I have people ask me, usually men, how do you do it all?  How do you take care of the family, and your business, and be so management oriented?  Did you study business management in college, get an MBA?  No sir, I did not even finish high school.  I even worked at McDonalds as the French fry girl 10 years ago, now I run a multi-million dollar company.

Shhh, my Secret!  I had to work really hard, re-train myself, be willing to admit failure, be willing to change what was not working, and develop skills that I never knew I had.

It is not easy!  Let me tell you, however, once you have the skill set, anything is possible.  Here are my 5 tips and secrets that I use EVERYDAY, to do it!

1) Make sure you have a very clear to do list. I cannot function without it jotted down, even on a scrap paper.

2) Enlist people to can help you do these items, or that can do them for you.

3) Do not overload your schedule. I know that after I drop my kids at school, I have from 9 AM to 3:30 PM to get my things done. Because as you know, once the kids get home there is a host of activities going down i.e. dinner, homework, chores, and don’t forget you and daddy time! That is a whole other blog to write about. I have been successfully married for 20+ years, so I guess I can claim to be an authority on how to make it all work.

Get the next two tips

In theory, you can now order a product of a small enough quantity, store it in your house and sell it to retailers in your area. If the products are well chosen and you handle the business well, this can make serious money.

Let us take for instance a product that is below average in potential income to illustrate what is meant by the proposition here – instant electronic thermometers. You can buy these for about US$1.70 to US$1.80 delivered to you depending on where you live and the tax that has to be paid on them. They normally retail at between US$ 9.95 to US$14.95.

The sales can be to existing retailers, fund raising events and people who sell at weekend and night markets. These sales could be priced in the range of US$ 4.00 to US$ 5.00.

In addition, you could sell at markets yourself at perhaps US$ 8.00 per thermometer to make them very attractively priced.

It would be great to help the local school, club or charity organization by selling to them at wholesale prices so that they could resell at the normal retail price. This would extend your income greatly and you would be helping them raise money.

How many of these can you sell on average per week? That is like asking how long a piece of string is.

Sales per year depend on many factors, how big a market do you intend to tap, your commitment and skills and many other factors.
Take a reasonable example of a city of one million people as your market; the likely total potential market for instant electronic thermometers would probably be in the order of 80,000 thermometers per year. Since you are local and you have concentration on one product and if you are committed, it would be reasonable to assume you could sell 20,000 thermometers per year.

How much could you make from that? That again depends on how your sales are distributed. Your margins on sales to current retailers, market sales people and to schools, clubs and charities could average $2.50 each and your own sales at the markets, to friends and neighbors could average $6.00 each.

If the overall average margin is $3.00, you would have an income of $60,000 per year.
How much money do you have to invest in all this? It should be well under $10,000.

How many hours would you have to work on this per day? That depends on you. For the example above, it should not take a well organized person more than 3 to 4 hours average per day.

You could then add a complementary product and double your income.

This is just a basic overall view and there are many pitfalls and things to watch out for and things you have to do. A series of articles are being written to help you step by step to achieve your goals. Watch out for them.

Article source: ArticleCity.com

Move over Facebook. Watch out MySpace. There’s a new kid in town.

Aside from the less than convenient domain name, Sta.rtUp.Biz appears to be a social network above the rest (as far as small businesses should be concerned). With a slick and stylized presentation this social network seems to have it all. From creating your own profile and connecting with other business owners to an impressive resource offering, this site is bound to give it’s members everything they could possibly want all in one place. Their articles section traverses the top business magazines online including Fortune, BusinessWeek, and Entreprenuer. They’ve got forums, blogs and videos as well as free business tools and free advice from experts.

Check it out. And if you are a member please let us know what you think about it. Does it live up to it’s flashy presentation?

You may think you know what you’re getting into…but you have no idea. There are probably a few preconcieved notions you have about starting a business whether you think you’ve done your homework or not. So without further adieu here are the top 5 startup myths you should be aware of:

5. The government gives grants to small business startups – While some states may have special funding programs in place for people with disabilities, minorities or veterans, the federal government does not have any programs that give money directly to any business. Your best bet is to get involved with the Small Business Association (SBA) and see if you can work with them to have them back a bank loan. You can also contact your local Economic Development Corporation to get help regarding information and resources that will help small businesses.

4. The only reason you need a business plan is to obtain financing – Forget about the financing, a business plan should be made to give you a realistic perspective of the market and the competition. Preparing a business plan keeps you from discovering the hidden pitfalls that can lead to an early closing. Yes, a business plan is the best tool to use to figure out the startup and monthly cash needed to fund a business, but that is only a portion of why a business plan is so useful.

