Small Business Resource

Be Responsible for Your Money Problems

2008-10-06T23:25:00.000-07:00

Do you experience money problems? Perhaps a bad credit score, a low income, or devastating debt payments to make each month? It’s easy and very tempting to blame the government, credit card companies, or possibly even your parents for your problems. However, many people are unable - or proudly refuse - to ponder on the role they play in creating their own financial problems.

Below we give a few examples of when your money problems are mostly your own fault:
-You took out tens of thousands of dollars of student loans because you wanted to get a degree that you should have known would give you a low salary.

-You racked up credit card debt because you travelled, bought clothes, ate out, and purchased other unnecessary things just because “you deserve it.”
-You don’t know what a budget is. You signed up for all your fixed expenses (rent, mortgage, loan agreements, cable, etc) without even considering how much of your take home pay would be leftover after making those payments. That’s why you can barely afford food and gas after paying your bills.

-You were unable to get a proper insurance and then got crushed with unexpected medical or car bills.

-You took a debt that no one with your salary could ever cope with, and now you are unable pay it back. Collections, foreclosures, and/or bankruptcies have devastated your credit. Now you won’t get a loan and you may even be denied housing and certain jobs.

Manhattan’s immunity to real estate crisis?

2008-10-06T23:23:00.001-07:00

Is the real estate market in Manhattan still flourishing?
The real estate recession has been continuously spreading since the credit crunch started 8 months ago, reducing considerably prices in small towns, suburbs, and cities such as Seattle and San Francisco that have so far been resilient to the crisis. It would seem that New York is the last big city where real estate is flourishing.Between January and March 2008, the average price for a Manhattan home increased by 18%, up to $872,000, compared with the same period last year.

What is driving the prices up in NYC?
New York’s real estate boom was developed by means of a slew of newly completed and startlingly expensive condos.For example, Sting paid $26.5 million for a condo in the newly-built 43-story building at 15 Central Park West. Sanford Weill, the former chairman of Citigroup, bought an apartment in the same building for more than $42 million for an apartment in the same building.

What are the prices of the lower end apartments?
The market is also busy on its lower end, which in case of Manhattan generally starts atapproximately $400,000 for a studio. (People in New York are used to living with less space.)

Tips and techniques to resolve your credit card debts problems

2008-10-06T23:21:00.000-07:00

Credit card debt is a serious issue. You need to be aware of good tips and techniques to pay off your balances, know more about consolidation methods and reputed companies offering such services and find out ways to regain your financial freedom through the debt reduction program.

The first step to pay off credit card debt is to pay more than the minimum amount. Paying just the minimum amount will hardly make any dent on the principal amount and most of your payments will be going towards interests and fees. The longer you take to repay the charges, the outstanding balance will add up with more interests and fees and you will fall short of cash in your pocket each month.

Make larger payments each month so that the maximum portion can go towards the principal balance. This is the most suitable way of bringing down your outstanding balance. Make a few sacrifices from your monthly expenses so that you can contribute the saved amount towards repaying the debts. After all, you will benefit in the long run when you will be credit card debt free.

If you are not able to make any progress on your own, consider the services of a debt management company or the debt settlement program. A good debt management company or a reputed debt settlement company will negotiate with your creditors and represent you in front of your creditors and reduce the outstanding balance.

How to Select a Combined Home and Auto Insurance

2008-10-06T23:19:00.000-07:00

When you purchase more than one kind of insurance policy from the same company, you’re usually purchasing what’s called a “multi-line policy.” Some insurance companies may refer to this as a “combined policy.” Regardless of the name, most insurance companies offer discounts for these kinds of multi-insurance purchases. This means you could save loads of money on premiums by purchasing more than one kind of insurance policy from a company with which you’re already doing business. Cheaper and easier? It just makes sense.

If you already have a homeowner insurance policy, or an auto insurance policy, ask an agent or representative if your insurance company provides the opposite kind of insurance coverage, too (home or auto, whichever relates to your situation). Since purchasing both kinds of insurance coverage will most likely make you eligible for a discount, your insurance company undoubtedly has its own special procedures to get you signed up with a combined home and auto insurance policy.

If you don’t already have either kind of insurance policy, what are you waiting for? While homeowner insurance isn’t always required, auto insurance is required in all states. Get two birds with one stone by searching online for combined home and auto insurance. The process for shopping around for multi-line insurance isn’t much different than shopping for only one kind of insurance.

How to Get Cheap Interim Health Insurance

2008-10-06T23:17:00.000-07:00

Are you between jobs and looking for interim health insurance coverage? Here's how to find cheap interim health insurance with a reliable company.

Interim Health Insurance Coverage
Interim health insurance provides you with health insurance coverage until you can get permanent coverage from your new employer. Coverage can be from one month to twelve months in duration, and most insurance companies allow you to extend your coverage if you need to.

Interim Health Insurance Costs
Interim health insurance rates vary from $25 a month to $125 a month. Deductibles, the amount you must pay toward a claim before your insurer will pay, are higher than they are with regular health insurance. Co-insurance, the percentage of the total bill you pay after you pay the deductible, varies from 20% to 50%.

Cheap Interim Health Insurance
The easiest way to get the best price on interim health insurance is to go to an insurance comparison website where you can get rate quotes from a number of different companies. In order to get your quotes you'll need to fill out a short form with your insurance information and the amount of coverage you want.

p/s: To get the cheapest rate choose the highest deductible you can afford as you fill out the form. Once you get your quotes simply choose the cheapest quote that has the coverage you need.

5 Part-Time Business Ideas

2007-09-02T19:29:00.000-07:00

Want to operate a sideline business along with your current business? Or are you simply curious about entrepreneurship, and want to test the waters before you commit to the world of commerce? Whatever your reason, here are 5 sure-fire ways to get started today with your own part-time business.

Espresso Cart

Brew up profits day after day! Specialty coffee drinks generate gross profits of 55.1 to 61.5 percent per cup, says the Specialty Coffee Association of America. So brush up on your coffee drinks, buy or rent an espresso cart, and head for sporting events, concerts and farmers' markets in your community.

Handyman

If it's broke, you can fix it. Your phone will ring off the hook with calls from homeowners, senior citizens and others who don't want to fix it themselves. Advertise in shopper publications and on bulletin boards, and drop off fliers at real estate offices. Then start repairing everything from leaky faucets to broken windows.

Medical Transcription

Work as an important member of a medical team without leaving your homebased office. There's big demand by hospitals, doctors, dentists, chiropractors and veterinarians who need outside help transcribing patient medical records. Training in medical terminology and linguistic skills will keep your business healthy.

Mobile Home-Entertainment Service

When it's dirty, disconnected or in need of repair, you'll save the day for homeowners who want their stereo, compact-disc player or videocassette recorder in working order. Brush up on your electrical and wiring know-how. Door-to-door fliers and calls to retail-store managers about your services will get your business off to a great start.

Office and Home Organizer

Attention all neatniks: Help packrats, overworked executives, and other organizationally challenged individuals clean out messy closets, straighten files, and throw out the excess clutter. Putting your knack for neatness to part-time business use is bound to arrange some tidy profits for you.

good luck!

entrepreneur resource.

How to Research Your Market

2007-07-11T02:59:00.000-07:00

Do your homework before opening your doors to avoid business-busting mistakes.

Is the market saturated? Does your city really need another hardware store or flower shop? How much money is spent in your industry each year in your area? Is there room in the market for one more business?

Does the market want what you’re offering? If you’re thinking of providing day care for dogs or a facility where people can cook a week’s worth of meals in a group setting, will anyone care? Or if you’re developing a new online service for day traders, is it something they can’t live without?

What’s the competition doing? What do they do well? What do they do poorly? What’s unique about them? Can you offer something different that'll encourage customers to patronize you instead of more established businesses?

Can you reach your target audience? If you’re selling inline skates, are you opening in an area with a population of the right age and disposable income?

Local universities. Sometimes professors at business schools are interested in having their graduate students do a market feasibility study for course credit.

Potential customers. Run your idea up the flagpole with informal focus groups. Talk with friends of friends--but not your own friends or family, since they may not tell you the truth--and old customers or existing customers if you’re already in business. This is the acid test to see if your plan is ready for prime time or needs tweaking.

good luck!

~entrepreneur resource

Starting a Business With Your Spouse

2007-07-09T21:24:00.000-07:00

5 things to consider before making your business a family affair :

Divide your roles and responsibilities. Even though both of you may possess the skills to do the work and serve your clients, it's important to divvy up your company's roles and responsibilities so that you don't step on each other's toes. In many small businesses, one partner is the "front of the house," handling sales and business development and preparing proposals and job estimates. The other partner acts as the "back of the house," handling the day-to-day operations and taking care of the bookkeeping, payroll and general office duties. While big decisions such as investing money in a new computer system or hiring an employee should be made together, this can be an excellent way to share power and minimize arguments.

Develop an effective way of airing differences and resolving disputes. While good communication is essential to any marriage, it's just as important in a business relationship. A couple who can't compromise on minor issues such as what kind of printer to buy is going to have difficulty resolving the many problems that will inevitably crop up as the business grows. One way to clear the air is to hold weekly management meetings-on Monday morning, for example-to review the company's performance during the previous week and to put in place plans for improvement. If disputes erupt during the week, you and your spouse can either address them on the spot or wait until the next weekly meeting. It doesn't matter which approach you choose, as long as you and your spouse agree to it.

Put a child-care plan in place. Just because you'll be working from home now doesn't mean that you don't need daycare or babysitting-quite the opposite! If kids are running through your home office demanding attention, you're not going to be able to get much work done. One option is for you and your spouse to switch off child-care responsibilities (every other day or mornings and afternoons) so that the other spouse can focus on the business. Another option is to find a part-time or full-time babysitter or child-care program so you can run your business while taking breaks to read to your children, help them with their homework or take them to the park.

Make sure both of you have enough room to work. While some people have no problem working in a noisy office with lots of commotion, others need quiet and privacy in order to concentrate. For example, if you're going to be on the phone pitching clients while your spouse is writing code and troubleshooting clients' networks, you may need two separate rooms to work. While this isn't always possible in a home office with limited space, you can turn one room-say, the dining room-into the "sales and marketing" office while reserving the den or spare bedroom as the "tech room" where your spouse can focus on writing software and documentation.

