Just as there are a million different ways to get to Rome, there are a million different ways to become financially free.

I have always been interested in MLM and Network Marketing and always run into people who like to tell me, it's a pyramid scheme, only the people on the top make the money and whatever else those “nay Sayers” like to throw out there to justify their failures and doubts. I don't really listen much to peoples opinions, because most of these people will also tell you that life is unfair and you have to work hard to earn a living; when you mention financial freedom, they'll go “what's that?” That's something that was designed for the rich…well; I don't need to continue on because these are the people who are poison to those who want to advance. They mean well, I'm sure.

I realized that most of these people are broke. They don't take risks, they play small, and they are victims to circumstances. They blame and complain. When they run into an opportunity, they see someone else trying to get them for their money. Why is that?

We were taught to have a job, to go to work, provide, take one week vacation a year and probably sit around the house, fixing the roof, because money is tight and that's the way it is. Great life isn't it? Not so much.

What's my point? I've known so many people like those. My family. I am pretty open minded; I've tried a few MLMs. Yes, I just “tried” I didn't do it. I didn't follow through with it. I failed miserably quite a few times. It didn't work for me. One day I sat down and took a real good look at what I'm actually doing and why I am where I am. And boom. It hit me. I didn't care about the product. I wanted to make money. Yesterday! Fast! Now! My heart wasn't in it. I am a musician, what am I doing selling life insurance?

I enrolled my friends, people who are just like me. I surrounded myself with people just like me, broke, frustrated and skeptical, looking for the quick fix. I took a break and gently asked the universe to give me a sign. A new opportunity. I opened my e-mail and a guy I met a while back at the Millionaire Mind Intensive send me an e-mail saying “call me” with his number. My “programs” (old beliefs) told me, it's not you, another thing you'll fail at, don't do that again, you're not good at this. Just a waste of money and time. Great story isn't it? What did that story do for me in the past?

Let's see? It got me nowhere. I'm exactly where I was a year ago. My friend who got me into one of the MLM companies is doing fantastic. I could've been there, but I am not. And that's okay. The product wasn't resonating with me. I decided to be open minded and approach it through a different pair of lenses.

I realized, all the times before I always thought about one thing and one thing only. Money! I need to make money, not in a year, now! I didn't really like the product, but I thought I could Sell It. Yet I didn't.

I checked out the new opportunity and really liked everything about it. I decided to not try but do it this time around. Here's something that made all the difference.

1. I didn't approach any of the people I've approached in the past
2. I found something I'm truly passionate about
3. I'm being about helping others first and see the money as an extra bonus
4. I challenge myself to do things different
5. I am following a system a plan
6. I'm going one step at a time instead of trying to skip a few trying to race to the top

I think a lot of times we stop ourselves because we don't see how it is possible for us. It seems too big, too complicated, and too scary. Yes, only when we are uncomfortable is when we are growing. I dare you too, to do something different.

Prepare, clean and iron your clothes in advance, and get matching shoes (preferably not open-toe) to go with them. If you realise that you can't find what you need in your wardrobe, shop for the necessary items before it's too late.

Always take a bath or shower so that you look fresh and more alert. Wash, dry and style your hair neatly.

Wear lightly scented deodorant to convey pleasant vibes. Don't apply too much or use an overwhelmingly intoxicating fragrance.

Brush your teeth or rinse your mouth with a mouthwash to ward off bad breath. Take a full meal well before your interview and refrain from eating food stuck between your teeth with ten minutes to go before the appointment. To play it safe, go to the washroom for one final check when you arrive at your detination. Bring along a packet of dental floss and breath mints, in case you need them.

Men, shave your facial hair so that you don't look unkempt. If you keep a mustache or goatee, do trim it so that you look more presentable. As a general rule, one should avoid going for interviews with a beard - unless your job requires you to look more mature or serious - as facial hair tends to be distracting to the people you interact with.

Clean your nails and remove chipped nail polish. Better yet, go for a classic manicure if you can afford the money and time.

Avoid huge and chunky jewelery. It can draw attention away from you.

Ladies, apply light make-up that enhances your eyes, and add a little blush for a natural look and fresh appeal.

Wear an unobtrusive and simple wristwatch to help you keep track of the time.

If you're really unsure about how to dress, call the company ahead of time and ask about its dress requirements and preferred codes.

Your appearance and actions are a direct reflection of your mental outlook, so remember to be confident and think positively about yourself.

