Day of Business

Scientific Paper : a Travel Vacation Business

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<b><span style="font-size: small;"><span class="" id="ouHighlight__12_17TO0_9">Scientific</span><span id="noHighlight_0.2680713166170695"> </span><span class="" id="ouHighlight__0_10TO11_15">Paper</span><span id="noHighlight_0.04718113508300603"> </span><span class="" id="ouHighlight__19_35TO17_36">Business Environment</span></span></b></div>
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<span style="font-size: small;"><span class="" id="ouHighlight__19_35TO17_36"><span style="font-size: xx-small;">" a Travel Vacation Business</span></span></span><span style="font-size: xx-small;"><span style="font-weight: normal;"> "</span></span></div>
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<span style="font-size: xx-small;"><span style="font-weight: normal;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM_xPBaM8G5-0zNZU54FbUF7mb28TyUoGscEARWodbjvE1gsPPVVPG89K7qOR46kFCdk9onPEoSfQXNOB9mFAr4fitRfC3yCBPlVBuhYyHgx3oBEZd3_haaFHh5pKbD46FfIdUlEjn66ML/s1600/7c7fc-logo2bamikom2bterbaru-1-300x297.png" /> </span></span></div>
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<span style="font-size: xx-small;"><span style="font-weight: normal;"> </span></span><span style="font-size: small;"><span class="" id="ouHighlight__19_35TO17_36"></span></span><span style="font-size: small;"><span class="" id="ouHighlight__19_35TO17_36"> </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Nama                          : <span style="font-family: "arial" , "helvetica" , sans-serif;">RIPTO SUDIYARNO</span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">NIM                             : 15.61.0052</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Jurusan                       : BCIT</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
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<b><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"><a href="http://www.amikom.ac.id/">STMIK AMIKOM YOGYAKARTA</a></span></b></div>
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Jalan Ring Road Utara, Condong Catur, Sleman, Yogyakarta</div>
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Telp: (0274) 884201 – 207, Fax: (0274) 884208<br />
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<b><span style="font-family: inherit;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;">ABSTRACT</span></span></b></div>
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                    Beginning a travel get-away business requires preparing in the travel business, learning of most loved get-away destinations and encompassing facilities, and a consistent stream of a la mode data on travel notices and counsel from different government and expert travel sources. Little hardware or forthright speculation is required as the greater part of the business start-up capital is guided at publicizing the business to the proposed target market. Spend significant time in a particular sort or sorts of travel destinations and make a fruitful business in the get-away corner of the travel business.<br />
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DISCUSSION </div>
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<span class="stepNum">Step 1</span><br />
Choose a particular, specific kind of excursion for the business to offer, for example, get-aways for families with little kids, get-aways in provincial zones or get-aways to amusement park assignments, learning everything conceivable about these claim to fame destinations, the encompassing housing and any tips or traps to give customers something unique as far as they can tell that no one but insiders could know and give.<br />
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<span class="stepNum">Step 2</span><br />
<span class="stepNum"> </span>Research
 the demographics of the business&amp;#039;s intended geographic 
area. Through this research, determine the approximate number of 
potential customers for the business and the approximate revenue 
available to the business from these sources. Count families, 
individuals and businesses in the area who might benefit from the types 
of vacations the business specializes in.<br />
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<span class="stepNum">Step 3</span></div>
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<div class="section" id="section-3">
Create
 a business plan complete with short- and long-range revenue goals and 
financial forecasts based, at first, on best-guess cost estimates. 
Replace the guesses with real world numbers as the business grows.<br />
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<span class="stepNum">Step 4</span><br />
<span class="stepNum"> </span>Investigate
 courses and training programs at local colleges in travel and 
hospitality. Online courses that train travel professionals are also 
available. Get as much training in the mechanics of finding and booking 
travel as possible.<br />
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<span class="stepNum">Step 5</span><br />
Outfit the business with reliable business equipment such as a computer, printer, telephone and copier/scanner/fax.<br />
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<span class="stepNum">Step 6</span><br />
<span class="stepNum"> </span>Based
 upon your advertising budget as established in the business plan, 
create an advertising campaign complete with print and/or taped ads. 
Feature the ads to your demographic market.<br />
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<span class="stepNum">Step 7</span><br />
Travel
 continually to destinations the business promotes in order to give 
clients first-hand information about their vacation travel options.<br />
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<span class="stepNum">Step 8</span><br />
Join
 every travel-oriented professional association available to stay 
current within the industry and keep up with what your competition is 
offering the public. Offer to teach local college seminars or speak at 
company retreats on travel-related topics to gain extra exposure.<br />
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<span class="stepNum">Step 9</span><br />
Design
 a trade show booth. Register for and attend every local home and garden
 trade show possible to make direct contact with large numbers of 
potential consumers at a time.<br />
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<span class="stepNum">Step 10</span><br />
Put
 brochures together specifically targeting human resource departments. 
Offer discounts for group bookings should the company book retreats 
through the business, or should the human resource department refer 
individual employees to the business.</div>
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REFERENCE</div>
1.<a href="http://money.usnews.com/money/blogs/my-money/2014/03/27/5-steps-for-starting-a-vacation-fund">http://money.usnews.com/money/blogs/my-money/2014/03/27/5-steps-for-starting-a-vacation-fund</a><cite class="_Rm"></cite></div>

Scientific Paper : a Travel Vacation Business

Scientific Paper Business Environment " a Travel Vacation Business " Nama : RIPTO S...

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Scientific Paper : a Travel Agent Business

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<b><span style="font-size: medium;"><span class="" id="ouHighlight__12_17TO0_9">Scientific</span><span id="noHighlight_0.2680713166170695"> </span><span class="" id="ouHighlight__0_10TO11_15">Paper</span><span id="noHighlight_0.04718113508300603"> </span><span class="" id="ouHighlight__19_35TO17_36">Business Environment</span></span></b></div>
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<span style="font-size: medium;"><span class="" id="ouHighlight__19_35TO17_36"><span style="font-size: x-small;">"  </span></span></span><span style="font-size: x-small;"><span style="font-weight: normal;">a Travel Agent Business "</span></span></div>
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<span style="font-size: x-small;"><span style="font-weight: normal;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM_xPBaM8G5-0zNZU54FbUF7mb28TyUoGscEARWodbjvE1gsPPVVPG89K7qOR46kFCdk9onPEoSfQXNOB9mFAr4fitRfC3yCBPlVBuhYyHgx3oBEZd3_haaFHh5pKbD46FfIdUlEjn66ML/s1600/7c7fc-logo2bamikom2bterbaru-1-300x297.png" /> </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Nama                          : <span style="font-family: "arial" , "helvetica" , sans-serif;">RIPTO SUDIYARNO</span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">  </span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">NIM                             : 15.61.0052</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Jurusan                       : BCIT</span><br />
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<b><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"><a href="http://www.amikom.ac.id/">STMIK AMIKOM YOGYAKARTA</a></span></b><br />
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Jalan Ring Road Utara, Condong Catur, Sleman, Yogyakarta</div>
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Telp: (0274) 884201 – 207, Fax: (0274) 884208<br />
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<b><span style="font-family: inherit;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;">ABSTRACT</span></span></b><br />
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                   Travel operators give an assortment of administrations to customers that incorporate acquiring carrier tickets, making inn and resort reservations, making schedules for visit or voyage bundles and giving data about particular destinations. Nowadays, travel specialists might telecommute or at an office as most travel game plans are made on the web. To begin a travel specialists business, it is useful to have a working learning of travel operators programming, client administration experience and involvement in flying out to various parts of the world.<br />
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DISCUSSION<br />
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<div class="section" id="section-1">
<span class="stepNum">Step 1</span><br />
<span class="stepNum"> </span>Choose whether to wind up a free travel expert for a travel organization, establishment proprietor of a built up travel office or begin your own office. Autonomous travel experts acquire commissions for the work they accomplish for a travel organization. Specialists might telecommute or in an's office. Start-up expenses are normally negligible on the grounds that PC programming; IATA number, which is expected to book flights with carriers; and office space are ordinarily given by the travel organization. A customer rundown might likewise be given. As an expert, you might be restricted in the sorts of travel administrations you can give customers. Acquiring an establishment permits you to assemble a business on an effectively fruitful brand, yet you might in any case be constrained in the sorts of administrations you can give. Beginning your own particular office permits you to offer a more extensive assortment of travel administrations while permitting you keep every one of the returns from every deal. Startup costs have a tendency to be higher if acquiring an establishment or beginning a business since you will need to fund gear, for example, a telephone, PC and programming, Internet administration and showcasing materials expected to maintain the business. You will likewise be in charge of building a customer rundown.<br />
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<div class="section" id="section-2">
<span class="stepNum">Step 2</span><br />
<span class="stepNum"> </span>Determine
 the types of travel services to offer clients. Travel services include 
transportation arrangements (air, train, boat, car), hotel and resort 
reservations, cruise packages and specialized tour packages such as 
eco-tours or city-based tours. You may also want to specialize 
exclusively in family travel, senior travel, corporate travel or 
academic travel to set your business apart from other travel agencies.<br />
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<span class="stepNum">Step 3</span><br />
Lease
 a space for your travel agency or work from home. Contact local 
commercial real estate agents to find available retail space. Choose a 
space in a busy retail area with ample parking. The space should be 
large enough to meet with clients while housing computer equipment, 
furniture and marketing materials. If working from home, create a space 
that allows you to work comfortably at your computer while providing 
adequate storage for computer equipment and software, marketing 
materials and files.<br />
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<span class="stepNum">Step 4</span><br />
Create
 a website that includes a description of travel services, contact 
information and on-line booking options. Invest in computer software 
programs that process client bookings and payment from your website, 
track online marketing campaigns and captures email addresses. Visit 
websites, such as Capterra or GetApp, to read reviews about various 
travel agency software. Include testimonials of satisfied clients on 
your website. Update your website often by providing interesting content
 that clients will find useful when planning a vacation or traveling for
 business.<br />
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<div class="section" id="section-5">
<span class="stepNum">Step 5</span>Purchase
 general liability or home-based business insurance to protect your 
business in the event of a lawsuit or settlement. Worker's compensation 
insurance may be necessary if hiring employees. This insurance helps pay
 the costs incurred through an accident or injury at the workplace.<br />
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<div class="section" id="section-6">
<span class="stepNum">Step 6</span><br />
Create
 marketing materials, such as brochures, business cards and flyers to 
promote your travel agency. Join the Greater Houston Partnership to meet
 business owners and others in need of your services. Build a client 
list that includes email addresses, travel preferences, past travel 
destinations. Send email updates of travel specials, events or other 
information of interest to clients each business quarter to encourage 
sales.<br />
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<div style="text-align: center;">
REFERENCE</div>
1.<cite class="_Rm"><a href="http://www.entrepreneur.com/article/190464">www.entrepreneur.com/article/190464</a></cite> </div>
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Scientific Paper : a Travel Agent Business

