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Want to Start a Business? 3 Business Models to Know About Before You Begin

Having a business model is important because it gives you clarity on how your business operates. Key components of a business model are what problem you solve for customers, how you deliver value and how you earn money. Three common types of business models to work with are partnerships, franchises and person-to-person. 

Partnership

A partnership is a legal agreement between two or more people to conduct business in a certain way. You can start a business as a partnership or create partnerships to improve your business model. Benefits of a partnership include decreased risk, more resources, shared workload, higher borrowing capacity, and more brainstorming power.

If you want to start a business with someone else, choose your partner carefully. Oftentimes, family and friends don’t make good business partners. Consider what qualities and skills you need in a partner as well as how disciplined and committed they are. Never go into business with someone who doesn’t keep their word or fails to complete tasks on time.

Franchise

A franchise is a business that legally extends the rights to using its name and business model to others. McDonald’s is an example of a franchise. You’ll find locations all across the US. Each location is run by a different owner, although the brand name belongs to the franchise owner.

Opening a franchise location gives you a greater chance of business success because it’s based on a proven model. As long as you find a good location for the business, you should be successful. If you are thinking of joining a franchise, be sure to do your homework and find out what the best types of franchises to own are because not all franchises are equal in quality.

Person-to-Person

Person-to-person business models can be massively successful. Airbnb is an example of a company that uses a person-to-person model. The business takes a percentage of all listings on its website. They make the process of finding accommodations while traveling convenient for both people looking to make money and those who need a place to temporarily rent.

Take your time in crafting a good business model that is likely to be successful. Your business model outlines how you create and deliver value. The possibilities are endless. Choose a business model that works for your personality. Don’t like the thought of sharing ownership of your business? Then, you should make sure you maintain ownership.

Like this content? Check out these other business-oriented articles from Chance and Confidence:

3 Things to Consider When Developing a New Product

No matter your industry of choice, whether you are an independent contractor, entrepreneur, small business, or startup, if you want to be efficient, you will need to be a lean manufacturer. To accomplish this, the first step is often to fully establish what features of a product your specific customers are willing to pay for relative to the process.

Complete a Value Stream Map

The value stream map helps evaluate the efficiency of your current business processes relative to where you want to take it and the current resources available. Completing a value stream map is critical to any lean manufacturing process. It identifies what features of a product your customers are willing to pay for, which increases the likelihood of developing a successful product in as economical a manner as possible.

Start with Your Niche

The better you know your client, the more likely you will be inside their heads and able to predict their wants quickly. Creating an ideal customer avatar is the best way to know your market fully. You must get as specific as possible about their demographics. This includes economic, sociographic, beliefs, hobbies, and favorite brands. In this way, even though the actual “avatar” you are targeting is very specific, you can create honest copy across all platforms that speak to the heart. The idea is that many of your potential customers will be able to resonate with your genuine words and the solution(s) your small business provides, as opposed to feeling exposed to slimy marketing.

Obsess

Once you know exactly who you are talking to when you write, get obsessive. Get passionate. If you are making and doing something you love as an entrepreneur, small business, or startup, it will be easy to go deep. Only once you know exactly what features of a product your customers are willing to pay for, can you begin to build that dream you have been putting off. Start with what you love and use the resources you have. Research everything, including industry market demand, potential materials, materials sourcing, etc., and move up from there.

If you need to build in a lean way, and if you are an efficient business owner, you will definitely need to, then do what you can to get yourself off the ground. Manufacture lean and grow strong. Do not be afraid to do your research.

If you have a great idea for a new product or anything else for your business, here are some resources that can help you!

Ethical Marketing: What it is and Why it Should Matter to You

Ethical marketing is a good idea for any serious-minded businessman or businesswoman who wants to keep up with the changing trends within the markets and consumer demands. Without it, it may be tough to keep up. Let’s take a look at ethical marketing, what it is and what it means for you.

What is Ethical Marketing

Businesses utilize ethical and digital marketing strategies to generate the interest of consumers and build stronger relationships. They first have to identify the need; then they go about creating a plan to meet that need with their services or products. Some examples include the essential oil industry and TOMS shoes.

Not only are the companies marketing their goods, but they are focused on being socially or environmentally responsible while benefiting the consumer. Essential oils industries offer jobs to many in regions where jobs otherwise would be difficult to find, like Africa.

TOMS provides a child in need a pair of shoes each time that a pair is purchased, and many of their shoes are environmentally friendly. TOMS also uses solely digital marketing reducing their carbon footprint. These are great examples of ethical marketing.

