Guide to Buying a Small Business

We all encounter restaurants, convenience stores, guest houses, small manufacturing units, hair dressers and so on. They are the most prominent and simple examples of a small business. These businesses are basically characterized by less sales volume, fewer number of employees and they are normally not very dominant in their field of operation.

The best part about these businesses is that you get a lot of independence, and there are quite a few concessions and benefits given by governments as well. That’s one of the major reasons, why people sometimes quit their high flying jobs and set up their own business, and indulge in buying a small one. So, if you are contemplating buying a small business, here are a few handy tips.

Things You Need to Know about Buying a Small Business

– Identifying the kind, size and location of the business you want to purchase, is the first step. Jot down the search criteria and be clear in your mind about the credentials of the business you want to own.
– Analyze your finances. Just take stock of how much you can spend and invest. Give it an extremely serious thought.
– In addition to that, analyze and clarify your expectations from the business. A business option chosen with discretion and a proper thought can prove to be very rewarding, but plunging in the dark waters of a wrong business, can make life hell for you. So what you need will be strategic planning for a small business.
– Check out the financial status while buying into a small business, especially the liabilities and glitches. Also find out the reason as to why the business has been put on sale.
– Another very important thing to look out for, is the growth potential. If there is hardly any, that gives you the answer to the earlier point.
– Anticipate, if the owner is going to make a dash for it once he or she sells you the business. Ideally you would be an amateur, so you would need some business training and support which should be given by the original owners. So make it a point to add that clause about training and support while you write a business contract.
– Negotiation is the keyword. Communicate and negotiate and get things started.
– Always keep tabs on the business till the time you fix upon it, and till you seal the deal. See if you get to know some wishy-washy stories from those who have been in the business for some time.

This was a rough idea about buying small businesses. The following text will give you a checklist to help you out.

Checklist for Buying a Small Business

– First and most important is opting and registering the name of your business.
– Then, fix and set up the legal form for your business.
– Writing a business plan would help you further in properly establishing the business.
– Develop relationships with bankers and other professionals and most importantly an attorney.
– Complete the legalities and fulfill all the legal requirements for making the business operation smoother.
– Another crucial thing is to get all the licenses and permits needed for your business.
– Setting a price of your product or service is a major aspect of buying a small business, or rather any business.
– The financing process and allied issues should be sorted and clarified.
– Plan for risks, losses and consequently arrange for insurance and get the office space, equipment and material suppliers.
– Decide and fix the record keeping systems and financial management system.
– You would also need to chalk out a marketing plan, then hire employees and finally develop a daily managerial plan.

Buying a small business is no mean feat. There are innumerable things on the anvil, and you have to always be on your toes. But if you get in the right business, then no one can stop you from earning the bucks. The only catch is getting the right business and business terms.

That’s all about buying small businesses! Good luck!

Incorporating a Small Business

Unlike in the proprietary firm where you are solely responsible for profits, loss and the entire administration of your organization, corporation is an entity independent from the entities of its owners.

Corporations are governed by corporate laws, rules and regulations and these are in the interest of their owners, shareholders, management, vendors and creditors, and all the other manpower that is involved in running the corporation.

Nowadays, corporations have become common and the most preferred place of employment among job seekers. The reasons behind this are job security, good remuneration and enormous growth opportunities for the corporation as well as the employees.

Moreover, incorporating a small business has become one of the business growth strategies in this world of growing business competition. Also in recent times, many private or proprietary firms have started incorporating into large multinationals. After having understood the short idea of corporation let’s move on to know how to incorporate a small business…

Procedure

The rules, regulations and procedures for incorporating any business remains the same. Be it a small proprietary firm or a large company. You as the authority in charge of the business and your firm have to complete some standard formalities. However, I will explain these formalities in the form of a procedure. This will give you a clear idea.

Decide the Incorporation: The first thing you need to give a thought to, is to decide where you want to incorporate your small business. Whether you want to incorporate it with a multinational company operating in many countries, or with an organization operating within the state. Consider your current business volume and the estimated growth of your business. Evaluate these things properly and then decide the span of your incorporation.

