Business Challenges – How to Cope With Challenges in Business

These problems can be classified into two categories;

The internal challenges – concerned with the business and the entrepreneur.

The external challenges – concerned with elements outside the business scope.

Considering the internal challenges, they can be further broken down into;

1) Personal breakthroughs – These are problems the entrepreneur is facing himself. They constitute the social and psychological problems.

Poor relations with family and friends; Stabilizing a business would require much of the business person’s time and efforts. This would take away the moments and periods he used to enjoy with them. This can be solved by scrapping sometime spent on the business, for embracing the company of his loved ones. It is a matter of balancing time for the business and social time. This way loneliness will be avoided during work.

Fear of failure of the business – If the businesses collapses or does not generate enough returns; the owner will lose all his investments. A business person bears this risk in his mind because it is a possibility but acts as an alarm to carefully watch the business. He can cope with this fear by establishing risk management strategies that would mitigate all kinds of risks and compensate for any loss when it occurs. This way the business will always have efforts to move on with its operations despite the impact of risks it is facing.

Risk of Career Loss; some business people give up their jobs so as to pursue their own business. Nevertheless, they may end up regretting if the business performs poorly or is shut down. That is why it is advisable to ensure the business is very stable enough to move on before sacrificing the career life. One can also do business related to his own career field so as to advance in his skills.

Ignorance of Business Ethics – This means failure to practicing ethical requirements of the business because of not being aware of those requirements. This problem can lead to the business being shut down by the authorities very fast if legal procedures have not been adhered to by the business person. To avoid this problem, a business person can seek legal representation. That is, he can employ a personal lawyer to guide him through the legal procedures and assist him to ensure that the operations of the business match with the pertinent business ethics.

Lack of expertise knowledge and experience – This can lead to the business performing poorly. If a business is unfamiliar with the nature of his business operations it would mean that he is not sure of what he is doing. He will also lack confidence communicating with the customers because he may lose all his potential customers who would realize that they are dealing with alien products. The business person would then require seeking the expertise and training he needs to carry out the business; both necessary technical and management skills.

2) Management Breakthroughs – These are problems related to the how the operations of the business are controlled. Considering that the business already has the advanced technology and qualified personnel, the main problem could be mismanagement of funds. Wrong usage of business finances can lead to a big loss. In this matter the business person should seek both surface and deep information concerning the managers he would appoint. This is to ensure that they are qualified and experienced enough to handle management difficulties.

External challenges can be;

1) Natural catastrophes – Floods, earthquakes and harsh weather can damage business operations. These happenings are beyond human control so we can always rather watch them happen. However, there is a way in which a business can be protected against such occurrences. It has to be insured against the risks so that in case there is a loss; it would be compensated for the loss and move on with its operations.

2) Stiff competition – There could be well established superior businesses and companies that act superior in the market. They occupy the largest sector of the market and their prices are very much affordable to attract many customers because they already enjoy economies of scale. To be able to combat this challenge, a business person should carry out market analysis of the products or service he is offering. This can give him information on consumer patterns regarding the products and technological advances applicable in his field of operation. He can use this knowledge to establish competitive strategies that would elevate his business to a higher level of the competition.

What’s in Your Home Business

Every day thousands of people look for a home business out of the need to help with the stack of bills that see to arrive everyday, pay off their increasing credit card debt or to have more time with the people they care the most. I know, I was one of those people.

There are countless Internet Businesses, MLMs, Direct Sale Businesses and Network Marketing Businesses out there, and more are popping up every year. What most people don’t know is, the average lifespan of a home based business company is less than two years, so when they close their doors (or change their company name to avoid legal issues) the home business owner feels betrayed and enraged because they were lied to and now are deeper in the debt sinkhole.

Before you’re roped into this group, take some time to ask yourself exactly what you want in a home business before joining. There’s more too it than wondering, “Which company can make me super rich quick?”.

Here’s a list of things you need to consider before you enter your credit card information and buy a ticket for the get rich bus:

1. Start Up and Continuation Cost

a. Is it affordable for you now to start a home business with the company you want?
b. Most businesses have a monthly membership. Can you afford to stay with the company after one month? Two months? A year?
c. Are there any extra costs involved to be successful with the business?
d. Does the business provide a budget plan for you so you don’t overspend?
e. Does the business provide a refund if you decide not to quit?