Agree on an exit strategy before you begin. While it's hard to think about the company's future before you've even launched it, it's important to sit down with your spouse and decide where you want the business to go. If you're content with a kitchen-table business that puts food on the table for your family and your husband wants to be the next Bill Gates and dominate every desktop, you're heading for trouble down the road. You could also run into problems if you want to bet the house and the kids' college fund on building the business and your spouse feels uncomfortable taking even the smallest financial risk. While it may not be necessary to have a lawyer draft a formal shareholders' agreement with buyout provisions and the like, it's a good idea for you and your spouse to agree on an annual budget for your business and to make a list of common goals and objectives.

good luck!

~entrepreneur resource

Short-Term Loan Solutions

2007-07-08T08:17:00.000-07:00

Securing a succession of small loans can help you cover expenses while building revenues .

Can a business borrow some money for the short-term to help cover expenses while building revenues? Yes, and the way to do this type of deal is to secure three or four investors to lend your business funds as part of an overall one-year to 18-month plan. The big picture is that this format is really a series of short-term loans perfectly sequenced to fit end to end.

There are many companies who have used this successfully to keep cash flow flowing while they build and implement the firm's sales and marketing plan. The first four or five monthly payments can actually be made from the proceeds of the loan, provided there is a successor loan set to kick in on the back-end of each credit extension. And owners should understand that each successive round of funding should be an increased level compared to the prior level. There are significant risks involved in pursuing this kind of a deal, but there are also some very attractive potential benefits that buy your company some time to get established in the market.

Here's how it can work. A company sets up a three-month line of credit for, say, $35,000 (must be repaid in full in 90 days). The annual equivalent interest at 7 percent is around $2,400, so it costs about $200 per month "interest-only" for the first three months the $35,000 is accessed. The company sets aside $5,000 to make a 90-day principal payment that could trigger a 30- or 60-day extension of the original terms. This serves as a fallback position in case the subsequent second loan is not ready for some reason on the 91st day.

The company can now use more than $29,000 for operations over the next 90 days, and even without revenue, it can make the $200 interest-only payments each month and have $5,000 set aside to make a principal reduction payment in case they need to keep this line open for another one to two months.

At the 91st day, a second lender steps in with perhaps a $50,000 working capital credit line for another 120 days. This loan is fully amortized over the four months and requires monthly payments of $12,682 (principal and interest) to stay in good standing. The first month's payment is held in a money market account for that initial payment due in 30 days. Now the company has use of around $25,000 (half the loan) for 60 days until payment number two is due, and another $12,000 for the following 30 days out to the end of the third month. By then, the firm will have secured a few early sales on its marketing plan, and a few of these will have already been collected and can be used to pay for some operations items.

good luck!

~entrepreneur resource

Choosing a Financial Advisor

2007-07-08T07:48:00.000-07:00

8 important questions to ask when deciding which personal finance advisor to hire for your business .

Smart business owners are always looking for sound financial advice--informed entrepreneurs recognize the value of the advice they can get from a trusted financial advisor. Working with an advisor is a smart move because they can help you set financial goals and take the necessary steps to accomplish them.

From helping you set up employee and employer retirement benefits and accounts to developing cash management strategies, an advisor can help you achieve financial success in a world where many business owners are “financially lost.”

But there are hundreds of financial experts in the market who are ready and willing to manage your money and investments for you--how do you find one you can trust? When it comes to financial planning, finding the right fit is really your first and most essential step. Here are 9 areas you’ll want to investigate to find the right financial advisor for your business’s needs:

Referrals & Recommendations-In order to track down a reputable advisor, ask your family, friends and work colleagues if they have any suggestions--then follow-up with their recommendations. Another source to ask would be your CPA or attorney. These professionals regularly work with financial advisors and can typically offer strong referrals. Recommendations can help you develop a sense of what kind of value these candidates provide, as well as their work style and client satisfaction levels.
Qualifications-During your research, it’s a good idea to look for advisors with professional training. Many professionals will use the term “Financial Planner” or “Certified Financial Planner Professional.” Ask what makes them qualified to practice. In addition, finding someone with at least five years of experience helping business owners and individuals in your industry and community is an important quality. Researching their background thoroughly will make you more comfortable giving them your money.

Experience-At the initial meeting with your potential future advisor, find out how long the planner’s been in practice as well as the number and types of individuals and companies with which he or she has been associated. Also ask the planner to briefly describe his or her work experience. Asking how much experience they have in financial consulting isn’t insulting, and a reputable planner will usually provide you with the necessary information.

Services Offered-Not all financial planners offer the same services. Usually, the services they offer depend on their credentials, licenses and areas of expertise. Financial planners generally can’t sell insurance or securities on products such as mutual funds or stocks without certain licenses. They also can’t give financial advice unless registered with state or federal authorities.

Approach-Make sure you ask your prospective planner about the type of client and financial situations he or she typically likes to work with. Some financial planners will develop one plan by assessing all your financial goals, while others will be more specific. You need to feel comfortable with your financial planner’s approach--whether it’s conservative or aggressive. You’ll also want to determine if the planner will carry out the financial recommendations developed for you or refer you to others who will do so.

Team Players-It’s important to determine just who your contact at the firm will be. Will you be working only with one primary advisor, or will multiple people be working on your account? If the consultant works with professionals outside the practice, such as attorneys or estate planners, it’s important to check their backgrounds as well.

Costs for Payments and Services-The fees will depend on your particular needs. However, the planner should be able to provide you with an estimate of possible costs based on the work to be done. Ask whether the fees will be based on the planner’s hourly rates, a flat fee or a percentage they’ll receive as a commission. The financial planner should spell out for you in writing how they’ll be paid for the services they’ll provide.

Public Disciplining-There are several government and professional regulatory organizations, such as the National Association of Securities Dealers, your state insurance and securities departments and CEP Board, that keep records of the disciplinary history of financial advisors and planners. Contact these groups, and have them perform a background check on your potential advisor or planner.

good luck!

~entrepreneur resource

17 Practical No-Cost Promotions

2007-07-07T21:44:00.000-07:00

Cheap and easy solutions for getting the word out about your business .

When you really need new customers and money's squeaky tight, try some of my time-tested creative ideas for getting new customers to come to you. I'm 100 percent confident these tips will work for your homebased business, because I've tried them all in mine!

Ask your previous customers to write a letter of referral that you can show to prospects and post on your website. Asthey give you these letters, their own referrals to you will also increase.

Create a one-page newsletter and distribute it wherever you go. Your cost will be just pennies, and you'll be able to tell people more about what you do in a newsletter than you could in a brochure.

Put on an educational seminar at a public place such as your local library. Keep it educational so attendees won't feel they're being sold to. Then offer a private 30-minute one-to-one session to your attendees afterward to get better acquainted.

Write letters to the editors of local newspapers and business publications. And be sure you mention your website.

Ask for introductions from your accountant, lawyer and even your clergy. People who know people are golden for your marketing.

You do have a website, don't you? Even though it's not free, if you forego just one of your specialty coffees per month you can cover the cost.

Circulate to meet as many people as possible, gathering business cards as you go. Then hit the phone and e-mail to follow up immediately. Almost no one follows up these days, and you'll be noticed for your thoroughness.

Triple the number of business cards you hand out. Give each person you meet one card to keep, and two to give to others they meet who might need your service. Merely the suggestion of this will get them thinking-and will sometimes result in real referrals.

Ask people you meet how their businesses are doing. Then ask, "Could what I do be helpful to your business at this time?"

Publish your own blog. Blogger.com, owned by Google, is totally free. By linking to your own site, you'll also boost your own Google rankings.

Offer to speak to local civic groups. Most meet weekly, so they need 50 speakers per year.

Team up with a colleague whose business complements yours and do joint promotions. As a copywriter and marketing consultant, I team up with graphic designers to mutually spread the word about our services.

Add a "tell a friend" button to your website to encourage viewers to direct others to your site.

At every public meeting, make a commitment to say something useful.

Write thank-you letters to businesses you frequent. A quick print shop owner posted my letter above his self-service photocopier. His customers read my letter and called to ask me to write for their businesses.

Make a bold flier and post it everywhere your prospects might lurk, such as Laundromats, supermarkets or community centers. Be sure to create tear-off tabs at the bottom so readers can take your phone number. Microsoft Publisher includes this form in its free template collection.

Create a dramatic handout with information about what you offer. Mine was entitled, "The 21 Most Common Direct Mail Mistakes and How to Overcome Them." Be sure your name, phone, e-mail, website and basic description are at the bottom of the document so readers can contact you.

good luck!

~entrepreneur resource

Tapping Your Warm Market

2007-07-07T21:34:00.000-07:00

Where do you find your first customers? Well, ask yourself this question: Who are the people most likely either to buy from you or send you good referrals? Yep, those are the people you know-your "warm market." How do you approach them and get the word out? The first step is to build your initial list of warm contacts. Here are 10 questions to stimulate your thinking:

Who are your personal friends-and their friends?

What about your school connections? Brainstorm a list of classmates, teachers, fraternity brothers, club members and so forth.

Who are your business connections? These include former employers, employees and customers.

Who are contacts within your civic activities? Are you a member of any civic clubs like Optimist International, Rotary or Kiwanis? What about fellow church or synagogue members? Think of all the organizations you belong to.

Who are your contacts in trade associations you've been a part of over the years?

Who are the tradespeople you know? Include folks like your lawyer, pharmacist, doctor, dentist, plumber, insurance agent, hairstylist, mechanic and even your babysitter or nanny.

Who are the tradespeople you know? Include folks like your lawyer, pharmacist, doctor, dentist, plumber, insurance agent, hairstylist, mechanic and even your babysitter or nanny.

Who do you know through your sports and hobbies, such as hunting, fishing, running and golf?

Who do you know through your sports and hobbies, such as hunting, fishing, running and golf?

Who are the contacts you have through you and your spouse's families?

You know quite a few people, don't you! Now, how do you leverage this list to land your first customers? Here are a few cost-effective ideas to get you started:

Send a personal letter and follow up with a phone call a week to 10 days later. In this letter, announce your new business. Offer a free consultation or a special discount, something to create interest and excitement in what you're doing. Perhaps you could offer to pay a "bird-dog" fee to those contacts who send you referrals who buy from you.

