Proven Business Concept. Buying an established business is simply less risky than starting a business of your own. The concept has been proven to work and has a track record of that success. This also comes in handy when it comes time to finance the business, banks are much more willing to lend to a buyer with a proven concept than fund a start-up business.

Established & Recognized Brand. When purchasing an established business, there will already be a brand in place, that is recognizable in the community and has a history and reputation behind it. It is much easier to market an established business to a community than to market a new business.

Staff In Place. Hiring employees is time-consuming and costly and within the realm of a start-up business, every penny counts! An established business comes with staff in place that has already been hired, trained and developed to operate the business. These employees will not only be able to help you transition into your ownership role they will also provide you with a more flexible schedule to focus on business strategies and family.

Customer Base. An established business has had the time to develop customer relationships and … Read the rest

• Products: Now with this topic there may be a few ways to look at it. For instance, if you are going to be selling a product you’ll want to know how “in demand” those products or services are or will be. You’ll probably make the most money with the products that people use frequently or can be used all year long such. There’s also the side of just absolutely believing and wanting to share the products. On this side, the money is ne but you’re more into the products and even use them yourself. I believe that one this side, success will come naturally.
• Support: When I was searching and sifting through the many different direct sales companies the number one question I asked was “How is your support and your up line?”. You may that think you’ll only get positive responses because they want you to join their team, but you would be surprised about how honest people are. For instance when I asked one gal, her response was “When the company first started out they had some minor problems, but they have worked really hard to get things right. I almost didn’t stick with it but thought I

You need to have sufficient inventory to be profitable. However, having too much inventory is a larger problem than too little inventory.

Too much inventory ties up critical cash for your business. It can also result in more damages to your merchandise. The key is to find the right price to move your merchandise. Slow moving items take up space and cash that could be used for more profitable items.

There are times you have to adjust your pricing strategy. For example, let’s assume your retail price is double your cost. In this example, you pay $10 and it retails for $20. If it is a slow mover or discontinued item, what should be the new price? I would take 20% off for 1-3 months, 50% off and then 75% off.If you have to sell at 75% off, you will be selling below cost. Cost should never be a factored in marking down an item.

I can hear you yelling now. I’m not giving away my inventory. You are looking at your inventory from the wrong perspective. Your product is worth what a customer will pay for it.

Using the above example, let’s say you sold your product at 75% … Read the rest

Market research and competitive analysis are factors that aid in business development. If the car leasing business does extensive market research and can clearly identify its target market, it can develop a suitably effective marketing plan. Advertisements can be developed that are effective and that will definitely have great ROI.

A Few Business Development Tips for Car Leasing Firms:

• Ensure that the firm is a separate business entity and you have adequate liability protection.
• Have adequate insurance coverage against theft, accidents, etc.
• Make sure that all necessary licenses and permits required to operate your business legally are obtained from the proper authorities.
• Ensure that you have well-trained staff that will help retain customers as well as entice customers to become regulars.
• Operating from a well-placed office that is convenient and in the city center, if possible.
• Advertising on TV, radio, newspapers and magazines can help a lot. Frequent
  advertisements will help people remember your firm better and help in recruiting new customers.
• Having a referral system by having an understanding with hotels, offices, and industries can help ensure a regular supply of customers.
• Developing a unique slogan that will be witty and eye-catching can help in developing the business.
• Being

Before you can measure your growth you need to be clear about where you are now and where you hope to go. What size is the market? Have you targeted a certain geographic area? Or perhaps a certain channel, like hair salons for your handmade moisturizing products.

Whatever the growth goals are, you can develop a system for tracking your progress. Let’s take a look at Carls’ Candles and the managerial accounting system he has developed to measure his growth.

Carl has been making container candles for three years now. At the current prices Carl has been able to increase sales year over year. But the growth rate has slowed and last year he only grew his sales revenue by 5%.

