How to Find an International Business Internship

It’s not easy being a student, much less one about to graduate into a workforce still reeling from the impact of the recent global economic crisis. It’s important (perhaps more now than ever) to consider ways to be proactive about your future career prospects. In this day and age, you’ll need a lot more than a high GPA and a few weeks of volunteer experience to get the job of your dreams. If you have your heart set on getting an international business internship, here’s a handful of tips and advice for finding the right international internship for business students.

In preparation for your application to an international business internship, take some time to research all of the large multinational corporation with offices in your area. There’s a good chance that you know somebody with connections on the inside, and in many cases these individuals would be only too happy to help you get your foot in the door. Naturally, you’ll want to approach businesses that are best suited to your education and/or work experience.

Government agencies offer excellent opportunities for young people to gain international business experience. The US State Department is one such example. Sometimes, the best international internships can be found with a government agency. If you intend to apply for an internship with the Consulate Offices abroad, it would be a good idea to explore their website for information regarding international internships. Business associations provide another great opportunity to research and learn more about international business internships. The chamber of commerce, for instance, can help you identify local businesses with an international presence.

Expatriate networks and student alumni groups provide another opportunity to gain meaningful, actionable feedback regarding international internships. Hopefully, you haven’t lost touch with all of the connections you made while in college. They are the people who can likely help you the most. Facebook, Twitter, and LinkedIn are wonderful tools for staying connected with former classmates and colleagues.

If you have the resources available to you, why not consider traveling to the country of your choice and try to line up an internship in person. Most employers will appreciate your commitment their cause, when they learn that you traveled half-way around the world to pursue an international business internship with their company. Give it a try, why don’t you? What have you got to lose?

The Importance of English in International Business

The major factor involved in the importance of English in international business is the acceptance of English as the international language of the business community for the purpose of uniformity in communication. Accepting English eliminates the need to explore an alternative language. If not English, then what language works better for the international business community?

English as an International Language

Perspective of English as Global Communication

If English as a global language “means that English has the widest distribution on the most continents, it is true. If it means that English is the language most utilized for international communication between and among language communities, it is true. But if it implies that English is the language of all the peoples of the globe, it is manifestly false” (Harris, 2001, 685). What may be good for the functionality of business may not be accepted as being good for the non-business community. With any new project or venture, research and development of the product or service should be done so that words used to communicate with the new market are not received with offense. Be sensitive and respectful concerning the decisions made in regard to the ways communication is used and worded.

Perspective of English as Learned Communication

“It is crucial that students are equipped with-and be aware of-both the linguistic and strategic repertoire that they can draw from in situations where they use English to communicate with those who do not share their first language and culture. In addition to the development of strategic competence, students also need to be reminded that communication is a two-way road. That is, making one’s own message clear and trying to understand others is not the sole responsibility of non-native speakers or speakers of ‘less standard’ English varieties (however that is defined). Everyone is responsible for overall successful communication, whether it is international or not” (Matsuda and Friedrich, 2011, 340). Be mindful that words can have different meanings in different parts of the same country. Therefore, having words that have different meaning in different parts of the world is a reasonable possibility. There can also be different versions of English in different locations. Business English could also be different from the native English of an English-speaking country. Do not assume; technology has been made available to know for sure what is involved in any given business project or transaction.

English in International Business Communication

“In thinking about the impact of English on international business, there will be two effects: the intra-language effect and the inter-language effect. The intra-language effect would relate to the impact that English has in stimulating international business activity between English-speaking countries” (Hejazi and Ma, 2011, 153). If the native English of each of the two countries is slightly different, it still could have the feel of dealing with a non-English speaking country if time is not spent coming to an agreement defining business English. Business professionals new to a market will benefit by finding out how things work and use the same language the other market stakeholders are using.

“The inter-language, commonly referred to as “lingua franca”, effect refers to the impact English would have on stimulating FDI activities between countries which have different official languages. The inter-language effect would have two dimensions: the first involves the use of English by a non-English-speaking country when carrying out international business with English-speaking countries; the second involves the situation in which English is used as a vehicle language between two non-English-speaking countries that use different official languages” (Hejazi and Ma, 2011, 153). Even though cooperation in using English in both cases may result in positive benefits for the countries involved, sensitivity in communication should be exercised to avoid miscommunication that may offend members of the markets involved. Good judgment with word choice is very important.

