Online Business – How Many Hours Do You Work?
If you are going to start an online business, you should keep in mind that you have a tough hill ahead of you. This is not to say that your online business will fail, but you should know that you will be putting in a lot of time. The fact of the matter is that online business owners spend many hours each day trying to get their operation off the ground and running. If you are not willing to put in a lot of hours, you may want to think twice about starting an online business. Many people think that working online means that they do not have to work as hard; this is fiction.
The question is: how many hours do you have to work in order for your online business to thrive? Unfortunately, there is no easy answer to this question. Some people find that they can get away working eight hour days, but others have to put in twice as much time in order to be successful. As long as you are willing to work hard for as many hours as it takes, it does not matter what you will be faced with.
One thing to remember is that your online business will settle in over time. Even if you are working 15 hours a day for the first few months, this will not last forever. Over time, you will become more comfortable with your business, and this will lead to being able to work fewer hours. How long it takes to be able to cut back your hours depends on how much success you are having.
Overall, starting an online business can be a time consuming endeavor. But as long as you are willing to work hard, you will be putting yourself in position to succeed.
Business Plan – What Does That Really Mean?
If you are thinking of starting your own business and you tell anyone about it, the first piece of advice is usually “write a business plan.” At this point, you run out and buy a book on writing a business plan or get a piece of planning software and start writing. Having a plan is important, but many businesses are started without a written plan. Any plan you write should have a specific purpose.
Bank Plan: If you plan to borrow money from a bank, they will most definitely require a written plan. Specifically, they want to know how much you will borrow, how you will use the money, what interest rate can you afford, how you will pay it back, and what you plan to do about paying it back if the business fails. The plan written for the bank should focus on allaying any fears the loan officer has about risk. Venture Capital Plan: Basically, this is a marketing document. You are selling the VCs on how brilliant your concept is, how big the market is, and how well you can execute on your plan. Focus on a clear description of your concept, product, or service. Be extremely clear as to who will buy your products/services and why. Carefully examine the competition and show why your product/service outshines theirs. Describe in depth the management experience your senior team has. If they do not have all the appropriate experience necessary, explain where you plan to acquire that expertise. Internal Communications Plan: You may want to communicate your plan with your employees, partners, or even customers. These plans often start with the vision, then mission, followed by company goals and strategic initiatives to meet those goals. You can use this type of plan to help guide your employees in their decision making. This should be considered to be a marketing document as well. Internal Strategy Plan: As you build your business, writing an internal plan will help you think out your future strategies. You can also use this plan to build metrics around certain products that can be measured in the future. This should be as long or as short as you need to describe your ideas and work through your strategy. It can be written out or just a series of steps and metrics within a spreadsheet. Business Concept Plan: If you think you have a great idea, but are a little fuzzy on the details, writing out a plan can give you a good feel as to whether it is viable or not. The key in this case is to focus on the financials. How much will you need to get going? How long until you turn a profit? How fast will the company grow? Will you be able to get capital to sustain that growth? Focus on understanding what will make you successful in this space.
I am not going to rehash the business plan format or how long or short it should be. Just search for “business plan” and you will find 10 gazillion articles on the subject. Before you do that, understand why you want to write a business plan and focus on the important points.
A last caveat, if you are writing a business plan for external consumption (1, 2, or 3), make sure it has been proofed for clarity and grammatical errors. A bad marketing document is worse than no marketing document at all.
Small Business – Location, Location, Location
Moving to London is one of those activities that most young people consider at least once in their twenties and which many act upon. Some subsequently leave, others stay for decades. The ‘brain drain’ south is a cause of concern for northern counties like Yorkshire, as well as Scotland and Wales. People are lured by the promise of a massive capital city, with plenty of jobs and opportunities. The only problem is that because there are millions of people competition for jobs and customers is fierce, and let’s not forget, the London lifestyle is not to everyone’s taste.
Businesses can thrive in London if they prove popular – there are certainly customers if you can attract them and there’s plenty of contacts. However, with sky-high rents and the personal cost of living quite painful, London is not always the best option for starting out. Neither, for that matter, are other big cities like Birmingham and Bristol. It depends of course on your business and life-style expectations, but smaller cities like Inverness can be surprisingly business friendly.
Part of the reason for this is that enterprise committees and development agencies may be very keen on creating or maintaining jobs, therefore strongly encourage new business in their jurisdiction. In Inverness, Highlands and Islands Enterprise has invested heavily in the area in the last few years, drawing money from the EU and Scottish Executive.
The investment project into the University of the Highlands and Islands has also contributed to economic growth. However, Inverness is popular with professionals who simply want to escape from the rat race. With outstanding scenery close by, including the Great Glen and its most famous inhabitant, the Loch Ness Monster, businessmen and businesswomen simply choose to make the move and then look around to see where they can use their skills.
With the flexibility now offered by the Internet, an increasing number of small businesses can be run from rural premises. It is not always necessary to have an ‘office front’ in a reasonably well frequented location. Boreas Books, retailing fine or rare books and first editions, is located in the Orkney island archipelago and could not be further from a metropolis, but still prospers. Offering an exclusively online service it has no need of over-the-counter sales.
It is increasingly tempting to combine running a small business with enjoying a comfortable life-style. Of course, the glitter of big cities cannot to denied, but if you need something quieter, fresher and perhaps more child friendly, then setting up a small business [http://www.business.barclays.co.uk/BRC1/jsp/brccontrol?site=bbb&task=channelFWvi2&value=5793&target=_sel] in a less metropolitan area could beautifully let you combine business with pleasure.
To find out about the business potential of less urban places you have a number of options: contact Regional Development Agencies, Business Link or local entrepreneurial groups. Otherwise, for a fee, special marketing companies will send you over a deluge of statistics. If the figures look good and you need to escape from the city, consider whether your small business – and your family – would do just as well, if not better, in another location.
Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.