Carael Knight asked:


The trick to getting through the slow times is motivation. If you want to make money online, you must keep yourself motivated to work. Here are some tips on how to stay focused and motivated:

1) Listen to success stories about how others “make money online.” If you hear about how well other people are doing, you will want to join them. This can be a healthy competition.

2) Share your success stories and your failures. Sometimes typing out a mistake and getting feedback on it can help you see exactly where you went wrong. A mistake learned from is a mistake that will not be repeated.

3) Set daily goals. You must do something in order to make money online. Perhaps you need to place a certain number of ads or write a certain number of blog posts. If you write down your goals and hold yourself to them, you will be on the right road to it.

4) Keep bills near your workspace. If you can see the stack of bills while you are working, you will realize that you need to work instead of surf the web.

5) Get a corkboard for special purchases. Somewhere near your workspace get a corkboard and draw a line down the middle of it. Print out a picture of some special purchase and pin it to the board. When you make enough money to purchase the item move it to the other side of the board.

6) Take responsibility for your own professional development. If you are going to be a business owner, you need to learn what that means. You need to know the movers and shakers who make money online and network with them. If they offer advice, get it. If they run blogs, read them. Spend some time each day learning how to make more money.

7) And last but not least, rest and relax. Do not fall into the trap of being a workaholic. People who work from home usually end up working a lot more hours than they mean to. Set a schedule and stick to it unless some time sensitive emergency happens. You are working from home and trying to do this to maximize your time with you family. Make sure you enjoy that time. Also, it will be easier to focus and learn if you are well rested.

A lot of people dream of being their own boss and many people want to do it. They develop a product or service that by all rights should be successful but it isn’t. When people get frustrated, they quit. If you quit, you are guaranteed to not make money online.

Staying motivated while ignoring the naysayers

Not every brick and mortar business adventure works out. Businesses close all the time, even ones that work in traditional and high demand areas. An online businessperson can fall into the same pitfalls that a traditional brick and mortar businessperson can fall into. Just because someone else failed does not mean you will especially if you know the tricks on how to make money online.

When you work your idea that will “make money online” for you, you need to make sure your idea is relevant. Do not offer something obsolete. You also need sound guidance. Without the right guidance, nearly everyone will be doomed to failure.

Other people can make money online, why can’t you? You do not need a business degree. You do not need a fancy advisory board. All you need is a little effort, a lot of desire, a computer, internet access and a bit of creativity. Let the “Negative Nellies” continue to work for someone else. Let them make their manager’s bonuses bigger. You can work for yourself and enjoy reaping all of the rewards of being your own boss.

There are a lot of people who will tell you that it is impossible to make money online or it is impossible to make enough money online to support a family.

Ignore those naysayers!

The truth of the matter is that right now, there are thousands of people who make money online.

Those “Negative Nellies” are probably people who tried to be their own bosses and failed to make money online. The question is: why did they fail? How much effort did they put toward their business? Some people think that the internet will just hand them cash. If you want to make money online, you will have to work but you will not have to work as hard as you may think. If the negative people did not market themselves and their service properly then yes, they did fail.

Sunbelt Business Brokers asked:


My neighbor asked me, “Why would anyone sell a successful company?”. He could not understand why anyone would leave a business that was doing well. Of course successful companies get sold all the time.

So why do these business owners sell? The short answer is that most closely held businesses sell for human reasons, such as burn out, retirement, illness, partnership disputes, family issues or other personal reasons. Usually the business is fine but the human being running the business needs a change. To understand this better it is key to understand the other options for exiting a business.

Close the Business/Liquidation

Closing a business that is profitable never makes sense. Even if the assets are liquidated the price is likely to be pennies on the dollar versus selling the business as a going concern with employees, customers and a reputation that is intact. Not only does the business owner get the lowest value but the employees, vendors and customers are hurt by this type of exit.

Accident, Illness or Death

No one wants to exit their business this way, but many do. The loss of an owner not only creates tremendous issues for the family but also creates a leadership void in the business. Even the most competent management can struggle when a key business leader is lost to a serious accident, illness or death. No one plans for this type of exit but many end up exiting the business this way because they failed to create an alternate plan.

