Posts from — September 2011

Implementing Your Small Business Plan

Your Plan Becomes a Reality

This is the 3rd article of our Business Planning series. I am assuming you have completed your plan and we are now ready to actually start using it.

The most important thing about planning for any type of business, is having the ability to implement that plan into real goals that are achievable; daily, weekly and monthly. A big fat 60 page plan that is filed and forgotten is ridiculously useless.

I never plan ahead further than a year. Business changes constantly as will the direction of where you are aiming to take your business. To allow yourself to be flexible as an entrepreneur, don’t plan too far ahead. Too much planning ahead can also lead to you becoming overwhelmed at the thought of trying to achieve so much. Keep it short and precise and achievable and there will be more chance that you will actually achieve it.

Ok, so now you have that plan we need to look at how to implement it.

There are 3 major areas of your plan that you are going to live by:

1. Budget and Projections

2. Management Process

3. Growth and Marketing

If you implement nothing else but your goals for these areas, you will do just fine.

1. Budgeting and Projecting  Read more... (1239 words, 1 image, estimated 4:57 mins reading time)

There are so many people who make the decision to start a home business each year and many of those people go on to create a successful enterprise that is profitable. According to SCORE, counselors to America’s small businesses, about 70% of all home-based businesses are in operation after two years. But there are a good number of people who may not have what it takes to create, build, and successfully operate a business at home. Any successful business can be very profitable, but a failed business can also be the cause of great stress and disappointment. Here are some things to consider before taking the plunge and starting out on your own.

 

Self-Motivation is the Key to a Successful Business at Home

 

How successful your home based business will become is entirely dependent upon how much time and effort you’re willing to put into it. You are now the boss. You are now responsible for your own taxes, bills, insurance, retirement, and any other expenses your employer may have been paying for when you worked for them. In a business based at home, your success will now rest on your shoulders. Will you be able to motivate yourself to work long hours, nurturing your business and helping it grow? If you’re a self-starter who can be self-motivated, a home based business might be for you.

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Organization and Planning Skills are a Must

   Read more... (465 words, 1 image, estimated 1:52 mins reading time)

To purchase a franchise – http://www.franchiserobot.com – If you want to own your own business, you have several options. First, you could start your business from scratch. Second, you could buy an existing business. Finally, you could look to purchase a franchise.

What is a Franchise? What do you need to purchase a franchise?

When you buy a franchise, you buy one or more of the following:

A trademark
A brand name
A service or product

The simplest form of franchising is buying a product name or trade name. More complex franchises, business format franchising, can include services such as marketing plans, training and assistance in finding a location.

Franchise Basics

Before buying a franchise you will need to:

Determine whether you have the right set of skills and background for a given type of franchise
Compare different types of franchises within an industry
Determine how much you can invest

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As you go through the research process and get closer to purchase a franchise, one of the key documents that you will have to examine is the UFOC, or the Uniform Franchise Offering Circular. Federal and state laws require that a franchisor send you a copy of the UFOC before signing a contract or before any money exchanges hands. The UFOC will contain business and background information regarding the franchise, audited sets of financial statements and copies of forms and contracts that you will have to sign if you decide to buy. This is an essential document that will point out the strengths and weaknesses of the franchise.  Read more... (383 words, 1 image, estimated 1:32 mins reading time)

Not many companies can be able to boast levels of profound growth within a period of just six years. Beyond longevity, a company must also be able to ensure top results and top service. One of the proud and few to rank highly in this category is Texas Allied Petroleum, which has seen incredible prosperity since coming into existence in November of 2005.

A product of modern-day scientific developments and good ol’ American ambition all in one, Texas Allied Petroleum has proven capable of giving more established companies like Shell, BP and Chevron a run for their money. Equipped with a measure of local knowhow and despite being under-utilized in most other oil ventures, the company has been blessed with an uncanny opportunity to mine the country’s most promising oil reserves for the benefits of consumers and investors alike.

With a foothold in some of the country’s most promising territories in terms of oil production, the company does not only maintain key facilities in the Texas Gulf Coast. It is also committed to the exploration and production of oil in other regions such as the American Midwest and the waters around Louisiana State. So far the company has successfully beefed up oil processing capacity at its rigs in Texas, Wyoming, Louisiana, Oklahoma, and Kansas.

One of the company’s most significant ventures has been its prolific output at its three Laramie field facilities in Wyoming. The company’s combined yields at Little Laramie, Herrick, and Cooper Cove have equated to a respectable 92.6 barrels of oil per day in May. This has been a dramatic increase from the fields’ 83.3 the previous April.  Read more... (406 words, estimated 1:37 mins reading time)

No matter the size of your business, every entrepreneur needs to develop and write a business plan.  A business plan is an outline that evaluates all aspects of your newly forming business. The economic viability of your business, a mission statement, goals, market, and a description and analysis of your business prospects are all a part of a business plan and a business plan layout.

Quite simply a business plan can be broken into 6 parts; a basic business plan template.

1. Vision & Mission for the Firm:  The purpose, projection and performance of your business are created here.  Your vision and mission are the basis for what you are doing with your business and products.  Business plan software and business plan templates will often have an area for a mission statement.

2. Specific financial goals for the next 12 months:  All of the specifics for your finances in the first year of the new business should be mapped out.  The business should have a one-year cash flow chart that incorporates your cash requirements.  Planning for all financial events is the key to the business surviving.  Any business plan layout will incorporate at least one year of financial forecasting.

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3. Establishing a target market:  The geographic location, ages of your marketplace, the need for your product.  Research needs to be made in these areas.  A good way to try this is to test and market your product or service before you officially start your business. Try selling some products in test areas first, fairs, exhibitions, trade shows and other locations as this is a great way to feel out your target market and the success of your product(s).  Read more... (607 words, 1 image, estimated 2:26 mins reading time)