Use the telephone. Call some folks to "catch up." Find out what they're doing and then share about your business.

Set up breakfast, lunch or coffee meetings. Set it up as a "feedback session" where you present your product or service in a low-key manner as a way to solicit feedback from the person. At the end of the meeting, ask the person for referrals to people who might benefit from your offering.

good luck!

~entrepreneur resource

Landing Your First Customers

2007-07-07T21:15:00.000-07:00

Once you identify your target market, explore these shoestring ideas for making contact.

Q: I'm still in the early stages of starting my business, but I don't know how to begin getting the word out to potential customers. Should I take out an ad in the local paper? Do I need to send out a press release? Help!

A: When I raised money for a dotcom start-up a few years ago, potential angel investors would say things to me like, "Your business concept seems sound and your marketing and PR plans all look well and good, but tell me: Where are you going to get the first five customers who will actually pay for your product? Because until you have them, I don't see how you really have a business here."
Strong words, but how true! We can talk about writing press releases, taking out ads and sending out mailers. Yet, think about it. In tangible terms, how are you going to get those first few customers? Your first customers are so critical to your success because they:

Legitimize your offering, demonstrating that yes, there is indeed a market for your products and services.

Provide valuable feedback to help you improve your business operations.

Give you real testimonials, which you can leverage in subsequent marketing campaigns.

good luck!

~entrepreneur resource

What to Do? What to Do?

2007-07-07T07:59:00.000-07:00

Is your brain reluctant to give up any good ideas for a business?

When thinking of a business idea, the issue isn't finding something so unique, no one has heard of it. It's answering the question "How can I do [such-and-such] better?" or "How can I do it differently than the other guy?" Try these steps to find the answer.

Make a list. Sit down and make a list of 10 things that you like to do and are really good at; 10 things you don't like to do or aren't good at; five products or services that would make your personal life better and five that would make your work life better; what you like and dislike about your current job; what other people like and dislike about you.

Look around you. What products or services are missing from your community? Have you heard or read about interesting businesses in other places that might work in your area? Ask your friends, neighbors, family and co-workers what products or services would make your community better.

Go to the source. If a business idea appeals to you, talk to entrepreneurs already doing it in other communities. If they don't directly compete with you, you'll be amazed what they're willing to share. When one of our readers decided to start a bookstore, she contacted other bookstore owners around the country. Not all of them would talk, but one entrepreneur invited her to work in his store for two weeks, during which he told her every step involved in starting and running a bookstore. Our reader came back and successfully launched her own.

Try the tried-and-true. Consider locating in a new community that isn't saturated with basic services. Every community needs certain standards such as dry cleaning, ice cream shops, janitorial services and the like.

good luck!

~entrepreneur resource

Choose the Right Biz

2007-07-07T07:51:00.000-07:00

Want to launch your own startup? These guidelines will ensure you're pursuing the right opportunity.

To determine what kind of business would be best suited for you to start, begin with what you know. If you've spent 20 years working as an accountant or you love to build wooden toy trains as a hobby, consider how you can take that experience and turn it into a successful business. You might also find a great business idea right under your nose. Look around your workplace. Do you see needs that are going unmet or can you think of a better way to do something? If so, you might have the seed for a profitable business.

Here are a few more guidelines to help you pick a business that's right for you:

Do what you love. It's important to pick a business that you will enjoy running. I can't emphasize this point enough. Many people start a business for the wrong reason: to get rich. While it is true that many millionaires in this country made their fortunes from their own business ventures, that should not be your sole motivation for starting a business. If you don't enjoy what you do, you will not be successful, at least not from a mental point of view. Sure, the monetary rewards can be tremendous, but the mental anguish of working in a business you don't enjoy is a high price to pay. I talk to entrepreneurs all the time who are running successful businesses, but are so unhappy as a result that they literally make themselves sick. If you don't enjoy what you do, the business will become a chore, not a joy.

Don't reinvent the wheel, just make it better. Many first-time entrepreneurs assume they have to come up with a new business idea to be successful. That simply is not true. Most successful businesses are born not of innovation, but of necessity. Instead of trying to come up with an idea that changes the world, take a look at the world around you and see where there might be a void that needs filling or a business concept that needs improvement.

Focus on a niche. Many businesses have gone broke trying to be all things to all people. The ability to offer a billion products under one roof is all well and good for Wal-Mart, but not for most new businesses. Try to identify a niche that you would enjoy working in and think about starting a business therein. If you love to work outdoors, consider starting a landscaping business. If you enjoy working with numbers, think about becoming an accountant or CPA. When's the last time you had your gardener do your taxes? You get the idea. Focus on a niche and become an expert in your field.

Consider the franchising option. Many new entrepreneurs consider buying a franchise operation instead of starting a business from scratch. Franchises are a good way to jumpstart the process because they have already done much of the hard work for you. They have proven the business model, established guidelines for running the business, spent millions of dollars on establishing the brand and so on. Buying a franchise is typically a very expensive and involved process that is beyond the scope of this article. The best thumbnail of advice I can give you is to thoroughly investigate the franchisor and the opportunity, use your own attorney to do the deal and read the fine print in the franchise agreement.

Know what sets you apart from the competition. If your local business pool is already filled with other companies doing the same thing you want do, chances are you will fail in the face of established competition. To succeed in such a crowded pool, you will have to do something to stand out from the crowd. If you can't quickly and easily differentiate yourself from a large group of competitors, you're better off choosing another business.

Above all, take your time. Think about starting part time while you still have your current job (and income) to fall back on. Talk to friends and associates who use the product or service you will provide to see if they would consider become paying customers.

good luck!

~entrepreneur resource

13 Niches to Investigate for Your Part-Time Business

2007-07-07T07:29:00.000-07:00

Who says you can't make money doing what you love? These creative ideas will help you start that part-time business you've always dreamed of.

If you lie awake at night racking your brain for a fall-back plan or second-income generator, find a movement, trend or something that works in a big way, and then drum up a way to tweak it for a specialized audience. The key to turning a unique idea, skill or talent into a steady side gig is to pay attention in life--ideas are all around you.
For example, more women are looking for ways to get out of the house. Hosting book club, wine-tasting, jewelry or lingerie parties are just a few fun activities with moneymaking potential.

Or how about teaching a new, high-tech, or specific skill? Almost everyone has a piece of knowledge that they can sell to someone else. Community continuing education centers are great outlets for you to market your expertise.

Here are some more ideas for where to look as you try to find the niche that suits you best:

Personal services. Can you save someone else time? Running errands for seniors, preparing someone's tax returns or walking your neighbors' dogs are examples of valuable services to offer

Gardening and landscaping. Consider the growing garden trade. Homeowners who lack the time or desire to plant and prune still recognize the importance of curb appeal today. Landscape design, maintenance and retail gardening businesses are hot now. If you enjoy working in nice weather around nature, the field of horticulture covers a wide range of professional specialties. You can be an arborist, look after commercial greenhouses, and care for golf courses or large private estates. With a formal education, you'll learn about jet stream patterns and their effect on which plants grow best in certain regions.

Outdoor recreation work. For some folks, there's no separation between work and play. Such types are reluctant to punch a clock or limit themselves to an indoor office cubicle to earn their living. If you're a wilderness buff, perhaps you're ready to strike out on your own and take Mother Nature on as a business partner. Business ideas include kayaking/white-water rafting outfitter; guided mountain biking, photo trekking, backpacking, or rock climbing tour operator; or opportunities within the state park system.

Pet services. Could your business be going to the dogs? Upscale pet-related services and merchandise are bringing home the bacon--to the tune of $30 billion a year in the United States today, according to a recent research study from Unity Marketing. Pet foods, doggie daycare, shampoos and even "pet pampering" spas and hotels are just a few of the products and services that make up the industry. If you have a knack for dog handling, dog obedience is another hot extra-income generator.

Workplace design. You could be a creator of the workplace of the future. As industries evolve, tomorrow's offices will entice us through hip, ergonomically correct furnishings, the use of color, and innovative lighting. The need for experts who can implement ergonomically correct conditions is rising. Areas of specialization include industrial workplaces, occupational safety, furniture design, computer hardware, human-computer interaction, product liability, consumer products and virtual environments.

Feng shui consulting. Interest in feng shui has risen in recent years as more people seek greater levels of satisfaction and productivity in their careers, businesses and lifestyles. This ancient art promotes spiritual and material well being by devising the best way to lay out your house or office. Certified experts are hired to do "readings" for both residential and commercial space. Consultants can charge between $235 and $1,000 for a two-hour consultation, depending on the size of a property. Some businesses will pay upwards of $25,000 for large-scale projects. Field certification costs upwards of $3,500 and includes class time, mentoring and field training.

Alternative health services. As our health-care system becomes more prevention-oriented, Americans are increasingly more accepting of alternative, holistic health, and wellness practices. Healing arts such as massage therapy, reflexology, acupuncture and yoga are in demand by private and corporate clientele. Food items or eateries offering organic edibles free of processed ingredients, preservatives and sugars are sought after by the health-conscious.

Grooming services. Thanks to the popularity of TV shoes such as Queer Eye for the Straight Guy, men are becoming more upfront about wanting to look and feel good about themselves. For these so-called metrosexuals, a new wave of relaxation havens specially designated for men are cropping up. Today's hottest services include facial bronzing, stone massage, organic facials, reflexology and seaweed wraps.

Spiritual work. Spiritually minded people make humanity their life's work. Today, there are plenty of creative job paths you can pursue if you feel inspiring others is your life mission. For example, religious craftspeople and artists (think of all the Judaic and Catholic supply shops, candleholders, jewelry charms, trinket boxes, decorative nativity art and collectibles there are); church camp/counselor/director; religious writers and authors (even for religious greeting cards); and spiritual retreat leaders. These last folks lead trips to destinations with biblical/historical significance.

Senior-focused services. Don't forget the lucrative aging baby boomers. The fifty-plus population is an intelligent, active group. They need products, services and information providers to meet their entertainment, education and lifestyle needs. Today, there are senior-focused book authors; website developers; travel, insurance and real-estate companies; and computer-training firms reaping profits from the older Americans they serve.

