Being Your Own Boss & Low-Cost Business Start-Up Ideas

It's true that with recent recession, the impact on the global economy, and decreasing employment prospects, more and more people are seriously considering self-employment and entrepreneurship as a viable alternative. I can tell you now though, everyone could be a successful entrepreneur, but not everyone is prepared to do what it takes, or has the determination and drive to be an entrepreneur.

This article gives a general overview of what it takes to start your own business, and if you feel that a lack of funds is your biggest hurdle, then this is for you, because it also gives you some great low-cost business ideas. Of course it's easier if funds are readily available, but funds alone do not determine success, you have to be prepared to take action. This is therefore more specifically for those who don't have the luxury of much start-up capital, but are prepared to take action.

So, before you get started, ask yourself: 'Does it only take a great deal of knowledge, money, or connections to start your own business?' Well, the answer is a big 'NO.'

Of course all of these elements are important, and cannot be under-estimated, but they mean nothing without a few key traits that you should possess in order to succeed in the world of business. Now I'm not pointing this out to scare you off, or to make you doubt yourself, instead, let it be a prompt to discover, or rediscover these characteristics within! So, what does it take? This is by no means a definitive list, but you'll need courage, initiative, creativity, the ability to recognize and learn from your mistakes, self-belief, determination, perseverance and patience. Believe me, if you have these, along with the practical pointers this guide offers, it won't matter how little money you have, if you go about utilising the resources you have in the right way, you'll create opportunities, build your business and be a success.

No/Low Capital Start-Up Options

So, you're still interested in starting up a business, but have no idea of what sort of business you could do, and have little or no capital? Don't lose heart... A number of incredibly successful people started with zero funds and still managed to achieve incredible success. If you'd like a free short consultation to look at options, like me on Facebook and sign-up to site... I'd be happy to help. Further to that, the following are examples of businesses that you could start-up without any funds, can be started from home, and have the ability to expand. These are also great options to consider as they don't necessarily need specialised training. You will however need to be prepared to familiarise yourself with what is generally required to run these businesses, so some general knowledge is essential.

Consultancy

Think about the skills and expertise you already have, and consider whether it is sufficient to offer consultancy services. Starting a consultation business is fairly easy. All you need is a platform to provide your services from, (freelancing platforms are again a good option), and some business prospects that would be interested in hiring you. A website or blog is also a good and cost-effective platform to start with.

The Online Money-maker

There are a number of businesses that you can start online, either free or by investing a small amount. A few examples of these include e-commerce websites, affiliate marketing, selling on eBay or Amazon, writing and selling e-books, blogging, publishing content on sites that support ads, and many others.

Millions of entrepreneurs use the internet to run businesses that generate millions. Some of these businesses can also provide you with passive incomes streams that allow for ongoing earnings.

Virtual Assistant Services

During the launch of one of my businesses I was shocked by how many people contacted me asking what sort of businesses they could start up or services they could offer. I started doing skills reviews and one of the job roles that I found a majority of people could fit into, was that of the Virtual Assistant. Tasks such as typing, replying to emails, scheduling, web research etc were (among many others), what most were capable of doing fairly easily, and could earn from... anywhere, anytime (with certain essentials like internet access, for example).

Social Media Services and Management

Social media use is a global phenomenon and is now seen not just as popular, but essential for most businesses. Most of us are social media users and most businesses are looking for people to manage their social media presence. With a little research and practice, it wouldn't be difficult to offer this as a service to businesses.

Convenience Services

We all know people who are either too busy to do certain tasks, or just don't like doing them. Services such as cleaning, getting people's laundry done, dog walking, handyman services, and even cooking or shopping are all examples of convenience tasks that appeal to certain audiences. Setup doesn't require a lot of investment, and you can easily use your contacts to break into the business.

These are a few ideas that you can start instantly, but it's important to carry out due diligence and research the business that you aim to start to get to know your market etc, (as advised at the beginning of this guide), but also to ensure you have the necessary skills/qualifications for certain roles.

So we come to the end of this article which has some key points to bear in mind, and is most relevant when starting up under financial constraints. While start-up capital is always helpful, business success often hinges on improvisation, creativity, strategy and determination, so plan and implement wisely. I am committed to seeing others succeed, both in business and personally, and I hope that this article has been useful to you. I value your thoughts, so if you have any comments or questions, please send me a message on Facebook or through my website contact page, as I will continue to improve my resources based on your feedback. Don't forget to like my Facebook page and sign up on my website for more free e-book offers, articles and for information on consultancy services.

