jewelry to wooden toys for kids.
  • Bonanza is another growing handmade marketplace, similar to Etsy. According to PC World, it boasts over 10 million visits per month.
  • eBay is one of the biggest online ecommerce marketplaces in the world, and its streamlined store options, easy checkout through Paypal, and customizable listing options make it a great choice for selling items.
Many business owners sell their products on multiple platforms to get the most exposure possible. It is important, however, to make sure your inventory stays updated on all sites you have a storefront on. If you want to learn about more resources for selling homemade items.

2. Resell something.

If you don’t want to make anything (or you don’t consider yourself a creative person), many business owners have grown large businesses just be reselling products that have already been made. This can be done through a variety of ways or channels:
  • Drop shipping: Set up an online store and partner with drop-shipping companies that will do all the order fulfillment for you. Online ecommerce platform Shopify has a great drop shipping guide, and Tim Ferriss does a good job of explaining drop shipping in his well-known book, The Four Hour Work Week.
  • Thrift stores and garage sales: If you know where to look, you can find items at thrift stores, antique shops, flea markets and garage sales and resell them online or in your local community for more than you purchased them for. One extremely successful example of this is Sophia Amoruso, the founder of Nasty Gal. Amoruso started buying and reselling vintage and unique fashion pieces on eBay, and her company has grown to a net income of $24 million in 2011 with over 200 employees. Her book, #GIRLBOSS, is in inspiring look into how she got started.

3. Sell your services.

One way to start a business with little to no startup capital is to sell your services, instead of a physical product. There’s a huge variety of services you can offer, depending on your background and interests.
Some will require advanced degrees, such as accounting, while others require little more than a working knowledge of how it’s done (such as babysitting, lawn mowing or personal assistance).
Because you are selling your services, you will need a branding plan to make sure your name and company gets in front of the people who may need the service. Some places that are free for promoting your services include Fiverr, Craigslist, Elance, Taskrabbit and Skillshare.
It’s also useful to have a website to show examples of your work, list your experience, and blog about your industry to draw visitors. If you want to learn more about branding and online marketing, check out Buffer’s social-media blog, Hubspot’s blog, Content Marketing Institute and CopyPress.

4. Barter to get what you need.

Unfortunately, it’s extremely hard to start a business without any type of funds at all. Even creating a freelance-writing business utilizing Elance and a free Wordpress or Wix website will still require a computer to work on as well as Internet. However, there are ways to get supplies you need for starting your business without money.
For instance, if you find yourself in need of a used laptop, try to barter for it. Build a new website for a used electronics supplier, or offer babysitting services to your neighbor for their old Macbook.

5. Utilize low-cost services.

As mentioned previously, you can use sites such as Fiverr or Elance to advertise your products and services on, but you can also use these platforms to build up your own company. For instance, many designers offer $5 to $25 logo designs (that come with free revisions). Sort by reviews and look at past examples to find a designer or service provider that matches your style.
This is a great way to get branding materials, printed items (Vistaprint and Zazzle are great places to buy personalized items), or other needed items without much cost. And for additional savings, be sure to look for coupon codes on sites such as RetailMeNot before checking out at any online retailer!
Starting a business requires ingenuity and a passion for what you are doing. Once you find yourself doing something you enjoy, you will be more likely to find ways to make it all come together.
From Entrepreneur