Conclusion

The importance of English in international business will depend on the purpose of the communication for which English is involved. Since the importance of English will vary depending on whether its use helps to complete business transactions, the deciding factor will depend of the opinion of the users concerning that fact. The success of communication in business will involve other factors. The more English works in communication for international business, the more it will be used. It will then be used because it is used by the people for whom businesses want to communicate.

Attention International Business Opportunity Seekers

Here in the United States, the current economy has created a paradigm shift in how families work to generate income in order to sustain their way of life for their families. Millions of people coming from all socio-economic backgrounds, races and religions are leveraging the power of the internet to create and build wealth.

The task of choosing the best virtual business model can be daunting. You must do your due diligence to research and choose the right one for you.

Beware of any business opportunity that proclaims a specific amount of income to be generated within a certain amount of days. Success takes hard work. You must be willing to make a commitment to your business.

Key factors you’ll want to consider when seeking an international business opportunity

1. Can the Business products or services be offered to a global community?

Diversification is a significant component of any successful business. You should only want to invest in a business that offers this. As the saying goes, “You do not want to put all of your eggs into one basket”. Not only do you want to make certain you have a diversified product line, you don’t want to be stuck in one geographical location either. Finding a virtual business should alleviate this problem for you.

Be aware that for every opportunity you research, people will have posted something on-line saying it’s a scam. While seeking opportunities take into consideration the transparency of the particular business or company. You should be allowed to have access to calls or webinars before making your decision to invest in the particular business opportunity.

2. Does This Business Opportunity Provide Leverage?

If you are an international business opportunity seeker, then you must be aware of how significant leveraging the power of the internet is. Perhaps you already use the internet as a power tool in your business or personal life. When we learn to leverage this technology in our business it saves valuable time, connects us world wide and provides us infinite possibilities, all while we sleep.

The business opportunity should also provide you with continued training and support. You will want to leverage the experiences and expertise of those who are teaching and leading you on your path to success. You want to get maximum results and the greatest return on your investment.

3. Does the Business Opportunity I am Seeking Have a Proven System in Place?

In order to operate your virtual business you will want to make certain that whatever business opportunity you choose, that it has an easy to follow system in place. This should include a web page or landing page system, a virtual back-office, tutorials, coaching support and training. The system should be easy to follow no matter what skill sets you may be starting out with on your new venture.

This system should be designed to operate 24 hours a day, seven days a week from any where in the world.

It should be well established and credible in the particular industry you are researching.

4. Does The International Business Opportunity I am Seeking Have a Lucrative Pay Plan?

Make certain when researching your business opportunities that you understand the pay plan or compensation plan. With many virtual business models there often times can only be compensation when you have a certain number of people who joined your team. You may find that some opportunities require a minimal monthly purchase of products as well.

An opportunity that provides you with multiple income streams both passive and residual with out any of the prerequisites for the number of people on your team or reoccurring product requirements, is the most optimal as well as sustainable.

You are bound to have reoccurring monthly fees in order to operate and manage your business ie. web pages, auto-responders for email, marketing services etc.. However, purchasing consumable products each month should not be a deciding factor determining your compensation.

Look for a pay plan that allows wealth creation. You are here to play a bigger game maximizing your time on this planet. No matter what country you live in, business opportunities surround you if you have internet access. All that is missing is you taking action to discover which one is most in alignment with who you are and where you want to go.

Believe in the vision that you have for yourself moving forward in your life. As our fellow entrepreneur Napolean Hill said long ago, “Whatever the mind can conceive and believe, it can achieve.”

Four Steps to Accelerate International Business Growth

U.S. exports continue to grow, but many American companies lack the international business know-how to capitalize on this potential source of increased sales and profits. Proliferating trade agreements and a weakened U.S. dollar have resulted in one of the most favorable export markets in decades. Foreign importers of U.S. goods report an increasing demand for U.S. products–from popcorn to pet food. The U.S. has enjoyed 11 straight quarters of increasing exports–yet with 95 percent of the world’s population residing outside of U.S. borders and an increasingly promising international sales outlook, experts are questioning why only 5 percent of U.S. companies are currently exporting. But how do we initiate and sustain growth in unfamiliar markets?