More and more companies are looking to be ethical in all ways possible. According to Kabbage, “sponsoring a charitable program and volunteering your business’ time are great ways to raise awareness about a specific cause and also promote your business in partnership with the organization or event. You can spread the word about the charitable event by posting on your social media platforms and your website.” That being said, simply spinning environmental claims won’t help your business, there has to be action, something tangible, backing your marketing campaign.

Why it Should Matter To You

With more and more consumers being drawn to ethical products, ethical marketing is a highly successful strategy. The food industry in particular is an area where people demand to know the source of origination and conditions in which their food sources were raised or grown. Many are looking to organic options. They expect to be able to trust the labels and marketing campaigns they are offered.

If these marketing campaigns are in any way false or unethical, the trust of the consumer can be forever lost. According to doTERRA, “consumers are demanding to know traceability for their products.” Simply put, ethical marketing adds honesty and transparency. If a business utilizes this type of marketing strategy, then they are demonstrating their abilities to be socially responsible and culturally sensitive.

Get Involved

Make sure you have ensured fair labor conditions especially when you are employing people from other countries. Be involved, know who your suppliers are and that they are in compliance with International Labor Organization safety and health conventions as well as monitoring working conditions and abiding by the current child labor laws.

If you want to be focused more in the U.S, then support community development projects, causes, schools and so forth. According to PaySimple, “it’s important to look locally and involve employees in the decision. A local charity is likely to have the biggest business impact because charitable donations will be most visible to consumers, and involving employees in the decision helps ensure the team is connected to the partnership.” There is always something you can do to give back.

In conclusion, ethical marketing is critical and seen by many as the moral compass of a business. Those companies who implement ethical marketing strategies and principles and live by them often exceed their expectations.

Starting or increasing your marketing efforts can be overwhelming, especially if you are new to marketing. Check out our free list of resources to help you!

3 Ways to Make Sure Your Business is a Safe Place to Work

As a business owner or manager, you realize you not only have a solid responsibility to keep the profitable, but you also know that you owe it to your employees to keep their workplace as safe as possible. What are some things you can do to help keep safety a priority? Here are some tips to consider:

Safety Training

If you are an employer, then you need to realize that it is your legal and ethical responsibility to ensure that all of your employees are able to perform their job expectations in a safe and healthy manner. This is one of the main reasons why safety training is so important. However, there are other reasons. One major factor would be safety protocols, which will change over time. Moreover, even if you have a safety training program as part of your employee on-boarding process, you should strongly consider a “refresher course” for your longtime employees as well. People have a tendency to get comfortable and forget some of the major safety protocols over time.

OSHA Compliance

As a business owner, there are definitely a number of situations where you will need to stay OSHA compliant. First of all, you have to determine whether the OSHA regulations apply to your business in the first place. The following exceptions to OSHA will apply:

  • You have less than 10 employees
  • You are a self-employed
  • You are a family-owned farm or ranch
  • You have a business that offers cleaning, child care or other types of domestic services
  • Your business is contained within a church


After looking at the above list, if you are convinced you will need to follow the OSHA rules, here are some areas your business will need to stay on top of:

  • You should regularly assess the safety of your workplace conditions
  • Post OSHA standards and warning signs where all employees will see them
  • Maintain strict records of all employee accidents
  • Keep an awareness of tool safety
  • Emphasize that your employees wear personal protective equipment

Moreover, be aware of warning tags. Warning labels help businesses remain OSHA compliant, and help workers remember to be more cautious and aware in areas that may be hazardous.

Focus on Employee Performance

You also should be aware of how your employees are doing when it comes to safety. Naturally, if someone is taking shortcuts in their work performance that could compromise their safety, you should review the safety guidelines with the employee. However, you also should take a look at those who are committed to safety procedures and praise them for it. Praising top performing employees for good behavior is one of the best tools available to you as a leader.

Keeping a safe work environment can definitely make the daunting task of management even tougher. However, it is important to keep a safe work environment top of mind at all times.

3 Ways to Make Sure You and Your Team Are Always on the Same Page

Keeping your team on the same page as you is essential for the successful execution of a project. Your team will complete tasks quicker when they fully understand what’s expected of them. You can make sure you and your team are always on the same page by holding weekly meetings, using helpful software and communicating effectively.

Weekly Meetings

MobileDay recommends that teams should have weekly meetings to check progress on task completion and address any problems or questions the team has. Weekly meetings help keep everyone on the same page because team members are able to discuss the project and ask questions while everyone is present.

