Category: plan

6 Ways to Start a Property Business

Here’s 6 Ways for You to Start a Property Business

Property business does not always have to be with large capital, even this business can be done without capital. The most important capital to start a property business is speaking skills. Everyone is certainly equipped with the ability to speak from birth, of course this is not a big problem for those of you who want to start a property business. Below is a summary of 9 ways to start a property business from scratch without capital that you might try.

1. Do Research First

Every business should start by doing research or research on the market. Market research is essential to make sure you are buying at a price that is reasonable. So, do some research before deciding to take a property product to be marketed again.
 
In addition, avoid rushing to buy property before knowing the details, for example price, location, facilities, infrastructure, market needs, and external factors. Some of the external factors that may have an impact on property value are the industrial environment, areas prone to flooding, location near highways, and others.
You will learn how to deal with every failure and of course when you are successful, the feeling of satisfaction is unmatched.

2. Homestay business aka room rental

Especially for those of you who still live at your parents’ house, you can run this property rental business. As long as there is a room or room that is not used there.
With the AirBnB, AiryRoom, Traveloka, Booking.com and so on, you can rent rooms in your house to other people. Those who are traveling or looking for boarding houses may be interested in renting your home.
If you say how much the capital is, it all depends on the situation and conditions as well.
There are risks to renting out a room or part of your house. It could be in the form of damage to facilities, inflated electricity bills, and so on.
Make sure you have made calculations to be aware of this risk before setting the rental price. Then, also make sure the person who rents your house is responsible for using the facilities. Don’t make trouble later.
When pricing, set the price a little higher so that if it sells you make a profit.

3. Create Your Own Property Selling Site

In this era of increasingly developing technology, marketing through online media has become very important.
The reason is, now more people are looking for everything through online media.
This way of doing property business without capital can start from advertising your property on special property sites for free.
Furthermore, you can also market through personal social media.
Actually, as a property agent, you should have your own marketing site. 
Do not worry! This property business business is still without capital, really. As a first step, use the free features of blogger.com or wordpress.com. Don’t forget, if your business is growing, then start using a paid domain.
If in the future you find it difficult to set a schedule, then there’s nothing wrong with deciding to find some employees.

4. Create a Business Brand

When business starts to run smoothly, you can brand your own business to make it more professional.
 Look for a name that is easy to remember and make sure you have legally registered the name so that things do not go wrong. Prospective buyers and sellers will have more confidence in a service that already has a name and has proven to be useful to them. At this stage, registering a business mark does cost money. 
If your budget is limited, you can borrow in advance from family relatives or the bank and commit to returning it on time.
where true success lies is the journey to that success

5. Become a real estate agent

Become a real estate agent. As a property broker, your job is to act as a liaison between the seller and the buyer. 
Of course, you need to have special abilities so you can get the best buyers for the sellers who use your services. Fortunately all that you can do over time because experience is the best teacher. In addition, you can also move alone as a realtor. There is no need to be under company auspices. 
This is what makes many people become property brokers. If the transaction is successful, you will certainly get a pretty tempting commission.

6. Have an Honest Nature and Build a Network of Relationships as extensive as possible

In any business, honesty is the main foundation because honesty will give birth to the trust of consumers. 
When consumers already trust you, it will be easier for you to captivate them to buy your property. In addition, being honest will make your reputation good in the eyes of consumers so that your business can run smoothly in the future.
And by having a wide and many network of relationships, your name will be increasingly recognized. That way, you will find it easier to get information about property and also have the opportunity to have cooperation opportunities.

Be patient in doing business

When this small business has grown to a large extent, you can start a business in the property sector on a larger scale. Do not rule out the possibility that in the future you will become a property tycoon like the crazy rich in Indonesia.

5 best business opportunities during a pandemic

 business opportunities during a pandemic

In the era of the Covid-19 pandemic, all activities were restricted. However, this condition does not mean that creativity is hampered, including in looking for business opportunities.

IN THE ERA of the Covid-19 pandemic, all activities are restricted. However, this condition does not mean that creativity is hampered, including in looking for business opportunities. Especially now that we have entered the new normal era. Here are 10 business opportunities that are suitable for the R&D survey version of the pandemic.

1.Graphic Design Services

Graphic design services could have a good chance of being applied during a pandemic. Moreover, there are many individuals or institutions who need visual content for various purposes, such as promotion.

2. Bloging

In the pandemic era, creating a blog and making money from a blog is one surefire way to make money quickly and safely. Without thinking about having to leave the house and do things that can only be done from inside the house.


Crisis conditions leave uncertainty. Companies, consumers, and even governments are struggling to understand what is happening and what action must be taken to address this massive problem.

3.  Digital Business

Digital business is one of the lines of business sectors that are considered to be the most resilient even in crisis conditions. It is undeniable that technological developments bring enlightenment to society and are able to support and develop other business sectors.

