Archive for February, 2010


Top 2 Small Business Ideas for 2010

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Successful Small Businesses for 2010

Are you thinking of starting a new business, but too scared due to the economic crisis spreading globally?  It is natural to be hesitant on starting a business during this recession.  But there are small businesses that flourish under such circumstances.  The key is choosing the right industry.  Here are the top two small business ideas that consistently succeed while times are tough.

Consignment and Resale Shops

Consignment shops are earning profits during the recession.  No one wishes to purchase items at full price.  Times are difficult.  People are struggling to stay afloat.  You want to find the best deal possible and consignment and resale shops are the way to go.  You would be able to provide people with clothes, furniture, jewelry, home goods, china and more.  Price your merchandise at a reasonable amount ensuring people return to your location for all their needs.

Pet Grooming and Pet Stores

People might cut spending on themselves, but when it comes to their pets budgeting is not a factor.  The pet business has been booming even during this financial slump.  People spend money on pet groomers, pet shops, pet accessories, pet gifts, and pet food.  The pet business is increasingly generating revenue.  Financial experts state it shall only continue to rise.  Thus, if you are in the position to build a business on offering pet services, then it is a moneymaking opportunity for you.

Starting a new business is tough.  You need to think about cash flow and how you are going to afford operating, start-up and expansion costs.  Check out different financial options and find one that is suitable for you.

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3 Tips for Start-Up Business

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There is no foolproof recipe on how to launch a new business correctly.  However, there are a few staple rules business experts agree on.

Write a Business Plan

No matter what type of business you are creating, it is important to produce a business plan.  It is a guideline on how the business will operate and handle various situations.  It is vital to have it in writing.  This way if something happens, you are able to look at the original plan and decide if it is working or not.  Consider editing it overtime.  Your business needs to adapt to economical changes, and address these issues in it too.

Hire Honest and Effective Employees

Your employees should be an extension of your own standards and beliefs.  Do not hire someone who does not exemplify the same level of work you provide.  You need employees that are truthful, reliable, and hard-workers.  If you pride yourself on customer service, employ people who show the exact client philosophy.  It is determent to hire great employees for it plays an influential part in business growth and expansion potential.

Pay Bills on Schedule

One of the reasons new businesses fail so quickly is due to not keeping up with bills along the way.  You need to do a regular inventory of operating costs, business expenses, and taxes.  Do not let these charges slide.  If you do not pay close attention you could fall behind, and before you know it, your business could be in serious jeopardy due to financial issues.  Stay on top of your bills.

These are three tips every business should consider during start-up.  While going through these steps, it is vital to your business expectancy to check your business financial situation.  If your small business is still having a challenging time with finances, then check out small business loans today.

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Too Common of a Word in Today’s Business: Bankruptcy

Each day, media headlines are reporting on another business heading towards bankruptcy.  So what can you do to make sure this does not happen to you?  How do you make certain blood, sweat and tears were not wasted and replaced with cash flow problems?  Here are a few tips to help your business stay out of bankruptcy court.

Ask for Feedback

Customers are a valuable source at your disposal.  So why not ask customers to provide feedback about your company, product and/or services.  Ask them about the positive and negatives of your small business.  Enquire about how you match up to others.  Find out ample, honest information from clients, and make adjustments accordingly.  It will help you create an effective marketing strategy for your business and discover where your weaknesses are and how to improve these issues.  As a result, these actions will prevent your business from considering bankruptcy as an option.

Consider Buying Second-Hand Office Furniture and Supplies

You want to impress clients with your office atmosphere, but you do not need to buy brand new office furniture.  Look for used office furniture in good shape.  Make sure there is no noticeable damage, and consider purchasing if it saves you money.  You do not want your business in a bind due to expansion costs of having to hire and buy more space/furniture to accommodate the increased employee numbers.  Thus, cut costs on furniture.  Be smart about your purchases.  Saving where you can in this recession shows you are being ahead of the business game.

If your small business is still tight on money, then check out a small business loan and find a lender that is right for you.

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