Turnkey Internet Business: An Option To Consider For Your First Internet Business

A turnkey Internet business is much the same as it sounds. It is an Internet business that has already been designed, and is ready to be launched. Often, those who lack the expertise, or time to create their own Internet business can benefit from an already functioning, and established internet business by simply taking control, and beginning to run it. The best type of turnkey Internet businesses is often designed around products and services that are already well known and popular among consumers.

Is A Turnkey Internet Business Right For You?

If you are just starting out with your first Internet based business and have a low budget, a turnkey Internet business can be an easy way to get the experience needed to be successful in the cyber world without investing a great deal of hard-earned cash. Often, there are opportunities available that will provide you with your own turnkey business ready to start, complete with all of the marketing, specifications, information, and planning already done for you, making it easier to start up, and more profitable right from the start.

Internet turnkey businesses are often more profitable simply because they are attached to a successful company with a good reputation, or brand name. Many companies offer turnkey Internet businesses, even if you have no prior Internet business marketing experience. You sign up, then launch the site and have the potential to start making money from it right away.

Types Of Turnkey Internet Businesses

There are two main types of turnkey Internet businesses available. These are marketing or promoting products and services from big brand businesses, and the other is selling services from a turnkey Internet business website. The second is often the most expensive option. For those starting out, many larger companies will give turnkey Internet businesses away to those who wish to promote their products and services.

Things To Remember About Turnkey Businesses

Turnkey Internet businesses are easy to set up, and easy to start making a profit from. But before grabbing the first opportunity that comes along, make sure that you do your homework. Be aware of the conditions, and limitations surrounding the opportunity.

You will notice that there is a difference between your own Internet based opportunity, and a turnkey business opportunity. When you completely own an Internet business, you have absolute control over it, and you make all of the decisions as to how you will present the business. You also keep all of the profits that are gained from the opportunity. With a turnkey business, you may find that you will be required to follow the guidelines given out by the company you are promoting products for, as well as sharing your profits from sales.

A turnkey Internet business is ideal for those who want to gain experience in the Internet business arena the easy way, as you will receive a well planned, and professionally designed website to launch your Internet business from. As you gain more experience, you can consider your own business, products or services.

Why every Coach Needs a Business Plan

So why does every coach need a business plan? I can hear your objections ringing in my ears right now! ‘Who me!’ ‘I don’t need any outside financing, why would I bother with a business plan for my coaching practice’. ‘I haven’t got the time to write a coaching business plan’. ‘It’s all in my head, why would I want to go to the hassle of writing it down?’ ‘I already have a practice, I know where I’m going, I don’t need a coaching business plan’. ‘A waste of time, effort and money, a coaching business plan is not worth the paper it’s written on’.

Sadly, you are wrong. You do need a plan for you coaching business. It doesn’t necessarily need to be the ‘all singing, all dancing’ version but you do need some sort of plan so you (at the very least) know where you are going with your coaching business. Let me tell you why……..
First of all let’s get the horror stories out of the way. I’m sure you know by now that in excess of 50% of all small businesses will fail within their first 3 years. There are no corresponding figures for the coaching profession specifically but anecdotal evidence would suggest that the failure rate is certainly not better than the average, indeed many coaching businesses never get off the ground in the first place.

There has been much research into the causes of such high failure rates and it is true that a proportion of business failures are caused by factors outside the control of the owner. But in the majority of cases, failure is caused by factors that could have been foreseen and managed. Peter Cochrane (ConceptLabs) cheerily writes ‘the question isn’t why they fail so often, more by what miracle any survive!’ He goes on to site the key reasons that businesses fold: failure to identify and quantify an opportunity;failure to identify the customer and market; failure to search out the competition and assess risk; failure to address funding and financials. And finally, failure to draw up a plan. And guess what, all of the aforementioned omissions could have been addressed by the last – if only there had been a business plan!

Enough of the doom and gloom! Now for the good news. Drawing up your coaching business plan need not be arduous, tedious and costly. It can actually be quite easy; you probably do have much of it in your head already, you just need to pull it all together. And you can do it yourself, now you have me to help you either by following the guidance that will be published in this blog or using me as a one-to-one business planning coach. Trust me on the ‘easy’ and the ‘diy’ for now (more in a moment), but if you need further convincing, just take a look at the benefits of having a coaching business plan:

o You get to see the big picture: your business with all its components, aligned with the rest of your life. You get the opportunity to stand back

o You clearly define your vision, your mission, your philosophy and your ethics and align these with your personal values and beliefs

o You focus right in on defining your product, your market, your client

o You set yourself measurable outcomes, for which you are accountable

o You have a step by step strategy along a timeline, for meeting those goals

o You now have a focus for your time and energy, which makes you more efficient

o You begin to address the risks, the ‘what can go wrongs’ and anticipate how you can overcome them, from limiting beliefs and skills gaps to lack of clients and financial issues

o You can see whether it is financially viable from the outset, and at milestones along the way

o You identify a business model that works for you: work life balance, nature of client, sales and marketing modes

