Category Archives: How To start a Business

10 Best Advices About Money From a Self-made Millionaire

By Steve Siebold businessmen suits fancy trainBuilding wealth is up to you.Jeff J Mitchell / Getty Images

About six months ago my wife and I decided to turn our North Georgia summer retreat into our full-time residence.

We decided to make a few changes to the property now that we would be living in it year-round.

As I was getting into my car one morning, three of the workers paused from what they were doing and stared me down.

I stopped and asked if everything was ok, and one of the men said, “It’s not fair. You have this beautiful home and a nice car while we are stuck doing hard labor for just a little more than minimum wage.”

I approached the men, and we ended up speaking about building wealth for more than an hour. I shared with them that life wasn’t always this good, and at one point I was $50,000 in debt and didn’t know how I would climb out of it. The men shook my hand and thanked me for sharing my insights.

Fast forward to this morning and I was again about to get into my car. A man driving a truck down the street stops in front of my house and yells, “Mr. Siebold, I took your advice and started my own company. I have five employees working for me and business is booming. My family and I are experiencing freedom like we never thought possible.”

He continued, “Please share your words of wisdom with others.”

So moved that this man turned his life around, I’m now going to take his advice and share the takeaways from that conversation six months ago:

1. In a free-market economy, anyone can make as much money as they want.

2. Your background, highest level of education, or IQ is irrelevant when it comes to earning money.

3. The fastest way to make money is to solve a problem. The bigger the problem you solve, the more money you make.

4. Don’t listen to the naysayers who tell you that life is supposed to be a struggleand that you should settle and be grateful for what you have.

5. Expect to make more money. For this one you have to think big. $100,000, $500,000, or why not $1 million?

6. Lose the fear and scarcity mindset and start seeing money for all the good things: freedom, opportunity, possibility, and abundance.

7. Being rich isn’t a privilege. Being rich is a right. If you create massive value for others, you have the right to be as rich as you want.

8. Don’t wait for your ship to come in. You’re not going to be discovered, saved, or made rich by an outside force. If you want a lot of money, build your own ship. No one is coming to the rescue.

9. Stop worrying about running out of money and focus on how to make more.Constantly worrying about money is no way to live. Dream about money, instead.

10. Stop telling yourself that getting rich is outside of your control. The truth is that making money is an inside job.

Just like the man working at my home six months ago who was frustrated over his finances and held a grudge against the rich, you too have the power to change your financial situation. Maybe you’ve been living in debt for years or maybe you’ve just dreamed of having more; it’s all possible if you make the decision and really set your mind to it.

Steve Siebold is author of “How Rich People Think,” and a self-made millionaire who has interviewed more than 1,200 of the world’s wealthiest people.

10 Steps on how to go viral

Here are 10 steps to go viral

  1. know your audience: Going viral isn’t just about getting your content in front of people, it’s about getting it in front of the right people.
  2. First impression create a strong bond:The feelings that you get after seeing, hearing or reading something that strikes an emotional chord influences your behavior. And there’s science to back it. Robert Plutchik wheel of emotion
  3. Be proactive and make sharing a must with your goal:Dropbox built in a feature that gives users free storage space by referring other users to the service.
  4. Integrated user generated content: think that the viral “Straight Outta” meme generator played a role in the movie’s success.
  5. Useful content: If posts have practical advice, people are more likely to share it with their friends because it’s helpful information.
  6. Positive Timing: In order to time your content to go viral, you have to be up to date on all of the latest events. Whether it’s pop culture, world news or sports, being active on social media and seeing what’s popular at the moment will give you the fuel you need to craft your next piece of viral content. Think twitter!
  7. Be visual: Study finds posts with one or more images get more than twice as many shares on Facebook and Twitter than those without any images in them.
  8. knock influencers door:  Go     to     all      of     them!
  9. Be everywhere: Add your presence in most social sites as well as traditional areas.
  10.  Sometimes go against the experts: Why not?

10 Ways to Know If You have a Great Business Idea

While good business ideas are a dime a dozen, great ones are as common as a 1965 silver dime.

