Have you ever wondered if what you know about small business is accurate? Consider the following paragraphs and compare what you know to the latest info on small business.
Knowledge can give you a real advantage. To make sure you're fully informed about small business, keep reading.
What is it that makes starting our "Own Home Business" sound so enticing? It is true that the 'right' job is becoming hard to find as corporations merge, downsize and relocate all in the name of profitability. There is no doubt that we all need to think more creatively about our future livelihoods, but is home business ownership right for you? According to the ABS, nearly one million Australians work from home. This includes off-site or telecommuting employees, but still amounts to more than 10% of the entire workforce. Of these 76% are individuals aged 35 years or older.
I encourage self-employment as I know the flexibility, independence and other benefits that it can bring. Being your own boss, working around your kids and determining your own hours, income and holidays is an attractive idea. However, I have learned that not everyone should run his or her own business. Why is it that many people running businesses are not successful, happy or fulfilled while others absolutely love it? I believe it all comes down to planning and having realistic expectations.
For a lot of people starting their own home business is the best decision that they will ever make. They have done their homework, thoroughly researched their concept/product and have organized financial back-up (yes, it does take at least some money to make money). From the time they start their business they are positioned for success. Yet for others, the decision to become self-employed is a complete disaster.
Statistics show that 9 out of every 10 new businesses cease within 10 years. You can increase your chances of success by using an established business model through a franchise or Multi Level Marketing plan. For many however 'business ownership' simply means more work for less pay! The businesses that grow and prosper are professional. They plan and set goals effectively and regularly review these, invest in marketing and growth and work hard! It takes persistent and consistent activity to achieve your goals and to be successful in any business - it's that simple!
Multi Level Marketing has proved the perfect vehicle to allow me to be successful in my own home business. I actively promote goal setting (both short and long term) within my team. We then work together to formulate 90 Day Plans and a Daily Method of Operation (DMO) to ensure that they are undertaking the required level of activity to get the results they desire. Regardless of whether you are in MLM or a more traditional business, the secret to success is planning - boring, tedious, time-consuming planning.
As they say "Failing to plan is planning to fail." Having said that, planning in the absence of activity will not result in success. The benefits of working from home are huge but it is not a decision for the fainthearted, weak willed, or very disorganized. Before you embark on any business venture you need to do your research, organize your finances, plan your goals and activities, have realistic expectations and stand in front of the mirror and take a good, hard look at yourself. Take stock of your strengths and weaknesses and understand your personality type. Are you disciplined enough to get up every day and commit to doing whatever it takes to reach your goals?
Are you willing to work harder on yourself than you ever will on your business?
Are you willing to reinvest short term profits back into your business in order to gain long term rewards?
If you can honestly answer YES to these questions, congratulations, you have the makings of a successful home business owner (and I'd love to talk to you!). If you are not quite sure, I suggest you look for an opportunity that you can start part-time and see if you "have what it takes" while still retaining the income of your current job. If you answered NO to the above questions (or think I'm being too tough) - there are benefits to being an employee, I suggest you "Don't Give Up Your Day Job!"
The day will come when you can use something you read about here to have a beneficial impact. Then you'll be glad you took the time to learn more about small business.
More interesting articles to be found at Internet Employ
Saturday, August 19, 2006
Sunday, July 16, 2006
Five Steps to Starting a Business
Starting a business can be a rewarding experience, but it can also be very time consuming and difficult. Many resources are available to assist you, but information overload can cause you from moving forward. Keeping it simple is often the best way of maintaining the momentum necessary to get your business started.
There area series of steps to ensure success.
The first step toward getting your business going is deciding on a name, for example "New York Landscaping." Any name that you do business under other than your own
given name is called a "fictitious" or "assumed" name, and certain steps need to be taken in order for you to do business under that fictitious or assumed name. Depending on where you live, different government agencies track which names are available. Look in your local phone
directory, under government agencies to find the number, or contact your local Secretary of State. Check to find out if the name you want has been taken. If it is available, you may need to file a fictitious orassumed name certificate with the state or local fictitious name office.
Some areas will also require you to publish a notice in the local paper about your new assumed name.
Both state and federal law regulates the use of names and "trademarks". To avoid conflicts with other businesses regionally or nationally using your business's name, or the names of your products, you may want to consider registering your trademark on the federal or state level.
Contact an intellectual property attorney for trademark search and registration services.
