Going International with Business Card Printing

Posted by admin in BusinessAug 25th, 2010 | No Comments

With the more and more people doing their business globally, it is important to adjust your business tools for a more international audience. One of these investments that must go international is business card printing.

A lot of online business card printing services already offer a global perspective in terms of their business card designs. Having business cards designed and aimed for an international audience increases your ability to do business abroad. People will understand you better, and they can use your business card more effectively in their countries as well.

In addition, this will benefit you by increasing you chances of landing a business deal in different countries since people will understand you and trust you better. If you want to know how to go international with your business card printing designs, here are a few tips that you should know about.

Using ISO standards: The first thing that you must be aware of is the international standards for business cards. Yes, there are actually mutually accepted standards set forth by the international standards office about business cards.

This mostly relates to the standard dimensions that most business card printing processes should set. The ISO standard size for business cards is called the ISO 216 or A8 size of business cards. It has the dimensions 2.913 inches in length by 2.047 inches in height. In metrics, that is 74mm by 52mm. There is also the ISO standard credit card size for business cards. This standard dimension is about 3.370in × 2.125in in size or about 85.60mm × 53.98mm. These sizes can easily be adapted to most countries and can be used for most business transactions.

Country standards: However, if you do business with one or two countries primarily, then you may want to discard the ISO standard size, with a more localized size for the country you are doing business in. For most countries, businesspersons follow a different kind of business card dimension when doing business locally. If you apply this to your own business card, you can localize it giving your business card a better advantage

For European business card dimensions, the most widely accepted size is 85mm × 55mm. For Japan, it is 91mm × 55mm while in China 90mm × 54mm business cards are used. Of course, for Canada and the United States the standard business card dimension is 88.9mm × 50.8mm or about 3.5 × 2 inches. Overall, however, you just have to try to research on the standard dimensions that are in use for the country you are doing business with.

Using different language: Besides your business card international sizes, another thing that you can consider to make your business card go “international” is by using different languages. Again, since you probably may be doing business with one or two main countries, you may want to print your business card in that language.

Do not always assume that English can be understood in most countries. The best way is to print a business card with an English language front, but with a localized language at the back. For example, you can have your usual business card printed in English, while at the back of it, all of your details can be printed in Japanese or Chinese since you do a lot of business with them. Your business contacts will appreciate this effort to go global, and may probably net you a few advantages in doing business with them.

Great! Hopefully you can apply these tips when you start you next batch of business cards. Since most online business card printing services offer printing in different sizes and languages, you will have no trouble in making your international business cards. By using this design strategy, you can turn yourself into a more effective world trader, making business opportunities in different countries. Good Luck!

Learn about the developments in business card printing or online business card printing.

Fight Recession And Unemployment By Updating Your Business Image

Posted by admin in BusinessAug 24th, 2010 | No Comments

A bad economic climate is not something that you should be depressed with. Yes, your business might not be in the best possible circumstances or your job hunting might be producing less than ideal results. Instead of worrying about it though, you should try to feel challenged and motivated. In these times, if you are determined to get back on track to the road to prosperity you have to be creative and even aggressive in your business.

One of the simple ways you can do this is to re-imagine yourself and your business image. You can do this by trying to update your card designs and print business cards anew. Business card printing is still one of the best tools you have to engage clients and employers alike by making you look better and more competent. By updating your business card printing designs regularly, you can increase your competitive edge in your business field or in the job market.

There are several steps that you can take to update your designs for card printing and in turn update your business image. Most of them can add several dollars to your overall business card printing cost, but they are well worth the price to get the success that you need.

Throwing in that professional shine – The true mark of a professional is that “shine” in their personality. This also applies of course to their business cards. One good way to update your color business card and recreate your image is to invest in glossy coatings. Card printing has come a long way throughout the years and most business card printing services offer card printing with glossy finishes on its paper stock. This is the source of that professional shine. This contributes a reflective nature to your business cards making it look better and well more expensive. In terms of your business image, this means that people will think you care enough to promote yourself thoroughly, and you are thorough enough in your business ethic to remember even small details like professional business card printing. This little insight can be invaluable to your image which can give you that extra chance in making a business contract, or even getting that job that you wanted.

Rethink content – Besides adding that professional shine, you should try and rethink of your business card content. Your card’s content is your way in communicating your business image. This may come in the form of your business card tag line, the images that may be printed inside it and sometimes even the font style of your content. If you have been using your standard lines and designs for several years, you have to get rid of them and start with fresh new ideas. The first thing that you can work on is your tag line. Maybe you can use or search for a new and inspirational maxim to use? You may find something new to say, or you may be able to choose a different but still classing quotation.