2. Compensation Plan

a. What percentage of commission do you earn from the product(s)/service(s)?
b. Can you earn commissions with your business more than one way?
c. How often do you get paid for your business? Weekly? Monthly? Yearly?!
d. Does the product(s)/service(s) have to be kept by the customer for a certain amount of time before you receive your commission?
e. If the customer wants a refund for the product(s)/service(s), do you have to pay back your commission?
f. Is there a limit to how much you can make in a week? Month? Year?
g. Are there extras (bonuses, trips, vehicles) for being a top earner or making/breaking sales records?

3. Support

a. Are you given a mentor, upline or support team you can contact if you have a problem, question or concern?
b. Does the business have a website where other people have voice the same problems, questions or concerns?
c. Does the business have a toll free number you can contact?
d. How quick (or slow) does the business respond to your problems, questions or concerns?
e. Does their response satisfy your issues or leave you even more troubled?

4. Product Marketability

a. Does the business provide a website to market their product(s)/service(s) or do you have to build your own?
b. Does the business have brochures, CDs, or DVDs to for you to build your business?
c. Are you allowed to market their product(s)/service(s) as well as any you may have?
d. Are you allowed market affiliate product(s)/service(s) with the company product(s)/service(s) or do you have to achieve a certain level in their business before you are allowed?
e. Do you have to attend meetings to be a part of the business or market their product(s)/service(s)?

5. Training

a. Does the business have a training program? How long is the training?
b. Does the business have a training website that is easy to navigate and learn?
c. Does the business provide live training calls, webinars, videos, CDs, DVDs or books for your training?
d. If your sponsor quits, what will happen to you?
e. How soon will your business start making a profit when your training is finished?

6. Success Record

a. How long has the company been in business?
b. How soon (or long) were they established before they showed a profit?
c. Are they still making a profit today?
d. Are the chairmen people with successful business backgrounds or do they have a negative record?
e. Is the business privately owned or is it being traded on Wall Street?
f. Does the business promote a benefit, charity or non-profit organization? Did they create their own?

This is list of questions you NEED to ask the representative of the company you want to join. If they can’t give you an answer, then speak to someone in the business who can. If that person can’t answer your questions, you need to keep looking.

Finding a home business is the same as buying a new pair of shoes. If they are a good fit then you should be able to wear them everyday for as long as they serve their purpose. If they cause more pain than pleasure, then you should be able to return them for a refund, or throw them away without any hard feelings.

I hope you found this article helpful in your decision as to what you should look for in home business.

A Look at Why it Pays to Make Use of Local Business Directories

Today, every business needs a means by which it can be located online which is why businesses, whether big or small, will do well to make use of local business directories. The good news is that it is very easy to add your business to such directories and the whole thing can be done in a quick and easy manner. Using local business directories can and will certainly help to ensure that your business gets to be seen by all the big search engines.

Local business directories can help you in different ways, especially if your business serves customers in a particular neighborhood. After the coming of the Internet, most, if not all, businesses and individuals have virtually abandoned the traditional way of advertising. Therefore, today, there are very few business persons that continue to depend on Yellow Pages. In fact, modern business people are more intent on developing online presence which is easy to do by making use of local business directories.

Quite surprisingly, about thirty percent of search requests with the major search engines involve use of a city or state or a zip code. Even more surprisingly, approximately fifty six percent of local users that make use of search engines will, if they find a neighborhood store, head down to it and purchase something.

All this shows that there are many benefits to making use of local business directories. If you look around, chances are indeed high that you will come across many such directories that will help you to develop a stronger online presence and at the same time these directories will also help you connect with potential clients in your neighborhood.

All you need to do is find the right business directory in your area and then you can get in touch with them and get your business listed. Once you do that, it will not take long before people start finding your business online.

To make full use of local business directories you must first add your business to the directory. This means leaving your details with the directory which is easy to do if you use their links. Once you clink on their links, they will then get in touch with you and ask you to register. For this, you will need to create a dedicated profile page.

Your business profile will include the name of your business and a description of the service(s) that your business is offering. You must also provide the address of your website and you need to also provide local information and your business phone number.

It is up to you to list your business under a suitable head which can include anything from surfers, cleaners, criminal lawyers and the like.

It is important for every business to ensure that they do not allow their business to get stuck in a very narrow market. It is necessary to put the business online which will ensure that many more attractive opportunities become available to the business which can then expand and grow because it has become more visible.

Adding your business to one or more local business directories helps to ensue that your business becomes known to more people. It is up to you to decide how many such directories you wish to use.