Starting with popular Bitcoin ,Etherum, Dogecoin and Tether there are a thousand different cryptocurrencies which can make it overwhelming for beginners who are getting started in the world of crypto. Although trading on cryptocurrencies can be a little tricky and tedious for beginners, you need to deal with trusted people and platforms. I would advise for those who are getting started to buy their cryptocurrencies on BlockChain. We have done some research on cryptocurrencies to help you as you get started. This research is based on the cryptocurrencies market capitalization ,or the total value of all of the coins currently in circulation. According to our research these are the top 5 cryptocurrencies:

1.Bitcoin(BTC)

The market cap for this coin is over $641 billion. According to history of bitcoin, it was created on 2009 by someone under the name Satoshi Nakamoto.Like ,almost all te other cryptocurrencies ,bicoin runs on a blockchain , or in simpler terms a ledger logging transcations distributed across a network of a thousands computers. Bitcoin is kept under high security and safety throught the verification of the distributed ledgers by solving a cryptographic puzzle, a process called proof.

Currently the price of bitcoin has skyrocketed as it’s becomes a household name.

2.Etherum

The market cap of etherum now is over $307 billion. Etherum is both a cryptocurrency and a blockchain platform. It has become one of the most favorite crypto of program developers due to its potential applications. This coin too has experienced tremendous growth, within five years , its price went from about $11 to over $2,500.

3.Tether

The market cap for this cryptocurrency is over $62 billion. Tether operates as a stablecoin, which means that it’s backed by flat currencies like U.S dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In other words , this means the price of tether’s value is ment to be consisten than other cryptocurrencies.

4.Binance Coin (BNB).

The market cap for this coin is over $56 billion. This is a form of currency that you can used to trade and pay fees on binance, one of the largest crypto exchanges in the world. Since it launch this coin has experienced a rise past merely, facilating trades on Binance’s exchange platform. Currently, Binance can be used for trading, payment processing or even booking travel arrangements.

5.Dogecoin (DOGE)

The market cap for this coin is over $44 billion. Celebrities and tech billionaires like Elon Musk has made this coin popular. The coin was started in 2013 as a joke and rapidly became a prominent cryptocurrency option. There is no limit on the number of Dogecoins that can be created which leaves the currency susceptible to devaluation as supply increases.

Click on this link to see how to make money online as a social influencer. Making money as a social influencer guide.

30+ Best Business Ideas (Business Ideas) that you can start with low or medium cost and earn amazing income. Read now and give your dreams a new flight.

Business Ideas in India: Friends, the topic we are going to talk about today can definitely be useful for everyone. We do a job to meet the expenses of the house, but in the job we do not get to work according to our own, just have to face it in front of the boss.

We all aspire to start our own business but due to lack of information and not getting the right resources, we hesitate to do business, our dreams remain just dreams. So let's know Business Ideas in Hindi

But today we have come to give flight to your dreams. Yes, today we will talk on New Big Business Ideas (Big Business Ideas in Hindi). If you want information related to Business Ideas, Business Ideas for Girls, Business Ideas in India, Business Ideas in Lockdown and Business Ideas 2021, Business Ideas from Home, then we must read this article till the end.

What is a business idea?

Business ideas can be known to you from anywhere. Observe the environment around you and find out what difficulties people face in their daily activities. When you identify the problem, then you will have to work on its solution and that solution will become your business idea. In this article you will also get to know about Small Business Ideas in India.

Example :

Carpooling is a perfect idea to deal with the increasing traffic and number of vehicles.
Getting people to sit at home by air-conditioned taxi by just one app (Uber, OLA) is also a simple business idea.
Shopping by mobile app at home (Amazon, Flipkart) is also a good business idea.

Importance of Business Idea.

(Importance Of Business Idea)

You sell Idea to your customers, the product and service is just one of its forms. An accurate business idea is the same, in the real sense, to make it easier for the consumer to keep their business profitable for a long time. Profitable Business Idea decides how long you will be able to compete with others in the market.

If your Vyapar Karne Ka Tarika and your business idea both have proper jugalbandi, then your business definitely becomes big. The right Idea and right implementation is the key to the success of any business.

Best Business Ideas in Hindi (Low Investment)

So friends, below we have shared some of the best and unique business ideas. You read all the ideas one by one and understand them closely. If you like any of these business ideas, then do let us know in the comments.

Food service

This is a very easy way, you can start this business with low cost and high profits.

Start a food service business from your home.
Promote around the house with pamphlets for minimal cost.
Promote nearby office.
Make a subscription for a month by fixing the price of food per plate.
Change the menu daily to bring delicious food to the people.

Cost: Less Profit: More

Organic Farming

In this country of agriculture, many people have land that can be cultivated, but due to lack of information people do not cultivate properly and have to suffer losses. You can do organic farming on your land.

With a little research you can learn about organic farming.
Make sure to consult on this with a professional logo.
Grow such plants or vegetables that get a higher price in the market.
Health-Conscious people consume a lot of vegetables produced by organic farming.