1. DEFINE STRATEGIC NEEDS

Tapping into new markets provides the opportunity for increased revenue and profits. However, this initiative needs to be consistent with the company’s overall strategy. Inconsistent, sporadic, or unfocused deployment of resources directed toward international growth can result in an underperforming initiative that soaks up limited resources with little return. Barriers to entry (duties, regulatory, and trademark restrictions) need to be identified and addressed. A SWOT analysis detailing the company’s strengths, weaknesses, opportunities, and threats will identify and help maximize the company’s strengths, minimize its weaknesses, and give focus to the international opportunity.

An international growth plan consistent with the corporate strategy will enhance the odds of success. Tactical aspects of international development such as sales, distribution, and marketing need to be addressed. International growth factors can be sufficiently different from the U.S. models that a lack of familiarity can dramatically reduce the chances of success. Above all, there must be clear direction, full management support, and dedicated resources.

2. SECURE APPROPRIATE ASSISTANCE

Small or medium firms initiating or expanding into international business will find the U.S. Government’s Department of Commerce (DOC) an enthusiastic partner in helping American companies succeed globally. This organization coordinates resources from across 19 Federal agencies to help American businesses plan their international strategies in an increasingly globalized environment. In an unfamiliar foreign market with confusing regulations, uncertainty, and risk, the DOC can help U.S. businesses navigate the overseas sales process and avoid hazards such as payment defaults and misappropriation of trademark and intellectual property.
The DOC’s commercial service provides a surprisingly actionable array of quality services including in-country market research, trade events and missions, trade leads, and introductions to prospective business partners. The Export-Import Bank and the Small Business Administration unite to help in the financing of U.S. goods and services exports to the international market, enabling companies to turn international leads into solid sales.

Firms specializing in international business development can help jump-start foreign expansion. These firms are groups of highly skilled, experienced professionals offering practical, cost-effective assistance to companies committed to maximizing revenue and profit potential through accelerated international growth. The range of services offered varies by firm, but overall they help companies conceptualize, implement, and manage large or small international business development projects. These services can range from determining the overseas market potential for a product to managing a firm’s export sales to identifying and qualifying foreign strategic alliances.
A company wanting to penetrate the international market needs to assign a fully dedicated resource to this initiative. This individual should be the linchpin connecting the organization’s resources, know-how, and culture to the international initiative. As the business develops, additional resources should be assigned to maximize the opportunity. These should be considered investments rather than costs.

3. DETERMINE MARKET ENTRY STRATEGY

A firm’s appropriate market entry strategy will largely depend on its level of international development. For a company just commencing its international development, market penetration via in-country distributor sales may be the fastest and most cost-effective way to enter a foreign market. Selling through in-country distributors is relatively low-risk and will provide valuable learning opportunities. Once the target country or region has been identified, a process that will naturally derive from the SWOT analysis, the selection process can begin. Various U.S. government agencies and trade associations can provide a wealth of data to begin narrowing the selection.

Trade publications and events are also an excellent source. Factors to consider when selecting a market may include such criteria as regulatory environment, market size and potential, cost of entry, and competitive environment. To further narrow the possibilities, an in-country visit is required. Once there, the use of trade leads, competitive evaluations, local government assistance, and potential candidate interviews will provide additional information and insights. Major considerations in selecting a distributor are: willingness to assign a dedicated resource, market leadership or track record, marketing savvy, complementary and not competitive products or services, site inspection, and financial stability.

Penetrating a new international market is often perceived as an extension of the existing domestic business. Consequently, many American companies bypass standard business guidelines requiring rigorous market analysis. Only after performing thorough due diligence can one elaborate a service or product offering and accompanying marketing programs.

A company’s preferred mode of entry–in-country distribution, joint venture, merger, or acquisition–will depend on that firm’s primary objectives from opportunistic sales to positioning for long-term market-driven growth.

Economic globalization will increasingly lead to the creation of strategic alliances. U.S. firms must make sure that potential partners share short- and long-term objectives in order to reduce the divergence of ideas and efforts. Common values and shared business/ethical standards will enhance communications, transparency, and effectiveness. The partners should have complementary strengths and weaknesses to build a stronger and more effective alliance. Principles and processes for conflict resolution and the relationship must be drafted and agreed to by all parties concerned for the partnership to run smoothly.

