Get help, advice and information on all your Business issues. http://advice-and.info/Business/small.htm Mon, 04 Aug 2008 15:35:27 GMT en Develop a Clear Mission Statement One of the most important steps is one most business owners consider obvious but few truly do thoroughly. Make sure that your business plan is simple, clear, and workable before you invest your capital. Have you planned out the next five years intensively? In how much detail? The more narrowly, specifically, and intelligently you articulate your business mission, the easier it will be for you to construct a cost effective budget and to keep your company in the black. Search for UsedFreeDiscounted Equipment When you're establishing a new company, you need not indulge in purchases of state-of-the-art furniture, Aeron chairs, and a slate of the latest company iPhones. Indeed, you can save yourself tremendous upfront capital by finding great deals on usedgive-away office furniture and equipment. Businesses selling used or cheap equipment are becoming more widespread, and there are many resources online. For instance, Craigslist, a national internet site, posts hu ndreds of ads for usedcheap furniture every day. You can also remodel used furniture yourself to save money. An old beat-up wooden table, for instance, can be transformed into a semi luxury furnishing with just a little sanding and painting. You can also call offices in your area to find out whether or not they might let you have or lease furniture at a discounted rate. To keep costs low, figure out exactly what you need, and only get those items. Psychological studies show that shoppers who make lists and stick to them spend less. Reduce Your Use of Mail: Increase Your Use of Email While the US Postal System, FedEx, and other major carriers do a grand job delivering for small businesses, these services can get quite expensive, particularly if you use them regularly or ship bulk materials. Cutting out paperwork can make filing easier, save on staff resources, and cut your postage costs. If you do convert your business records and transactions to virtual transactions, however, be sure t http://advice-and.info/Business/91660_Cutting_Cost_Tips_Every_Small_Business_Owner_Should_Know.html Fri, 25 Jul 2008 03:49:43 GMT Research by esure suggests one in six Brits would take part in an adventurous sport on holiday knowing they wouldnt be covered if they got injured. The survey also reveals a quarter of holidaymakers choose their destination or resort based on the availabilty of such sports including scuba diving, white-water rafting and bungee jumping. With 88 of British holidaymakers having previously taken part in these types of activities while on holiday, of which over 8 incurred an injury in the process, its more important than ever to buy travel insurance and read the small print as not all travel insurance policies are the same and exclusions apply. One in 10 Brits wrongly believe that all travel insurance policies cover adventurous activities as standard and could leave themselves liable to a hefty bill in the event of an accident. Alarmingly, just 63 of Brits abroad would take the time to check their travel insurance documents before taking part in a hazardous sport or activity and worryingly 15 a dmitted that they would go ahead and make a booking even if they knew the activity wasnt covered under their travel insurance. Mike Pickard, head of travel insurance at esure, said: Brits want more from their holidays nowadays and appear to be swapping the sun lounger for the bungee cord. Its not where theyve been on holiday but what theyve done that seems to be important. With a surge in the popularity of, and access to, more adventurous sports and activities at holiday resorts across the globe, its crucial for holidaymakers to take out travel insurance and check theyre covered before they try out the likes of white-water rafting in Australia or shark-feeding in the Bahamas. Get injured and the medical bills could turn a paradise trip into a nightmare. http://advice-and.info/Business/89755_Holidaymakers_Urged_To_Check_Insurance_Small_Print.html Mon, 30 Jun 2008 11:48:35 GMT Many small business owners work very hard, especially in the beginning years, to get their company in the green. Both traditional and Internet based companies need the same thing, they need to improve profits and cut back on expenses. It's not always easy to boost your profits just because, but you can save on your costs. Plenty of companies are seeing how they can spend less and in that way, they earn more. Companies with very little upfront costs are more likely to become successful more quickly than those who go all out, buying the best stuff and equipment. Even if you've been funded very well for your business, that doesn't always mean you should spend every dollar. Saving money for those lean months should be a part of your plan. Necessity Verses Want When you start a small business, you start by thinking big. You envision what your company will look like, how it will run. You want the best. You might budget for the best technical equipment, a hundred employees, and enough office space in a h igh-rise building. If you take a moment to think about it, many successful businesses did not start out with fancy, plush offices. Dell started with two men working out of a garage, building computers. Most companies start small, some