Indulge in an Agreement: The next thing you need to do is, sign an agreement before getting incorporated with the company. This is generally referred to as the pre-incorporation agreement. This is done in order to decide the board of directors and shareholding policies of the new incorporation.

Filing the Application: When you are done with the pre-incorporation agreement, you need to file your application to register the name of your incorporation. The authority for the issuance of forms will be the Secretary of State’s office. Submit the form and the Secretary of State’s office will inform you whether the name you have applied for, has already been taken.

Legal Formalities: Once the name is decided, following the Secretary of State’s office’s instructions, start preparing the articles for your business incorporation. You will be receiving an official certificate, which will include all the essential details of your incorporation. Read all the clauses and the entire incorporation agreement carefully and then sign the agreement. Take the signatures of all the authorities directly concerned with the agreement.

Meeting the Stockholders: Conduct a meeting inviting all the stockholders of the organization and discuss the corporate charter sent by the state. This charter will contain information such as the articles of incorporation, location of the business and also details such as reasons for incorporation.

Electing the Board of Directors: It is necessary to appoint a new board of directors for the newly formed corporation. Election is the method by which you need to form the committee of directors. Inform the shareholders about this and conduct a voting session.

Advantages

– As a corporation now, you are liable only for the amount of money you have invested in the corporation, unlike in proprietorship wherein you were the only person responsible for everything.
– The existence of the corporation will never end. It would not get closed or dissolved even on the death or resignation of its shareholders, owners or any of the directors.
– Corporations help build business fast and are more reliable and stable than any other form of organization, due to their corporate identity.
– In corporations, raising or producing funds for any project or business-related activities is not difficult, as here the corporation can sell funds and increase the equity capital.

Disadvantages

– As a corporation, you need to handle and maintain a lot of documents. These books include corporate law books, the share register, the director’s register and many other documents and records pertaining to the corporation’s business.
– Moreover, the cost incurred in registering, setting up and maintaining a corporation is costly.
– There is another tax return added to your tax. You will have two taxes, which includes tax on your personal revenue and the tax on your corporation income.
– Limited liability is one of the advantages of this procedure. However, this may not be the case always. If the financial institution does not find your corporation eligible enough to repay its credits, it will often ask you to keep your personal assets as a guarantee to repay the money.

You have thus seen the procedure, advantages and disadvantages of incorporating a small business. Now, it is up to you to apply your business intelligence to reach to a conclusion, and take a sensible decision of whether to incorporate your business or not. Check whether incorporating is feasible in case of your business, see whether you have enough resources and funds to manage the incorporation.

If you find this is possible and well within your scope, then go ahead! Remember that at the end of the day, what matters is your business growth and development with all your personal assets safeguarded.

Importance of Strategic Planning for Small Business

Business is all about planning intelligent strategies and wisely implementing them. Even small business are no exception, since the ultimate aim of a small business is to grow into a large business. However, many people wrongly believe that strategic planning is only for big players in the market. But if you aspire to compete with them someday, you will also need to focus on strategic planning for your business.

What is Strategic Planning?
It involves formulation of policies and business growth strategies over a defined period of time. The time period would typically depend upon the kind of your business. Certain businesses like the Internet or mobile technology have to deal with changing trends very frequently, hence formulating a five year plan for such businesses is not a feasible option.

The management can prepare a strategic plan for a single aspect of the business, or it can focus on the business as a whole. The concerned departments then, devise strategy plans that are in accordance with the overall business plan.

Writing a strategy plan is not similar to writing a business plan. Business plan deals with the challenges likely to be encountered while starting a business, but strategy planning covers the opportunities for growing the business and the methods of harnessing those opportunities. Without a strategy plan, a business would have no direction. The chances of succeeding in a business that has no strategy plan, diminish significantly.

Basic Model for Strategic Planning
There is no definite model of strategies. Every business formulates its own model that has a potential to work for that particular business. No matter which model you choose, the critical components of the strategy plan remains the same. These components include:

Business Purpose
Business purpose explains the whole idea of why the business exists. It is also sometimes called the ‘mission of the business.’ It need not be complicated, and should only focus on the ultimate objective of the business.