Succession

Succession by a family member or key employee has its benefits. They know the business, its product or service, employees, customers and vendors. Succession can be operationally successful for the exiting owner if they make sure the successor is carefully selected, qualified and groomed for the position. The owner must be careful not to make an emotional choice of a relative or favorite employee but instead choose the successor with the right skills to lead the company into the future. You are not seeking an “Employee” mentality but an “Owner” mentality. If that rare person can be found in the business who can make the transition to Owner, they often do not have the cash needed to purchase the business. They are also likely to want to pay less for the business as familiarity will blind them to many of the value drivers of the company. So although succession can be operationally successful it is rarely a financial success for the outgoing owner.

Sell

Closing or liquidating the business minimizes the value to the owner. Accident, illness or death forces the issue on the owner. Succession provided a very limited pool of options with limited financial reward.

Selling on the other hand allows the business owner to decide their ideal timing, maximize the value of the business they worked so hard to build, coordinate the use of the sale proceeds for financial planning and align their personal goals with the sale of a business. Selling the business allows the business owner to create a wealth event and often significant on-going passive income without having to run their business.

Whatever they are, human reasons are always pushing and pulling on a business owner. Burn out, stress, divorce, illness, partner disputes and limited growth capital are some of the human reasons that push owners out of the business. Retirement, enjoying life, relocating, a new business opportunity and passive income are some of the reasons that pull a business owner out. Whatever the motivation, the fundamental reason a business owner chooses a sale as their ideal exit plan is control. The business owner chooses to understand the value of their business and to proactively pursue the right buyer and the right price. By selling a business you choose to exit your business by choice, not by force.

The professional team at Sunbelt Midwest can help you confidentially sell or buy a business in Minneapolis, Milwaukee, Chicago, and surrounding areas. For more information check out our site at http://www.sunbeltmidwest.com.

Edwin Linares asked:


“When I grow up, I want to be a successful businessman!” How many times have we heard little children say this? Believe it or not, this dream still eludes many adults today. So, what could be the cause of this unfulfilled dream? Financing, whether we are talking about a $50 start-up or a $1Million expansion plan, Business Financing can translate this vision into actuality.

So, who can get their business financed? Anyone…for as long as you know where to look. You see, every successful business reaps great benefits to so many people, not only to the business owner. It is for this reason that feasible business proposals are closely looked at with interest by many possible investors. They know that if the business succeeds, they, as the investors will reap the benefit too. In macro view, the addition of a new product or service, as well as jobs, in the community are considered important benefits as well.

The first step in your search for business funding is first determining how much you need. Money requirements basically include office space rental, office equipment, office supplies, insurance, utilities, maintenance, advertising, labor, business licenses, raw materials, etc.

Once you have collated all these budget figures, it is suggested that you work with your accountant or your bank institution to help you prepare a realistic sales projection for your initial year of operation. This will determine your cash flow on a monthly basis. The key word, however, is realistic. There is no sense in fooling your investors, and even yourself, in the long run. Be honest and get the rightful amount of financing you require.

The next step is deciding what type of financing is preferred — debt or equity financing?

Debt financing may first appear as a better choice. Reason being that the lenders will not have any influence over the operation or profits of the business. Their interest is limited to getting paid back in a period of time. The downside, apart from it is hard to find, is that you get pegged down to a periodic settlement of a fixed amount, regardless of how your actual cash flow is performing.

On the other hand, equity financing does not require a stiff settlement of dues. The equity investor has more interest and gives more leeway in growing the business. Not only does the equity investor allow more flexibility, he also provides advice and business contacts to help ensure the business triumph. Unfortunately, in equity financing, the investor also becomes an active player in the business, making his opinion count in every major decision to be made. This requires regular consultation with the partners and needs advice from accountants and lawyers with much paperwork.

Although many businesses start off with debt financing, especially for small businesses, a combination of both debt and equity financing is bound to be considered as the business grows.

Regardless of the type of financing you decide on, keep in mind that there are a lot of sources for funding — private sources (e.g. banks, friends, family) and public sources (e.g. federal government). So, good luck and make your business dream into reality!