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1.            Not creating a business plan
2.            Ignoring the Internet
3.            Inconsistent branding of your new business
4.            Insufficient funding or lack of credit options to get enough funding
5.            Picking the wrong business structure (LLC, INC, LLP)
6.            No Financial Reporting
7.            Extending credit to customers without proper credit checks
8.            Poor pricing and cost estimating
9.            Insufficient financial management skill
10.          Poor Hiring practices

The better you prepare yourself and understand the challenges of starting a new business, the more likely it is that your idea will become a profitable and growing company.

Home-based women entrepreneurs nowadays are on the rise. The comfort and ease of being able to work from home is what makes it all appealing, plus, more and more women are now looking in to their hobbies and turning them into real life businesses.

TO READ MORE ABOUT WOMEN IN BUSINESS

Do you know how to put a good, strong foundation into your business so you can start to see success right away?

When starting a business you need to decide what type of business you are going to have. Is it going to be a sole proprietor, LLC or corporation? This is entirely up to you.

Some things you want to consider first when starting a business are:

• Your Business Image – what do you want your business to look like to people?
• Planned Business Growth – what goals do you have for your business? Where do you want to be in 30, 60 or 90 days…how about 1, 2, or 3 years from now?
• Cost of Start Up- what costs will you incur that you can think of right now in starting your business?
• Cost to Maintain – what costs will you have monthly in maintaining your business? Don’t think of these as bad though…they are investments in the future of your business.
• Financing Needs – Do you need any financing? Will you be applying for a loan or a grant?
• Amount of Personal Risk You Want to Take – How much money of your own are you putting in right now to start your business? Are you comfortable with that?

Once you have thought about those things you will be able to make a better decision on what type of business formation you want to have.

Next make sure there is a market for what you are offering. Think of keywords that describe your product or service and go to Google and see what you find. Look at the sites that come up and see what they are offering as well. This will give you a place to start with how to best get your offering out there. Don’t think of everyone as competition. There is plenty to go around and you have to remember that you are unique so what you are offering is always going to be different from someone else, even if it seems similar. Look at this part as a learning experience.

Make sure your business name is registered with the state. Then use that name exactly if possible or a close variation as your domain name.

This is the start to setting your foundation to build on. Your house has a foundation and so should your business model!

Saving and investing your money is important in today’s unreliable economy. A portion of the money you receive from any source should be set aside in a savings or investment account. Many people mistakenly believe that only money from their jobs count as investment or savings eligible money. However, that is not the case. There are many other places to get the money you need to start saving and investing for your future.

The majority of people spend extra (non-work) money they receive as soon as they get it. But if you opt to save or invest some of it instead, you can watch it accumulate in value over the years. The next time you find yourself with extra money derived from unexpected sources (maybe a Christmas gift, or a buddy repaying you for a loan), save a small percentage of it.

Another way to get money to save and invest is by cutting back on unnecessary expenses. You can pinpoint the areas that can be cut out or reduced from your budget by putting all of your spending habits on paper. Jot down everything you spend your money on monthly, then, mark the things that you can do without.

Once you have identified wasteful spending, calculate the amount you will be able to save or invest. Most people spend on impulse without even taking into account how much money they could save. Even the smallest of changes can save you hundreds of dollars or more each year, which translates into thousands of dollars with added interest or return on investments.

There are many types of savings and investment opportunities available. Research and plan your strategies beforehand. When you are ready to start investing and saving money, review the different options carefully. Some investments may be risky, while others pose less of a threat of money loss. Many of the riskier investments, such as entering into the stock market, have the ability to make more money in a short amount of time. When the risk for loss is significantly less like with a Certificate of Deposit (CD) or savings account, it can take months or years before you see a return on your investment. If you are planning towards long term goals, such as retirement, you may find the less risky ventures more appealing but be clear about your timeframe. If you want to buy a house in 5 years, then you will need a higher rate of return in the next few years; but if you are thinking about a college fund for your newborn then you can take a 10-15 year perspective and go for a smaller annual return.

Beginning a well thought out savings and investment plan will pay off in the long run.

· The maximum employee contribution for 401(k), 403(b), most 457 plans or the federal government’s Thrift Savings Plan is $17,000 (the limit was $16,500 in 2011).
· Workers who will reach age 50 anytime in 2012 can make “catch-up” contributions of up to an extra $5,500 for the year (the same amount as in 2011).
· The maximum IRA contribution limit for 2012 remains unchanged at $5,000. An additional $1,000 can be added as “catch-up” if you are age 50 or older by the end of the year.
· Not all IRA contributions are deductible. If you (or a spouse) have a workplace retirement plan, the deduct ability of contributions is dependent on your adjusted gross income. (Individuals who do not
participate in a workplace retirement savings plan can deduct their full IRA contribution regardless of income.) For 2012, these thresholds have increased.
· While Roth IRAs don’t offer tax deductible contributions, the amount that can be deposited is also conditional upon AGI. Single filers and heads of household can make the maximum Roth IRA
contribution of $5,000 if their adjusted gross income is less than $110,000 in 2012.

Those five bullet points are just the tip of the iceberg when it comes to assessing the criteria for participation in qualified retirement plans.  While tax deduct-ability can provide some extra saving incentive, it is prudent to consider these deductions (and restrictions) within the context of your larger financial picture.

WHEN IS THE LAST TIME YOU ASSESSED YOUR RETIREMENT PLAN SAVINGS? START 2012 WITH A CLEAR IDEA OF YOUR “BIG PICTURE” BEFORE YOU ADD (OR SUBTRACT) FROM YOUR RETIREMENT CONTRIBUTIONS.

February is Black History Month, when the nation remembers and celebrates the contributions of its African-American citizens. Blacks have been part of the Sunshine State since the peninsula was a swampy, mosquito-infested outpost of the Spanish Crown. 

READ MORE

“Hello, my name is Glen and I represent Mason Shoe Company.” That was 37 years ago and I was twelve. I found an ad for shoe salesmen, completed the application and attached a letter written in pencil. In the letter I asked if I was old enough, but I don’t think they ever read it although they did send training materials, catalogs and order forms.  READ MORE