The second step is knowing that different areas have differing licensing and permit requirements depending on the type of business you are going into. Most businesses that require a license will have a local licensing authority that can guide you through the process. Find out the licensing requirements on federal, state, and possibly even local levels for your type of business and get licensed. Failure to be properly licensed could result in penalties such as fines, closure of your business, and imprisonment in some cases.
The third step is getting insurance. When things are going smoothly, insurance can seem an unduly burdensome expense on a small business. But when things go wrong, whether or not you have insurance can mean whether or not you and your business survive a catastrophic event like a lawsuit, fire, or natural disaster. Liability insurance protects you against liability in the event of injury to others or damage to other persons property. Liability insurers most often have two duties:
1. The duty to defend you. Hire a lawyer, if you get sued
and
2. the duty to indemnify you. Pay for damage or injury to others. Both duties are extremely important, but the first is often overlooked by small businesses.
The cost of defending a lawsuit can easily run into the tens of thousands, or even hundreds of thousands of dollars even if you win. That's why being careful is no substitute for liability insurance. Make sure you have adequate coverage for your vehicles and those of your employees when used for business purposes. You can be sued and held liable for injury or damage done by your employees if it is within the course and scope of their employment.
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage. Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses. Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start. Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site.
http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site. In the United States, the Workers Compensation scheme does
a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make sure you register with your state for payment of unemployment compensation taxes. Download IRS Form W-4 from the IRS web site to take care of employee withholdings. You should get copies of INS Form I-9 to verify your employees' eligibility for employment in the United States.
Finally, issues regarding wrongful termination, discrimination, workplace harassment, and other legal issues have come to the forefront in today's business environment. Make sure you have an employment agreement that spells out whether your employee is "at-will". ex: can be let go at any time without cause, or the terms of the employee's contract for employment.
Make sure you Draft employee guidelines or an employment manual to make sure there are no misunderstandings about what expectations, rules and responsibilities are in place. Document any issues relating to your employees well and be proactive about handling disputes. A little planning in the beginning can save a lot of headaches and legal expense later on.
In conclusion- hiring independent contractors is often a good way to avoid the administrative burdens of hiring employees, but be precautious. There are many pitfalls to hiring an independent contractor who is for all intents and purposes an employee. Talk to a lawyer and your tax advisorabout who is an employee versus a contractor.
About the author:
Abe Cherian is the founder of Multiple Stream Media,
a company that helps online businesses find new
leads and more customers without spending a fortune.
http://www.multiplestreammktg.com
Circulated by Article Emporium
-------------------------
Another Great site for information : Internet Employment
There area series of steps to ensure success.
The first step toward getting your business going is deciding on a name, for example "New York Landscaping." Any name that you do business under other than your own
given name is called a "fictitious" or "assumed" name, and certain steps need to be taken in order for you to do business under that fictitious or assumed name. Depending on where you live, different government agencies track which names are available. Look in your local phone
directory, under government agencies to find the number, or contact your local Secretary of State. Check to find out if the name you want has been taken. If it is available, you may need to file a fictitious orassumed name certificate with the state or local fictitious name office.
Some areas will also require you to publish a notice in the local paper about your new assumed name.
Both state and federal law regulates the use of names and "trademarks". To avoid conflicts with other businesses regionally or nationally using your business's name, or the names of your products, you may want to consider registering your trademark on the federal or state level.
Contact an intellectual property attorney for trademark search and registration services.
The second step is knowing that different areas have differing licensing and permit requirements depending on the type of business you are going into. Most businesses that require a license will have a local licensing authority that can guide you through the process. Find out the licensing requirements on federal, state, and possibly even local levels for your type of business and get licensed. Failure to be properly licensed could result in penalties such as fines, closure of your business, and imprisonment in some cases.
The third step is getting insurance. When things are going smoothly, insurance can seem an unduly burdensome expense on a small business. But when things go wrong, whether or not you have insurance can mean whether or not you and your business survive a catastrophic event like a lawsuit, fire, or natural disaster. Liability insurance protects you against liability in the event of injury to others or damage to other persons property. Liability insurers most often have two duties:
1. The duty to defend you. Hire a lawyer, if you get sued
and
2. the duty to indemnify you. Pay for damage or injury to others. Both duties are extremely important, but the first is often overlooked by small businesses.
The cost of defending a lawsuit can easily run into the tens of thousands, or even hundreds of thousands of dollars even if you win. That's why being careful is no substitute for liability insurance. Make sure you have adequate coverage for your vehicles and those of your employees when used for business purposes. You can be sued and held liable for injury or damage done by your employees if it is within the course and scope of their employment.