Cost: Medium Profit: High

Chocolate Making

Chocolate making is the simplest and easiest business idea, you can also put it under the category of Small Profitable Business Ideas or Business Ideas For Girls (Business Ideas for Women). If you are interested in chocolate business then all you have to do is learn to make chocolate from an expert, you can also watch videos on making chocolate online.

Learn to make chocolate.
Bring utensils, chocolate molds and other ingredients and start making chocolate.
Inspire shopping malls and shoppers nearby to get your chocolate.
Promote on Whatsapp, Facebook and other social media platforms.
Take an order and deliver it to the customer by packing well.

Cost: Less Profit: More

Tuition class

It also fits in the category of Small Profitable Business Ideas or Business Ideas For Girls. If you are educated and can teach others, then you can start Tuition Class easily.

Make provision of some benches or chairs at home.
Promote together with the parents of children around you.
Determine the fees of children according to their studies.
Start reading to children.

Cost: Less Profit: More

Recruitment Service

This is the most popular Business Idea, you can put it in the category of Small Business Ideas In India.

Submit data of candidates.
Help companies find employees.
Get the right Candadite company supplied.
Get amazing commission on every candidate.

Cost: Less Profit: More

Cooking Class

If you are looking for Business Ideas For Girls and want to do business from home, then this is a simple business idea for you. A housewife who is an expert in cooking can do this business easily.

To teach people about cooking, make provision of oven, oven, knife and other things.
Make this information available to people in your and nearby societies.
Fix fees to teach cooking.
Start teaching cooking to housewives.

Cost: Less Profit: More

Yoga class

Another idea that is very popular in the category of Small Profitable Business Ideas or Business Ideas For Girls is Yoga Class. You can also count it in the category of Business Ideas at Home.

Learn Yoga and become Certified Yoga Teacher by taking Certification.
Make people around you aware about health and tell them the benefits of yoga.
Decide fees to teach yoga and start teaching people.

Cost: Less Profit: More

Foreign Language Coaching

Like English, you can give people a class to teach foreign language, but for this you have to be an expert in one of the foreign languages, such as French or Spanish. There is also a higher per capita fee, that is, it can become part of your most successful small business ideas category.

Provide a small classroom.
Promote it in people.
Set fees and start teaching.
Make it big by investing more in it if the business runs right.

Cost: Medium Profit: High

Insurance Agent

If you do not like the Insurance Agent profession, then know that it is the Best Business Idea in 2020. If Covid19 or Lockdown is kept in mind in the current situation then it fits hundred percent in Business Ideas in Covid19 and Business Ideas in Lockdown. Many people have become aware of insurance in this pandemic and this is the right opportunity to earn from this business.

Get agent certification from IRDA by studying insurance.
Promote it in logo and promote it on all platforms.
Earned a full commission per insurance policy.

Cost: Less Profit: More

Fitness trainer

If you are looking for business ideas in low budget or Small Profitable Business Ideas then this may prove to be the right business idea for you. You should be expert in all aspects of fitness only then you will be able to do this business.

Advertise for fitness training in people.
Work as a Fitness Trainer in Gym.
Give fitness training service even to people at home.
Earn good commission per customer.

Cost: Less Profit: More

Wedding Planner

This fits in the category of Business Ideas In India because in India people spend a lot in marriage and marriages take place in a big way. If you have skills, you can do this business well.

You will need some staff in this.
Use the logo to plan their wedding.
Good earnings can be made on every wedding contract.
In this, the word of mouth increases business.

Cost: Medium Profit: High

Personal Chef

If you are an expert in making delicious and different types of food, then you must do this business. You can earn a good amount by preparing food for your clients.

Contact some good clients to get their food contract.
His likes and dislikes know how to cook according to him.
Never compromise on quality as these clients will bring you other clients.

Cost: Less Profit: More

Mobile Food Shop

People in India are very fond of food. This can become your Best Small Business Ideas. Make delicious food and just keep earning.

Buy a mobile VAN for a small investment.
Keep 2-3 people on the team.
Stand in an office complex or area.
This business is not usually spread.

Cost: Medium Profit: High

PPE Kit Manufacturing

This will be your business ideas in Covid19, business ideas in lockdown or business ideas 2020. In this situation of Corona, making PPE kit is the best business idea.

Rent a small place.
Take 2-4 people stitching plastic related products with you.
Produce PPE insects.
Contact and sell in hospital and other places.

Cost: Medium Profit: High

Mask making

In this era of Corona, making and selling masks is a very simple Vyapar Karne Ka Tarika. You can put it in the category of Business Ideas in Covid19, Business Ideas in Lockdown or Business Ideas 2020.

Create a team of people who stitch embroidery.
Produce a variety of masks such as designer, simple, cotton masks.
Sell them by going to shops nearby and Convince for the next order.
Make more income by manufacturing more.

Cost: Medium Profit: High

Sanitization Service

Sanitization Service is another business in the category of Business Ideas in Covid19, Business Ideas in Lockdown or Business Ideas 2020. Sanitization is in great demand in all homes and offices and shops for fear of Corona. It can become a best business idea.

Team up with 2-3 people.
Provide provision of Sanitization Solution, Pump and other items.
Do it online and offline by all means.
Grow teams as demand increases.

