What to Look For When Trying to Find a Home Based Business For Sale – 3 Keys to Consider

It is a time in our country’s economy that resembles the depression of the late 20′s and 30′s, when one of four Americans who wanted to work were unable to find a job. Today, with the unemployment rate at 10% and approximately 15 million Americans unemployed, jobs are scarce. More and more people are looking for alternatives to a saturated job market. Many have been challenged to consider being self-employed and working out of the home. Home based businesses have been a popular trend over past decade. More than half of all U.S. businesses today are home based. Every 8 seconds someone starts a home business. If you are considering stepping into the responsibility of a home based business, there are 3 keys you want to consider before you invest in one.1. Consider Whether Or Not You Have The Temperament and Skills to Do A Home Based BusinessBefore you launch out to purchase a home based business you need to first assess whether or not you are made for that type of responsibility. Not everyone has what it takes to run a business out of their home. It often takes a person who is well disciplined, organized, and proactive. Too many people plan to plan and they never actually get to the place where they set out to go. If your self-assessment concludes that you are not a good fit for running a home business, but you like the vision of home based work, consider teaming with someone that has the needed skills and temperament that you lack to be an affective home based entrepreneur.2. Consider The Cost Of A Home Business FranchiseOwning your own franchise can be very costly both financially and time wise. A Deli Shop franchise can cost nearly $400K + inventory, a Coffee Shop franchise is nearly $300K, a Hair Salon $79K, or a even Hot Dog Stand can cost nearly $8K. Many home based businesses can be bought for a very affordable price. Taking a risk on a home based business that fails will not hurt the pocket book nearly as much as most brick and mortar businesses can. Make sure you read carefully what you are buying into. There are many home based business scams. Check reviews online for any company you are considering purchasing. The time commitment also needs to be considered because with the start-up of anything new, it takes time, discipline and perseverance.3. Consider Internet Marketing As An Affordable Home Based Business Opportunity The internet is the last bastion of entrepreneurial opportunity on the planet. This is a high income industry. You can do it all out of your home, online. The internet because it is on 24/7, that means it never shuts off, it puts you within 3 feet of every online person in the world. It is a multi-billion person marketplace. This industry is made up of a lot of ordinary people- moms, dads, men and women, young and old, every kind of background and ethnicity. And it can be learned by complete novices to computer and internet technology.Days, weeks, months pass by and still no job. The many online and walk-in job applications that you have completed have not come to fruition. Instead of employers determining your employment future, take charge of your life and look outside the box, consider if you have what it takes to run your own home based business. Consider whether or not you can afford the financial and time investment of such a job. And consider whether or not the last bastion of entrepreneurial opportunity- in the home is for you.

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There is an excessive amount of traffic coming from your Region.

#EANF#

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Improving Risk Management

Previously I have written about management and its risks and how best to categorise it through your business to ensure your risk management system is thorough and relevant to requirements of the business. Risk Management is all about what risks the business owner or management will take into the business, which of these will be insured against, and which risks will be managed or eliminated. Underpinning sound risk management systems is the willingness to embrace a positive and open attitude to asking (or being asked) tough and confronting questions. To assist with this process I have put together some ways you can assess or improve your internal systems.

Management risk is a value add
It is not a separate process – Integrate it into your decision making processes
It is a tool to help implement your business strategies
Ask what you need to get right to successfully manage your business and achieve your goalsEstablish your business and personal priorities
Set the risk thresholds for your corporate and operational strategies
Clear priorities mould your organisation’s culture and its attitude towards the business stakeholders
Incorporate measurement of the businesses risk profile at regular Director / Senior Management meetingsDecide you your business risk appetite
Establish the type and level of risk your business will carry
Communicate this to the relevant senior management within the business
Reconsider the Company’s risk appetite in conjunction with changes in the business environmentAsk questions constantly
Probe Company management regarding business performance and management in conjunction with each other
Questioning highlights the desire to be proactive towards risk management
Be open minded when asking questions and receiving the responsesIntegration of risk management
High business performance and good risk management to have same emphasis
Consider risk management implications to current and new business activities
Management reports to include risk management report as well as all other activity and performance reportsUse all information sources
Get all levels of the workforce to provide information on potential risks
Talk to external stakeholders such as auditors, financiers, key customers and suppliers
Robust risk assessment can also uncover hidden opportunities to improve your businessAllocation priorities to identified risks
Identify major risks and work on these first (e.g. WHSE&T, excess debt)
Accept that you cannot manage all risks facing the business at one time
Understand the risk management processes for each of the major risks and report regularlyRisk benchmarks and indicators
Use the Company audit reports (internal and / or external reports)
Indicator information come from financial data, customer / supplier communication and scanning the business environment
Align the reporting process to the agreed indicators
Use lead and lag indicatorsUse software tools to assist in risk identification, management, reporting and review
Risk management structure
Match the structure to business size and complexity
Appoint one person or small group of people to be responsible for structure, operations, effectiveness, reporting and review
Challenge management, management activities and Director activity
Have a clear agenda and policy for risk management.

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