Starting the morning with orange and blue! Fresh orange juice
You have a great idea or a great product. You’re sure that it will be successful and you will be a successful entrepreneur over night! Right!? For a lucky few this might be the case but for the average entrepreneur it isn’t that easy.
15% — Hopefully before you even think about starting a business you have money saved. So what does this 15% mean? This is the amount of your set aside business money and is the max you should spend in the start of your business.
Reason 1. You haven’t proven your concept yet. You’re idea or product is great in your head and all of your friends and family are behind you. This obviously means everyone else will love it too. Well, the reality is, what if the market doesn’t respond well and your business doesn’t work out. This brings me to…
Reason 2. 15% of your set aside saved money isn’t nearly as bad as 100%. Only spending 15% gives you enough to either edit your business or start over with a whole idea. At the end of the day you want to lead with logic. If the response is good we move to 50%.
50% — You’re product is doing great. People love it and it is flying off of the shelf, or E-Shelf. You have proven your concept and ready to expand. This is where you can spend a little more. Increase that 15% to 50%. The rest of the 50% can stay in your savings just in case.
Reason 1. You get a big order. Instead of going to the bank to fulfill that order or rejecting it, you already have the money set aside. Expect the unexpected and keep that 50% for the just in cases.
Time Spent — I am sure you have heard the saying “Time is Money.” Time is just as important as money when it comes to business. 18 is the magic number in the business world. Meaning, you should be able to show an overall profit within 18 months of starting your business. I’m not saying that on month 19 to totally scrap your business. However, it might be a good time to reevaluate your strategy and figure out how to get to the profit point.
—- I’m in no way liable for the decisions you make in your business. I am simply sharing what I have learned in my business classes. Your business decisions are ultimately yours, I just hope that I have given you something to think about. —-
Don’t don’t do it better - Do it different. Share if you’re a Mac fan #apple #mac #technology
Couldn’t do without my juice in the morning! #thankful #abeautifulmess
Thankful I live in a country where women can be professional too! Share and follow if you are thankful too! #RT #woman
The 3 Types of Businesses - Which one you are and which one you want to be
Ooh la la is right! I’m guessing that most everyone can identify the items in the picture. Probably even without the logos. Here I have a Starbucks cup and a Macbook. There is a reason other than great product, as to why these companies are successful. They have created a lifestyle.
I went to Starbucks today and sat in a chair for a minute. I am an observed so I noticed everyone that was in there. There was one table of three professional guys, all with nice leather shoes I might add. An artsy guy with a beautiful silk scarf and swede loafers, a tech guy on his Mac, and a couple on the phone - looking as if they were doing business. Why were all those people there? They all have something in common. They go to Starbucks because of the feeling they get when they go there - the feeling of success or maybe a higher class.
Macbook - also a feeling of success and higher class. Maybe sophistication or dare I say it- being better than a regular pc.
Any business you have is either going to be a WANT a NEED or a MUST HAVE.
The want is maybe the t-shirt you just saw at the mall, but nah I don’t think I’ll buy it. If you have a want business, you’ll have the hardest time making a sale. However, you can make that t-shirt into a NEED. Just like Starbucks has done and other brands like Ray-Bans. They have turned the WANT into the MUST HAVE. Their brand supports and embodies something bigger than the product. When people buy them they feel a part of something bigger. The MUST HAVES are things like water and electricity. If you’re in control or part of these big players, then my friend you are set for life…
What is this business tip that is about to change your life you ask? Well, when I heard this in my Small Business Management class, I said “What!?”
The teacher asked the class what we thought the best thing we could be told was. We thought for a minute. Some said to be told “yes.” Some said to be told “it’s free.” No one in our class got the answer right. No it’s not Yes and no it’s not Free.
It is -NO. Can you believe it. Our teacher told us that in business the best thing that you can be told is no. This had gone against everything I would have ever thought. Obviously he had to explain his reasoning. So it goes: What happens when you are always told yes and never no. Well, when you are finally told no, and you will… Your life is turned upside down and your world comes to an end and you are devastated. Ok, maybe not that extreme of a reaction, but you don’t take that no easily.
The reason that no is the best thing that you could be told is because it makes you stronger. You get use to it, and when you get told no you are able to overcome whatever is in front of you.
Follow BLOG—> Here
busi·ness : the practice of making one’s living by engaging in commerce.
Well Hello! My name is Penny and I am a business student. If you haven’t noticed I love, well I love business. My dream is to design and sell my very own baby brand - The Boston Baby. Though I’m not quite ready to make that leap yet, I would love for you to join me while I prepare and take the first few steps in being a business owner.
I will be posting business tips and suggestions
Steps that I am making to be a successful business woman
A little, or a lot about my day to day life