Business BLOG

First, let’s look at the positives and negatives of starting your own business. The upside is that you are in charge of your own career and pay and if your business really takes off, you can end up with a massive salary which is much more than you can earn at the regular job. The downside is that many businesses fail in their first year and it’s not for people who prefer working to a nine till five schedule as most of the time, in order to succeed, you have to work round the clock. A seventy hour working week is not unusual. The key to starting a successful business is recognising a gap in the market and taking advantage of it. Others however choose to come up with ways of improving an existing product. Whatever road you decide, research is essential as it can make or break you. Do you have an idea that no one has thought of yet? How about an improved design that costs less to make than the original, or makes it work more efficient? How dedicated you are to your idea will reflect on the outcome. There are different approaches, such as a tried a tested business model, a specific business opportunity, taking control and changing your life or working part time, depending on what road you want to take. Once you have come up with a product or service, you need to refine it.

I always ask my clients and people I come across in life that are in business, why? What motivates you to want to be under all that stress of running a business? What’s your motivation for you entering into this world of business? I find all kinds of answers both great and puzzling. I get the opportunity to understand people better and how and what motivates them, could it be for some financial freedom, or for some the opportunity to be part of something and the most common answer I hear is I don’t want to work for someone else. What a great answer for all of them as I look back and engage in conversation with them. I get the opportunity to travel a lot and speak at seminars across the country and meet all different walks of life. What a true blessing. There are so many people and business owners out there we will never have the chance to meet and I feel honored every time I get that chance to talk it up with someone I have never meet. I want to talk in this article about what it means for us to be in business, what’ in it for you. You need to ask yourself some of these key questions before entering business, why are you doing this? What is the driving motivation for you to start a business, how you have some sort of tragic episode in your life that you just decided to throw in the towel on your 9-5 and become part this movement in our country that seems to be sweeping the nation.

The format of a Business Plan is something that has been developed and refined over the years and is something that should not be changed. Like a good recipe, a business plan needs to include certain ingredients to make it work. When you create a business plan, don’t attempt to recreate its format. Those reviewing this type of document have expectations you must meet. If they do not see those crucial decision-making components, they’ll see no reason to proceed with their review of your business plan, no matter how great your business idea. Executive Summary SectionEvery business plan must begin with an Executive Summary section. A well-written Executive Summary is critical to the success of the rest of the document. Here is where you need to capture the attention of your audience so that they will be compelled to read on. Remember, it’s a summary, so each and every word must be carefully selected and presented. Use the Executive Summary section of your business plan to accurately describe the nature of your business venture including the need that you plan to fill. Show the reasons why people need your product or service. Show this by including a brief analysis of the characteristics of your potential market. Describe the organization of your business including your management team. Also, briefly describe your sales and marketing plan or approach. Finally include the numbers that those reviewing your business plan want to see – the amount of capital you seek, the carefully calculated sales projections and your plan to repay the loan.