Tuesday, 21 October 2014

17 Ways to Know You Were Born to Be an Entrepreneur


It can be hard to explain to non-entrepreneurs why you choose such a challenging journey. Here's what to tell them.
Being an entrepreneur is hard. Really hard.
You put everything on the line: your talent, your creativity, your ideas, your money, and yet you still do it, sometimes again and again.
That's why your friends often don't understand. (Sometimes even your family doesn't understand.)
"Why don't you just play it safe and get a job?" they ask. The next time people ask, show them this.
Here's why you're an entrepreneur:
1. You hate the idea of finding yourself in the wrong life.
Unexamined decisions, unforeseen consequences, drifting along with the current.... It's easy for people to end up in places they never would have chosen. And then they feel trapped.
And, late at night, they often wonder what it would be like if their lives were different.
Entrepreneurs don't wonder--at least not for long. They wonder, and then they go find out. And that's because ...
2. You want a calling--not just a career.
Anyone can build a career; all you need to do is a land a job to find your life's work. Very few can build a business from nothing--and make it their life's mission.
3. You embrace your own definition of success.
Maybe it's money. Maybe it's status. Maybe it's power.
Or, more likely, it's living life the way you want to live--and in the way that makes you as happy and fulfilled as possible.
4. You're not afraid to dream.
And you're not afraid to fail.
And you're not afraid to succeed.
5. Your happiness comes from seeing others succeed.
And the best way to do that is to be in the position that best allows you to help them succeed.
6. You were once told you weren't good enough.
So you decided to prove those people wrong. But along the way your motivation shifted. Now you don't care what other people think.
Now you're not trying to prove other people wrong.
You're just trying to prove to yourself that you are rightbecause you are the only person whose opinion truly matters.
7. You don't care about doing the expected thing; you care about doing the right thing.
And to do that, you have to be in charge.
8. You don't care about choosing from the best available option.
Instead, you want to decide what is the best possible option, and then go and make that happen.
9. You want a better life for your children.
And you feel the best way to do that is to set an example by believing in yourself.
10. You want your earnings capped only by your talent.
Work for others and they decide what you can make.
Work for yourself and you decide, through your effort and perseverance and ingenuity, what you can make.
11. You ask, "Why not me?"
Entrepreneurs don't assume wildly successful people possess special talents or gifts from the gods. Entrepreneurs look at successful people and think, "That's awesome. They succeeded, and I will too.
"People do great things every day--so why not me?"
12. You want to look back on a life well lived, instead of at a retirement watch.
That watch? It means you served a company. A life well lived means you served others and, by so doing, also served yourself.
13. You want to be remembered.
But not just for what you did; more important, you want to be remembered for the kind of person you were--and the way you made other people feel.
14. You believe effort should always beat politics.
And the only way to ensure politics doesn't play a part is to run your own business--and build a company with a culture you and your employees love.
15. You've decided merit is the only currency worth earning.
Seniority, corner offices, fancy titles: They're great. But they are also often given (and not always to the most deserving).
Accomplishments are always earned.
16. You feel business is the last unexplored territory.
And you're convinced new discoveries are out there waiting for you.
And, most important...
17. You simply don't know any other way to live your life.
So you don't even try.
Why would you?
You're an entrepreneur.
From Inc. Magazine

Prioritizing Health Can Help You and Your Business

Being fit and healthy does more that just boost someone’s looks. Recent studies have shown that even moderate physical activity offers big benefits, including better immunity, healthier body weight, improved sleep and even a sharper mind. 

Balanced nutrition and sufficient sleep also bestow rewards, ranging from a healthier body weight and reduced risk of illness and disease to sharpened mental acuity. Combined, these benefits add up to individual and business success. 

Exercise and the mind.

