Posted by: Andy Willoughby, entrepreneur and founder of the 3 Step Plan home-based business system.
Finding the right space for office supplies in a home office can often be a challenge. Using space wisely by being organized will allow you to get more work done on time. Unfortunately, the reality of a home based office is that there seems to never be enough space. A recent article from Entrepreneur.com, written by Jonathan Blum, offers tips on how to organize and best utilize home office space.
1. The challenge: No dedicated office
Some work-from-home businesses (especially the sales-centric ones) require more time out of the office than in it. So they can often get by without a dedicated office. But it’s easy enough to transform an existing room into one.
“I find that dining rooms are often underutilized,” says Jennifer Coleman, principal at JKC Designs, a Rye, N.Y.-based design firm, with a practice in urban home office design.
Simple solution: Choose pieces that can do double duty.
Install an articulating keyboard under your dining table. A pedestal table is best, so the legs won’t be in your way.
Stash the laptop, files and supplies in a buffet or sideboard that closes up after hours.
Perfect solution: The custom-made “rolling office.”
Turn a rolling kitchen cart into a portable desk. A quality choice is the maple-topped “Cuce” Cucina Elegante from John Boos (johnboos.com), which has locking casters and is available with drop leaves.
2. The challenge: Gadgets galore
Technical professionals, such as those in IT or telecom, amass rooms full of computers, printers, external hard drives and cords–often to growing familial horror.
“These clients need a highly customized solution that optimizes all the space they have,” says Claire Tamburro, principal at Tamburro Interiors, an interior design firm in Arlington, Va. “That will most likely involve casework built specifically for the job.”
Simple solution: Reach hig
If you have floor and wall space, install simple floor-to-ceiling cabinets.
If wall space is at a premium, install cabinets horizontally along the ceiling.
Mount power strips inside desks or storage units to power and charge gadgets. Doug Mockett & Co. is the place for state-of-the-art desk organizing tools.
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Posted by: Andy Willoughby, entrepreneur and founder of the 3 Step Plan home-based business system
In order to be a successful entrepreneur it takes a lot of hard work and dedication. Successful entrepreneurs do not evolve overnight, and believe it or not, entrepreneurs have multiple characteristics that drive their commitment, honor and goals, which drives their achievement.
Below is an article from Entrepreneur.com regarding the 25 most common characteristics of successful entrepreneurs.
1. Do what you enjoy.
What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don’t enjoy what you’re doing, in all likelihood it’s safe to assume that will be reflected in the success of your business–or subsequent lack of success. In fact, if you don’t enjoy what you’re doing, chances are you won’t succeed.
2. Take what you do seriously.
You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don’t take them seriously because they don’t work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner’s parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.
3. Plan everything.
Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.
4. Manage money wisely.
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.
- The money you receive from clients in exchange for your goods and services you provide (income)
- The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)
5. Ask for the sale.
A home business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished–ask for the sale. This is not to say that being a great salesperson, advertising copywriting whiz or a public relations specialist isn’t a tremendous asset to your business. However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.
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Posted by: Andy Willoughby
Determining your own salary as a business owner can be a difficult choice. Many business owners face the age old question: how much should I pay myself? Here are a few tips written by Entrepreneur.com for new business owners who want to understand what they should make. This might vary industry to industry, but this is a great way to evaluate compensation.
1. Pay yourself enough to get by.
At least during startup until you are operating in the black. The argument here is to minimize your overhead in order to decrease the amount of capital required to make your business a success. Also, by reducing your overhead, your net loss will decrease or your net profit will increase, providing the business with lean operating requirements until it is well established.
2. Pay yourself what you are worth.
Build that into your business plan so you have an accurate portrayal of how much capital you will need in order to finance your business. By paying yourself what you are worth, you aren’t painting an artificial portrait of the business that will change once you reach the black–operating costs will remain the same.
Once you have established the startup money for your business, the next step is making your salary work and protecting it as well. Here is information on how to do just that.
Projecting Your Salary
As we mentioned, there are two methods you can use to determine your pay during startup. The first is paying yourself enough to meet basic living requirements. Depending on your situation, that means enough income to cover your bills, food and other miscellaneous living expenses. Strike all other discretionary items from your life for a while and get used to just the bare necessities. If you are used to dining at fine restaurants seven days a week, get used to going down to the local McDonald’s maybe once or twice a week.
To begin planning your pay, you need to put together your own personalfinancial statement that lists all your living expenses and any credit cards with outstanding balances as well as short-term and long-term loans. This may be one of the most difficult things you’ve ever had to do because you don’t want to leave anything out. You want to make sure that your income from the business will be enough to cover your expenses.
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Posted by: Andy Willoughby, entrepreneur and founder of the 3 Step Plan, home-based business system
Here are a few business networking strategies that Dian Helbig reviewed on smallbiztrends.com.
1. Identify where you should go. All venues are not right for all people. You owe it to yourself to do your research and find the venues that make sense for your business.
2. Make a decision about which organizations you should join and which you don’t have to join in order to gain value from their events. For example, does it make sense to join a local chamber of commerce, or just go to the events that sound interesting and will most likely include people you should meet?
3. Register for the event and schedule it like a business meeting. Many people either don’t sign up for events or sign up for them and then forget to go.
4. Determine how often you should be networking in a given week, month or quarter. This will help you narrow down where you should be going.
5. Develop open-ended questions you can use to ignite a conversation. Try to find unique questions; don’t ask the same old “So, what do you do?” if you can help it.
6. Attend events with a plan to learn something new. This will keep you from talking too much about yourself and your business.
7.Prepare yourself physically and mentally for the event.
- Dress appropriately.
- Bring business cards.
- Turn your phone off or set it to vibrate.
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Posted by: Andy Willoughby
I would like to share an article published by Jennifer Wang of Entrepreneur Magazine which reflects on creative new age techniques that one entrepreneur has used to get his business noticed. Alex Calderwood has created a new style of urban hotel which is pitched not as a place to stay while on vacation or business trips, but as a lifestyle.
Calderwood’s visionary ideas, to name a few, incorporate the option for guests to purchase a hotel room that comes with a Brita water filter and a pair of special edition Converse sneakers. ”Ace Hotels reflect Calderwood’s individualistic spirit. Seattle’s Ace–the chain’s first–is like nowhere you’ve stayed before. Located in a bustling downtown bar district, the hotel has unobtrusive double glass doors that open onto a flight of stairs leading up to the front desk and narrow hallways that resemble a modern art installation.
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Posted by: Andy Willoughby
The road to becoming successful has always been hard, but here are four steps to ensure entrepreneur success by Entrepreneur.com author Kim Kiyosaki titled “The Four Keys to Raising Capitol”. ”The key to raising money, whether it’s to start or expand your business or to purchase and operate a rental property, comes down to four factors:”
The Project
The Partners
The Financing
The Management
“If you can show a prospective lender or investor that you have command over these four pieces of the puzzle, then selling will not be an issue, and you will attract more money than you thought possible.”
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