Tag Archives: Small Business Owners

06.09.14
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Stay the Course

Look at the wealthiest people in the world: most of them own a business or multiple businesses. They may not be the happiest people, but they do have a certain level of freedom that often is not attained by working an average or slightly above average employee position. As a result, they are usually pretty happy, too. Perhaps you have no interest in starting a business because of the risks and uncertainty. I understand that. An approach that seems to be a great fit for individuals who do not feel comfortable taking significant risks is to divide their savings and time. People in this situation often separate their savings into three or more categories. I have personally practiced putting savings into three funds:

  1. Ultra conservative funds earning basically no interest — usually cash in a lock box at the bank and in a savings account.
  2. Moderately conservative accounts such as index funds or mutual funds.
  3. Risky endeavors such as investing time and money in a microbusiness that may not turn a profit.

This approach allows employees to start a microbusiness or own a percentage of a business. Someone who has some extra savings they will not miss at all may hire a few app developers and own an app development company. It may not be profitable, which is why it is categorized as risky. However, if it is profitable, they have the chance of getting a high payout. Owning this kind of business is possible while keeping a day job. They are basically in charge of finding new clients and outsourcing the work to reliable app developers while they keep a percentage of the profits since they started the company and found the work. They may even know how to build apps themselves, giving them more funds for hiring a great marketing company to help them find new clients. Yet they may not want to find too many clients. Keeping the business at the microbusiness level and working their day job may really appeal to them. Their microbusiness is likely to make them an extra $5,000 to $20,000 a year. Not too bad for a side income.

If an endeavor like this is not successful, they will only have lost a small amount of money they did not absolutely need. This allows them to give it another shot. The time spent on the project was more than likely well spent as they probably learned from the experience. Perhaps they discovered another profitable endeavor and can pursue it with the extra money set aside in their risky fund. Whether a project works or not, they keep going and stay the course even if it takes them another six months or year to set aside some extra time and income for the next business.

We all know owning a business can provide us with an amazing lifestyle. So why do many individuals quit when they fail with their first effort? They probably think it is a waste of time and it won’t ever work. These people do not realize how businesses often differ from traditional jobs. As we know, when you get a job, you go to work, and you immediately get a paycheck after working for the company. Starting a business that makes you hundreds of thousands or millions of dollars a year often takes more time – time many of us simply do not have since we have to pay bills this month. That’s why staying the course may be easier with a secure employee position. Or it may be easier when you own a business that is in high demand but not necessarily your long-term goal.

You will more than likely be successful owning a microbusiness if you stick with it. It may take you a few years, and it might only provide you with an extra $15,000 a year. However, you will begin to think like an entrepreneur once you’re successful with a microbusiness. This is the thinking that could lead you to millions because you will have a better understanding of how businesses work. You will talk with several successful business owners and read books written by successful entrepreneurs. I have owned microbusinesses for nearly four years, and I have been starting to think more like an entrepreneur who is more comfortable with higher risks and higher returns. I’m starting to realize how business loans work and how to run a bigger business. I hope all of you interested in running your own microbusiness stay the course. It may take years to become truly wealthy as a bigger business owner, but let’s be honest: It is a realistic approach if you constantly do what you need to do in order to succeed and research other successful business owners.

08.29.13
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Get Set Tech With Micro Business

By Arjun P.

In today’s world technology has only enhanced the businesses of both major and minor corporations all over the globe. Thanks to information technology the world has become a global market for micro businesses to find their footing without having to fear about the loss of investment. Technological advancement has given these businesses easy access by the general mass with the development of phone applications. Smart-phones are enabled with the necessary software application which allows micro businesses to communicate and correspond with the buyer directly. Social networking sites have become a utility tool for not only promoting business but also an excellent way to review and get access to commodities.

Like every drop of water contributes to the formation of an ocean, in the same way micro businesses are contributing to the growth of the global economy. With a few hundred and more upcoming and future micro enterprises being set up by the hour, there are more than a million people working towards a better economic development globally. With the increase and rapid growth in information technology there is a direct exponential growth in micro businesses.

Technology has become the backbone of micro businesses and is integral to the success of the global economic system, hence giving micro businesses the right leverage to ensure independence and self-sufficiency. With search stations flooding the world wide net, micro businesses can now launch and make them available to every nook and cranny of every country throughout. Websites, advertisements in web-pages, blogging, are just a few ways technology has aided micro businesses in making themselves accessible to people around the world.

07.28.13
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The Power of Small Businesses

By Sonny O’Steen

Atlanta, GA

Americans spend much of their time watching the news about large corporations and how their decisions may affect the local economy. Make no mistake about it, the small business holds the power to the livelihoods of millions of American households. Over 20 million Americans are employed by businesses with less than 20 employees, which is quite a lot of workers. Also, small businesses generate over 11 trillion dollars a year in receipts. They produce more than 13 times more patents per employee than large corporations! That is very significant.

Needless to say, if small business owners are unrestrained, they will continue year after year adding more to the American economy than ever before. Unfortunately in today’s economy, regulation and taxes present a considerable amount of roadblocks to small business owners.