In the process, digital business has become a solution for most people to get out of their problems, and can even encourage people to get out of times of crisis. For example, digital technology in the form of a video conferencing application can help employees face disgust over long distances and solve business problems during the health crisis due to the current Covid-19 Pandemic.

Technologies such as online accounting software can also help companies solve financial management problems practically, accurately and quickly. In essence, success will be achieved if you have the energy and confidence in your ability to get through a crisis. Because basically, every business actor must be ready and eager to “win” every crisis.


The need to maintain and restore health will not be lost due to any momentum, so that it can be used as a business opportunity while helping people meet their health needs.


4.  Hand Sanitizer business

Market demand for hand sanitizers and masks changed so rapidly after the Covid-19 outbreak entered Indonesia. Claims that hand sanitizers can kill the corona virus, have made sales so high. Several Gadjian and Hadirr clients, such as the cosmetic company Mineral Botanica, have also seen this increase in demand. This made many people hunt for hand sanitizers and had led to scarcity. This can be an opportunity for you to start a business because of the high demand for hand sanitizers.
How to make your own hand sanitizer is quite easy and you can do it yourself when you are #dirumahsaja. Making hand sanitizers according to WHO standards, you must prepare 70% alcohol.
This pandemic requires everyone to quickly adjust to new work patterns. Some examples are workers who have to change their activities to Work From Home (WFH), students and schoolchildren also have to learn online. Even though many activities cannot run as usual, we must remain optimistic about taking business opportunities.

5. Home Offline Business

Apart from taking advantage of technology, you can also open a business directly or offline at home. A home business can be a profitable business opportunity with minimal capital and be more flexible by leveraging your abilities. You can open a haircut or salon service business.
Haircut services are a promising and developing business opportunity. You can get a satisfactory turnover with only light capital, to buy equipment and supporting tools. For promotion, you can take advantage of social media without spending capital.
And do not need a special place because it can be done at home. Apart from cutting or salon services, a very profitable business opportunity is the laundry business. Nowadays many people do not have time to wash clothes, especially among employees and students who are busy with their routines.
This provides a great opportunity for you to earn money by opening a laundry service at home. Laundry business does not require large capital and a large space. You can use the garage or home page to run the business.
This business is perfect if you live in an agency or company area with the majority of employees or students. The laundry business is one of the best business opportunity choices to get additional benefits without large capital.
The ease of technology now makes you not need to be confused if you need business capital, because People’s Capital is ready to serve your capital needs to open a business. With a variety of business ideas above, you can take advantage of these business opportunities to increase your monthly income.

Skills Needed by a Business Development

Skills Needed by a Business Development

Interested in becoming a BD or even want to swerve into a BD? Check out the skills needed by a BD below: 

1. High Motivation

Being a BD is required to have high innovation and discipline in work. A BD also cannot give up easily and be able to meet targets within limitations and also deadlines.

2. Management

With a very diverse focus on tasks, BD must have the ability to manage time and priorities.
A BD must also be smart in managing existing resources on the team and company so that they can support business growth.

3. Communication

Not only working behind the scenes, a BD person must also have good communication skills.
The reason is, they must communicate with prospective customers, clients, teams, and also presentations to colleagues or clients.

4. Marketing

Not only with sales, BD also works a lot with the marketing division to promote the brand. Therefore, a BD should also have basic skills in marketing.

5. Negotiation

In his work, a BD will be faced with negotiating with existing or potential clients for cooperation with the company.
Well, in this case a BD must hone skills in negotiation so that all projects can be successfully achieved.

6. Data analysis

There will be a lot of data that a BD person has to analyze. From sales growth data per month, investor data, client data, to data from competitors that need to be analyzed and studied.
From here, accuracy and data analysis skills are needed. Data is not just writing, you know! A lot of data contains picture patterns, numbers, number patterns, and even mathematical operations.
A BD must also be able to compile data and present it to superiors in language that is easy to understand.
If you are confident in your data analysis skills, you may be very well suited to work as business development.

7. Project management

Working to develop a business is complex and high risk. Being a BD requires a high level of responsibility because the company hangs its fate in your hands.
In becoming a BD, you must be prepared to face all the best and worst possibilities. You don’t only have to work on projects, but teamwork, team support, and problem solving.
In this case, leadership needs to be instilled in your mentality so that all the projects you lead can run smoothly and in harmony with the team.
From the explanation about work, responsibilities, and BD skills, are you sure that everything is already in you?
If so, it’s time for you to sign up for Glints now! You can get hundreds of job vacancies and business development internships that are right for you.

Difference between Business Development and Sales

Difference between Business Development and Sales

Many consider BD work to be the same as sales. 


In fact these two jobs are different. 
People in business development have the duty to advance a company with its business development strategy. 
For example, by developing new markets, selling subsidiaries to other companies, and the like. 
A sales development job also aims to increase profits for the company. 
However, sales development is more responsible for cooperation or purchase contracts, handling prospects, and providing demonstrations of the products being sold. 
 Sales development is more focused on the product being sold and getting profit from the sale. 
 Even though these jobs are different, the two are related to each other, you know! 
Sales may enter into the business development section. With the same goal of making a profit, they can work together to exchange strategies in order to achieve the company’s expected targets.
 Imagine if BD tasks were done alone without sales, maybe the company’s progress would not be optimal. 