4. DESIGN EFFECTIVE MARKETING

All markets have commonalities. However, effective international marketing begins with the awareness that markets are also different in ways that are not immediately apparent. The key is understanding consumers and identifying their needs through culturally specific market research. Focus groups can be especially effective in identifying the international consumer’s wants and needs. The advertising agency used in developing the offering should be local or have local representation. Employees with a thorough knowledge of market characteristics and idiosyncrasies will be particularly effective in communicating the desired message and creating and enhancing the brand image. Language skills and an affinity for different cultures are critical assets when marketing internationally.

Flawless execution is key. As a firm executes the international strategy guided by a solid business plan, it is important to celebrate milestones and benchmark against industry leaders.

International Business Degree Schools Online

Online schooling options are available to students looking to obtain a degree in international business. There are numerous schools and colleges that offer online degree training in the field of business. Students can prepare for the career of their dreams by enrolling in a number of programs. Online schools and colleges allow students to train for careers working in international finance, management, marketing, sales, importing and exporting, and more. Student may study coursework such as foreign culture, economics, imports and exports, tax, and much more depending on the chosen level of degree and specialization. Online degrees in international business can include an associate’s, bachelors, masters, and doctorate degree.

Associates degree programs are available from numerous online schools and colleges. Students can obtain an associates degree in international business in as little as two years depending on the specific area of concentration they choose. Coursework may consist of studying international trade, macroeconomics, global markets, international marketing, and other related courses. Students who wish to enroll in an accredited online program can train for careers with banks, multinational manufacturers, import/export corporations, consulting firms, and other international organizations. With an accredited associates degree students will have the skills and knowledge to pursue a bachelor’s degree in the field.

There are a number of accredited online educational programs that allow students to train for numerous careers in international business. An online bachelor’s degree program will take students approximately four years to complete. Course curriculum will vary depending on the specialization chosen by the students but may include the study of economics, principals of marketing, foreign language, international business finance, cross cultural studies, and much more. Students who wish to pursue international careers such as management analyst, sales representative, auditor, and accountant, should consider a bachelors degree. Those who wish to further their education can consider online degree training for a master’s degree in international business.

Online schools and colleges allow students to enroll in masters degree programs in the area of international business. Online degrees at this level typically take students two additional years to obtain. Students can choose to specialize in a specific area including international trade, tax, management, and much more. Areas of study may include international business policy, trade controls, international finance, foreign operations, and more depending on the chosen specialty. With an accredited masters degree students can pursue careers as international marketing directors, multinational managers, international trade managers, financial controllers, and international foreign policy advisors. A degree at this level of education will allow student to enter the workforce or enroll in a doctorate program.

A doctorate degree in international business will allow students to earn their degree with an additional two years of study. Online educational programs train students in a number of subjects to ensure they receive the knowledge and skills to pursue the career they desire. Coursework may include theory of international business, research design, marketing, communications, multi-national enterprise, and much more. With an accredited online education students will obtain the necessary training to find employment as economic researchers, university professors, business development managers, chief executive officers, and other professionals. A doctorate degree is the highest level of degree obtainable in the field of international business.

Students looking to train for the career of their dreams with an accredited online school or college can obtain the degree they desire from just about anywhere. Online international business educational programs allow students to train in a number of specialty areas to ensure they receive the career they desire. By researching programs and requesting information students can be on their way to an exciting new career.

Small Business Marketing Hacks Every Business Owner Should Use

There’s a lot that’s changed recently with online marketing. Most people now go straight to Google to search for something they want. The phone book is out and Google, or search traffic is in. If you are a small business owner you can benefit from the internet as a source of business. What’s even better is that you can tap into this resource for free if you have a physical business.

Google Places

Google Places lets you advertise your local business for free in the search results. When someone searches for a local business in your area, your results will come up first for many searches. This is a simple cost effective strategy you should definitely be employing in your business. With Google Places, you list your local business and Google will send you a confirmation postcard with a Google verification code on it. Once you have verified your listing with this code, Google knows you actually reside at this address, or run a business from it.

Google Places works wonders for small business owners who work from a certain location. If you’re not on it you are definitely missing out on business. Plus, your competitors could be using it which means they could be taking your potential customers. To use Google Places just do a quick search for it on Google and it will take you through the setting up process.