Organizational Objectives
Organizational objectives are the ultimate goals at which all the organizational efforts are targeted. These are the goals which help you to achieve the mission of the business. Set goals that are practically achievable within the defined time period.

Strategy Planning for Every Goal
Strategies are the approaches you are likely to adopt, to accomplish each goal. It is possible that a certain strategy may not work for a certain goal at a particular point of time, hence make provisions for checkpoints, which will allow you to ascertain if the strategy is working or not. Devise alternative back-up plan for every strategy, in case it backfires.

Action Plans
These are actual activities that are to be implemented as per the strategy plan. An action plan is a set of all the activities that ultimately focus on accomplishing the goals. If multiple departments are involved and each department has its own set of goals, then it is important that the action plans for all the departments work in sync with each other.

Monitoring Implementation of Strategy Plan
Most businesses formulate an intelligent strategy plan, but fail to monitor its effectiveness. The whole purpose of strategic planning gets defeated if you cannot invest time to monitor its implementation. Periodically monitor the implementation of strategic plans and revise it, if necessary.

Though strategic planning is not the only essence of the business, it definitely forms an integral part of it and can take you a long way in your business when coupled with intelligent tactics. In Sun Tzu’s words “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”

Checklist for Starting a Small Business

In recent times, the number of new start-ups and emerging businesses has grown extensively. The worldwide economic slowdown, coupled with the increasing number of layoffs, has prompted people to think of various possibilities beyond jobs. In such uncertain times, it makes sense to be involved with something, over which one has maximum control. Naturally, small businesses and new ventures are on the rise, as more and more people delve into entrepreneurship.

However, starting a new commercial enterprise is no child’s play. There are many factors, that an aspiring businessman must take into consideration, during the initial phase. The following checklist provides certain guidelines, which would be helpful to those who want to start various small businesses of their own.

Points to Keep in Mind

☑ Ask yourself why: This is the first question you should tackle before undertaking any step. Ask yourself, “what is the precise reason that you want to start your own venture?” Be honest with your answer, as it will invariably affect the eventual success or failure of your new decision.

☑ Choose a name: Decide a good name for your business and register it with the concerned authorities. It should complement your attitude and clearly project your line of occupation. For example, you don’t want a name that leads prospective customers into thinking of you as an ambulance services provider, if tourism is what you’re actually in!

☑ Understand your domain: Identify and understand your domain area thoroughly. It is always important to know well in advance, the type of work which you would, and would NOT be doing.

☑ Identify your strengths: Focus on your strengths, and at the same time, figure out ways to tackle your weaknesses. Understand your niche areas, and design your work process accordingly to utilize it to the maximum.

☑ Comprehensive market research: It is imperative that you do extensive and thorough market research, pertaining to your domain. Identify your competitors and learn from their successes and failures.

☑ Set realistic goals: Setting goals is very important for your venture in terms of financial targets, sales targets, growth parameters, etc. Decide both short-term as well as long-term goals, but make sure that they’re realistic.

☑ Prepare a detailed business model: Once you are clear with setting your goals, you must decide the ways to achieve them. Prepare a proper business model/plan for this purpose. Thus, one must take into consideration a number of factors, such as the available resources, manpower skills, financial strength, etc. During this process, it is also advisable to take inputs from someone who is well-experienced in the same field. Hire a business consultant, if necessary.

☑ Get your legal licenses and permits in order: Once you start a business venture, you are automatically responsible for all its legalities and licenses. Make sure that you obtain all the necessary permits related to the above mentioned formalities, from the concerned authorities. Hire a legal adviser or an attorney, if needed.

☑ Develop an effective and efficient marketing strategy: During the initial phase, almost every business venture has to invest a considerable amount of time and money, for marketing of their services. Work out different types of marketing strategies, and select one which is the most effective, efficient, and best-suited to your needs.

☑ Have an RMMM plan in place: Preparing a Risk Mitigation, Monitoring, and Management (RMMM) plan is of utmost importance for your venture. It helps in identifying potential risks, dealing with existing ones, and can thereby protect your business from sudden disasters.