Business writing and services. If your skill is putting it in writing, hire yourself out as a business plan writer. Too many businesses lose out on new contracts, funding or clients because they don't know how to communicate their message on paper. Businesses today have a need for marketing, strategy, lobbying and proposal writing services. Also, the demand for freelance writers with specialties in grant writing, bio met, IT, economic development and general business is high. Project work includes requests for proposals (RFPs), corporate training guides, computer documentation, white papers, government licensing applications, legislative memos and executive bios. Fees typically start at $100 per hour, or between $30,000 and $60,000 a year.

Home design and services. These days, home is where the art is. Thanks to baby boomers with discretionary income and a nationwide "cocooning" trend, interior decorating and design services are in demand. From guesthouses to second homes, vacation retreats to master bathrooms, those cashing in on the thriving home-fixings craze include architects, interior designers, landscape architects and pool builders. Other jobs include project management professionals for furniture companies or corporate facilities, and designers of hotels, healthcare institutions, retirement communities and nursing homes.

Culinary services. By the same token, staying in is the new going out and people are entertaining in their homes more than ever. Dinner parties have made a big comeback. If you have culinary skills, you're in demand. Aside from catering, you may decide to give one-on-one cooking lessons, help prepare menus or conduct demonstrations in your own home. For the many people trying to eat well, both for health and epicurean reasons, you can hire yourself out as a personal chef or nutritionist.

good luck!

~entrepreneur resource

Non-Medical Home Care

2007-07-07T07:10:00.000-07:00

With an aging population, the need for non-medical home care businesses will certainly rise in the future.

Tomorrow's forecast? Gray. According to the Census Bureau, 13 percent of the population will be over the age of 65 by 2010. By 2030, the figure will jump to 19.6 percent. Many older people want to remain in their family home as long as they can, so savvy entrepreneurs are rushing in to provide a range of nonmedical home care services that help them age in place. "We call this ‘pre-assisted living,'" says Val Halamandaris, president of the National Association for Home Care & Hospice in Washington, DC. "You help people perform the simple functions of daily living and don't let them get so run down that they wind up in assisted living or the emergency room."

The biggest obstacles to breaking into nonmedical home care are often the seniors themselves, who are reluctant to acknowledge their needs. "You have to have a staff that's trained to work with seniors and help them become comfortable with the choices you offer," says Andrea Cohen (below), 48, co-founder and CEO of HouseWorks in Newton, Massachusetts. With projected 2006 sales of $10 million, HouseWorks provides personal care assistance, companionship, home modification, cleaning and relocation services.

Before you start a non-medical health care business, consider the following:

Start strong. "You're dealing with human lives in this business--if you screw up, people won"t refer you again," says Andrea Cohen, 49, co-founder and CEO of HouseWorks in Newton, Massachusetts. Make sure you make the proper investments in your staff and infrastructure before you take on any clients.

Make connections. According to Cohen, most of your clients will be referred by health-care providers like assisted living facilities and hospital systems. "The discharge planners need to get patients out of the hospital or rehab quickly," says Cohen, who co-founded the business with Alan D. Solomont, 57. "If your response is quick and professional, it helps them get their job done, and they become your champions." Cohen says she"s built relationships with discharge planners by saying "yes" whenever they call--even on a Friday afternoon, filling last-minute requests, and by always having a live person on the line to talk to them.

Choose the right location. You should balance two factors when locating your corporate offices, Cohen says. You want to be in an area affluent enough so that there will be a large number of people who can pay for your services out-of-pocket, but the offices also have to be accessible to the home health-care workers who will be your field staff. Look for a location that is well served by public transportation.

Focus your marketing on adult children. Most seniors are unwilling or unable to acknowledge their need for non-medical home care, so don't focus your marketing efforts on them. Instead, develop "thoughtful marketing" strategies aimed at adult children that educate them and help them navigate the maze of long-term care considerations. Your website should be succinct and easy to understand, using fonts and colors that are kind on the older eyes of both the seniors and their children.

Have a solid sales team. Cohen says that many going into this kind of people business fail because they don't understand the value of a vigorous sales staff. "When the phone rings, there has to be someone there who is comfortable selling the service," she says.
Hire the right people. "The most important part of home care is the person you put in the home," Cohen says. "You want someone who is hardworking, naturally enthusiastic and solution oriented."

good luck!

~entrepreneur resource

Help Seniors Transition to a New Life

2007-07-07T06:53:00.000-07:00

Even though many seniors want to live in their own homes as long as they can, others need or want to move on to one of the many residential options ahead. That transition is often a daunting one, though, leaving many seniors and their families reeling from the challenges.

"There are often difficult family dynamics," says Steven Weisman, a Cambridge, Massachusetts, elder law attorney and author of Boomer or Bust. "Sometimes the children have competing interests. Sometimes they're half a continent away and need someone on location to help meet their parents' needs. This is a chance for entrepreneurs to do well in this area while doing good."

After working as an assisted living administrator, Bryan Neal, 34, saw so many problems with seniors on the move that he started Assisted Moving LLC in Plymouth, Michigan. "There are often 50 years of accumulated possessions in [their] homes," says Neal, whose 3-year-old company projects 2006 sales of $225,000. "Families call and ask if I'll be the villain, because Mom and Dad don't understand why everything can't go into the new place." Neal's company has a systematic downsizing plan complete with software showing the dimensions of the new home. Once the seniors see what will really fit, Assisted Moving helps them decide what to pass on, holds estate sales to sell other items, discards unwanted items and moves what the seniors keep into their new homes.

Before starting your own transition services business, consider the following:

Set realistic expectations. "Be prepared to make the adjustment from typical white collar work to hands-on physical work," says Bryan Neal, 34, who left his job as an assisted living facility manager to found Assisted Moving LLC in Plymouth, Michigan, which not only helps seniors make decisions relating to their move, but also moves them. "Assisting seniors with the moving and downsizing is physical work with lots of sorting, packing and heavy lifting."

Have an element of compassion. Most older adults who are considering a transition have not moved in decades and will need to shed years of accumulated belongings. For most of these seniors and their families, parting with these belongings and leaving a longtime home is a highly emotional experience and feelings can run high. "Be prepared to act as a director, counselor and friend," Neal says.

Do research and networking. The National Association of Senior Move Managers helps members with insurance, business-to-business referrals, consumer referrals, education and more. Members are also able to help each other coordinate transitions for clients moving out of state.

Assemble a team. Seniors often need special help from accountants, lawyers, financial planners and other professionals as they make their move, so transition planners would do well to pull together a network of these professionals. "Understand that you"ll be the quarterback," says Steven Weisman, a Cambridge elder law attorney and author of Boomer or Bust. "Line up those other professionals to provide the fullest service."

Think beyond the move. Weisman says that months or even years can go by before people get around to unpacking all their boxes. "Change is difficult for anyone, but especially for people later in life," he says. "You want to help them get the new place set up quickly so that it feels like home."

good luck!

~entrepreneur resource

Make Alternative Energy Your Business

2007-07-07T06:36:00.000-07:00

With unstable gas prices and increasing environmental awareness, an alternative energy business could put you on the road to success.

Got grease? Justin Carven of Greasecar Vegetable Fuel Systems LLC does. The 29-year-old founder's Easthampton, Massachusetts, business makes conversion kits that allow diesel engines to run on vegetable oil. "Ultimately, it's the rising fuel prices that are convincing people to get onboard," says Carven. Greasecar sales have grown by more than 200 percent each year over the past couple of years and are expected to reach up to $2.5 million this year. And the company is jumping into the commercial and municipal markets with enthusiasm.

Some major alternative energy growth areas include solar, hydrogen, bio-fuel, fuel cells and energy conservation technologies. Development, installation and creative application of these technologies are all possibilities for entrepreneurs. "It won't be just one alternative energy source that will be the silver bullet to solve our problems; it will be multiple options," says Nabil Nasr, director of the Center for Integrated Manufacturing Studies at the Rochester Institute of Technology in New York. Research firm Clean Edge expects the worldwide market for clean energy to reach $167 billion within a decade, up from $40 billion in 2005. Entrepreneurs will have to find their niches and build flexible companies that can react as the energy market changes. Nasr advises businesses to diversify their marketing and selling sources.

"It's really easy for startups to pop up overnight," says Carven. "This market is larger than people may think."

Thinking of starting an alternative energy business? Follow these tips:

Calculate the risks. As with any market, doing your homework is the important first step. Alternative energy can be both a rewarding and a difficult area to start a business in. "Make sure you have a good understanding of what is going on in the field itself, what are the competing technologies and the risks you are taking," says Nabil Nasr, director of the Center for Integrated Manufacturing Studies at the Rochester Institute of Technology in New York.

Get your funding together.Greasecar, an Easthampton, Massachusetts, business that makes conversion kits that allow diesel engines to run on vegetable oil, has been entirely self-funded, but the industry has changed since they started. Startups now are more likely to need an outside funding source. "Unless you have just the right funders, it's hard to make it through that initial growth stage," says Justin Carven, 29-year-old founder of Greasecar. Look for investors who are knowledgeable about the alternative energy market.

Be conservation-minded. You don't necessarily have to develop a new alternative energy source or technology to jump into this market. "Conservation technologies are going to have the greater impact down the line," says Carven. If you can figure out a creative way to conserve current energy use, you have an even broader market to work with.

Go governmental. Government subsidies and contracts are helping to boost the alternative energy market. Says Nasr, "In the short term, we see a lot of states are taking leadership and promoting the use of alternative energy and bio fuel." That makes for a large potential market for startups to tap.

Be nimble. New alternative energy sources are being tested and older solutions are undergoing improvement. What is a hot source today could be old news in a year. The entrepreneurs who do well will be the ones who are best able to adapt to new trends and demands. Says Nasr, "Make sure that the core competencies you provide [are] broad enough and can change as the technology needs to change."

Good luck!

~entrepreneur resource

Hot Idea: Home Automation and Media Storage

2007-07-07T06:24:00.000-07:00

Offer clients the home of the future with your own home automation and media storage business.