Good luck! Here's to your success!

© 2016 Noleen Mariappen

(http://www.noleenm.com)

Article Source: https://EzineArticles.com/expert/Noleen_Mariappen/2057327

7 Things You Can Do EVERYDAY To Become A BETTER Entrepreneur!

Becoming a successful entrepreneur is not something that happens over night. It's a daily battle to be your best version of yourself all the time. It takes constant work and self-education.

If you want to run a successful business you have to plan for the future. You should have weekly, monthly and yearly goals. Most importantly it takes action to be successful with those goals. Here are seven things you can do every day to become a better entrepreneur and accomplish all of your goals.

1. Always work on one project at a time.

We are most effective when we are working on one project at a time. Make sure to stick to your plan for the day until moving on to another project. This is crucial in order for each project to be excellent. Remember, were not striving for perfection, were striving for excellence.

2. Don't give your time away to others.

One of the best ways to ruin a productive day is to give into distractions. We all know that distractions come from just about anywhere and they can be very tempting to give into. When we are distracted we lose focus and then lose all control over what were doing. I know that it can be difficult to be the one saying "no" all the time to your friends parties and random beach days but this is a very important part of being a successful entrepreneur.

3. Plan each day the night before.

When we fail to plan we are planning to fail. Without a plan for the day it's very easy to end up at the end of the day wondering why you haven't gotten anything done. Being a successful entrepreneur requires self discipline and a daily plan. Try getting the most difficult task of the day done first thing so that the rest of your day will feel a lot easier and you won't wast a lot of your energy thinking about that "difficult" task all day.

4. Wake up earlier.

Deciding what time to wake up is a personal choice and a lot of people want to be entrepreneurs so that they can wake up when they choose. It is important to feel well rested to get the most out of your day but make sure your not sleeping more than you need to. After all remember that the early bird gets the worm. When you wake up before everyone else you can use the quiet time to meditate on what your plans are for the day and also get some exercise in to clear your mind. This is an important formula for many very successful entrepreneurs.

5. Start your day with a positive attitude.

Right when you wake up begin to think of things that you are grateful for. If this is something that you have trouble with you can read affirmations to yourself to assure that you are feeding your mind what it needs. It can be very difficult to have a positive outlook when the first thing you do is checking your Facebook or emails. There's so much negativity on the internet that it's very important for us to feed our mind with what it needs the most first thing in the morning.

6. Respect your work-life boundaries.

As entrepreneurs, it can be very easy to go weeks without leaving your home. After all there is nobody telling us to stop working or when to start working. We'll maybe the wife/husband but we all know how that goes. We're all about getting the most out of our days and pushing it to the limit. Don't forget to spend time with people that are important to you and on hobbies that you enjoy. This is all part of living a good life.

7. Stay organized.

Staying organized is essential to getting the most out of your days. You want to have a DMO (daily method of operation. Set up a schedule of exactly how many hours and when your going to work on certain tasks. This will save you lots of time and you can get right what you need to do. Yes there will be things that come up everyday that can take you away from your schedule but it will be easy to make these adjustments as they come up.

There are more than seven things to put on this list, of course, but these are a good start to get you on your way.

Overall, the main goal of entrepreneurship is to create freedom in your life and make an impact in the lives of those whom your business serves. To do that, you need a plan, focus and constant growth both personally and in your business. Set yourself up for success each day, and strive to get better.

Were these helpful? There are others out there that could use this advice, feel free to share around and drop me a comment if you found this helpful!

Did This Help You? If so, I would greatly appreciate it if you commented below and shared on Facebook

Own The Life's Lifestyle Blog
Skype: ownthelife
Email: adam@ownthelife.org

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Article Source: https://EzineArticles.com/expert/Adam_Thibert/2299074

Asset-Based Lending For 2017 And Beyond

Asset Based Lending - The Preferred Solution Despite the industry's sometimes negative reputation, Asset Based Lending can be a preferred solution for borrowers who put in the effort to find the "right" lender, with appropriate collateral and loan structure.

The primary difference between Asset Based Lending and Commercial Bank Financing is what the lender looks to first for repayment of a loan. An ABL lender looks to collateral. Banks look for collateral and covenants.

As access to capital had become increasingly restricted for middle-market companies, many businesses seeking liquidity have begun to see alternative financing solutions, like those offered by online asset-based lenders.