☑ Use your finances wisely: Unless you happen to be a billionaire in the first place, it is absolutely crucial that you learn to manage your finances properly. Keep a detailed written record of your expenses, profits, bank transactions, loan statements, etc. Hire a financial consultant, if necessary.

☑ Stay abreast of changing market trends: Market trends always keep evolving over time, and this change is inevitable. Make sure that you remain updated with respect to these changing trends in your line of business. This will enable you to adapt to new situations much quicker, and will also help you to stay ahead of your competitors.

Keeping this checklist in mind will surely be helpful, as you embark upon a new journey of a businessman. Work hard and keep faith in yourself!

Types of Small Businesses

A small business is generally a privately owned and operated organization, which works with a small number of employees and deals in relatively low volume of sales as compared to bigger companies. Besides the number of employees, other factors, such as annual sales (turnover), value of assets and net profit (balance sheet) are also considered to classify any business as a small one. Here are some common types of small businesses.

Sole Proprietorship

Sole proprietorship is a type of business model in which there is just one owner who has all the rights to take decisions. All debts of the business are his personal debts and whenever required, they must be paid from his personal possessions. As there is no partnership in the business, the sole proprietor enjoys unlimited freedom within the precincts of his workplace. Sole proprietorships are easy to start up with relatively fewer regulations and full control over the business. If the business is doing good, the owner takes all the profits. It is very different from a corporation, as instead of paying corporate taxes, the sole proprietor pays self-employment taxes on the profits made, making accounting much simpler. He also does not have to be concerned about issues like double taxation, as a corporate entity would. Sole proprietorship is the easiest way to form a business and compared to other business structures, it is subject to the fewest regulations.

Partnership

Partnership is a business entity in which some people come together to start a business and share the profits or losses of it collectively. These people are called partners and they own the business together. Partnerships are generally preferred over corporations because of the levied taxes. However, in a partnership the members may be exposed to greater personal liability as compared to the shareholders of a corporation, depending on its structure and the jurisdiction in which it operates. Unlike sole proprietorship, the right of making decisions is distributed amongst the partners in this type of small business. Generally an agreement prepared by a lawyer is signed by all the members who want to form a partnership. This agreement clearly states the terms and conditions of the partnership, the sharing of profits or losses and the distribution of common assets in case the partnership ends. Every time a new member joins the partnership, it is necessary to sign the agreement paper again.

Close Corporation

A Close Corporation is a form of business ownership which combines the aspects of sole proprietorship and partnership. This model of business is particularly helpful and suitable for small to medium-sized enterprises. A close corporation is almost like a company but less expensive and easier to run. It is also known as CC and can be easily registered through a lawyer or an accountant. Unlike a company, a close corporation does not have directors, shareholders, or a chairperson of the board. Suppliers of a close corporation often ask for a signed security from a trusted third party, to ensure the payment of debts in case the CC fails to do so.

Limited Liability Partnership (LLP)

A limited liability partnership is almost similar to a general partnership. However, in this type of business entity, none of the partners are liable for the actions of others. This helps a member to stay clear from another partner’s misconduct or negligence. In case any one of the partners dies, the limited liability partnership automatically ceases.

The formation of a small business and the blueprint of its installation is solely decided by factors, like the number of members and the initial investment. In case one wants to start a small business, one should get a brief idea of the laws governing them.

Steps for Closing a Business

In a business, many unexpected or unforeseen events can happen due to the involved dynamics. One possibility is that you may have to discontinue it for certain reasons like not getting enough time, lack of support from the family, financial and management problems, or planning for a larger business. In such a situation, you can either opt to sell it, pass it on to a business partner or a relative, or close it down completely. If you really decide to choose the latter, then it is always better to follow a certain plan to close it safely and legally.

Voting for Dissolution

If you are a sole proprietor, then you may not face much of a problem; however, if you are operating in a partnership or a corporation, then you and your associates should equally agree to the decision. You can follow your own organizational regulations or the rules of your state’s business statutes. As per the rules, there should be a maximum vote of the stakeholders supporting the dissolution. Ensure that the owners sign in a consent form regarding the decision. While conducting the process of voting, you can follow the guidelines framed for the said process.