Responsibilities of Business Development

Already get a little enlightenment about the work of BD? Now, it’s time to find out what BD jobs and responsibilities are:

Seeking new customer opportunities and maintaining relationships between customers or clients

  • Work with other divisions to meet market or client needs
  • Compile and present the company’s business development plan
  • Conducting research on the company’s business development on a regular basis
  • Understand the company’s products, competitors, and the business position in the market
  • Working closely with the sales department in order to get new promising prospective clients or customers
  • Do market research

What Is Business Development?

Do you have good communication skills? Interested in the business world? Like to interact with new people? Maybe business development (BD) is the right job for you. What, really, is a business development job? Come on, see the explanation below.

 

What is Business Development?

Some people still think that BD is a sales job. In fact, this is not the case. Reporting from Forbes, BD is a process of creating long-term value for the company through customers, markets, and business relationships. This means, BD is a person who is responsible for finding ways so that the interaction of the three channels (customers, markets, and business relations) can create opportunities for the company to continue to grow. Long-term value or what is commonly called long-term value itself is simply money, profit, image, or whatever is the main goal of a developing company. However, the person in charge of business development does not just make the most of the profit in a short amount of time. They also have to think about strategies and tactics in the long term for the development of the company. In other words, a BD must rotate money constantly so that the company is always profitable. For this reason, BD will develop the three elements mentioned earlier. How to? Let’s discuss each of the elements. 

1. Customers 

    Without customers, a company will not develop. However, a product or service might not be suitable for all people. How can you make a product or service enjoyed by as many layers of society as possible? Well, this strategy must be solved in business development. 

 2. The market 

In building a business, the target market is one that must be considered from the start. This is useful so that the company knows what products or services can be sold. However, this target market can continue to grow, not stagnant at only one point. A BD usually will think about and adjust his product so that he can target new markets. 

 3. Business relations

 The company will certainly build relationships with customers, sponsors, or clients. Without good relationships, maybe a business will not last long. Then, what is the duty of a BD? A BD works with his team to build good relationships based on mutual trust, respect, and appreciation. The goal is that the relationship runs in the long term.
Difference between Business Development and Sales 

How Investors React To ClearPoint Neuro’s (NASDAQ:CLPT) CEO Pay?

Want to participate in a short research study? Help shape the future of investing tools and earn a $40 gift card! 

This article will reflect on the compensation paid to Joe Burnett who has served as CEO of ClearPoint Neuro, Inc. (NASDAQ:CLPT) since 2017. This analysis will also assess whether ClearPoint Neuro pays its CEO appropriately, considering recent earnings growth and total shareholder returns.

View our latest analysis for ClearPoint Neuro

How Does Total Compensation For Joe Burnett Compare With Other Companies In The Industry?

At the time of writing, our data shows that ClearPoint Neuro, Inc. has a market capitalization of US$60m, and reported total annual CEO compensation of US$864k for the year to December 2019. That’s a notable increase of 68% on last year. While we always look at total compensation first, our analysis shows that the salary component is less, at US$366k.

In comparison with other companies in the industry with market capitalizations under US$200m, the reported median total CEO compensation was US$595k. This suggests that Joe Burnett is paid more than the median for the industry. Furthermore, Joe Burnett directly owns US$1.1m worth of shares in the company.

Component 2019 2018 Proportion (2019) Salary US$366k US$360k 42% Other US$498k US$155k 58% Total Compensation US$864k US$515k 100% On an industry level, roughly 21% of total compensation represents salary and 79% is other remuneration. According to our research, ClearPoint Neuro has allocated a higher percentage of pay to salary in comparison to the wider industry. If non-salary compensation dominates total pay, it’s an indicator that the executive’s salary is tied to company performance.

ClearPoint Neuro, Inc.’s Growth

ClearPoint Neuro, Inc. has seen its earnings per share (EPS) increase by 62% a year over the past three years. Its revenue is up 44% over the last year.

Shareholders would be glad to know that the company has improved itself over the last few years. The combination of strong revenue growth with medium-term earnings per share improvement certainly points to the kind of growth we like to see. Looking ahead, you might want to check this free visual report on analyst forecasts for the company’s future earnings..

Has ClearPoint Neuro, Inc. Been A Good Investment?

We think that the total shareholder return of 90%, over three years, would leave most ClearPoint Neuro, Inc. shareholders smiling. So they may not be at all concerned if the CEO were to be paid more than is normal for companies around the same size.

To Conclude… As we noted earlier, ClearPoint Neuro pays its CEO higher than the norm for similar-sized companies belonging to the same industry. Importantly though, earnings per share growth and shareholder returns are very impressive over the last three years. So, in acknowledgment of the overall excellent performance, we believe CEO compensation is appropriate. Given the strong history of shareholder returns, the shareholders are probably very happy with Joe’s performance.