Property and theft insurance may be an important consideration, as well as product liability or service liability insurance. This is often called "errors and omissions" coverage. Interview a few local insurance brokers and find one that seems knowledgeable and that you feel comfortable with. Then ask the broker to do a risk assessment to determine what coverages you might need and why. Remember, the broker makes money by selling you insurance "products" so be sure to question the types of coverage and amounts. If your broker can't explain why he or she is recommending the types and amounts of coverage in the risk assessment, find another broker.
The fourth step is recognizing and implimenting taxes. Sole proprietors need to be conscious of local, state and federal taxes and registration requirements relating to their businesses. Hiring an accountant or bookkeeper to help set up a simple accounting system, or using a software package is a good place to start. Hiring a tax professional knowledgeable about local and state taxes relating to your business, or contacting the local tax authorities before you begin generating revenue or expending money can help you stay organized and be ready for tax time.
Additionally, the IRS offers assistance for entrepreneurs starting a small business in various publications. You can download IRS Publication 334, entitled "Tax Guide for Small Business", and Publication 583, entitled "Taxpayers Starting a Small Business" from the IRS web site.
http://www.irs.gov
The fifth step is hiring employees (if needed). Though many small business people start out running their own shop, success will often bring the need for expansion. When an employee is added, you must obtain an Employer Identification Number from the IRS. You can download Form SS-4 from the IRS web site. In the United States, the Workers Compensation scheme does
a lot to protect employers from lawsuits by employees injured on the job, while also providing employees with easier compensation for workplace injuries. Be sure to talk to your insurance broker about workers' compensation insurance.
Talk to your tax adviser, and make sure you register with your state for payment of unemployment compensation taxes. Download IRS Form W-4 from the IRS web site to take care of employee withholdings. You should get copies of INS Form I-9 to verify your employees' eligibility for employment in the United States.
Finally, issues regarding wrongful termination, discrimination, workplace harassment, and other legal issues have come to the forefront in today's business environment. Make sure you have an employment agreement that spells out whether your employee is "at-will". ex: can be let go at any time without cause, or the terms of the employee's contract for employment.
Make sure you Draft employee guidelines or an employment manual to make sure there are no misunderstandings about what expectations, rules and responsibilities are in place. Document any issues relating to your employees well and be proactive about handling disputes. A little planning in the beginning can save a lot of headaches and legal expense later on.
In conclusion- hiring independent contractors is often a good way to avoid the administrative burdens of hiring employees, but be precautious. There are many pitfalls to hiring an independent contractor who is for all intents and purposes an employee. Talk to a lawyer and your tax advisorabout who is an employee versus a contractor.
About the author:
Abe Cherian is the founder of Multiple Stream Media,
a company that helps online businesses find new
leads and more customers without spending a fortune.
http://www.multiplestreammktg.com
Circulated by Article Emporium
-------------------------
Another Great site for information : Internet Employment
Thursday, June 22, 2006
Building Great Business Relationships
If you’re in a business relationship with anyone – a client, vendor, or customer – how important is that relationship to you? Do you value the relationship? Do you want to nurture it?
A business relationship, like any relationship, is a two-way street. The expectations of both parties needs be clear and easily understandable. Applying the Golden Rule is also a good idea: “Do unto others as you would have them do unto you.” That is a very powerful statement, and one I try to practice in my daily life, both in business and personal matters.
Good communication is key for any business relationship to grow and thrive. Even when conflicts surface (and they will), keeping the lines of communication open at all times is extremely important. Meet conflicts head-on, no matter how frightening they may seem at the time. The sooner the issues are out on the table and dealt with, the sooner you can get back on track and back to business-as-usual.
Another thing to keep in mind is letting people know you appreciate them. Thank you notes, cards and e-mails are always a good idea, and they never go out of style. People love to be appreciated. If you are receiving great business from someone, always be sure to let them know. You will feel better for it, and so will they.
Another great idea is to reach out and “touch” your clients and customers on a regular basis by sending them monthly newsletters. This is a wonderful way to keep in touch, both to let them know you are thinking about them, and to remind them about you as well.
Remember, you get out of a great relationship what you put into it. Value those you do business with. Nurture the relationships, so they are always growing and prospering. Keep this up and you will always have a garden full of healthy, happy business contacts.
About the author:
© 2005 Cynthia Morse, Virtually At Your Service. All rights reserved.