Cost: Medium Profit: High

Sanitizer Manufacturing

If you are looking for business ideas in situations like Corona and Lockdown, then there is no better business than Sanitizer Manufacturing. It fits perfectly in the category of Business Ideas in Covid19, Business Ideas in Lockdown or Business Ideas 2020.

You will need a manufacturing setup.
Some workers and some machine operators will have to invest in the machine.
Produce sanitizer and distribute it to all shops, medical shops.
You can earn very good profits with good quality Sanitizer.

Cost: More Profit: More

Internet Service Provider

In view of the ever increasing number of internet users in India, this business is a most successful small business idea.

Provide everything related to Internet Service.
Promote it in the Society and Residential Area.
Put internet connection in people's homes and get income every month.

Cost: Medium Profit: High

Car Driving School

This is also a small business idea in which you teach people how to drive.

Rent a shop Gala and make an office in it.
Take 2-3 trainers with you.
Teach people to drive.
Earn good income every month.

Cost: Medium Profit: High

Computer class

Nowadays people of all classes are showing interest in learning computer and computer has now become a daily necessity. If you have all the information related to computer and you are expert in it, then it can become your unique business idea.

Rent a small place.
Provide 8-10 computers and other things.
Promote your class online-offline.
Start learning computer by fixing fees.

Cost: Medium Profit: High

Stationary & Book Store

Things related to Stationary and Books are always in demand, whether in school or office, they need to be read at all places. If you run your shop in a school or office area then it will become your Vyapar karne Ka Sahi Tarika and you will get success.

Open your shop in a school or office area.
Keep all items in the shop as per the customers' requirement.
Earn good income with moderate investment.

Cost: Medium Profit: Medium

Leather & Perfume Shop

A unique business idea in retail is the leather and perfume shop. You can sell leather bags, travel bags, wallets, belts, perfumes and other gift items.

Rent a shop in a good area.
Provide all types of stock.
Earn amazing margins on everything.

Cost: Medium Profit: High

Safety and Security Products

Safety and Security Products are always in demand and are a simple business approach.

Hire a shop and hire 2 people.
Fill in the stock shop associated with Safety and Security Products.
Earned good margins on all products.

Cost: Medium Profit: High

Herbal and Ayurveda Products Retail Business

In the last few years, the demand for Herbal and Ayurveda products has increased and is increasing continuously. It is also included in the list of Top 10 Small Business Ideas.

Hire a shop and hire 2 people.
Fill in the stock shop associated with Herbal and Ayurveda Products.
Earned good margins on all products.

Cost: Medium Profit: High

Tattoo Shop

Today's young generation shows great interest in Tattoo, they are willing to pay any price for it. This is also included in the trade remedy.

Hire a shop and hire a Tattoo artist.
Earn well on every Tattoo from the logo.
You can also learn to make Tattoo yourself so that you will not have to hire any artist.

Cost: Less Profit: More

Cosmetics Distribution Business

Indian women shop for cosmetic products a lot, and cosmetic products are always in great demand. It can be included in the category of Most Successful Small Business Ideas or Business Ideas For Girls.

Take a distributorship from a big cosmetic company.
Take it to the shop.
Earned amazing commissions.

Cost: Less Profit: More

Recharge Distributor

You can become a Recharge distributor with very little investment. It is a Most Successful Small Business Idea.

Take a recharge distributorship.
Add all the shoppers in your area to that recharge platform.
Send wallet money to shopkeepers daily.
Earned the best commission.

Cost: Less Profit: More

Pickle making

If you are a housewife and specializes in making pickles, then this can become your business idea. In this, you can further make the business bigger and the Best Business Idea in the category of Business Ideas for Girls.

Initially make pickles from your home.
Distribute the pickle in small quantities as a sample to the people so that they can taste it.
Start taking orders from people and earn a lot.
Keep the quality maintained to make the business idea bigger.

Cost: Less Profit: More

Embroidery

Embroidery work is another business idea in the category of Best Business Ideas. You can start your business at a small level by learning the work of embroidery.

Learn embroidery design work.
Buy cheap Embroidery machine and use it.
Use Embroidery with logo and give them the best quality Embroidery.
There is a possibility of frequent customer orders with good margins in this business.

Cost: Less Profit: More

Vegetable & Fruits Selling

In situations like Covid19 and Lockdown, this business idea is proving very unique. While this business may seem simple to you, we are placing it in the category of Business Ideas in Covid19, Business Ideas in Lockdown or Business Ideas 2020 as there cannot be a better business in these circumstances.

Join hands with a good wholesaler from your city's fruit and market wholesale market.
Make this information available in your area, in the society and to all acquaintances.
Order from everyone and get them ordered in bulk quantity from the market.
Make good profits with good margins.

Cost: Less Profit: More

So friends, we have tried here to tell you different types of business ideas and ways of doing business. We know that it will be very difficult to do business nowadays, because of Corona (Covid19), income is stopped in situations like Lockdown.

That is why it is our endeavor that you like any of these Business Idea and become a new source of your income.

Do send us your thoughts on this blog. And yes, share this blog with your friends and relatives so that they too can pick up a small business idea and get a source of income in such situations.

