WHY YOU SHOULD START YOUR OWN BUSINESS NOW

About 2 decades ago, life was balanced. You could go to school, get good grades, get a good job and retire at 65 with enough money in your bank account to pass you by before you die. Only people with extraordinary dreams were daring to go for a different root, to build their own businesses. Why should you take all the hassles of building a business why you can get a safe secure job and be assured of a better life? That question doesn’t apply today, I will show you why. The following reasons will challenge you to think about it in a different outlook if you haven’t done yet, pick your reason and go for it. If you miss these facts today they might never come to you again in such a simplified form.

•                        So You Don’t Have To Be An Average Person

If you attempt to be an average person, you will be left behind very soon. The steady paychecks have a tendency of incrementing at a very low rate compared to the increment of costs in streets. If your paycheck increments by 5% per year, in the same year the costs of items has gone up by almost 30%. How do you supplement the 25%? Otherwise your life will fall a little bit lower the following year, and little bit lower the next one and so on…  how do you solve this? Set up a business do it part-time that can later set you free of this trap.

•                          Globalization &Technology Advancement

Have you ever heard of a ‘Monkey Training school in Thailand’? They train monkeys to harvest coconuts in palm tree, they train monkeys to serve in restaurants. You might think this is not for you: a single ATM machine can replace up to 4 employees, it works 24/7, no salary increment, no pensions, no boycott. How can you compete with this machine? You might think this is not for you as well, what about globalization? You are competing with everybody in the world, whether you are in business or employment do you stand a better chance?

Colleges are still manufacturing employees every year. While the world doesn’t need any more employees, it needs entrepreneurs to take advantage of the evolving technological growth. Why don’t you swim in the direction of the pool so you earn the advantage of it? Go out and set up a business or you will be wiped out.

•                     Retirement

If you are about to retire, this will make sense easily. Even for those who are not approaching the retirement time, one day we will be there. In the mean time you are healthy and productive; you can earn income and make the life roll over softly. But there will come a time you won’t be able to work because of age factor, but you will still need the money… how are you going to be earning? You might think the pensions will be enough, they won’t. Or you might think it’s just okay to use your sons as sources of income, it’s not fair. It takes such a tough question to starting building a business system today that will be earning you income when you retire, so you won’t have to call them for a help.

•                      Stable Income (Passive Income)

Whether you have a business or employed, if your income needs you such that production might not happen until you are there, then you need to diversify your income. You need to build another line of income to level your ups and downs of your current business or your current insecure job that can be taken by another person anytime. There is no such a thing as job security nowadays. So this might be your reason why you should start building another source of income especially that can give passive income.  

•                      Big dreams

There are people who simply have big dreams. Their dreams are too big to be fulfilled by simple plans, they need different kind of opportunities. It’s like someone wants to travel for Dar es Salaam to Nairobi and the available vehicles are bicycle, Bajaj, Motorcycle, Car and a plane. It sounds no sense to decide to use bicycle though can cheaply be accessed. Even if you can give 100% commitment to the activities, your plan will let you down. You need a vehicle that can be able to get the job done. That is why people with unfulfilled dreams are constantly looking for businesses that can offer big success.

However, people with big dreams are few, but believe me, they are there. Guess what, you might be one of them. Go out pick the challenges that go along with and make it happen.

See You At The Top!

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4 Simple Steps to Live Your Dreams

You deserve a reward, right? Seriously. You’ve earned it. 

I’m not saying this because I’m in Gen Y and think everyone deserves a trophy (although you’re welcome to send me one via Facebook). You’ve earned a reward because you’re investing your own time to read, learn, be challenged and take risks to move forward. Most people aren’t like you. 
Too many people would rather use their free time to watch talk shows about paternity tests, or scripted “reality” shows that are simply train-wreck TV. But you’re different. You’re reading this by choice. You’re choosing to invest in yourself, and that deserves a reward. I’m giving it to you. 