3. A unique product/service sells itself and doesn’t need marketing or advertising – Every new business owner believes their product or service is compelling, otherwise why would they invest their time and money in the business? In a marketplace filled with billions of product offerings, it’s the ones that use the power of marketing to their advantage who get the most customers. The worst thing a business owner can do is sit back and wait for customers. You need to work to grab the attention of your target market, because you can bet that if you don’t another business will. And, inferior products or not, they’ll get the business because they put their offerings in front of more people. It’s as simple as that.

2. Small business owners have more free time – Ah, the life of an entrepreneur: Lying around in pajamas, eating bon bons on the couch and leisurely typing away on the laptop – Ha! Try the complete opposite: Early mornings, late evenings, long workweeks and working on the weekends. Sure you’ll be able to see the kids off to school and take them to the dentist, but in order to grow your business, you’ll need to put in the extra time – and that’s especially important in the first three years.

1. Business owners can write off practically everything – Not unless you enjoy being audited by the IRS! Sure there are perks to being a business owner; you can write off business lunches, computers, office rent and utilities, but that doesn’t mean groceries, clothes, haircuts, etc. Some people think that just because they’re a business owner, they can magically deduct every purchase if they can somehow link it to their business ("I need a $5000 ‘power suit’ for the meeting"). The reality is, it just isn’t so, and that kind of thinking is likely to get you into serious trouble with the IRS.

Bottom line: There’s no easy way to the top. Good old fashioned knowledge and hard work is the key!

No no…I’m not referring to Paris and Nicole. Sorry for the bait and switch.

As savvy as those two are at marketing (themselves) I’m referring instead to good old fashioned business students.

We all know how the internship program works. Companies offer students an opportunity to gain "valuable experience" and some times even compensation in exchange for a semester of what can be boiled down to as free labor. The students will file, fax, answer phones and fetch coffee in the hopes that their time has been spent earning them a good recommendation and bonus points on their resume.

But now entrepreneurs are looking for a more mutually beneficial relationship between their businesses and students. And this simple twist on the old standard seems to really be taking off.

A recent New York Times article highlights a few of these examples including a parachute company that requested students compile a semesters worth of recommendations for updating their website and a gourmet foods start up that had the students compose their business plan. The students garnered real life experience as well as some other perks (the parachute company offered the students a free sky diving trip!).

Business students as contractors can offer a world of insight in the form of consultations and for the low low price of real world business experience, many jump at the chance to participate.

It’s certainly something to think about. For more information about the benefits of student contractors check out Hiring Cheap Help – How Student Contractors Can Benefit Your Business

Rachael

A: I would have to say, I get more variations on this question than any other: “Where the heck can I get some of this free government startup money?”

I’m not exactly sure where this urban myth comes from, this idea that there are government agencies out there just waiting to give out free money to start a business.

I suspect that the main culprit is Matthew Lesko. You know, the wacky guy on those infomercials with the question mark suit who is always talking about free government grants and programs.

Do they really exist? Are there free federal grant dollars available to fund a business startup? Let’s find out.

Lesko received his MBA from American University and his company, Information USA, has published many books on the subject of “free” government programs over the past few decades. His books generally point out programs that people may or may not know about which offer some sort of assistance – everything from Medicare and Medicaid to SBA loans, energy assistance, and farm subsidies.

But actual free money turns out to be a pretty rare thing.

Indeed, the York State Consumer Protection Board issued a report in 2004 stating that some of Lesko’s claims of free money are exaggerated (in relation to his book, Free Money to Pay Your Bills.)

This is not to say that grants are not available on the federal level. They are. Indeed, the federal budget is chock-full of programs that grant funds for such things as:

* Scientific research
* Educational endeavors
* Defense services and products, etc.

Moreover, there are plenty of programs that help minority, veteran, women, and disabled business owners, but again, none that I could find offer actual free start-up capital for individuals. Most of this assistance is technical and advisory in nature.

When the federal government does offer grant money to promote small business, it almost exclusively goes to state and local governments. According to the smart folks over at About.com, “By far, most government grants are applied for and awarded to other federal agencies, states, cities, colleges and universities, and research organizations.”

So it seems that free federal money to start a business is more myth than fact.

Next then, let’s consider programs on the state and local level. Here we find a bit more help. For instance, many communities offer incentives for small businesses to set up shop in economically distressed areas, although these incentives often take the forms of tax breaks or rent subsidies rather than grants per se. There are also plenty of incentives today to make your business greener, but again no, no free money.

