Invest When Going on a Trip, Get a Backpacker Travel Insurance Now

A person who wants to see the world at their own convenience can do it by backpacking. A backpacker has the freedom to choose the cities he wants to visit or see the natural landscapes another country can offer. On these kinds of trips, it is wise for the traveler to invest on insurance. In this way, the traveler has the security that in cases of accidents or lost or stolen baggage, it will not be a total loss so to speak because there is insurance. Several reasons can be mentioned why there is a need to purchase a backpacker travel insurance. One of these reasons is to protect any kind of loss to a traveler’s possessions due to lost in transit of baggage or theft. Another reason is to have a backup plan for any risks due to injury or accidents that may befall a traveler so that the trip will not become a nightmare.

Any untoward incidents that may happen to a traveler on his backpacking trip will be covered by insurance once he acquired backpacker travel insurance before he commenced his adventure. With backpacker travel insurance, any traveler can fully enjoy the trip with no stress in thinking what he will do in cases that any mishaps occur because of the existence of a backpacker travel insurance coverage. Insurance can cover not only possessions that may get lost or stolen, but can be for medical emergencies and even life insurance coverage.

When accidents or medical emergencies happen during a trip, a traveler may want to go back home immediately. A traveler who has a Solid insurance need only to call the company and everything will be attended to by the insurance company. Therefore, backpacker travel insurance may seem like an additional cost for a travel, but acquiring this insurance is a wise investment by a backpacker.

Business Failure Rate – What is the Real Business Failure Rate and Why Businesses Fail

Ever wondered what the business failure rate is? Between 75% and 90% of all new businesses fail within the first 10 years. If we also take most dotcom startups into consideration, 9 out of 10 new businesses won’t make it to their third year. The actual figures vary according to the source, but it looks like the overwhelming majority of startups end up failing.

In my opinion, in most cases startups don’t fail, they just run out of money. Let me explain.

When they start a business, the first thing that most people do is write a business plan explaining how you are going to promote your business, how you are going to find your customers, and what you are going to offer them. You come up with sales projections and make a lot of assumptions.

If your startup capital is $20,000, maybe you will spend $10,000 to launch the business and promote it. But here is the problem. When you start a new business, no matter how much you think you know about it; you have no clue. Most businesses have to change their business models at least five times during their first year.

Maybe you thought that your target market was stay-at-home moms but they are not buying your products; high school girls are! What are you going to do about it? Are you going to start thinking what is it that you are doing wrong and how to get stay-at-home moms to start buying your stuff? Or you are going to understand that the market defines your business, not the other way around, and change your business model to start selling to high school girls?

Flexibility and observation are two of the most important qualities an entrepreneur should have.

What happened with your target market will happen with almost every aspect of your business. The promotion methods that you thought were going to work actually don’t, you need more employees, and your expenses are higher than you anticipated.

Socrates lived a long time ago, but something he said still applies: “all I know is that I know nothing”. Planning is very important. Making assumptions and forecasts are vital. But don’t think for a second that you are going to get it 100% right, especially if this is your first business.

I said earlier that the main reason why businesses fail is because they run out of money. And they run out of money because they expect everything to work as planned and when it doesn’t they have very few resources left to keep the company alive.

I believe that 90% of the companies would become successful if they could make it through the stage when they are trying to figure out their business model. It is just a matter of surviving until you can learn what works for your business and what doesn’t.

Be humble, you don’t have all the answers. The market is going to teach you what works and you have to keep your eyes open and learn. Instead of investing all your marketing money at once in huge newspaper ads targeted to stay -at-home moms, use that money to test 10 different promotion methods and two or three different target markets. Learn from the experiment. Now you have a much better idea of what you need to do more of and what you need to stop doing.

They say that entrepreneurs have to love risk. That’s not true. You have to minimize risk as much as you possibly can. Isn’t testing, learning, and putting your money where it is proven to work a lot smarter than guessing what’s going to work for you and betting all your funds on it?

Remember, one of two things will happen to your business: you can run out of money before succeeding or you can succeed before running out of money. Take care of every dollar as if it was your own life. Test a lot before putting all your eggs in your basket. You will eventually figure out the perfect business model. Just make sure your money lasts long enough.

Business Plans – How to NOT Fail in Year 1

I can’t emphasize enough the importance of planning. You may have heard the saying, “if you fail to plan, plan to fail”. That’s especially true as it relates to business. Most businesses fail in their first year, so what is it that makes some businesses fail while others succeed?

Failing Business

I’ll admit, I’m pretty good at planning, but the implementation side of things is my weakness. Let me tell you how I plan. I start with the research on finding the demand for what I’m going to try to sell. A great place to find the demand for any given products is a forum related to that product. What are people on that forum asking about? What do they want to know more about? Have the members of that forum identified anything missing or lacking with existing products or services?

If so, and assuming you have the ability to create that product, you have a good start. Also, look at Yahoo Answers and see what questions people are asking about. This is a great way to get some additional insight into what products need to be created. You can search through Yahoo Answers with your specific keywords and use them to find questions that either haven’t been answered sufficiently or at very least find questions that are being asked regularly which means there may be a lack in the marketplace of promoting the availability of a product.

As a merchant or business owner, your ability to find ways to fill either of these needs will create the best likelihood of you being successful. Either find a product that you can create or fill a need with or find where markets lack the ability to get their products in front of their target audience.

Now, to the actual plan itself. If you require funding or capital for which you’ll need to apply, you will need an actual formal business plan to present. Anyone who will be willing to give you money will need to have seen a plan and know what kind of investment their making. For cases like these, you will do well to create the scope of your business and identify your unique selling proposition and put that into a draft. I’d suggest after you’ve done this, get with a professional who can assist you to create and formalize the plan. This will be money well worth spending.

If you don’t require capital or are leveraging credit cards or other personal financial means of starting the business, you still need a plan. Start with what you’ll be selling or what service you’ll be offering. The nuts and bolts of this including where you will be getting product… do you have a backup in case your vendor can’t supply you? Do you have multiple backups? Is the product something you’ll be creating yourself? Have you identified a significant enough demand for that product?

What’s your marketing plan? How will you be marketing your products or services? What are the realistic costs associated with your marketing? Do you have a marketing budget? How much will you be budgeting and what will that cover? Do NOT overlook the marketing. In my opinion, this is where more businesses fail than any other. If you lack the marketing skills or can’t pay to get the marketing done, the quality of your product will only take you so far.

I know of a custom car company that has perhaps the single greatest automobile manufacturing processes for this type of car and although their product is simply awesome, they lack marketing skills and are barely making it in spite of themselves. They could do so much better than they’re doing if they would hire a quality marketing firm and get their unique product in front of an audience in that niche.

I’ve heard this same company blame the economy… the fact that everybody is cinching up their belts because of the gas prices, etc… I think this is just a bad excuse for not marketing. Try to tell me there are not thousands of people right now who wouldn’t throw down for one of their cars… they’re out there, but this company has relied too much on just word of mouth and haven’t used any additional resources to really do well with marketing. The demand is there, they just haven’t accessed it or put their message in front of the demand.

So, my point is, don’t overlook marketing. If you’re skilled at marketing, you can ALWAYS find a product to sell.

If you’re serious about your business, you’ll need a business plan. There are thousands of websites dedicated to this topic, so get out there and find what you need to succeed. Use the internet as your own personal university, get your questions answered from experts willing to help… and most willing to help for free!