The only point here is that you need to change it so that people will not find the same old boring thing. You can also try updating your content by rephrasing things like your job title, and you can also change the font style of all of your printed content so that they have a different appearance. By doing this major overhaul of your business card message you also recreate your image. Be sure to aim this recreation to the themes and qualities that you want to include in your business image.

So, by changing your business card looks and content, you also (by default) change your business image. Once you get those new business card designs, distribute them immediately so that your new image can take effect. This might be the new motivating factor that you need to engage your business contacts, or your future employers and convince them that doing business with you will be a successful investment. So update your image now through business card printing. It will be your key to business success, and in the larger picture will be your contribution in the fight against unemployment and recession.

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Merger and Acquisition Advisor or Business Broker ? Which One Do you Need in Order to Sell your Business?

Posted by admin in BusinessAug 24th, 2010 | No Comments

Most businessmen sell a business only once or twice in their lifetime. Selling a business may be the most difficult task for a businessman who might have taken years to build a profitable and reputable business. When he puts it up for sale, he hopes to recover the price for all that he has put into it. Selling a business can be profitable decision or one that can result in the loss of one’s life’s work. It is advisable for businessmen to hire professionals for selling their business. If your business falls into the mid-market category and you aim to drive a strategic deal out of your sale, you will require an expert merger and acquisition advisor. But if your business belongs to the Main Street and you just want to get the best price for it, you might need a business broker. Below, we discuss some of the differences between the two professionals, which can help one decide whom to hire for selling a business.

• Type of Business
Business brokers specialize in what are called main street businesses, which could be in the range of $100,000 to 1,000,000 in revenues and include businesses like restaurants, dry cleaners, gas stations, convenience stores etc. M&A advisors usually take on businesses with larger turnover, like manufacturing units, technology firms, distributors etc. If the business to be sold is amongst main street businesses, the services of a business broker to sell the business would be appropriate, whereas if it is larger, then the services of a merger and acquisition advisor would be needed.

• Targeted Buyer
Business brokers target individual businessmen for selling a business, whereas M&A advisors are connected with corporate buyers, who seek a strategic reason behind a merger or an acquisition.
 
• Business Valuation
Business brokers generally apply “rule of the thumb” valuations for main street businesses to determine their selling price. Such valuations rarely vary. Merger and acquisition advisors are called in when there can be a broad interpretation of strategic value and rules of thumb do not apply. Large businesses generally have high components of niche services, intellectual properties, strong customer base etc, which make the strategic value for the business vary widely.

• Complexity of Transaction
Business brokers handle small businesses to sell and their clients consist of individuals. The process of selling the business is simpler as compared to larger corporations. Contracts for small businesses are straightforward and negotiations are based on the requirements of the seller, price and financing. For a merger and acquisition advisor, the target is a corporate buyer, who is an expert at M&A deals. Corporate buyers have different teams working for them like legal experts, investment bankers, valuation professionals etc. and their contracts are extremely complex. A corporate buyer sends in teams to conduct due diligence and examine the business to sell in detail. Hence if the business to sell is a large corporation, the seller will need a merger and acquisition advisor, who is equipped and experienced to negotiate with such pros.
 
• Volume of Clients
Business brokers represent as many businesses for sale as they can. For business brokers, it is a benefit to have many businesses listed with them when they are contacting individual buyers. Business brokers rely on mass email a campaign, posting on websites etc. and their attention is divided amongst many clients at one point of time. Merger and acquisition advisors, on the other hand, have an exclusive clientele of 3 to 4 clients per professional. With specific industry niches and a customized database of contacts, merger and acquisition advisors give their clients the personal and professional touch that they demand.

• Fees
Business brokers have a system of a minimum upfront fee plus around 10% of the transaction fee on completion of a successful deal. They do not charge monthly fees. Merger and acquisition advisors, on the other hand, charge a substantial upfront fee or a monthly fee in the range of $3000 to $10,000 per month. M&A advisors also charge a percentage of transaction value as fees on completion of the deal, which is decided on basis of the size of the business. Big Wall Street M&A companies are known to refuse transactions below $1 million in fees.