What about private, non-profit grant makers? These are organizations with very specific goals in mind, who work hard at fund-raising, and who fund only the most worthy, cost-effective programs. Some may help with business capital if that is the business they are in and you meet their very specific criteria and stringent prerequisites. No one gives money away willy-nilly. Expect to be thoroughly vetted to make sure that what you are proposing is what they want you to be doing.

Expect to also spend a lot of time and effort in the process. Applying for and getting grants is a difficult, rigorous process, often requiring expert assistance. “Grant writer” is a job for a reason.

And understand this too: Grants come with strings. In the remote chance that you do find and get a business grant, you will also be expected to thoroughly account for whatever money you get and spend it exactly in accordance with the strict guidelines of the grant maker. Failure to do so will land you in plenty of legal hot water.

At a time of huge federal government deficits, an incredibly expensive war with no end in sight, and recession, you are looking for free government money? Think again.

If it sounds too good to be true, it probably is.

Today’s Tip: One place to find out what state and local assistance is available to your business is the online Catalog of Federal Domestic Assistance; a database of all federal programs available to state and local governments, organizations, various groups, and individuals. Once you locate a program that may be a fit, contact the office that administers the program and learn about the application process.

The five main types of business structures

Sole Proprietorship – This type of business is owned by a single individual that earns all the profits and is responsible for all the losses. A sole proprietorship is the simplest of all business structures, and therefore the easiest to set up. However, it is also the riskiest because your personal assets are not protected if a lawsuit is brought against your company. There are also no tax benefits for sole proprietorship owners. While this type of business may be suitable for a small home business, most business owners will find that a sole proprietorship is too risky for their company.

General Partnership – An ownership agreement where more than one person is involved. All parties share equally in the profits and losses of the business, as well as full liability for debts. The general partners also share equally in any personal liability. A general partnership can be formed with or without a formal written agreement and there is no filing requirement with your state. One thing to keep in mind with a partnership is that partners may not always have the same goals or direction for the business, as well as different ideas on how to spend the business’ money.

Limited Partnership – A business partnership where the partners are only responsible for their own investment. Typically, limited partners are seen as "silent partners" who have invested in a business but have no management authority. Since the general partners share the personal liability for the business, the limited partners do no share in this risk. One of the disadvantages of a limited partnership is that there is several state filing requirements..

Limited Liability Company (LLC) – A flexible business structure that allows for the simplicity of a partnership with personal liability protection for the owners. While an LLC doesn’t have to follow the rigid requirements of a corporation, most states do require a formal operating agreement as well as the filing of an annual report.

Corporation – A business entity which has certain rights and privileges (such as owning assets, purchasing property, etc.) similar to an individual. A corporation has a limited liability of its debts and the shareholders’ (owners’) assets are not at risk. Corporations must follow a specific management structure and formal policies in order to remain a corporation. There are annual filing fees for a corporation as well as annual paperwork requirements from the state.

The choice of a business structure is an important one and shouldn’t be taken lightly. For more information, please take a look at the IRS’ website.

Have you ever thought about starting at the other end of the spectrum?

Whether it’s for trying to make a difference or trying to get an ‘in’ spot before it’s hot, many people are looking to rundown and overlooked areas to open up shop.

This could be a crime-ridden area of town that has been abandoned by local vendors or a place that has been quiet for a while, but is forecast to have resurgence in the months and years to come.

Whether you think it’s risky or innovative, crazy or brilliant, here’s a look at some of the pros and cons to this type of business venture:

Pros

* Lower Cost Real Estate – The most expensive part of most business ventures is the real estate. In this case, the real estate can be very affordable, as it is in an area where no one is buying.

Many a great deal has been had by purchasing lower-priced areas before they pick up steam. Buyers can then enjoy watching their property values skyrocket later.

* Support – In many cases, trying to open shop in a blighted area will bring support from local officials who would like to see nothing more than that area spring to life again.

Some cities even offer financial support and perks to businesses who are trying to rejuvenate less-desirable areas.

Cons

* Clean Up – Often the structures in these areas are more worse for wear. They are often neglected buildings that have not been maintained.

This means you could end up spending a lot of money just trying to get the building up to a workable level, much less into the attractive storefront you had hoped for.

* Fear – Often, it is hard to get past the stigma of an area when you’re trying to convince customers to come to a business that is in a bad part of town.

