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Start up your own business

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Is 2011 going to be your year to start up your own business?  Have you got something a little different to offer?  Have you got what it takes to survive and grow?  Here are the top 7 traits that I am looking for in my business coaching Brisbane – online class of 2011:

1. Is your motive true?

If you are frustrated with your job or have visions of easy money then you are doing this for the wrong reason.  You need to be passionate about the value of a product, a service or a cause.  You business will reflect who you are; it will become your life – so make it count!

2. Do you have an ethic of hard work?

Most people in business work hard until they learn to work not so hard, but a lot smarter.  However, if you think that business means easy money and that all business people are rich, then you are clearly not cut out for this.

3. Do have persistence?

You are more likely to succeed if you have the determination to keep going especially when things get a little tough.  Business is a journey and success, regardless of how you measure it, is not an overnight achievement.

4. Do know your own strengths and weaknesses?

It is important to have an honest appreciation of what is lacking.  If you know what you are not good at then you can outsource to someone with the desired expertise.  Similarly if you know what you’re good at then you’ll be doing what you do best.

5. Are you a planner or an impulsive leaper?

In business it pays to be a planner.  That is not to say that you shouldn’t take risks.  Planning simply takes the needless risk out of a venture.  Good people, good advice and a thorough understanding of your market will remove a lot of risk.

6. Are you optimistic and opportunistic?

If you can see opportunity where other people see problems, business is probably for you.  You will encounter plenty of problems along the way so having a ‘cup half full’ attitude is desirable.

7. Can you enlist others to your cause?

This is where shallow motives will bring you undone.  If you are living your truth then you will have passion and belief.  They will radiate from you in all directions.  Passion and belief are infectious and people will follow.  Without it, you will be just another struggling merchant.

Until next time!

Gary

For 100 ideas to start up your own business and valuable knowledge that every entrepreneur should have, read my latest book at:

http://garyweigh.com/recession-riches-and-wealth

Business coaching Brisbane – Financial management 2

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Keeping your receipts in a shoe box and handing it over to the accountant once a year is financial madness.  Don’t be surprised if you are out of business after your first year with that attitude to financial management.

Regardless of what business you are in, you need to keep a close watch on money coming in and going out; and know what your bank balance is on any day.  The least you should do is to buy a small business accounting package.  This will enable you to keep track of revenue coming in and expenses paid out on a monthly basis.

There are plenty of available accounting software packages out there that will do the job.  Just make sure that the one you select is set up for an Australian business.  Our GST, BAS and tax system is like no other.

So once you have your accounting software installed and working, you can now monitor the performance of your business on a monthly basis.  If you input your revenues and expenses daily then you can monitor your business on a ‘month-to-date’ basis.  This is only the first step on your financial management journey.

You need a benchmark to compare against each month.  It is great knowing how your business is going but to be able to see a comparison against ‘forecast performance’ would be even better.  The better quality packages allow you to set up a budget and to design ‘budget v actuals’ reports.

Now you need to prepare a budget.  A budget is really the financial translation of all your plans and strategies.  Your expense budget should be reasonably straight forward because most expenses are known in advance.

The trap to be careful of is that expenses are not the same each month.  Some bills have to be paid weekly, others monthly and some annually.  Take into account the ups and downs of your forecast expenses.  That’s what helps create a realistic cash flow forecast.

I will continue in the next post of business coaching Brisbane with the tough job of forecasting revenue.

Until next time!

Gary

Check out my Aikido Secrets blog at http://www.aikido-secrets-to-calm-success.com

Grab my new book http://www.garyweigh.com/recession-riches-and-wealth

Business coaching Brisbane – financial management 1

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The Aiki business coach

If I had to choose one business management weakness that I have observed in the many start ups and SMEs (small to medium enterprises) I have encountered, it would be financial management.  Many large companies are also guilty of poor financial management but they are no longer the focus of my attention.

Financial management is the most ignored and the least forgiving.  If you can’t maintain control over your finances then you won’t be in business for long.

One of the biggest mistakes is waiting until the accountant has finished the year end figures to find out what happened.  Most accountants do a very good job of preparing Income Statements and Balance sheets but it is old news.  By the time you see what happened, you are well into the next financial year.