Based on the points made above, you can decide whether to hire a business broker or an M&A advisor for selling your business. The major deciding factor will be the cost that you are willing to incur. Keep in mind that if you have a small business to sell, it will not be able to sustain substantial upfront as well as monthly fees of the merger and acquisition advisor. Hence it would be better to go for a business broker. Go for a merger and acquisition advisor only if you need to sell a large corporation with high intellectual property and niche services.

The Business Card Template

Posted by admin in BusinessAug 24th, 2010 | No Comments

Most businesspersons have color business cards printed twice or thrice a year. Depending on their type of business, they need to do this since market and larger economic forces may require you to update yourself and your image quickly to get new business contacts.

In this increasingly dynamic business environment, more and more people are investing in business card printing online to save time and money in producing and updating their color business cards. To help people in creating their own business card designs, some have introduced the use of business card templates.

Like other templates for printed materials, color business card templates offer a fast and easy way to change little aspects of your current business card design and update it for a new batch of printing. There are several reasons why you should try setting this up for your own business card designs as well.

Why use templates? – Business card templates offer you a chance to quickly rethink and redesign your business card image throughout the year. For example, there may be a sudden change in the business climate that changes the demographics of your clients and business contacts. From a general market of professionals, your market might change to a largely female professional audience, or maybe an older more “veteran” business crowd.

In these cases, using a template to quickly redesign and print your business card will come in handy. Within a few days, you can retool your business strategy so that you engage more with the new demographics of your market. Templates basically give you the flexibility to change your image within days to quickly exploit any business opportunities that may arise.

How to acquire a template – So how do you setup a template? Well, it is very easy. If you have a professional designer or layout artist that designs your full color business cards, have them give you a raw working digital copy of the design. This means you need to ask for the design in its design format, such as a Photoshop document file (.pds), Adobe Illustrator file (.ai) or a Quark Express Document (.qxd) or something similar.

In some cases, the design format can be in an office document file format such as a Microsoft Word document file (.doc) or other kinds of office documents. Having the design format at hand, means that you already have a template that you can change at will (as long as you have the software to open it). Just open the raw design file and adjust it to your needs when the time for changing your designs is at hand. Avoid getting templates in image file formats like JPG, TIF and PNG since these file types will be harder to edit and cannot be used as a template easily.

When to use the template – Now, you may ask, what is the right time to update my designs and use a template? Well there are several guidelines in dealing with this. First, you must have a regular update for your business card design each year. This is not just because you may have run out on your supply of business cards. Updating your designs yearly means you can update your contact information, add any important messages, and of course, you can also switch for a more popular business card design if necessary. Your templates can easily help you in doing this yearly update.

Besides the yearly changes though, you must also use your templates to update your designs when a change in the market climate comes. As was stated above, having new business cards printed to exploit a business opportunity can be a good business strategy. So have your templates ready when this time comes as well.

In the end, you should realize that business card templates are good supplemental tools to help you manage your business card printing strategy. They give you the opportunity to react quickly to dynamic business environments and they also keep you and your business image new and fresh for business contacts. So use your templates wisely and regularly so that you can take advantage of its benefits.

Learn about the developments in color business cards or business card printing online.

What is a Business Cash Advance?

Posted by admin in BusinessAug 23rd, 2010 | No Comments

If you own a small business in the retail and/or service oriented sectors, you should know what a business cash advance is.  Being enlightened on the business cash advance can lift a heavy burden off your chest, as it could significantly improve your business.

Money

Money is very important to a small business owner.  Small business owners need money to get their businesses off the ground and to maintain their businesses and most small business owners hope to eventually turn a profit and make money.  Therefore, it should spark your interest when I inform you that a business cash advance is money for your business.

Fortunately, the business cash advance differs from the bank loan in certain ways.  For example, often when it comes to bank loans, you know the money’s out there, but the numerous, hard-to-meet requirements and lengthy processes make it almost impossible to get.

The business cash advance, however, is not hard to get.  Most providers only set forth a few simple requirements; the merchant must process a minimum of $3,500 in monthly credit card sales, the merchant must have owned his/her business for at least six months and the merchant must have at least one year remaining on the business lease.

After applying and being approved in as little as 48 hours, merchants usually receive their money in about seven business days.  At this time, the merchant is free to use the funds however he/she chooses, making it possible for a merchant to maintain his/her business, expand his/her business or just have some extra cash on hand for business expenses.

