Author: <span class="vcard">Adnon Wink</span>

Succeed In The Wholesale Business

The number one aspect of starting a successful wholesale business is focus. Once you have the ideas and the business action plan set, you need to focus on building such wholesale business niche into a profitable venture. You need to set yourself daily goals as to what you are going to achieve for such 24hrs period. There is a huge difference between having something written and not having anything written down. Both research and even my testing shows that once a wholesale entrepreneur focus on achieving his required written daily goals for his business, the chances of getting the job done are increased. When you don’t write what you need to do either for the day or for the whole week, you are most likely to be as people say- lost at the sea. This is even the primary reason a wholesale business fails in America, they start the business and once they do not see profits as expected- they carry their fault on the business instead of carrying such faults on themselves. Selling wholesale tangible items on the Internet and better yet on eBay works- your first step is to focus on what you need to do each and every day.

Second, if you are going to become a retailer or sell wholesale tangible items either locally offline or on the Internet- you need below wholesale prices for the merchandise you will sell. For most businessman and businesswoman this one is obvious- but in my surprise more than 95% of wholesale business are not buying wholesale merchandise at the best possible prices. It is incredible to see many online wholesale businesses go online and fail because they never had a great wholesale distributor or the perfect wholesale list to start with, thanks to reliable and profitable contacts.

My last suggestion for this lesson as a guy who started earnings more than a thousand dollars in a single day on the Internet is focus, develop profitable wholesale sources to your portfolio and build multiple niches around such business with sub-niches. With wholesale, I can assure you that you can focus in specific merchandise and build sub-niches around it. I look forward on teaching you more.

Strategies for When Clients Don’t Pay

Gentle reminder

Your invoice could have been forgotten, misplaced or buried in a pile on your client’s desk. If they have gone past your due date, email – or call depending on what is most comfortable for you – a gentle reminder asking them the status of payment.

If you use QuickBooks or QuickBooks Online, you can also email a statement directly from the system.

Be personal

If you’ve reminded the client and no payment has come, it is time for either another email or a phone call. Your client may tell you that he is very busy and apologizes that he “forgot” again.

Explain that cash flow is very important to your small business and that you can not afford to carry the unpaid invoice any longer.

Always remember to make it easy for your client to pay you. Tell him that you are happy to be paid via wire, PayPal, credit card – offer him all the options and be sure that you have more than just “send a check” available. Make it as easy as possible!

Be the “squeaky wheel”

If your client is having his own cash flow issues, he may need to make hard choices about who gets paid when. Send an email reminder or statement every other day or every week – take your comfort level and go one step further.

By being the “squeaky wheel”, you insure that you are at the forefront of his mind when he is paying bills.

Cut him off

As hard as it is, sometimes you need to tell the client – even though you’ve become friends – that you can not do any additional work until your invoices are paid in full.

As a small business owner, you are responsible for the running of your business and, as a result, there are times when you need to make tough decisions that are best for your business. You can’t afford to work without compensation and your client should understand that.

Get tough

You’ve tried being gentle. You’ve tried being personal. And you’ve squeaked so many times that you’re tired of hearing your own voice. Now it’s time to put that prepaid legal plan to use!

Have your attorney send a formal letter stating that if you are not paid, in full, within X number of days, that you will either take the client to small claims court (the normal limit is between $2,000 and $7,500 – it varies by state in the U.S.) or to arbitration. Whether you sue or go to arbitration depends on the contract you have with your client as some state that disputes will be arbitrated.