Follow Regulations

The second step is dissolving the business entity officially. This is applicable for a corporation or a limited liability company (LLC). Here, you are required to fill certain official documents. However, it has to be noted that each state has different rules. If you dissolve your business with a government office (state or local), you will not be required to bear the liabilities of taxes and/or filings. This also helps in informing the creditors that your entity is no longer liable to incur debts.

Terminate Rights

The third step is to cancel permits, licenses, and the business name, so that no other company can use your rights or trademarks. If you don’t do this at the time of closing, there are chances that some other company may use them and incur penalties in the future. For cancellation of a seller’s permit or license, you can invalidate them by contacting the issuing agency. It is always advisable to publish in a local newspaper about the abandonment of your business name. This way, you have a proof to avoid any unwanted issues.

Payoff Outstanding Dues

Lastly, make sure to pay any outstanding taxes, debts, (e.g. business loans) and employees’ paychecks. You may be required to fill certain forms about income tax payments and returns (if any). You can notify your creditors about this decision and clear or settle any debts.

Following these legal formalities will protect your credit, as well as your reputation as a businessman. In some instances, selling a business is a better option; however, make sure that you research more information about the price and potential buyers. Be patient and don’t make haste, otherwise you will regret, if you get a better deal later on. In case of any difficulties, you can always hire and/or seek advice from a professional like a lawyer, financial advisor, or an accountant.

Benefits of Small Business Credit Cards

The bottom line is that credit cards have now replaced your regular unsecured, personal line of credit. Most people work under the assumption that banks will lend them money if their business is flourishing. However in reality, there is no bank that will lend you money without some sort of collateral. Even lenders will only loan money to a borrower who has some capital. Even something that is as ‘safe’ as commercial real estate would require at least a 20 percent down payment. It is indeed very difficult to get a loan for a commercial business, even if your business is established.

If you are running a business or have recently started a small business set up, it is advisable to get as much credit as possible on your credit cards – but do this at a reasonable rate, because getting too much credit will surely make your credit score fall.

Certain Advantages to Know

Here are a few ways in which your small business credit card can benefit you:

Extends Cash Flow ~ For businesses that are heavily dependent on a steady cash flow to pay for a number of things like contractors and supplies, a credit card can help by purchasing items for certain clients before the customers invoicing is done. In this way, the money that is given out doesn’t necessarily need to come out of your businesses accounts. If your business falls under a situation wherein you can pay off debts within a certain amount of time, then get one that has high credit limits and offers benefits if you pay within 30 days. If on the other hand, the bills are paid to the customer after 30 days, then look for a business credit card with a low rate of interest, as it won’t really matter whether you carry some amount of balance for a month or so.
Cards with Rewards ~ If your business requires you to do a lot of traveling or indulge in entertaining your clients, then opt for one that gives benefits and rewards. For instance, frequent travelers have frequent flier business cards that provide benefits every time they fly with their airlines. The benefits can be leveraged in such a way that you can earn considerable amounts of merchandise rewards and cash back offers. So, go ahead and consult with your accountant on how you can use these credit cards to your advantage, either for business use or personal use.
Flexible Credit Limits ~ There are two varieties of cards – preset and no preset. Preset cards limits tend to be more generous with their limits, and don’t usually carry any annual fee. On the other hand, with no preset cards like American Express, limits tend to carry annual fees but are more flexible. So, if your business finances are more prone to spikes because of frequent purchases, then a business credit card with no preset limits will offer more flexibility. If however, your business works mainly on a cash basis or doesn’t really need a purchase inventory every now and then, you can use the no preset card for emergencies. Look for cards that offer a reasonable credit limit with a low APR or Annual Percentage Rate. If more money is required, it will be available for your business and can be paid over a period of time.
Increased safety ~ These cards indeed make a lot more sense when you require services or supplies over the Internet. Even though you could probably use a debit card for these transactions, it is a lot safer to use a credit card since you will be able to contest any charges if at all you don’t receive the service or product that you were expecting. These cards have no liability for unauthorized charges, so if at all your credit card information does happen to fall into the hands of the wrong person, you will always be protected.