starting out of a home and building up. A business isn't about fancy equipment and a corner office. A business is about helping your customers get what they want. If you can do this from your kitchen table, then that's all you need, for now, and then, if you still want the plush office, plan for it, in the future when you've become successful. Shop Smart When you're buying equipment, you want the best quality product, but you also want a real deal. You don't want to expend your budget on high cost equipment right from the get go. Think about what you want to buy. Do you really need today's latest model of computer and phone equipment? Will last year's models do just as well? Negotiate prices where you can. This doesn't mean on just products and equipment. The s http://advice-and.info/Business/88673_Tips_On_Saving_Money_As_A_Small_Business.html Wed, 18 Jun 2008 09:27:55 GMT Market research is not just for large companies. It can be even more crucial to a small business. A small business owner has to wear many hats. Running from the accountants to pick up poster printing then buy cleaning supplies for the office restroom it seems there is no time for esoteric things like market research. However, just because your company is small doesn't mean that you do not have to know your market. Ideally, you have identified a niche market to pursue. Attempting to sell to the masses on a limited budget is a tall task. An underserved niche market can be effectively reached with many modalities from interactive to real world brochure and poster printing. The first stage of market research is determining your customer demographic. What is their age range, education level, likes and dislikes and other more intangible facets? Without knowing your customer it is impossible to craft the appropriate sales message. Using postcards along with poster printing can allow for return feedba ck helping towards this end. Once you have ascertained the needs of your niche market you can then start to formulate your product mix. Your products can be tailored and enhanced to uniquely meet the need of your niche market which is currently unfulfilled by the marketplace. You will see sales soar once your product is differentiated from others. In addition to studying what your market looks like now it is incumbent to pay attention to where it is going. Many businesses rest on laurels and watch their brands stagnate. It is important to have your finger on the pulse of your niche thus enabling you to sense change and adapt accordingly. Many products have strong regulatory aspects. This is especially so for those made for human consumption. It is very important that your market research analyze trends in regulation and be abreast of all changes in the landscape. Failure to be aware in this arena can have devastating results to your brand. Marketplace pricing of products similar to yours m http://advice-and.info/Business/88637_Marketing_Keys_For_Small_Businesses.html Wed, 18 Jun 2008 07:38:21 GMT Marketing, even for a small business, is not rocket science. It can be done effectively and (relatively) cheaply, if done right. Follow these suggestions to set you along the right path. Step One: Find Your Target If you have ever shot a gun, you know that you have to aim at the center of the bulls eye. If you dont, you are not going to hit your target. The same is true in marketing. You have to know who your potential customers (prospects) are in order to attract them to your business. Your prospects are people who need or want what you provide. They are the consumers for whom you are filling a need. If there are no people who need what you provide, then you have no business. Determine who needs your product or service. This is your target. Step Two: Contact Your Prospects Find a way to attract your prospects to your business. This is where the traditional advertising methods come in. You can place a small space ad in a publication that is circulated to many of your potential cu stomers. You can run a postcard marketing campaign, and send postcards to your prospects. You can mount an email effort. Whatever you do, get in touch with your target customers. Be careful, however, not to try to sell your customers at this stage. You are not trying to convince them that your company is great. You are trying to remind them of a need that they have, and then you are letting them know that you can fill that need. Step Three: Tell Your Prospects What to Do Attracting prospects will not do you much good if you cannot close the deal. Customers will only do what you tell them to do. If you make it difficult for them to buy from you, they simply wont. You have to make it as simple as possible to make the sale. Keep this in mind when you contact your prospects. Whether you are doing a postcard printing or a small space ad, be sure to make it clear how the prospect should proceed with the transaction. If you want them to call you, tell them so and include your number. If yo http://advice-and.info/Business/88299_Small_Business_Advertising_101.html Mon, 16 Jun 2008 13:38:12 GMT No, this article has nothing to do with beauty but, it has everything to do with the way that Northern Ireland small businesses are conducting their operations and how they will be changing for the best due to a new program which invests in small businesses in order to help them grow become more profitable. Starting