Looking closely at the definition of entrepreneurship we can come with three entrepreneurial activity;

Innovation – Entrepreneurship basically means offering a new product or service , applying a new technique or technology , opening a new market or developing a new form of organization for the purpose of producing or enhancing product.
Running a business - The foundation of a business involves combining resources to produce product and services. Entrepreneurship means setting up a business to get profit.

Risk taking – What be mean by risk is that the outcome of the entrepreneurial venture can’t be known. Therefore , entrepreneurs work under certain degree of uncertainty and they can’t know the outcome of the many decisions they make.

Ø To make income entrepreneurs need to turn ideas into product. What is a product? A product is something that you can sell to satisfy a need.

Some good questions to ask yourself before your start a business;

Ø How do I come up with a business idea?

Ø Should I start a business from scratch , buy on a existing business or invest in a franchise?

Ø What steps are involved in developing a business plan?

Ø How can I increase my likelihood to succeed in my business?

Why start a business

The most common reason why people start business are;

Ø To be your own boss.

Ø To accommodate a desired lifestyle.

Ø To achieve financial independence.

Ø To enjoy creative freedom.

Ø To use your skills and knowledge.

Starting a small business

A small business is one that is independently owned and operated , exert little influence in its industry. Apart from contribution to our general economic well being , small business also contribute to growth and vitality in various areas of economic and socioeconomic growth. In particular these businesses do the following

Ø Create job opportunities.

Ø Create innovation.

In addition to these two they compliment the economy of large

With 4G wireless communications less than 10 years old, it seems odd to be talking about replacing it. But it’s happening with 5G, the emerging standard in voice and data telecommunications. “1G was analog, 2G was digital for higher-quality voice, 3G started to provide higher rates allowing for more dataoriented applications, 4G has allowed for the ongoing growth in mobile applications and video over mobile,” said Bhaskar Krishnamachari, professor of Electrical Engineering and Computer Science and director of the Center for Cyber-Physical Systems and the Internet of Things at the USC Viterbi School of Engineering.

How will 5Gtechnology impact my health

Is 5G Technology Good For My Health

The 5G specs aim squarely at IoT, with an eye toward supporting the millions of sensors that scientists expect to see deployed in support of smart homes, smart buildings and smart cities. To do this, 5G will have to support far greater density of connected devices. “5G will also have to provide much lower endto-end latencies than today’s cellular networks,” Krishnamachari said. Krishnamachari’s team is exploring the likely interactions of 5G-supported sensors in urban settings, where networks will need to handle data on such diverse phenomena as traffi c fl ows, air quality and noise pollution, disasters, security incidents, and crowds. “5G will enable much greater capabilities across a wide range of problems,” said Darrell M. West, vice president and director of governance studies at the Brookings Institution. “It will be faster, and there will also be more intelligent management of the network.

Raspberry artificial intelligence products

You can have millions of sensors but you also need the means to deal with the fl ood of information that comes out of that. 5G includes much more advanced data analytics and network management.” While scientists understand the technology driving 5G, actual implementation remains a few years off , with likely rollouts beginning in the 2020 time frame.

Read on: What is Cloud Computing

There are questions of spectrum allocation that need to be resolved, among other issues. Local government will likely be called upon to play a part in any eventual deployment. “5G will require many more antennas, and those antennas have to be hooked up to power and the rest of the Internet,” said Doug Brake, telecom policy analyst at the Information Technology and Innovation Foundation. “Building out all the 5G equipment and connectivity will have to be a cooperative endeavor with local governments if it is to truly fl ourish.”

Cloud computing is about to hit its tween years, but spinning up virtual machines to install MySQL, Oracle or SQL Server to launch a new application is starting to seem a bit like yesterday’s technology. What’s the problem? From the beginning, public, private and hybrid clouds off ered scalability on demand and the quick setup of virtual servers that may be physically a continent away. Nevertheless, maintaining the software stack on those virtual servers has become a complex, time-consuming and expensive chore that developers and system administrators must (painfully) manage.

What is cloud computing

Enter “serverless computing.” While we will likely have servers for decades to come, serverless computing adds another layer of abstraction on top of existing cloud infrastructure. Why now? Serverless computing allows developers to upload snippets of code, maintained independently, that are called into action at runtime .

This setup allows a true platform-as-a-service environment, letting developers focus on coding rather than back-end operations. This relatively new terminology, which some call “back end as a service,” may seem like a subtle data center architecture change that only geeks really care about, but the benefi ts are real. By using serverless architectures, cloud platforms may fi nally reach the original goal of becoming abstracted and automated enough to deliver on the promise of reducing data center operations staff .

Amazon is generally credited with starting the serverless compute trend with its AWS Lambda off ering. “AWS Lambda lets you run code without provisioning or managing servers,” according to the company. “You pay only for the compute time you consume — there is no charge when your code is not running.” Google, meanwhile, launched an AWS competitor called Cloud Functions. Google describes Cloud Functions as “a fully managed, serverless environment in which we handle the servers, operating systems and runtime environments, and you focus on building great solutions.” Not to be outdone, IBM developed OpenWhisk, which is described this way on the company’s website: “OpenWhisk is a cloud-fi rst distributed event-based programming service. It represents an eventaction platform that allows you to execute code in response to an event. OpenWhisk provides you with a serverless deployment and operations model hiding infrastructural complexity and allowing you to simply provide the code you want us to execute.