While it is important to pay attention to CEO remuneration, investors should also consider other elements of the business. That’s why we did some digging and identified 3 warning signs for ClearPoint Neuro that investors should think about before committing capital to this stock.

Switching gears from ClearPoint Neuro, if you’re hunting for a pristine balance sheet and premium returns, this free list of high return, low debt companies is a great place to look.

Story continues

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com.

CATTLE BUSINESS IDEAS FOR PLAN

Cattle ranchers or farmers match the available resources with the appropriate cattle business to make a profit. 

Those with an interest in starting a cattle business research a number of factors, including what land and facilities are available for raising cattle. They look at available labor, feed resources and the type of markets present. There are a number of cattle businesses to consider.

Cow-Calf Enterprises

Cattle ranchers or farmers own breeding cows. The cows are bred once a year and produce a calf. The calves are sold at approximately six months of age and 500 pounds. Some cattle producers raise purebred or seedstock cows. The young bulls produced are sold as breeding stock to commercial cattle producers, which raise cattle for meat production. Cow-calf enterprises require adequate feed to maintain the cows throughout the year, and facilities for raising the cow and calf pairs.

Feeder Calf or Stocker Enterprises

After weaning, calves are called feeder calves.
Ranchers or farmers raising feeder calves purchase the weaner calves and raise them to 700 to 900 pounds. This type of operation works well if pasture, grazing land or abundant hay is available. A specific type of feeder calf enterprise is called backgrounding, where a farmer or rancher purchases calves at weaning time and cares for the calves during the transition from weaning to finishing. Sound health management and nutritional practices are required for backgrounding calves. After one to six months in a backgrounding program, the calves are sold to feeder calf or finishing operations.

Finishing Enterprise

In a finishing enterprise, 700 to 900-pound feeder cattle are fed to reach a market weight of approximately 1,100 to 1,200 pounds. Traditionally, a finishing enterprise requires a large amount of grain feeding to produce a grade beef animal. There is some demand for grass-fed beef cattle, which only receive mother’s milk and grass pasture or hay throughout their lives. Beef cattle usually reach market weight at 15 to 30 months of age.

Dairy Beef Enterprise

Most dairy cattle are raised to go into a milking herd. However, there are numerous male calves, often of the Holstein breed, that are not needed for a milking herd. Some farmers and ranchers purchase 2 to 5-day-old steer calves and raise the calves for beef. During the first 45 days, the young calves are housed in individual stalls and fed milk or milk replacer. They are weaned and transitioned to a hay or pasture and grain diet. Some dairy beef producers sell weaned calves to feeder or finishing enterprises. Other dairy beef producers raise the steer calves to a market weight of 1,150 to 1,300 pounds at 12 to 14 months of age.

Viehzüchter oder Landwirte passen die verfügbaren Ressourcen an das entsprechende Viehgeschäft an, um Gewinne zu erzielen. Diejenigen, die Interesse daran haben, ein Viehgeschäft zu eröffnen, untersuchen eine Reihe von Faktoren, einschließlich der verfügbaren Flächen und Einrichtungen für die Viehzucht. Sie untersuchen die verfügbaren Arbeitskräfte, die Futtermittelressourcen und die Art der vorhandenen Märkte. Es gibt eine Reihe von Viehbetrieben zu berücksichtigen.

Kuh-Kalb-Unternehmen

Viehzüchter oder Landwirte besitzen Zuchtkühe. Die Kühe werden einmal im Jahr gezüchtet und bringen ein Kalb hervor. Die Kälber werden im Alter von ungefähr sechs Monaten und 500 Pfund verkauft. Einige Viehzüchter ziehen reinrassige Kühe oder Saatgutkühe auf. Die produzierten Jungbullen werden als Zuchtbestand an gewerbliche Viehzüchter verkauft, die Rinder für die Fleischproduktion aufziehen. Kuhkälberbetriebe benötigen ausreichend Futter, um die Kühe das ganze Jahr über zu halten, und Einrichtungen zur Aufzucht der Kuh- und Kälberpaare.

Feeder Calf oder Stocker Enterprises

Nach dem Absetzen werden Kälber Futterkälber genannt. Viehzüchter oder Landwirte, die Futterkälber aufziehen, kaufen die Absetzkälber und ziehen sie auf 700 bis 900 Pfund auf. Diese Art der Operation funktioniert gut, wenn Weideland, Weideland oder reichlich Heu verfügbar sind. Eine bestimmte Art von Futterkälberbetrieb wird als Hintergrund bezeichnet, bei dem ein Landwirt oder Viehzüchter Kälber zur Entwöhnungszeit kauft und die Kälber während des Übergangs von der Entwöhnung zur Fertigstellung pflegt. Für die Hintergrundbehandlung von Kälbern sind ein solides Gesundheitsmanagement und Ernährungspraktiken erforderlich. Nach ein bis sechs Monaten in einem Hintergrundprogramm werden die Kälber an Futterkälber oder Endbearbeitungsbetriebe verkauft.

