Do It Now and Stop Procrastinating

How Procrastination Can Hurt Your Small Business

Running a small business is hard – there are a lot of different aspects of the business that need attention, and pushing off non-essential tasks is an easy way to clear some things off your plate. But procrastination is probably more dangerous to a small business’s success than many people may realize. Even the smallest tasks need attention and putting something off until tomorrow can lead to missing deadlines and possibly forgetting about the task all together.

How Procrastination Can Hurt Your Small Business

It is easy for small business owners to get overwhelmed with the number of tasks and responsibilities they have to complete or give attention to. Prioritizing these tasks by their importance is a great way to make sure that essential duties are being completed, but putting off non-essential tasks is a recipe for disaster. More often than not, procrastinating on certain tasks leads to missing important deadlines and worse yet, forgetting to do the task all together. Although this may seem like an exaggeration, any small business owner will tell you that procrastination can greatly hurt a business.

Consider this example – you receive a bill from the company that maintains your small business website. The payment is not due for a week, so the bill lands in the “to-do” pile. Two weeks later, a customer calls and states they cannot find the business’s website and are dissatisfied with not being able to order products online. You realize the payment was never made and the business’s site was shut down. Because you procrastinated paying the bill, customers are upset and many of them may not do business with you again. Waiting to pay a bill is a natural reaction for many people, but neglecting to make a payment such as this can greatly affect your business.

Battling Back Against Procrastination

Procrastination may seem inevitable in some areas of business, but there are ways to battle back against it and make sure that no task is neglected or forgotten about.  When prioritizing, make sure to evaluate the true important of certain tasks – making sure to think through the consequences of neglecting the task will help provide insight on what is truly important. Also, create a task timeline. This timeline, and sticking to it, will help to ensure that all important tasks and responsibilities are tended to and give the attention they need. Making the conscience effort to not procrastinate will help keep your small business on the road to success.

 Procrastination is a small vice that can lead to huge problem within a small business. Making sure to avoid procrastination by evaluating tasks properly and creating a timeline is a great way to keep a small business on track. When a small business owner is overwhelmed, it can be easy to put tasks off until the next day or the next week, but it is important to recognize the effect this can have on their success. Out mothers always told us, “why put off until tomorrow what you can do today?”

Are you ready to stop putting off tomorrow and act on your dreams of having your own small business? Stacy O'Quinn can help! Click here.

*Photo courtesy of draxil via Creative Commons License

How to Get a Small Business Loan

What to Consider and How to Apply for Funding

Some small businesses are truly an investment of not only time but also money. One way that many entrepreneurs secure the funds they need is through a small business loan. Although this is a great way to get a small business off the ground, there are many things that need to be considered and researched before even stepping foot into a bank or financial institution to receive a loan. Here we will discuss different considerations, proper planning, and tips for applying for a small business loan.

Guarantee a Sounds Business Venture

When thinking about starting a small business, it is important to do research and gather information to make sure the business will be successful – not only for you but also for the bank or financial institution that will be extending the business loan. Once you have found something you are passionate about and want to go into business to do, research the area in which the business will be located, if there is an interest in the products or services that will be offered and the local competition. All of these factors will play an important role in the businesses overall success.

Have a Complete and Cohesive Business Plan

Once you have determined how successful the small business can be, it is vitally important to create a business plan to help keep the venture on track. This document will also be important when pitching the business to a bank or financial institution and will play an important role in determining whether or not they approve the small business loan application. Some things that should be included in a good business plan are a clear, concise executive summary, market opportunity information, information on direct and indirect competitors, as well as an outline as to how the business venture will be executed.

What Information Do You Need When Applying for a Small Business Loan

Although all banks and financial institutions have different standards when receiving applications for small business loans, there is some general information you should have available when applying. Along with the strong business plan, make sure to provide information on personal credit history and financial statement, business credit history and financial statements for any existing or start-up businesses, cash flow expectations for at least the first year of business and personal guaranties from all business owners regarding the small business loan.

What Banks and Financial Institutions Consider When Considering a Small Business Loan

Again, all banks and financial institutions are different, but there are some considerations all lending organizations will make. First and foremost, they want to make sure you and/or the business will have the ability to pay back the loan – this is probably the most important factor that is considered when dealing with business loans. Also, lenders will make sure the loan is going to a sound business venture that is well planned and set-up for success. Finally, they will look at the personal integrity of you and any of your business partners to make sure they are loaning funds to upstanding individuals.

When it comes to starting a small business, finances can be a big hurdle many people cannot conquer. Luckily, many banks and financial institutions can and will extend small business loans to help get these ventures off the ground and headed for success. By making sure to truly analyze the market, create a strong business plan and have all financial information available to the lending organization, it can be easier to apply for and secure a small business loan.

Are you ready to start your own work from home business? Stacy O'Quinn can help mentor you to give your opportunity a better chance of success! For more information and to contact Stacy, click here.

*Photo Courtesy of swanksalot via Creative Commons License

Finding the Money to Start Your Own Small Business

How to Build Funds and Start a Business Venture

Starting your own business is a dream that many people hold in common – doing something you are passionate about on your own terms is alluring. Unfortunately, many people lack the financial backing they need to begin this venture and this can hold them back from achieving their dreams. There are, however, ways to build the funds required to start a small business without having to win the lottery.