Prepare the team before meetings for focus and direction. You can create an online checklist of the tasks that are supposed to be finished and have your team check the tasks off before the meeting starts. It’s a fast way of determining what’s left to be done. You can also send polls to team members online to collect opinions on issues. This frees up time at the meeting to spend on discussing more important matters.

Use Software

EPMA says that every project can have a dedicated site where team members can collaborate, share documents, raise issues, and so on. Online project management tools like Trello, Scoro, and Proofhub make this easy to do. You don’t have to handle any of the coding when you use one of these platforms. Some project management tools have a free version that you can use. You and your team can monitor the progress of projects and ask questions pertaining to a certain task from within the software. It saves time and helps the team stay on the same page since other members can see what questions were already asked.

Communicate Effectively

Azendoo explains how a team that doesn’t communicate well is like an engine that has been broken down into its separate parts. All are in great working order, well-oiled and cared for, but without the rest of the engine components, the individual parts just won’t work how they were supposed to. Stay patient when you need to repeat yourself. When a workplace is hectic, people may forget about important notes, which is another reason you want to remind them. Also, get into the habit of explaining the “why” behind tasks in the project to help motivate the team. Many people want to know the reasoning behind their work and not just the “what” and “how.”

Make sure that you and your team are always on the same page by communicating effectively, using software and holding weekly meetings. Online project management software makes communication faster and improves the organization of the project. It saves everyone time as well. You can focus on the critical issues during your weekly meetings as the smaller things can be ironed out through the software.

Are you looking for more advice and information on how to pull your team together and improve your leadership skills? Check out these other helpful articles from Chance and Confidence:

Why Long-Term Goals Are Important to Your Financial Wellness

If you are struggling to keep your bank account in the black, it may be because you lack a quality long-term financial plan. While it is important to have daily, weekly and monthly budgets, the secret to true financial freedom is to have long-range aspirations. Let’s take a look at why taking the long view is important to your financial success.

Changes Mindset

In many cases, simply having a goal to strive for will help you to change your ways. For instance, if you decide that you want to save $1,000 in the next six months, it forces you to think of ways to meet that goal. One possible way to meet that goal is to save $10 a week from each paycheck as well as put your upcoming bonus into a savings account. Whatever you decide to do, it will necessarily require you to reconsider how you view and value money.

Banks Look at the Long-Term

Regulations have banks and institutions looking at qualitative factors over at least 12 months. However, both qualitative and environmental factors can come into play when a bank makes a lending decision. By creating a long-term financial plan, you can address both types of issues and decrease your risk profile.

For instance, planning to save a larger portion of your paycheck may prevent you from paying your bills late. By paying your bills on time, you will see an increase in your credit score. Ultimately, lenders will be more willing to work with those who have a good credit score and the means to pay back a loan in a timely fashion.

Financial Habits Take Time to Develop

It is easy to open a savings account or commit to paying a bill on time once or twice. However, it can be difficult to constantly put money in that savings account or pay that bill on time until the entire balance is paid off. By taking a long-term view, you give yourself enough time to develop and reinforce good habits and drop bad ones.

It is almost impossible to improve your credit score, save up for a house or pay off your debt overnight. However, it is possible to accomplish those or other goals over a period of several months or years. On the road to achieving them, you will likely develop good financial habits that stay with you for the rest of your life.

3 Great Places to Find Inspirational Women

Successful women often overcome incredible challenges to reach influential positions. These challenges range from stereotypes to overcoming the personal dilemma of having kids and family vs work, to other social pressures. Fortunately, society is progressing, and as more women begin to take on positions of business, political, and scientific leadership, more stories will unfold to inspire future generations.

Here are the 3 Great Places to Find Inspirational Women

1) Technology

Sheryl Sandberg (Facebook), Meg Whitman (eBay, Hewlett Packard Enterprise, Quibi), Ginni Romerty (IBM), and Ursula Burns (Xerox) just to name a few have set incredibly high standards for all technology leaders including men and women. Despite technology being dominated by men, these women (and more) have carved paths for women in business and technology.

Technology is a great place to seek inspiration for leadership as well as innovation which has vast potential to change the world. These leaders in tech will provide inspiration for centuries to come.

2) YouTube

Liza Koshy, Lilly Singh, Jenna Marbles, and Lindsey Stirling top the list of some of the most successful YouTubers today. While fans may recognize them for their incredible talents and humor, those in the industry (YouTube which has turned into an industry in itself, and even Hollywood) recognize them as major brands. Off camera, the top YouTubers are often represented by some of the top agencies and management companies in the world.

