How to Build A Successful Business or top 10 successful businessman?
Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. top 10 successful businessman in Johannesburg there is not enough vision and there is not enough done to strengthen the business properly from the ground up.
If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).
When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).
Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.
The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.
Interesting Facts About top 10 successful businessman in Johannesburg:
About top 10 successful businessman in Johannesburg:
Very 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 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.
top 10 successful businessman in Johannesburg
Real estate investment takes motivation, drive and ambition on your part if you want to see your hard work turn into a huge profit. If you, yourself don't have the enthusiasm, chances are, your real estate investment days won't last long or make you much money. But, if you do, the possibilities are endless and so is your financial gain. So, don't trust that just the location of the property is going to be enough to make you the money you've been dreaming of. You need to make sure you spend the time to find an agent that is excited and motivated to sell homes and that knows how to make you both a lot of money. Think about it this way: if you hire a real estate investment agent that talks down about a property or location instead of highlighting its potential or good points, how quickly do you think it's going to sell? So, make sure your agent is positive and has your best interests in mind. Also, don't be afraid to bargain, negotiate or try to make deals with your real estate investment agent because you never know what someone will accept. It's always better to try than to always wonder how much you could have saved. If you're thinking about getting into the type of real estate investment that involves fixer uppers, be careful. Think long and hard before setting yourself up for this kind of project because it is time consuming and sometimes costly. You have to make sure that your costs in this type of real estate investment will ultimately be minimal compared to your gains. With any venture or business where there can be great financial gain, there is risk. Real estate investment isn't any sure thing. It can be a way to help you and your family have the lifestyle and kind of life you've always wanted. Don't be afraid to take the risk if you're visionary and can see the big picture. Real estate investment can be the vehicle that makes you a millionaire or, at the very least, allow you to live comfortably. So, take the time to hire the real estate investing agent that knows what he/she is doing and is a knowledgeable and savvy salesperson. You potentially can and will earn quite a profit in real estate investing ventures; you just have to make pragmatic, well-thought decisions before you begin. Harold D. Swannson has created a Investment Resourceful Information site Find Hot Investment ZZZZZZ
Deciding when to File a Tax Return?
What is a Blunder? Definition of Blunder: Main Entry: 1blun·der Function: verb 1: to move unsteadily or confusedly 2: to make a mistake through stupidity, ignorance, or carelessness transitive senses 3: to utter stupidly, confusedly, or thoughtlessly 4: to make a stupid, careless, or thoughtless mistake in - blun·der·er / noun - blun·der·ing·ly / adverb Source: Merriam Webster First, why even focus on the blunders? Isn't that kind of a negative focus? The reality is that we all make mistakes. Most of us don't like to re-live the mistake so we try our best to forget what happened. Worse yet, we sometimes blame our clients (bad client, bad, bad client). But that same coaching blunder can be used to sharpen our coaching skills. The very thing that we worry will be the end of us (a blunder) can actually catapult us to a very different level of performance. Learning to recognize and embrace our coaching blunders is the path to better coaching. We will continue to blunder, so let's take advantage of the opportunities that present themselves! What are some reasons to focus on the blunders? Here are 8 compelling reasons to embrace your mistakes and use them to your advantage: 1. Become a more (polished) (sophisticated) (evolved) coach. 2. Eliminate your rough edges while refining the sharpness with which you coach. 3. Replace repetitive blunders with a stealth form of uber-coaching. 4. Give your clients the gift of effective coaching on every call. 5. Begin to learn the real reasons your clients leave (fire) you and what to do to turn that around. Coaches often have clients for 2-3 months and then they fade away. Now you can begin to learn why clients leave you. 6. Discover how to love being rated by your clients in performance reviews. 7. Learn how to self-assess, and self-coach, with honesty and compassion. 8. Discover real time solutions for when you get stuck (and who doesn't at one time or another). What kind of Blunders do coaches make? In the Coaching Blunders Series, available in audio with a workbook, we discuss different types of blunders and their value to us: 1. Administrative Blunders 2. Fearful Blunders 3. Avoidance Blunders 4. Communication Blunders 5. Power and Empowerment Blunders 6. Benefits of Blunders What are the Top 10 Blunders that you see coaches make? Although we identified close to 100 coaching blunders I feel that the Top 10 Coaching Blunders are: 1. Waiting until you are ready to coach (new coaches) or waiting to coach the more challenging clients (experienced coaches). Get clients now! Your coaching education will make more sense if you're coaching. You're never going to "have it" if you don't "do it". I highly recommend that you "dive in and get both feet wet". 