MyConcessionBusiness.com

Archive for September, 2010

Every entrepreneur knows that overcoming obstacles in business is just one of those things that you have to deal with from time to time when you finally become self-employed. Most people may consider an obstacle quite a nuisance but, believe it or not, they can actually help your business.

Although overcoming obstacles in business may cause a bit of stress and frustration at the time, these obstacles also allow you to evaluate what is working and what isn't. A lot of trial and error is involved in building a successful business. If you are not coming across and error once in awhile, that means you are not pursuing enough trials.

To be a successful entrepreneur, you need to aim to constantly discover ways to improve your product or service and find ways to pull away from your competition into your own league. Opportunity will not come and knock on your door, you need to pursue your own dreams and make them happen and do not let anyone stand in your way. Walt Disney was ridiculed everyday for his ideas but he followed his dreams and created a multi-billion dollar company.

To be successful, you need to take risks. Overcoming obstacles in business allows you to develop strength and gives you the courage to seek out new opportunities. When obstacles arise in your business, you need to look at them as a learning opportunity and be thankful for them rather than be frustrated. When you are faced with a huge decision or dilemma, take the time to sit and write a plan of how you are going to get through the situation or weigh all of the pros and cons of your decision first before following through.

Overcoming obstacles in business is as simple as changing your attitude and how you look at things. Be thankful that you have a business and focus on positive things. You created your business and only you can overcome the obstacles that it brings.

Getting capital for your concession business is not as hard as you may think. Raising capital is a basic business activity that does not have to be painful. First, you will want to explore the following options:

• Personal Savings – Depending on the start-up costs of your business, you may be able to use personal savings and credit cards. However, if your credit cards have a high interest rate, this is not a recommended option.

• Relatives and Friends – Most relatives and friends will loan money interest free which is ideal.

• Banks and Credit Unions – If you have a sound business proposal, you will probably be able to get a business loan from a bank.

Writing a Loan Proposal

Getting capital for your concession business will require you to write a loan proposal. Ultimately, approval of your loan depends on how you present yourself and your financial needs for your business to the lender. Keep in mind, lenders want to write loans but they need to know that the loan will be paid back. An ideal loan proposal will contain:

• General Information – This includes the business names, owner name(s), social security numbers of owner(s), business address, purpose of loan and amount requested.

• Business Description – History, nature and type of business and how many employees you plan on having, if any, should be covered here.

• Management Profile – You will want to develop a statement on each owner of your business including background experience, education, accomplishments and skills.

• Market Information – Define the products you will sell as well as the market you will sell in. you will want to identify your competition and explain why you can compete and how you can fulfill the needs of your customers.

• Financial Information – This will cover the projected income statements and balance sheets as well as any collateral that you may be willing to use to secure the loan.

When you get your loan for your concession business, it is important to make payments on time, you never know when you will need another loan to expand your successful business!

Finding a Mentor in the Concession Business

Finding a mentor in the concession business is actually simpler than in other businesses, for the most part, because concession entrepreneurs have all been where you are and once too had the dream to become self-employed. You will find that most people either currently in the business or retired from the concession business are good-hearted individuals and as long as you are not trying to to use their knowledge to take their business away, they genuinely want to help.

So, how do you find the right one? That depends on how selective that you are. Most governments will offer mentoring for small businesses. Quite often, they will offer entrepreneurs free workshops and mentoring from successful retirees. There are also professional organizations that offer mentoring programs.

Direct Personal Contact

Finding a mentor in the concession business is most commonly done by finding someone in the business on your own. An easy way to do this is to go to a fair or a festival and find a busy business. After closing or during a slow period, ask if the owner would mind if you set up an appointment to speak with them for a half hour or so one day or if they can recommend any good mentoring organizations in the area. There is a good chance that they will be flattered and happy to talk with you and possibly be your mentor or at least point you in the right direction of finding one.

Choosing From Several Mentors

If you are choosing a mentor from several choices, you need to decide which one is right for you. Meet with them and have a prepared list of questions that are important to your decision. Find out their current situation, history and goals. When you propose a mentoring relationship, you need to be sure to spell out expectations and goals. Remember that even though a mentoring relationship usually lasts long beyond a few meetings, neither one of you is obligated to be locked into the relationship.