Self Improvement

Benefits And Problems

The overall goal of doing more with less with cloud computing has always been just a bit behind the “hands-free” promises. Like our current journey toward autonomous cars, the reality of administering cloud resources continues to bring an array of issues and pragmatic surprises. While far from our fi nal cloud utopian destination, serverless computing can provide the next generation of tools and support to enable enterprises to do more with less operational staff .

What are the tradeoff s? Serverless computing does bring vendor dependencies and a further loss of control for your internal teams. You will be relying more on your vendor partners for administrative functions, security and more. This reality can be a good thing or irritate some staff .

The immaturity of supporting services can also raise concerns for some technology professionals. Nevertheless, with more data being moved into the cloud every day, I expect to see a growing number of governments migrate to serverless architectures in 2017. I also expect the leading industry partners to further develop their cloud off erings to provide more options and better performance. Just as the clouds in the sky change shape, most government cloud infrastructures continue to evolve to arrive at the “bleeding edge” over time.

Why should I invest in search engine optimization

Since (I guess) profit and money is the reason why you desire to start a business, may I ask you, how do you think successful entrepreneurs make money in business? They do so by

● By giving value to people.

● By improving people`s life.

● By making the world a better place.

Things to keep in mind before starting a business

Unfortunately, we are living in a continent (Africa) where the rich are seen as liars, thieves and fraudsters. But the truth about making money is that, people who make a lot of money in business, first (I mean first) give values to people. Now if your intention is to make money in business (which I am sure it is), then, we have to start by identifying a value you can render for people to give you their hard-earned cash.

Money is very hard to get and people don`t just waste it on any product or service

… except such a product/service that adds value to their lives.

Think about any successful business owner today and you will discover that they become successful and wealthy

… simply because they render services (or create products) that are valuable to the humanity.

Let me give you an example. Facebook started by giving people a chance to connect with their friends and family, to meet new friends and to share their thoughts and views with the world.

That is a value. Because this service is so valuable, millions (and now over one billions) of people embrace facebook joyfully. Since there are so many people active on facebook at any giving time, the owners (Zukerberg and others) could sell adverts to people and become billionaires.

Your phone gives you a chance to make calls, send SMS and surf the net. That is a value.

What is the best time to start a business

You cannot possibly use the money you used to buy your computer to do the work your computer is doing for you. I mean, you cannot (for example) put Ksh.40,000 on a table and start typing words through it as I am using my laptops starting a business from scratch or buying an existing one? Setting-up an independent operation or owning a franchise? Working part-time or full-time? Each of these options has its advantages and disadvantages and, for the aspiring entrepreneur, each should be weighed against

(a) the product he or she wishes to offer,

(b) the intended customer base, and,

For example, if an entrepreneur is socially oriented then he or she should probably avoid businesses that demand long periods of solitude. Equally, those who enjoy working by themselves should avoid a business that requires much customer interaction. Similarly, entrepreneurs who work best in the morning (or evening) should gravitate toward a business that requires working during these times for self improment. And business owners that want to start small and stay small will have different needs and concerns than those who have plans to grow. With so many options available the following advice should prove helpful:

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Try a business first before starting one. ‘Before choosing a long-term career path, talk with people who have taken the same one,’ says the owner of Northwest Prototypes Ltd., in Manchester, England. ‘Or volunteer to work part-time in a similar business or industry to ensure that it’s everything you expect it to be,’ suggests the founder of Pamir Production Services in Warsaw, Poland. Another option is to discuss personal needs and abilities with family, friends, and colleagues. They may be able to help simply by stating the obvious. Whichever option is chosen, making a life-changing decision should not be done alone, particularly when it involves others. Ask for advice and opinions of those in the know.

− Would you be willing to spend a lot of money to have someone else set-up a business for you? If so, you may wish to consider buying an existing business or franchise. Note, however, that this does not make running a business any easier. The owner of a McDonald’s franchise in London, England, for example, says that she often stays in her office until ten o’clock at night completing the unending stream of paperwork that running a food service requires.

− How much time are you willing to spend on a business or idea? The amount of time it takes to learn a new trade or skill and get a new business venture up (and keep it up) is considerable. In effect, when starting a business, entrepreneurs begin their professional life all over again – from the bottom. For example, many years ago a friend of mine sold his dental laboratory. He spent years building it, but after too many long nights completing day-to-day business activities and keeping up with government regulations and insurance requirements - in addition to his regular lab work - he decided that he would rather have a nine-to-five job at a hospital so he could spend more time with his son.