You’re welcome to reprint this story. If you do, please include this reference: Cynthia Morse CAP is a Virtual Assistant, and the owner of Virtually At Your Service, http://www.virtuallyatyourservice.biz
She offers remote administrative support to small business owners and other busy professionals from her home office, allowing them the time to focus on what they love and do best. Sign up at http://www.virtuallyatyourservice.bizto receive her e-zine “Virtual Service Connection” for monthly tips and resources benefiting small business owners.
------------------
Please visit : Internet Employ for more Great information.
A business relationship, like any relationship, is a two-way street. The expectations of both parties needs be clear and easily understandable. Applying the Golden Rule is also a good idea: “Do unto others as you would have them do unto you.” That is a very powerful statement, and one I try to practice in my daily life, both in business and personal matters.
Good communication is key for any business relationship to grow and thrive. Even when conflicts surface (and they will), keeping the lines of communication open at all times is extremely important. Meet conflicts head-on, no matter how frightening they may seem at the time. The sooner the issues are out on the table and dealt with, the sooner you can get back on track and back to business-as-usual.
Another thing to keep in mind is letting people know you appreciate them. Thank you notes, cards and e-mails are always a good idea, and they never go out of style. People love to be appreciated. If you are receiving great business from someone, always be sure to let them know. You will feel better for it, and so will they.
Another great idea is to reach out and “touch” your clients and customers on a regular basis by sending them monthly newsletters. This is a wonderful way to keep in touch, both to let them know you are thinking about them, and to remind them about you as well.
Remember, you get out of a great relationship what you put into it. Value those you do business with. Nurture the relationships, so they are always growing and prospering. Keep this up and you will always have a garden full of healthy, happy business contacts.
About the author:
© 2005 Cynthia Morse, Virtually At Your Service. All rights reserved.
You’re welcome to reprint this story. If you do, please include this reference: Cynthia Morse CAP is a Virtual Assistant, and the owner of Virtually At Your Service, http://www.virtuallyatyourservice.biz
She offers remote administrative support to small business owners and other busy professionals from her home office, allowing them the time to focus on what they love and do best. Sign up at http://www.virtuallyatyourservice.bizto receive her e-zine “Virtual Service Connection” for monthly tips and resources benefiting small business owners.
------------------
Please visit : Internet Employ for more Great information.
Thursday, June 15, 2006
After the latest advice concerning small business insurance rates?
Often when you are looking for superior advice about small business insurance rates, you'll find it difficult separating value packed information from misguided small business insurance rates submissions and proposals so it's prudent to know how to qualify the information you are often given.
Now we'd like to give you a few tips which we advise you to use when you are trying to find information about small business insurance rates. Bear in mind the guidance we put forward is only relevant to internet information about small business insurance rates. We don't offer any assistance or guidance if you are receiving information offline.
A great tip to pursue when offered information or advice on a small business insurance rates page would be to confirm the sites ownership. This may show you the people behind the site small business insurance rates credibility The quickest way to work out who owns the small business insurance rates site is to find the 'about' page.
All highly regarded sites providing information about small business insurance rates, will almost certainly provide an 'about' or 'contact' page which will list the owner's details. The fine points should tell some indication concerning the owner's requisite knowledge. You can then make a judgement about the vendor's insight and appreciation, to provide advice to you regarding small business insurance rates.
About the author:
Tom Brown is the webmaster at secretspecialnews.info
----------------------------------
Please visit Internet Employ for more on Small Business Information
Now we'd like to give you a few tips which we advise you to use when you are trying to find information about small business insurance rates. Bear in mind the guidance we put forward is only relevant to internet information about small business insurance rates. We don't offer any assistance or guidance if you are receiving information offline.
A great tip to pursue when offered information or advice on a small business insurance rates page would be to confirm the sites ownership. This may show you the people behind the site small business insurance rates credibility The quickest way to work out who owns the small business insurance rates site is to find the 'about' page.
All highly regarded sites providing information about small business insurance rates, will almost certainly provide an 'about' or 'contact' page which will list the owner's details. The fine points should tell some indication concerning the owner's requisite knowledge. You can then make a judgement about the vendor's insight and appreciation, to provide advice to you regarding small business insurance rates.
About the author:
Tom Brown is the webmaster at secretspecialnews.info
----------------------------------
Please visit Internet Employ for more on Small Business Information
Monday, May 08, 2006
A $40 Million Dollar Little Known Referral Strategy
A $40 Million Dollar Little Known Referral Strategy
by: David Frey
Copyright 2005 David Frey
Would you like to know how a car wash chain with only 12 locations has cleaned over 33,373,975 cars and has an annual revenue of over $40 Million (that is not a misprint) using little to no paid advertising?