2. Taking your client at face value. This may sound shocking but the reality is that clients come to us because they are here, and want to get there. If they could do it on their own, they wouldn't' need us. Often, what a client says to us has to do with the client's current paradigms and attitudes. If we take their goals and ideas at face value, we may be missing huge goals that they want to tap into but don't yet know how to express. They are hiring us so we can tap into the goals with them. 3. Going into solution mode. Most coaches, particularly new ones, will jump right away to finding solutions and solving problems. Why do we tend to go to solution mode? What's our motivation? We do this because we think it will justify our fees and prove our value as a coach. This is very limited thinking on the part of the coach. 4. Not knowing your client. a. Do a thorough pre-hire interview. If you want to know how to do this successfully consider getting the eBook Ten Step Buying Process: Converting Prospects to Clients at http://discninja.com/products.htm. b. Have a complete intake form for your clients to complete. c. Use assessments. My favorite is the DISC Personal Profile System. To see a number of valuable coaching assessments visit www.InternetAssessments.com. I prefer to have a complimentary collaborative interview with a potential new client instead of offering a complimentary free session. This way I get a clear understanding of the potential client. By using the DISC assessment, it helps me stay out of "solution mode" because I can deal with client behaviors and discover their motivations from there. 5. Avoiding difficult or touchy subjects. Allowing client to avoid issues that are "hot" (and avoid they will). Sometimes coaches inadvertently allow clients to avoid the touchy subjects. We have to be very watchful to know what the touchy subjects are for each client. If the client keeps avoiding a certain topic, it's a blunder on the coach's part to allow that to happen. Once you notice a client avoiding a touchy subject then bring this up in session. For instance, Every time, I begin to ask you about this topic, you change the topic. I'd like us to take a few minutes and see what's here. 6. Not having a system in place for the administration of our clients. a. Keeps us from serving our clients and growing our business. b. Client Compass software is a great administrative environment. i. E-Caps that can be sent to your client directly after each call. ii. Invoicing - Failing to manage the money and/or get paid on time. Payment can be handled directly through the premium version of Client Compass. iii. Keeping track of paid and volunteer time iv. For more info visit http://www.clientcompass.com c. Not having a well-written coaching policy that sets clear client expectations. If you would like to see my coaching package it is available as a part of the www.90DayMarketingMarathon.com as lesson #41. For your quick reference it is available at this link: www.90DayMarketingMarathon.com/coachingpackage.pdf. If you set up systems, then tasks can be done automatically and you can spend more time coaching and earning a living and less time on administrivia. 7. Not building an environment that allows more people to know about you as a coach. In the www.90DayMarketingMarathon.com program, we create just such an environment for you. a. Selling people or talking people into coaching. Once again, I recommend reviewing the Ten Step Buying Process: Converting Prospects to Clients (see #4 above) b. Coaching any one other than your "ideal" client. c. Not letting enough people get to know you. A lot of coaches love to coach, but they don't love to market. If you're not marketing and people don't know about you, you won't have the business you want. Consider joining the www.90DayMarketingMarathoncom. It will help you be clear on your ideal client. And I guarantee that you will be a much better coach when you are coaching your ideal client. 8. Coaching around topics we should avoid a. Legal b. Financial c. Medical d. Therapeutic We know this and yet it's so easy to get sucked into it. Hold clear boundaries and coach your clients to contact the appropriate contacts such as their employee assistance program (EAP), therapist, attorney, etc. Our job as coaches is to not get sucked into it but to have strong and clear boundaries and to hold the right space for coaching our clients. 9. Constantly asking questions and/or not allowing clients to answer before asking a new question. Silence tends to make most of us very uncomfortable. So, if the coach becomes uncomfortable we often ask new questions before the previous one was answered. This is a serious blunder. That same silence can also put your client into a certain discomfort, which can be a good thing. It teases something deeper out of them. Don't let clients "off the hook" because of your discomfort! 10. Raising fees before we are ready. If we don't feel worthy, it will not work. Clients will sense this like dogs sense fear! One option is to create coaching programs with a specific focus as well as a beginning, middle and end. There is less risk for the prospect or client in both time and money. And, you can often convert people who have taken one of your coaching programs into a one-on-one client. This is because they have had a chance to get to know you and trust you. You have developed a relationship with them and they will feel more confident in working with you. You can create your own program or purchase a license for a coaching program from a third party such as CoachVille. I am also offering several licensing programs so feel free to contact me for more information. Parting Words of Wisdom: The key is to embrace your own blunderella or blunderfella. Embrace them and you will learn much more quickly than when you are in resistance. © Copyright 2005 Alicia Smith Permission to reproduce granted if all attribution & contact information is included.