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Scientific Paper : Computer Repair Business

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<b><span style="font-size: large;"><span class="" id="ouHighlight__12_17TO0_9">Scientific</span><span id="noHighlight_0.2680713166170695"> </span><span class="" id="ouHighlight__0_10TO11_15">Paper</span><span id="noHighlight_0.04718113508300603"> </span><span class="" id="ouHighlight__19_35TO17_36">Business Environment</span></span></b></div>
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<span style="font-size: large;"><span class="" id="ouHighlight__19_35TO17_36"><span style="font-size: small;">" </span></span></span><span style="font-size: small;"><span style="font-weight: normal;">Computer Repair Business "</span></span></div>
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<span style="font-size: small;"><span style="font-weight: normal;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM_xPBaM8G5-0zNZU54FbUF7mb28TyUoGscEARWodbjvE1gsPPVVPG89K7qOR46kFCdk9onPEoSfQXNOB9mFAr4fitRfC3yCBPlVBuhYyHgx3oBEZd3_haaFHh5pKbD46FfIdUlEjn66ML/s1600/7c7fc-logo2bamikom2bterbaru-1-300x297.png" /> </span></span></div>
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<span style="font-size: small;"><span style="font-weight: normal;"> </span></span><span style="font-size: large;"><span class="" id="ouHighlight__19_35TO17_36"></span></span><span style="font-size: large;"><span class="" id="ouHighlight__19_35TO17_36"> </span></span></div>
<div style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Nama                          : <span style="font-family: "arial" , "helvetica" , sans-serif;">RIPTO SUDIYARNO</span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">NIM                             : 15.61.0052</span></div>
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<div style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Jurusan                       : BCIT</span></div>
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</div>
<div style="text-align: center;">
<br /></div>
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<b><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"><a href="http://www.amikom.ac.id/">STMIK AMIKOM YOGYAKARTA</a></span></b></div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: center;">
Jalan Ring Road Utara, Condong Catur, Sleman, Yogyakarta</div>
<div style="text-align: center;">
<br /></div>
<div style="text-align: center;">
<div style="text-align: center;">
Telp: (0274) 884201 – 207, Fax: (0274) 884208<br />
<br /></div>
<div style="text-align: center;">
<b><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"></span></b><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span></div>
<div style="text-align: center;">
<b><span style="font-family: inherit;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;">ABSTRACT</span></span></b></div>
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<b><span style="font-family: inherit;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"><br /></span></span></b></div>
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<b><span style="font-family: inherit;"><span style="color: windowtext; font-weight: normal; mso-bidi-font-weight: bold; text-decoration: none; text-underline: none;"></span></span></b><span style="font-family: "arial" , "helvetica" , sans-serif;"></span><br /></div>
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                    Individual and business PCs have gotten to be typical. Information of how to repair PCs when things turn out badly with them, in any case, is not as across the board. Beginning a PC repair business permits you to bring home the bacon while giving a profitable administration to organizations and private customers who can't repair their PC issues all alone. Accreditation is not unequivocally required to begin a PC repair business, yet it awards you believability that can be hard to achieve something else.<br />
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<div style="text-align: center;">
DISCUSSION<br />
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<div class="section" id="section-1" style="text-align: left;">
<span class="stepNum">Step 1</span><br />
Consider
 the repair services that you plan to provide. Decide whether you will 
offer general hardware repair and upgrade services, virus removal, data 
recovery, and other services. You should also consider the operating 
systems that you will be working with, as there are considerable 
differences between repairs on a computer running Windows XP or Windows 7
 and computers running a Linux distribution or a version of Mac OS X.<br />
<br /></div>
<div class="section" id="section-2" style="text-align: left;">
<span class="stepNum">Step 2</span><br />
Take
 classes or other courses to prepare for certification tests in the 
areas you will specialize in. Examples of these certifications include 
the CompTIA A+ certification for computer hardware, Microsoft Certified 
Professional certification for working with Microsoft operating systems 
and programs and Certified Data Recovery Professional certification for 
data recovery work.<br />
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<div class="section" id="section-3" style="text-align: left;">
<span class="stepNum">Step 3</span><br />
<span class="stepNum"> </span>Choose
 the type of customers that you would prefer to work with. Some computer
 repair businesses focus on helping business clients to manage their 
computers, while others are more focused on residential customers. 
Knowing your target customers beforehand will help you to target your 
advertising toward those customers.<br />
<br /></div>
<div class="section" id="section-4">
<div style="text-align: left;">
<span class="stepNum">Step 4</span></div>
<div style="text-align: left;">
Research
 your competition to see how many other computer repair businesses 
target the same customer base in your area. Find out their rates, the 
services that they provide and the certifications that their technicians
 hold. Determine the rate that you will work for, making sure that it is
 competitive and reasonable for someone with your skill level and 
certifications.</div>
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<br /></div>
<div style="text-align: center;">
REFERENCE</div>
</div>
</div>
1. <a href="http://www.entrepreneur.com/article/170050">http://www.entrepreneur.com/article/170050</a></div>

Scientific Paper : Computer Repair Business

Scientific Paper Business Environment " Computer Repair Business " Nama : RIPTO SU...