The market for container candles is growing and the distribution outlets are numerous. Carl has been marketing his candles direct by selling through independent retailers and small gift shops in the area.

Carl sells to the retailers at $3 per candle. The direct costs for each candle are $1 and the overheads are $4,000 per month. In Carls’ overhead budget he includes his own wages, electricity, and insurance. The direct costs include soy wax, containers, fragrance, wicks, and delivery.… Read the rest

The forms for business incorporation include articles of incorporation that conform to the state law. They must be filed with the correct state authorities along with the filing fees, initial franchise taxes and other initial fees. One of the easiest ways to fill out these forms is through BizFilings. All you have to do in order to incorporate your business is complete the online order form and BizFilings handles the rest.

There are many advantages to going through the business incorporation process. One of the primary advantages is the limited liability the corporate entity affords its shareholders. With the shareholders not being liable for the debts of the corporation, shareholders are free of obligation to the company. Another advantage to incorporating your business is the fact that ownership of the corporation is easily transferable. If you decide after a year or two that you don’t want to have full responsibility for the corporation any more, you can sell it or have someone take over very easily.

Having a corporation allows you to raise capital much easier through the sales of stocks. If that weren’t enough to get you to go through the business incorporation process, it’s soothing to know that … Read the rest

• Information Transfer Is Unidirectional
  Information can flow in both directions, either from or to the ERP. If the ERP is integrated with the plant, it will have a bi-directional information flow.
• ERP Integration Is All About Copying Data
  Since older methods of integration follow a system of copying a tag and its profile, business owners think modern ERP system can be integrated the same way. However, there is more to ERP integration, since the business related-date that the ERP handles is very different from what the plant handles.
• The ERP Can Come Up With Standardized Answers All the Time
  Many people think that queries related to a business process follow a set pattern, as do their answers. They cannot be more wrong. Even if the system knows the right question, the right answer may depend on a number of factors.
• You Must Use Only the Latest ERP Technology
  Although the latest ERP integration technologies offer many advantages to small business owners, they have their own share of problems. The biggest problem is the integration of new technology to the old. In some systems, you will find that retaining older applications may be more useful than overhauling it completely.
• ERP to

Avoid making excuses

Many people have dreams of becoming successful businessmen, but they end up unsuccessful. They have excuses and a fear of failure. As a matter of fact, you may have millions of excuses for not starting your own business.

Actually, what excuses do is slow you down so you don’t achieve your goals. So, if you are serious about starting a new business, we suggest that rid you of all the excuses. You may want to look for a solution to your problems rather than make excuses.

Absorb everything

You may want to listen to your family, friends, experts and, of course, yourself. As far as dealing with things that are related to your business goals, you may want to become a sponge. With new ideas, you may want to spur on yourself to keep going. You may want to write down important ideas and maintain notes from different sources so you can have a solid business plan.

It’s not a good idea to ignore advice from experienced business men. As a matter of fact, experts know what works and what does not. Actually, smart people learn from the mistakes made by others.

Find a solution

As a … Read the rest

Focus

Focus is definitely a key to a successful mindset. Continually remind yourself of what your business is about, what its purpose is, and why you’re doing it. Keep focusing on your goals by having them somewhere that you can see them.

Self-assessment

To achieve a successful mindset, you need to ferret out that negative mindset you may not even know you have. Here are some things to watch out for that may indicate a negative mindset:

• Having excessive back-up plans and being over-cautious may mean you are doubtful about your success. Safety nets are understandable, but they can become a tempting escape when things are less than perfect. To be successful, you need to press through those imperfect times, not run from them.
• Believe you deserve it. You may think that you really don’t deserve to succeed in business. You just aren’t “that type.” To be successful, though, you need to believe you are that type!
• Uncertainty can be a manifestation of a negative mindset – you are not sure of yourself. There are resources out there; you can learn what you need to succeed. You just have to go for it.

Think Like an Entrepreneur

If you are … Read the rest