Here’s a thought. As coaches what do we get our clients to do fundamentally, at the start of the coaching process? Well – set goals, of course. And what do we encourage them to do as a key component of achieving their goals? Yep, write them down. (Remember the research: only 3% of the population write down their goals and those that do are five times more likely to achieve them). But back to coaching business plans. You’ll see where I’m going on this. That’s all a business plan really is: a set of goals, in writing, with more or less detail on the means of achieving. Are we coaches walking the talk here? How many of us have written down our business goals as a starter?

That’s a very simple definition of a business plan. You can’t get much more painless than that! Now to flesh it out a little, here are the fundamental features of a business plan :

o In writing

o Has a goal

o Has a plan to get you from where you are now to where you want to be

o Has some kind of performance measurement (likely to be the numbers bit)

o Its dynamic. To be useful it will change over time: as circumstances change, you will need to ‘course correct’

o It will be unique to you

If you want the fully monty contents list for your coaching business plan, click here. But actually before you get hit by the overwhelm again, just take these 4 questions below and address them to give you the guts of your coaching business plan:

o Exactly what is your product

o Who are you selling it to

o How can you be sure that they want it

o How much will it cost you to provide. How much will you sell it for.. Will that make you enough money?

Remember this: having a business plan is a significant indicator of a successful business. Only 25% of small businesses will have a business plan. Which group do you want to be in?
If you want to learn more about drawing up your coaching business plan, watch this space or subscribe to my monthly newsletter. Alternatively, email me on [email protected] to find out how I can help you one-to-one.
You can read Peter Cochrane’s full article in silicon. com
Other useful sources of information on business plans can be found at Business Link and is4profit

Why Entrepreneurs Need Small Business Credit Cards

Small business credit cards are a special type of credit cards that are meant for use by small business (as opposed to the normal credit cards or personal credit cards which are meant for the use of an individual). Some people wonder why they should go for a small business credit card when they already have one or more personal credit cards.

This is a very valid question indeed. By logic, if something like small business credit cards exists in market as a separate entity altogether, there must be a special need for it. It must have some features which are useful to small businesses in particular. Though there are a lot of similarities between personal and small business credit cards (of course there would be similarities since both of them are credit cards after all), there are a few differences too. These differences are mainly in terms of the flexible credit limit, lower APR offers and attractive terms and conditions which are better for small business credit cards.

Besides all the benefits which are quoted for credit cards and the additional attractive offers, there is another important reason for going for a small business credit card. The reason is business expense accounting. A lot of small businesses face this is as a major challenge. One needs to keep track of each and every business expense and log the information somewhere for the purpose of business expense accounting. Business expense accounting is needed not only for tax purpose but also for financial strategy evaluation and budget tracking. Generally speaking, two main problems quoted for small business expense accounting are business expense segregation and expense classification.

By using your small business credit card for all your small business outgo, you can very easily separate your business expenses from your personal expenses. This will thus solve your business expense separation problem. What you receive on your small business credit card bill is your business expense directly. Moreover, this report is something which your tax consultant will love too.

The second problem is also solved automatically. Most small business credit cards also group together the business expenses under proper heads. Some credit cards even provide credit card statement as data feeds which can be directly fed into accounting software. Just imagine how much hassle you are saved from with this business accounting feature. Wonderful, isn’t it?

The other great thing about small business credit cards is the help they offer in terms of managing the expense peaks. Though such variations are part of almost every business, they are even more critical for small businesses. So when that need for immediate purchase arises, you wouldn’t need to worry if you had the backing of a small business credit card. Also, generally small business have to pay first and receive later i.e. make payments for purchases before receiving payments for services/goods, so small business credit card also acts as an intermediary who fills in the time gap at little or no additional cost.

The credit card membership benefits are at its best when it comes to small business credit cards. There are discounted ticket offers, car rental offers, gift offers and many other good offers for small business credit card holders. Just check all such benefits that might be available on your small business credit card and ensure that you use them whenever and wherever required.

The small business credit cards are ranked higher by the credit card suppliers too. So everything associated with a small business credit card, including the customer service, is better than the personal credit cards.

Thus, small business credit cards aren’t something that a small business owner can afford to miss especially with what all it offers.