Well, sit forward because I'm about to tell you. The company name is "Car Spa" and here's how I discovered their brutally effective referral strategy. I often go to Taco Bell to have lunch and read a book. I noticed a little flyer next to their cash register.
A few days later I stopped in with my family to get a frozen yogurt and right next to the cash register was the same flyer.
The next day, I took my family to our favorite buffet restaurant and low and behold, there was a stack of Car Spa flyers.
I then started asking the people at these locations what the deal was with the Car Spa flyer that they had next to their cash register and they all said that some old guy comes around every week and replenishes their stack.
I asked them, "Do you have some type of reciprocal arrangement with Car Spa?" They all said, "No...they asked if they could put their flyers there as a gift to our guests and we said sure."
Here's a copy of the referral flyer that Car Spa uses to drive traffic.
http://www.marketingbestpractices.com/temp/car_spa.pdf
Pretty simple. Notice the 48 hour guarantee.
______________________________
They're All Over the Place!
______________________________
Before you knew it, I started noticing their little discount flyers ALL OVER THE PLACE.
The copy center I use had a stack of Car Spa flyers.
The barber I use had a stack of Car Spa flyers.
The oil and lube place I use had a stack of Car Spa flyers.
The local handicraft shop my wife goes to had a stack of Car Spa flyers.
My son's dentist had a stack of Car Spa flyers in his office.
My local chiropractor friend had a stack of Car Spa flyers in his office.
An apartment complex office I visited had a stack of Car Spa flyers.
Everywhere I went, I saw a stack of Car Spa flyers. It was amazing. The have these little "referral lead generation magnets" all over the place.
______________________________
So I Finally Visited Car Spa
______________________________
And it wasn't any surprise that they were so busy that it took about 15 minutes of waiting just to get my car into their car wash.
I then went inside their office to wait for my car and noticed that they did NOT have one flyer from another business inside their office.
They were able to get all those other businesses in the area to send them referrals without having to do one reciprocal referral arrangement. And they did it simply by asking the business owners. That's all.
Car Spa probably gets 100 times the amount of referrals of any other business in the area as a direct result of this simple referral tactic.
If you have a brick and mortar business, what's stopping you from doing the same thing? All it takes is a couple of hours a day and a handful or referral flyers to pass out.
About the author:
David Frey is the author of the best-selling manual, "The Small Business Marketing Bible" and Senior Editor of the highly-acclaimed, "Small Business Marketing Best Practices Newsletter." To get your free lifetime subscription simply visit http://MarketingBestPractices.com
©2005 - All Rights Reserved
Another good place to check Small Business Information - please Internet Employ
Small Business Information
by: David Frey
Copyright 2005 David Frey
Would you like to know how a car wash chain with only 12 locations has cleaned over 33,373,975 cars and has an annual revenue of over $40 Million (that is not a misprint) using little to no paid advertising?
Well, sit forward because I'm about to tell you. The company name is "Car Spa" and here's how I discovered their brutally effective referral strategy. I often go to Taco Bell to have lunch and read a book. I noticed a little flyer next to their cash register.
A few days later I stopped in with my family to get a frozen yogurt and right next to the cash register was the same flyer.
The next day, I took my family to our favorite buffet restaurant and low and behold, there was a stack of Car Spa flyers.
I then started asking the people at these locations what the deal was with the Car Spa flyer that they had next to their cash register and they all said that some old guy comes around every week and replenishes their stack.
I asked them, "Do you have some type of reciprocal arrangement with Car Spa?" They all said, "No...they asked if they could put their flyers there as a gift to our guests and we said sure."
Here's a copy of the referral flyer that Car Spa uses to drive traffic.
http://www.marketingbestpractices.com/temp/car_spa.pdf
Pretty simple. Notice the 48 hour guarantee.
______________________________
They're All Over the Place!
______________________________
Before you knew it, I started noticing their little discount flyers ALL OVER THE PLACE.
The copy center I use had a stack of Car Spa flyers.
The barber I use had a stack of Car Spa flyers.
The oil and lube place I use had a stack of Car Spa flyers.
The local handicraft shop my wife goes to had a stack of Car Spa flyers.
My son's dentist had a stack of Car Spa flyers in his office.
My local chiropractor friend had a stack of Car Spa flyers in his office.