Good luck, and may the best man or woman win!

More often, real estate agents are also referred to as property “salesmen”. However, compared to the work of typical door to door salesmen or street peddlers, the job of a real estate agent is a little bit more complicated. The product that they offer is not some tiny package which can be placed in a box or delivered by mail. They are not selling consumables, such as food products and drinks which can be easily sold with little sales or marketing skills. The product that real estate agents sell demands more commitment from a customer. For example, buying a house is not an easy decision. Before a prospective customer can make a decision to buy a house, he or she must be fully aware of the features, advantages and disadvantages of the house. He must be fully convinced that he is making the right choice in picking that house, or else the time and money he intends to spend will all be wasted. It is therefore the real estate agent’s role to guide the prospective buyer into making the right choice and eventually reach a firm buying decision.

For the reasons mentioned above, the real estate agent should be highly trained, knowledgeable about what he sells, updated about the developments within his industry, and most importantly, should be skilled at face to face selling. This aspect of face to face selling is very essential because to be able to sell high priced items such as houses, lands and properties, a greater amount of buyer-agent rapport is necessary. While retail sales can be very impersonal, real estate sales is a lot more different. One sales transaction may take one week, one month or even one whole year, depending on the nature of the real estate property being sold. This would mean that it is normal for any real estate agent to meet the same prospect over and over again before they both reach a buying agreement. It is thus important to develop a friendly, positive relationship with the customer.

The real estate agent must be an aggressive salesperson and he must be flexible to different kinds of buyers. He must be able to talk on the same level with his prospects, instead of acting servile and inferior. There are many sales jobs that literally demote people from salespeople to mere order takers. In real estate, agents are not just order takers. They initiate the sale, meaning, they ask questions that probe and uncover the buyer’s needs. After discovering those hidden needs, the real estate agent puts himself or herself in a commanding position by giving the customer various options to choose from. He or she may also recommend options that best fit the client’s needs.

Perhaps the most difficult and exhausting job of a real estate agent is prospecting for new customers. Prospecting is simply the process of finding new prospects for the business. Without prospects, even the most skillful real estate agent will not make a single sale. While the company often provides good advertising to gather prospects, it is still the real estate agent’s responsibility to generate leads on his own. He must be familiar with various lead generation methods and be able to develop a huge list of potential customers. At times, a real estate agent may also opt to do his or her own advertising campaign.

There are a variety of available prospecting methods and strategies to choose from. According to Tom Hopkins, a great real estate salesman, there are two basic categories – referral and non-referral prospecting.

Referral prospecting is a very effective method because it allows the real estate agent to get referrals from his existing buyer’s list. The referrals are already qualified buyers because they belong to the same income bracket as the existing customer. Each time the agent makes a successful sale, he asks for referrals from the happy satisfied customer. The customer then gladly gives the names of some of his friends or relatives who might also be interested in buying a similar property that he has bought. He may even introduce the real estate agent to the referral. Most veteran real estate agents don’t do prospecting anymore because they have already built a huge referral base.

For starting or rookie real estate agents, there is no substitute to non-referral prospecting. This is the act or process of finding and approaching prospects that are not referred to the real estate agent. In this prospecting approach, the chances of making a sale are lower and the risks of rejection are higher. The real estate agent will have to deal with total strangers, which is the main reason for the high probability of failure.

One example of a non-referral prospecting method is “cold calling”. In this prospecting method, the real estate agent either acquires or buys a list of prospects and starts calling them one by one. This method is sometimes called “cherry picking” (Good, 1986), because it requires an agent to make a lot of calls before generating a single prospect. To be able to do an effective cold calling campaign, the agent must be determined, aggressive, has good phone skills, not a quitter and he must have a good list of qualified prospects. For example, calling a list of people who are looking for a house is much more effective than simply calling people from the yellow pages or the national street directory.

Another prospecting method that real estate agents often use is the “ten foot rule”. This means that the agent finds ways to talk to any person who comes within ten feet of him. With the use of personalized calling cards and leaflets, the agent initiates conversations with the strangers that he meets everyday. To enhance the agent’s chances of meeting someone who is qualified to buy a house or property, he makes himself available in places where his ideal customers will likely be found. Attending conventions, social events and joining clubs or organizations are all useful to the real estate agent because it gives him an opportunity to meet different kinds of social contacts who might someday become buyers, or may at least give a referral or two. In Tom Hopkins’ book entitled How to Master the Art of Selling, he said that to be able to constantly generate prospects on a regular basis, a good salesperson should be able to “talk to ten people belly to belly everyday”. (Hopkins, 1982)

There are hundreds of other prospecting methods. Modern technology has given the 21st century real estate agent a great variety of prospecting options. The internet and other such means can all be useful for anyone who is trying to generate new leads for real estate.