Most fans might not realize the incredible hard work that goes in to building the followings some of these women have. But look through their history of videos and you will see a transformation, and not an overnight success.

3) Military

Lorna M. Mahlock (United States Marine Corps General), Bailey Weis (First Female to Complete 2nd Phase of USMC Special Forces Training, and Dr. Sonja Stribling (Army Officer Veteran Now Business Success), combined with the wave of women entering the military and joining infantry forces. These are some of the toughest women on the planet who complete some of the most rigorous physical training in the world.

In a world where the border between political correctness and offending someone is thinner than origami paper, this is a group of women where recognizing the differences between men and women provides great substance. Because the women whether in sports or military who compete in physically rigorous activities arguably overcome more difficult barriers than a glass ceiling.

It is a bit harder to find the stories of these women probably because they are few, and a bit too busy doing military activities and do not seek publicity during their careers. Fortunately, their stories occasionally pop up in the news.

While there is still much progress that needs to happen, knowing where to look for inspiration, and what you’re looking for (toughness, rags to riches, or business dominance) can help open up new mentors and role models. And be sure to keep an eye open for inspirations in your own industry, or places that are unique to your interests whether they be men or women.

3 Ways to Break into Business Without a Degree

In past generations, breaking into business meant that you needed a degree in business management or administration. Today, with technology and information at our fingertips, it’s much easier to break into business without a degree than ever before. Here are three ways you can get started in business without having to go through any additional schooling.

Start a Start-Up

Getting involved in a start-up is one of the easiest ways to break into the world of business. Being part of a startup allows you to present your strengths in a team environment. This is ideal because that means that you can handle aspects of the business where you offer the most value, while other team members can be a part of the business and bring their skills and value to the table.

With a start-up, because you are solely focused on what you do best, it makes the likelihood of a successful business more possible because you and the other team members won’t be firing on all cylinders.

Franchise Ownership

Owning a franchise is one of the best ways to break into business without a degree because it’s essentially a business in a box. Top franchises have rules and standards that each franchise owner will need to follow. As long as you stay within that paradigm, your chances of success increase greatly.

Franchises are a huge time investment, so when choosing a franchise it’s important to select one that you feel will be worth a lot of your time. For example, if you’re not a foodie, don’t buy into a food franchise. Instead, consider a bookstore franchise or health club franchise if those better align with your interests. That way, you can be more passionate about your franchise and feel less burnt out when clocking long hours making it successful.

Freelancing

Freelancing is a low-cost way to get started in business without a degree. Using the skills you already have, you can take your knowledge and apply it to helping other businesses and entrepreneurs be successful in what they do. Freelancing is ideal when you consider the fact that, if you spent 10 or more years within an industry, then you’ve learned a few things that give you knowledge and expertise within that niche. You can then take that knowledge and help other people grow to a level of success that they’re looking for.

These are three of the best ways that you can break into business without a degree and be viewed as an expert in your industry. Whichever one you decide on, remember to do your research so that you can match your interests to the right option for you.

Do you want more articles on starting your own business? Check out these articles:

3 Job-Hunting Basics You Need Covered Before Starting Your Search

Job searching is tough, though not impossible. But before you get to the actual searching part, there are things you need to do beforehand. Here are 3 tips to honing in on your job searching skills so that you can find the best job for you.

Ask Friends and Family

Before you set off to search for a job, it is wise to start looking through the sources that are readily available to you. Top Resume talking to your friends and family members to see if anyone has heard of job openings. They may have some in their own companies that they work for or may even be hiring managers themselves. Finding jobs through word of mouth is one of the easiest ways to get a job. This is because they can set you up with personal phone numbers, or even set up a meeting time so you can make connections with their connections. Whatever the reason or scenario, start here first. It might surprise you how many of your friend’s or relatives’ companies are looking to hire.

Touch Up Your LinkedIn Profile

Linked in is a valuable online tool that helps both job seekers and employers find each other. Through the use of personal profiles and questionnaires, you will receive notifications from companies looking to hire in your desired field. Make sure that your profile is up to date with all the necessary information that employers need to know. Stevens-Henager explains that although many job matches on LinkedIn happen organically, much of the genius of LinkedIn is found in the number of connections you have. If you meet a new employer or really anyone, add them to your connections list on LinkedIn. This will help you gain leads to new jobs.