An apartment complex office I visited had a stack of Car Spa flyers.
Everywhere I went, I saw a stack of Car Spa flyers. It was amazing. The have these little "referral lead generation magnets" all over the place.
______________________________
So I Finally Visited Car Spa
______________________________
And it wasn't any surprise that they were so busy that it took about 15 minutes of waiting just to get my car into their car wash.
I then went inside their office to wait for my car and noticed that they did NOT have one flyer from another business inside their office.
They were able to get all those other businesses in the area to send them referrals without having to do one reciprocal referral arrangement. And they did it simply by asking the business owners. That's all.
Car Spa probably gets 100 times the amount of referrals of any other business in the area as a direct result of this simple referral tactic.
If you have a brick and mortar business, what's stopping you from doing the same thing? All it takes is a couple of hours a day and a handful or referral flyers to pass out.
About the author:
David Frey is the author of the best-selling manual, "The Small Business Marketing Bible" and Senior Editor of the highly-acclaimed, "Small Business Marketing Best Practices Newsletter." To get your free lifetime subscription simply visit http://MarketingBestPractices.com
©2005 - All Rights Reserved
Another good place to check Small Business Information - please Internet Employ
Small Business Information
Thursday, May 04, 2006
9 things you must do to maximize your chances
To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria.
To vastly increase your chances of a successful funding application, you will need to present the following information:
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It”
4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.
6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.
7. Latest Set of Management accounts. Again produced from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. – Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan, and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!)
Good luck!
About the author:
Neil Best is an accountant with over 15 years experience in business finance. This article and other useful business finance information such as making effective business plans and sourcing and applying for business grants can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html
Circulated by Article Emporium
©2005 - All Rights Reserved
Another good place to check Small Business Information - please Internet Employ
To vastly increase your chances of a successful funding application, you will need to present the following information:
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It”
4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.
6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.
7. Latest Set of Management accounts. Again produced from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. – Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan, and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!)
Good luck!
About the author:
Neil Best is an accountant with over 15 years experience in business finance. This article and other useful business finance information such as making effective business plans and sourcing and applying for business grants can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html
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20 Small Business Tips, For Success
These are just some general tips to keep in mind as you design/operate your small business:
1. Take the time out to explore and understand whether or not you are compatible with running our own business. Some people are just plain happier and better off financially on the other end of the paycheck.
2. Get your personal finances in order. Before you jump into the entrepreneurship world, get your own money matters squared away.
3. Pick your niche. Many small business owners succeed in businesses that are hardly unique or innovative. Take stock of your skills, interests, and employment history to select the business that is best suited for you.
4. Benefit from your business plan. The exercise of creating a business plan is what pays the dividends. Answer the tough questions now before the meter starts running.
5. Do not think you don't need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.
6. Acquire the proper background. In the early months and years of your business, you will have to acquire many skills. Gain the background you need to oversee all facets of your business well, but determine what tasks you should outsource or hire employees.
7. Remember that nothing happens until a sale is made – How many good products go nowhere because they do not reach the shelves? Sales drive your business. You will need a good marketing plan to sell your product or service.
8. You have to see a customer to know one. N o matter how busy you are, spend at least 25% of your time with customers. You cannot make the proper business decision without understanding their viewpoint.
9. Solve your customers’ problems. The best way to satisfy your customers is not by selling them products but by giving solutions to their problems. There is a big difference.
10. Quality takes minutes to lose but years to regain. Quality is not a destination, it is a never ending journey. After you have strayed from quality’s path, your journey maybe sidetracked forever.
11. Put profitability first, rewards seconds. In small businesses, profitability must come first. Find out how to measure your cash flow and understand key financial ratios.
12. Hire supporters. If you intend to create a growing business, your number one duty is to assemble a great team of employees.
13. Do not do it alone. Find such help from small business peers, a mentor, even trade associations. They can help take some of the trial and error of beginning your business.
14. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.
15. Make use of benefits. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.
16. Ignore regulatory issues at your peril. Federal, state, and local governments require licenses, registrations, and permits. Obey them or face losing your business.
17. Know the tax laws. Invest in understanding tax issues that affect your small business.
18. It’s the people! Whatever happens to a small business happens at the hands of the people who work for it. The evolution of the business is a result of their efforts.
19. Fast, good, cheap. Pick any two. Serious trouble awaits those who attempt to be all three in the market place. Stick with what you do best.
20. Develop a passion for learning. As your business grows, you need to change and grow along with it. One common denominator can be found in all successful business owners and that is a passion for learning.