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Direct mail advertising has been proven to be a very effective marketing tool for businesses in Miami FL. Catalog mailing is one very important aspect of direct mail advertising that you need to look into and maximize in order to grow your Miami FL business. There are many proven advantages to catalog mailing. In fact, it is considered to be one of the best ways to sell products and services. Some 167 million consumers per year make purchases from mailed catalogs. Each buyer on the average places some 11 orders a year. That’s 1. 8 billion sales transactions per year.schadenfreude the crispy garnish that tastes just like its name The combined purchases of individual consumers and businesses from catalog mailings per year come to about $150 billion. Wouldn’t you want a slice of that huge pie?According to statistics, roughly half of existing consumers shop online based on print catalogs they have received by mail. Once a consumer has received a mailed catalog, he or she is more than twice as likely to buy something online from it. Online sellers generate the most number of online sales through customers who order from print catalog mailing. These customers spend 16% more on the average as compared to customers who did not receive mailed catalogs. Catalog customers are also more likely to become frequent repeat buyers online, with repeat transactions adding an average of 15% more sales. Indeed, having a print catalog on hand is a very convenient reference material for consumers while deciding on purchases to be made online. Having the print catalog in your target market’s homes or offices also serves as a constant reminder to them of your products and services even while they are offline. It has been observed that 59% of recipients of catalog mailings keep the catalogs for a minimum of three months or until a new catalog arrives in the mail. Imagine the exposure your business gets and the marketing potential in that period. The distinct advantage of catalog mailings is that they allow your consumers to place their orders online or by phone or mail, if they please. If your brick and mortar store happens to be in the same locality, the catalog mailing will also send you walk in shoppers who would want to see your merchandise first hand. Of course, you have to make sure that your catalog displays your products and services at their best. Choose a size and design that is most appropriate for your business and that will stand out in the midst of competition. Remember that your target market receives numerous catalogs by mail. Billions of catalogs are actually sent throughout the United States every year. Avoid having a catalog that looks unprofessional or shoddy. That will reflect very badly on your business image. And will backfire on your goals. Do not cram too much information or images on each page. Make sure that your colors are attractively pleasing to the eye. Check your copy for errors, inaccuracies and vagueness. If possible, hire a professional catalog designer who will know how to lay out your pages for optimum effect, as well as a professional copy writer who can use words to your best advantage. Also ensure that your catalog is printed at the highest quality, looking crisp and inviting. It would be best if you could test a prototype before finally having your catalog printed out in bulk. Find a reputable mail house that offers catalog mailing services along with business mailings and other fulfillment services, such as presort services, which you will need in your bulk mail advertising campaign. Postal services alone will not be enough for your needs unless you are willing to do much of the work yourself in-houseschadenfreude the crispy garnish that tastes just like its name

Today’s economy and high unemployment rates are pushing most of us to explore the option of putting up our own small businesses. You will get to handle your own money, there is no risk of lay-offs, and it is a great opportunity to explore your skills on handling your own business and company. However, more banks nowadays are enforcing stricter rules and guidelines for giving out business loans.   A bad credit history may be one of your concerns for getting rejected for a loan, and this makes it difficult for us to get the financial help few need to get started. Like every other bank or lending institution, risk factors have to be taken into consideration before they hand you their money. The credit card services you have availed and how you paid these services are very important information for these companies because it will be their basis on the approval (or disapproval) of your request, and the rate of interest they can give you. All in all, it is a tedious and stressful ordeal to go through. Fortunately, there is now an easier way to get a  small business loan without the fear of your own credit card history. Getting a business cash advance is a faster and less stressful way of getting and paying off a business loan. A business cash advance is a lending service offered to business owners who accept credit cards as payment for their goods or services. It has a shorter processing time and you can even do the transaction online. This is ideal for those time-dependent money problems you naturally experience with your business. It usually only takes a few days to a week to have your request processed and approved, with the money transferred to your own account. All you need to do is fill out their forms (available online) and qualify for their basic requirements. The requirements are quite similar to those of most lending institutions, but your credit history would not be put under too strict reviews. In fact, unlike business loans from the bank, bad credit history is not that big of a deal for cash advance providers. You only need to be of legal age; have a registered business in the US; have a small business that processes credit cards for payment; and have been in business for at least a year. You can use the money to start or franchise your own business, refinance a business debt, buy new equipment or purchase goods, and pay of f debt or taxes. The payment terms for a business cash advance is, of course, different from that of a business loan from the bank. But in general, the payment terms for this lending service will greatly depend on the amount of money you will be borrowing. The higher the amount, the longer the term period. For banks and other big lenders, payment terms for business loans can be paid off in long term or short term. Small business loan payment in banks usually does not exceed five years. Payment terms for business cash advance canbe instant or can be done on a monthly basis, it all depends on your capability to pay, and the amount of money you borrowed. The payment terms will usually require you to pay the cash advance company each month and you will get the payment structure with the amount that they expect you to pay every month. If you can afford to pay it off all at once, then the better. A business cash advance is a great way to fund your small business because it is convenient and easy to apply for. All you need now is to choose a legitimate cash advance lender to get started.