Run A Successful Small Business

  • Get in motion by eliminating the procrastinator’s best friend: “Messy Desk/Office Syndrome.” If that is something you’re plagued with, you’ll find slaying the beast a lot easier if you take what I call the “The 3 D System” approach to organization which directs that you look at what is on your desk or what is cluttering your office and either Dump it, Deal with it or Delegate it.
  • Outsource everything that is not the best use of your time. Look at where you make your money, and if it’s not at bookkeeping, Web site maintenance, or writing marketing materials, for example, farm those tasks out to someone who can do them far more quickly and efficiently than you can.
  • Take things from your “to-do” list and block off actual times for working on specific items. For example, 10-10:30 AM might be for returning phone calls; 1-2:00 PM for working on an article; 2-3:00 PM could be for updating your marketing plan or for researching business networking events. You’ll be amazed at how much more you get done when you assign specific times for doing things.
  • Resist the temptation to answer the phone every time it rings as a new conversation will not only distract you from what you are doing, but it may lead you to abandon the task all together as you become drawn into resolving other matters. If you work alone, pretend you have a secretary and that you’ve told him or her to “hold all calls.” Then return the calls when you have both a clear mind and the time to tackle them.
  • Take charge of your e-mails; don’t let them take charge of you. Resist temptation and commit to checking your in-box only twice a day: first thing in the morning and around 3:00 PM.
  • Set specific, realistic goals with timelines and commit to taking at least two action steps every day.
  • Avoid becoming overwhelmed by chunking every task down into manageable bite-sized pieces. Not only will you get more done, you will feel terrific as you realize how much you have accomplished.

Stages Of Business Development

Start-up Phase

Start-up phase is that phase during which a business comes into existence. It is during this phase that plans are conceptualized and implemented regarding how the business should be set up, how it should be run, where to get the start up capital from and how to keep the cash flow going. During the start up phase, legalities of setting up the business are taken care of. Every business, which is starting up will normally require a large investment of capital, lots of time and effort, setting up of good profitable and stable customer base, money to buy raw materials, manpower recruitment etc. Businesses usually arrange for their own limited resources to run their activities. At first, demand is assessed and/or created for the products or services the business wishes to offer. Then manufacturing facility and processes are established (if it is a business engaged in manufacturing) or processes for providing service are established (if the business will be service provider) or goods for sale are purchased (if it will be business engaged in trade).

Growth Phase

During this phase of its existence, businesses experience expansion of its activities and enhancement of its customer base. It is an exciting period for the business. Its products and services are gaining acceptance in the marketplace and customers are patronizing them in increasing numbers. Profit margins also tend to increase during this phase. During this phase, the business require infusion of additional capital to buy capital equipment to increase production (for manufacturing businesses), to establish additional service network (for service providers) or procure more goods for trade (for trading businesses).

Maturity Phase

This is the third stage of a business development. During this phase cash flows stabilize and establishment of marketing networks and operational channels are completed. The respective brands become well known and there is a stable and faithful customer following. This is an ideal time for businesses to consider expansion or diversification.

Decline Phase

This is the last phase of any business. It is also called the terminal phase. During this phase, the business experiences market pressures from all quarters, and are unable to handle them successfully. The inevitable is cash flow drying up and losses mount up. Most businesses fold up during this phase. There are resilient businesses that do survive this phase and go on to succeed on a new lease of life.

Business Support Software

There are many support processes that any business would need during its existence. To support these business processes, softwares are hitting the market that cater to both new and experienced entrepreneurs. These softwares help business owners and managers to manage the business operations well. They are worth the money spent on them.

About Small Business Grants

After you have your business plan completed you can start working on your company’s funding. The first funding options that you have for raising the capital needed to start your company are to apply for federal grants and to apply for private small business grants. Each grant that is offered will have its own set of requirements and each will have their own application process. To qualify for small business grants you will need to have a solid business plan, a marketable product, and in some cases your own money to invest in your company.

There are a lot of financing options available for small businesses besides small business grants. Small business loans are a great option for people who have a good credit history and a great idea for a business. These loans are offered by most major banks. If you are interested in applying for a small business loan from the Small Business Administration then you will still need to submit your application material to a bank. This is because the SBA no longer funds small business loans, they only insure them.

Thinking Partnership

To set the record straight, I’m certainly not an attorney, nor am I in the business of dispensing legal advice. But as someone who’s been involved in – and burned by – a couple of partnership ventures gone sour, I do have opinions. I’d like to share those with you here if you’ll let me.

Most would-be partners see themselves going into business with friends or family members. Many times those involved have known each other for years. But knowing someone for a long time is not the same as knowing them well. At least not well enough to become partners with them. But that’s only the first drawback.

Drawback #2: Many would-be partners believe they can put a deal together with little more than a verbal agreement and a hand shake. Wrong! The only safe way to do it, if do it you must, is with a detailed written Partnership Agreement. One drawn up by an impartial attorney all partners agree on.