About the author:
For more great business, marketing and mind power ideas to develope your business visit the Higher-Profits Blog at www.higher-profits.com
Another good place to check Small Business Information - please Internet Employ
1. Take the time out to explore and understand whether or not you are compatible with running our own business. Some people are just plain happier and better off financially on the other end of the paycheck.
2. Get your personal finances in order. Before you jump into the entrepreneurship world, get your own money matters squared away.
3. Pick your niche. Many small business owners succeed in businesses that are hardly unique or innovative. Take stock of your skills, interests, and employment history to select the business that is best suited for you.
4. Benefit from your business plan. The exercise of creating a business plan is what pays the dividends. Answer the tough questions now before the meter starts running.
5. Do not think you don't need bankers and investors at the outset of your business. The vast majority of small businesses are bootstrapped.
6. Acquire the proper background. In the early months and years of your business, you will have to acquire many skills. Gain the background you need to oversee all facets of your business well, but determine what tasks you should outsource or hire employees.
7. Remember that nothing happens until a sale is made – How many good products go nowhere because they do not reach the shelves? Sales drive your business. You will need a good marketing plan to sell your product or service.
8. You have to see a customer to know one. N o matter how busy you are, spend at least 25% of your time with customers. You cannot make the proper business decision without understanding their viewpoint.
9. Solve your customers’ problems. The best way to satisfy your customers is not by selling them products but by giving solutions to their problems. There is a big difference.
10. Quality takes minutes to lose but years to regain. Quality is not a destination, it is a never ending journey. After you have strayed from quality’s path, your journey maybe sidetracked forever.
11. Put profitability first, rewards seconds. In small businesses, profitability must come first. Find out how to measure your cash flow and understand key financial ratios.
12. Hire supporters. If you intend to create a growing business, your number one duty is to assemble a great team of employees.
13. Do not do it alone. Find such help from small business peers, a mentor, even trade associations. They can help take some of the trial and error of beginning your business.
14. Vendors are partners too! Treat your vendors like customers and watch your partnership grow.
15. Make use of benefits. Understand how to provide insurance and other benefits for your employees and cut your tax bill at the same time.
16. Ignore regulatory issues at your peril. Federal, state, and local governments require licenses, registrations, and permits. Obey them or face losing your business.
17. Know the tax laws. Invest in understanding tax issues that affect your small business.
18. It’s the people! Whatever happens to a small business happens at the hands of the people who work for it. The evolution of the business is a result of their efforts.
19. Fast, good, cheap. Pick any two. Serious trouble awaits those who attempt to be all three in the market place. Stick with what you do best.
20. Develop a passion for learning. As your business grows, you need to change and grow along with it. One common denominator can be found in all successful business owners and that is a passion for learning.
About the author:
For more great business, marketing and mind power ideas to develope your business visit the Higher-Profits Blog at www.higher-profits.com
Another good place to check Small Business Information - please Internet Employ
Saturday, April 29, 2006
First Steps to Starting Your Own Small Business
You’ve been dreaming about what it would be like to start your own small business. It has been on your mind since you were in school, and there are times, especially on Monday mornings, that you daydream about it. But, you’re not really sure what it would look like.
You don’t have the first clue how to get started, and of course, you’re afraid that you would put your heart and soul into it, only to fail and look like a fool. You barely even talk about it out loud, because you don’t want family and friends to laugh at you.
But, anything is possible! The only limitations we have are the ones we put on ourselves! With planning and learning the steps, and doing your homework, if this is something you really want to do, you can do it, AND succeed greatly at it, too!
I’m not saying it’s easy! Nothing worth having is. I have had to learn a great deal; about myself, about business, about my clients and potential clients. And it never ends, because my interests and passions change with the years. But, how exciting!
When my daughter started kindergarten, I returned to school. It took me five years to get through school, but I had a vision: I wanted to help people become healthy and fit in the privacy of their own homes. After school, I didn’t have that plan fully in place, even in my mind, but after six years of working in a hospital, I was ready.
I opened MEG Fitness in June, 1996. It’s been an incredible ride! I’ll never look back at my life with regrets that I didn’t pursue my dream. I really have learned that the only limits are those I impose on myself, too! So, I continue to dream bigger and allow my vision to become more grand. Why not? What’s the worst that can happen?
That’s what you have to ask yourself. If you never try, will you be happier? If you never try, how will you know if you could have done it? Consider some of the well-known names in sports, such as Michael Jordan, the basketball player; he has thrown more MISSED shots than those that have made their mark. What if he had not taken the chance to see what was possible for himself?