Mechanics

Understanding the mechanics of a business cash advance is very important, because as mentioned earlier, the business cash advance differs from a bank loan in various ways.  Unlike bank loan borrowers, merchants who choose to take advantage of the business cash advance do not have to make fixed monthly payments.  Instead, business cash advance repayments are automatically deducted whenever customers make credit card purchases.  When customers make these purchases, a small percentage of the sale goes toward repaying the advance.  This unique method allows payments to go with the flow of business and it allows small business owners to continue business as usual without worrying about making monthly payments, late fees, penalties, etc., because there are no penalties for early or late repayment.

The business cash advance is one of the best business funding options for merchants.  The process is simple and benefits are incredible.

What is a Business Coach and How to Profit From It? – For Business Coaches

Posted by admin in BusinessAug 23rd, 2010 | No Comments

Introduction
What’s the first thing that someone thinks of when you think of coaching? Yes, sports coaches are the most popular and widely thought of. They teach athletes to play and work together as a team, but the phrase coaching encompasses a world of opportunity. For example, there is business coaching. Do you know what a business coach is? If not, you should take the time to familiarize yourself. Why? It is a great opportunity and one that can translate into profits.

What Is a Business Coach?
A business coach is an individual who provides business owners support and encouragement. This support and encouragement gives them that extra push they need to see success. The most common users of business coaches are new small to medium sized business owners. These individuals usually have a passion and they want to profit from it. For example, a stay-at-home mother may enjoy making handmade quilts for her children. One day, it dawns on her that she can make custom order quilts to sell both locally and online for a profit. She has a good idea and a good product, but does not know where to start. This is where a business coach, which could be you, would provide assistance.

A Business Coach’s Responsibility
What do business coaches teach their clients? Anything and everything related to business. If the above mentioned mom wants to open a local quilt shop, you can show her the importance of location. A high-trafficked and easily seen storefront will automatically translate into more customers and sales. If she has yet to pick a location, help her make the right choice. As for an online shop, if she has yet to set that up, help her choose an affordable web hosting package, a good domain name, and encourage her to hire the services of a professional web designer.

Some clients seek the advice and expertise of a business coach right from the start, but others wait until their new business shows signs of trouble. In these instances, business coaches educate their clients on marketing and sales. A stay-at-home mom selling her handmade quilts online is nice, but handmade products are widely available online. Just because she has a well-designed website, it does not mean that people will find it. Business coaches need to stress the importance of online and local marketing, as well as highlight a few examples for their clients.

Is Business Coaching for You?
In keeping with the example of a stay-at-home mom who wants to profit from her talent, most of these individuals want to be self-employed. They want to work for themselves and have no hired help. This does lower costs and increase profits, but many new small business owners make costly mistakes. One of those mistakes is taking on too much, too quick. Business coaches should also stress the importance of time management and show proper techniques. For example, the above mentioned quilt selling mom should have a waiting list and inform customers of a long wait, not stay up all night making quilts.

One question that those interested in running a coaching business ask is about profits. Most clients are new business owners or business owners who aren’t seeing profits. How can these individuals pay for a business coach? Honestly, some cannot, but many can.

Summary
Business owners need to look at it from the standpoint of a wise investment and you must do the same. For a small to medium sized business that is barely staying afloat, a professional business coach may be its last hope. For that reason, you will always find clients willing to pay for your service. With that said, fair rates and flexible payment plans cannot hurt.

Coaching certainly involves more than just teaching an athlete to beat the competition; it encompasses many things. If you have a business management degree or prior experience running a small to medium sized business, take your degree and experience and turn it into a profitable career. Become a business coach.

5 Business Coaching Results

Posted by admin in BusinessAug 23rd, 2010 | No Comments

Did you ever want to hire a business coach but weren’t sure as to what kind of results business coaching provides? To help you learn about some of the benefits involved in hiring a business coach, take a look at the 5 following results some people have experienced due to business coaching.

You may need a quick understanding of what business coaching is before we jump into the results and benefits.

What is business coaching?

Simply put, a business coach is someone who is dedicated to helping you increase productivity and profits for your organization and business operation. How this is done and the results business coaching provides vary but here are a few.

1. Start up confidence. Beginning a new operation or taking over one can be risky and often scary business. Business coaching has helped individuals understand how their individual strengths can be used to achieve success as well as about business in general. A business coach can help simplify things by helping you create an easy to follow plan and keeping you encouraged if you feel overwhelmed by the startup process.

2. Inspiring new ideas. Business owners can often get stuck. they may feel uninspired or they may not make use of the available resources. Being newly inspired and motivated is one of the main results business coaching clients see. Because a business coach is essentially giving you an outsider’s perspective of how your business is running, they are able to offer new ideas and ways of doing things. Clients see their business from a new perspective and this often helps them to see where they can improve and increase their efforts.