Finding prospects is one exhausting job, but approaching and making the initial contact with them is another task! Once the real estate agent finds or meets a good prospect for real estate, he must smoothly guide the prospect to the realizing the possibility of buying property. Using many possible approaches, the agent finds ways to settle an appointment with the prospect with the intention of showing him a sales presentation. To be able to do this, the real estate agent must uncover a specific need of the buyer, or if the buyer is not aware of the need, the agent must make him aware of it. If this need is not present, it is the role and responsibility of the agent to create that need and convince the prospect that he needs to own a real estate property. Qualifying, or the art of finding specific information about the customer with the purpose of determining whether he is a qualified buyer or not, is very important. There is no use of selling to a person who is not qualified. Some factors to be considered during the qualifying stage are ability to pay, ability to make a decision, size of family, and compatibility of the need to the product or service being offered or sold. Finding this information and putting them into consideration are still part of the difficult task of a real estate agent.

It is also the role of a real estate agent to stimulate buying desire. This may be done by presenting what he is selling in such a way that it appeals to the needs and wants of the buyer. It is the responsibility of the agent to magnify the strengths and weaknesses of the property he is selling, and to minimize the problems and disadvantages in the eyes of the prospect. In some cases, the prospect may not know exactly what kind of house he wants or needs, or he may have trouble in making a decision. At any event that a prospect finds difficulty in choosing what’s best for himself, the real estate agent is in a position to recommend a house or property that best suit the needs, buying capability and preference of the buyer. To be able to do this, the agent must be extremely knowledgeable about the various options that he can provide to the customer.

Familiarity with basic laws, policies and rules that apply to real estate will also be helpful to a real estate agent. However, he is not required to be an expert at these laws, policies and regulations. His main expertise should be the ability to close sales. In many real estate companies, the total revenue heavily depends upon the monthly sales turnover generated by real estate agents in the field. Simply put, applying mastery of the sales process is one of the greatest and most important roles of real estate salesmen.

The first step is to take a look at your present marketing system.

Most distributors don't even have a marketing system in place! Others have a marketing system so manual that they can't move away from their computers for even one hour. If you ever plan to achieve long term success in MLM, you must have an automated marketing system, and this system must be duplicatable so it can also be used by your downline as well.

When I said marketing system, what I mean is the mechanism you use to promote your business opportunity. Providing a simple step by step plan on how to promote your business is essential to duplication. When you create a marketing system and 1-2-3 success plan, you will be established as a leader in this industry.

One example of a successful marketing system is the funded proposal. All you need is an information product that appeals to your target market, and can be sold 24/7 via pay per click advertising. Once you gather customers, you start recruiting or "back-ending" those customers to your MLM. Then, you ask those new distributors to sell the same info product, gather customers, and then backend their customers to their MLM.

Another example of an automated marketing system is viral duplication. Now, I don't know if such a word or phrase exists, I just made it up. But the essence of viral duplication is to TAP into a recruitment or marketing method that WORKS, and then simply pass on the knowledge to your downline by providing VIRAL tools such as ebooks. Those free viral ebooks explain your methods and strategies on how to promote your business, and then they must pass that e-book to all their downline members as well.

Providing your downline with the same tools and resources that you are using is also important. Recommend autoresponder services, training courses and traffic exchange opportunities. All these will contribute to your goal of raising your success status and inspiring network growth.

I will tell you bluntly . . .

If you focus and act on the little known principle you're about to uncover it can not only turn you into the type of person prospects chase after and join, but can and will literally be the foundation of you creating a personal fortune.

At first glance you may think you have nothing in common with either Dennis Rodman or Michael Jackson.

At second glance you'd think surely the success your business can have nothing to do with either of the above characters.

But you're dead wrong.

Michael Jackson and Dennis Rodman both have a trick up their sleeve that they've mastered to amass fortunes well outside of the range of just their chosen profession.

In fact, it's a secret that few are even aware of, little to no one uses, but for those who do they get paid handsomely.