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14 Creative Financing Methods for Startups

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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgctANBwDKTNArxR9ut068FmdlVoJx_uPxyMvJz14LSh59QMrfynfua-I_C9AqD3j-tQR5yErVPmdGwdbJf810v8PDJ2yuSM-gc-kEV-XxDWA_o3r065MvZ89WZd45b4ypOljyISP62fo6e/s1600/fast-creative-business-concept-running-businessman-30947907.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgctANBwDKTNArxR9ut068FmdlVoJx_uPxyMvJz14LSh59QMrfynfua-I_C9AqD3j-tQR5yErVPmdGwdbJf810v8PDJ2yuSM-gc-kEV-XxDWA_o3r065MvZ89WZd45b4ypOljyISP62fo6e/s400/fast-creative-business-concept-running-businessman-30947907.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Creative Financing Methods</td></tr>
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<span style="font-family: "verdana" , sans-serif;">For entrepreneurs with a lot of <i>money</i> saved up, the only obstacle to starting a business is coming up with a viable idea. But many aspiring business owners have the opposite problem — the idea is there, but the capital isn't.</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">So what's a would-be small business owner to do? There are plenty of other options to help you fund your new venture. Here are 14 options beyond bank loans for financing your startup.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;"><br /></span><br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"Home equity loans are very cheap, rate-wise," said Al Engel, executive vice president of consumer lending at Valley National Bank. "It is a low-cost form of borrowing that is very controllable by the entrepreneur as far as when he pays funds and redraws funds. The flexibility is tremendous. The risk is, you are putting your home on the line. If the business fails, or you fail to maintain the terms and conditions of the home equity loan or line, you risk foreclosure."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Selling assets. Sometimes, you may have a financing method and not even realize it at first. That was the case for entrepreneur Hamid Saify, who was able to fund his opinion-sharing community, ChoicePunch, by selling a car he had wanted to pass along to his children. <i>Though it was a tough decision, Saify was able to make $30,000 from the sale of the car</i>. That money, in turn, went toward some very important aspects of the fledgling startup.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote>
<span style="font-family: "verdana" , sans-serif;">"I used some of that money to help with the last payments to our design and development contractors," Saify said. "The rest I put into our account and used to help support marketing during our beta launch months."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Credit cards. Business credit cards are among the most readily available ways to finance a startup, and can be a quick way to get your business up and running.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote>
<span style="font-family: "verdana" , sans-serif;">"One of the few advantages is that the minimum payment on a credit card is very low," said Ken Nickel, senior vice president of community lending at Valley National Bank. "If you are a new business who is just starting out and you don't have a lot of money coming in, or you don't have a ton of expenses, you can put it on a credit card and pay the minimum payment."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">However, there are some serious drawbacks to consider before using plastic to fund your startup, Nickel said. If a new business gets started and then has trouble making the payments, the interest rates and costs on the cards can build very quickly, and carrying that debt can be detrimental to a business owner's credit.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Angel investors. Those looking to finance their business can always look to an angel —an angel investor, that is. Angel investors have helped to start up many prominent companies, including <i>Google</i>, <i>Yahoo</i> and <i>Costco</i>. This alternative form of investing generally occurs in a company's early stages of growth, with <i><b>investors expecting</b></i> a 20 to 25 percent return on their investment.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"The principal advantage of an angel investor is generally that you have a friendlier atmosphere and a quicker decision-making circumstance for a smaller amount of [money]," said Mark DiSalvo, CEO of private equity fund provider Semaphore. "You are likely to get an investor who has strategic experience, so they can provide tactical benefit to the company they are investing in."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Venture capitalists. For small businesses that are beyond the startup phase and already have revenues coming in, a venture capital investment may be appropriate. Fast-growth companies with an <b><i>exit strategy</i></b> already in place can gain up to tens of millions of dollars that can be used to invest, network and grow their company quickly.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Brian Haughey, assistant professor of finance and director of the investment center at Marist College, said that because venture capitalists focus on specific industries, they can generally offer advice to the entrepreneur on whether the product is going to fly or what they need to do to bring it to market. However, venture capitalists have a short leash when it comes to company loyalty and often look to recover their investment within a three- to five-year time window.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"They have to make a return and usually have a five-year time horizon," Haughey said. "If you have a product that is taking longer than that to get to market, then venture-capital investors may not be very interested in you."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Winning a contest. Sometimes, businesses can benefit from a bit of luck. That was the case for Roberto Torres and Luis Montanez, who funded a portion of their startup costs for apparel company Black & Denim with winnings from a business-plan competition.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"We utilized the funds to purchase manufacturing equipment that allowed us to scale our products and meet demand," the owners said. "This advantage gave us the opportunity to increase our production and get into bigger players like Stein Mart and Walt Disney World. The competition also gave us access to business experts that asked us the tough questions while allowing us to retain our equity —a perk that would have been very difficult to obtain otherwise."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Renting out your home. Cutting out liabilities is another creative way for new business owners to fund their startups. For Fay <i>Johnson</i>, founder and editor of deliberateLIFE magazine, that meant renting out her apartment. Johnson was able to do this by placing her San Francisco apartment on Airbnb and renting it out for anywhere between five nights and a month at a time. The decision has been successful for Johnson, who has used the money raised to fund the costs of the first few issues of her magazine. Though the move has allowed Johnson to finance her startup, it has not come without its share of headaches, <i><b>including tight time restraints</b></i>.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"As an entrepreneur, time is one of your most valuable resources," Johnson said. "When renting, I have to keep in mind that I need to clean and reclean the apartment, and since I work from home, I also have to find a place to work during those days."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Crowdfunding. Crowdfunding on websites like Kickstarter and Indiegogo can give a big boost to the financing aspirations of small businesses. These sites allow businesses to pool small investments from a number of investors instead of forcing companies to look for a single investment. Many sites allow companies to raise money in exchange for rewards or products. Others have an equity-based model in which businesses give up a bit of their share. </span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Before choosing a crowdfunding platform, be sure to read all the fine print and know what you're getting into. Certain sites require businesses to raise their <i>full stated goal</i> in order to keep any money raised on the platform. Other sites will allow companies to keep any money they raise. Additionally, sites can claim a percentage of any money raised on the site. Sites often also charge a payment-processing fee for money raised.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Grants. If your business focuses on a scientific or research-oriented field, grants from the government may be able to help fund your company. The SBA offers grants through the <i>Small Business Innovation Research</i> (SBIR) and the <i>Small Business Technology Transfer</i> (STTR) programs. Grant recipients are required to meet federal research and development goals, and to have a high potential for commercialization.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Shinar said there are not many downsides to a truly no-strings-attached grant. However, you should carefully read the fine print because grants may require that you give up part of the IT or other intellectual property, <i><b>Shinar noted</b></i>. Grants also can be time-consuming, and depending on the sector, the ratio of time expenditure to the odds of payout may be too high. Nonetheless, if your company could be eligible, it is wise to review the options.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Precautions and next steps</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">While the plethora of lending options may make it easier than ever to get started, responsible business owners should ask themselves how much financial assistance they really need. Companies that receive more income than they truly need should be prudent in how it is used. Shinar urged such companies to make — and stick to — a disciplined budget.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"It's hard to go back later and try to exert fiscal discipline," Shinar said. "It's better to start from the beginning with good corporate governance."</span></blockquote>
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Companies that have received a large cash infusion may benefit from bringing in an experienced partner or board member to help ensure accountability, Shinar added.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">As an alternative, bootstrapping your company — building it with existing resources and earned revenue — offers companies a low-risk way to test out their product. If you and your partners are able to work toward creating a functional product in your spare time, you may be able to begin to sell that product with minimal or no cash.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">"The advantage of bootstrapping is that you stay the boss," Shinar said. "More importantly, you get relatively quick validation from the market about whether you have a good business plan. Bootstrapping helps imbue a company with operational discipline."</span></blockquote>
</div>

14 Creative Financing Methods for Startups

Creative Financing Methods For entrepreneurs with a lot of money saved up, the only obstacle to starting a business is coming up wit...