Bing Places

Bing also offer this same listing on their own search engine. It’s just like Google Places so not much to add here really. Simply fill out your details on the online platform and verify your listing when you receive a code in the post. When you create your listing you will have to list your business within a certain category, or two. Look through the existing categories and find the one or ones which are the best fit for your business. This is the same as Google Places. By listing in more than one category, if the platform allows, you can benefit from a number of searches within your local area.

Other Listings For Free

Yell and Yahoo also offer free listings for businesses too. Also do a ‘Google search’ for local directories and free listings and you will find a range of sites which offer free business listings in your area. In some cases even the extra links back to your website can make a difference to your ranking, even if the link itself doesn’t bring you more business.

Blogging

You may well not have the time or inclination to start a blog. However, in some business areas blogging is a good way to increase your business reach online in a fairly cost effective way. Depending on your business, and whether it opens itself to a blog, you can get some good results by targeting some keywords in your business niche, or simply writing compelling content and sharing on social media.

Keyword Research

You can use Google’s free keyword planner to search for terms which are already getting hits on the search engine. By finding long tail keywords in your business niche and writing good content for them, you stand more chance of being listed on the search engine. If you can find untapped keywords which bring in customers to your business, you can write articles which will bring in customers for free for years to come for free.

Paid Advertising

After you have exhausted the free methods of advertising, you can start looking at paid advertising methods. Many business owners try and fail with paid advertising. This is why it is worth learning properly the do’s and don’ts of paid advertising.
Pay per click advertising can make a massive impact on your business. But you should also be very careful. Make sure you start out with a small budget and get properly educated on how to create adverts and which keywords to choose. In particular look at the different types of keyword matches. Get this wrong and you can easily burn through your budget and list your advert for entirely the wrong audience.
However, paid advertising is remarkably scalable. Once you have a campaign which works you can easily increase your budget and you are in a position to pay for new customers.

Return On Investment

When I started with pay per click I didn’t understand return on investment. I ‘dipped my toe in’ and dabbled very tentatively. If I didn’t see an immediate profit, I stopped altogether. This is a mistake. Initially there is a lot of testing and measuring to do with paid advertising. After a while you get an advert which successfully brings you customers. However, knowing the return on investment from successful doing this is a game changer. If your customer goes on to purchase again and again, how much are they worth to your business over a year, or 10 years? Knowing this is a huge key to having the confidence to put money into an advertising campaign. Even if you lose money in the short term, your new customers will bring you new business over the long term. Learn the average spend from each customer over a year and then 10 years. Then decide what each customer is worth in terms of advertising. Does this change your view on what you can afford?

Paid Advertising Methods

There are various paid advertising methods available to use for small businesses online. Start with one method and become good at that before moving on to the next. Facebook advertising lets you target potential customers down to their interests, location and other variables. Pay per click advertising lets you target intent driven adverts. With pay per click you start with the keyword your visitor is looking for online. Once you have tested and measured an advertising method and you have a profitable model, you can leave it running and scale it easily. Then move on to the next one.

Even if you only use a couple of the methods suggested in this article, you can dramatically improve your business with only a small amount of effort. Once you have learned all these methods, you will know how to scale up your business and increase your profits. You can then invest in other forms of advertising, testing and measuring as you go. Whether these are on the internet or offline, using the same strategy (which lets you measure the response of a customer) means you can gradually improve all your advertising methods over the long term, increase profits and grow your business.

10 Reasons Why You Should Start An Online Business

Whether you are attracted to an internet business because you hate your current job, want to improve your circumstances, or would like a more flexible lifestyle, the internet offers all these opportunities.

Why An Internet Business?

1- Flexibility

Many people come to find themselves with an internet business through necessity rather than deliberate creation. For me, I needed a flexible job which I could work around contract work. It didn’t come in often but when the phone rang, I needed to take the work. This presented all kinds of problems. Normal work didn’t pay as well and employers didn’t want me taking large chunks of time off when the other work came in!

I tried juggling several jobs over a number of years but nothing seemed to fit. At around the same time I was attempting to use e-bay to buy and sell for a bit of extra money. It wasn’t until later that I discovered affiliate marketing. Affiliate marketing, for those who don’t know is a kind of referral selling. You point links from your website to other people’s goods and services. The link is tracked so that when you make a sale you are rewarded for it with a commission.