Drawback #3: Even before you get to that point, you should know that partners can be held jointly and severably liable for the obligations of the partnership. Simply put, that means either or all of you may be liable for all the liabilities of your business. Everything from accounts payable to judgments against the business, including obligations for which you as an individual may not be responsible at all.

That could wipe out some or all of the personal assets of each of the partners. But let me paint you a worse case scenario. Drawback #4: Partner A has only modest means, a simple home and car, along with a spouse and children. Partner B is extremely wealthy. Large home, fancy car, summer place, stocks, bonds, IRAs, the works.

Their business goes belly up for some reason, leaving behind huge financial liabilities and other obligations. Creditors take the partners to court in an effort to collect. A multi-million dollar judgment is rendered in favor of the creditors, and the court lays claim to the assets of the partners.

Partner A can lose his simple home and car, but once their gone he has nothing more the court can lay claim to. So they turn to Partner B to collect the balance of that multi-million dollar judgment. And to satisfy that judgment the court sells off his large home, fancy car, summer place, stocks, bonds, etc.

They might have been “equal partners,” but there’s nothing equal about what they stand to lose. If only because partners can be held personally liable for the obligations of their business – jointly and severably, meaning individually and collectively – I suggest you think long and hard before becoming involved in a partnership arrangement, even one spelled out in writing.

Prepare Your Business For Sale

When preparing your business for sale, keep the following in mind:

  • Selling your business is risky, so start the preparations at least one year in advance. You have to tie up all loose ends, make proper inventory of assets before you sell.
  • Go through audits and financial statements to chart growth. Ensure the financial records are up to date.
  • Formalize records and document all business dealings for the convenience of buyers. This will also help avoid confusion when the new management takes over.
  • Don’t keep any pending accounts of a customer open; tie up all loose ends before handing over the company.
  • Take care of the contract details with suppliers and franchisees. This will eliminate problems for the new management.
  • Get a proper handbook of company rules and guidelines printed. Unwritten rules are hard to follow.
  • Review leases and real estate deals. You do not want the location to affect the sale of your business. If the location can be a hindrance to sale, then consider moving to a better location before selling.
  • Take care of the equipment leases and return equipment once lease period is over.
  • Make an inventory of all the company assets, moveable as well as immoveable.
  • Upgrade and modernize software and computer systems. The best software should be installed before you make a sale.
  • Sell real estate separate from other company assets. Real estate attached to other assets makes the company unwieldy when its time to sell.
  • Ensure that employees’ interests are taken care of. Try to retain the good employees during the merger process. If you have to cut down on the number of employees, ensure they still have goodwill for the company.
  • Have an expert negotiator by your side well before you start negotiating a deal with the other party.

By taking care of your employees’ interests, and looking out for the new management when selling the business, you will earn a lot of goodwill. You should also put your records in order before selling. By following the guidelines given above, you will be able to avoid the pitfalls of bad business deals.

Challenges & Benefits of Running a Family Business

Family-owned businesses account for the majority of the world’s wealth. However, as with any other type of business, there’re both advantages and disadvantages associated with running a family business. Let’s move forward to discover them and see who can best help you with a merchant loan.

Advantages and Disadvantages of Running a Family Business: Merchant Loan

According to a 2019 survey by Deloitte, which polled 791 executives of family-owned businesses from 58 countries worldwide:

  • 43% had annual revenue of less than the U.S. $50 million
  • 37% had between the U.S. $50-250 million
  • 16% had U.S.$ 250million-1billion
  • 5% had the U.S. 1 billion or more

If you need additional funding for your family-owned business, just consider turning to a reputable alternative online lender in your field. This is the fastest and cheapest way to get access to the funds you need, including a merchant loan. Make sure the rates are among the cheapest in the space.

