How to Develop a Business Plan

Developing a business plan is not exactly an easy proposition, as there are innumerable things involved in it, from the very basic to the extremely complicated and tedious aspects. Basically, while creating such a plan, you should include an executive summary involving:

A brief description of the history of the company.
The company’s objectives
Description of the company’s products or services.
The market the business intends to compete in.
A persuasive statement as to reasons and method for the success of the business.
Projected growth for the company and the market.
Mention of the core management team.
A description of funding requirements, with a time-line and the usage of the funds.

Homework on the Service or Product
Forget the business plan for sometime. Decide what the product or service is that you are going to offer. Without that, it is impossible to go ahead and consider what comes next in your proposal. Researching on the market trends and what the products and services are which will be a hit with the consumers is fundamental. If you have had an experience in a product or service, then your task might become easier. In addition, also think of the name and the overall profile of your company.

Money Matters
Once you are done with the overall profile, think of the capital required for it as well as how much you intend to make from it or can make. To be clear about that, you will have to chalk out and create a financial profile of the company. When you mention this while writing the plan, it should include your current assets, your liabilities, projected income, and monthly expenses within a range of six months. Having all this data will help you establish a viable financial objective for your business. Be very careful about this.

Who are the Competitors?
The market is going to be like a big bad world out there. Therefore, you also would need to study your competitors and how you propose to deal with them, and what gives you an edge over them. You will have to mention that while writing a business plan. Again, this will involve a little bit of homework.

Finally, once you are done with all these things, put all this on paper. Tackle the points mentioned above, and elaborate on them as per the research and statistics you have got. Make it all as crystal clear as you can.

Personal Finance Budgeting

Your money is the lifeline of your home. The standard of living that you have is because you can afford it. Your money basically, is the heartbeat of your lifestyle. To continue living the same lifestyle and to reach higher standards, personal finance budgeting is very essential. Spending is inevitable, if you have money. However, money, or your resource is always limited and your needs are unlimited. Reconciling the two by prioritizing your demands will help in managing your personal finance budget. This practice of budgeting will help you save your money on inconsequential items and teach you the importance of prioritizing.

Need for Financial Budgeting
The need for budgeting arises because of the fact that you are responsible towards yourself. Responsibility towards oneself means, a constant struggle for the better. Thus, the need for personal financial planning is to fulfill the self-actualization need for improvement.

Monthly Financial Budgeting
Make a chart of income and expenditure, which you make all through the month. Based on this you will be able to make successive budgets. Here’s a chart that you can follow.

Net Income
Expenses At Home
Rent/Mortgage
Insurance
Home Repairs
Home Improvements
Electricity
Water
Natural Gas and Oil
Fuel
Telephone
Groceries
Child Support
Health and Fitness
Other Loans
Entertainment
Contingency Fund
Balancing Figure (Difference of income and expenditure)

Once you fill in the details for this chart, you will get a complete picture of what you are earning and how much of it you are spending. Based on this chart, you can make the estimated budget and the actual details will follow as the month progresses.

Yearly Budgets
Now that you have the monthly assessment, of income and expenditure, multiply it by 12 and you will get the yearly account. Yearly budgets will give you targets of the income you need to earn to sustain the lifestyle of your choice. Getting into the habit of following the chart will give every detail of every penny spent.

What Personal Financial Budgeting Does?
Finance and budgeting go hand in hand. You may get ample of finances, but if you don’t have a budget, they will all go haywire. Budgeting will get you into the habit of saving your money for the rainy day. Living from paycheck-to-paycheck will consequently change to living with wise decisions. Budgeting will employ your each dollar for better returns. Most importantly, it will give you a breathing room in case you decide to take some time out from work.

Double Benefits
Summer is here and you want to take a vacation to an exotic destination. Of course, it isn’t possible with meager travel budget to vacation anywhere else other than your couch! Saving an amount will help you create a fund for both the rainy day and the happy days.

The habit of making personal finances budget, should be started early in life. Beginning to plan while you are at college will make you an expert at managing your own finances by the time you begin to earn your money. Financial planning will alleviate problems during the big days of your life, such as marriage. It will give you an edge over the others in planning the wedding budgets for the ceremony, the way you always wanted. So before you get your next paycheck, tie the financial knot for a happy ending!