The best reward I can give you is not one I can print, sign and present for hanging on your wall. That’s good news for both of us (my penmanship is dreadful). The reward you’ve earned is way better, but it’s something only you can give yourself. You have earned the right to act on one of your dreams in the next two weeks. 

The catch? Experiencing this dream has to cost you less than $20. Why that amount? Because we’re not going to let money, or any other excuse, keep you from your well-earned Dream Appointment. 

Your dream might be spending two extra hours focused solely on your family. Maybe you want to go on a long nature walk or call an old high school friend you haven’t spoken with in years. 

All of us have at least one dream like that. It’s a dream that makes us smile, and it’s easily within reach, but we don’t allow ourselves to live it. Instead, we keep our dream at bay and march on. But today is your reward day. You’ve earned it. 

Here is what I want you to do: 

1. List three dreams you could achieve for less than $20 in the next 14 days. Be specific. 
2. Circle the one dream that you think will give you the most joy and is also easy to achieve. 
3. Now the hard part: Make an appointment to achieve your dream. Add the appointment to your calendar and tell someone who will hold you accountable. 
4. The best part: Live your dream! When I live one of my dreams, I take a photo or video. This makes the experience last longer and gives me a touchstone that my dreams are designed to be lived, not delayed. 

You and I both have dreams within reach. Some we share. Some we don’t. What we dream says a lot about ourselves. What we do in pursuit of our dreams says way more. It’s time for you to say to the world: I’ve earned it! I’ve earned an appointment to live a dream that brings me joy and meaning. 

Sharing this column with you has inspired me to live one of my dreams. Instead of working this Saturday, I’m going to take my daughter to the park. We’ll slide, swing and run around. Then I’ll use my $20 to buy two big milkshakes for us and flowers for her mommy.

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Do you Own a Job or Do you Own a Business? Find out the difference

3 Ways to Become a Successful Business Owner

 Written by: Robert Kiyosaki

The importance of business systems and how to own them

Do you want to own your own business? Often, when people are trained to be employees or self-employed, E's and S's on the left side of the CASHFLOW Quadrant, they find it hard to transition to the right side of the quadrant, to become a Business Owner (B) and Investor (I).

But if you want to be truly wealthy and financially free, it's imperative that you move to the right side of the CASHFLOW Quadrant. The best way to do this is to move from an E or and S to a B. By building a business, you learn a business sense and how to build great systems. And owning a successful business is really owning a successful system and leveraging others to work in that system. That's the fundamental difference between and E or S and a B.

When you start a business, you also learn what makes a business successful—and what makes it unhealthy. These are key things you'll need to know to be a great investor. Additionally, starting a successful business will give you the cash flow and free time you need to invest well and weather the ups and downs of the market.

When it comes to becoming a successful business owner, there are three ways you can thrive in the B quadrant.

1. Find a mentor

My rich dad was my mentor. A mentor is someone who has already done what you want to do and is successful at doing it. My rich dad taught me about systems and how to be a leader of people, not a manager of people. Managers often see their subordinates as inferiors. Leaders must direct people who are often smarter than they are.

A traditional way to do this is to get your MBA from a prestigious school and then get a fast-track job that takes you up the corporate ladder. An MBA will teach you about the basics of accounting and how the financial numbers relate to your systems, but having an MBA doesn't mean you're competent to run a business. You'll need to spend 10 to 15 years in a company to learn all the different aspects of business. Then, you should plan on leaving to start your own company. Working for a successful major corporation is like being paid by your mentor.

Even with a mentor and years of experience, building a business from scratch is labor-intensive. Creating your own system requires a lot of trial and error, up-front legal costs, and paperwork. All of this occurs while you're trying to develop and lead your people.

2. Buy a franchise

If you don't want to take the time to build your own business systems, you can buy a franchise. When you buy a franchise, you're buying into a proven operating system. The advantage of buying a franchise is that you can take the time you'd spend building your systems to focus on developing your team. And because banks like to make loans to businesses with good, proven systems, they'll often give a loan to a franchise but not to a start-up.