3. Recharged passion. The day to day grind can make motivation and passion fade. Some business owners feel enslaved by their business and may even dread going to work. Others are bored and feel stuck. Business coaches can help people become unstuck and regain passion and enthusiasm about their business. They work with you to see why you started the business in the first pace, how to relieve some of the pressures you may feel to succeed, and in some cases, whether or not personal conflicts are affecting your business.

4. Better solutions. It’s easy to settle into a routine and do the same thing we’ve been doing for years without looking for alternatives. Business owners do this all the time. They may do things that, while they work, are outdated, costly, or decrease productivity.

When surveyed many clients stated that finding better solutions was a major benefit from business coaching. Having the outside perspective of someone who is a font of business knowledge means your business can be greatly improved. You may learn where you can cut spending, how to better allocate your employee’s skills, how to better attract your target market or even where to find them in the first place.

5. Strong relationships. Sometimes we just need someone to listen. A business owner may have an idea but is unsure if it’s the right time. They could be feeling stressed and need someone to simply listen. Business coaches aren’t just there for advice they are also there to listen to your business goals and concerns. Just having someone listen and to be able to bounce ideas off can make a lot of difference. Thus, one of my favorite results is the relationship that can be formed with your coach. In essence what you find is a friend whose business it is to help you succeed.

The results found with business coaching is ample, your self confidence grows, your communication skills, your business awareness and so much more. If you were hesitant to use this type of service rest assure that thousands of people have received great benefits and you will too.

How Do You Increase the Conversion Rates of Your E-commerce Business?

Posted by admin in BusinessAug 23rd, 2010 | No Comments

As an owner of an e-commerce business, you must be analyzing your website visitor data regularly. Have you ever wondered why the conversion rates are low? Out of the thousands of people visiting your website, why do only a few complete the purchase process? Why do a majority of them abandon the shopping cart midway?

The answer is simple. While browsing your e-commerce website, visitors are looking for credible information that convinces them about the benefits and value of purchasing your product or service. With the short attention spans and limited time that net-users have, they just move away if they do not find what they are looking for. Of course, you cannot provide all the information at one go, and the visitors might have specific queries for which they need answers to.

Convert them when they are interested. Visitors come to your e-commerce website when they want more information about your services, when they want to compare your services with those of your competitors, or when they want to make a purchase. Whatever be the reason, the key is that they seek INFORMATION. By proactively offering the right information in the right manner, you can see positive change in the conversion rates.

The Solution: 24×7 Virtual Customer Support

How would you like if you visit an e-commerce website, and you get all the support you need, in a friendly manner through representatives of that company? Would it not impress you if you have the option of contacting them through any channel, be it live chat, telephone, or email, and getting complete support while you make your decision of whether to make a purchase or not even in the wee hours of the night?

You can also offer the same superior level of support to your e-commerce website visitors through 24×7 Virtual Customer Support. You do not need to have a complete support team in-house, as it might prove costly and tedious. You can outsource your customer support process and get all the benefits with investment within your budget.

You can hire the services of a suitable partner that can offer all types of support from a single front, with people who understand your product or service and hold-hands with your prospects while they visit your website and make a purchase.

By offering complete ONLINE CHAT SUPPORT, PHONE SUPPORT, EMAIL SUPPORT, and assisting during the purchase process through LIVE ORDER TAKING, you can make your prospects feel comfortable while they select your company for their needs. Interacting with a responsive live person is always better than automated replies. Studies have shown that cross-sell and up-sell rates, and shopping cart amounts increase if visitors can interact with the representatives of the company while they visit their website.

With professional 24×7 customer support you can get the edge your competitors are struggling for and ensure that all genuine visitors get the attention and the service they deserve.

Empowering Entrepreneurs: Purchasing Co-ops Give Small Businesses An Edge

Posted by admin in BusinessAug 22nd, 2010 | No Comments

Howard Brodsky set out to conquer the carpet world. Dan Bleier just wanted to save his family-owned business. But both cherished their independent status in a retail chain, “big box” business world. Now, each realizes success through a purchasing cooperative.

 

The pair spent almost eight months reviewing different business models, disqualifying one after another. Then they looked at cooperatives. Brodsky and Bleier are founders of two of the estimated 300 purchasing cooperatives in the United States—a sector which serves roughly 50,000 independent business owner-members.