Not only big companies or corporate names need to think about branding, this can also be applied to small businesses as well. Branding says a lot about you and your business, and this certainly true for a home-based, one person operation to a multinational company. This only means one thing, that having a good brand name or branding strategy can add a couple of figures to you sales. It doesn’t promise you to become large company overnight (no strategy will!), yet it will give you steady and visible results before you know it. Your business, service or product’s most valuable asset can be it’s brand. It’s your corporate identity. An effective brand tells the world who you are, what you do and how you do it. It’s how your business is perceived by your customers. With a powerful branding strategy your company’s market position can actually be elevated. For example, you can go from “the low price leader” to “the top choice for professionals”. Once your brand has a high perceived value, you can charge a premium for your products and services well beyond what your competitors are charging. It’s even possible for your brand to dominate your niche. Also, the value and recognition of your business, service, product and yourself determines marketing potential. Therefore, branding is a basic part of building your business. Clients, consumers and customers should always remember your name, products and services so they can easily refer it to others and this can also build loyalty for repeat transactions. Here are a few tips that can get you started on how you can use branding to grow your business: Develop Your Business’s logo – A good logo will give the first impression and fast recall of your company. One of the most important factors is to ensure that it doesn’t imitate any existing brand designs for copyright issues. It’s suggested to get a simple and catchy brand name that comes with a simple logo. Develop Your Company’s Core Values – Review your company’s mission statement. If you don’t have one…write one. Your brand reinforces and supports your mission. Take a look at Pizza Huts mission statement and core values. ——————————————————————————————–Pizza Hut’s Mission StatementWe take pride in making a perfect pizza and providing courteous and helpful service on time all the time. Every customer says, “I’ll be back!” We are the employer of choice offering team members opportunities for growth, advancement, and rewarding careers in a fun, safe working environment. We are accountable for profitability in everything we do, providing our shareholders with value growth. Pizza Hut’s Core Values: P. E. A. R. L. SHave a PASSION for excellence in everything we do. EXECUTE with positive energy and urgency. Be individually and collectively ACCOUNTABLE for growth in people, customer satisfaction and profitability. Find reasons to RECOGNIZE the achievement of others and have fun doing it. LISTEN and more importantly, respond to the voice of the customer. Think SAFETY first. ——————————————————————————————– Think about how their mission and core values are demonstrated in their brand. Think about their logo, advertisements, commercials, employees and management, fulfillment (when you place your order) and customer service. Get the idea? An additional word on fulfillment and customer service. Develop high standards of customer service so that clients feel that you’re always willing to go the extra mile to solve their problems. Remember that customers who get good customer service, come back and bring more customers with them. Develop A Strong Public Image – Be consistent, it’s important that your business keeps a single character or appearance. This means having a consistent message, trademark, publicity and company values. You do this by integrating your brand strategies through your company at every point of public contact. This will help build company loyalty that will reflect to your customers. The internal workings of the company must always be in place and shouldn’t be changed. This will help build the company’s dependability and will connect powerfully with your clients. Developing a company image and strictly adhering to it will result in your customers appreciating your service as well as your employees. By letting the business stand for something that you believe in, more and more customers will start appreciating your brand building your reputation. And reputation is something that every business would like to have, yet only a few get. A strong brand will also project an image of a large and established business to your potential customers. People usually associate branding with larger businesses that have the money to spend on advertising and promotion. Once you create an effective branding strategy, then it can make your business appear to be much bigger than it really is. An image of size and establishment can be especially important when a customer wants reassurance that you will still be around in a few years time. A strong brand projects an image of experience, reliability and quality in your business. Many people see the brand as a part of a product or service that helps to show its quality and value. It’s commonly said that if you show a person two identical products, only one of which is branded; they’ll almost always believe the branded item is higher quality. Most people believe that a business won’t put their brand name on something of poor quality. Also branded businesses are more likely to be seen as experienced in their industry, products and services, and will generally be seen as more reliable and trustworthy than an unbranded business. Develop Strong Marketing – Another good reason for developing a strong branding strategy is to make your sales force more effective and efficient. When your market recognizes your brand, you don’t have to spend a lot of time with new prospects explaining who you are, what you do and how you do it. Your brand already has already educated and built credibility with them. So now you can invest almost 100% of your time on sales rather than educating your prospects about your business. Develop New Products And Services – Another way that branding benefits your business is that the efforts you make increasing your brand awareness, through promoting and marketing your brand to your target market, automatically