A Jetsons-style home may not be that far off. Increasingly, home is where the high-tech is, and there's a need for entrepreneurs to pitch in to this burgeoning market. Broadband is rampant, networking technology has matured, and consumer devices and desires are ramping up. "It's been a slow-growth industry that is finally turning the corner," says Stoneham, Massachusetts, home systems consultant Kenneth Wacks.

Wacks points out some red-hot areas in the home automation and media storage market: lighting control, security systems, energy management, comfort control, entertainment systems and networked kitchen appliances. There's room for creative product development ideas, but entrepreneurs should also investigate the service side. Once homes are relying on all these technology items, consumers will need someone to make sense of it all, install equipment, and maintain and service the systems.

Home theaters, media servers, automated lighting and talking toasters aren't just for rich folks anymore. OK, we made up the talking toasters. But it's not that far-fetched. "Re-examine the mundane and find the gems, and apply your creativity," advises Wacks. It's a market with more facets than a princess-cut diamond. For more information, visit the Continental Automated Buildings Association and the Custom Electronic Design & Installation Association.

Thinking of launching your own home automation and media storage business? Follow these tips:

Services, services, services. There are a lot of large-screen LCDs and plasmas, surround sound stereos, media servers and high-end DVD and DVDR machines being sold. There's also a need for experts who can put it all together and make these devices work well with each other.

Builders need help, too. New home construction is a prime place for installation of home automation applications. "More than half the new houses being built are incorporating some sort of home network," says Stoneham, Massachusetts, home systems consultant Dr. Kenneth Wacks. If that's your area of expertise, you can find a niche working with builders to install these systems. It's often easier than retrofitting an older house later on. Savvy consumers will want their home automated from the ground up with the latest technology.

Energy conservation. Rising energy bills are hitting consumers and businesses where it hurts most: in the pocketbook. It's a smart time for entrepreneurs to aim home automation products at solving the problem of energy conservation. This could include electrical systems that automatically power down at the highest demand parts of the day or just simply turn off lights and other devices as needed.

Store it away. Home computers aren't keeping up with consumers" needs to store all their digital photos, music and videos. There may be quite a few media servers and capacious storage drives available, but consumers are really looking for simplicity and ease-of-use. If you can meet that need by creating smarter, easier and more affordable products, you could be in good shape to launch a business in this market.

Make designs on the market. Wacks sees a need for a new look at product design when it comes to home automation technologies. This could be the place where creative entrepreneurs could really find a compelling reason to make a toaster talk or a refrigerator e-mail the owner about running out of milk. Those might be far-out examples, but there is room for startups to turn their nimble minds to the business of design.

Career and Life Coaching for Baby Boomers

2007-07-06T23:49:00.000-07:00

Life changes, layoffs, aging parents--baby boomers have a lot to face in the coming years. Help them out with a boomer counseling business.

Layoffs, health problems and other challenges are pushing baby boomers out of their jobs earlier than they might have intended, spurring many to hunt for new employment or change career paths altogether. And unlike their parents, many baby boomers see no reason to quit working just because they hit 65--hey, age is just a number! In fact, a study by the John J. Heldrich Center for Workforce Development at Rutgers University in New Brunswick, New Jersey, found that most boomers plan to work past the typical retirement age.

Entrepreneurs who want to provide them with career counseling must under-stand their varying needs. "For the people who have lost their jobs through layoffs, this is a crisis," says Heldrich Center director Carl Van Horn. "For the ones who are voluntarily changing careers because they felt unfulfilled in their first 20 years, it's a journey."

"These days, people actually talk about retirement careers, not just retirement," says Laura Berman Fortgang, 43, author of Now What? 90 Days to a New Life Direction and founder of Now What? Coaching, a one-woman business that earned $459,000 in 2006. "Over the past five years, my clients have almost exclusively become people who want to figure out what to do with the rest of their lives."

Thinking of launching your own baby boomer counseling business? Follow these tips:

Know your customer. There is a wealth of information on the internet about careers and life change, and many baby boomers will find everything they need there. The boomers who will seek counseling are going to be more affluent and educated than the norm, according to Carl Van Horn, director of Rutgers" John J. Heldrich Center for Workforce Development. "They"re not going to want to walk into a cubicle environment," he says.

Be a joiner. Baby boomers seeking this kind of service aren't likely to look in the Yellow Pages, says Van Horn--trust and confidentiality are big issues for them. They'll probably ask friends and colleagues for referrals, much in the same way that they look for financial advisers. You don't need a large investment of capital for this business, but you have to invest heavily in face time. Join the Chamber of Commerce, Kiwanis, Lions Club, and other local business organizations; go to church meetings, golf outings and local film festivals--and hand out thousands of business cards.

Observe careful growth. Clients are going to expect very personal, customized service. As entrepreneurs in this field attract more clients and grow their businesses, they have to be careful not to lose that personal touch. "Big firms are good at transactional businesses, but entrepreneurs are good at personal service," Van Horn says. "It's the difference between dealing with Amazon and your neighborhood bookstore."

Develop an umbrella of services. According to Laura Berman Fortgang, 43-year-old founder of Now What? Coaching in Montclair, New Jersey, sole practitioners should aim to provide an assortment of services at various price points because "there's only so much money you can make in billable hours--you need some passive income streams." She provides three months of personal coaching for $4,000--but also offers books, CDs, home study kits and weekend seminars to her clients.

Join the Specialty Apparel Market

2007-07-06T23:42:00.000-07:00

Everyone wants to feel special. That's why women will shell out serious money for a fantastic pair of shoes, even when there's a nearly identical pair at the discount store down the road.
Women are increasingly looking to specialty retailers to satisfy their appetites for hip, hard-to-find clothing. Even men are jumping onboard, with stores like ROAD Apparel--which started in 2005 when brothers Raj and Akhil Shah, 52 and 50, debuted a flagship store in downtown Seattle--offering specialty apparel for 30- to 60-year-old men. Sales for 2006 have already grown 700 percent over last year.

Among women, growth areas include specialty athletic apparel, maternity wear, footwear, clothing for over-40s, and petite and plus sizes. Think high-end: Market research firm The NPD Group notes that loyal customers of upscale retailers buy more than 25 percent of their apparel at high-end stores and spend an average of $95 per shopping trip.

That's where brands like Trigelle come into play. Liza Boquiren, 30, co-founded the Brea, California, women's golf wear company with sister and sole designer Lulu Faddis, 34, along with friends Jocylyn Corpuz and Karen Lee Santos, both 29. "We want to be the golf line that people go to," says Boquiren, who debuted their apparel at a trade show in 2004 with just 17 pieces. "We want to be a household name." Now available in more than 250 golf resorts, pro shops and high-end retailers worldwide, Trigelle projects $1 million in sales for 2007--helped in part by the three professional women golfers they sponsor.

Ready to get started with your own specialty apparel business? Don't bypass these tips:

Define your market, whether it's over-40 women or petite athletes. Doing so will help you determine where to focus your research and development. For Liza Boquiren, 30, co-founder with sister and sole designer Lulu Faddis, 34, along with friends Jocylyn Corpuz and Karen Lee Santos, both 29, of Brea, California, women's golfwear company Trigelle, that means enlisting the help of professional women golfers who not only wear Trigelle clothing, but also have great advice about how to design golf apparel. "Their insight is very important to us," she says.

Consider building e-commerce into your business. If word spreads about your specialty apparel, people will come looking for it. And if they can't find it in a store, they'll want to find it online. "We get calls every day from people asking how they can get a certain piece of clothing," says Boquiren.

Hone your selling skills. No matter where you sell your clothing, the bottom line is that there's going to be selling involved--either directly to consumers or to retailers. "Ask yourself, "How do I provide something different [than what they have]?" " says Boquiren. And for retailers, "keep in mind their clientele," she adds. "If it's not the right fit for them, back off."

Have a realistic outlook of startup costs. How much will you spend? How can you save money? Boquiren and her team spent about $100,000 of their own money to start and sought private investment capital later. They also worked out of their homes. Saving money in this way has allowed the company to expand into office space in Brea as well as a warehouse in nearby Santa Fe Springs.

Solve a problem. Boquiren solved a problem by creating cute golf apparel for women. Doing so has resulted in a loyal, growing customer base. And you can do the same. What problem can you solve?

A Plus-Sized Opportunity

2007-07-06T23:32:00.000-07:00

The plus-sized market is ripe for business opportunity if you offer high-quality products.

The numbers don't lie. The average American woman is a size 12 to 16, and 30 percent of all U.S. adults are obese. Meanwhile, London-based researcher Mintel International Group Ltd. reports the plus-size clothing market reached nearly $32 billion in 2005. It's no wonder plus sizes are making waves.

In fact, within the plus-size market, niches are cropping up for the underserved--including plus-size clothing for petites and pregnant women. "Each of [these groups] has a real need for stylish clothes in their size," says Candace Corlett, principal at New York City retail consulting firm WSL Strategic Retail. "While department and chain specialty stores offer good selections of plus sizes, the selection in the niches of petite and maternity are slim pickings." The reason? There's just not enough traffic to justify devoting more than a few racks.

Natalie Weathers, assistant professor in the fashion industry management department at Philadelphia University, adds that over-40 women, including plus sizes, are craving more variety. This market segment "wants to wear age-appropriate clothing but have a hipper look," she says. Some entrepreneurs are responding with websites or boutique stores, offering outstanding service that makes customers want to go out of their way to visit.

How can you find the perfect fit with a plus-size business of your own? Keep in mind:

Be innovative. "Remember that "plus" is not actually a niche market in the United States," says Natalie Weathers, assistant professor in the fashion industry management department at Philadelphia University. "Avoid predictable, mundane design in terms of fabric and print, in the same way you'd avoid the predictable and mundane with a jet-set target-market group." That goes for any plus-size product. A predictable, mundane furniture piece isn't going to sell any better to a plus-size consumer than it would to the average slim Jim.

Do your homework. What is your target market? You can't just choose plus-size consumers as an overall market; narrow it down to a specific segment. For instance, do you want to sell to teenagers? Businesswomen? Brides to be? "Do not underestimate thorough and holistic market research," says Weathers. "Get the demographic and psychographic angle on your targeted customer."

Partner up. With more and more companies catering to plus-size consumers, the co-marketing opportunities abound. For instance, if you sell plus-size towels, why not partner up with a company that makes long-handled sponges? If you sell plus-size armchairs, why not partner up with someone who makes plus-size footstools?