Finishing Enterprise

In einem Veredelungsunternehmen werden 700 bis 900 Pfund schwere Futterrinder gefüttert, um ein Marktgewicht von ungefähr 1.100 bis 1.200 Pfund zu erreichen. Traditionell benötigt ein Veredelungsunternehmen eine große Menge Getreidefutter, um ein Rindfleisch vom Typ Qualität zu produzieren. Es besteht eine gewisse Nachfrage nach grasgefütterten Rindern, die während ihres gesamten Lebens nur Muttermilch und Grasweide oder Heu erhalten. Rinder erreichen normalerweise im Alter von 15 bis 30 Monaten das Marktgewicht.

Dairy Beef Enterprise

Die meisten Milchvieh werden aufgezogen, um in eine Melkherde zu gehen. Es gibt jedoch zahlreiche männliche Kälber, oft aus der Holsteiner Rasse, die für eine Melkherde nicht benötigt werden. Einige Landwirte und Viehzüchter kaufen 2 bis 5 Tage alte Kälber und ziehen die Kälber für Rindfleisch auf. Während der ersten 45 Tage werden die jungen Kälber in einzelnen Ställen untergebracht und mit Milch oder Milchaustauscher gefüttert. Sie werden entwöhnt und auf Heu oder Weide und Getreide umgestellt. Einige Milchrindfleischproduzenten verkaufen entwöhnte Kälber an Futter- oder Veredelungsunternehmen. Andere Milchrindfleischproduzenten heben die Ochsenkälber im Alter von 12 bis 14 Monaten auf ein Marktgewicht von 1.150 bis 1.300 Pfund an.

4 HOT NEW BUSINESS IDEAS FOR MILENIALS

Looking for that perfect small business idea? Seems like every time you look at your news feed, another disruptive technology is taking over.

 
All the good ideas have been taken and there is nothing left for you to do but stay stuck in your dead-end job, right? Wrong! As a millennial, you don’t have to be part of the disruption in order to profit from a business. There are many businesses that you can start now that can be profitable. 
Being an entrepreneur doesn’t mean you have to invent something new. 
You just need to find a way to solve a need in the economy and make money while doing it. 1. Hacking The Sharing Economy The sharing economy is huge and continues to offer opportunities for aspiring entrepreneurs. Uber and Lyft have allowed people to turn their vehicles into a salary, but being a driver for one of these companies is not the best part. “At the end of the ride, he handed us a very nice business card that explained that he was a private driver for hire,” Evan Kaeding, of Billy, recalls of an Uber ride he recently took. “His offerings ranged from fixed rate airport rides to Willamette Valley Vineyard tours.” 
 When you factor in the cleanliness of the vehicle and professionalism of the driver, he likely makes more money as a private driver than he does from Uber. But, what if you want to make money from the sharing economy but don’t want to be a driver? Well, there is a way to do that! “The gig economy is booming but driving strangers around isn’t for everyone,” says Mike Catania, co-founder of PomotionCode.org. “Instead, budding entrepreneurs can work to recruit drivers. Right now, both Uber and Lyft discreetly pay bounties to people to sign up new drivers and pay up to $500 each. An ambitious millennial can easily build a company around recruitment without the hassle of other people leaving a mess in your backseat.”

2. Anything in Healthcare Starting a business in the healthcare field can be a sure bet if positioned properly. Why? We’re all getting older. Newsmax reports that 10,000 baby boomers will retire each day for the next 19 years. They are the largest generation and getting older quickly. “With the aging baby boomer population, the need for medical services is ever increasing,” says Lawrence J. 

Buckfire, attorney and founder of Drug Lawsuit Source, a website that specializes in dangerous-drug lawsuits. “This includes medical supplies and senior living facilities.   
The need for medical professionals and non-medical personnel to work in facilities is growing, even just to help avoid drug mistakes, medication errors and drug errors with the elderly,” 
 Some of the best fields in healthcare for the future include technology for compliance and anything associated with data analysis. A recent study by the Journal of Health Information Science and Systems explains big data in healthcare will continue to be a growing need. “Big data analytics in healthcare is evolving into a promising field for providing insight from very large data sets and improving outcomes while reducing costs. Its potential is great; however there remain challenges to overcome.” 3. 
Water is the New Gold Water is becoming one of the hottest commodities on the market thanks to the decade-long drought in California. Also, the world population is growing and the need for clean water is increasing. “There are more than a billion people without access to clean water,” says Nicholas Armer, Director of Business Development for FlowMetrics. “That number will only climb as our population grows and need for clean water increases. Starting a business that addresses that need only makes sense.” With water becoming a whole new industry that is in demand, there are opportunities from bottling to supply, to associated services. Desalination companies are starting to increase service offerings throughout the world, which also opens up opportunities for people to bring that water to the local level. 
How will that happen? Well, leave it to a millennial to find a way to disrupt it.

