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Idea to Action

 - a newsletter for people who want to design the lives and  small business they really want

Issue 46

29 September 2011

Greetings!  

 

Did you pick the right gift?

 

According to local myth, the Creator wrapped up several gifts and threw them down from the sky. Everyone picked one. Some people picked the right gift, and some did not.

 

How do you know you picked the right gift?

 

You recognise it as a gift, you are comfortable exercising it, you feel  fulfilled when you are using your gift, you feel like you are on purpose.

 

If you picked the wrong gift, you don't feel this way. You feel out of sync, and generally dissatisfied with your life.

 

Recently, I listened to the Archbishop of Nairobi illustrate this idea with compelling humour. Growing up he didn't wear shoes, and so was excited when he saw, listed among things required to take to the seminary, 'a pair of shoes'. Still, he wasn't convinced that his father would buy him one. So when they got to the shop and the shopkeeper placed a shoe box on the counter, he grabbed it and ran off.

 

It was only later, at the seminary, that he realised the shoes did not fit. They were too big. Gamely, he tied up the laces as well as he could, securing them at the back of his legs. While it wasn't easy to walk, he did. And the rest, as they say, is history.

 

The question is, what do you do once you realise you picked the wrong gift? You can spend your life bemoaning this, or you can recognise the fact and move on with it. Who knows, this may be the path you are required to follow in order to get to your true gift.

  

Regards,Jaki

 

 

 

 Jaki,

Lifecoach. Business coach. Speaker.  

 

 

 

 

 

 

 

 

 

 

 

Find me on FacebookFollow me on TwitterView my videos on YouTube

IN THIS ISSUE
BUYING A BUSINESS
CALENDAR OF EVENTS
COACHING Q&A

QUICK LINKS

  From Idea to Action BookTo  get your link to this e-book 

click here.

 

 Hard copy out soon @ 1000/= + Delivery charges

 To reserve a hard copy click here

 

 

 

 

 

  

What readers have to say

As I read the book...... my thoughts were inspired. I did not imagine or realize how powerful thoughts can be... I dreamt of many projects and drew several pictures of my dreams.

I will keep my vision alive. At the end of 2011, I will evaluate how real my vision and dreams have been. I will continuously dream and make my dreams real. - Mary Anne Agoya

BUYING A BUSINESS 

 

Idea to Action quote:  As a small businessperson, you have no greater leverage than the truth-  
John Greenleaf Whittier
 

   

When you want to go into business for yourself, you may decide to start a new business, buy a new business or buy an existing business. In addition to investigating the industry and talking to existing business owners, you also need to check your own experience, skills and background to ensure that the business is a good fit for you.

 

Should you opt to buy a business, there a number of places you can look for one:

  • Business opportunity brokers
  • Classified newspaper ads
  • Companies that supply or set up new locations
  • Business opportunity trade shows
  • A franchiser for any particular type of business

Depending on the business you select, you will need sufficient operating capital in addition to the down payment.

It is recommended that you fund this with cash or liquid assets and not borrowed money. Check the business premises lease, and also what unpaid liabilities exist. You will need to decide whether you are purchasing stock

 

To determine the business worth, you need to carry our 'due diligence'. This includes reviewing the business financial status by examining financial statements and records. Ask for

  • Profit and Loss records for the past 24-36 months
  • Current Balance Sheet
  • Cash deposit records
  • Utility bills
  • Supplier bills

Also ask for the seller's personal and business tax returns. In some businesses, you can determine the income by analyzing utility bills or supplier's records.

Also consider

  • What is the quality of the improvements and fixtures: will they need replacement?
  • What is the quality and size of the inventory: is it overstocked with obsolete items?
  • What is the condition and amount of the receivables: are they collectable?
  • If I am to buy the payables, how current are they and what is the accurate total?
  • Is there an order backlog?
  • How strong are customer relationships: the goodwill you will pay for?
  • Is the primary marketplace stable or changing?
  • Does the business have, or can it obtain, all necessary government approvals and licenses? Are there any exorbitant fees?
  • Is the seller motivated or anxious?
  •  

Use all the information you have collected to determine your net income. This will give you a basis for making an offer based on a capitalization rate (the desired return) you will want. For example, if a business will show an annual net of 500,000Kshs, and you have determined you want a 25% return of your investment (without considering financing) you would offer 2,000,000 Kshs for the business (500,000/25%).

 

For more information go to www.myownbusiness.org

 

CALENDAR OF EVENTS

 

   Auditorium  

  

8 October:Idea to Action Values Workshop

 

Charges: 2650/= Including tea and workshop materials

Place: 1st Floor Luther Plaza

Time: 09.30 - 12.30

 

Register here 

 

 

 

 

 

COACHING Q&A

Q&A 

  

Q: What are the different types of personal  coaching?

  

 

The coaching profession encompasses an array of different types of specialised coaching. The specific titles signify the different fields of life in which the coaches concentrate.  Some of the more common ones include:

 

 Personal coach 

 

All coaches who assist people to achieve any coaching goals fall under the personal coach title. Because of publicity and other factors the term Life Coach has been adopted as the general term for the entire personal coaching profession, just like Medical Doctor is the general term for all Doctors who practice medicine. 

 

Life coach

 

 

 

 

Career coach

 

 

 

Business coach

 

 

 

 

Executive coach  

 

 

 

Sales coach

 

 

 

 

 

For more go to www.findyourcoach.com