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Running Your own Business – The OptionsVery few people ever got rich by working for someone else. Leaving aside pop musicians, sportsmen and similarly gifted people, the only way to acquire wealth by work is to build a business of your own. The type of business you decide upon will depend on: a) how much money you have available as start-up capital and working capital; b) your business idea; and c) your confidence level.There are three types of business: 1) the traditional one in which you are reliant solely on your own efforts; 2) a franchise where you follow a proven idea and receive considerable training and back-up from the franchise company; and 3) network marketing. Each business type has its pros and cons. The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits. Franchises have a high success rate. Banks like them because each franchise operation has a proven track record and thus the banks can accurately judge the risk, consequently they will lend money for this sort of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the businesss turnover has to be paid to the franchise company. Network marketing, also known as multi-level marketing, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A network marketing business can be started in your spare time in fact that is the best way to approach it. Start small, and keep at it. The secret is perseverance, get past the first year and you should find the business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in network marketing become wealthy beyond their wildest expectations.So which type of business is for you? If you wish to provide a service or product where you have previous experience from, say, a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to strike out on your own, then a franchise or network marketing must be the preferred option. The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help you to swim. On the other hand you can ease yourself gently into network marketing by starting part-time while you continue with your current employment, building your business by ploughing back profits if necessary. Persevere and there will https://michaellienert.com/ come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, spending more time on it or enjoying considerable free time with your family.

How Playing Poker Teaches Business SkillsI have fun playing Texas Hold ‘Em with friends. Did you know that playing the game or watching shows like World Tour Of Poker can help you succeed in business? I didn’t realize that while I was learning to play, I was gaining valuable business skills that have translated into money in my pocket. No, not by gambling money away. 🙂 Let me show you what I mean. I learned four things from playing poker.First, I learned how to make the best of the cards I was dealt. I learned when to play a hand, when to take risks, and when to throw the cards away and wait to act with better ones. This kind of discernment helps a business owner make sound decisions about working with assets and when to cut a project loose if it’s not producing MICHAEL LIENERT DETROIT good results. I found that when starting your own business, you will invest 2 assetsyour time and your money. Depending on where you start, you’ll use one of these assets more than the other. A realistic understanding of which asset you’re working from can help you make the most of what you’ve got.The second lesson I learned from poker is that you’ve got to use a strategy to win. Good players spend years learning from each other and developing a strategy that’s right for them. Their strategy is reliable and flexible enough to adapt to new situations. They learn something new from each game, and they actively look for the lessons when they lose a hand. They know how much they’re willing to bet in an evening, and they aren’t pushed off course by setbacks because their strategy takes the slow time into account. The third lesson I learned is that while I must understand the cards I’ve got, I must watch my competition and adjust what I’m doing accordingly. If I have a solid straight in my hand, I still need to watch my fellow players because one of them might have a straight flush. If you only focus on your hand, you may end up broke in no time flat. Even if you’ve got an awesome product, don’t fool yourself into thinking you’ve beaten your competition. In business, there are always going to be people who want to move into your market. People are actively creating new products and services, and yours could be left in the dust if you aren’t paying attention. The difference here is that you may find that good strategies include partnering with your competitors and funding joint ventures. Unlike poker, you both can win.The last and most important lesson I learned from playing poker is that risk isn’t the four-letter word! Risk is a good thing if you have studied your competition and know you have a good hand. The reality of business is that you will have to do some things you’ve never done before or that make you feel nervous. This is a good thing because you become a better person once you push through your fear of taking a risk. I used to worry about what would happen if I lost a bet. I played to prevent losing instead of playing to win. There’s a big difference between those things. Playing to win means putting yourself out there, letting people know you’ve got a good product or service. Playing so you won’t lose usually results in you losing or barely breaking even because you can’t do the very things that cause your business to sky rocket to the top.In summary, I learned to use my assets well, implement a winning strategy, to respond to my competition, and to push past the fear of losing. Think about other activities you’ve done over the years. What skills did you learn? How can you use them to build your successful business?

Business Name How To Pick One From A LegalBusiness Name How To Pick One From A Legal Michael Lienert PerspectiveA business name can be a huge factor in the ultimate success or failure of the entity. Unfortunately, many people fail to give a lot of thought to it prior to moving forward. There are many factors to consider including something memorable, a name related to your area of work and, potentially, the availability of the domain name.Married?Picking a business name is like getting married. You are going to have to stick with it till the bitter end. It is estimated a prospect will need to see your advertisement and business name at least 22 times prior to doing business with you. Once they associate your business with a certain name, making a change will be disastrous. Once you pick something, stick with it.Naming Your BusinessIf you are going to be married to your business name, you need to make sure the bride isnt already married to another suitor. There are four significant issues to consider. Initially, you must determine whether the name is already being used in your state. The Secretary of State controls the names of all corporations, LLCs and partnerships. Most also have a web site where you can conduct name searches. Even if you are a sole proprietor, you should check the name against those already registered in the state database. If the name is being used, you will need to consider an alternative.Assuming the name passed must with the Secretary of State, you should check it against existing trademarks file with the Patent and Trademark Office. The PTO maintains an online database. As with the Secretary of State, you can conduct an online search to make sure no other business is using it.In this day and age, many businesses incorporate a web site as part of their business model. If you are in this boat, you need to check to see if the business name is available as a domain. If it is, you should register it immediately. If not, you can either change your business name again or focus on a domain name incorporating your service or product instead of the business name.Avoiding ProblemsYou business could be devastated if you do not take these precautionary steps. Imagine the negative impact on your business if the name has to be changed three years down the line. Take a breath before you select a business name. Like a spouse, it can be either a good or bad choice.