 

“The co-op was the ultimate choice to bring (buying) scale to local ownership while honoring their differences and valuing their independence. It also allowed us to leverage our efforts to serve their best interests,” says Brodsky, chairman and co-CEO of CCA Global Partners. “By comparison, other business structures didn’t endure.”

 

Entrepreneurs across the American business landscape—from furniture dealers to funeral service providers—are using co-op power to level the playing field between family-owned enterprises and mega-retailers.

 

Purchasing co-op owner-members are joining together to increase the competitiveness of their independently owned businesses. By pooling their buying power to acquire inventory and services, they lower operating costs, better respond to competition, and improve their businesses’ overall performance.

 

Conquering the world

 

By virtually every business standard, CCA has more than endured. It has exploded. Starting with 13 members, the cooperative has grown to 650 owners who operate 3,600 independent stores around the world. The company reported sales exceeding $10 billion last year and has never experienced an unprofitable quarter in its 24 years of existence. Sales have jumped 325 percent in the past eight years.

 

“If you give a smart entrepreneur the best tools, he can outplay the big guys. He needs to buy better, brand better, have the best training, best hiring and best marketing,” he adds. Today’s CCA members engage in the flooring, mortgage banking, lighting and bicycling industries. Considered together, CCA’s flooring affiliates represent the largest group of retailers in the world.

 

Competing effectively

 

Reading about the success of co-ops like CCA inspired Bleier, who needed to find a way for his family-owned Able Distributors to effectively compete with “the big boys like Home Depot.” He reversed the negative trend by becoming a founding member of Blue Hawk Cooperative in 2005, a Phoenix, Ariz.-based co-op with 200 members—mostly family-owned companies—that own 871 distribution locations in 50 states.

 

Like typical purchasing co-ops, Blue Hawk offers its members centralized, cost-saving buying plus warehousing, marketing, merchandising and financial reporting—services that give members like Bleier the ability to compete in the marketplace. But competing is not enough, says Lance Rantala, the co-op’s chief executive officer.

 

“Our plan is to have each Blue Hawk member-owner grow their combined market share by 10 percent,” he says, explaining how partnerships with manufacturers and contractors help build a healthy and profitable business environment for all participants.

 

Blue Hawk members like the control they enjoy as owners. The co-op business model provides a welcome contrast to buying groups—a common inventory procurement option for independent HVACR distributors—which the members neither own nor govern.

 

Furniture First’s membership is by invitation only. Prospective members of the Harrisburg, Pa. headquartered co-op undergo an intense evaluation process, complete a 16-page application that includes a detailed credit history. Hartman believes the rigorous process is necessary to determine which retailers will make the best members.

 

Beyond Buying

 

Though collective buying of goods and services is at the core of every

Purchasing cooperative, today’s member-owners want— and need—more to succeed. Their co-ops are obliging by offering industry-specific support to enhance almost every facet of business management.

 

From the beginning, CCA has provided its member-owners with “a better level” of services, marketing, training and merchandising. The co-op offers an extensive selection of online training courses for the employees of member stores. To date, employees have completed almost 300,000 courses.

 

Blue Hawk members benefit from “extras” such as improved marketing channels, public relations, lobbying efforts, educational and training programs, networking opportunities, sharing business best practices and technology support.

 

Across the purchasing co-op universe, many consider peer-to-peer networking a bonus of membership. Most co-ops hold membership conferences annually, giving members opportunities for face-to-face discussions, and provide online networking tools to help members share ideas and information.

 

Surviving Tough Times

 

Small business is risky business these days. A distressed national economy is not favorable for smaller enterprises, which account for about 99 percent of the country’s business. “It’s the worst I’ve ever seen it,” Furniture First’s Hartman says about the rising costs and shrinking profits for independent businesses.

 

Though they can’t deliver miracles, purchasing cooperatives can provide relief to beleaguered small businesses—sometimes in unexpected ways. For instance, a new movement that brings together retailers by common location rather than business sector is gaining steam.

 

Knowing firsthand the power of purchasing cooperatives, CCA’s Brodsky believes these independent business owners are learning one of the most important realities of co-op life: There is strength in numbers. “In troubled times, you don’t want to be alone. That’s the worst,” he says. “Join a co-op because it gives you all the support and tools to compete.”