Improving Team Communication Skills

All of us know how important communication is for survival and to grow and evolve. Without communication it would be impossible to convey ideas and thoughts. To grow as a business, you need to share certain ideas, thoughts, opinions, judgments and suggestions and to share these, you first need to convey. This is looking at communication in its most basic form in the workplace. Most teams communicate with each other as a need, and not in actuality, this is where the meaning of communication skills is precisely lost. Employees need to understand what exactly is meant by communication and communication skills, inculcate these in their workplace behavior, and then gradually improve them. As far as improving team communication skills is concerned, there are 5 steps mentioned below which you can follow to conquer your objective of improving the said skills. Check them out!

How You Can Improve Team Communication Skills

Understanding Communication
If you want to teach your employees the best communication skills, you have to first teach them the importance of communication and why we need it. There has to be understanding of the concept to learn more about it, and to then enhance this knowledge even more. Communication skills are not limited to only the way you communicate verbally, but also to other methods of communication. Communication also includes aspects such as body language that play an equally important role in determining efficient communication. Once you inculcate this importance, you can proceed to sharpen that knowledge by learning the communication skills.

Communication Games
Communication games are one of the best ways to improve communication skills and fun too. They also give you the much-needed break from work and daily chores in the workplace. Communication games can include some fun games where the communication skills of employees can be tested by making them compete against each other. For example, you can announce a ‘department of the month’ competition where the company would be rewarding the most efficient department. To achieve maximum productivity, the employees will have to communicate with each other in the best possible way and once they do, they’ll see the results for themselves.

Team Building Activities
Communication might not come easily to everyone, and this makes it important for the employer/organization to hold team building activities that would promote team communication. Also tell the employees how to communicate with each other in the perfect way and in lesser time. These activities tell us how minimum communication can get great productivity in less time. You can either search the Internet for some team building activities or call a professional to conduct these activities.

Letting Go of Perceptions
Preconceived notions about a particular group of people, or just about a particular individual, can lead to unwanted communication barriers. This can be overcome by professional communication skills where you don’t judge anyone on any scale apart from that of work. Being opinionated is one thing and being judgmental is another. Don’t let personal bias towards a selected few get in between your communication with all the employees at large. Perceptions will lead to assumptions eventually.

Educating
Communication skills can’t be acquired if you are not educated about the different methods of communication. Employees need to learn different types of communication such as verbal, written, formal and informal, and also the methods to use them. There is a particular way you write in, when you communicate with your employees and this is very important for efficient communication. As an organization that promotes efficient communication, you need to inculcate this in your employees if they aren’t aware of it.

These were some ways of improving team communication skills and benefits of doing the same. Since you now know how important developing effective team communication skills is, you can implement all the necessary changes in your workplace. You also have to understand that communication skills can’t be achieved overnight, so be patient and they’ll surely work out for you! Best of Luck!

How to Create a House Flipping Business Plan

Buying, repairing, and restoring old homes and then selling them off at a higher price, is the flipping business in a nutshell. One of the most sought after businesses currently, offering a multitude of opportunities, it is an excellent occupation to take up. If you are a contractor with years of expertise, and if you have a good team of professionals who know how to turn Cinderellas into princesses, house flipping is like a natural profession for you.

Creating the Plan

I assume that since you are getting into this business, you already have a background in home construction work, as a contractor or an architect. It is essential that you are familiar with structural engineering, civil engineering, and interior decoration. If not, you should at least have people in your team, whom you can consult about all these aspects. Knowledge and its application is always the key in any business and house flipping is no exception to this. First and foremost, get a guy on board, who has been in this business for some time and knows his way around. Tips that you get from such a person will be invaluable. Here is how you can create a plan.

Research Costs Involved
One of the first things to do, which is an integral part of any business plan, is to research the costs involved in this business. This includes real estate investment cost, labor, and material costs, as well as other extraneous expenses, that you might incur while obtaining permits, commissioning contractors, and the marketing costs to sell the property. You need to create a financial plan, which tells you how much money you need, when you need it, and from where are you are getting it. This financial equation is the most important thing. As suggested before, gather a good team of construction professionals around you, who can help you with this.

Survey the Local Real Estate for Flippable Homes
Check out the local real estate prices and potential properties on sale, that might fetch a better price, if they are repaired and renovated.

