Can someone build a successful online small business while still holding a full-time job and playing a main role within one’s family?
I think it is possible, but you need to be highly motivated and highly focused on your online small business in your limited periods of free time. You also need to determine what tasks you are aiming to accomplish for your business every single day.
In order to stay motivated and focused you will have to spend time on motivational and long-term business building planning activities.
It will also be important that you keep your business running during busy periods, so doing some micro-planning on a day-to-day basis will be essential. Let’s look at this in more detail:
1. Business Motivation And Long-Term Planning.
Maintaining enthusiasm will help you if you know why you are building your online small business. Your reasoning should be more than just to make some extra money. This is about setting down and writing on paper a huge goal of yours that is both definite and inspiring.
Napoleon Hill called it, “a keen pulsating DESIRE” which is DEFINITE and which “transcends everything else.”
Whatever motivates you, write it down and review it every day. Obsession is a good thing in this case. Get in a habit of obsessing over your definite and transcendent desire. This will feed your motivation to move your business forward even during a busy week because your business is what is going to get you where you want to go in terms of achieving your definite desire. Read more...
The majority of people who start up a business want to define an exit strategy. No-one intends to work until the final days before they die. Even if they want to go for something long-lasting to pass on to their children, there has to come a time when they retire, put up their feet and enjoy a few years of peace. Most surveys find around two-thirds of all business owners hope to retire within the next ten years. To make this practical requires a mixture of financial planning and retirement saving. With the economy in serious trouble, a hands-on approach is best, monitoring how the business is performing and whether current financial arrangements need to be changed. The problem is to get an overview. In one room, you have the accountants looking at the way the business is performing. In another, you have the financial advisors looking at the personal investment situation, and then there are the insurance brokers, agents and companies. If none of them work together, the advice is incoherent and the planning will not meet its goals.
So what does the business owner need to get peace of mind? The first step is to ensure the personal assets are protected. If the business is not incorporated, there will have to be personal liability insurance protection in place. That way, if something does go wrong, it will not affect the family. Some restructuring may also be necessary, moving any investments and assets from the business to a holding company and making sure that any loans made by family members get paid before the general creditors. If the worst happens and either the business fails or the owner is injured or falls ill, this will mean unemployment. Again, some provision against this possibility is desirable. Looking at the looming recession, keeping the cash flowing is best. That means keeping the tax liability to a minimum and paying by instalments. This allows you to keep payments flowing into retirement savings plans, which gives you a write-off. Looking at everyone in the family and their needs finishes the picture. Outside the business which will always be risky, all the other investments should be safe and conservative, making sure the succession planning is in place to pass the management responsibilities over when retirement is possible.
Making all this real depends on a range of different business insurance. Because the business is the family’s biggest asset, it should be fully protected. The lives of the owners need to be protected by term insurance for succession purposes, and everything that can be done to make the business successful should be done. Survival through the recession is not enough. If owners do want to retire in ten years time, the business must be ready to pass on to the family or sell on the open market. In all this, remember the planning should be fully co-ordinated, taking everyone’s interests into account. Keeping the business insurance valuations up to date is essential to ensure agreed payments are made quickly should a claim be made. With all this in place, retirement is only a few years away.
Business continuity planning (BCP) is the creation and validation of a practiced logistical plan for how an organization will recover and restore partially or completely interrupted critical functions within a predetermined time after a disaster or extended disruption. The logistical plan is called a business continuity plan. Hence, BCP is the phenomenon by which a company plans out, how to stay in business in the event of disaster. Incidents include local incidents like building fires, regional incidents like earthquakes, or national incidents like pandemic illnesses. The company has a formal printed manual available for reference before, during, and after disruptions have occurred. In 2007, the British Standards Institution published another standard part for BCP, BS 25999-2 “Specification for Business Continuity Management”, that specifies requirements for implementing, operating and improving a documented Business Continuity Management System (BCMS). BCP methodology is useful for any organization of but adopted by only regulated industries. However every organization should have one in order to ensure the organization’s longevity. It is evident that firms do not invest enough time and resources into BCP preparations are sufferer in disaster survival statistics. According to a research study, fires permanently close 44% of the business affected. In the 1993 World Trade Center bombing, 150 businesses out of 350 affected failed to survive the event. Whereas, the firms affected by the Sept. 11 attacks with well-developed and tested BCP manuals were back in business within days. For a small organization, BCP manual may be simply a printed manual, containing full details of crisis management staff, general staff members, clients, and vendors along with the location of the offsite data backup storage media, copies of insurance contracts, and other critical materials necessary for organizational survival. For most complex organizations, a BCP manual may outline a secondary work site, technical requirements and readiness, regulatory reporting requirements, work recovery measures. They should have all the documents for the reestablishment of physical records, a new supply chain, or new production centers. The development of a BCP manual can have five main phases:
?? 1. Analysis: study of various impacts and threat, its consequences. ?? 2. Solution design: to identify the most cost effective disaster recovery solution?? 3. Implementation: execution of the design elements identified in the solution design phase?? 4. Testing and organization acceptance means to achieve organizational acceptance that the business continuity solution satisfies the organization’s recovery requirements?? 5. Maintenance: divided into three activities,a)??? the confirmation of information in the manual, roll out to all staff for awareness and specific training for individuals whose roles are identified as critical in response and recovery. b)??? the testing and verification of technical solutions established for recovery operations. c)??? the testing and verification of documented organization recovery procedures. Microsoft’s Business Continuity Solutions
Microsoft Windows Server 2008 provides the most robust business continuity platform, delivering proven technologies like Network Load Balancing and Clustering as part of the operating system. It also provides support for a wide range of industry-leading, shared-storage solutions to deliver Quick and Live Migration along with partner cross-site data management and data replication technologies. IBM – COOP Systems
IBM Business Continuity and Resiliency Services is working with COOP Systems headquartered in Herndon, VA to provide business continuity management software namely myCOOP. With a reputation for no risk deployments, low costs, and ease-of-use for all types of users, myCOOP is the next generation of business continuity software.
When writing a business plan, make sure to include the key components, such as an executive summary, an operation section, a management section, a marketing section, a finance section and an appendix. Find out how to write these sections of a business plan with the help of this free video from the owner of a small business. Expert: FJ Cava Contact: www.sfwebspot.com Bio: FJ Cava has an Master’s of Business Administration from San Francisco State, and he has worked with the Small Business Administration. Currently, he owns Bayview Webspot. Filmmaker: Sam Lee