 

 

Sidebar: How to Start a Purchasing Coop

 

Whether they sell homebuilding supplies or hamburgers, savvy independent business owners are finding that working cooperatively is the key to surviving and thriving. Rosemary Mahoney, chief executive officer and cooperative developer for Lovingston, Va.-based MainStreet Cooperative Group, offers these start-up tips to entrepreneurs interested in cooperative development:

 

1. Find friends. Every cooperative begins with a group of like-minded people. Determine if the perceived threat or opportunity you have identified is shared by other independents. Work to form a core of organizers who are respected by other independent business owners as well as vendors. Not getting the right members at the start is a mistake that can lead to failure.

 

2. Explore the options. Before making plans to organize your own purchasing cooperative, determine whether any other cooperatives are

already serving your sector. If so, can you join that cooperative?

 

3. Crunch the numbers. Estimate the total amount of your sector’s business volume that is handled by independents. Is this amount of volume significant to your suppliers? Do your suppliers need independent businesses in the sector? The ability to convince vendors to support a start-up cooperative is essential to its success. You must be able to prove that your co-op can deliver a significant amount of volume and bring value to the vendor.

 

4. Do your homework. Find one or two cooperatives in similar industries and talk with their management and some members to learn more about how cooperatives work. You’ll be surprised at how many cooperators are willing to talk to those seeking more information.

 

5. Lay a strong foundation. If you decide to go forward in establishing a purchasing cooperative, be sure to work with an attorney who understands this business model. Also, raise enough capital to hire a chief executive officer who is both an industry expert and well respected by vendors and potential members. Trying to self-manage a co-op is a mistake. Most entrepreneurs are too busy running their own business to successfully and simultaneously manage the day-to-day operations of a co-op.

 

How To Start Your Own Business

Posted by admin in BusinessAug 22nd, 2010 | No Comments

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. We do this by developing it by using research. Does it satisfy a need? Once you have done that, you need to brainstorm your idea with friends and colleagues. Everyone brings forth their own perspective on the idea and can inform if there is someone doing the same thing. Think about how you will run your business e.g. will it be sorely run online or will it have stores? What makes it unique and better than the competition? Make sure your product complies with any legislations and safety regulations.

Once you have come up with a product or service, you need to protect it. We do this by having a record of ownership over it, known as Intellectual Property, IP for short.
There are four types of IP and the type of product you have determines the type of IP you should use.

Patents for inventions

New or improved products that are capable for industrial application.

Trademarks

Used to protect brand and corporate identity of goods and services, allowing distinctions between different traders

Designs

Protect product appearance such as lines, colours, contours, shape, and texture, materials of the product itself or its ornaments.

Copyright

Literacy, music, films, audio, broadcasts, software and media can be protected under this category.

It should be noted that it often is not possible to protect IP and gain IP rights without being applied for and granted. Copyright IP’s however arise automatically without registration, as long as proof of creation exists.

Importantly, you need to create a business plan, because without one, you aren’t going to get anywhere as an entrepreneur. A high quality business plan can help attract the right type of funding to keep your capital high.

You need to have an executive summary, stating exactly what you’re business is and why it exists. Basically, it is an overview of what your business is all about and this is vital as investors will make a judgement based on this section alone. Its purpose is to draw attention and make the reader want to find out more, possibly making them want to invest in your idea. If it has caught their attention, it has done its job. Make sure you do not use hype as an experienced investor will see right through this.

Then, you need a short description of the business opportunity, detailing who you are, what service or goods you will provide and who is your target market. Detail when your business will start, or when it did if it already has. The industry and sector it is a part of and its key features should be written. Any relevant history should also be noted, such as past owners et cetera. You also have to detail your current legal structure and what your vision of the future will be. Define your products differences to competition and what benefits it brings forth. Also noting what development you have in mind and if you own any patents or IP’s.

Once you have finished that, it’s time to put your strategy to the test. Write down what marketing and sales ideas you have. How will you get people to buy your product and where will they be able to buy from? What are the markets key current issues and how big is it? It is also important to know your competition. Note how you will go about positioning your product in the market place. Also detail pricing policies and how you will go about promoting your business. Maybe you’ll use advertising, PR campaigns, direct marketing, email or e-sales. You need to conduct market research and see if you idea truly fills a gap in the market effectively.

An effective way of researching a need is to convey surveys of the public, whether they would use the product. Ask customers of competing products for what improvements they would like to see. Monitor the competitions activities as this keeps you in the know whether they start a new service or release a new product that may compete with yours to a greater extent. Another utility that you should put to use is using focus groups to test out your product, using feedback from them to evolve your business. It is very important that you cover everything you can and conduct as much market research as possible as mistakes made later on due to poor information can be costly. Hire a market research agent to help out and make sure you haven’t missed anything as the more information you have, the better you can satisfy your customers.