When you think about Michael Jackson do you think about the music or do you think about the crazy character that looks almost non human?

When you think about Dennis Rodman do you think about a basketball star who was a good rebounder or the crazy guy with rainbow colored hair?

Both Michael Jackson and Dennis Rodman are more than just talented they're moguls. They're larger than life. They're media magnets.

Why?

It's simple and if you can just understand and incorporate this one thing I'm about to tell you into your business you'll more than double your business, have people search you out, and you'll stand alone in the eyes of your prospects in such a way that they will literally jump through hoops to get at you.

Michael Jackson and Dennis Rodman command great income because of their talent, but exponentially greater income because they both understand the value of being different.

They've both proactively found ways to make themselves stand out from the crowd and have worked on it to the point where their characters outshined their talents

You're probably saying "It can't be that

simple."

But it is.

Now I want you to turn around and look at yourself. Do you stand out or are you just like everyone else?

If you don't find ways to make yourself stand out you'll always be stuck in between having a good business and an insanely profitable one.

Why?

People are naturally attracted to characters that are controversial, that are different. Secret of models.

It's a way to literally stand out and command a larger income without being any better than the next guy. That's right; you don't even have to be better. You'll DO better cause you're different.

Dennis Rodman got paid a huge amount to play basketball, but it wasn't because he was a great all round basketball player, it was because his character drew a massive crowd.

His antics made some angry, and others loved him, but they ALL watched and that's the secret.

That's the thing THEY don't get.

Regardless of whether or not you liked Dennis Rodman as a basketball player or not you watched because you had to see what he was gonna do next.

Once you master that you win no matter what.

You see . . .If you're different you're better.

Forget about saying the right thing all the time, just take a stand, be you and don't apologize for it. There is no such thing as stupid decision in management.

Don't be afraid to go out a limb, that's what they tune in for.

Sure you'll make some people mad, cause people criticize what they don't understand. But so what?

You'll draw in the prospects that get you like a moth to a flame and that's all that matters.

So I know you're wondering "How?"

How do I BE different?

I can't answer that, only you can.

How do I get them to tune in is a different question, and you'll find the answer no where else in the world but here:

Excellent investing.

This is you if you have a brand to promote. You are the source of the brand. Together with your marketing communication agency, you decide on how to position your brand and who you want to reach. Once the brand position and the target audience are decided, you start developing your brand message.

The brand message

The brand message is what your company wants your customers and other stakeholders to perceive. All the information and experience of the brand should be designed into the message. Here's where the 4Ps of marketing; product, price, place (distribution) and promotion play a crucial part in how you design your brand message.

The communication channel

It's all about picking the right media to reach the right target audience. Knowing the habits of the target audience is important in deciding which media channel to communicate the brand message through. For example, if your target audience is car owners, advertising on radio would be a better bet than on a parenting magazine. Media channels include TV, radio, newspaper, magazines, billboards, internet, mailers and product placement on TV shows and movies.

Noise

People are being bombarded by advertisements every day, everywhere. So how do you get your brand message through all this noise and clutter? Well, your message will not be seen and heard if your copy is poorly produced, and has a lack of clarity. Bad timing of the release and clutter from your competitor's messages are also points you need to consider. So remember the lower the noise level, the higher chance of your brand message being seen and heard.

The customer

This is the group you want your brand message to reach and get a positive response. You want your customers to remember your brand, to like it enough to act upon a desire to purchase it. To help you hook the customer, your brand message needs to be simple and relevant. Also allow your customers to ask questions and to interact. This will create positive perception of your brand.

Feedback

You want to hear what your customers think about your product. This is an important key in any marketing communication. Besides gathering information about your customers, you can also generate more leads, provide more information to reinforce their liking for your brand and to be sure you are on the right track in your brand messaging and channel choices.

"I believe that, managers should thank their staff for their efforts. Let them know that they are appreciated. - I think a lot of managers don´t do this often enough!" Text/Photo: Andreas Klamm

Sudbury Hill, London. Danny Hill is the managing director of dbx Ltd. which is a promotions agency within the retail sector with approximately 1,000 employees. He said: "There is a job for everyone. People should be more confident in their strengths and be aware of their weaknesses".

Mr. Hill said: "If you have an interest, or a desire in your particular field, then you will have the motivation to succeed in your endeavours.