4. People Need to Sleep Speaking of an increase in population, housing is once again in demand. Despite the housing-market crisis at the turn of the century, states like California are now unable to keep up with housing demands. To hark back to what I wrote earlier about the aging population, there is going to be an increased need for affordable retirement living as well. 

 Thinking outside the box, keep in mind that many people now travel for work. This leaves the door wide open for short-term housing, which has already been disrupted thanks to companies like Airbnb. And, it’s not only the property owners who can make money. “Regardless, the growing appetite among travelers and investors for short-term rentals points towards lucrative business opportunities for agents,” writes Teke Wiggin in an article on inman.com. 
 Summing it Up If you think all the best business ideas are taken, you aren’t thinking deeply enough. You can build off a current thriving industry and find a new way to disrupt it. Even if you don’t plan on disruption, there are plenty of ways to work yourself into the industry and make a good profit. 
Regardless of what you choose to do, just remember there are plenty of opportunities out there waiting for you to take advantage.

How To Start A Business 2020

How To Start A Business 2020

Talk to any entrepreneur or small business owner and you’ll quickly learn that starting a business requires a lot of work. An idea doesn’t become a business without effort.

Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture. If you’re willing to put in the effort to build a business, you’re going to want to know the steps needed to reach your goals.

More information about How To Start A Business 2020. Click here

Tasks like naming the business and creating a logo are obvious, but what about the less-heralded, equally important steps? Whether it’s determining your business structure or crafting a detailed marketing strategy, the workload can quickly pile up. Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a lightbulb above your head to a real entity.

In this article…

  • Refine your idea.
  • Write a business plan.
  • Assess your finances.
  • Determine your legal business structure.
  • Register with the government and IRS.
  • Purchase an insurance policy.
  • Build your team.
  • Choose your vendors.
  • Brand yourself and advertise.
  • Grow your business.

1. Refine your idea.

If you’re thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, only faster and cheaper), you’ve got a solid idea and are ready to create a business plan.

“In the words of Simon Sinek, ‘always start with why,'” Glenn Gutek, CEO of Awake Consulting and Coaching, told Business News Daily. “It is good to know why you are launching your business. In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why. When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need.”

Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation.

Regardless of which option you choose, it’s vital to understand the reasoning behind your idea. Stephanie Desaulniers, director of operations and women’s business programs at Covation Center, cautions entrepreneurs from writing a business plan or brainstorming a business name before nailing down the idea’s value.

“Many people think they have a great idea and jump into launching their business without thinking through who their customers will be, or why these people should want to buy from or hire them,” Desaulniers said.

“Second, you need to clarify why you want to work with these customers – do you have a passion for making people’s lives easier? Or enjoy creating art to bring color to their world? Identifying these answers helps clarify your mission. Third, you want to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay.”

During the ideation phase, you need to iron out the major details. If the idea isn’t something you’re passionate about or if there’s not a market for your creation, it might be time to brainstorm other ideas.

2. Write a business plan.

Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan.

A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can’t find evidence that there’s a demand for your idea, then what would be the point?

Conduct market research.
Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups, and researching SEO and public data.

Market research helps you understand your target customer – their needs, preferences and behavior – as well as your industry and competitors. The U.S. Small Business Administration (SBA) recommends gathering demographic information to better understand opportunities and limitations within your market.

The best small businesses have products or services that are differentiated from the competition. This has a significant impact on your competitive landscape and allows you to convey unique value to potential customers. A guide to conducting market research can be found on our sister site, business.com.

Consider an exit strategy.
It’s also a good idea to consider an exit strategy as you compile your business plan. Generating some idea of how you’ll eventually exit the business forces you to look to the future.

“Too often, new entrepreneurs are so excited about their business and so sure everyone everywhere will be a customer that they give very little, if any, time to show the plan on leaving the business,” said Josh Tolley CEO of both Tribal Holdings and Kavana.

“When you board an airplane, what is the first thing they show you? How to get off of it. When you go to a movie, what do they point out before the feature begins to play? Where the exits are. Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building. Too many times I have witnessed business leaders that don’t have three or four pre-determined exit routes. This has led to lower company value and even destroyed family relationships.”

A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it. Check out our full guide to writing a business plan, and when you’re ready to put pen to paper, these free templates can help.

[See related story: The Best Business Plan Software]

3. Assess your finances.

Starting any business has a price, so you need to determine how you’re going to cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you’re planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It’s best to find out how much your startup costs will be.

Many startups fail because they run out of money before turning a profit. It’s never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.

Perform a break-even analysis.
One way you can determine how much money you need is to perform a break-even analysis. This is an essential element of financial planning that helps business owners determine when their company, product or service will be profitable.

The formula is simple.

Fixed Costs / (Average Price – Variable Costs) = Break-Even Point
Every entrepreneur should use this formula as a tool because it informs you about the minimum performance your business must achieve to avoid losing money. Furthermore, it helps you understand exactly where your profits come from, so you can set production goals accordingly.