The Options

Generally speaking, there are four types of business operations from which an entrepreneur can choose: Part-Time Businesses:

Most part-time enterprises operate during evenings and/or weekends. Since this type of employment is often an offshoot of a hobby or other interest, the benefits of working in this manner can translate into enormous job satisfaction. Other advantages include not having to leave another job and/or avoiding the financial risk of investing in a full-time business. Tax advantages are an additional bonus for part-time entrepreneurs if working from home can be claimed as a tax deduction. Part-time work also allows an entrepreneur to ‘test the waters’ of a potential full-time endeavor before taking the plunge, thereby providing valuable research and experience and possibly lowering risk. The disadvantages of a part-time business include the fact that the work the entrepreneur performs often falls behind other more pressing commitments such as a full-time job (which means that the part-time business may never fully function because enough time can’t be devoted to it). Additionally, businesses that operate part-time and require direct customer engagement provide customers with less time to purchase or partake in the product or service being offered. Lastly, a feeling of holding down two jobs can be unhealthy and possibly lead to marital or social problems.

Full-Time Businesses

…

fall into three categories: Start-ups, Existing Businesses, and Franchises. A. The start-up business involves building a business from scratch (which often requires years of hard work). If successful, however, many entrepreneurs insist that the results are very rewarding. Much of this book deals with starting a business from scratch so it’s not necessary to go into details here. Suffice it to say that building a business from the ground up is the most time-consuming and arduous of an entrepreneur’s options. According to one self-made businesswoman, the difference between starting a business from scratch and buying an existing one is comparable to giving birth to a baby or adopting one that’s already been potty trained. Either way, hard work lies ahead. B. Buying an existing business is an alternative well worth exploring, however, before handing over hard-earned cash for a business that’s on the market it’s imperative to first know why it’s for sale. Several years ago, for example, two British entrepreneurs decided to buy a seaside enterprise that was on the market for £100,000. Fortunately, before any money changed hands, a licensed appraiser discovered that it was only worth £15,000 because it was unprofitable, it had no contracts to guarantee future sales, and the equipment that comprised it was outdated and beyond warranty. The moral of the story is that a sunny climate, a charming setting, or a misplaced romantic notion of business ownership are not valid reasons for buying (or starting) a business.

Franchising is a third entrepreneurship option.

The advantages of owning a franchise include being a part of a (supposedly) tried-and-tested operation that can regularly provide marketing and business assistance. Disadvantages include the fact that not all franchises are the helpful, license-to-print-money operations they claim to be.

Advice from the Pros When perusing available business ownership options, remember that the abilities, character, and needs of the entrepreneur should match the type of business the entrepreneur wants to run, the product being sold, and the customer base being served. The better the match the greater the chance of success and fulfillment.

− Know your strengths, weaknesses, skills, experience, and limits before going into business.

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Compare your options and your abilities with the needs of prospective customers before making any business commitment.

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Ensure that there’s a good fit with the product or service you wish to offer and the type of business you envision. For example, if you wish to start a part-time personal accounting service you may need to be available during more than just weekends and evenings.

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Get a full picture of local, state, and national laws

–

as well as licenses and permits - before jumping into a new business venture. The industry you want to work in may be so overregulated that you may not be able to pursue exactly what it is you wish to do.

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Don’t forget to work out how customers will fit in to your business plans.

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Ask a lot of questions when buying an existing business. If possible, try to get the owner to commit (in writing) to providing assistance for a set period of time after the sale in order to ensure a smooth transition.

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Always check the background, present conditions, and the potential future of the business you wish to buy before signing anything.

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What is a business plan

The business plan is a statement about yFosiness that demonstrates to outsiders what your business is all about; unlike the strategic plan, which is a roadmap for insiders.

Why you need a business plan for your business?

If you are just starting a business, having a well-written business plan shows that you have really done your homework. And if you are planning to expand an already established business, it demonstrates that you have carefully considered the pros, cons and odds; and focused on the development of the business.

If you are risking your capital, time, resources and effort to start a business; then you certainly need a business plan to help you mitigate against the risk involved. If you are already a business owner but you started out without a business plan, then you definitely need to invest in getting a business plan; especially if you want to take your business to the next level.

If you would need to obtain financing from third parties either now or in future, then a business plan is indispensable, as it sells your idea and elucidates the opportunities it presents. It arranges strategic alliances, attracts key employees, boosts your confidence, and helps you remain focused.

A business plan serves the following purposes:

It helps you clarify, focus, and research the prospects of your proposed startup or expansion idea.
It provides a considered and logical framework within which your business can develop and pursue business strategies over the next few years.
It offers a benchmark against which you can measure and review the actual performance of your business.
It serves as the basis for discussion with third parties such as creditors, investors, shareholders, agencies.

What Your Business Plan Need To Put Into Consideration

Vision

Developing a realistic vision for your business is the first step of the strategic planning process. This vision is a pen picture of your business in the next three or more years, in terms of its likely physical appearance, size, activities, etc.

Mission

The mission is what reflects the nature of your business and indicates its purpose. An example of a business mission is: “To develop, design, manufacture, and market specific products for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas.”

Objectives

Another key element is to explicitly state your business’s objectives in terms of the results you expect it to achieve in the long term. Aside from presumably indicating a necessity to achieve regular profits, objectives should relate to the expectations and requirements of all the major stakeholders (including employees) and should reflect the underlying reasons for running the business.

Value

You will also need to address the values governing the operation of your business and its conduct or relationships with the society, customers, employees, etc.

