Your business has already been set up and because of the effort you have given to the start-up of your business, your business is now thriving. But being the entrepreneur that you are, you probably want to go to the next level. And what would that be? Expansion! So how should you do this? If you are willing to do this, then you should also be willing to provide the same amount of effort or maybe even more when you started up your business. Your expansion will depend on how much money you are willing to spend, the time that you have and your available resources. If you are ready to take the next step, then here are some tips.
- Expand physically. This is the first thing that comes into the mind of everyone with regards to expansion. So what should you consider when opening a new location? Make sure that you have great staff who can help you get your new location up and running. Even though a new location does not necessarily mean a brand new business, you still should have a business plan. And the most important thing to consider is where your financing will be coming from with this new location. Choose the best possible location too for your new branch.
- License the product that you have. This will give you royalties and monies as your brand continues to be sold. Licensing will lessen the risk and it is actually low cost. In your search for licensing partners, look for companies who provide the same service that you do. It will also help you if you hire an attorney that specializes in this.
- Create alliances. Why? This will help expand your network and your product will reach more clients. The clients your allies could also be your clients. Choose your allies well though.
- Be diverse. Do not limit yourself to just one or maybe a couple of products. Develop products that can work well with the product that you currently have.
- Explore new markets. It’s good that the market you are serving now is working well for you. But the question is, are there other markets that you can sell your product to? The answer is yes!
- Get a government contract. There is no better way to make your business better known than to have a federal contract.
- You can merge with another business or maybe even acquire a new one.
- Globally expand. It is every entrepreneur’s dream to be known not just locally or nationally but globally. You do not need to get another business to be known globally. What you need to do is adjust your market so that your products or services will be able to accommodate an international market. But remember that you cannot do this all by yourself. What you can do is have a distributor who can sell your products to their local markets.
- Use the social media to your advantage. Perhaps you can have your own website or use popular social networking sites to promote the service or product that you’re offering.
Tired of your 9am-5pm job and being just an employee? Well, maybe it is time for you to quit your job and be your own boss. But before you do that, make sure you have a back-up plan. You could probably invest in a small business. But this could probably start up a new series of questions and the number one on that list would probably be what kind of business you should start with. Here are some tips to help you make up your mind.
- What are you interested in? List the things that you want to pursue in life. There is nothing better than combining your job with the things you are passionate about. Work won’t feel like that much work if you are doing something that truly interests you. At least, it is much better than doing a job that you do not like. Doing something that you like will also help you focus on your business thus giving a better chance of success.
- Make sure you have enough money to survive until the money starts coming in. There are a lot of businesses that do not start getting much money in until a few months or maybe years after starting their business. Do not lose hope though. Some businesses just have a slow start. So to help you out on this make sure that you have enough money to keep you and your business afloat until that desired income starts coming in.
- List the skills that you have. Nobody is great at every single thing. So aside from your interest, have a list of things that you are good at. It will not do you much good if you have a business which does not include at least one skill of yours.
- What kind of personality do you have? Do you prefer to work with people or would you rather do things alone. Incorporating your personality to your business will take you a long way.
- Are you a risk taker? Not every business has the same risks involved. If you are not much of a risk taker, then having a business that does not include that not need that much capital or has less probability of lawsuits might be the right one for you.
- Are you willing to commit yourself to the time that your business requires? Just like a plant, you need to nurture your business for it to grow well.
- Enroll in classes. There is no harm in this. In fact, whatever you learn from these classes can actually be applied in the business you are planning to start up.
- Plan and plan even more. Having a guideline and a goal will help you set your direction. When you have a goal, the decisions and actions that you take will take you in the direction of your goal.
- Make sure your business is legal. An attorney with experience in starting up businesses can help you. Great lawyers will also be able to give you tips on what you should and should not do so you won’t make the same mistakes.
After going through these guidelines, you have probably narrowed down your choices of which business to start up. What is left for you to do now is choose the one that you think will work out the best for you if you still haven’t reached that decision.