Think globally. You're likely on a limited budget, and that means you may need to look overseas for manufacturers, since going domestic can be cost-prohibitive. This isn't as easy as it sounds. But there's plenty of assistance available. See our article "Finding International Manufacturers" for help in planning out this phase of startup.

Compete on quality, not quantity. Go for a high-quality product at a premium price, rather than trying to produce mass amounts of a product that's priced lower but may end up looking cheap. "You should be marketing it as something you can't find in a department store or mall," says Weathers. "Use the higher-quality materials--that way, you can justify the scarcity in terms of volume."

good luck!

~entrepreneur resource

Help Employers Screen Applicants

2007-07-06T23:23:00.000-07:00

Events of the past 20 years have created a sort of "perfect storm" for the employee screening industry--notably the 1987 crash of a train driven by a marijuana-fogged engineer in Maryland, the rise of identity theft, and 9/11 and the ensuring terrorist alerts. According to Robert Capwell, founder of Pittsburgh's Comprehensive Information Services Inc. and co-chair of the board of directors of the National Association of Professional Background Screeners, employee screening is now a multibillion-dollar industry. "When I started 17 years ago, there were only about 30 companies," he says. "Now there are 362 background screening companies in NAPBS, and they're telling us their businesses grew by 25 percent to 30 percent in the past year."

The industry is trending toward one-stop shopping, offering pre-employment drug and alcohol testing as well as education verification, fingerprinting, credit and driving history reports, INS verification, and background checks for criminal or terrorist activities. "Employers want to be sure people are who they say they are," says Tricia Smith, 35. She is the founder and CEO of Secure Check Inc. in Columbus, Ohio, whose sales will reach nearly $1 million in 2006. "They also want to know who their vendors are bringing in."

Smith believes there's plenty of room for growth in the field, noting that she's been hired as an expert witness in several negligent hiring cases. "There is a rise of litigation in this area," she says. "The question is, Should you have known an employee's propensity for a certain behavior before hiring them?"

Before you start your own employee screening business:

Consider the low barrier to entry. You don't need a license or a special academic degree to get into this field, according to Tricia Smith, 35-year-old founder and CEO of Secure Check Inc. in Columbus, Ohio. However, you do need a working knowledge of all the pertinent screening regulations--and these can vary among states, among industries, even among companies. Smith says a background in human resources or security can be helpful, but not necessary. She recommends joining the National Association of Professional Background Screeners. "There's a great emphasis there on sharing information," she says.

Be savvy in your networking. An employee screening business needs to build up and maintain trust with the kind of people who refer clients, such as human resources and security professionals. Smith recommends joining organizations for those kinds of professionals, attending their conferences, and offering workshops on safety and security in the work force. Since she has been an expert witness in several negligent hiring lawsuits, she can offer her audience real-life stories of companies that failed to take the proper precautions when hiring.

Make marketinga priority. Smith hired a web professional to make sure Secure Check's website was informative and easy to navigate and to load its home page with all the keywords that someone searching for her services might use. Aside from that, she relies on networking, speaking engagements and referrals to build her business. "I"ve found it hard to come up with good promotional materials or advertising for a business like this," she says. "I don't want anything that employs scare tactics."

Pick a specialization. As with so many other businesses, Smith reports that the best way to get into employee screening is to pick a niche. "Don't try to be all things to everyone," she says. "The field is wide open because every business can use some kind of screening. Pick one--like retail or businesses that work with the elderly or with children--and learn everything there is to know about screening for good employees there."

Start a Green Business

2007-07-06T22:57:00.000-07:00

Even Wal-Mart sells organic cotton T-shirts these days, but you definitely don't have to be a retailing behemoth to take your business in a green or organic direction. In fact, entrepreneurs have an advantage when it comes to reaching customers who care about the cause as well as the products.

"It's a highly underrated opportunity for small business," says Dr. Karel J. Samsom, a specialist in environmental and sustainable entrepreneurship and author of Spirit of Entrepreneurship. A study by the Organic Trade Association shows that nonfood organic product sales reached $744 million in U.S. consumer sales in 2005, with supplements, personal care and household products leading the charge. For green entrepreneurs, passion is key, says Samsom: "People who are imbued with this kind of spirit have an incredible imagination to rebuild the value chain and inspire their customers in the process."

That passion is evident when talking to Jonelle Raffino, 41, of South West Trading Co. Inc., a Tempe, Arizona, business that specializes in earth-friendly, alternative fibers and textiles such as yarns made from bamboo, corn and even recycled crab shells. "This country is seeing that we need to challenge the idea of products that use fossil fuels," says Raffino, who co-founded the company in 2001 with her mother, Jonette Beck. Business is booming so much, they've expanded into ready-to-wear items, and they can barely keep up with demand for their line of plush Soy-Silk Pals toys.

If you dream of starting your own green products business, consider the following tips:

Seek your niche. There are enough areas of open opportunity in green products that, chances are, you can find one that both fits your skills and a needed niche. "Find a way to express your own passion to others," says Dr. Samsom. Areas like cleaning supplies and cosmetics are natural fits for green products, but don't be afraid to look past the obvious.

Be an example. "Show you believe in your product by changing other aspects of your life and business to support your own commitment to the earth-friendly lifestyle," says Raffino. This can include making green decisions when it comes to your suppliers and even your personal life. Make a point to recycle and check into using solar or wind power for your business. A green attitude overall will reflect well on your business.

Educate. Green products customers are just as hungry for knowledge as they are for organic foods. "Understand the significance of your product and how it benefits the earth or conserves resources, know everything about it," says Raffino. If you've done your research, you can more effectively communicate the value of your product to your customers.

Your customers are your best marketers. Green products is an area that can be heavily driven by word-of-mouth and by happy customers passing on their experiences to other people. "Get your customers to be your best promoters," says Samsom.

Find colleagues who are on the same page. When it comes to employees, management staff and investors, you need to find people who share your passion. Colleagues that share your cause will be more invested in helping your business to blossom. It's not just about making money, it's also about making a difference in the world around you, one green product at a time.

good luck!

~entrepeneur resource

Wine: A Fine Business Idea

2007-07-06T22:42:00.000-07:00

If you know the difference between a merlot and a Beaujolais, a wine business might be the right business for you.

Wine has such appeal that a variety of businesses can be seen cropping up--from wine bars and wine stores to educational in-home tastings and ancillary products that enhance the overall wine experience. And now that new laws legalizing online wine sales have uncorked the industry, entrepreneurs are finding a worldwide market to conquer. Attracting the masses means keeping your wines inexpensive and drinker-friendly. "In a lot of retail environments and on some wine lists, there has been a movement toward categorizing wines by their flavor profile rather than strictly by their grape variety or by their country or region of origin," says Gillespie. Also growing in popularity are wines packaged in single-serving bottles and wines topped with a screw cap.

No matter how you twist it, package it or label it, if you specialize in wine, consumers will gladly toast your efforts. Even NASCAR drivers are producing their own vintages--a surefire indication that it's all systems go.

If you dream of opening your very own wine business, consider the following startup tips:

Establish strong relationships. Jeff Playter, 35-year-old co-founder of RadCru.com, an online marketplace that features one select wine offer per day direct from the winery, stresses the importance of personally meeting with winemakers and owners of wineries. The extra effort will establish a better partnership, giving you better access to unique and harder to find wines. Your customers will reward you accordingly.

Use online tools. Word about RadCru.com is spreading the fastest through the blogosphere. Appealing from both a technological and wine aspect, bloggers are eager to cover the innovative company, which just launched in July, and Playter and his team are using the free coverage to their advantage.

Differentiate yourself. "You have to find an angle," says Playter. "There are a ton of wine shops out there that have great wines. You just have to find something that stands above the crowd."

Read up on the laws. New laws allowing online wine sales may have entrepreneurs giddy with excitement, but before you get too carried away, Playter advises you hire a good lawyer who knows about wine and do extensive research to see how the new laws are affecting things. "The laws have changed much quicker than the infrastructure to allow those sales to happen," he says. "There are costs involved from a legal perspective; there are licensing issues. You have these new markets, but it might not be worth it for some of these wineries to go in and actually start selling in this market."

Know your stuff. Launching a wine business requires a solid knowledge of wines, so you better brush up on your wines before attempting to become a key player in the marketplace.

good luck!

~entrepreneur resource

A Home Party Business

2007-07-06T07:54:00.000-07:00

This traditional business idea is fresh once again as a new generation of sellers open their homes for direct sales.

It's a party at your home--or better yet, at someone else's. Customers socialize, and you make money. Need more convincing?

Home parties now account for roughly 29 percent of the nearly $30 billion in U.S. direct sales, and 13.6 million Americans bought or sold goods from home in 2004. Direct sellers are hawking everything from organic gardening supplies to wine. Some are even hosting virtual parties online. And the numbers are growing, according to Amy Robinson of the Direct Selling Association in Washington, DC. "The majority of companies coming into [the] DSA are party plan companies," she says. "In a lot of cases, they are smaller, newer companies started by entrepreneurs from their basements."

Andrew Shure (below) is one of them. Nationwide, he has 1,300 consultants selling Shure Pets pet products, and he predicts he'll have 2,800 by the end of 2007. "The only requirement at Shure Pets is a passion for pets," says Shure, 43, who launched the Chicago-based business in 2003 and projects sales of $1 million for 2006. Another example is Newburyport, Massachusetts-based Anna William, which lets customers design their own handbags. Kristen Lee, 29, launched the million-dollar company in 2003 with Keek Bielby, 57; Rani Chase, 36; and Erin Hornyak, 33--and already has 125 consultants nationwide.

Hanging out at a party and selling stuff might sound like easy money. But there's more to it than that:

If you're buying into one, scrutinize the initial fee. What's included in the startup kit? Amy Robinson of the Direct Selling Associationin Washington, DC, advises, "Make sure what you're getting in return for your money is worth it." Look for plenty of samples, training materials and other tools that will help you host a successful party.

Ask whether there's a buyback policy. Companies that are members of the DSA must agree to buy back inventory from consultants within 12 months of the date of purchase, at a minimum of 90 percent of the original net cost. That way, "if you decide it's not for you, you can recoup most of that money, and there's minimal risk involved," says Robinson.