Thorough Inspection Is the Key
Before you decide to select a house for flipping, you need to inspect it thoroughly and know the structural and cosmetic repair tasks that you might have to carry out. If it’s your first house flipping job, start with a home, that doesn’t need major repairs.

Make an Estimate of the Investment and Possible Returns
Once you have chosen a house, calculate the costs involved in the repair and the renovation work that you are carrying out. Gauge the profit you could make, by selling the property. Once you are sure, you can buy the property.

Establish a Time Frame and Start Work
After that, actual work can begin, with a precise set time frame and a renovation plan, that is complete with all the required details. Think about how you can bring out the best out of the old building, while making minimum changes. Flipping houses is quite a tough job and here your expertise or panel of experts will come into play.

Take Help from Real Estate Agencies
Once work is finished, you can think about selling it. It is best to take help from real estate agencies, as they know the target market, for the kind of home you are selling. Promote the sale on your own, through advertisements.

Pick Wisely and Sell Smartly
The key, in this business, is to know which houses are flippable and will fetch a good sum of money, after renovation. It will take time for your eye to develop. Set a price that is high enough to get a decent profit and low enough to be attractive. Starting a flipping business is all about patience and hard work.

Think realistically and spend a lot of time in working out all the details and the costs involved. Only after you think that you have worked out the whole equation of house flipping and analyzed all the risks involved, create a plan that can take all those factors into consideration. Start small and give every project of yours, the best shot that you can give. Every job well done is going to bring you more customers, as your work speaks for itself. Don’t forget that Rome was not built in a day, and it will take time for your business to catch up. All the best.

Online Business Ideas

The past decade has seen a widespread use of Internet across the globe. It has fast emerged as a means of communication, entertainment, and business. Increasing number of people ditch the conventional means of business and opt for more convenient and simpler means of e-commerce. Obviously, Internet has also presented a plethora of opportunities for budding entrepreneurs who wish to make quick bucks. If you are also on a look out for similar opportunities on the internet, then the following ideas should help you.

Online Business Ideas

For Women

Many housewives and stay-at-home moms are seeking newer ways of making money online. The biggest advantage of the internet business is that it allows you to work from home without any time constraints. Besides, the initial investment is also not substantial. Hence, this is a great business medium for women entrepreneurs.

Selling Things Online

Many homemakers are skilled at certain arts, such as painting, making artifacts, costume designing, etc. The internet offers you a golden opportunity to sell your talent online. You can easily showcase your work online and gather rave reviews from people all over the world. The web allows you to exhibit your talent at a fraction of cost. It becomes very easy to sell such products online than investing in a brick and mortar edifice for business. Besides, you can also sell used stuff, such as bags, shoes, jewelry, clothing, etc., on shopping websites such as eBay. These websites are a platform for selling an array of things, including junk. Thus, you can make decent money selling things online, simply by discarding your old items.

Taking Your Existing Business Online

If you are into a business, you will realize that the internet opens a door to exciting opportunities for your existing business. Suppose, you are into a flower vending business, then your clientèle will include mostly people from your locality. However, when you take this business online, you can take orders from almost any corner of the world. However, then you will have to develop a strong backup infrastructure for taking orders and shipping your products.

For College Students

Starting Your Own Website

Many young college students are already into this website making business. By starting your own website, you can create a steady cash flow just by working for a couple of hours a day. This business is ideal for college students, as they can simultaneously manage their academics as well as business. Creating a website is no more a big deal, as you can get website templates for as little as USD 5 on websites, which exclusively deal in website templates. Besides, you can also download a free HTML editor to create your very own website. You can adopt various internet marketing techniques to promote your product and generate traffic on your website. Internet briefcase is a business package that includes all the support required for starting an Internet business, right from website creation to making audio-visual advertisements for your product.

Online Network Marketing

There are several reputed brands, which promote their products through online network marketing. They even provide training and support for people who enroll for their program. This business offers lucrative returns, however, there is an amount of risk involved. Besides, you ought to have impeccable network marketing skills to make the whole thing work for you. Also, the incidences of internet scams are on an all time high. Hence, conduct a thorough research before you enroll for any such program.

Thus, you can effectively utilize the tremendous potential of the internet for making money online. Hope the ideas given in this article were resourceful. There is really no dearth of internet business ideas; in fact you can yourself come up with many innovative ideas to make money online.