Sell Unneeded and Unwanted Items

Instead of hauling unneeded or unwanted items to the dumpster or giving them away to family and friends, think about having a yard sale. This is a great way to start building funds while decreasing clutter in your home.  Small items such as clothing, toys, and household gadgets only go for pennies on the dollar, but it is surprising how quickly that money will accumulate! If there are larger, more unique pieces such as furniture, family heirlooms, or jewelry, try selling these items online or to specialty stores.

Cut Back on Unnecessary Spending

Another simple way to help build funds is by looking at overall household spending. Discretionary spending, such as going to out to eat, cleaning services and lawn care can easily be cut from your budget helping to save hundreds of dollars a month! Having friends and family over for a cookout is definitely less expensive than going to a restaurant, and getting outside to mow the lawn or cut the hedges is not just good for saving money but also getting outside and spending time with friends and loved ones.

Start a Savings Jar

Many people abandon the idea of using a piggy bank once they become an adult, but this is actually a great way to take small amounts of money and pull them together for larger purchases. Grab an empty mason jar or coffee can and start adding coins and dollars to it every day. Whatever money is found in the washing machine, couch cushions, or in pockets after running errands should go into the jar – although it may not seem like a lot, all that leftover change adds up!

Finances and lack of funding should never hold anyone back from achieving their dreams. By doing small things like cutting back on monthly spending, having a yard sale, and collecting coin, having the money needed to start a small business can become possible. So clean out those couch cushions and dust off the old records for your yard sale – this can be the key to beginning your business venture!

Once you get your money together, it may be time to use a small business mentor to help you get your plan together. Stacy O'Quinn has learned from the best and now he wants to share that knowledge with you! To contact Stacy, click here.

*Photo Courtesy of Allison.Johnston via Creative Commons License

Creating Balance is Key to Work from Home Success

Tips for Creating the Perfect Work-Life Balance

Work-from-home professionals face a unique challenge when it comes to creating balance – separating work time from home time is hard when your work is in your home! A good work-life balance is important for any business professional, but keeping this balance in check when working from home can be difficult but possible. Here are some tips to keep work life and family life in balance when working out of a home office.

Creating a Defined Work Space in the Home is Important

One of the first steps to creating and maintaining a healthy work-life balance is defining a workspace. Whether this space in an entire room or just a desk in the dining room, even more important than defining the space is keeping it strictly an area where business gets accomplished. Make sure to eliminate any personal clutter such as bills or mail and only use that area for working – personal items of this nature can be extremely distracting and will continue to blur the lines between “work” and “home.”

Keep Strict, Consistent Working Hours

Setting work hours is also essential in creating a good balance when working from a home office. Set hours are a great way to define boundaries for when clients can and cannot contact you and allows for time throughout the week for family. Setting up automatic replies outside of working hours helps minimize interruptions during family time, and letting loved ones know no to disturb excessively during working hours can help allow for more productivity with work.

Enjoy Family Time!

Just like 9 to 5 business professionals enjoy weekends off, so should work-from-home professionals. Although the temptation to work during this time will always be there, it is important to remember that personal time is just as important as work. If powering down the computer and cell phone is what needs to be done to help stay off them during free time that is what you need to do! Taking the time to create a work-life balance will mean nothing if family and fun is constantly being interrupted by work.

Just because you do not work in an office with set hours every week does not mean that you need to be working all the time! Although work-from-home professionals sometimes face challenges creating balance in their lives, it is possible to achieve by setting boundaries and making sure that work does not encompass their whole lives. A good work-life balance is essential in achieving both professional and personal goals.

Need more tips on how to work from home? Perhaps a business mentor can help you get organized and on the road  to success! If you would like to contact Stacy O'Quinn to see how he can help you, click here.

*Photo Courtesy of _gee_ via Creative Commons License

Being a Leader is More Than Just a Title

How to Go from a Wannabe to a Great Leader

Many people believe that when they get the title of supervisor or boss, they automatically become a leader. This is far, far from the truth. Being a leader takes much more initiative and involvement than many people can or care to deal with. If there is a desire to become a truly great leader, there are some things you can do to go from a wannabe to a respected, successful leader.

Get Results the Right Way

One of the most important attributes of a good leader is that they perform their duties at a high level and get the job done while consistently exceeding other expectations. How these results are achieved is also important. Abusing the title of “leader” by alienating and extorting others to get the job done is probably the farthest single point from being a great leader. Great leaders get the job done by collaborating and treating their team with respect.  

Honor Your Commitments

Wannabe leaders care more about making promises and keeping their superiors and peers happy than actually following through with those commitments. Another great attribute of a great leader is honoring the commitments and promises they make. More importantly than this is that these types of leaders recognize when they cannot make a promise and have the ability to remedy the situation in another way.

Genuinely Care About Others

True leaders take a genuine interest in their team and other people that they work with and supervise – to be blunt there would be no leader if they did not have people to lead. Great leaders recognize this and make sure to treat their teams with respect and care more about them than about the process of getting something done. True leadership does not seek the admiration of others but instead admires them.

Encourage Growth

Every great leader has confidence, but are they willing to share their knowledge. In many cases, "bosses" are terrified to share what they know with their staff for fear of making themselves replaceable. This attitude all but guarantees failure and the loss of exceptional employees. Instead, take the attitude that you are making yourself promotable by growing your staff to fill the void as you move up the ladder.

In many ways, it takes a certain kind of person to be a great leader. Even though someone may have the title, it takes a lot of other considerations before they can be considered great. By taking the time to get the results the right way, honoring commitments and caring about others you can be well on your way to becoming the leader you want to be!

Would you like to learn more about Stacy O'Quinn, becoming a better leader, and learning how to start your own legitimate work from home business? Click here.