transfers to ALL OF YOUR PRODUCTS AND SERVICES. This includes any new products and services that you roll out in the future. So, even when you’re promoting your brand, you’re also indirectly marketing all of your products and services. And this means that customers for one of your products and service will be more likely to buy other products and services from you as well. Separate Yourself From Your Competition – The main reason for creating strong brand for your business is to differentiate yourself from your competition. A strong brand will deliver your message clearly, confirm your credibility, connect with your target market emotionally, motivates your prospective customers to buy and concretes their loyalty. So it only makes sense to understand that branding isn’t about getting your target market to choose you over the competition, yet it’s about getting your prospects to see you as the only one that provides a solution to their problem. Consider Jerry Garcia’s insightful statement: “It’s not enough to be the best at what you do; you must be perceived as the only one who does what you do. ” – Jerry Garcia To be effective your branding must be strong, you must have a well defined strategy, your expertise and message has to be clear. Or you’ll get no results. For example, many years ago, there was only one local market. If you wanted to buy soup you simply went to the market and bought soup. Then came supermarkets with 6 different types of soup. If you didn’t recognize the other soups you’d most likely buy Campbell’s. Remember people buy brands not products and services. A brand promises the same positive consistent experience every time. Empowering you to buy with confidence and making your decision easy. So it was easy to make a buying decision. Yet now there are literally millions of companies on the internet locally, nationally and internationally. All competing for local markets in the US! So now powerful branding is even more important than ever before! In closing, to succeed in branding you must understand the needs and wants of your customers and prospects. To effectively use branding to grow your business, you must invest the time in researching, defining, building and promoting your brand. When done correctly, your prospective customers will draw this simple conclusion, “I’d have to be an absolute fool to do business with anyone else except you…regardless of price”.

In the midst of the global economic crisis, many small businesses are on the brink of closing down if not enough capital infusion is found. It is now even more difficult to get small business loans from banks, though. Ironically, the exact reasons why small businesses need such small business loans – the fact that business has slowed down and profitability has plummeted – are the same reasons why banks turn them down for loans. Small businesses now have to be more resourceful in finding alternatives to small business loans. Government Grants and Contracts Instead of Small Business LoansThe American Recovery and Reinvestment Act signed by President Obama in February 2009 caused the pumping of billions of dollars for the revitalization of the economy. Because of it, there are plenty of government grants and contracts available to small businesses. These can be alternatives to small business loans. But how can small businesses avail of the stimulus program?The Association of Procurement Technical Assistance Centers (APTAC) has the responsibility for helping small businesses obtain and perform federal, state and local government contracts. It has Procurement Technical Assistance Centers (PTAC) throughout the country, ready to help small business owners to get registered and find opportunities in the area of government grants and contracts. Counselors assist small businesses in filling out bids, proposals and quotations. The PTAC holds seminars teaching small business owners all the ins and outs of government legalese, including acronyms and registries. A one-day seminar with PTAC covers what small business owners may take months to learn on their own. The PTAC then helps small businesses with Central Contractor Registration (CCR), a requirement for doing business with the federal government. This registration can be so complicated that some companies take two days to do it when the PTAC counselor can help them get through it in 15 minutes. Local PTACs will be of help in acquiring state and municipal contracts. Other resources that small business owners should consult include the Small Business Administration (SBA) which also coordinates with the APTAC; the General Services Administration (GSA) which acts as the government’s purchasing department and provides information on becoming an approved vendor; the Federal Business Opportunities website (fbo. gov) where federal contract opportunities currently available are posted; and the Small Business Innovation Research website (sbir. gov) where grant and funded research opportunities for small businesses are listed. Cash Advances from Credit Card Services Instead of Small Business LoansAnother alternative to small business loans are cash advances from credit card services. This option is much easier than winning government grants and contracts. Most small businesses are already availing of credit card services that enable them to accept payments by credit cards or debit cards. This is practically a requirement to doing business these days, with people hardly paying cash for goods and services. Many small business owners do not know that they could avail of cash advances from these credit card services, though, and that such advances can actually equal small business loans. The amount that a small business can borrow is based on its average monthly income from credit card sales. This is so because the cash advance does not require collateral and future sales receivables from credit cards stand as the collateral. Payment will also be done through automatic deductions from those future credit card sales. There will be no set monthly amortizations. Instead, a certain percentage of the sales will be allotted as payment. The small business owner, therefore, need not worry over where to find cash for loan payments. Cash advances from credit card services are the best bet of small business owners as alternatives to small business loans.