You probably have money saved up now and maybe you have decided that you want to invest your savings in the stock market. Did you know that investing in the stock market is better in the long run compared to investing in treasury notes, gold and bonds. There are many ways that you can actually invest in the stock market. You invest in individual stocks, ETFS, mutual funds and so on. Here are some tips for you to be able to determine which type of investment in the stock market you should go for.
What kind of risk taker are you?
You may be eager to start your new stock market investment but just before you do that, pause and evaluate yourself. Ask yourself what kind of person you are. Are you a risk taker or are you the type of person who wants to have the sure thing? Regardless of which type of person you are, there is a stock market investment that suits your personality. If you happen to be someone who is unwilling to take risks or is not comfortable with it, then you can try investing in mutual or index funds.
The amount of time and interest that you have for investing
Should it be the funds, stocks or both for you? This actually depends on the interest and amount of time that you are willing to spend on this. Mutual or index funds give the hard task of selecting the stocks to the manager of the fund. Index funds are a little simpler too.
You must take note that investing in individual stock is definitely time consuming. Your judgments will be based on earnings, management and the prospect of the company in the future. You would want to be able to determine which stocks are money-making and which ones are a disaster.
Do not just invest in one kind of asset. Do not invest your money on the same kinds of companies. Sure, it can have great potential but what if something suddenly happens to such companies? It would negatively impact your investment. A better option would be to invest in a variety of companies under different fields. The amount you invest in each field is up to you but having stocks from different sectors will help you avoid losing your stock all at once.
Portfolio of Individual Stocks
If you happen to be a new beginner, then having 12-20 chosen stocks in your portfolio is a good thing. It is just enough for you to be able to check them regularly without being overwhelmed. As you get used to the world of stock market, you can slowly increase your number of assets.
When to invest
Determine the kind of portfolio that you want to have and when you have that, you can start investing. Adjust your portfolio as time passes. Learn to explore the world of stock market so that you will gain more experience and knowledge of how it works. Once you do, it will be easier for you to handle the stock market.
Do not make an impulsive decision when joining the stock market. Think about it twice and carefully plan the kind of portfolio that you want to have. Being careful before you invest your dollars can protect you and choosing the correct stocks or funds for you will be more than beneficial for you. It will give you the kind of security that you need financially.
There are people who are interested in investing their money but not in the stock market. To those who are unfamiliar with the stock market, putting their money in the stock market may be intimidating. Some people even ask for alternative methods of investing their money.
Here are some alternatives that you can invest your money in.
Before you invest your money in real estate, make sure that you talk to an expert so that you can familiarize yourself in this. There are four ways to invest in real estate.
1. Buying properties that you can rent out to tenants. This is not as simple as it seems though. You will have to spend money to maintain the property and time to be a landlord.
2. REIT or Real Estate Investment Trust is like a mutual fund but you are investing in real estate. REIT companies get tax benefits from the company and in return shareholders must get majority of the income.
3. Buy notes which can be sold just like real estate.
4. Crowdfunding portals are a group of accredited investors that join forces when funding real estate deals.
Invest in Art/Collectibles/Antiques
Make sure that when you collect something, it is something that you are truly interested in. It is something that you should be able to easily talk about to potential buyers. And remember this is a long-term investment so only invest money that you can spare without suffering.
Silver and Gold
A lot of people want to buy these precious metals because its price has gone up in the last few years. Be careful with these investments though because they can be risky.
This does not just serve as a wonderful addition to your meal. You can actually invest in it as long as you have a clear understanding of the sought-after vineyards and the vintages.
It means exactly what it implies. It is a fact that there will always be colleagues who run short with money. So you can lend your money to these colleagues and get paid back with an interest rate. This is a risk with this though. There are some who tend to run from their responsibility or there are those who are incapable of paying back the money they borrowed.
Certificate of Deposit
The advantage of this is that your investment is kept safe. However, the interest rate is low and if you happen to access the money before it has reached the maturity date, there will be deductions as well.
Small Business investment
Tired of working as an employee? Start up your own business but before you do, make sure that you plan this out properly. Know the risks, your market and everything else that would be vital for your new business to succeed.
Invest in yourself
There is always something that you can do to improve yourself which you can use as leverage in your field of work. You could improve your time management, improve your skills or maybe even your education.