Here are the three most common reasons to conduct a break-even analysis:

Determine profitability. This is generally every business owner’s highest interest. Ask yourself: How much revenue do I need to generate to cover all my expenses? Which products or services turn a profit and which ones are sold at a loss?

Price a product or service. When most people think about pricing, they consider how much their product costs to create and how competitors are pricing their products. Ask yourself: What are the fixed rates, what are the variable costs, and what is the total cost? What is the cost of any physical goods and what is the cost of labor?

Analyze the data. What volumes of goods or services do you have to sell to be profitable? Ask yourself: How can I reduce my overall fixed costs? How can I reduce the variable costs per unit? How can I improve sales?
Watch your expenses.
Don’t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won’t help you reach your business goals.

“A lot of startups tend to spend money on unnecessary things,” said Jean Paldan, founder and CEO of Rare Form New Media. “We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people. They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when). Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success. Luxuries can come when you’re established.” 

If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure. If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender. [See related story: Best Alternative Small Business Loans]

Startups requiring significant funding upfront may want to bring on an investor. Investors can provide several million dollars or more to a fledgling company, with the expectation that the backers will have a hands-on role in running your business.

Alternatively, you could launch an equity crowdfunding campaign to raise smaller amounts of money from multiple backers. Crowdfunding has helped numerous companies in recent years, and there are dozens of reliable crowdfunding platforms designed for different types of businesses.

You can learn more about each of these capital sources and more in our guide to startup finance options.

Choose the right business bank.
When choosing the right business bank, size matters. Marcus Anwar, co-founder of OhMy.Canada recommends smaller community banks because they are in tune with the local market conditions and will work with you based on your overall business profile and character.

“They’re unlike big banks that look at your credit score and will be more selective to loan money to small businesses,” Anwar said. “Not only that, but small banks want to build a personal relationship with you and ultimately help you if you run into problems and miss a payment. Another good thing about smaller banks is that decisions are made at the branch level, which can be much quicker than big banks where decisions are made at a higher level.”

Anwar believes that when choosing a bank for your business, you should ask yourself these questions:

What is important to me?
Do I want to build a close relationship with a bank that’s willing to help me in any ay possible?
Do I want to be just another bank account like big banks will view me as?
Ultimately, choosing the right bank for your business comes down to the needs of your business. Writing down your banking needs can help narrow your focus to what you should be looking for. Schedule meetings with various banks and ask questions about how they work with small businesses to find the best bank for your business. [See related story: Business Bank Account Checklist: Documents You’ll Need]

Editor’s note: Looking for a small business loan? Fill out the questionnaire below to have our vendor partners contact you about your needs.

4. Determine your legal business structure.

Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.

If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit.

Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. You don’t have to go it alone if you can find a business partner with complementary skills to your own. It’s usually a good idea to add someone into the mix to help your business flourish.

If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several types of corporations. This makes a business a separate entity apart from its owners, and, therefore, corporations can own property, assume liability, pay taxes, enter contracts, sue and be sued like any other individual.

One of the most common structures for small businesses, however, is the limited liability corporation. This hybrid structure has the legal protections of a corporation while allowing for the tax benefits of a partnership.

“Corporations, especially C-corporations, are especially suitable for new businesses that plan on ‘going public’ or seeking funding from venture capitalists in the near future,” said Deryck Jordan, managing attorney at Jordan Counsel. 

Ultimately, it is up to you to determine which type of entity is best for your current needs and future business goals. It’s important to learn about the various legal business structures that are available.  If you’re struggling to make up your mind, it’s not a bad idea to discuss the decision with a business or legal adviser.

5. Register with the government and IRS.

To become an officially recognized business entity, you must register with the government. Corporations will need an “articles of incorporation” document, which includes your business name, business purpose, corporate structure, stock details and other information about your company.

Otherwise, you will need to register your business name, which can be your legal name, a fictitious “doing business as” (DBA) name (if you are the sole proprietor), or the name you’ve come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.

Most states require that you get a DBA. If you’re in a general partnership or a proprietorship operating under a fictitious name, you may need to apply for a DBA certificate. It’s best to contact or visit your local county clerk’s office and ask about specific requirements and fees. Generally, there is a registration fee involved.

After you register your business, you may need to get an Employer Identification Number (EIN) from the IRS. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later if you decide to hire someone. The IRS has provided a checklist to determine whether you will require an EIN to run your business. If you do need an EIN, you can register online for free.

You also will need to file certain forms to fulfill your federal and state income tax obligations. The forms you need are determined by your business structure. A complete list of the forms each type of entity will need can be found on SBA’s website. You will need to check your state’s website for information on state-specific and local tax obligations.

“You might be tempted to wing it with a PayPal account and social media platform, but if you start with a proper foundation, your business will have fewer hiccups to worry about in the long run,” said Natalie Pierre-Louis, an attorney with NPL Consulting.