A word of caution: Don't buy a franchise if you want to do things your own way. You must be ready to do everything the way the franchisors tell you. You don't call the shots, but you do own the system. If you want to do your own thing, do it after you've mastered both building your own system and leading people.

3. Get involved in network marketing

Network marketing often gets a bad rap. Because it's a newer form of business system, many people look at it suspiciously and think of it as a scam. Initially, I felt this way too. But after dropping my prejudices and doing some research, I found many people who were sincerely and diligently building successful network-marketing businesses that made a positive impact on their financial futures and others'.

For a reasonable entry fee (often around a few hundred bucks), you can buy into an existing system and immediately begin building a business. And because of technology, this can be done almost entirely online and automated. Paperwork, order processing, distribution, accounting, and follow-up are almost entirely managed by the network-marketing software. This allows you to focus on building your business instead of worrying about the normal start-up headaches of a small business.

Start today

Today, primarily due to changes in technology, the risk in becoming a successful business owner is greatly reduced, and the opportunity to build your own or leverage an existing business system is available to virtually everyone. If you want to start your own business, there's really no excuse not to start today.

Franchises and network marketing solutions took away the hard part of developing your own systems. You acquire the rights to a proven system, and then your only job is to develop your people.

One practical thing you can do today is start learning about business and systems from a mentor and a coach. I had a great mentor and coach when I was building my business, and you need one too. Rich Dad provides both mentoring and coaching for those who want to succeed in business.

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Work With Google Online

A Tanzanian Bachelor of Commerce graduate from one of the well known institutions in Tanzania (name reserved) struggled for a long time to find employment since 2007 when he graduated. He finally came across an idea of working with Google, one of the biggest companies in the world through their long term project called Google Adsense. And the life has been quite different. Millions of people in the world are now making good income through Google Adsense.

If you haven’t come across Google Adsense before, probably this is your day. Business mirror had spent some time to organize the idea and bring it to you, so that you too can start making some income while waiting for your next job, or you can develop it to a complete business career for your lifetime.

 Many people don’t go for business because of a number of reasons, but Adsense makes it relative workable. If you have a computer connected to internet, then that is all you need. Below is the video made by John Mason, one of the Adsense good earners in the world explaining what really is and how is it done.

Well, you need to:-

• .       Have a website or even blog (for free)
• .       Pull the traffic by putting some attractive information on your site(it requires some creativity)
• .       Get code from Google to and put it to your web to display the Ads
• .       Update your information (content) timely and watch the clicks increasing, so your earnings!

The Business Mirror is looking forward to bring other ideas in the next few weeks. Keep in touch. 

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Great Car To Come

 
Cruise control on steroids: Imagine telling your car where you want to go. It then plots a route and takes you there, observing all traffic rules and braking for pedestrians and kids on bikes. Google has patented just such a system, rolling up more than 100,000 road-test miles in a fleet of Toyota Priuses. And Volkswagen teamed with Stanford to send a driver-free Audi TT up Pike’s Peak.

Wireless charging: What if you could charge your electric car simply by parking at home, at work or in a public lot—no plug required? Yep, it’s in the works. A transmitting mat on the floor (or built into the concrete of a parking space) aligns with a receiver under the vehicle, and electricity flows across a gap of a few inches. This year, Evatran will start selling a $2,500 home wireless kit for the Nissan Leaf and Chevrolet Volt. Automakers themselves may start offering an option in 2014.

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Franchise Opportunities

Business to Consider

If you’re passionate about a specific product or service, you may be surprised to find that a franchise for it probably already exists. So, should you go into business for yourself or purchase a franchise?

Owning a franchise significantly reduces your risk. Franchises have brand recognition and advertising strength that provide staying power during tough times.

Plus, franchisors profit when their new ventures do well, so it’s in their interest to provide the tools and assistance you need. Other franchisees also are a valuable resource for advising you through struggles. (On that note, it’s a good idea to interview a few franchisees before you invest to get a better idea of what to expect).