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How to Research a Business Opportunity

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<tr><td style="text-align: center;"><span style="font-family: "verdana" , sans-serif;"><img alt="https://spectrumcenter.umich.edu/sites/spectrumcenter.umich.edu/files/field/image/research.png" height="160" src="https://spectrumcenter.umich.edu/sites/spectrumcenter.umich.edu/files/field/image/research.png" style="margin-left: auto; margin-right: auto;" width="400" /></span></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "verdana" , sans-serif;">Research</span></td></tr>
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<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;"><i>Just what is a business opportunity</i>? That question has plagued a 
great many people trying to decide whether to buy a current independent 
business, a franchise, or what we'll refer to in this text as a business
 opportunity. To allay the confusion, we offer a simple analogy. Think 
back to elementary school when your teacher was explaining the 
difference between a rectangle and a square. A square is also a 
rectangle, but a rectangle isn't necessarily a square. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Making matters even more confusing is the fact that 26 states have passed laws defining business
 opportunities and regulating their sales. Often these statutes are 
drafted so comprehensively that they include franchises as well.</span><br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">Not
 every state with a business opportunity law defines the term in the 
same manner. However, most of them use the following general criteria to
 define one:</span><br />
<div style="margin-left: 2em;">
<span style="font-family: "verdana" , sans-serif;">1. A business opportunity 
involves the sale or lease of any product, service, equipment, etc. that
 will enable the purchaser-licensee to begin a business.2. The 
licensor or seller of a business opportunity declares that it will 
secure or assist the buyer in finding a suitable location or provide the
 product to the purchaser-licensee.</span><br />
<span style="font-family: "verdana" , sans-serif;">3. The licensor-seller 
guarantees an income greater than or equal to the price the 
licensee-buyer pays for the product when it's resold and that there is a
 market present for the product or service.</span><br />
<span style="font-family: "verdana" , sans-serif;">4. The initial fee paid to the seller in order to start the business opportunity must range between $400 and $1,000.</span><br />
<span style="font-family: "verdana" , sans-serif;">5.
 The licensor-seller promises to buy back any product purchased by the 
licensee-buyer in the event it cannot be sold to the prospective 
customers of the business.</span><br />
<span style="font-family: "verdana" , sans-serif;">6. Any products or services developed by the seller-licensor will be purchased by the licensee-buyer.</span><br />
<span style="font-family: "verdana" , sans-serif;">7.
 The licensor-seller of the business opportunity will supply a sales or 
marketing program for the licensee-buyer that many times will include 
the use of a trade name or trademark.</span></div>
</blockquote>
<span style="font-family: "verdana" , sans-serif;">The laws covering 
business opportunity ventures usually exclude the sale of an independent
 business by its owner. Rather, they are meant to cover the multiple 
sales of distributorships or businesses that do not meet the 
requirements of a franchise under the Federal Trade Commission (FTC) 
rule passed in 1979. This act defines business offerings in three 
formats: package franchises, product franchises and business opportunity
 ventures.</span><br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">In order to be a business opportunity venture under the FTC rule, four elements must be present:</span><br />
<div style="margin-left: 2em;">
<span style="font-family: "verdana" , sans-serif;">1.
 The individual who buys a business opportunity, often referred to as a 
licensee or franchisee, must distribute or sell goods or services 
supplied by the licenser or franchisor.2. The licensor or franchisor 
must help secure a retail outlet or accounts for the goods and services 
the licensee is distributing or selling.</span><br />
<span style="font-family: "verdana" , sans-serif;">3. There must be a cash 
transaction between the two parties of at least $500 prior to or within 
six months after the licensee or franchisee starts the business venture.</span><br />
<span style="font-family: "verdana" , sans-serif;">4. All terms and conditions of the relationship between the licensor and the licensee must be stated in writing.</span></div>
</blockquote>
<span style="font-family: "verdana" , sans-serif;">You
 can readily see that the sale of business opportunities as defined by 
the FTC rule is quite different from the sale of an independent 
business. When you're dealing with the sale of an independent business, 
the buyer has no obligations to the seller. Once the sales transaction 
is completed, the buyer can subscribe to any business operations system 
he or she prefers. There is no continued relationship required by the 
seller. Business opportunity ventures, like franchises, are businesses 
in which the seller makes a commitment of continuing involvement with 
the buyer.</span><br />
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
Types of Business Opportunities</span></h2>
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">The FTC describes the most common types of business opportunity ventures as follows:</span></blockquote>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Distributorship.</b>
 Refers to an independent agent that has entered into an agreement to 
offer and sell the product of another but is not entitled to use the 
manufacturer's trade name as part of its trade name. Depending on the 
agreement, the distributor may be limited to selling only that company's
 goods or it may have the freedom to market several different product 
lines or services from various firms.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Rack jobber.</b>
 Involves the selling of another company's products through a 
distribution system of racks in a variety of stores that are serviced by
 the rack jobber. Typically, the agent or buyer enters into an agreement
 with the parent company to market their goods to various stores by 
means of strategically located store racks. The parent company obtains a
 number of locations in which the racks are placed on a consignment 
basis. It's up to the agent to maintain the inventory, move the 
merchandise around to attract the customer, and do the bookkeeping. The 
agent presents the store manager with a copy of the inventory control 
sheet which indicates how much merchandise was sold, and then the 
distributor is paid by the store or location which has the rack-less the
 store's commission.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Vending machine routes.</b> 
Very similar to rack jobbing. The investment is usually greater for this
 type of business opportunity venture since the businessperson must buy 
the machines as well as the merchandise being vended, but here the 
situation is reversed in terms of the pay procedure. The vending machine
 operator must pay the location owner a percentage based on sales. The 
big secret to any route deal is to get locations in high-foot-traffic 
areas, and of course, as close to one another as possible. If your 
locations are spread far apart, you waste time and traveling expenses 
servicing them.</span></blockquote>
</li>
</ul>
<span style="font-family: "verdana" , sans-serif;">In addition to the three types of business opportunities listed above, there are four other categories you should be aware of:</span><br />
<ul>
<li><blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;"><b>Dealer.</b>
 Similar to a distributor but while a distributor may sell to a number 
of dealers, a dealer will usually sell only to a retailer or the 
consumer.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Trademark/product licenses.</b> Under 
this type of arrangement, the licensee obtains the right to use the 
seller's trade name as well as specific methods, equipment, technology 
or products. Use of the trade name is purely optional.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Network marketing.</b>
 This is a generic term that covers the realm of direct sales and 
multilevel marketing. As a network marketing agent, you would sell 
products through your own network of friends, neighbors, co-workers and 
so on. In some instances, you may gain additional commissions by 
recruiting other agents.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Cooperatives.</b> This 
business is similar to a licensee arrangement in which an existing 
business, such as a hotel or hardware store, can affiliate with a larger
 network of similar businesses, often for the sole purpose of 
advertising and promoting through a common identity.</span></blockquote>
</li>
</ul>
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
How the Government Protects You</span></h2>
<span style="font-family: "verdana" , sans-serif;">The FTC Rule, which has been in effect since the latter part of 
1979, has had a broad-ranging impact on the franchise and business 
opportunity industry and would-be franchisees and licensees. The rule is
 designed to assure all prospective buyers, of either a franchise or 
business opportunity, that they'll receive a full disclosure containing 
the type of background information needed to make an informed investment
 decision.</span><br />
<span style="font-family: "verdana" , sans-serif;">In spite of the FTC's rule and aggressive action at the
 state level, there are sellers who seek every possible means to escape 
regulation. Neither the FTC rule nor state regulations can guarantee 
freedom from fraud. That's why you should pay especially close attention
 to the FTC disclosure statement that is presented to you.</span><br />
<span style="font-family: "verdana" , sans-serif;">Every 
prospective buyer of a business opportunity must receive the FTC 
disclosure statement at least 10 business days before signing a binding 
contract or paying money (or other consideration) to the seller. The 
10-business day requirement is minimal. If you meet face-to-face with 
the licensor or a representative to discuss a proposed sale or purchase 
of the business opportunity, and if the conversation results in a serous
 sales presentation, the licensor must provide you with a disclosure 
document at that time.</span><br />
<span style="font-family: "verdana" , sans-serif;">If you haven't received an FTC disclosure 
document, don't sign anything or pay out any money, even if claims are 
made that it is "refundable."</span><br />
<span style="font-family: "verdana" , sans-serif;">If the seller doesn't give you a 
disclosure document, they're violating federal law and may also be 
violating state law. If the salesperson claims his or her offering is 
exempt from the FTC requirements, demand to see an opinion letter from 
counsel before dealing with them any further. Also ask the salesperson 
for the phone number of the local state agency or FTC office that has 