Obtain all required licenses and permits.
Some businesses may also require federal, state or local licenses and permits to operate. The best place to obtain a business license is at your local city hall. You can then use the SBA’s database to search for licensing requirements by state and business type.

Businesses and independent contractors in certain trades are required to carry professional licenses. One example of a professional business license is a commercial driver’s license (CDL). Individuals with a CDL are allowed to operate certain types of vehicles, such as buses, tank trucks and tractor-trailers. A CDL is divided into three classes: Class A, Class B and Class C.

You should also check with your city and state to find out if you need a seller’s permit that authorizes your business to collect sales tax from your customers. A seller’s permit goes by numerous names, including resale permit, resell permit, permit license, reseller permit, resale ID, state tax ID number, reseller number, reseller license permit or certificate of authority.

It’s important to note that these requirements and names vary from state to state. You can register for a seller’s permit through the state government website of the state(s) you’re doing business in.

Jordan says that not all businesses need to collect sales tax (or obtain a seller’s permit). “For example, New York sales tax generally is not required for the sale of most services (such as professional services, education, and capital improvements to real estate), medicine or food for home consumption,” Jordan said. “So, for example, if your business only sells medicine, you do not need a New York seller’s permit. But New York sales tax must be collected in conjunction with the sale of new tangible personal goods, utilities, telephone service, hotel stays, and food and beverages (in restaurants).”

6. Purchase an insurance policy.

It might slip your mind as something you’ll “get around to” eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you’re properly protected.

If your business will have employees, you will, at a minimum, need to purchase workers’ compensation and unemployment insurance. You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner’s policy. GL covers property damage, bodily injury and personal injury to yourself or a third party.

If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done while operating your business. Learn more about the types of insurance policies your business might need.

7. Build your team.

Unless you’re planning to be your only employee, you’re going to need to hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the “people” element of their businesses the same attention they give their products.

“Your product is built by people,” Zawadski said. “Identifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority. Figuring out how the team will work together … is equally important. Defining roles and responsibility, division of labor, how to give feedback or how to work together when not everyone is in the same room will save you a lot of headaches down the line.”

8. Choose your vendors.

Running a business can be overwhelming, and you and your team probably aren’t going to be able to do it all on your own. That’s where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you and help you run your business better.

When you’re searching for B2B partners, you’ll have to choose carefully. These companies will have access to vital and potentially sensitive business data, so it’s critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommend asking potential vendors about their experience in your industry, their track record with existing clients and what kind of growth they’ve helped other clients achieve.

Business News Daily offers reviews of the best vendors across a wide range of B2B product and service categories. Visit our Find a Solution section to find our recommendations.

9. Brand yourself and advertise.

Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.

Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. [See related review: Best Email Marketing Software and Services for 2020]

Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry. According to Ruthann Bowen, client relations specialist at EastCamp Creative, too many startups have the wrong mindset about their websites.

“The issue is they see their website as a cost, not an investment,” Bowen said. “In today’s digital age that’s a huge mistake. The small business owners who understand how critical it is to have a great online presence will have a leg up on starting out strong.” 

Creating a marketing plan that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. This process, especially in the beginning, is just as important as providing a quality product or service.

Ask customers to opt-in to your marketing communications. 
As you build your brand, ask your customers and potential customers for permission to communicate with them. The easiest way to do this is by using opt-in forms. These are “forms of consent” given by web users, authorizing you to contact them with further information about your business, according to Dan Edmonson, founder and CEO of Dronegenuity.

“These types of forms usually pertain to email communication and are often used in e-commerce to request permission to send newsletters, marketing material, product sales, etc. to customers,” Edmonson said. “Folks get so many throwaway emails and other messages these days, that by getting them to opt-in to your services in a transparent way, you begin to build trust with your customers.”

Opt-in forms are a great starting point for building trust and respect with potential customers. However, it’s important to know that these forms are required by law. The CAN-SPAM Act of 2003 sets requirements for commercial email by the Federal Trade Commission. This law doesn’t just apply to bulk email, it covers all commercial messages in which the law defines as “any electronic mail message the primary purpose of which is the commercial advertisement or promotion of a commercial product or service.” Each email in violation of this law is subject to fines of more than $40,000.

10. Grow your business.

Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to be growing your business. It’s going to take time and effort, but you’ll get out of your business what you put into it.

Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies or even influential bloggers and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization, and volunteer some of your time or products to get your name out there. To grow your business quickly, check out our business growth tips.

While these tips will help launch your business and get you set to grow, there’s never a perfect plan. You want to make sure you prepare thoroughly for starting a business, but things will almost certainly go awry. To run a successful business, you must adapt to changing situations.

“Be prepared to adjust,” said Stephanie Murray, CEO and founder of Fiddlestix Candy Co. “There’s a saying in the military that ‘no plan survives the first contact,’ meaning that you can have the best plan in the world, but as soon as it’s in action, things change, and you have to be ready and willing to adapt and problem-solve quickly. As an entrepreneur, your value lies in solving problems whether that is your product or service solving problems for other people or you solving problems within your organization.”