It is also worth noting that these credit cards are not beneficial for everyone. Most business owners don’t have very good financial situations, and a business credit card would probably dig a deeper hole for them within no time at all. If you can’t completely pay off your credit card every month, then you are in big trouble. If you are going through this with credit cards, then they are not working for you and you need to get rid of them.

By making just the right choices when getting a small business credit card, you can turn your business into a raging success!

Successful Business Ideas

Starting your own business has many perks. You are not answerable to anybody, you can never get laid-off, you are the one who decides on how many work assignments to take on, and most importantly, whatever you earn is yours. In short, self-employment is ideal for people who want to be their own boss. It is very important that the kind of business you choose should have a market. After all, it is the customers who determine how profitable a business will be. The second thing to consider is your skills and interests. You cannot possibly start a consulting business if you have only studied till high school. Still, if you are confused as to what all different opportunities you have, here are some of the most successful business ideas which you can consider.

Internet Affiliate Marketing Business
If you have a computer and an Internet connection, you can consider this business from home. To get into Internet affiliate marketing business, you need to start, operate, and maintain a website. Firstly, search the Internet and register yourself with an appropriate affiliate marketing program. Thereafter, the online merchant will advertise his products or services on your website. Whenever a potential customer of this online merchant clicks on these advertisements on your website and goes to the merchant’s website, he will pay a certain amount of money to you. In some programs, you might be paid only if a sale is made. The key to success lies in adding quality content to your website, as well as advertising your site well so that its traffic increases.

Cleaning Services
You can offer cleaning services both to households as well as commercial establishments. This can prove to be one of the successful small business ideas, considering the fact that this business can be operated round the clock. You can undertake household cleaning jobs during the day and cleaning of offices after their working hours in the evening. It will typically involve providing services like window cleaning, carpet cleaning and vacuuming, floor cleaning, yard cleaning, etc.

Garden Maintenance Services
Provide garden maintenance services to households, right from watering their plants to mowing the lawns to weeding, seeding, etc. You can initially look for clients in your neighborhood. Later, you can grow your business by advertising in local newspapers.

Management Consultancy
There are many small businesses who want to grow but do not have the expertise on how to position, advertise, and market themselves. So, if you have the experience of working at a senior position in corporates, wherein, you were a part of a team that developed marketing and advertising strategies, or if you have overlooked the operations of a company previously, you can consider becoming a consultant for these small businesses.

Online Selling
Sell items on the Internet. Some of the things to sell on eBay to make money are books, antiques, jewelry, clothes, electronics, gadgets, toys, CDs and DVDs, perfumes, etc. You can buy these items from scrap stores or yard sales for cheap, and then sell on the Internet for some profit. In case you are good at any of the art and crafts, such as painting or making decorative wall hangings, you can sell them online too.

Besides these, other ideas which you can look into are―opening a day care center, pet care services, teaching classes, catering services, event planning, interior designing, and real estate services. Whatever business you finally decide to start, a successful plan which includes things like the goal of your business, your target customers, marketing and advertising strategies you will adopt, how you will arrange for the finance, etc., is a must. After all, it is these very things, plus your hard work, that will determine your success.

Business Ideas for Women

In today’s world, there are many women who are taking a step into the business sector. They are determined to prove that they are no less than men, and can also earn a considerable amount of money. They may carry out their business at a small scale or a large scale too. Many women are opting for home-based businesses. Business women make their hobbies a way of earning money, and this is certainly a very good concept.

Writing
If you have strong written and communication skills, you can use it to write and earn money. There are several options available when it comes to writing. Writing for the web is a very good alternative that a majority of women are opting for. You can get into many writing fields such as article writing, content writing, freelance writing, resume writing, etc. This is a very good platform for you to express your views and also obtain knowledge of various things.