Now that you have your point of sale ideas down, you need to work out who makes up your marketing team. List your credentials and the people you plan to recruit to work with you. Give details of the number of people you have in your workforce in total and by departments. How much time each employ spends working and how much they earn should be given here and any other numbers that affect the total amount of profit brought in by the company. You should also note down a timescale, noting costs and any training that will be given.

Onto operations and time to note down the premises you’ll be operating from, production facilities, your management information systems and your networking and IT. Do you have a business property or do you rent it? What are your long term commitments to the property and what facilities does it provide or will there be investments put in this field? Noting down all of this as well as how you go about using the facilities effectively really show that you know what you’re doing and you won’t be wasting time, as time is money. Any established procedures for stock control, management accounts and quality control should be put in this category as well as any IT experience you have because as technology evolves, so will everything else and you can’t risk falling behind.

Make sure your business plan reflects your personal vision, keep it simple and realistic and your business plan should work well.

Once that’s out the way, research is next, especially financial. Make sure you have Unique Selling Proposition and a business model at hand, showing how the revenue will come in. Also note forecasts for profit and loss, sales and cash flow statements. To help your business survive its first year, you’re going to need to cover your financial needs. Many businesses don’t make a profit in the first year, making only enough to cover their outgoings. So it is important to have funding if you want to survive. Plan out a budget using a personal budget spreadsheet detailing your domestic financial needs for the year. Keep a record of your spending and try and cut back on unnecessary buys. Appling for funding can really help and make things easier. You can do this in a number of ways. Sources of help include local business links, start-up schemes and financial advisors and accountants.

The Prince’s Trust (eligible age 18-30), that can provide a low interest loan of up to £4,000 for a sole trader and up to £5,000 for a partnership. They also provide up to £250 on test marketing, as well as access to a wide range of products and services to help your business stay in business.

Business Link: a company that provides a service in business planning, borrowing shares and equity, grants and government support banking, financial and debt recovery. It also has a wide range of information for entrepreneurs.

Chamber Of Commerce: “The National Voice for Local Business” employs more than 5 million people and also the widest business community to help fund you and give you the skills and information to succeed.

But you can also do things yourself to help fund your ideas, such as releasing equity from an existing asset, such as trading in your car for a cheaper one. Sell things you do not use or really need, get a loan from family members and friends. Get an overdraft with your bank account

Besides help with funding, there is also the choice of incubation. There are a good amount of incubators to choose from In the UK. They are designed to nurture your company, help guide your business, supply you with workspace and also provide you with the right information and advice with a combination of business development processes and infrastructure. Research has shown an 87 % and upwards survival rate for incubated companies compared to only a 40 % survival rate for non-incubated.

Incubators include Digital Inc in Liverpool ICDC, who currently house 12 small businesses and brought in a profit of over two million pound in the 2004 – 2005 year and is the UK’s first business incubator to be focused on the digital industries. Its current funding ends after 2008 but its manager Mr Peter Leather is putting together a sustainability model is confident that Digital Inc will become a centre of excellence.

Another incubator that has just recently opened is the Liverpool Science Park, which is run by Peter Leather, ex-manger of Digital Inc. This is a new modern building with office space and lecture rooms that can be utilised by small and corporate businesses. As with every incubator, an affordable fee is paid for the space needed, which is worth it considering the knowledge they’ll be passing on to you, as well as support given by staff and help lines.

Once you have enough information, you need to decide how you will trade. Will your business be a Limited Company or a Sole Trader?

A Sole Trader is a business which legally has no separate existence from its owner. All debts of the business are debts of the owner. The advantage in being a Sole Trader is control and business administration, due to their only being one owner.

A Limited Company has liability limited by the law. Funds can be raised by selling shares of the business. The drawback is that you risk losing control if shareholders join and equal a greater amount of ownership than yourself.

One final bit of advice is to make sure you hire the right type of people. Often, businesses can be hurt due to lack or determination or commitment put in by others besides the owner. You need to explore the options available to you, such as freelancers, fixed term contract employees, temporary staff, consultants and contractors. Whoever you hire, make sure they work to a high caliber, with the right mix of skills. It’s not an easy process but one that will pay dividends.

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Business Link Helpline

0845 600 9 006

Prince’s Trust Helpline

0800 842 842

Patent Office Central Enquiry Unit

08459 500 505