Utilize Classified Ads

LinkedIn and other online tools are not the only ways to successfully search for jobs. The Job Network suggests looking through your local newspaper’s classified ads section. Here you will find all sorts of local jobs, as well as remote jobs you might find interesting. Classified Ads are handy when you don’t want to sort through the entire internet for jobs. Plus, most ads provide a phone number in the description. So, pull out your newspaper during breakfast time and make some calls throughout your day.

Keeping keen ears, touching up your online profiles, and utilizing the newspaper are all essential to the beginning of your job searching. Represent yourself in a professional and bold way and you will be sure to find great jobs.

Here are some articles you should find useful!

 

 

 

“The Secret” by Rhonda Byrne Book Review – Attract Your Desires

Attract Your Desires

My first thoughts when I heard about “The Secret” by Rhonda Byrne was

“I won’t read this book because it is going to tell me something I already know or heard about, and then go into some bizarre explanation about how it will make me richer in happiness, but give no practical advice on how to bring more money into my life because that is what I really want… money, not gonna waste my time!”

(I also wondered if it was written for women, and although I think the person most likely to read “The Secret” is a woman, the book has remarkable ideas for both genders)

Having a science background where “law” means “law,” I wouldn’t accept anything “unscientific” that called itself a “law” such as “the law of attraction” which is ultimately what “The Secret” is about.

Part of me debated whether I should add that into this review. On one hand, as soon as you “think you know” what the law of attraction is, you may move onto the next piece of content – I know I would have. Because keeping it a secret is part of what adds to the allure of the idea presented in “The Secret.” 

On the other hand, I think it is important to share because anyone who does their research could figure out it is about the law of attraction anyway.

That was until almost 10 years later when I finally made a decision to read it. It didn’t just have to do with the fact it is one of the most well-marketed books. The marketing or testimonials didn’t sway me. If you have a chance to look up the history of how it was marketed, I would recommend it.

But something I heard, combined with the fact I was starting a new job and wanted a book that would help me start with enthusiasm, and that ended up being “The Secret” by Rhonda Byrne.

I wanted to attract sales, good co-worker relationships, and good energy from potential clients. And I felt as if some of the ideas were very valuable, but let’s stay focused on the content of the book, not on my anecdotal experience which could change for everyone.

“The Secret” by Rhonda Byrne is a collection of pearls of wisdom, philosophies, and ideas from some of the leading thinkers, coaches, and mentors on the law of attraction. It was a very quick read that made me want to read more to see more ways I could apply the law of attraction into my life.

The organization and format of the book are digestible for anyone to get started in applying the law of attraction into their lives. I would have liked to read even more.

If you are interested in learning about the law of attraction and how you can attract your desires into your life, I very much recommend “The Secret” right away. It is a very engaging read, fast-paced, and will give you many great ways to apply it to your life, and if you already are applying it – how to improve your application.

If you are still skeptical of anything that sounds like “law of attraction” you might be like me. Someone who “doesn’t need any of that self-help stuff” in their life.

But let me say that it is about more than just “self-help.” It is about taking a close look at yourself, and what it is you desire in life, and making the effort and taking the action to open yourself up to such wonderful wants.

If you want more money, or a new car, or a new house, have you really taken the time to sit down and define exactly what it looks like? Have you pictured the exact number in your bank account?

If you want a relationship, are you truly doing everything you can to be the person who would attract a relationship?

If you want better health, are you taking the actions to attract those activities that will help you have better health?

If you are not getting what you want, there is a reason for it. And “The Secret” by Rhonda Byrne does a fantastic job of addressing many of the reasons why people who “hear about the law of attraction” fail to use it appropriately.

By bringing together some of the leaders on the law of attraction, Byrne compiles a wealth of information and stories that can help you attract your desires.

All in all, I give the book a 4/5 because it introduced a concept to me that I should have given more value to earlier. I felt the book could have taken the idea a little further, but also, you may even argue that they went “just far enough” to explain “The Secret” without overexplaining, which could lead to an overly drawn out book. Even though I don’t think they do the best job of making “the law” of attraction “a scientific law,” (compared to say “The Law of Success” by Napoleon Hill) Byrne does a fantastic job of explaining it in a way that every person can apply it. And if you apply it effectively, I know it will get results.

==> Ready to apply “The Secret” to your life and attract your desires? Check it out on Amazon HERE.

P.S. “The Secret” is a very worthwhile read. If you really don’t feel like spending less than the price of lunch, go visit the local library, and pick it up. It is very much worth the incredible story and packaging of the law of attraction in a way that you can start applying it right away.