Left to their entrepreneurial spirit, the small business owner will seek to find ways to improve receipts for their business. The more receipts, the more employees and the better the unemployment numbers will look quarterly for the nation as a whole.

The power of progress rests in the hands of small business owners, not large corporations. The patent count verifies that with certainty. No other environment fosters creativity like the small business environment. Large corporations are prone to stifle creativity as their board members look to the immediate bottom line rather than the future of the company they oversee. Government economists look to the large companies to drive the economy when in fact, the small businesses can accomplish this by delivering more tax revenue because of fewer tax loopholes. If you are a small business  owner, the power of progress holds clear implications for where to focus your efforts. It suggests that you have more influence as a manager than you may realize over your employees’ well being, motivation and creative output. Knowing what serves to motivate and nourish progress – and what does the opposite – turns out to be the key to effectively managing people and their output. The small business owner champions this output and creativity every day they unlock the door.

06.28.13
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Guerrilla Marketing – Remix!

9781599184227_p0_v2_s260x420Guerrilla Marketing Remix has been out for a couple of years, but if you haven’t read it, I strongly recommend it! It’s packed with practical information for all kinds of business owners, and it’s especially resourceful for microbusiness owners! Do yourself a favor and check it out!

Visit Amazon, your local library, or a nearby bookstore to pick up a copy.

06.04.13
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The Fallacy of Starting a “Real Business”

By Anthony Hilb

Be extremely careful with the advice people share with you…this blog included! What has worked for others may not work for you. Our economy isn’t what it once was, and technology is drastically changing just about every industry. Many traditional rules no longer apply. People have told me to grow my businesses, to start a “real business” and to get a “real job.” Yet I’ve been profitable since day one, and I make more than the average person my age. What’s so unreal about that? These are the same people that want me to take on debt and hire employees I don’t need. And that’s probably why 90% of businesses fail. People new to the business world frequently listen to their elders and take antiquated routes. This isn’t always the case, but it has been often enough from my experience. Every adviser at my local SBDC has not been helpful. I would have never even started the profitable businesses I enjoy had I listened to many of my risk averse elders.  iStock_000008617758XSmall

Who has helped me with their advice? Incredible people who blog about business and authors who write about business. People like Seth Godin, Jason Fried, Jay Levinson, Gary Vaynerchuk, Tony Robbins, Richard Branson, Chris Anderson, Chris Guillebeau, Timothy Ferris, and many others have all been very helpful. They actually have experience and know what they’re talking about.

Take a route that works best for you. Pursue your business at a pace that works best for you. Some people are in a situation to start a traditional business with millions of dollars and employees, while other people prefer starting extremely small without debt. Determine a path that works best for you and get started! You may need to start your business part-time, or you may be able to start full-time. It’s all situational.

To traditionalists and many people older than myself, it may not appear like I own a “real” business. I don’t have 50 employees, and I don’t own a big office. I don’t buy everything I need for my businesses up front; I rent equipment and buy it used if I know I’ll need it regularly. Even if I do grow more and hire 20 people, those employees won’t have to come in to an office. As long as they get their work done, they can work from their home or from their own small office.

I started my first business two years ago, and now I pursue three microbusinesses each week. One of my microbusinesses gets the majority of my attention while the other two only need a few hours spent on them each week at this point. It only took a couple hundred bucks to start all of my businesses, and I hardly spend anything on marketing. I have no business debt, and I’ve always been profitable. All because I follow my instincts and grow at a pace that’s right for me.

04.15.13
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Improvise!

By Anthony Hilb

Improvise!You gotta be flexible. Sometimes you MUST improvise. I’m improvising this entire blog post; I have no idea what I’ll say next at this moment, and I haven’t decided how I’ll end it. I’m only giving myself 10 minutes to finish this post. But so what! The importance of improvisation can’t be overlooked, and this is giving me a bit of practice.

Sometimes incredible opportunities unexpectedly present themselves to us. Often times these moments are when we’ll have to improvise. In conversations sometimes we just gotta improvise and go with it.

Not everything can be planned, and we have a restricted amount of time to work during the day. However, so much can be planned. To eliminate too much improvisation during your work week, set your priorities. Be ruthless about setting your priorities. This will help you predetermine what actions you will take in many circumstances.

When an amazing opportunity comes your way, you’ll be able to make an educated decision about your course of action. You might need to drop a current project or client in order to pursue a much better project/client. But you will still need to improvise and learn as you go no matter what you decide. There’s no doubt about that. Planning your every move won’t always work.

My 10 minutes is up. I hope you enjoyed my improvised rant. Get out there and take action! Set your priorities and improvise when you’re stuck!

 

04.10.13
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Motivation Station!

http://www.youtube.com/watch?v=1XHcPYorSJw

By Anthony Hilb

We don’t listen to Mötley Crüe too much, but that’s not the point! Musicians are creative, and creativity invents new paths. When you’re looking for inspiration for your business or personal life, listen to music that inspires you and pumps you up! That music may even be relaxing music. Whatever it is, be sure to listen to it at some point during the day. Unless you hate all music, this habit will help your business, microbusiness, and personal life!