Whether it’s crime or just the area’s reputation of being less than impressive, it can take a bit of work to convince people this is a place they want to be.

The decision to open up shop in this type of location is not one you should come to overnight. Before putting up a large amount of money on a business location, do your research to be sure that you are making a responsible and wise decision.

Look at trends in the area (such as renovation of blighted buildings into new apartment and condos), or other changes that may help you get the traffic you need once your business is ready to open to the public.

Some would say that hoarding your money during a recession, and waiting until the economic upturn to make any business moves would be a sound financial decision. However, those are very shortsighted views of the world.

A recession is as good a time as any to start a new business. For some, this may even be a better time than during years of smooth economic sailing.

The key to making smart entrepreneurial decisions is to know what is happening in the economic world around you, finding the trends and then moving on those trends to start a business that will flourish during this time.

Take the Leap

Many an entrepreneur is jumping into the struggling housing market, using plummeting housing prices, record high foreclosures and wavering real estate issues to their advantage.

While the housing market may not be your bailiwick, there are changes happening in nearly every industry as the economy shifts and adjusts. You need to take a close look at your market and see what is happening.

Try to predict the next steps, and see if there is a way to create a business venture that will profit on the way things are going.

Many people believe this means taking risks and chances. This is not necessarily the case. While there are plenty of people that will jump into a risky venture, most entrepreneurs who are willing to put a little time and research into their plans are able to make intelligent business decisions that are not at a higher risk.

Small Businesses are Better

One of the benefits of being an entrepreneur is that you can easily create a new business to profit off the rapidly changing times. This is one of the few cases where it is much better to be a small-time entrepreneur than a large company.

A large company has to have a number of wheels in motion to move in a collective direction. As the economic situation changes, the company may have to implement some changes themselves; but those changes will happen slowly because of their massive structure and the time it will take to turn the collective ship around.

As an entrepreneur, you can quickly shift with the winds and be the first one to catch a new economic wave. If you study the trends and catch the right wave, you can ride it throughout the economic downturn and sail away with major profits.

First, ensure to tell the local city officials of your plans for moving into the neighborhood. One of the best places to start is the city or state department in charge of economic development. They can assist with applications and to get settled. Another thing to do is to introduce yourself to the chamber of commerce. This will help you get to know the business owners around the area where you want to set up shop, which could prove to be a positive move.

Next, ask about the designations in the area. This information is best obtained from the local department of economic development. There is likely to be a list of historically underutilized business zone (HUBZone), an enterprise zone or an empowerment zone which may offer special incentives for up shop in the inner city. There also may be some tax abatements, or other tax credits and incentives available. However, the process may take a while, so it is highly recommended to be patient.

Joining private civic groups such as the local development group is a great resource. These development groups are interested in fostering the positive development of the businesses in the inner city, plus they also have knowledge of how the city works, the types of property that is available and the going rates, etc. These groups can be one of your greatest allies.

There is such a strong focus on increasing the positive development of the inner city that there are different groups who are willing to invest in distressed communities. The government may also use the budget to help finance inner city companies, such as through the Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These types of organizations are interested in ensuring that the inner city businesses succeed, which helps to bring around the economy in the inner city.

An important resource to ensure is available is the proximity to public transportation, since this is how a lot of workers will commute to the downtown areas. If their work location is easily accessible from the public transportation, as well as the interstate, this will make the business more attractive to potential employees.

When recruiting, knowing the type of employees you are looking for will help in the recruiting process. The different resources include nearby colleges and universities, religious organizations, workforce development programs and community centers.

One other thing to keep in mind is what your future growth plans will be. This will be important when choosing a location, particularly when growth also means expansion of the physical location of the business. Talking with the city officials ahead of time and having an idea of how much more space will be necessary helps tremendously when the time comes, particularly if the space is limited for expansion or even parking.

Bringing in a business also means creating jobs and taxable income, not to mention employing voters. This can give you leverage with city officials, particularly if the economic development needs to have space occupied where large organizations used to occupy but are now empty. This could mean receiving permits easier or even receiving a needed tax relief. You will have good leverage with the economic development team in the city.

Last, you have received the tax abatements and other perks for conducting your business in the inner city, don’t forget to be a good neighbor and lobby the city to help your business by making the neighborhood a better place, such as improvements and renovations that some residents may not be able to get on their own. Each business in the neighborhood is an asset and the city knows it is mutually beneficial to help, together with the business owners, to keep the area safe and clean. Get to know the people in the neighborhood-they will help take care of you.