in June 1, 2008 small businesses located in Northern Ireland will be able to apply for what are called innovation vouchers which may be valued up to 4,000, Invest NI will partner with research centers of excellence to access support, information and practical advice in order to make this ambitious plan happen. The vouchers can be redeemed for key advice in help from experts on specific projects, the help will be provided by experts may be located anywhere within the island. These voucher scheme has an estimated funding of 900,000 which will be disbursed over the course of the next three years, the funds will be provided through the 90 million Innovation Fund which was announced earlie r this year. Experts who will be providing help and information are universities, colleges as well as publicly funded research groups which cover several areas from business all the way to the technical aspects. In addition, a similar operation is being executed throughout the Republic with the help of Enterprise Ireland. Tracy Meharg who is Invest NI's innovation chief said that the greatest opportunity for generating additional wealth in Northern Ireland and to encourage them in our local companies to innovate their technologies and procedures in order to realize their full potential. Invest NI's innovation chief launched this initiative at the northern Ireland science park. Without a doubt this is a great opportunity for companies which operate in Northern Ireland to position themselves within their niche and achieve a higher level of excellence and at the same time maximizing their capabilities and revenue potential. The vouchers will be redeemable for information which will help this busines http://advice-and.info/Business/87376_Northern_Ireland_Small_Business_Makeover.html Thu, 05 Jun 2008 21:53:07 GMT Nearly 90 percent of people state that at some point in their lives theyve dreamed of starting their own business, yet few make the initial effort. Often its due to lack of funds or personal commitment, or just the fear of failing. And although its true that only about ten percent of new businesses do succeed, the reasons why the other 90 percent fail appears to be related to the lack of planning, primarily financial. Starting your business on the home front is one way to reduce start-up expense and risk. The founder of Dell Computers was a college dropout. Starting out of his garage, he managed to excel above all of the worlds top computer manufacturers. One in three computers sold today is a Dell. I knew of a couple who had a strong desire to start their own business. They both had worked at the same local business for more than 15 years. The husband was practically a master of all trades. When I met up with them, they were a day away from selling their home to buy a lube and tune business, property and all. I convinced them that selling their home to buy a questionable business was extremely risky and perhaps they should be looking at a business they could start from their home with less at stake. The couple took my advice (scary for me) and backed out of the deal. They began researching the needs in their community and found that mail theft was a huge concern. So with less than a 1,500 investment (1,000 for a limited contractors license) they started a company which sells and installs locking mailboxes. They are able to operate the business from their home and by doing so are saving thousands of dollars in profits. After just six months, they have been able to make their living solely from the http://advice-and.info/Business/86407_How_To_Avoid_Failure_By_Starting_Your_Small_Business_From_Home.html Mon, 12 May 2008 01:28:04 GMT Everyone has dreamed about starting a business and being their own boss. Most who pursue that dream find only frustration and failure. Since 1986, as many as nine out of ten new businesses have closed in their first year. According to a recent survey of failed business owners, lack of planning was the number one reason listed for new business failure. Other reasons included were: lack of experience, money, and low sales. It may be that most people just get tired of feeling used and unappreciated at their jobs. They get their inspiration for entrepreneurship out of frustration. They see a company that they feel could be operated better, and they make the decision to go out and try it themselves. They are sometimes shocked at the overwhelming task of operating and growing a successful business. From lack of planning, and out of total frustration, they close their business and return to their employee status. http://advice-and.info/Business/84728_Why_Do_Nearly_90_Of_New_Small_Businesses_Fail.html Fri, 11 Apr 2008 01:53:36 GMT Buying a profitable business is often the preferred route for people that do not want to take the huge risks involved in trying to start a business on their own. 80 of all start ups fail in the first 5 years so if you find a small business that has been trading successfully for at least a few years, you cut down the risks of failure dramatically. For the shrewd operator there are bargains to be had as many small business owners do not know how to value their business properly. I have come across instances where a small business has been sold for less than one years profit potential! http://advice-and.info/Business/83465_Buying_A_Small_Business_Opportunity.html Sat, 29 Mar 2008 13:25:55 GMT