Setting up a home-based business may be a more cost-effective alternative to setting up a major company, but it may still drain the limited resources of a small business owner. To keep the business going, small business loans will definitely be necessary. These can be availed of through credit card services. This article will show you how. First, you need to set up your home based business. Do your research on the type of business you want to establish. Find out what licensing and zoning requirements you need to meet and ensure that you meet them all. Do not attempt to cut corners here. Get the services of an accountant, even if only on a consultancy basis, to help you set up your books and records correctly from the start. Ask for help in determining deductions so that you can plan on your business expenses. Establish a routine for keeping strict records of all income and expenses right from day one. Keep all business related receipts, invoices, client records, bank statements, bank deposit slips and canceled checks. Being home-based, you need to set aside a particular place in your home just for your business. Make sure it can accommodate all the necessary equipment. Check that you have the appropriate electrical outlets and have them installed if needed to avoid overloading your system. Set up rules to keep the area insulated from household noise and disturbances. Have a business phone installed that is separate from your residential line. Avoid having your children answer the business line. Install an answering machine to take calls when you are out or occupied. Get a post office box so that you can use that address in your official stationery and other documents, keeping your business profile professional. Hold client meetings in rented conference rooms or set business meetings in good restaurants. One of the most important steps in setting up your home-based business is to acquire credit card services that will enable you to accept credit card payments and debit card payments. These credit card services provide all the necessary software and hardware for you to be able to process payments in person, online or by phone. This step alone already expands the customer base that you can access. Credit card services will also serve you well once your home-based business begins to feel the need for additional capital. When you need to get small business loans, you will not have to approach banks which are most likely not sympathetic to small home-based businesses. The need for small business loans usually comes when the home-based business is already at least a year old. At such time, your home-based business would have created an average monthly credit card sales record with your credit card services company. You can refer to that when you approach your credit card services company for small business loans, sometimes called cash advances. Credit card services do offer small business loans to their clients based on average monthly credit card sales, without the need for any collateral. The aforementioned average monthly credit card sales guarantee your company’s capability to pay the small business loans. Payments will be automatically deducted as a percentage of future credit card sales. This arrangement frees you from worrying about the amortization for your small business loans, too. As soon as you pay up your small business loans completely, you are automatically eligible for new small business loans for as long as your home-based business is getting a good monthly average in credit card sales. With the help of credit card services, you can continue to expand and grow your home-based business.