Strategies

These are the guidelines for achieving the mission and objectives of your proposed idea. Strategies can either cover the whole business (including matters such as diversification, organic growth, or acquisition plans) or relate to primary matters in key functional areas .

Goals

Goals are specific interim or ultimate time-based measurements that you hope to achieve by implementing strategies in pursuit of your business’s objectives. For example, “To achieve sales of Ksh.50 million in three years time.”

Programs

These set out the plans for implementing your key strategies. You must also bear in mind that all the aspects of your strategic plan must be inter-linked and consistent with each other. This will be very hard to achieve if your major objective is to make yourself wealthy.

Steps To Writing A Good Business Plan

Do Some Research

Research and analyze your product, your market and your objective expertise. Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.

For perfect plan, you must know your company, your product, your competition and the market intimately. In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering. Read everything you can about your industry and talk to your audience.

b) Be Able To Determine The Purpose Of Your Business Plan

A business plan is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes. It’s also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. That’s important to keep in mind if you’re self-funding or bootstrapping your business. But, if you want to attract investors, then your plan will have a different purpose and you’ll have to write your plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have defined these goals personally as well.

Things you need to consider to come up with a business ideas or plan .

c) Creating A Good Business Profile

A good company profile can help you gain trustworthy to your clients.Your company profile includes the history of your organization, what products or services you offer, your target market and audience, your resources, how you’re going to solve a problem, and what makes your business unique. Company profiles are often found on the company’s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It’s not only an essential component of your business plan, it’s also one of the first written parts of the plan

d) Consider Creating A Documentation For Your Business Plan

Investors want to make sure that your business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow, and industry projections. Also don’t forget seemingly minor details like your location strategy and licensing agreements.

The challenge for the entrepreneur is to match personal skills, interests, and capabilities with an inherent passion and tie it in to an underserved customer base. Following is a list of questions designed to help do just that:

Tips For Generating good business ideas

− What do I enjoy doing the most? Doing something enjoyable is a good way to ignite commitment and possibly uncover an idea that will prove profitable. For example, the Boeing (aircraft) Company got its start after flight enthusiast Bill Boeing built a plane in 1916. One plane led to two, then three… and so on. In Glasgow, Scotland child-lover Cathy Campbell turned the front room of her home into a crèche (a daycare centre). Cathy started small and insists she wants to stay small so she can focus on her clients and avoid too many administrative duties – thereby allowing her to do what she loves most, which is play with children.

− What are my hobbies and/or interests? Anything from growing roses to personalizing software programs to building model ships can be turned into a profitable business if the circumstances are right – either by teaching others how to do it, by packaging and selling what is created, or by selling related products to fellow enthusiasts. For example, quite a number of multi-million dollar computer companies (Apple, Dell, Microsoft…) were started by ‘computer nerds’ who turned their computing interests into selling marketable computing products and services to similar enthusiasts.

-What subject(s) or pastimes did I enjoy in college (or high school)? Think back to your student years. Can the one or two subjects you found most fascinating be turned into a money-making idea? With a little thought and effort they just might. For example, when MIT professor Harold Edgerton invented the strobe light he couldn’t interest General Electric in its possibilities so he hooked up with two students and formed a business (EG&G) that photographed mechanical processes at high speed, thereby providing a new way to look at, and solve, industrial problems. Similarly, Hewlett-Packard was formed by two Stanford students (Dave Packard and Bill Hewlett) who had a passion for electronics. One of their first products, an audio oscillator, was purchased by Walt Disney for the making of Fantasia. Then there’s Gary Comer. With no more than a high school education and a love of sailing, Gary started a business that supplied sailing equipment to fellow enthusiasts. The name of that business? Mail order giant, Lands’ End.

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What marketable experience, knowledge, or skills do I possess? Almost everyone possesses a skill or knowledge that has the potential to make money. For example, Snap-On Tools began when machinists Joe Johnson and William Seidemann fashioned together a set of interchangeable sockets and wrench handles to make their job easier.

The company where they worked rejected their idea out of hand, but being experienced machinists Johnson and Seidemann knew their idea was a sound one so they developed it on their own. In another example, fast food manager R. David Thomas helped Colonel Sanders succeed with his Kentucky Fried Chicken franchise then went on to use the additional experience he gained to start the Wendy’s burger chain (named after his daughter).

Further examples of using personal skills to create a new business include ‘mash-up’ operations that combine different web-based tools to create new search and software possibilities or teaching-based operations that show others how to use digital photo software (or any new software for that matter). Technical processing or data collection services as well as services that provide creative design work for documents, menus, or marketing provide additional example.

Some enthusiasts claim that there is no better time than now to own and run a business. It may be more prudent, however, for potential entrepreneurs to write down, research, and address exactly what it is they wish to do before they begin – as well as examine what starting a business will involve and how the process will be tackled. Without this knowledge (which can take six months or longer to accumulate), the entrepreneur will probably not be ready for business ownership. Just as important, critical outside obligations (e.g.: the onset of medical treatment, college tuition payments, financial problems, unresolved crisis, personal dilemmas, and so on...) should be taken care of beforehand to avoid distractions. The understanding and support of partners, spouses, or children is equally as crucial because many experienced practitioners insist that entrepreneurs do not have much time to spend with their loved ones during the first few years of a new business venture.