Seven Tips for Jobseekers:

1. Get out of bed before 11.00 am.
   
2. Talk to people.
3. Be friendly.
   
4. Have confidence in yourself.
   
5. Give yourself the chance.
   
6. Present yourself well, whether it be verbal, written or in appearance. Get your CV noticed, i. e. hand-made paper.
   
7. Understand your strengths and accept your weaknesses. Research the company you want to employ you. Danny Hill said: "Networking in the UK is very important."

I have met a lot of my staff and clients in pubs, gymnasiums, coffee shops, restaurants, night clubs and sporting events. Get out there, get your face seen and talk to people.

Managers should let their staff know, that they are appreciated and valued. Most managers don´t do this enough.

Andres Klamm, journalist

One of my experiences of a common mistake while running my business is NOT establishing a solid system integrating all of the different functions together. Every function within the business must smoothly go together and move into a smooth flow that will eventually move your business at a high speed. I found out that I needed to speed up the finance aspect with book keeping in order to keep up with my marketing and vice versa; I needed to make my marketing decisions based on my finances as we must have marketing and finance go at parallel speeds for maximum results.

Being Too greedy

While seeking the best profit margins, many experience the issue of distribution. What we normally would like to see is our products being sold everywhere to create easy access for our customers to purchase our products. But the problem is, while seeking profit margins, we have the tendency to get caught up in working with too many sub-distributors, that at the end of the day, they all end up killing and minimizing our profit margins. They would compete against each other to lower the selling price then make it difficult for our customers to choose where to purchase our products. A good solution for this problem is either to search for an exclusive distributor or distribute online. You will have more control of the situation to monitor and evaluate your business.

Bad Accounting

We depend on accounting for the growth of our business because accounting and finance is considered the "health" of our business. Make sure that balance sheets are balanced, financial statements are in checked and the amount of money written in the book is also the "actual" amount of money you have at hand. This occurs a lot where the book states you have $15.000, but at hand you only have $4.000. Where did the $11.000 go?

Tightening Promotion Money

Lastly, another common mistake is tightening your promotion money when your business is going down.

When business is slow, we should increase our spendings on promotions. As without promo, your business will either stay slow or go even go down in business. We must be brave to spend our money on promotions. It is key to growing our business.

Lets fall forward and succeed.

One of the best you can do is have a business plan. You should treat it like a real business. Write out an outline for a plan. Fill in details of your business and where you want to be in the future. By creating an outline you will train yourself to complete those goals.

If you are just starting your own business, you might want to find an experienced person that might be willing to help you. They can guide you in the right path. With a business mentor and a business plan you should be able to have success in your business.

The most important thing is have the want to succeed. You need to have the desire to work long and hard hours. You may think that owning your own home based business gives you the ability to work when you want, which you are able to do, but you will succeed most when you work set hours and sometimes longer hours than you would on a regular job.

A number of factors are important in order to start a successful business. Here an effort is made to describe some of the key factors.

1. Knowledge/Expertise

   Any business requires some amount of basic knowledge and experience. The owner needs to be aware about the business he intends to start. Knowledge and expertise about the product or service are keys to a successful business. In case of limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors. When you ask yourself a question “What business shall I start?” you need to get a convincing reply about what you intend to do and how you are going to go about it. Expert knowledge is especially required if the field of business is a niche field. For instance the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes.

2. Market/Demand

   Once a decision is taken on the business you intend to start, the next step is to explore the demand / market for the product / service. Certain products will only have a domestic market for them whereas others can be successful on an international level. The key question is “Who are the customers?” A market survey can be conducted to identify the market for the business to be started. If the product / service is expected to be sold locally, the demand for it needs to be assessed. In case an international market is expected then rules and regulations for dealing internationally need to be found out.

3. Total Project Costs

   It is important to correctly assess the total project cost required to set up and run the business successfully. In a capital intensive business such as starting a manufacturing plant, the start up costs can be very high. You need to identify the total amount which will be spent on the land & building, plant & machinery, furniture and office equipment, vehicles etc. If a business is in the nature of retail you will need to identify the cost of the store and furniture. Amount required for the decoration of the store needs to be assessed. Similarly in case of an office the major cost will be for the furniture and office equipment. An office or firm can be started at a relatively lower cost initially with only the basic requirements.
   