Just a fraction of new businesses last more than two years. So what makes a successful venture? From uniqueness to the ease of scaling the concept up or down, entrepreneurs say a number of things should be considered when trying to establish whether an idea is just good or really great.

Here are 10 factors to contemplate:

  1. Is it unique?

Kendall Almerico, CEO of the crowdfunding site ClickStartMe.com, says too many entrepreneurs think they are on to a great idea when their heart starts to pound, their pupils dilate and they can’t concentrate on anything else.

“You know you have a great business idea when you stop sweating, get back to reality and focus enough to Google the concept and find out nobody else has ever done it,” Almerico said.

2. Does it solve a problem?

Entrepreneur and co-founder of the Web design school The Starter League Mike McGee thinks the best business ideas are those that solve a problem in some way.

“If there is a problem that affects you, your friends, family, co-workers, etc., then the chances are high that it affects people you don’t know as well,” McGee said.

3. What’s its price point?

Charlie Harary, founder and partner of investment firm H3 & Co., said that while there are many ways to solve problems, great business ideas do it in a way that is less expensive than what the market will endure.

“Once you have determined that you are solving a legitimate problem in a scalable way, you need to determine not only the value that it delivers to the world, but what people would pay for that value,” Harary said. “Once you determine the price, then you can assess if your solution is businessworthy or not.”

4. Is it scalable?

As someone who works with entrepreneurs on a daily basis, consultant and author Ralph Quintero believes the great business ideas are ones that can be easily scalable.

“Can it be systemized, automated or expanded as thevinterest for the product grows?” said Quintero, founder of the media and consulting firm The Great Business Project. “I have seen many great ideas fail because the entrepreneurs behind them never planned for scalability accordingly.”

5. Will people will pay for it?

It’s paying customers who validate an idea and determine which ones have the greatest chance for success, said Wil Schroter, co-founder and CEO of Fundable.

“An idea is just an idea until you have a paying customer attached to it,” Schroter said. “Anyone can discredit a simple idea, but no one can discredit paying customers.”

6. Does it gain cyber-traction?

One way to determine an idea’s potential is to create a simple website to see if online consumers are interested, said Josh Waller, a hustler at Elastic Inc.

He said the website should have a company name, logo and brief description of the concept. It should also include a box that says, “Sign up on the waiting list ?first come, first served.”

“Then email your contact list asking them to check out the site, sign up if interested, and share with others who might be,” Waller said. “If you get a few dozen sign-ups in a day, you’re probably onto something, and you already have your first few customers to contact.”

7. Will vendors be interested?

The best indicator of a business’s potential success is the amount of interest it generates from outside vendors, according to Eugene Lee, president and CEO of ETL Associates.

“If peripheral businesses are clamoring at your door to gain an audience, then you can rest assured you are probably sitting on a lucrative proposition,” Lee said.

8. Is it hard to duplicate?

David Handmaker, the CEO of Next Day Flyers, believes the best business ideas are the ones that can’t easily be duplicated.

“If there is a great idea and barriers to entry are low, you can be sure imitators will follow,” Handmaker said. “New businesses should have strong differentiators and/or barriers, like patents, to help ward off the competition.”

9. Does it win recognition?

Katie Shea, director of marketing for OrderGroove, thinks truly great business ideas are outwardly recognized by an external source, such as investors, paying customers or the media.

“Recognition from those who are not intertwined with the original idea or business are less biased and therefore more likely to recognize the difference between a subpar and truly extraordinary idea,” Shea said.

10. Can it last?

Business ideas that can cater to people over a long period of time make for the most successful ventures, according to Ian Aronovich, co-founder and CEO ofGovernmentAuctions.org. Aronovich said entrepreneurs need to picture their business in two, three and 10 years to determine if their product or service will still be relevant.

“Avoid falling for trends and fads, because thosecan disappear overnight,” he said. “If you’re confident your idea will still be the answer to your customers’ problems and it’ll continue to bring in more revenue for your business in all the years ahead, you have a great idea to work with.”

For more go to  BusinessNewsDaily

10 Steps to Starting a New Business

Step 1:Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name (“Doing Business As”)

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Better Ideas For Success