Where Is the Best Place to Start A Business?

The most obvious answer to this question is where there are plenty of customers. But one must also take into account the specifics of the area or region where prospective customers are located. For example, if you’re planning on setting up a business in a part of the world that you’re only partly familiar with (perhaps because you fell in love with it while on vacation), do plenty of homework first. According to the World Bank’s International Finance Corporation (IFC), entrepreneurs planning on starting a business in a foreign country or unfamiliar area should first ensure that the following situations exist:

1. There should be a low number of rules, regulations, paperwork, and licenses so the business and its activities can be made legitimate in a timely manner.

2. The business owner should be able to hire and fire employees with relative ease.

3. The business owner should have the capacity to draw up and enforce a legal contract.

4. The business owner should be able to obtain credit or borrow money.

5. A low number of steps and procedures should exist so that the business can either be closed down - or bankruptcy can be declared - with relative ease.

Advice For Startups

-Avoid rushing into uncharted territory. Don’t leap before looking.

Know the unexpected places where an entrepreneurial lifestyle may lead. For example, if you’re a jewelry worker who loves the craft, but you’re sick and tired of laboring for someone else and want to spend more time working as a designer, bear in mind that running your own business may involve more administrative than creative work.

Yes, it is possible to bake cookies, or build a piece of furniture, or design a website for a friend and be paid for it. But if you want to turn these pastimes into a business you must first find out if producing them on a regular basis can secure a living. these products/services in your area? If not, can you afford to attract distant customers and ship your product to them? Will the money you generate be enough to pay a mortgage and bills and support your family?

− Before taking the entrepreneurial plunge, prepare for the obstacles that stand in your way. Novel situations in business are rare so it is possible to determine much of what lies ahead.

− Don’t leave a paying job to start your own enterprise until you have first sorted out what you want to do, the direction you want to go, and the best time to start. Keep your current job while examining the self-employment options available. That way you won’t be deprived of income before you begin.

− If you have a good idea and have done your research, move quickly and prudently. Procrastination is a killer in the business world.

− Whether starting a business or launching a new product, remember that the idea is to score goals, not just kick the ball. 100% commitment is mandatory. The harder you work, the luckier you get. As famed Hollywood film producer Mike Todd once said, the meek may inherit the earth, but not in our lifetime. − Lastly, consider the often told (probably apocryphal) story about two explorers that were sent by a shoe company to a primitive part of the world to determine the viability of the market. ‘Complete disaster!’ wired the first explorer, ‘No one here wears shoes.’ The telegram from the second explorer arrived a few hours later. ‘Fantastic opportunity!’ it read, ‘No one here wears shoes!’

Also Take the following into consideration:

Summary of your business planning

The executive summary gives the outline of the plan’s key sections like your company’s mission and vision, brand profile, target markets, product and services, competition, marketing strategy and financial aspects. A good executive summary is engaging and brief, with just the first two pages convincing the reader to read on the entire business plan. In fact, your executive summary is the predominant factor that determines if your business plan will be read or dumped in the trash bin.

Company Description

The Company description provides the profile of your company, its history, its drivers, what it does and how it operates. It is the company’s mission statement which is supposedly brief and direct to the point stating its purpose for business.

The Target Market

The target market section identifies in detail; the customers of your company, the brands and the products. This identification of target market will very much affect other operations in the company like marketing, manufacturing and the likes. It is important for market profiles to be specific because the success of the company will rely largely on how much this target market’s needs are identified and met. You need to ask the following questions:

Who are the business customers?

What value does the company give to the customers?

How does the company help customers to achieve it value?

Your Competitors

Another important element of a good business plan is the competition analysis. To write a good business plan and successfully launch your startup, you must identify the competition of the business. This goes beyond the profiles of such competing companies and brands. It should also include their strengths and weaknesses.

Tips For Increasing your business productivity

Marketing Strategies

Your Marketing strategy is another component of a business plan that addresses the five P’s of marketing; which are: product, price, person, place and promotion. Your company may have a good product but without an effective marketing strategy, everything is futile. To develop a good marketing strategy and plan, you need to answer the following questions:

What is my company selling?
What is the cost of my products and services?
Is the cost affordable to my customer?
How will be the product be distributed?

Operations

Yet another part of the elements and components of a business plan is the Operations segment, which describes the work flow of the business. It may not be detailed in the business plan but it should nonetheless have a structured view of the company’s working process.

Management And Organization Structure.

Management and organization identifies the organizational structure of your company including the key managers. This part is very important especially in terms of seeking capital because investors will be interested in the background of the company’s management team and their corresponding salary scale.

Long-term Plan

Long-term development is another critical component of a business plan. It shows in detail, the long term plans of your company by considering its future profits and growth. It provides a timetable for these plans as well as the sensitivity or risk factors. This part of the plan provides visual graphs of what the business will be like one, three, five or more years from now.

Financial Aspect

Lastly, the elements and components of a business plan would not be complete without the financials. This part has a clear view of the financial projections of the company for the first few years of the business. This part includes income statements, anticipated profits, cash flow analysis and break-even analysis.

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