advised them they are exempt. Very few business opportunity offerings 
are exempt. The only major exceptions are those where the total initial 
payment within the first six months is less than $500, or where payment 
is made only for initial inventory sold at bona fide wholesale price.</span><br />
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
Franchises vs. Business Opportunities</span></h2>
<span style="font-family: "verdana" , sans-serif;">As a rule of thumb, a franchisee receives more support from the 
parent company, gets to use the trademarked name, and is more 
stringently controlled by the franchisor. Business opportunities, on the
 other hand, don't receive as much support from the parent company, 
generally aren't offered the use of a trademarked name, and are 
independent of the parent company's operational guidelines.</span><br />
<span style="font-family: "verdana" , sans-serif;">As 
we've previously noted, there are numerous forms of business opportunity
 ventures. Some are even turnkey operations similar to a lot of 
package-format franchises. These business opportunities provide 
everything you could possibly need to start a business. They help you 
select a location, they provide training, they offer support for the 
licensee's marketing efforts, and they supply a complete start-up 
inventory.</span><br />
<span style="font-family: "verdana" , sans-serif;">Unlike a package-format franchise, however, these types
 of business opportunity ventures aren't trademarked outlets for the 
parent company. The company's name, logo and how it's legally operated 
are left solely to the licensee. Many times the only binding requirement
 between the seller and the buyer is that inventory be purchased solely 
through the parent company. Of course, all these stipulations are 
outlined in the disclosure statement and contract.</span><br />
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
The Advantages of a Business Opportunity</span></h2>
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;"><b>Requires a lower initial fee than a franchise.</b> 
Although the number of low-investment franchises has increased, the fee 
to get into a business opportunity is still considerably lower. The FTC 
requires a $500 minimum investment for an opportunity to be considered a
 business opportunity, but there are many that fall under this set fee, 
although most average around $2,000 to $3,000.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>A proven system of operation or product.</b>
 Existing systems serve to maximize efficiency and returns and minimize 
problems. It's simply a matter of passing on experience, still the best 
teacher. Whether they admit it or not, most people like having their 
hands held once in a while. During crises, the parent company is there 
to help the licensee over the bumps. Many people like this idea of 
safety in numbers.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Intensive training programs.</b> 
In any new business, a lot of time and money are consumed during the 
learning period. A good business opportunity venture can eliminate the 
majority of ineffective moves through an intensive training program.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Better financing options.</b>
 Because of its financial size, credit line and contractual agreements, 
the parent company offering the business opportunity can often arrange 
better financing than an individual could obtain. Financial leverage is 
an important consideration in any investment situation.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Professional advertising and promotion.</b>
 Most small businesspeople don't spend sufficient money on advertising. 
When they do, their efforts are often poorly conceived and inconsistent.
 Many business opportunity ventures supply the buyer with print 
advertising slicks, radio ads, TV storyboards, etc., in order to provide
 a better marketing effort. Some business opportunity ventures will even
 have a cooperative advertising agreement under which they will split 
the cost of print, radio or TV ads. This type of marketing help is 
especially beneficial in large metropolitan areas where the cost of 
media is prohibitive to the one-shop owner.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Ongoing counseling.</b>
 Most business opportunity ventures offer support not only through 
training but also through counseling from a staff of experts who offer 
assistance that no independent could afford. Legal advice is available 
to a certain degree. The most efficient accounting systems-perfect for 
that particular business-have been designed by experts in the field. 
Some licensors offer free computer analysis of records, and through 
comparison with other units can pinpoint areas of inefficiency or loss 
as well as profitable aspects of the business that are being neglected.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Site selection assistance.</b>
 Experts in site selection and marketing choose locations using all the 
scientific tools available. Professional negotiators arrange leases and 
contracts to the best advantage, using the power of a large organization
 to influence landlords and other important figures.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>Purchasing power.</b>
 Many times, the parent company's tremendous buying power and special 
buying techniques can bring products, equipment and outside services to 
the licensee at a much lower cost than an independent could ever get.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>No ongoing royalties.</b>
 In a business opportunity, unlike in a franchise, there are no ongoing 
royalties to pay to the seller. The profits are all yours.</span></blockquote>
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
The Disadvantages of a Business Opportunity</span></h2>
<span style="font-family: "verdana" , sans-serif;">Under ideal conditions, business opportunities are a good, 
low-investment way to get into business with minimum risk and a good 
chance for success. But nothing in this world is perfect, so here are 
some problems that can be expected:</span><br />
<ul>
<li><blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;"><b>Poor site selection.</b>
 The majority of business opportunities are consumer-oriented retail 
operations which rely on good location, visibility and easy access to 
the establishment. Most buyers of business opportunities casually accept
 the locations chosen for them. DON'T! Look it over thoroughly yourself.
 You might even hire an outside marketing consultant to evaluate and 
possibly argue with the parent company's choice. Having a better 
locations could literally mean millions of dollars in profit over the 
course of 20 years.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Lack of ongoing support.</b> 
There is usually no requirement for the business opportunity seller to 
offer ongoing support of any kind. If the seller decides not to supply 
information or guidelines that could help you once you're in operation, 
you may not have much recourse available to you.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Exclusivity clauses.</b>
 Are you restricted to selling only the manufacturer's merchandise? If 
this is the case and you deviate for any reason whatsoever, you run the 
risk of the licensor canceling the agreement. If you do buy from other 
sources, it will be very hard to hide-most parent companies will require
 you to open your books for examination at predesignated periods of 
time. Any irregularities will be spotted at these times. Most smart 
buyers of business opportunities will negotiate the point in the 
agreement stipulating sources of supply in case product quality is 
inconsistent.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Parent-company bankruptcy.</b> 
Another pitfall is the possibility of the parent company overextending 
itself and going bankrupt. While this is not as serious in a business 
opportunity as it would be in a franchise, you still run the risk of 
losing the business because your property contracts may have been 
financed through the parent company.</span></blockquote>
</li>
</ul>
<span style="font-family: "verdana" , sans-serif;">You should carefully 
investigate any business opportunity you're considering. Get a list of 
operators from the parent company and call them. Have a lawyer look over
 any agreement drafted by the parent company. Make sure you receive a 
disclosure statement. Then carefully evaluate the licensor. Don't let 
anyone hurry you. Make sure a responsible company backs the business 
opportunity.</span><br />
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
Guidelines for Choosing a Business Opportunity</span></h2>
<span style="font-family: "verdana" , sans-serif;">First make sure your business opportunity of choice complies with 
all business opportunity statutes--which vary from state to state--and 
is registered in states where required. Next, find out if the business 
opportunity you're interested in provides an offering prospectus to 
buyers. If it's a business opportunity that falls under the FTC rule, 
then it's required to disclose specific information to you.</span><br />
<span style="font-family: "verdana" , sans-serif;">When 
choosing a business opportunity, keep in mind that if you buy an 
opportunity from a company with a sizable number of outlets that's been 
in business for at least three years, you'll pay more for this 
established concept that you would for a newer one. If you're 
considering a more recently established business opportunity, you should
 check out the parent company's history to evaluate its success and 
longevity in its particular field of operation.</span><br />
<blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;">If you were to ask
 a business consultant how to evaluate the "right" business opportunity 
for you, you would probably receive these guidelines:</span><br />
<div style="margin-left: 2em;">
<span style="font-family: "verdana" , sans-serif;"><b>1. Make an honest evaluation of yourself and your abilities.</b>
 If you've been behind a desk for many years, will you be happy calling 
on businesspeople and selling them an intangible service? If you've been
 a field salesperson for years, will you be satisfied selling snack 
foods behind a counter?<b>2. You must run your business enthusiastically.</b>
 Will you be happy introducing a new product or an unusual service that 
the public knows nothing about? Can you generate excitement for an item 
not nationally advertised?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>3. You must have complete knowledge of the product or service with which you are involved.</b>
 If the parent company gives you little or no training in technical or 
management know-how, be wary of the business opportunity. If the 
licensor-seller has organized all the operating knowledge into a 
standard operating manual, look with favor upon this business 
opportunity.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>4. Make a market evaluation of the product or service to be offered.</b>
 Is the time right to introduce it to the public? Is there a need for 
this type of item, and what is its potential in relation to competition?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>5. Find out how many buyers have been in the business successfully for a respectable period of time.</b>