Once you know how to do this you can set up links from your online content to other people’s products and services. You can also use paid advertising to find people all over the world to sell to. This was perfect for my work because I could take my laptop anywhere with me and as long as I had an internet connection I could work. It didn’t interfere with the work when it came up, I had no boss to answer to so it was the perfect solution.

2 – Automation

There’s also a number of other reasons why I chose an internet business – and why you should too! The flexibility of the business was my primary concern. I wanted to be able to choose my own hours so I could take work when it came without any complications. But the other reason I chose this particular model was the ability to use technology to ‘leverage’ my time and income.

Once I had a website and content up and running, it kept going and I was able to make sales and deliver products without being physically present. This is the ‘magic’ of an online business. The automation involved with an online business means that you can do the work once and let that work keep running in the background. You can make sales and deliver products over and over through the same piece of content or advert, which can run an virtual autopilot 24 hours a day, 7 days a week and 365 days a year.

Each piece of content you create can send people to a landing page and sell a product. By creating many pieces of content and sharing them online you can build multiple sources of income which can all run continually, working as your own ‘automated sales team’.

3 – Ability To Scale

Along with this amazing automation is the ability to scale your business. Because there is no human intervention in the ‘sales loop’, multiple sales can happen instantaneously through the same platforms. Your content and advertising can be grown over time and scaled instantly (in the case of paid advertising). As your content gets more shares and more people flow through your website and content, your sales grow as a result. If you use paid advertising you can also scale a profitable campaign up easily by increasing your daily budget.

The automation of an online business makes it very easy to scale. In the case of a physical business this often means more staff, sales tools, larger office space and a whole lot more expense and hassle. With an online business everything is already in place. You simply need to send more customers through the automated sales systems with content and/or paid advertising methods.

4 – Low Startup Costs

When I started an online business I did it from my own pocket. I didn’t need a massive loan and I worked at a level which suited my budget. An internet business is very cost effective and you can start from scratch from pretty much any budget. If you have more to invest you can grow it faster with paid advertising. But, if you are on a budget like I was when I got started, you can get started easily and cheaply.

With a regular ‘bricks and mortar’ business there are many overheads to consider. Your costs include a business premises, staff, hardware and stock. Then there’s advertising and delivery costs. With an online business you just need a laptop and an internet connection – two things many people already have. Your main cost is getting the right education and learning the best strategy to build on.

5 – Simplicity

Technology has made it much easier than was previously possible to set up your own website and learn how to use simple online platforms to connect people to products and services. Advertising and content creation is now available for anyone to use. Websites can be set up with a few clicks and anyone with an email can learn to use the tools and strategies of online marketers.

Whereas previously website building was the domain of the tech savvy programmer, now anyone can use simple user friendly platforms and programs. An online business sounds like something for a technical person, but anyone can now learn the skills needed to build their own online business.

6 – Control

An internet business gives you control over your life. Of course it takes time to build up to a stage where it can replace your current income. But the flexibility of an internet business means you can work it around your existing employment until you can make this happen.
Once your income is beyond that of your employment, you are in a very good position to take charge of your life. You don’t have to do the daily commute, or put up with an uncomfortable working situation. If you don’t like your job you can quit. Don’t like your boss? Fire him/her!
One of the very best things about an internet based business is the control it gives you over your life. You can also build your work around your lifestyle, rather than the other way round. Most people are forced to put work first in everything they do. Family time, holidays and hobbies all tend to depend and evolve around work. An internet business allows you to prioritize the things in your life which mean the most. It can put you back in the driving seat of your life, both in terms of what you earn and how you spend your time.

7 – Work From Anywhere

Not only does an internet business offer great flexibility in terms of working hours but it also offers you the choice to work from anywhere globally. This appeals to many people who would otherwise be more trapped by conventional work in a localized workplace.
For me, it was the flexibility of being able to choose my own hours and not have a boss. But for many the ability to travel anywhere globally is the most important factor to owning their own online business.
Take your laptop anywhere with an internet connection and work while abroad and travelling.

8 – Learn Life Skills

The skills I have learned from building my own internet business also make me much more employable. I also worked for an internet based company with the skills I learned from my laptop while sitting at home!

Being able to reach people globally and target specific types of people is a great skill and very desirable in business too. I was also able to use the knowledge I learned online to build one of my other physical businesses much more quickly by using both my website building skills and paid advertising.