Pros of Running a Family Business:

  • Greater incentive to work harder
  • Strong commitment
  • Loyalty
  • Stability
  • Common values
  • Trust and authenticity
  • Flexibility and versatility
  • Vision and long-term goals
  • Your family’s under-aged children involved in the business can bring your some tax advantages
  • Since your family members are already familiar with the business to some degree, this results in time effectiveness and higher speed of operations
  • When necessary, family members can cover for each other
  • More relaxed working environment
  • Time and cost-effectiveness based on not being obliged to hire outside the family
  • Greater chances to make decisions more easily

Cons of Running a Family Business:

  • Unstructured or undefined leadership
  • Family can get you more distracted
  • Not being able to separate work and home effectively
  • Your business could be more vulnerable because of your family issues
  • Family conflicts
  • Family members may break working rules easily
  • If rule-breaking is left without consequences, it may hurt your business
  • Lack of skills for the given position
  • Critical feedback may be rake negatively
  • Not expressing what you think being afraid to hurt your family member’s feelings
  • Difficulty deciding who’ll be in charge of the business if the current chief is to step down

Family-owned businesses play a key role in the U.S. economy. Like any other business, they have both pros and cons that you should take into account by all means.

Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loan solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard-working business owners across the country.

Home Business Idea

Performing administrative tasks for others is a popular home based business option. If you’re gifted with a good variety of office skills and you’re comfortable with the internet, perhaps you would be well suited to start a Virtual Assistant business.

Virtual Assistants provide all kinds of support services to others, mostly to other small business entrepreneurs and internet marketers. Customer service, telephone and email support, data entry, website maintenance, internet research, and media relations are just a few common tasks.

You don’t have to have all of the above skills, you can choose to focus on a specialty in your own business and offer the tasks that you do best. You’ll attract the clients who need what you have to offer.

Clients do like to work with one VA who understands their business really well, so over time you will want to develop new skills so that you can fulfill as many of their needs as possible. But remember why you wanted to be your own boss; it isn’t so that you can spend all of your time doing what you do not enjoy. You can always networking and outsource tasks that you don’t like to other virtual assistants.

A Virtual Assistant business is fairly simple to launch but building your business and managing a growing client base can be challenging. It helps to have advice and guidance from others who have been where you are. Take care to choose your mentor’s carefully and remember that businesses aren’t built overnight. Your patience and perseverance will pay off in the long run.

Decision Making Guild

  • Live in existing moment
    This is a critical expertise one ought to have. However, as far as we could tell we are meandering the mountains of Himalayan or we are contemplating the most recent night birthday gathering of one of our dearest companion. The more centered you are around the place of occurrence, the more easier it will be for you to decide on it. The more information we see about the episode, the more easier it is to decide on it, on the grounds that we have an unmistakable picture of that issue.
  • Remain icy as ice
    Be cool and remain quiet. Never take cruel choices. Have control over your psyche while taking decisions. The greatest advantage is that it allows you to watch and get it. That is difficult to do when the psyche is always stirring and responding. This is the reason why consideration and contemplation are prevalent: they moderate the psyche down and separate the thinking from the watching.
  • Investigate the circumstances
    In most situations, this can be an extreme easy/fast process, nevertheless, this will rely upon the particular conditions of the case e.g. whether the actualities are questioned or clear and the earnestness of the issue. An investigation can basically be the collection of realities taking a view at existing moment e.g. identifying with the past procedures attempted to address an issue. It is always important to investigate the circumstance legitimately before taking any decision.
  • Know the outcomes
    Take a rundown on the great and awful that will occur subsequent to taking that choice. And think about the circumstances when you were restless and what outcomes it brought. Must have been unfortunate, isn’t that so? Now you need it to end in a distinctive way. Take a lesson from those circumstances. This will enable you to take better choices in your present to secure your future.
  • Admit on the off-chance that you are incorrect
    Continuously, begin by revealing reality to yourself. In the event that you can’t state in your own particular heart that you weren’t right, at that, any conciliatory sentiment you give will feel dishonest to the recipient. Moreover, working this out for yourself gives you an opportunity to work through any issues you might have with apologizing.
  • Ask a specialist
    There are times in life when we either don’t recognize what to do with a specific end goal to deal with a circumstance or in settling on essential life choices. We often neglect to look for guidance or help, feeling terrified or humiliated to express obliviousness. In such situations, counseling with the accomplished individuals has always been the best.
  • Be affable
    Everybody ought to take in the specialty of affability; it is center to our day by day survivals and directives. The way we manage our condition makes us look accountable or not. In the event that we are affable, we are more responsible and will deal with the little things we see around us.