 A legitimate business opportunity will even provide you with phone 
numbers of other buyers, so you can verify that they're generally 
satisfied with the opportunity and that the seller is capable of 
fulfilling his or her promises.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>6. Check the training and experience required to run the business properly.</b> Is there a suitable curriculum of training? What is the scope of training? Does your background fit its requirements?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>7. What is the company's profit ratio to sales; to time and service requirements; and to the financial leverage requirements?</b> Can you make more in another type of business?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>8. Do you have to work more hours to make the same amount you do now?</b>
 Can you invest the same amount in the business opportunity yet operate a
 larger operation and get a better return on investment?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>9. Check with current operators to see how they're making out.</b> Are they happy with their businesses? What problems do they have, if any, that are common to all units sold?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>10. Research company's history.</b>
 Is it a new firm with little expertise and experience? Is it an older 
firm whose regular products have satisfied customers for years? Are the 
business opportunities all offshoots of their regular business?</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>11. Is there financial strength and strong credit behind the business opportunity?</b>
 Can the licensor-seller give you an escrow agreement to deliver a 
building, equipment, leasehold improvements, inventory, etc., as the 
unit is made ready for your use? Check out the bank references given by 
the licensor-seller; discuss the company's financial strength with the 
appropriate managers.</span><br />
<span style="font-family: "verdana" , sans-serif;"><b>12. Evaluate the policies and plans 
of the company with the associations and business groups in which the 
parent company or seller is involved.</b></span><br />
<span style="font-family: "verdana" , sans-serif;"><b>13. The Better Business Bureau will give you a report if others have lodged previous complaints against the company.</b></span><br />
<span style="font-family: "verdana" , sans-serif;"><b>14. Having an attorney, accountant or business consultant conduct an in-depth study of the company may be an excellent idea.</b></span><br />
<span style="font-family: "verdana" , sans-serif;"><b>15. Visit the headquarters of the licensor-seller.</b>
 Talk to the personnel and the training director. Visit the original 
prototype of the business being sold. Evaluate other outlets. Expose 
yourself to the other outlets' products and services to determine the 
quality dispensed.</span></div>
</blockquote>
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
Evaluating a Potential Opportunity</span></h2>
<span style="font-family: "verdana" , sans-serif;">In the preceding section, we outlined numerous things you should do 
to ensure that you're choosing a venture that will be appropriate for 
you personally, and will represent a sound investment. It's important 
that you cover all your bases before signing a contract with the seller.
 The following are some strategies you should use to protect yourself.</span><br />
<ul>
<li><blockquote class="tr_bq">
<span style="font-family: "verdana" , sans-serif;"><b>Have legal representation.</b>
 Your attorney should be present when you're negotiating with the 
licensor-seller. At the very least, your attorney should go over the 
contract to purchase the business opportunity and advise you as to 
whether or not you should sign it in its present condition. He or she 
should explain what each aspect of the contract means so that you 
understand what you're signing.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Have financial representation.</b>
 Your accountant should look over the financial statements of the 
licensor-seller. In addition, he or she should be able to check out the 
financial strength of the company and determine whether the business is a
 viable financial investment for you.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Make your own independent survey of other owners of business opportunities sold by the parent company.</b>
 Are they happy with the company? Did the company do everything it 
promised? Is the company good to work with? Does it give its 
distributors help? Does it send out advertising materials? What do they 
feel are the strengths of the opportunity? If they had to do it over 
again, would these licensees buy another unit? Would they advice you to 
buy a unit?</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Contact competitors.</b> This will 
verify the status of the company in the industry. A competing company 
will tell you in a hurry what the company's weaknesses are. You'll also 
get an opportunity to see whether or not the business opportunity 
compares favorably in terms of pricing and so on.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Check the credit of the seller.</b> Your accountant or the person auditing the business opportunity can help you with this.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Be sure you understand everything you're signing.</b> Read the disclosure statement, the purchase agreement and the advertising bulletins carefully.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Check the credibility of the parent company.</b>
 The parent company doesn't have to be big in terms of dollars to be 
credible. Use your common sense and advice from people you trust to 
determine whether or not a company seems credible. In many cases, small 
companies are a great investment for a buyer because you generally deal 
with the president or the top people in the company. They are going to 
be training you and working with you. This is a tremendous advantage, as
 opposed to working with somebody five or six rungs down the ladder who 
may be just doing a job. Are the seller's people truly interested in 
you? Do they seem to be sincere? Did they check you out thoroughly? Are 
they concerned with the kind of buyer that will be carrying their 
banner? This is very important. If they're just interested in taking 
your money, you're in trouble.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Check the performance of the parent company.</b>
 Are the seller's claims backed by performance? Do the claims that the 
seller make when advertising their product, for example, stand up at the
 store level? Do the current operators you've talked to confirm the 
profit claims that the seller makes?</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Check the company's management.</b>
 It's not enough that they've got a good idea. Do they have the 
management strength to be able to train you, help you and keep the 
company running for another 20 years?</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Know all the costs and obligations, both yours and the seller's.</b> What costs are you going to have to incur? What are your obligations on an ongoing basis?</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Is the company going to train you?</b>
 Is training at your own expense? In most cases, you have to pay your 
own expenses to the training site. How long will the training last? Do 
you have enough money to sustain yourself while you're in training and 
before your business starts earning money? What kind of ongoing 
supervision will the company give you?</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Determine what type of advertising program is available from the licensor.</b>
 Will that advertising program work for you? Check your local market. 
For instance, if you're buying a business opportunity in which you'll be
 selling bathtub liners, will advertising in trade magazines really 
help? Also, what are their ads like? Is the copy good? What about visual
 art? Don't negate the possibility that their advertising program will 
hurt you more than it will help. Just because you're dealing with a 
company that has experience in the field, their marketing campaigns 
aren't necessarily going to be successful.</span></blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<ul>
<li><blockquote>
<span style="font-family: "verdana" , sans-serif;"><b>Are you getting value for your initial purchase price?</b>
 Examine the list of equipment, fixtures, inventory, operating supplies,
 etc. and call a few suppliers dealing in these items. Compare the 
prices those suppliers quote you against the business opportunity's 
prices. You may be able to purchase everything, including the inventory,
 for less money yourself than you could by affiliating with the 
licensor.</span></blockquote>
</li>
</ul>
<br />
<h2 class="h1">
<span style="font-family: "verdana" , sans-serif;">
Analyzing the Financial Statements</span></h2>
<span style="font-family: "verdana" , sans-serif;">Profit and loss statements are part of the financing process. In 
business offerings, these are usually statements audited by a CPA. When 
you look at a licensor, you'll want to see an audited statement of the 
company's earnings. You'll know you're getting a legitimate financial 
statement because CPAs will not stamp a statement that hasn't been 
properly audited and certified.</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">You should have an accountant look
 at the finacial statement and interpret exactly what the statement 
represents for you. You should compare statements from at least two 
years to see the direction in which the company is moving: Is it on an 
upswing or a downswing? Is it becoming more profitable and more 
efficient? The balance sheet, which shows the company's assets and 
liabilities, is another yardstick with which to determine the strength 
of a company. The profit-and-loss statement tells you how much money the
 company is making or losing. The balance sheet tells you what the 
company is worth in terms of assessing a company's strength.</span><br />
<blockquote class="tr_bq">
<br />
<span style="font-family: "verdana" , sans-serif;">Companies
 may give you pro forma projections to show what you can expect to earn 
in this particular business opportunity. A pro forma is a projected 
financial statement. It is developed by taking the typical costs for a 
unit doing $200,000, $300,000 or $400,000 a year and showing you 
approximately what you can expect to earn at each of those sales levels.
 Some states have outlawed the use of pro-forma statements except in the
 case of current operating units. </span><br />
</blockquote>
<span style="font-family: "verdana" , sans-serif;">In terms of their reliability, they do
 not always accurately reflect earning potential.</span><br />
<span style="font-family: "verdana" , sans-serif;">We recommend 
examining actual audited operating statements to get a good feel for 
what this company is doing. Larger companies will be able to provide you
 with these. Smaller companies usually can't, and that's where a gamble 
is involved. This is where you have to use your own personal accounting 
and legal assistance in order to thoroughly check out a company.</span></div>