Engaging a public accountant once a year does not guarantee success.  Their job is one of compliance, not financial management.  Their main line of work is reporting after the fact, and tax lodgement.  It is not that they aren’t trained and capable of assisting you with financial management, but you have to ask for it.

You really need to know what is happening in your business week by week and month by month.  Either you or someone who understands financial concepts should make financial management of your business a very regular priority.

One of the other main areas of concern is poor control over cash flow.  Cash flow simply means money in and money out of your business.  You might make a profit at the end of the year but there can be many days during the year where your business bank account is empty or overdrawn.

This occurs because the receipt of revenue and the payments of bills are patchy.  Some customers make you wait 2-3 months for your income but many of your bills need to be paid immediately.

This is often compounded by the owner taking cash out of the daily takings for personal use.  The argument is “It is all my money!”  Well it’s not really.  Your money is the part left over when all the bills, including GST and taxes, are paid.

Many people confuse sales revenue with profit and fail to understand the importance of positive cash flow.  Recognising these differences could be one simple solution to saving your cash-starved business.

Read more in my next post in the series – business coaching Brisbane; financial management.

Check http://www.aikido-secrets-to-calm-success.com for business self development tips based on the powerful principles of the Japanese art of Aikido

Until next time!

Gary

Business coaching Brisbane – think opportunity, think international

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Up until recently, my business coaching Brisbane practice has been a local practice focusing on Australian clients only.  It has meant a lot of interstate travel, lots of proposals and presentations, plus more admin that I ever wanted to do.

Things have changed.  These days I don’t do a lot of face-to-face consulting; I do most of it online.  All of my marketing, all of my communication and all of my face-to-face client interaction are done over the internet.  This enables me to travel and find interesting businesses opportunities and product opportunities in other countries.

By doing that, I am fulfilling my desire to travel and I see businesses all over the world.  I like to offer you what other business coaches can’t – and that is the real business of innovation, new ideas and different ways of doing things.

As I have said in my ‘light bulb’ moments video series, “Opportunity is always outside the house.  It is never on the couch.”  So I take my own advice and literally go see the world of business.

It was two years ago that I decided to move my entire consulting business online.  My brief to my internet marketing consultant was to help me get to the point where I could conduct my business from any café or hotel room in the world.

These days, my business is 100% online.  It has taken a while and cost me some money but it is worth it to work in an environment of complete freedom.  Now I can pursue my three passions in life – business coaching, travel and practicing Aikido; all of which I can do anywhere in the world.

Business has changed, mainly because of the internet.  We can see, talk to, write electronically to, sell to and transfer media instantly to anyone in the world either free or at low cost.  As a result, one need is superseding another.  The need to battle the morning traffic to work is being replaced by the need to have a significant internet presence.

As downtown office rents rise, the cost of parking becomes prohibitive and overpriced and overcrowded public transport continues to remove the last shreds of human dignity, I’m sure that businesses will eventually move away from the centralised CBD space concept and increasingly outsource online.

On my last overseas trip I saw some really interesting business concepts in Japan and British Columbia Canada.   There are so many products and services that are readily transferable but are not yet in Australia.  The world is simply bristling with opportunity!

In these countries, as in Australia, some of the need is driven by climate.  Shops selling warm winter clothes, winter sports equipment and a proliferation of coffee are a direct result of the very cold weather, the need to stay warm and the need for recreation.

Some products, particularly in Japan, are driven by different culture and customs.  However, there are many products and services that are not related to weather, culture or customs and are readily transferable to Australia.

Until next time!

Gary

Light bulb moment 3 – Follow demand

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We continue business coaching Brisbane style!   Demand for your product or service is a lot more than a one line sales forecast on your budget.  It is dangerous to assume that people will buy whatever you have to offer.   Following your passion or your expertise doesn’t guarantee demand.  So here are a few tips about getting to know and understand demand for what you want to sell.

Enjoy light bulb moment 3.

Business Planning 101 – lightbulb moment 2 – your mind is your most valuable business asset

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The Aiki-business Coach

In Business Planning 101 – lesson 2, you will learn that your mind is your best business asset.  It governs everything you do.  To help you I have combined the incredibly powerful principles of Aikido mind development with street smart business basics.  I share these with you online in my Aiki-business self development course.

Email me for more information at gary@garyweigh.com

Enjoy lesson 2 below

Gary