While many high-spirited entrepreneurial types would take the risk of going it alone to be their own masters, investing in a franchise doesn’t mean you won’t have any control. As a franchisee, you still have to manage, market and promote your business, which provides plenty of opportunity for implementing your own ideas.

The Bottom Line
Initial franchise fees range from several thousand to several hundred thousand dollars, according to the Federal Trade Commission. In addition, there may be significant costs to equip the new operation and buy inventory. Then you must pay ongoing royalty fees (usually a percentage of the monthly gross earnings) to use the name and brand for the duration of your agreement.

On the upside, some costs are shared. As part of a larger group, you can buy business goods at a lower cost. Also, your advertising fees pay for regional and national ad campaigns and marketing you wouldn’t be able to afford on your own, keeping your business top of mind for consumers seeking brands they know and trust.

It may be easier to start a franchise than your own business from scratch, but standard operations and systems alone will not guarantee you success. It’s your ability to consistently oversee and implement those standards that will help you make a profit.

Also, not all franchises are created equal. A weak franchise program is not worth your time or money. Do your research, starting by requesting a copy of the Franchise Disclosure Document (FDD), which all franchises are required by law to provide to prospective buyers.

Is It Right for You?
Recommended skill set: Organization, consistency, confidence, drive to grow and market business, loyalty to and belief in the system in which you are participating.

Risks: Initial franchise fees may be nonrefundable. Ongoing fees cut into your revenue and many franchises charge required royalties regardless of whether the business is succeeding or not. Also, popular chains can saturate the market and negatively impact your sales.

Pros & Cons at a Glance 

1. Standardized operations/systems/training	1. Less control
2. Less risk of failure	2. Non-negotiable contracts
3. Brand awareness	3. Ongoing franchise/royalty fees
4. Shared advertising	4. Additional required fees (signs, ads, etc.)
5. Easier to secure financing	5. High initial investment

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Get Some Attitude

                         

Serial entrepreneur Warren Stuhl on Startup Success

If you’re a successful entrepreneur (you’ve been in business at least a decade and are still in the black), you probably won’t be surprised by Warren Struhl’s idea that starting a winning business is more about your attitude than anything else. A serial entrepreneur, Struhl founded his first company, PaperDirect Inc., at age 25, achieving $100 million in sales before selling it five years later. Struhl is currently CEO and co-founder (along with LeBron James and two others) of Purebrands, which produces Sheets Energy Strips.

“You have to be wired a certain way to be an entrepreneur,” Struhl says. Read: risk-tolerant. That’s because there’s nothing simple, safe or easy about launching a startup. “You have to be obsessive,” he says. “If you’re not thinking about it 24/7, you’re probably not entrepreneur material.”

So did you pass that attitude test?

If so, Struhl would like to remind you that up to 80 percent of startups fail in the first three years. “If you’re not up for a gamble, you should probably keep your job,” he adds.

However, if you’re risk-tolerant, obsessive, can function when you’re sleep-deprived and have a superb idea, then Struhl suggests you go for it. But be prepared for anything.

For one, “never underestimate how much it’s going to cost,” he says. He’s consulted with more than 30 companies and says not one of them budgeted enough. “Whatever you think it’s going to take, triple that number,” he advises.

He also says that being adaptable is key. “One thing people overlook is that the business plan changes over time,” he says. “Most businesses I’ve worked with started with one idea but ended up with something completely different. To be successful, you’ve got to be flexible and willing to change course.”

Struhl’s Tips for Entrepreneurs 

Do your homework. “The first thing is to Google your idea and your competitors,” Struhl says. “Do as much research as humanly possible. Typically, something has already been tried. Learn from those successes and failures.”

Get smart feedback. Don’t be guarded about your ideas. Share them with friends, family, colleagues and people in the industry. Consider the negative as well as the positive feedback you receive.

Maintain high margins. “Whatever your product or service, make sure your cost is very low,” Struhl advises. “You want your profit margin to cover your mistakes while also building a long-term business model.”

Hire smart people. “It’s hard to do it all yourself. Period. In the beginning, get the smartest people around you that you can,” he says.

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