How to Research a Business Opportunity

Research Just what is a business opportunity ? That question has plagued a great many people trying to decide whether to buy a c...

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Spend Smart: Making the Most of Your New Business Loan

Spend Smart: Making the Most of Your New Business Loan

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5 Small Business Success Tips for Women Entrepreneurs

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<img height="258" src="http://www.businessnewsdaily.com/images/i/000/007/348/original/womenbusiness.jpg?interpolation=lanczos-none&fit=around%7C700:500" width="400" /></div>
<br />
<br />
<br />
Entrepreneurship is great for so many reasons. From having more flexible work hours to being your own boss and everything in between, it's no wonder more and more people are starting their own businesses, especially women.<br />
<br />
But running a business, no matter how big or how small, is no easy feat. Laura Miller, president of Ink from Chase, shared her tips for female entrepreneurs.<br />
<br />
Want to make sure your business is successful? Follow these five important steps.<br />
<br />
<blockquote class="tr_bq">
1. Get social … media, that is. There's no doubt that social media presence is important to a business's marketing strategy.</blockquote>
<br />
"<i>Whether it's Facebook, Twitter or even Pinterest, social media has proven to be a good conduit to business results, including sales leads, third-party endorsements and purchases</i>," Miller said.<br />
<br />
And if you're not familiar with social media, Miller suggested you take online courses to understand how to use such platforms to build up your business.<br />
<br />
"Quite simply, social media must be viewed as a forum for interacting with customers and conducting day-to-day business," she added.<br />
<blockquote class="tr_bq">
<br />
2. Use your networks. Being a small business owner is stressful, so use your network to form a reliable support system. Miller said it helps to have a peer or mentor who understands what you're going through and can help you navigate any potential problems you may face.</blockquote>
<br />
"Joining industry groups is a good way to create a personal network of support," she said. "Professionals within these groups can provide a great sounding board for new ideas, frustrations and genuine dilemmas."<br />
<br />
Don't have the free time to network in person? Miller suggested turning to online communities instead.<br />
<br />
<blockquote class="tr_bq">
3. Learn to delegate. As an entrepreneur, it's easy to take on all of the responsibilities required to run your business — though it's not easy to manage them all.</blockquote>
<br />
"<i>As a small business owner, it's important to flex to the demands of your work," Miller said. "That said, it's equally as important to learn how to get your work to flex to you because it helps create balance.</i>"<br />
<br />
To do this, Miller advised small business owners to delegate work to their employees. But before you can do that, it's important to hire trustworthy employees and train them well.<br />
<br />
"<i>This will help lighten your load and offset some of the work and concerns that keep you up at night — literally," she said. Miller also noted that giving your employees more important responsibilities will make them feel more like a part of the business</i>.<br />
<br />
<blockquote class="tr_bq">
4. Let your home life inspire you. Many women entrepreneurs have the responsibility of taking care of their homes and their kids, too, but instead of letting it stress them out, Miller suggested women take inspiration from their home responsibilities.</blockquote>
<br />
"Regardless of whether they own a business, many women already hold the title of CEO … of the household," she said. "Managing the needs of a household, including children, spouse, multiple schedules, school obligations, extracurricular activities, etc., is definitely akin to running a small business."<br />
<br />
"By translating what may already come natural to you in running your home into the workplace, you can create a seamless transition as you try to balance it all," Miller added.<br />
<blockquote class="tr_bq">
<br />
5. Never stop searching. Don't just use your existing network and resources — always stay on the prowl for new business leads. For small businesses, Miller noted, this is especially important as the stakes are higher.</blockquote>
<br />
"Knowing where to look for leads can make all the difference," she said. "Industry groups are a great first stop, but only if you're thinking of them beyond sources of support and camaraderie."<br />
<br />
And these groups can do more than just help you find leads.<br />
<br />
"[They] can also be a valuable resource for business development — whether you're keeping in touch with audiences that care most about your business, scouting potential talent or sharing knowledge you've gained in your area of expertise," Miller said.<br />
<br />
In the end, she noted, it's all about meeting people who will help you win new business or find prospective clients.</div>

5 Small Business Success Tips for Women Entrepreneurs

Entrepreneurship is great for so many reasons. From having more flexible work hours to being your own boss and everything in between...

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The 10 Best Cities for Women-Owned Businesses

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<tr><td class="tr-caption" style="text-align: center;">Best cities for women owned business</td></tr>
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For women entrepreneurs, launching businesses in large metropolitan areas isn't always the best strategy, new research finds.<br />
<br />
Businesses owned by women in smaller metro areas have much higher average revenue than women-owned businesses in larger cities, according to a study from NerdWallet.<br />
<br />
Overall, the average annual revenue for businesses owned by women in smaller areas is between three and four times higher than the $149,483 average for all women-owned businesses.<br />
<br />
<i><b>For the study, researchers analyzed 289 U.S. cities to determine where women business owners can have the most success. NerdWallet based its rankings on eight metrics, including the percentage of businesses owned by women, the businesses' revenue and the percentage of those businesses with paid employees. In addition, the researchers considered the number of businesses per 100 people and the percentage of women with a bachelor's degree or higher in each city</b></i>.<br />
<br />
Researchers also evaluated the median income for women and the unemployment rate of each area.<br />
<br />
Based on the rankings, the 10 best places for women-owned businesses are:<br />
<br />
<ul style="text-align: left;">
<li><blockquote class="tr_bq">
    Santa Fe, New Mexico: The city tops the list for its high percentage of women-owned businesses, 34 percent, and its affordable cost of living.</blockquote>
</li>
</ul>
<blockquote>
</blockquote>
<blockquote>
<ul style="text-align: left;">
<li>    Boulder, Colorado: Boulder offers a high quality of life for entrepreneurs. Its economy is strong, and its 3 percent unemployment rate is the lowest in the top 20 in this list.</li>
</ul>
<ul style="text-align: left;">
<li>    Monroe, Michigan:The average business owned by a woman in Monroe brings in $601,565 in annual revenue, more than four times the average of all the communities analyzed.</li>
</ul>
<ul style="text-align: left;">
<li>    Racine, Wisconsin: The average business owned by a woman in Racine produces $586,241 in revenue a year, significantly more than most of the 289 cities examined. Additionally, businesses in Racine benefit from a low cost of living.</li>
</ul>
<ul style="text-align: left;">
<li>    Ocean City, New Jersey:More than 25 percent of women-owned businesses in Ocean City have paid employees, more than any place in the top 20 in this list.</li>
</ul>
<ul style="text-align: left;">
<li>    Napa, California: Napa thrives because of its booming tourist trade linked to the wine industry. The city's economy also has sizable and growing manufacturing and trade sectors.</li>
</ul>
<ul style="text-align: left;">
<li>    Washington, D.C.; Arlington-Alexandria, Virginia; and Maryland, West Virginia: Women in this area earn about $56,494 a year, the highest median income in the top 10.</li>
</ul>
<ul style="text-align: left;">
<li>    Barnstable Town, Massachusetts: Barnstable has a robust commercial environment, with about 15 businesses for every 100 people.</li>
</ul>
<blockquote class="tr_bq">
    San Francisco-Oakland-Hayward, California:The San Francisco Bay Area is home to some of the most prominent technology companies in the world. The region attracts companies developing software, mobile applications, information technology, biotechnology and environmental technology.</blockquote>
</blockquote>
<blockquote>
</blockquote>
<ul style="text-align: left;">
<li><blockquote>
    Lancaster, Pennsylvania: The average business owned by a woman in Lancaster brings in $597,554 in revenue each year, significantly more than most cities on the list.</blockquote>
</li>
</ul>
<div style="text-align: left;">
<u><br /></u>
<u>The state with the best representation is California</u>, with four metro areas — Napa, San Francisco, San Jose, Oakland, Sunnyvale, Santa Clara, Hayward, Santa Cruz and Watsonville — in the top 20. These places have a high percentage of women-owned businesses, a high median income for women and a relatively large population of women with at least a bachelor's degree</div>
</div>

The 10 Best Cities for Women-Owned Businesses

Best cities for women owned business For women entrepreneurs, launching businesses in large metropolitan areas isn't...