Catering
There is no doubt that women are experts in cooking. Along with cooking for the home, you can start a small catering business. You would simply need some extra cooking material and an effective marketing strategy. Initially, you would need to give free samples of the food that you make. As people come to know about the food’s taste and quality, you can start charging, but at lower rates as compared to other established caterers. Once you start getting contracts and catering orders, you can even choose to increase your business by hiring cooks and assistants. Keep less specialties until you are well settled with your business. Remember, in this business, goodwill is a very important factor.

Yoga Teaching
You also have a very good option of starting a yoga teaching school, as many people do yoga to remain fit. You may need to undergo special training and a certification course for becoming a yoga teacher. After you become a certified yoga trainer, you can distribute handbills and brochures, or even advertise on the Internet. You can earn a respectable amount by teaching yoga to people either at home or at a place taken on rent.

Wedding Planning
This is a good choice for women who love planning, decorating, coordinating, and making arrangements for weddings. If you have the knowledge of where to get the best wedding dress from, which is the best caterer in town, and which is the least expensive florist, then you are perfect for this job. If you want to become a wedding planner, you require strong social skills, as you need to interact with all kinds of people. You might earn a considerable amount if you are all set in the wedding planning business.

Patio and Gardening Designing
If you have a wide understanding of plants, gardens, patio decoration, and many similar things; you can choose to assist people in decorating their gardens and patios. You would not find many people owning such a kind of business. This can be a reason for making your own identity as a gardening and patio designer. Moreover, you do not even need to complete any kind of formal training or course for this venture.

Interior Decorating
Some women are extremely good at decorating their house, keeping it clean, and making the required modifications, so that it looks neat, attractive, and well-organized. If you wish, you can undergo some interior decoration training. You can offer you services to clients who need to decorate their home interiors in an attractive manner. Start with friends and acquaintances, and once the word of your good work spreads, you will automatically make it big.

Business in Assisted-living Facility

An assisted-living facility is an excellent arrangement for people who are unable to tend to their daily needs all on their own. People, both old and young, can consider living in such a facility as an alternative to being taken care of in a nursing home – provided they are not suffering from ailments that need constant care and supervision. Regular meals, assistance with bathing, eating and grooming, housekeeping services, and unrestricted mobility come at a price. It has been estimated that the monthly cost of assisted-living can range between USD 800 and USD 4000. The higher tab is indicative of the comprehensive list of services that one can hope to avail on account of living in an assisted facility. It’s obvious that such services do not come cheap and an entrepreneur interested in operating this business may be in for huge profits provided he/she is aware of the pitfalls of rushing into a venture without having a detailed business plan.

Venturing into the Assisted-living Business
Careful, thorough, and detailed planning is necessary in order to draft a business plan that incorporates all the components of a successful venture. The feasibility of the project is contingent on a number of factors, viz., trends in the birth and the death rate, the income distribution, and the existence of competing facilities that may result in driving down the prices.

The distribution of the population in terms of age and income will help in predicting the demand for such facilities. The extent of competition will also have an impact on the prices that can be charged by the assisted-living facility.

A greater demand for facilities can help the business plan in the necessary living arrangements and benefit from the economies of scale that result in the cost per unit of service rendered being less as a consequence of sheer volume. This is especially important if the venture is catering to cost conscious consumers and is operating in a region that has businesses modeled along similar lines.

In case the business is operating in an area where a large number of baby boomers are concentrated, the focus of the assisted-living facility can be on providing a vast array of conveniences that can help people live a luxurious life. Accordingly, a higher price can be charged for special facilities that are provided in addition to the basic amenities.

The availability of employees who are well versed in cleaning, cooking, and providing personal-care duties and the cost of hiring the same, needs to be worked out in detail. Moreover, the employee turnover rate should not be high. High turnover rates are characteristic of markets where there are a number of different job opportunities. The management of an assisted-living facility must have the requisite industry experience to be able to handle the staff and the inmates and maintain good guest relations.

Finally, the entrepreneur needs to be able to arrange for the necessary finances and draft a plan for marketing the facility as a home for people who want to live a life of relative autonomy without having to compromise on the desire for privacy. An assisted-living business can be a wonderfully rewarding venture for an entrepreneur who assesses the market conditions and plans accordingly.