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    4 Replies Latest reply on Dec 20, 2007 4:02 PM by LUCKIEST

    Transition, Seeking more opportunities

    20Concepts Newbie
      I'm currently in a position where more than likely, my current employment will end. I believe I am in a decent spot to transition as I have small retirement cushion ($10K) should I need to survive until the next employment opportunity arises OR
      I can utilze the Business Lines of Credit that I've already established $40K in an attempt to break the chain held by the corporate world. I already have a residential property rented and I always have my eyes open to obtaining another proprerty, primarily to rent, as the market for sales has slowed.
      I've come in contact with indiviuals that purchase vehicles from auctions either on-site or online and I'm interested to know more about it. I even know persons that purchase vehicles here and sell them in other countries.
      Basically, I am really seeking a way to lesson my dependence on corporate america and I think I'm on the cusp of this.
      Please advise!
        • Re: Transition, Seeking more opportunities
          LUCKIEST Guide
          20Concepts, Sorry to hear that your current employment is ending. Tell
          us more. Your Age??, your Education??, Married or Single?? The more we
          know about you, the better we can guide you.
          Having residential property is great. There is money to be made both in Real Estate and Purchase Vehicles.
          When my son graduated college, he open a mail order "used car business"
          We would purchase Saabs there were involved in accidents, strip the parts off and then resell them.
          You need to Develop a Business Plan. There are many ways to exist outside dependence corporate america.
          LUCKIEST
            • Re: Transition, Seeking more opportunities
              20Concepts Newbie
              Age:30
              Work Exp is Banking, Finance, & Real Estate - 5yrs.
              College Educated, no degree obtained.
              Single
              With the potential change of employers, obtaining financing for a new property may be beyond reach. Or I tie up all my available cash in the property and pray for the best as far as turnaround time (not something I would do, to risky)
              If there were some way to use a smaller investment to begin turning a reasonable profit on each deal (similar to prior example of others selling cars) .....
            • Re: Transition, Seeking more opportunities
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              • Re: Transition, Seeking more opportunities
                LUCKIEST Guide
                Maybe this will help, LUCKIEST
                h3. Steps to Small Business Success

                1. Start Smart
                2. Plan Ahead
                3. Set up Systems
                4. Seek out Sales
                5. Aim for Growth
                6. Leverage Opportunities

                 

                 


                1. Start Smart.
                Identify a niche. Don't compete to be the lowest cost provider. Look
                for what makes your product or service unique and adds a special value
                for the client and charge for that value. Every business has many
                facets. Start with what you know and like; start a business that has
                meaning to you. Keep in mind that we don't know what the future holds,
                many of the jobs and businesses of tomorrow don't exist today. You can
                create your own success.

                 


                Now is the time to dream. To start smart, you should like the idea of
                the business. The way to earn a good income and build wealth is by
                serving clients well, making their life better in some way-it's more
                than filling a need in the marketplace. To succeed you want to test the
                idea to make sure your potential clients like the idea too. Test your
                ideas.

                2. Plan Ahead.
                People often ask me why bother with a business plan? Look at the
                lottery as an example. You may get lucky and get the winning ticket,
                but the odds are against you when you rely on random chance. I'm a risk
                taker...but not that much, minimize the risk of going into business and
                maximize your potential for success. Take the time to write a plan of
                how you get from point A to point B. A plan gives you a clear future
                focus and increases your chances of success.

                 


                The first rule of a start-up is put some of your own money in the
                business. As the owner you must be willing to capitalize the business.
                The second rule is put as little of your own money as possible in the
                business. Prepare your plan and look for funding for your business from
                multiple sources, which can include a business loan or business line of
                credit.

                 


                Don't go it alone. Plan ahead now to build your team. Your team may
                include a CPA and an attorney that you work with as needed. Add a
                mentor from your industry and get a SCORE mentor to help you plan for
                success. No one has all the answers. You get more ideas and information
                by building a success, support team that can help you plan ahead.

                3. Set up Systems.
                The most basic system every business should have is a good financial
                system. Ask yourself how am I going to generate enough income to
                support myself and my family. Begin here. Put together a personal
                budget, so you know what it costs you to live. Now, you can move on to
                the business budget and sales planning, so you can see how many sales
                you need to break even and make a profit. The start-up expense plan,
                operating budget and your accounting software are vital to your
                success.

                 

                 

                4. Seek out Sales.
                The daunting question is how do you go about seeking out your first
                sale. Recognize that since you don't have a big ad budget to be seen by
                everyone, you need to target a niche and get connected in your market
                community, be it local, regional or national. You need other people
                selling for you-not employees-goodwill referrals. Get out and talk to
                as many people as you can. Join organizations that would have clients
                for your product or service. Become a visible part of your market, and
                then ask for the sale. You begin the sales process with people that you
                know. Yes, it's okay to start with friends and family as your first
                customers, and then broaden from there.

                 

                 

                5. Aim for Growth.
                The basic tenant of creating a company is that you own the company. You
                are not just creating a job for yourself. It's less risk and less
                investment to get a job. Building a business is creating a company that
                is more than the job itself. Think about the future. How large do you
                want the company to be in terms of sales, net profit and employees?
                Your answer to each of these questions will influence how you grow.
                There are varying costs and profits associated with growth. It's
                important to make a deliberate choice early about how you want to grow
                your company.

                 


                6. Leverage Opportunities.
                Good luck. Good fortune. Good timing. All play a part in business. As a
                business owner, be very clear about your core focus for the business
                and how it serves clients. Your core business is what pays the bills.
                Then, as an entrepreneur you are about opportunity. When you see a
                potential opportunity or stroke of luck measure it against your core
                business focus. Good fortune is great, when it matches your vision for
                the business. Always consider if a good opportunity is the right fit
                for your business. If something looks great, but it's not in sync with
                your long-term plan and budget, think carefully before committing your
                company's resources.