Ask whether there's a buyback policy. Companies that are members of the DSA must agree to buy back inventory from consultants within 12 months of the date of purchase, at a minimum of 90 percent of the original net cost. That way, "if you decide it's not for you, you can recoup most of that money, and there's minimal risk involved," says Robinson.

Don't feel pressured. Shady operators might try to convince you to "get in on the ground floor with this new opportunity," notes Robinson. "But a good opportunity will be there tomorrow. You need to take your time and think about it--make sure you're completely comfortable with it."

Remember, the party is never really over. Hosting a home party isn't just about the party, as fun as that might sound. You need to be willing not only to make the initial sale, but also to follow up, to develop relationships, to be the kind of salesperson who could sell chocolate ice cream to a woman in white gloves--and call her a few weeks later to see if she'd like some more. "This is a relationship business," says Robinson. "It's about service after the sale."

Good Luck!

~entrepreneur resources

Teen Party Planning Business

2007-07-06T07:42:00.000-07:00

This is hot business!!

Blame MTV's My Super Sweet 16 for showing teens nationwide the extremes the super-wealthy go to for a child's coming-of-age soiree. American teens, who number more than 70 million, want what's hot at their parties--from bar and bat mitzvahs to sweet 16s, quinceañeras and other coming-of-age rites. Whether you start a new specialty, add teen parties to your existing event planning business, or specialize in peripheries like security or entertainment, teen parties have an angle for everyone.

Party planner Marley Majcher, 37, who founded Pasadena, California-based The Party Goddess! Inc. in 2000, suggests walking the fine line between making teens happy and making their purse-string-holding parents even happier. "You have to be a really good listener and see yourself as a liaison," she says.

To succeed, bone up on trends. Majcher, whose company brought in $1 million this year, notes that lounge setups are in vogue for teens. Because music and entertainment are paramount to any teen shindig, hooking up with hot DJs in your area can help you break into the market. And you'll definitely want to market in areas with high disposable income.

Ready to start the fun with your own teen party planning business? Follow these startup tips:

Become a teen trend expert. If you're going to establish yourself as the go-to planner for the hottest teen shindigs, you'd better bone up on your teen knowledge, notes Marley Majcher, 37-year-old founder of The Party Goddess, a party-planning business in Pasadena, California. What are the hot fashions? Who are the hot musicians? Where are the cool party spots? You want to be able to design party themes and special touches that are cutting edge for your target marketplace.

Learn expert negotiating skills. It's important to keep the parents happy, since they're footing the bill, but still be seen as an expert to be looked up to by the teenage guest of honor. Hone your communication skills so you can steer your clients to great parties within their parents" requirements, all while avoiding interfamilial conflict.

Know your marketplace. Determine how you should price--a flat fee or a percentage of the final party cost? Local customs can help you decide. Also check out the International Special Event Society for your information on how to become a Certified Special Events Professional, and consider attending a convention of local event planners.

Cross-promote. See if you can forge an alliance with local record stores, DJs and other vendors within your target demographic. Check out country clubs, too, suggests Majcher, as many affluent parents might be connected to such groups and likely to hold functions in those locations. You might even volunteer to decorate or help organize a school's prom in exchange for branding opportunities, just to get your name out there with the teen set.

Get creative. The benchmark teen desire is to stand out while fitting in--you'll need to portray that image of cool for your clients, but also give them a party that's totally unique, and totally them, notes Majcher. Your job is to create fun, so let your imagination free when thinking of themes, favors, décor, menu and the like.

Good Luck !

~entrepreneur resources

Good Luck !

~entrepreneur resources

Education and Tutoring Business

2007-07-06T07:29:00.000-07:00

Colleges keep getting more competitive, and parents want to give their children every possible edge. Add to that the No Child Left Behind Act, which re-quires schools to provide tutoring services if their programs don't meet performance standards, and you have a solid market in education and tutoring. According to data from Eduventures LLC, an educational market research and consulting firm in Boston, revenue in the tutoring, test-preparation services and supplemental content industry for kindergarten through twelfth grade grew 6 percent in the 2004-2005 school year, reaching $21.9 billion.

Online tutoring, a $115 million market, is one of the hottest areas, especially for high school and middle school students, notes Eduventures senior analyst Tim Wiley. Selling tutoring services to schools is also sizzling, though Wiley notes entrepreneurs in this arena should be prepared to meet all the local, regional and state school requirements. For grades three through eight, reading and math tutoring is always in high demand, but look to science tutoring as a growth area in the next few years. Preschool education, too, is expected to grow exponentially, says Steven Barnett, director of the National Institute of Early Education Research at Rutgers University in New Brunswick, New Jersey--especially as more states mandate preschool for all children.

Carving out a niche in this market is Marc Stelzer, 41, co-founder of the Learning Breakthrough Program in Palm Beach Gardens, Florida. His developmental and learning program helps children age 6 and up with academic, cognitive and even motor skills. Marketing the product online as well as through therapists and professional associations, Stelzer expects sales to reach $600,000 in 2006--his first year in business.

With parents wanting the best academic possibilities for their children, the kids' education and tutoring arena is ripe for new businesses.

Tips for start your business :

Buy materials sparingly at first. You may be excited about starting a tutoring business, but don't clean out the teacher supply store on your first visit, notes Kim McLapp of CleverApple.com,a tutoring business information resource. You likely already have much of what you need--a computer with internet access and a decent printer. Plus, a variety of free teaching materials and lesson plans can be found cheaply online or at your local library. Wait until you book your first charges to purchase the grade and subject specifics you might need.

Organize your policies. Determine your pricing and makeup policies up front, notes McLapp. Make sure your policies are written out and clear to the parents and students. She suggests getting payment up front for the week, and having a "no-show" policy where makeup sessions are available, for example, on only one Saturday of the month. "So you don't have people canceling on you all the time," warns McLapp.

Market where the parents are. Try to network with your local school districts, either to sell your tutoring services to them or to have them refer parents to your company. Advertisements in local parent publications or a flier in the local library can also help get the word out about your company, notes McLapp.

Start locally. Find out the requirements and regulations of your local community regarding tutoring services, notes Wiley. When providing tutoring services directly to the local school districts, there are a lot of variables to consider--especially as local values and politics determine the direction of this market.

Start locally. Find out the requirements and regulations of your local community regarding tutoring services, notes Wiley. When providing tutoring services directly to the local school districts, there are a lot of variables to consider--especially as local values and politics determine the direction of this market.

Kid`s Sport Education Business

2007-07-06T07:13:00.000-07:00

Kids' sports--from baseball and soccer to basketball and volleyball--are hot, and entrepreneurs jumping into the sports education field are scoring big. With so many parents wanting to help their kids excel in their sport of choice, there's a big market willing to shell out good money to train young superstars-to-be. Just ask Ivan and Sherri Shulman, 44 and 46, respectively, who founded The Sports House in Houston. The all-inclusive sports training company boasts two facilities with camps, clinics and daily sports classes. It even hosts parties.

"There's something about sports I learned a long time ago," says Sherri. "A plumber is going to spend the same amount of money as a cosmetic surgeon to make [his or her] kid better." They're spending so much, in fact, that 2006 sales for The Sports House are projected to hit $1 million.

Getting into the market takes skill, notes Sally S. Johnson, executive director of the National Council of Youth Sports in Stuart, Florida. She's noticed an increase in sports interest across the board--especially in organized youth sports--and suggests startup youth-sports trainers get training.

Interesting to build your own Kid`s Sport Education Business?

Get the requisite training. If you want to start educating youngsters about sports, you have to be a master at it yourself. You should be well versed in your sport of choice, and if you lack coaching experience, be ready to bring someone in who has a background in it. Also consider sports management training and sports administrative courses, notes Sally S. Johnson, executive director of the National Council of Youth Sports,Florida.

Assemble a great team. If you plan to open an entire training facility, make sure your entire staff is top-notch--like Ivan and Sherri Shulman, 44 and 46, respectively, did with their business, The Sports House in Houston. Make sure to conduct criminal background checks on employees, as they'll be working with children, suggests Johnson.

Pick a welcoming location. If you want parents to drop off their kids at your facility, you need to make it as inviting as possible. Choose a safe neighborhood and make sure every floor, window, wall and piece of equipment is shining clean, notes Ivan Shulman. Those little touches of comfort and community make parents eager to return over and over again for year-round activities.

Put safety first. Sports and physical education are fraught with risks, so you need to bone up on your safety and first aid training. "They don't need to know how to handle dislocations so much as they need to know the emergency first aid response," says Johnson. And don't forget insurance: After researching the type of insurance he would need, Ivan Shulman found a broker who specialized in youth and batting cage businesses.

Treat every kid like the next superstar. Keep it positive as you encourage kids in their particular sport. "Every parent thinks their kid is the absolute best in the world," says Sherri Shulman. Your treatment of both the children and their parents should be over-the-top enthusiastic and encouraging, making every client feel special. Why? Because it's all about building self-confidence--not just in sports, but in life.

Good Luck !

~ entrepreneur resources

A Kid`s Cooking Business

2007-07-05T20:23:00.000-07:00

From cooking classes and kits to full-fledged cooking parties, this still-hot category even includes kids' cookbooks in the recipe for success. "The awareness has risen," confirms Julia V. Jordan, president and founder of Spoons Across America, a New York City organization that provides food and cooking education programs to schools and community organizations nationwide. "There's much more of an interest [in] having children learn the skill of cooking."

And entrepreneurs like Barbara Beery, founder of Batter Up Kids Culinary Center, are stepping up to teach them. Batter Up Kids started out offering cooking classes, but today the Austin, Texas, business also retails cooking kits and cookbooks written by Beery, with annual sales of about $465,000.

Whether a kids' cooking business takes a recreational bent or a more serious one, like teaching children about health and food preparation, the key, experts say, is to keep it fun and age-appropriate. Even kids as young as 2 can participate with doughy, cookie-type foods. Tweens are a great entry point into the market, as are simple cooking parties. Jordan suggests looking to regional food trends for what's hot with kids in your area.