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The 10 Character Traits Female Entrepreneurs Need to Succeed

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Leadership and confidence are the two characteristics female entrepreneurs believe they need to succeed, according to a new KPMG study. Specifically, 83 percent of the female entrepreneurs and business owners surveyed think leadership is the most critical trait for a business founder or CEO to possess, while 82 percent think it's confidence.<br />
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The other key attributes they deem important are:<br />
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<ul style="text-align: left;">
<li>    Communication</li>
<li>    Determination</li>
<li>    Risk-taker</li>
<li>    Passionate</li>
<li>    Responsible</li>
<li>    Competitive</li>
<li>    Knowledgeable</li>
<li>    Persuasive</li>
</ul>
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"Building a company – and maintaining its success – takes confidence, determination and the ability to take risks," Lee Anne Sciambra, managing partner of KPMG LLP's New Orleans office and leader of the Houston Business Unit Private Markets Group, said in a statement. "Women entrepreneurs who are able to take these traits and combine them with a strategic vision for their business will not only capitalize on today's climate of disruption, but they will be the disruptors themselves."<br />
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In addition, women also believe they have to work hard, persevere through tough times, be able to make smart hires and have supportive family and friends in order to create a successful business. [Female Entrepreneurs Share Startup Advice for Women ]<br />
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Building a thriving business isn't without some growing pains. The biggest challenges the women surveyed said they faced when building their companies were:</div>
<ul style="text-align: left;">
<li>    Hiring the right people</li>
<li>    Time management</li>
<li>    Managing cash flow through lean times and/or to fund additional growth</li>
<li>    Developing sales forecasts and hitting those targets</li>
<li>    Creating the right technology infrastructure</li>
<li>    Access to cash/credit/funding</li>
<li>    Deciding whether a change of direction is needed</li>
<li>    Attracting customers and building market share</li>
<li>    Dealing with licensing, regulatory and other bureaucratic requirements</li>
<li>    Developing a strategy and executing it successfully</li>
</ul>
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"Building a company is a multifaceted challenge that is not for the faint of heart," the study's authors wrote. " No wonder they say hard work, perseverance and a willingness to take risks matter most to their success."<br />
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When starting a business, women shouldn't be hesitant to turn to others, especially other women, for advice. The study revealed that 95 percent of female entrepreneurs who either launched their own startup company, or hold a leadership position in a startup company, think that having an informal adviser or mentor was a key factor to their success.<br />
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In addition, nearly 80 percent of female entrepreneurs feel that having another woman as their adviser or mentor made a significant impact on their career.<br />
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Brian Hughes, national leader of KPMG LLP's Private Markets Group, said having a mentor can be a huge benefit for an entrepreneur.<br />
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"The key is to identify the right person and develop an open and honest dialogue about what you both hope to get out of the relationship," Hughes said. "By building a rapport and having regular cadence with a mentor, entrepreneurs can learn valuable information and advice that will help them on their paths to success."<br />
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The study was based on surveys of 204 women founders, CEOs and owners from the Inc. 5000 list representing the fastest-growing private companies in the United States.<br />
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The 10 Character Traits Female Entrepreneurs Need to Succeed

Leadership and confidence are the two characteristics female entrepreneurs believe they need to succeed, according to a new KPMG study. Sp...

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Entrepreneur or Small Business Owner: Which One Are You?

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You run your own business. How do you describe yourself to others when talking about what you do? Are you a small business owner? An entrepreneur? Or something else? And more importantly, is there really a difference between these terms?<br /><br />According to the 2015 Small Business Pulse Survey by insurance provider and financial services group The Hartford, business owners say there is a difference — and they don't all want to be called the same thing. The Hartford surveyed 751 owners, partners and principals of small companies (fewer than 100 employees) and discovered that 51 percent call themselves "small business owners" and 18 percent call themselves "entrepreneurs." Another 26 percent prefer the term "business owner," while the remaining 6 percent chose other names like "mom and pop shop owner" or "social entrepreneur."<br /><br />Younger survey participants were more likely to self-identify as entrepreneurs than their older counterparts: One-quarter of millennial respondents chose the term entrepreneur, compared with just 16 percent of Gen Xers and 15 percent of baby boomers. [What Is Entrepreneurship?]<br /><br />The Hartford also asked each group about their defining characteristics. Self-described small business owners said they are maintaining their businesses at their current size and adding value to their local communities through their business. Entrepreneurs, on the other hand, see themselves as visionaries who are looking to build a legacy for their families. While the two overlapped in the following areas, the survey revealed that more entrepreneurs related to certain statements than did small business owners:<br /></div>
<ul style="text-align: left;">
<li>    I am always looking for the next opportunity: 30 percent of SBOs versus 41 percent of entrepreneurs.</li>
</ul>
<ul style="text-align: left;">
<li>    I am looking to grow my company significantly: 23 percent of SBOs versus 30 percent of entrepreneurs.</li>
</ul>
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<li>    I am innovative: 20 percent of SBOs versus 45 percent of entrepreneurs.</li>
</ul>
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<br />Regardless of business owners' preferred titles, there's one driving factor that unites most of them, and that's passion. Fifty-six percent of all respondents (60 percent of SBOs, 44 percent of entrepreneurs) described themselves as doing something they are passionate about or enjoy, and nearly half said they started their business to pursue their passion.<br /></div>
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Entrepreneur or Small Business Owner: Which One Are You?

You run your own business. How do you describe yourself to others when talking about what you do? Are you a small business ow...

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Beyond Passion: The Traits of Successful Entrepreneurs

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<br /><br />With half of all small businesses closing their doors within five years of opening, it takes more than just passion to succeed, new research finds.<br /><br />While being passionate is important, other traits typically end up separating entrepreneurs who succeed from those who fail, according to a study from cloud accounting-software provider Xero. Specifically, prospering small business owners learn from past mistakes, invest in technology, make time for family and friends, and build positive relationships with mentors.<br /><br />The study revealed that nearly 60 percent of the current and former small business owners surveyed said spending time with family in the evenings is crucial to their effectiveness as business owners, while 53 percent think it's important to keep their weekends free for loved ones.<br /><br />"Contrary to the stereotype of a harried entrepreneur burning the midnight oil, our research showed that successful small-business owners not only value their personal time, [but also] they view stepping away from work as essential," the study's authors wrote.<br /><br />To build a business that's sustainable in the long term, entrepreneurs need to ensure the other areas of their life don't get neglected, said Xero U.S. President Russ Fujioka.<br /><br />"Running a business isn't easy. By taking time out to spend with your family or friends, you often find you return to work energized with a clear perspective on what you need to achieve," Fujioka, said in a statement.<br /><br />Additionally, successful entrepreneurs aren't afraid to ask for help. The research revealed that one-third of successful small business owners have turned to mentors, family or advisors for support, compared to just 14 percent of entrepreneurs who ran a business that didn't survive.<br /><br />"Whether it's for expertise or a friendly ear, a supportive community may not only prevent you from feeling like you're in it all by yourself, but [also] help you brainstorm solutions to a problem or give you tips on how to better manage your business," the study's authors wrote. "Working for yourself doesn't mean you have to go it alone."<br /><br />In addition to keeping their personal lives in order, entrepreneurs must also have a strong hold on their finances, the study found. Of the business owners who blamed their failure on a business issue, as opposed to a personal matter, 65 percent said it was because of a financial reason, such as not enough cash flow, visibility or access to capital.<br /><br />"My advice is to learn about your cash flow pretty early on, even if financials are not your 'thing,' Emma Lomax, founder of Emma Lomax London, told the study's authors. "It's in the best interest of your new business that you know where your cash comes from and where it's spent."<br /><br />Marketing also separates successful small business from those that fail. The research discovered that nearly half of surviving small businesses invest money in marketing campaigns, compared to just 20 percent of failing businesses.<br /><br />The study also found that small business owners have a greater chance to succeed by selling a service. Nearly 60 percent of businesses surveyed that were selling mostly services survived, compared to just 19 percent of businesses that focused on selling products.<br /><br />Overall, small businesses today rely on technology to succeed more than ever. Nearly half of those surveyed use business apps, with 32 percent using mobile-payment technology. In addition, more than 25 percent are using business-planning tools.<br /><br />In the end, small business owners need to keep a positive mindset, even in the face of adversity. The research shows that the majority of entrepreneurs are more likely to see failure as a good thing, learn from mistakes and want to try again. Specifically, 71 percent of entrepreneurs who had a business that didn't survive described that experience as a positive.<br /><br />Matthew Bradley, an investor with Forward Partners, told the study's authors that the way small business owners react to the challenges they haven't anticipated will likely determine their success or failure.<br /><br />"If you're lucky enough to get it right first time, great," Bradley said. "If you don't, and you learn from it, you'll be greatly increasing your probabilities of success in subsequent ventures."<br /><br />The study was based on surveys of 2,000 current and former owners of businesses that had 20 or fewer employees in the United States and United Kingdom.<br /> </div>

Beyond Passion: The Traits of Successful Entrepreneurs

With half of all small businesses closing their doors within five years of opening, it takes more than just passion to succeed, new resea...

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