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6 Steps To Boost Your Online Business Success

How is online business success possible when you have to compete with over 1 billion other websites on the internet? From the thousands of websites that are launched every day, only a few actually enjoy any online business success. To get your slice of the online business market you need a solid online business strategy.

Your online business strategy can easily get overwhelming if you don’t have a schedule and a system to keep track of how you are doing. Here is a simple 6 step system that will allow you to create a productive online business strategy that will help you in keeping your time manageable and your business profitable.

1. Spend Some Time Creating A Strategy.

Take some time to consider which aspect of your business you should work on. Sit down and spend an hour or so looking at how you are doing, and focus on what you need to do. What tasks demand little effort but bring massive returns? These tasks can be used as a place to start and you can develop your online business strategy from there.

2. Be Aware Of Your Goals And Priorities.

Once you have created a plan, you’ll see your most important priorities and goals. This is a very interesting situation. When you spend time thinking how you are going to spend time, your priorities become clearer. When your goals and priorities are clear you will know what you must do to make your weekly internet marketing efforts successful.

3. Create A Weekly Plan.

Once you have determined your most important tasks and goals, it’s time to map out a weekly plan. Write down your schedule at the beginning of the week. Don’t just make a mental note of it, write it down. If you don’t, chances are, you are going to forget about it.

4. Create Your Schedule.

Your target should be to get 5 things done in a day and nothing more. If you cram your daily schedule with more than 5 tasks, you will probably not be able to achieve them all. When you don’t achieve everything, you’ll feel guilty and try to do it the following day, which will put the tasks for that day even further back. Be realistic and know how much time you have available every day.

5. Get A Timer.

A timer challenges you. You know what you’ve got to do. You set an estimate for the time required to get it done. Set your timer. Do it!

6. Review Your Work.

Take 5 minutes at the end of your daily schedule to review how you did. When you review your online business strategy, you will know what is working. Perhaps there’s a time of the day when you are most productive. Once you determine these productivity patterns, maximize and take advantage of them!

Common Reasons for Entrepreneurs Transitioning Out of Business

Everything has to come to an end and entrepreneurial business is no exception to this fact. A businessman puts in his hard-earned money, labor and hard work to expand it multi fold from the time he started it. But through the passage of time all this comes to a halt one day for some reason or the other. He has to shift his business to some one else either by his choice or due to life changes or death. A wise business man, therefore, plans carefully before transitioning out of his business.

Here are some common reasons why transitioning out of business happens in an entrepreneur’s life:

Retirement – Due to old age retirement becomes necessary to rest the body and mind. When an entrepreneur cannot work at his business any longer like he used to when he was young he must hand over his trade to either his successors or someone else to protect the business. If one has been in a particular field for too long he may choose to retire and move on to enjoy some free time with family and friends.

Monotony and other interests – So many new ventures have risen these days online and offline. A businessman with varied interests gets lured into these new ideas. Monotony of the existing trade may kindle an interest to try new ventures. In such cases certain options could be considered such as business mergers, franchising, taking on new partners or transition out of business.

Burden of Competition – Factors such as globalization, new technologies, etc. play a great part in increasing the competition between old business owners and emerging entrepreneurs. These factors pave way for a lot of stress. This in turn forces older entrepreneurs to exit their businesses.

Economic trends – Negative economic factors may lead an entrepreneur to think seriously about continuing in his profession. Recession and decline may affect the growth of an existing trade and this in turn may drive an owner to transitioning out of business.

Good offer for an existing trade – If a new entrepreneur wants to buy an existing one, it would not be a bad idea to sell it off for a good price. In fact it would be wise to grab such an opportunity. A smart owner will make a good deal and transition out of business at the right time for a good price.

Major changes in life situations – Major Life changes occurring from death, divorce and disability play a key role in transitioning out of business:

Death – Death can occur at anytime. Sudden death of a business owner, in spite of his age can cause a major distress to the family members. It is worse if they do not know anything about his business. It becomes necessary to keep a will in place as part of a good plan to meet such emergencies. Legal details, insurance policy matters, deeds and deals, etc. should all be kept in writing for the associates or successors to take the trade forward. Lack of important information and lack of interest in existing business may force the successors to opt only for transitioning out of business.

Disability – Disability could have a disastrous effect on an existing profession. A disabled proprietor must have insurance for financial support during the disability period. If disability occurs for life time then the owner may need to move out of business.

Divorce - A business is usually the main source of income in a household. When there is a divorce it disturbs the occupation along with personal and family life. Divorce tends to have a negative impact on an existing business. Various complex issues of tax and assets arise during a divorce. In some cases transition out of an existing business may become an inescapable choice for a an entrepreneur during a divorce.

Transitioning out of business is any business owner’s personal decision. The above reasons are the usual ones for a business owner to exit out of business. A good strategy planned while starting a business helps in transitioning out of business in a smooth way.