Consider the following ingredients before you whip up your own kid`s cooking business :

Play it safe. Be 1,000 percent sure of your safety procedures. Ensure all cooking classes are age-appropriate--for instance, keep 5-year-olds away from flames and knives. And as children get older, you should incorporate kitchen safety training, notes Beery. Also make sure your kitchen is compliant with all local and state sanitation requirements before you get started. Insurance is another consideration: Beery met with her insurance agent to discuss her needs as well as the kinds of cooking tasks the kids would be involved in at every age. The number of children in the classes was also a factor in the type and amount of insurance.
Check out the competition. The children's cooking market is definitely a hot one, so see what your local competitors are offering. "You might find out that you're in a little more crowded place than you thought," says Julia V. Jordan, president and founder of Spoons Across America, a New York City organization that provides food and cooking education programs to schools and community organizations nationwide. Determine how you might differentiate your company's services.

Offer more than just cooking. Many parents love a full-service party for their kids--where the vendor provides not only the cooking materials, but also the location and cleanup. Market themed cooking parties with all the trimmings to stressed-out parents who, like Beery's clients, are relieved to hand over those duties and willing to pay a premium for peace of mind.

Test that recipe. Check out local community organizations, suggests Jordan--they might give you an opportunity to organize a trial class. "It's a win-win for that group--and you're off doing it for some test marketing," she says. Just think, a local Boys & Girls Club, Girl Scout troop or other after-school program might be looking for a fun new activity for its young charges.

Good Luck!

~ Entrepreneur resources

An Organic Food Business

2007-07-05T20:09:00.000-07:00

From zero trans-fat snacks to fortified foods with added health benefits, if it’s good for the consumer, it’s most likely good for business. Even candy is being loaded with omega-3 fatty acids, healthy extracts and vitamin C. But the real buzzword is organic. According to the Organic Trade Association, based in Greenfield, Massachusetts, organic food sales in the U.S. totaled nearly $14 billion in 2005, with double-digit growth expected from 2007 to 2010.

Gigi Lee Chang, 39, received a warm welcome when she officially launched her line of organic, frozen baby food products nationwide in major retailers like Wild Oats and Whole Foods Market as well as smaller natural and organic grocery stores this past August. Based in New York City, Plum Organics is the first to launch organic, frozen baby food on a national level, and Chang (above) expects 2007 sales to hit $1 million. Not bad for a company in its infancy.

An organic food business can be your ticket to au natural business success.

Want to build an organic food business?

Take baby steps. Before launching Plum Organics, Chang broke up the overwhelming task of launching a line of baby products into baby steps. Says Chang, "It was very much breaking it down and saying if I want to go from where I am now to my goal, what are the things that I need to do, what are the questions that I need to answer and then how do I go about trying to answer them."

Set goals and stay on schedule. "You have to be very clear on your goal of when you want to be in market because whether you're doing it full time or not, if you don't have a specific time frame to work toward, it can just get put on the back burner," says Chang.

Attend industry trade shows. Whether you're just attending or actually showcasing your product, trade shows are a way to get great exposure and some wind in your sail. Says Chang, "Trade shows give you a context, a way to meet people, and they can provide you with some really great resources because they have classes and workshops that you can take.``

Go back to school. Gigi Lee Chang, 39-year-old founder of Plum Organics, an organic frozen baby food company in New York City, signed up for classes that were being offered by her local universities. The classes helped her gain perspective into an industry that she had no previous experience in.

Good Luck!

~ entrepreneur resouces

A Burger Restaurant

2007-07-05T19:50:00.000-07:00

A burger business might sound old school, but new hamburger restaurants are serving up patties with a twist .

Ivan Brown, is a brand manager of ground beef at Cargill Meat Solutions.

According to Brown, 8.5 billion burgers were served in commercial restaurants during the 12 months ending March 2006. Entrepreneurs can beef things up with upgrades, customization and flavor. Give consumers high-end toppings, the freedom to create, and ethnic and untraditional flavor options, and this is one item certain to keep the grill red-hot. For those interested in franchising, check out this month's "What's New" column on page 126 for information about gourmet burger chain The Counter.

How can you cook up your burger restaurant?

Immersing yourself in the industry. Opening a hamburger restaurant may sound simple, but get some sound experience at a restaurant before jumping in headfirst. "I would advise that you have previous restaurant experience," says Tim Goodell, 39-year-old founder with wife Liza Goodell,a Hollywood, California, burger and wine bar.

Setting yourself up for success. The restaurant industry is a competitive marketplace, says Hudson Riehle, senior vice president of research at the National Restaurant Association in Washington, DC."Anyone considering launching a new restaurant concept has to be extremely diligent in doing a pretty rigorous business plan and identifying not only the market area, but the demographics within that market area and making sure that they are aligned with the product offerings."

Knowing who you"re serving. Study your target market and take the time to get to know what they want and expect. According to Ivan Brown, brand manager of ground beef at Cargill Meat Solutions, a producer of ground beef based in Wichita, Kansas, customers today are willing to show you the money as long as they get options, flavor and quality in their burgers.

Letting your imagination run wild. Differentiate yourself from the competition by using your creative thinking. Says Riehle, "[Hamburgers] will always remain an American favorite, but there are a lot of enhancements and tweaking of the basic menu item that can and are being done."

Keeping an eye on the economy. Overall, the restaurant industry is exploding. In fact, according to Riehle, 47.5 percent of all food spending is allocated to the restaurant industry, and that percentage is expected to surpass 50 percent in the next decade. However, as fast as the industry is speeding forward, be aware of factors that might affect different segments of the industry.

Good Luck!

~entrepreneur resources

A Chocolate Business

2007-07-05T08:54:00.000-07:00

Do you love chocolate ? Most people from child to adult like chocolate very much.If chocolate is your passion, this could be the business opportunity you’ve been waiting for.

"Chocolate is more popular today than ever before," says Joan Steuer, founder and president of Chocolate Marketing LLC, a Los Angeles consulting firm that specializes in strategic forecasting and tracking trends in the chocolate industry.

According to Mintel International, a dark chocolate sales were up 40 percent in 2006.Dark, artisanal, organic, socially responsible and nutraceutically enhanced chocolates are especially hot varieties, according to Steuer. Opportunities also exist in chocolate cafes, chocolate fountains and chocolate education, such as tastings. And you can't go wrong with basics like chocolate snacks or a shelf-stable ganache. Says Steuer, "The world of chocolate is wide open for anyone to succeed if they take the right steps."

The 5 tips to build your chocolate business are :

Ask yourself three key questions. "Ask yourself, 'Where am I now, where do I want to be and how do I get there?’" advises Joan Steuer, founder of Chocolate Marketing LLC, a Los Angeles consulting firm that specializes in strategic forecasting and tracking trends in the chocolate industry. When answering, refrain from comparing yourself to the competition. Instead, focus on your strengths and your distinguishing qualities.

Pool your resources. Have enough money in the bank to last you at least six months out, recommends Steuer, and form a board of advisors who can offer unbiased advice and suggestions. When forming your board, don't limit yourself to experts within the chocolate industry. Even people from outside of the industry can offer great insight.

Love what you do. "For every entrepreneur, it's always going to be harder than you think it is, and you have to have great love and passion," says Steuer. "Don't just chase chocolate because you think you'll make money. It's hard to make money in chocolate. I work with struggling artisans as well as wildly successful companies."

Keep your eyes wide open. Chocolate, in general, will never lose its appeal, but studies, research and taste buds can change with each passing year, bringing certain types or flavors of chocolate to the forefront. In order to keep up with these trends, Steuer stresses the importance of living consciously. "Don't have blinders on to other industries because that's often from where the best ideas come," says Steuer.

Believe in yourself and your product. "If you think your idea is ahead of its time, chances are that it's a great idea," says Steuer. "It's just a matter of letting people know why they need it and why it's different and better."

Good Luck !

~entrepreneur resources

A Coffeehouse Business

2007-07-05T08:19:00.000-07:00

Can you imagine that you have your own coffeehouse?Coffee is a viable business idea.Whether it is a drip,a latte or a cappuccino,Americans are addicted to their coffee.According to to the Specialty Coffee Association of America, specialty coffee was an $11 billion industry in 2005, up from $9.6 billion in 2004.

For Beth Livedoti, 29, Jeff Furton, 29, and Stephanie Lemmo, 28, entering the industry in 2004 meant opening a window--or two. At The Daily Rise Expresso, a double-sided coffee and smoothie drive-thru in Ogden, Utah, customers come for more than a drink. "[Some customers] come in two to three times a day just to talk," says Livedoti. "We are their little piece of sanity." Year-end sales will reach $300,000, a second location opened earlier this year, and franchising is in its future.

If a coffeehouse isn't for you, think products like Java Juice, a liquid extract straight from the bean. Other niches include aftermarket products like Coca-Cola Blak and products that incorporate coffee for its health benefits.

To grow up your success coffeehouse businees, know the 5 keys :

Use your size to your advantage. Being small has its benefits--especially when it means you can accomplish what the big players aim to do but sometimes fall short. Study the coffeehouses in your community and examine what they fail at, advises Simon. By doing so, you'll have a better chance of finding your niche.

Aim for excellence. "People clearly want the milieu of a coffeehouse," says Simon. "They want the intellectualism, the music, the art. So do it. Really play music that you haven't heard a million times before, really put up local art on the walls, really emphasize your relationship with the community. If you really want to have a coffeehouse, go out and educate people. People want to know about coffee. It's like wine. Really go and educate your baristas."

Establish a presence in the community. The co-founders of The Daily Rise Expresso make it a point to stay involved in the community--whether it's providing refreshments at the farmer's market, concerts and fourth of July celebrations or donating to local schools and fund-raisers. Says Livedoti, "People start to see us around town, and I think that sets us apart because we support them, so, in turn, they come back to support us."

Don't underestimate your customer. Make sure you do your homework and find quality products in order to truly satisfy your customers. The founders of The Daily Rise Expresso considered 25 to 30 different roasters before making the final selection. "People really know their coffee," says Livedoti. "So it's very important that you're starting out with a good quality bean."

Prioritize customer service. "It's about attention to detail and figuring out what that person wants and what that person is really going to enjoy and what's going to get that person coming back time after time," says Lemmo. "People appreciate that you make an effort to figure out what's going to be the best for them."

Good Luck!

~entrepreneur resources