The internet is a fantastic opportunity for anyone to be able to improve themselves, learn new skills and build another source of income. Skills learned are yours for life, whether or not you continue down the path of building an online business.

9 – Independence

We might believe ourselves to be independent but many of us are very dependent on our work for income. As such, our employers tell us how much we can earn, how much holiday we can take and what we will be doing while at work. Financial independence is the ultimate freedom.

When we are financially independent we can take a holiday whenever we please and work in our own time and on our own agenda. An online business gives you the automation and independence to live life on your terms, without the agenda of an employer running your life.

10 – Sovereignty

Being an owner gives you sovereignty. The ability to call the shots in your business is what many entrepreneurs aspire to. As a business owner your actions determine whether you make a success of your business or not.

Having a successful online business gives you the kind of freedom which most people will never see in their lifetime. The ability to create your own life on your terms is the reward of having worked hard on your business and on yourself.

How to Evaluate the Performance of Your Company Based on Your Business Plan

A business plan is one of the most important documents that is needed for the betterment of the business. It includes all the need to know strategies, marketing techniques, sales techniques and financial forecasting methods that will be used to increase profits and revenue of the business. However, writing a business plan is no walk in the park. It takes a lot of time and concentration and is one of the biggest responsibilities that will be undertaken. For this crucial task there are dedicated people called business plan consultants. They will be the people who take the ideas that the entrepreneur has and converts it into a document that will be viewable by the whole world. Since this is a very big responsibility business plan consultant fee is a bit high. There are many factors that affect a good business plan and a great business plan will help the business clarify the business idea, identify potential problems in the business, find out objectives of the business and monitor the progress of the business. Since this is a very important document it is vital to keep a keen eye on the following factors when writing the business plan.

Executive Summary

The executive summary is the highlight and the brief description of the entire business. This has to be highly detailed but short enough so that a potential investor is able to read and understand the status of the business. It does not mean that it has to be limited to one or two pages.

The executive summary will include the highlight of the business concept which will describe about the product or service and the market that they are being offered. Then there are the financial features which talks about all the sales, profits, return on investment and cash flow. Then the summary has to mention about the financial requirement that is need to invest in the business and talk about the capital and how to expand the business. The current position of the business will be stating about the business’s present state and how it got here. Finally, the major achievements of the business is needed to be mentioned so that the potential investors could be impressed by the achievement that the business has done.

Business Description

The business description is about the details of the business. This should not be a highlight about the entire business like the executive summary but the in depth analysis of the business. The description has to start with a short introduction which states about the past, present and future of the industry. Here you should mention about the markets that the business will be interacting with and the future market places that business will be willing to interact with. The products or services that the business is still developing should be thoroughly discussed here so that the potential investors who have got an idea and are willing to invest in the business can get a thorough knowledge about it.

The structure of the business has to be described in the business description. The hierarchy of the business and the business places should be described in detail. The legal considerations of the business should be thoroughly stated so that there is clarity for everyone.

Market Strategies

When developing the market strategies there has to be a lot of market research done on the market place. This will give the business entrepreneur a very good idea about the potential market and how he can use the market to increase the profits of the business. After observing the market the company will be in a position to identify the strengths and weaknesses of the business and will be able to develop a system in order to identify the potential opportunities and threats. These studies will also be able to develop strategies to forecast the market place’s prices and when to supply more goods and services. These has to be clearly mentioned in the business plan so that these strategies can be used when necessary.

Pricing and Distribution

The process of pricing and distribution has to be clearly detailed in the business plan. The descriptions about all the prices must be mentioned in detail in this section. How the business can lower the prices when necessary and how t react to the fluctuating prices has to be mentioned in detail. The process of distribution of the products until it reaches the hands of the customer has to be clearly stated.

Small Business Benefits of Training Employees

Small businesses aspiring for growth need to keep an eye on performance improvement through online business training courses. To measure up to the ever evolving business world, small businesses need new skills to facilitate workforce gains and to generally meet the competent needs of operations in tandem with its competitors.

