A business strategy will help you, the business owner determine what your business will be, how you run your business and what direction you plan to go with your business.  A business strategy will cover all of your bases, at least on the front end.

That’s why when you are doing business strategy consulting with a company that will help you determine these things many factors will come into play.  Items to consider are:

• Characteristics of your particular industry.  A business strategy will not look the same for any one business.  What your service or product is will play an important role.

• Competencies of your organization.  Are you a solo entrepreneur or do you have a team?  Do you employ a variety of staff with multiple abilities?

• What is your market size?  Are you aiming for local business or do you conduct business nationally or internationally?

George Rodriguez from Power Home Biz says the right business strategy could make a great business idea a successful business.

Prosperity consciousness not only makes successful entrepreneurs; it’s what keeps them moving forward.

A successful business is built on many concrete aspects like a great product or service, positioning, marketing and demand but having the right mindset is equally as important.

Sales and marketing coach, Terry Forsey, recently posted some thoughts on attitude and business.  A comment that particularly struck me was, “business directors are becoming concerned that their goals may be unachievable and are therefore lowering them, which in turn creates a negative attitude in that organization.”

It can induce panic when you see other businesses suffering, but keep in mind two things.  How will your reaction affect your business directly?  And how will your reaction affect those who are working for you? No one is ever at their best when they are working under chronic stress or anxiety.

Do not let fear paralyze you and alter the choices you are making in your business.  This is a great reminder that setting business goals and revisiting them often to stay on task will help keep your mindset in check as well as your business.

Entrepreneurship education will not necessarily look like a formal degree.  Many entrepreneurs have completed a formal education in a variety of degree programs, but to be an entrepreneur there are no formal requirements.

Life experience, a willingness to learn while pushing through self-doubt and refusing to call it quits - all play a vital part of becoming a successful entrepreneur as well.

There are three key ways an entrepreneur can pursue self-education.

1.     Read, read, read. Whether it is journals, news columns, e-books, autobiographies or practical non-fiction, learning through reading is a primary means of learning new information.   Entrepreneur magazine has a list of 5 must reads for every entrepreneur.

2.    Interact with other successful entrepreneurs. It may look like a mastermind group or a sit down at your local Starbuck’s where you can bounce ideas off of someone you respect.

3.    Tune in. Radio shows, interviews, podcasts or webinars are all ways to get up to speed on the latest information in your industry.

Whatever method of education you choose, don’t hold back because there’s a lot to learn.

Regardless of what making money ideas you have, there are rules to be followed to ensure you can continue in your self-employment venture.  John Ingrisano from The Freestyle Entrepreneur listed these 6 helpful tips.

1.     Plan. Put your ideas and plans on paper and revisit them often.  If you don’t like making detailed plans, put your discomfort to the side as planning is a necessity.

2.    Organize. Decide what hours you will work and stick to it.  Your time is precious so treat it as such.

3.    Find your niche. Once you’ve determined what you want to do and are reasonably good at it, continue to educate yourself and become the best in your industry.

4.    Keep good financial records. Considering you are an employer, employee and possibly the bread winner for your family, it’s a must to maintain good financial records.

5.    Get good insurance. Health, life, and disability.

6.    Save for your future. There are multiple ways to do this, consider meeting with a trusted financial planner to find out what works best for you.

Being successfully self-employed isn’t just about making a sale.  Planning and making good decisions today will help you make better decisions for your future.

Wealth creation strategies have been around for decades.  Now that the United States is officially in a recession, wealth retention strategies are becoming very popular.

Entrepreneur recently spotlighted four very successful business owners who are cutting corners, but continue to provide a great service.  Here are some of their top money saving tips:

• Price match.  If you’re shopping for an expensive item or a large quantity of items, shop around. The Internet offers a wealth of information regarding style, brand, options and pricing.  If you find a better deal at one store, most stores will price match to guarantee your business.

• Bundle services.  Most phone companies will offer a better deal if you bundle services with them.  Small business owner, Cortni Marrazzo, found that when she shopped around for phone service, she got the best deal from Vonage which included unlimited local and long-distance calls.