Exercise provides innumerable perks for the brain, supporting healthy functioning in several ways. 
Researchers from the University of Texas at Dallas found that regular cardiovascular exercise improved memory and cognition in older adults. A Stanford University study discovered cognitive and mood-boosting benefits after moderate exercise in young and older adults.
Research in mice has suggested that endurance exercise triggers a series of reactions and hormones in the brain that support the development of new neurons while improving mood and cognition. A key brain hormone produced during exercise, irisin, is also suspected to have metabolic and antiaging effects.  
Other research on exercise and the brain has shown enhanced learning and brain plasticity, neuroprotective benefits and depression alleviation and prevention. The Anxiety and Depression Association of Americahas suggested exercise is an effective way to relieve stress and anxiety. 
Fitness and immunity.
Regularly exercising can also help boost the immune system, better equipping the body to fight infections, inflammation and certain illnesses. 
According to the National Institutes of Health Medline Plus website, research has shown regular exercise helps the body fight bacterial and viral infections and decreases the risks of heart disease, osteoporosis and cancer. A recent Italian study found that regular exercise is associated with reduced low-grade inflammation in the body. 
The NIH guide explains that exercise is believed to aid immunity by flushing out bacteria and carcinogenic cells, speeding circulation of antibodies and white blood cells, temporarily increasing body temperature and slowing the release of stress hormones. 
It recommends a moderate exercise program such as daily walks, bicycling a few times a week, light sports or regular gym sessions for immunity-boosting benefits. 
The key to sticking with fitness is to find an enjoyable activity rather than one that feels like a chore. Any form of exercise, from weightlifting and yoga to following the prompts of an at-home fitness DVD, is better than staying sedentary. 
Even when mountains of work pile up a quick jog or boxing session can boost motivation and help refocus energy. Taking time for personal fitness is essential to avoiding burnout and stress.
Nutrition, energy and performance.
Diet and nutrition are critical to individual performance. Research by the United Nations’ International Labour Office found that inadequate nutrition affects worker productivity, physical work capacity and performance. Even national productivity and economic growth are affected. 
The International Labour Office has linked poor nutrition with increased absenteeism and sickness, low morale  and increased accidents. Obese workers were twice as likely to miss work compared with normal weight individuals, with obesity costing U.S. businesses an estimated $12.7 billion. 
By educating their workforces on proper nutrition and ensuring access to healthy foods, employers can receive significant benefits, from improved productivity to reduced spending on health care and sick days. 
Entrepreneurs and other busy people often rely on fast, convenient foods that aren't necessarily nutritionally sound. Make an effort to pack lunches or seek out healthier options. 
Workplaces could also incorporate fresh fruit and vegetables into break rooms, invite a nutrition coach to give a seminar or partner with local vendors and food trucks that offer healthy meals if catering or a full-service cafeteria are not practical. 

The perks of sleep.

An important, yet often overlooked, component of health and fitness is sleep. Sleep is needed to support physical fitness and exercise, is tied to eating habits and plays a major role in mental performance and motivation. 
Sleep deprivation is associated with a higher body mass index and a greater incidence of obesity, according to a Harvard School of Public Health article. Sleep deprivation is associated with eating more calories and making less healthy food choices, likely due to increases in hunger hormones and added time to eat, the article explained. Feeling tired during the day also makes physical activity less likely, meaning fewer calories are burned. 
But weight and fitness are just a small part of the sleep picture. Getting sufficient rest is critical mentally (for attention, focus, learning, memory, problem solving and mood) and physically for reducing the risk of inflammation and chronic disease. 

The bottom line. 

Emphasizing healthier habits is key to employee productivity and the bottom line. Good managers and entrepreneurs have a true interest in their employees’ well-being, in my experience. 
As far as business benefits, healthy people take fewer sick days. People who exercise, sleep and eat well also have better mental acuity, drive, focus and performance, boosting efficiency on the job. 
This means a more productive workplace with fewer wasted costs, which research has borne out. 
A large study published in the Journal of Occupational and Environmental Medicine found on average a 27 percent lower absenteeism rate for workers who ate healthy and exercised regularly. Workers who consumed healthy foods or exercised at least three days a week were more likely to have a higher job performance than those who did not.
When individuals make the effort to prioritize fitness, nutrition and sleep, brain power is boosted, stress reduced andwork performance is improved, along with overall health and moods. 
Prioritizing health doesn't necessarily mean a major overhaul or fanaticism. Small and gradual workplace initiatives can make a big impact. Real results can accrue from nap-friendly policies for breaks, seminars from local health experts, lunch walk groups or partial gym membership subsidies. 
From Entrepreneur