Starting a business and making it successful encompasses a great deal of work, but sometimes it gets overwhelming and you feel that selling it is the best option for you. While the current business market is shaky with the global recession affecting everything, you still have a good opportunity to sell your business. Even if you decide to wait until the economy is in a better state, you can be preparing your business for sale. Here are some things to consider while preparing to sell your business. 1.     If you have any problems within your business whatsoever try to get them resolved as soon as you can. Talk to any business partners about major decisions concerning the business and its sale, and make sure that a buy and sell agreement is in place before any sale is finalised to ensure a smooth transition. 2.     Work on getting all of your financial documents up to date and as accurate as possible. This is a great way to impress the buyer of the businesses acumen, and it will help convince them that the business is worth the price you are asking for it. It’s best to be up front and honest about all aspects of your business as well. Even if there is something negative in the businesses history, not revealing it could lose the sale. 3.     Be prepared to help finance the sale of your business, because the current economic conditions could keep the buyer from getting funding put into place. You can also start looking for a reliable business broker to help you in your search for buyers. They will be able to qualify the buyers for you based on their financial credibility and their ability to successfully run a business. 4.     Discuss with the business broker the price you should be asking for your business. They have all of the expertise needed to help you determine a price for your business that is based on the current economic conditions, how the marketplace is moving, and how a realistic price will help you sell your business instead of leaving you out in the cold because your price is simply too high. 5.     Stay in constant communication with your business broker throughout the preparation of the business for the sale all the way through to the finalisation of the sale itself. They know where to list your business for sale, who to contact and speak to during inquiries about the sale and ways to get the transaction completed in a reasonable amount of time.   They will act as your representative for the buyer and they can assess the offers that come into their office. They can also help you structure the final sales transaction, and by working with them consistently you can build a trusting relationship that will benefit your business. While waiting for the business to sell it is advisable to keep the business running as efficiently and profitably as possible, letting the business broker hand the sale for you. They are working on your behalf and by allowing them to handle all of the sales aspects for you; you can concentrate on making sure the business remains running at peak efficiency.

Many small business owners have been disappointed when their applications for small business loans were disapproved by banks under the Small Business Administration’s program for America’s Recovery Capital. According to an article written by Robb Mandelbaum in the August 12, 2009 edition of The New York Times Online, “the program is off to a slow start. ” It seems that most banks are reluctant to approve applications for small business loans. Mandelbaum reports that the Small Business Administration’s program has $255 million to give away, enough to give small businesses 10,000 loans reaching as much as $35,000 each. However, two months after the program was launched, there have only been 1,127 small business loans released, with a total of $36. 8 million. Sources are saying that banks are not very keen on participating in the Small Business Administration’s program because giving the small business loans would not be very profitable for them. Paul Merski,. chief economist of the trade association Independent Community Bankers of America, said, “There’s not a lot of profit motive in a $35,000 loan stretched over six years. ” Bob Seiwert from the Center for Commercial Lending and Business Banking at the American Bankers Association reveals that, because of strict underwriting standards, servicing the small business loans becomes even more expensive. The banks have also found more ways to restrict the approval of small business loans with the Congressional restrictions on loan eligibility. According to Congress, in order to qualify for the Small Business Administration loans, small businesses need to be both struggling and viable. That means the business should have had an “immediate financial hardship” such as a 20 percent decrease in revenue. However, the business must also be at least two years old with proof of positive cash flow in one of the previous two years. It should also submit a two year cash-flow projection proving that it will be able to afford loan payments. Because of the Congressional restrictions, banks are more likely to approve small business loans from their existing clients. Merski said, “From a financial perspective, it really is a loan that makes sense for an existing customer. You’re not going to have to put out a lot of resources to do a very costly underwriting. You know the business. ”Those who are working in support of small businesses are very much disillusioned. An example is Alex Cooper who is a counselor at the Pima Community College Small Business Development Center in Tucson. He said he had assisted almost 30 small business owners with their loan applications but none of them had been approved. “It’s a disappointment. I thought the banks would be more interested in the community and try to help small businesses,” he said. When the applications for small business loans are disapproved by banks under the Small Business Administration’s program for America’s Recovery Capital, small business owners still have another option. They can get the equivalent of small business loans from their credit card services. Credit card services provide their clients with the ability to accept payments through credit cards or debit cards in person, online or through the phone. Clients who have established a certain minimum in average monthly credit card sales are qualified to apply for cash advances that are like small business loans. Payments are automatically deducted from future credit card sales. If you are a small business owner, you do not have to go through the hassles of applying for small business loans with banks who are reluctant to participate in the Small Business Administration program. Get your trouble free small business loans from your credit card services instead.