Size of the Company is Irrelevant

The first exporting basic to learn for the international trade is that you do not need to be a very large corporation. Although, this is true that the major share of international trade is in the hands of large companies yet small business owners are not trailing very far behind in this sector and are grabbing the opportunities available. U.S. Department of Commerce has indicated in its survey that only 40% of the successful companies in the field of international trade have more than 100 employees. This implies that 60% of the export business is in the hands of the companies that are not very large. In fact, it is not size that determines the success in international market but success depends more on the service, price and the quality of the product.

No Need of Big Marketing Department

Second exporting basic to understand is that you do not require a big marketing department for exporting purpose. If you are a small business owner and sells occasionally and in small quantities then only one employee is sufficient to handle the job of marketing and transportation rather than having a separate department and several employees … Read the rest

It is true that the cultural and creative arts industries are potential economic boosting ventures in this contemporary age. It is one of the ever thriving areas of the global economy with an estimated growth rate of 4.3% in North and Central America, 6.9% in Oceania, 9.7% in Asia, 11.9% in South America, 13.9% in Africa and 17.6% in the Middle East. These estimates that show a soaring increase in global economy clearly underscores the great economic capital that can be obtained from the creative cultural industries from our forebears! Thus, today, local communities, especially the women and the youth who are mostly unemployed must tap into these industries to earn a living. It is not very difficult for residents to enter into these industries.

Limited capital investment is often required to start an enterprise in the creative and cultural industry of local communities. This is because the raw materials for the production of the creative cultural artifacts are locally stepped in the regions of the local communities’ territories. Usually, the local governments and the traditional authorities have their own effective managerial ways of ensuring the sustainable supply of these local resources for the artistic production. Individual families mostly have … Read the rest

Market Analysis: Analyzing the current trends and determining what changes are necessary to be implemented in order to capture the market is the first step. Study the market and determine your competitors, make a competitive analysis, determine ways to better your competitors, understand what your customers need and develop your products accordingly. Instead of targeting a general market try targeting specific markets and develop adequate marketing and advertising strategies so that customers are familiar with your brand name. Make sure there are value added benefits to entice customers to try your new range of products, make sure that the new range does not eclipse existing product line and both are given equal prominence.

Growth: In order to tackle new markets, you may target new customers with a new line of products as well as to improve existing products adding new features to grab the attention of existing customers. Changes can be made to the product introducing variety to the existing line of products there by targeting a slightly different market. Change and growth is necessary to prevent the company from stagnating or even worse suffer loses due to monotony. Some companies tackle new markets by developing a new niche. Study … Read the rest

Agriculture, with the large arable land in Africa, and the ever growing population, agricultural start up in Africa is an opportunity to harness. Unfortunately, the bottle neck system of governance and the import dependent nature of the populace have hindered the growth of this important sector. Statistically, Africa has the largest arable land in the world, if all the fertile lands are used, the production is estimated to feed the whole world. There is the market for African grown products both locally and internationally. Businesses that focus on processing the locally grown food stuffs would in the years to come grow astronomically because of the ever present demands for their products.

E commerce, with the advent of the internet and peoples affinity for easy life, electronic shopping is another hub for building a business in Africa. Many of these online shops are cropping up every time, most of them offering world class services, this sector in future will account for a huge chunk of internally generated revenue. From purchasing of home gadgets to buying tickets, eCommerce has reshaped how the present Africa does business.

Human resource management. The continent has 1.111 billion people in it, which is 16.14% of the … Read the rest

Many internet gurus don’t find the need to like what you’re selling. They figure you’ll find a way to like it once it begins bringing in income. On the contrary, I believe that since this business venture may take up to 80 hours of your time weekly, a general passion is needed. Moreover, all of your content, web design and networking will be consumed by this product or products so you need to be an expert or at least have a general knowledge to get you through the day. Believe me when I say your customers know the difference from an expert site or a site that is simply trying to take their money. The easiest way to find your selling passion is to list your interests and goals and go from there.

When my husband and I started our first internet business we were starving actors with two Chihuahuas that consumed our lives. We loved to pamper them but in NYC our feeble actor’s salaries could barely buy them scarves. We would walk into boutiques and were overwhelmed by the prices. Then it hit us in the face. We could sell quality boutique style dog clothes online.