• Finally, if you work from home, consider these cost saving options.  Space heaters, energy efficient light bulbs and faucet aerators are all ways to save a little money.

If you’re feeling the crunch or just want to be practical, these are all ways to retain wealth so you can reinvest in your business.

Terry Savage of MSN Money recently wrote an article on a financial success system for college graduates.

Savage listed many obvious considerations that recent college graduates should begin planning for.  Many of these can be difficult for a young person to digest much less plan for, but all were important.

The first item was looking at your finances, incoming and outgoing.  Others were using credit to develop a healthy credit history, plan for the future with investments, life insurance and health insurance.

My favorite two may have been to set goals and to start (or continue) reading important materials each day.

Young adults can be under the impression that graduating from college and getting their first job is the pinnacle of success.  Getting that first job is just the beginning though.  Continue setting high standards and even higher goals for yourself.

Developing your mind through reading, podcasts, webinars - whatever your media of choice is - will be foundational to your continued success.

Growing your pocket book and becoming successful all takes planning, but growing your mind will be central to your progress.

If you are familiar at all with the Polaris Project you know that it was started to eradicate the human trafficking industry.  Social entrepreneurship has become more popular in the past 10 years due to the success of such entrepreneurs and their organizations.

While social entrepreneurs aren’t “in it” for the money typically, they still find themselves dealing with the same challenges as a for profit business.

Derek Ellerman and Katherine Chon, who started the Polaris Project in 2002, had to do their research, check out the competition and come up with a comprehensive business plan.

As well as financial considerations, social entrepreneurs also measure success by what kind of impact their organization is having socially and environmentally.

An organization needs to be financially successful to continue making an impact and solving social ills.  The ultimate goals for most of these organizations are to implement innovative means to create and inspire others to make change.

An extremely high percentage of small business building is done online.  Due to the increase in Internet marketing, social media, and online forums  - interacting through blogs is becoming increasingly important.

It’s rarely good enough to have a solid product or service; you now need to interact with people and build trust.

In the article, Strategies for Building an Online Community by author Christopher Elliott, building an online community was prominent.

Elliott states that in order to reach an audience you need to be an industry leader.  It’s no longer good enough to be doing the same thing that everyone else is doing.  Although how you present the information should be unique, not necessarily new, the information should be top notch.

When people come to you they want to know they are getting the best and most reliable information or service.

Creating a presence online is a phenomenal way to build a small business.  It will require an investment of your time, but is incredibly affordable when your resources may be limited.

Direct marketing services are more popular than ever.  There are so many advantages including your ability to engage directly with your audience, regardless of whether they are an existing customer or a new prospect.

According to Steve Sellwood from Select A Base, some other advantages to direct marketing are:

• Direct marketing enables you to talk directly, identify, isolate and communicate with well-defined target markets.   This means a higher conversion rate because you’re working with a targeted audience.

• Direct marketing isn’t just for selling.  It can be used to test new products or trial new products or customers.

• Through direct mail, acquiring a new customer is much cheaper than any other method. Plus, once you acquire a new customer, you’ll be benefiting from highly profitable repeat sales.  According to eMarketer, repeat customers spend 67% more than new customers.

Finally, with direct marketing, it’s easy to measure results. Direct marketing can be done by virtually any size or type of business.  Whether you are a beginner or a veteran, direct marketing can work for you.

Many people get so focused on making money that they never consider two of the most important keys to financial success.  Spending less money and maximizing the money you spend.  These are two of the best ways to accumulate wealth.

According to financial planner, Jeremy Vohwinkle, spending less than you earn is one surefire way to hold onto some of your cash.

You should also make sure you are getting paid what you are worth.  Skills, experience, education, proficiency and job tasks all comprise how valuable you are in your given market.  Getting underpaid could cost you thousands each year.

Consider where and what you spend your money on.  Making direct purchases for your business may be a great way to spend your revenue, but increasing your knowledge base is a priceless investment.

Investment advisor, Fred Siegel, states that the tool that “teaches you how to earn the money for yourself is a more worthwhile choice.”

Taking responsibility for your financial success is empowering and possible.  What do you want to invest in today?