   One also needs to take care of the working capital requirement. This will mainly consist of the inventory which needs to maintained and the credit which is extended to the customers. From this the supplier's credit is deducted to arrive at the Working Capital Requirement. The Working Capital Requirement can be quite high for certain industries for example inventory will need to be maintained in a garment store. Similarly in case of a grocery shop there is need for huge inventory for which credit may not be given initially by the suppliers.

4. Financing/Capital

   After identifying the initial costs required for starting the business, the financing pattern will need to be decided. The financing pattern will be mainly by way of capital introduction by the owner and borrowed funds. Depending on how much capital the owner can introduce the balance amount will need to be borrowed. Funds borrowed will be either short term loans or long term loans. The terms and conditions for borrowing funds will need to be studied such as the cost of borrowing, security required, rate of interest and the repayment terms. The owner will need to approach a number of banks to get information about their terms of lending and draw a comparative analysis to identify which funding is the most beneficial for him. As a thumb rule short term funds should not be utilized for the purchase of fixed assets. Short term funds are mainly used to meet the working capital requirement. The logic is that if short term funds are used to purchase fixed assets how are you going to repay the short term loan if the business has not progressed. Once the financing pattern is identified the owner will need to decide how the money is going to be utilized.

5. Competition

   Before entering new business, information about market competition needs to be found out. In case a product is a monopoly then the competition will not matter. Otherwise the success of the business will depend upon the demand and supply gap. Thus if there is a huge demand then you can enter the business inspite of the market competition. Otherwise you will need to be stronger than the competitors to gain an entry. Normally existing firms will always have an advantage due to the experience they have and because they may be well equipped. The question which needs to be answered is “What is unique about the product / service which will be offered to survive the market competition”? Information such as who are the competitors, what is their market strategy and what factors are required to compete with them are important.

6. Location

   Deciding an optimum location for the business is a strategic and an important one. A good location goes a long way in making the business successful. The location needs to be carefully chosen. Some places have advantages over the others. You can save out on taxes, water and electricity costs if you are located in some areas. The raw materials can be easily sourced, the manpower would be easily available and you can save out on transportation costs in case of certain locations. Setting up a business in certain location could lead to subsidy and rebates from the Government. In the case of a retail business one needs to be located in a well populated area and one which is easily accessible. Certain niche products / services of different competitors are available at a single location. For example there are software belts having all software companies. Similarly there are gold marts which have different gold vendors and jewelers at a single location.

7. Laws, Rules, & Regulation

   Setting up a new business would require compliance with various laws & regulations. Each country is governed by separate laws and regulations which require that any new business be registered with certain authorities and meets certain compliance. Thus registration of the name of the company may be required with Ministry of Commerce for instance. Further details need to be provided regarding the workforce and certain deductions may be required from the staff (such as tax) which would need to be deposited with the respected Government bodies. Awareness is required of such rules and regulations. It is always better to consult a lawyer before setting up a new business in an unknown environment. There are certain accounting / consultancy firms which would have a division giving advise on legal and statutory compliance. In case of lack of expertise it is better to approach a lawyer / accounting / consultancy firms. Non compliance with the statute could lead to huge fines and penalty and hamper the success of a new business.

8. Return on Investment

   Return on Investment (ROI) is calculated as Net Profit divided by the Investment made. The ROI is low in the initial years and is expected to grow on a year on year basis. The ROI needs to be compared with the return that would be earned from alternative business options available. For instance it could be compared with any other source of income such as money earned from investment in the stock market. Similarly the Return On Capital must be greater than the rate of interest earned from a fixed deposit kept with a bank.

9. Staff/Manpower

   Any business requires efficient manpower to succeed. The staff needs to be carefully chosen since they are the ones who could make or break the business. The cost of manpower varies depending on the location of the business and thus this needs to be factored well. The business needs to be set up in a location where there is sufficient availability of manpower both skilled as well as unskilled. This remains one of the key criteria's whether the business is going to be run with a staff of 2 or 2,000.

10. Technology

    It is always better to invest in the best technology at the time of start up itself. Post investment, monitoring of the technology purchased is required. Technology would include plant & machinery as well as latest office equipment. One should not exclude the software required to monitor the business. Choosing optimum software is a challenging task. A technologically advanced business is expected to perform much better in the longer run.

All the above factors are important to start a successful business. Compromising any of these factors could hamper the growth. Starting a business these days is very challenging and an all round knowledge of various factors is required to run a successful one. It is important to make a Project Report on the basis of the above factors before starting a new business.