Okay, so now you’re ready to take the next step! First, in order to help you focus, I recommend that people start working on their business plan. The Small Business Association has invaluable resources on their website (www.sba.gov). This was the route I took.
A year before I quit the hospital, I started working on my business plan. It helped me determine exactly who I was, what I offered, why, who my ideal client was, who my target market was (at that time), who my competition was, where I would offer my services, how I would offer them, and so on. As I coach other health professionals who want this dream, I now use a 3-page business plan for clients who don’t plan to look for outside funding. Regardless of the type of business plan, it will help answer many hard questions for you.
There are resources specific to most specific fields, too, including other professionals who help others get started. Do your research to see who you can contact for support and to ask questions of as you progress. Once you have your business plan in place, it’s not time to celebrate, yet!
How are you going to accomplish the goals you have come up with in that plan? You next need a marketing plan. Now, although the marketing plan is also part of a business plan, it’s really just the intro! The marketing plan will become your template, your schedule, and will spell out the actions you will take to make those goals reality. If you use it seriously, it will be your day-to-day guide to making your dreams come true!
About the author:
Marjorie Geiser is a nutritionist, registered dietitian, certified personal trainer and life coach. Marjorie has been the owner of a successful small business, MEG Fitness, since 1996, and now helps other health professionals start up their own private practice. To learn more about the coaching services Margie offers, go to her website www.marjoriegeiser.comor email her at margie@megfit.com
Another good place to check Small Business Information - please Internet Employ
You don’t have the first clue how to get started, and of course, you’re afraid that you would put your heart and soul into it, only to fail and look like a fool. You barely even talk about it out loud, because you don’t want family and friends to laugh at you.
But, anything is possible! The only limitations we have are the ones we put on ourselves! With planning and learning the steps, and doing your homework, if this is something you really want to do, you can do it, AND succeed greatly at it, too!
I’m not saying it’s easy! Nothing worth having is. I have had to learn a great deal; about myself, about business, about my clients and potential clients. And it never ends, because my interests and passions change with the years. But, how exciting!
When my daughter started kindergarten, I returned to school. It took me five years to get through school, but I had a vision: I wanted to help people become healthy and fit in the privacy of their own homes. After school, I didn’t have that plan fully in place, even in my mind, but after six years of working in a hospital, I was ready.
I opened MEG Fitness in June, 1996. It’s been an incredible ride! I’ll never look back at my life with regrets that I didn’t pursue my dream. I really have learned that the only limits are those I impose on myself, too! So, I continue to dream bigger and allow my vision to become more grand. Why not? What’s the worst that can happen?
That’s what you have to ask yourself. If you never try, will you be happier? If you never try, how will you know if you could have done it? Consider some of the well-known names in sports, such as Michael Jordan, the basketball player; he has thrown more MISSED shots than those that have made their mark. What if he had not taken the chance to see what was possible for himself?
Okay, so now you’re ready to take the next step! First, in order to help you focus, I recommend that people start working on their business plan. The Small Business Association has invaluable resources on their website (www.sba.gov). This was the route I took.
A year before I quit the hospital, I started working on my business plan. It helped me determine exactly who I was, what I offered, why, who my ideal client was, who my target market was (at that time), who my competition was, where I would offer my services, how I would offer them, and so on. As I coach other health professionals who want this dream, I now use a 3-page business plan for clients who don’t plan to look for outside funding. Regardless of the type of business plan, it will help answer many hard questions for you.
There are resources specific to most specific fields, too, including other professionals who help others get started. Do your research to see who you can contact for support and to ask questions of as you progress. Once you have your business plan in place, it’s not time to celebrate, yet!
How are you going to accomplish the goals you have come up with in that plan? You next need a marketing plan. Now, although the marketing plan is also part of a business plan, it’s really just the intro! The marketing plan will become your template, your schedule, and will spell out the actions you will take to make those goals reality. If you use it seriously, it will be your day-to-day guide to making your dreams come true!
About the author:
Marjorie Geiser is a nutritionist, registered dietitian, certified personal trainer and life coach. Marjorie has been the owner of a successful small business, MEG Fitness, since 1996, and now helps other health professionals start up their own private practice. To learn more about the coaching services Margie offers, go to her website www.marjoriegeiser.comor email her at margie@megfit.com
Another good place to check Small Business Information - please Internet Employ
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