Archive for July, 2010

Jul
30

The Secret to Small Business Success

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Starting a small business is easy, but transforming it into a success is difficult.  Only half of all businesses make it within the first five years.  It is tough.  So here I have devised the top ? tips regarding how to make sure your business flourishes.

Decide on Legal Configuration

Be knowledgeable regarding what type of business is suitable for your company and which one benefits you the most tax wise.  For there are different tax breaks when it comes to Limited Liability Companies (LLC) as compared to a sole proprietorship.  There are also legal specifications when it comes to trading stocks, personal liability protection, and protecting your personal assets from being put at-risk.  Furthermore, find out what state fees are involved in practicing your business.  If you learn about these factors from the beginning of your business, you will avoid trouble later on ensuring lasting power in your industry.

Investigate Locations

Find out what is required to run your type of business in the location chosen.  Are there city permits needed?  Are the customers near your location?  Do zoning laws come into play?  Think about these aspects prior to opening up business doors.

Prepare Financing

When running a business the unexpected occurs.  You need to financially prepare for these “uh-oh” moments.  What if a necessary piece of equipment breaks down and you need to buy one immediately to continue business?  Or what if your normal vendor runs out of product, and you have to switch gears paying more to buy from someone new?  You need to be ready to financially handle these situations.  Keep money stored and available for when emergency happens.  You do not want to be caught into a bind.

These three tips will keep you around a longtime.  To find out more about how to fund your business, talk to a small business loan or a merchant cash advance expert today.

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Jul
28

How to Run a Small Business Smoothly

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With so many people expected to work longer hours and complete more work for less, it is no wonder small businesses have been popping up on the radar more often than in the past.  It is a direct result of the recession.  It has forced people to find alternative means to earning money outside of the traditional role of working for someone else.  But what is the key to running a successful business?  I found some common answers to this question regardless of industry.  And here is a basic overview of my discoveries.

Learn How to Delegate

You cannot do it all on your own.  It is impossible.  So you have to let go of that control and delegate tasks to your employees.  It sounds simple, but some business owners find this difficult to grasp.  For it is their company.  Therefore, if a mistake happens it is their name, reputation, and profits on the line.  However, you hired your employees for a reason.  They have the skills to execute tasks as you would like.  Thus, do not be afraid to pass along responsibility to them.  They will make you proud.

Narrow Business Focus

When businesses start offering too many different tasks, then the quality of service seems to drop.  Try to remain focused on what you offer.  Concentrate on one or a few things that your company does very well, and market those services first.  There is always time to expand later on.

Running a business is not easy, but it is possible to attain outstanding results.  Just keep these two tips in mind.  Find out what else has worked for other business owners in your industry.  And if funding gets tight, be sure to talk to a small business loan expert to cover operating costs keeping the working capital moving.

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Jul
26

How to Expand Your Business

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Small Business Networking Tips

The goal to any business is growth and expansion.  It is how you reach more customers resulting in increased profits.  It makes good business sense.  But how do you achieve this goal?  A great source is solely through socializing with others.  Here are some tips on how to execute this effectively.

Make the First Move

Do not wait until someone asks for your name or comes up to you first.  You want to make the most out of the opportunities presented.  Just walk up to someone and introduce yourself.  It is what you should be doing all the time as a business owner.  For you never know whom you are going to meet.

And a good tactic is to ask the person for he/she’s business card.  This way you can write notes about the person on the back of the card.  I used to do this all the time.  It is a good way to keep a personal reminder about the person.  For instance, if the person you just met had a baby, then you may write it down.  Therefore, next time you speak, you may ask about how the baby is doing.  It shows personal attention that is lacking in today’s business world.

One may implement many business strategies without spending tons of money.  However, when it is time for the expansion abilities to be put into place, you must have available funding.  Talk to a business cash advance or a merchant cash advance professional today.

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