Small business training for employees provides an additional skill and exposure to the individuals and to the business. It is more flexible and less strenuous to do an online business training course. This consequently improves your company to continue effectively. Most small businesses fail to recognise the beneficial aspects of training its employees. Among many other advantages that come with training are the following benefits:

To Effectively Improve Your Company’s Competence

Training your employees will result in a better customer service, improved business skills, and growth in productivity. This ultimately makes your business more competent and competitive in the market. It is important to always advance the skills of the employees as the business world is dynamic and overly competitive. The direct tragedy of non-trained employees is the incompetence to match up the necessities of a contemporary society. It is important to consider an online business training course if the difficulty is time or cost of doing a recommended training.

Improving Loyalty and Staff Retention

As a business, staff retention is a saving to the business and its future prospects. Employees have their own aspirations for growth and they may want to venture out to look for that satisfaction. However, if the training opportunity is available to them, they find their professional growth in the business and are likely to stay longer. It is a fact that such training will definitely add them new skills and promote their contribution to the business as well as building their self-esteem. Giving them a chance to improve their skills makes them realise that you value them enough to invest in them.

Improved Business Prospects and Profits

The ultimate objective of running a business is to maximise an opportunity to make profits. Training employees makes them more competent and qualified to promote your business in the marketplace. This will have an effect and an increased business means more profits.

Makes Your Business Competitive

Stagnating is the worst effect that can kill your business, so by ensuring that your staff are constantly advancing, you continue to grow in business and remain competitive within the industry. It is expensive and very disorienting to employ new staff. An online business course for your employees can make them more eligible for internal promotions. Unlike new employees, you will have the benefit of a complete and knowledgeable staff for your business, who are people you know and you can trust.

Exposes Business Weaknesses and Skill Gaps

Training makes the business realise what they have been doing wrong and henceforth, the business can more easily identify any skill gaps in the market and even within the existing employees. This will propel your business to work on filling the gaps which will assist the staff to fulfil their role effectively.

Conclusion

Training is therefore a valuable and profound investment for the business. For the many businesses that may not have adequate time, an online business training course would be more appropriate. The staff will have a much higher sense of job satisfaction, which will improve their motivation towards their work and the business generally.

Advantages and Disadvantages of Buying a Business and Initial Steps

Buying a business is considered as a safe haven by many entrepreneurs as it involves a lesser risk than starting a new business from scratch. Even though buying an existing business seems to have lesser hassles in many aspects, one should practice due diligence to ensure a successful landing.

It is true that business brokers can help you in completing business acquisition deals, but to make it in your best favor, you should make yourself fully knowledgeable about the process and also should gain a solid grip on the purchase to make it profitable.

Advantages of buying an existing Business

The major advantage of buying an existing business is avoiding the huge startup costs. It is not just all about the cost involved, but the time and effort to be invested in terms of start-up establishment is way too high when compared to acquisition of an existing business.

As the business concept, fundamental works, brand establishment, and customer base are already set, you can jumpstart with cash flow instantaneously on the basis of the receivables. You can also enjoy the benefits of having a solid and loyal client base.

Disadvantages of buying an existing business

Even though buying a business seems to be beneficial in many aspects, there are also some downsides to it. The cost of purchase of a profitable business can surely be much higher than the establishment cost of a business.

There may also be underlying problems associated with the business you purchase such as their debts, deterioration of assets, problems with receivables etc.

Starters’ right approach

Anytime when you are getting on to buying a business, there will be thousands of opportunities popping up. It is you who know it at best about which type of business you need to pursue and what your priorities are. Here is a right approach to narrow down your choices and land up on a perfect deal.

It is important to rightly identify your interests and area of expertise while getting on to buying a business. If you are totally blank about what type of business to invest, the best move is to eliminate those which don’t seem to be interesting to you to shorten the list.

Consider your expertise while you are planning to buy a business. You may not be able to run something which you are fully ignorant about. Such a filtering also will help you narrow down your considerations to the best acceptable businesses.

Do proper groundwork to come up with a set of conditions as location, timings, size of the business etc.. Only consider the business satisfactory meeting your demands. While considering a business, just drop those which don’t at least meet 80% of your conditions to end up with the best in hand.

You also need to quantify your investment before searching for opportunities for buying a business. Check out for reasons why the business is put on sale and take a decision accordingly.

Keeping all these in mind, you need to perform due diligence while planning to buy a business and if not confident on doing it on your own, consider the option of reliable business brokers to take it up on your behalf.