Pre 2010 there was little innovation in ABL; banks continued to offer formulaic, cookie-cutter products that did not accommodate companies with unusual characteristics, seasonal attributes, or atypical business cycles. ABL lenders became known as "lenders of last resort," and the industry was often associated with failing companies and bankruptcy.

Positive: Asset-based loans can be a much-needed source of capital for companies that are rapidly growing, highly leveraged, in the midst of a turnaround or undercapitalized. Sometimes a company simply needs that infusion of cash to get over a financial hump or prevent growth from stalling out.

Lenders who provide ABL credit facilities will work closely with the borrower, working and monitoring the collateral with the client when challenges arise. Clients will frequently attest to the flexibility offered by their lenders.

ABL often comes under fire from critics who claim these loans drive borrowers to default, but it can be a useful tool. ABL provides liquidity to both distressed companies undergoing a turnaround process and growing companies looking to expand. It's more expensive than traditional borrowing, but generally an Asset Based Lending arrangement gives the borrower access to the lender's expertise - which some mid-market businesses find to be worth the steep price tag, even if they have a number of borrowing options.

A vast majority of those same small business leaders, nearly 80%, indicated that one of the biggest impediments they face in creating new jobs is lack of access to capital. One sector of the financial services industry that did not restrict the flow of capital to businesses during the downturn, and continues to lend to businesses today, is the asset-based lending and factoring industries.

Negative: The chances of securing a credit line are only as good as the quality of the receivables. Commercial lenders will sort through your customers to identify the ones that pay in less than 60 days or have a strong credit rating. They may not deem sales to individuals or small businesses as "eligible receivables."

Asset-based lenders can often provide more liquidity than traditional lenders by using the value of the collateral. ABL typically has fewer covenants surrounding financial performance, which can give the borrower more flexibility in operating its business. And Collateral Based loans can be tailored to meet a company's specific needs, such as providing increased seasonal advances to help the borrower through a low selling season.

Communication Is Crucial To determine a prospective lender's approach to communication, a borrower's management team needs to spend as much time as possible with the lender, ideally at its office. They should understand the process by which the lender makes decisions, and should get to know as many of the lender's decision-makers as they can - not just the underwriters, but also the people who make credit decisions after the loan is executed, as these will be their day-to-day contacts. These relationships will help them better understand the lender's culture and how it operates.

Asset Based Lending lacked innovation in the past, leaders in the sector have begun to evolve in their approach to asset-based loans. Borrowers can distinguish forward-thinking lenders from the old guard by looking at whether prospective lenders value open, two-way communication. Borrowers should look for a lender that truly views the lending relationship as a partnership in which both parties are responsible for maintaining transparency and clarity about their objectives.

Structure Matters
One topic that a borrower should discuss with the lender before entering into an Asset Based Lending agreement is the structure of the ABL facility - and the borrower's management team needs to read all the paperwork.

While traditional ABL is rather commoditized, some elements of the loan's structure may be critical to the success of the partnership.

Lending on Collateral, Not Covenants
Alternative lenders often have a different approach toward covenants than do traditional lenders, whose covenants are primarily focused on the balance sheet and financial performance. While asset-based lenders may also consider performance-based metrics, they are much more concerned with collateral and liquidity covenants.

Covenants are useful for driving dialogue between borrower and lender, but they shouldn't be the only driver. At the end of the day, an asset-based lender should focus on the borrower's collateral and leading performance indicators rather than on financial covenants that may be restrictive or too rigid.

Along the same lines, the borrower's management team must understand, before entering an agreement, the degree to which the lender is willing to work with them through the flows and ebbs of their business cycle. The purpose of any covenant should be to act as a trigger so that when the borrower reaches a certain point, management must take a "time out" for a dialogue in which the lender can ask key questions and determine next steps.

Asset Based Lending vs Equity Partner
Often, the relevant comparison for the borrower is not ABL lender versus traditional bank, but rather ABL lender versus equity investor.

Thus, when selecting a lender, the borrower needs to pay close attention to the service, flexibility, and responsiveness of its prospective partners, as well as the access borrowers have to decision-makers within the lending organization. An innovative, forward-thinking approach to the lender-borrower relationship can complete the value equation and make ABL's price worth paying.

Wade Henderson is a recognized Expert in Business Finance with over 20 years Experience in the Commercial Lending Field and a strong reputation for getting the deal done.

Visit https://IMMFinancial.com to get our team to put together Business Financing to Suit Your Needs.

Article Source: https://EzineArticles.com/expert/Wade_Henderson/287014