When we … Read the rest

In keeping with the theme from my last article, this week I wanted to discuss another important aspect of starting your own business. This one, however, may be even more controversial than last week’s post because it will probably feel like I am attacking your family; particularly, I am about to attack your baby and it’s not gonna feel good.

Being an entrepreneur myself, I know the pride that comes with starting your business or creating your product: seeing your logo on a sign, seeing reviews on social media, reading your awesome title on a business card out loud. Owner. President. It’s as good a feeling as having your kid become POTUS.

BUT I am about to take that business card and rip it into hundreds of little pieces right in front of your face. Well, not me but I’m gonna ask you to do it. Go ahead – try it.

How did that feel? I bet it was a devastating feeling. But as an entrepreneur, you’re gonna need to get used to it, but not always for negative reasons. Let me explain.

My first business was a tanning salon. Yes, I actually sold sunshine in the Sunshine State. I … Read the rest

Grants for Small Business

A grant is a direct financial contribution made by certain organizations to the needy. It is made for very specific outcomes with no expectations of repayment. These grants are based on certain criteria and are designed to encourage entrepreneurs to start or expand their small business ventures. Millions of dollars in the form of small business grants are available for any minority group of Americans. They may be African Americans, Asian Americans, Hispanics, Indian Americans or any other minority.

Minority Grant Programs

Government minority business grants are listed on all the government grants assistance programs. They allocate funds for lending to minority entrepreneurs, student business training, unemployed, community-based business opportunities, real-estate ventures and investment, research work and inventors, amongst others. A woman entrepreneur or an ethnic minority is entitled to funds specially earmarked for their business development.

Any entrepreneur seeking the fund for any type of business or any personal project must have a viable business plan. They should focus on how well their business would survive independent of these programs. Eventually, your aim should be to build a successful business. Have some sort of maturation plan in place to succeed without minority funds within three … Read the rest

Well, in a layman’s language, we can say it is simply selling the products in overseas markets. But, this option of expanding the business is not as simple as it seems. It demands time, money, efforts and an intensive research. Rather, research is the most important and basic sought after aspect for entering into a new market.

Now, you must be thinking what kind of research is required when you are already in the business and you just want to sell your product in a foreign market. Think again. You will find that the foreign customers have different tastes and preference, different lifestyles and altogether a different culture. And due to all such and many other reasons, a wide as well as rigorous research is required.

If you are planning to export your goods at the international level, the research should answer questions like:

• Who are the potential consumers and what are their preferences?
• Who are the competitors and what kind of products and services they provide?
• What is the political and economic system of the country in which you want to explore new market for your product?
• What kind of rules and regulations you may have to face?
• What

Lead Generation Systems – Lead generation systems come in a variety of formats. The most basic is a list of candidates that can be obtained from a list broker. Then there are qualified lead systems that funnel information from individuals who have inquired online. And finally, there are complete lead generation systems that include step-by-step training delivered in workbook and video format. Choose a system that has proven results for your niche and that can be easily integrated into your loan flow. When using lead generation systems keep the compliance guidelines referenced in section two in mind.

Networking – Networking has always been a great way to drum up business. You can begin with your own circle of influence (family, friends, and colleagues) and branch out from there. Take advantage of opportunities to participate in activities that will allow you to connect with your niche. You can also form a joint venture with another professional.

The Internet – The Internet is the fastest and most affordable vehicle for getting the word out about your service. You can accomplish this in a variety of ways:

• Setting up a website and submitting your site to popular search engines
• Advertising with online news

It is recommended that you give your business a legal structure by consulting an experienced attorney who could guide you regarding the kind of entity that is best suited as well as in getting all necessary licenses and permits to begin operations legally.

You will also have to select an appropriate business name that has been formed in compliance with applicable state laws.

Adequate insurance coverage is recommended from a reputed agency.
Extensive market research and competitive analysis are ideal ways of knowing all that you can about the business and the factors that influence it. Studying and analyzing the competition will give you an idea of how to operate as well as think of ways you can gain a competitive edge.

Have a well-drafted business plan with clearly defined target goals and the strategies to be used in achieving them. The plan can be used to measure if the business performs as expected, and novices can use the plan to carry out the daily operations.

It is essential to estimate the start-up costs and get the necessary finances to fund the start-up. Have a well planned loan application ready to convince loan officers to grant you the loan.

Figure … Read the rest