Category: Business Ideas

Article Contributed by Samantha Peters

Your business can instantly boost its profitability and network with just a few steps. The key to improving your business is taking intentional action in furtherance of a goal. Make a goal, and then get the employees of your company to support that same goal. When a company’s employees are unified in pursuing a goal, they will be able to accomplish much more. Here are 5 other moves your business can make to maintain customer loyalty and become more profitable:

1. Get a Facebook Fan Page

Having a Facebook fan page is a must. You may get 100 new customers within a week by creating a Facebook fan page. By having a free Facebook fan page, your business can market itself to a younger generation and instantly sell more products or services.

2. Invest in Promotional Gifts

Promotional gifts are a great way to not only get your company’s name out there, but also a good way to reward loyal customers and high selling employees.

Customized calendars can be a great promo gift for your top customers. They will improve the relationships that you have with your top customers. They can also be great gifts for employees and will help employees make the most of their time. Employees can also stay organized by using promo calendars.

3. Use LinkedIn

LinkedIn is a business networking tool and can help your top business people leverage their network contacts. Make sure all of your top managers have a LinkedIn account and are connecting with other business leaders. Your business will gain popularity as it becomes recognized by other business leaders in the community.

Using LinkedIn is also a great way to entice talent in terms of prospective employees.  When it comes to networking, don’t just focus on other business executives.  Also be sure to keep in contact with other professionals that could make your company a better place should you have  positions open in the future.

4. Host Promotional Events

Hosting promotional events in the community is a must for gaining a better reputation. Your company can make a lasting impression on local community members by hosting events that support the local school district. Picnics, dances, barbeque events, and charity auctions all are great ideas for events to host, and can generally be hosted without having to pay extensive prices.

5. Show Employees Appreciation

Show your best employees some appreciation every once in a while. Give the employee with the top sales for the month a gift certificate or boost in pay. Your employees will become more motivated to sell more products in the next month. The morale of your company will also improve if you show employees some appreciation.

These are the top 5 moves that your business can make in the next month to increase its profitability and improve its relations with customers. Handing out promo calendars is a great way to show appreciation for your customers and for all of your employees.

When it comes to improving your business practices, you are never done.  There is always room for improvement, and constantly striving to improve your practices will only make your business more sound, profitable, and an enjoyable place to be for both your customers and employees.  So if you are looking for creative ways to improve around the office, consider giving a few of the aforementioned a try.  You have little to lose, in terms of revenue, and much more to gain, in terms of culture and profit.

About the Author:

This Guest Post is written by Samantha Peters, an active blogger who enjoys writing about anything of interest to entrepreneurs and business start-ups.

Article Contributed by Ray Haiber

Are you thinking of starting a retail business but have serious concerns about the potential high costs of getting started? Have you heard horror stories about the high monthly profit eating overhead expenses of operating a traditional retail business such as rent and employees? If you fit this description you might want to consider starting a proven kiosk business opportunity or franchise instead. Most kiosk opportunities today are designed to provide the average entrepreneur a very affordable and easy path to owning a retail type business without the high startup costs and monthly overhead expenses associated with opening and running a traditional “brick and mortar” retail business.

Below are some of the top advantages in my opinion of starting a kiosk business vs. opening a traditional retail store business:

Low Start Up Costs: With a turnkey kiosk business you will not have the high costs historically associated with building out a traditional brick & mortar retail space or store. And due to the compact nature and smaller operating space requirements of most kiosk machines leasing a space or location to place your unit is generally much more affordable.

Low Overhead: Most kiosk machine businesses are designed to be operated remotely just like traditional vending machine businesses so you will not have to hire a staff or employees which will significantly reduce your operating expenses. At most you will be required to restock your unit periodically the frequency of which will depend on the nature of the product you are offering for sale. Even if you are operating a mall based kiosk that does require staffing it usually can be owner operated or can have very few employees.

Quick Start-Up: Unlike traditional retail store businesses or franchises that can take weeks or sometimes many months to open, a turnkey kiosk business can generally be up and running very quickly in comparison. Many kiosk companies’ today use professional installers and technicians to ensure that their units are fully functional and ready to go when delivered to a location for installation. In fact your biggest investment of time may actually be finding and securing the best possible location for your first unit.

Easy Life Style Business: Starting and owning any type of small business these days is going to occasionally have its challenges. But in comparison to owning and operating a typical retail store owning a kiosk business will be much easier, less stressful, and ultimately will allow you more freedom due to the nature of the kiosk business model. In most cases kiosk businesses can be operated on a part-time or semi-absentee basis with the owner’s primary function being to restock the units periodically. In fact many kiosk machines today have software installed in them which allows the owner to remotely monitor inventory levels and even sales by product saving more time and increasing profits.

About Author:

Ray Haiber has 12 years’ experience as a professional small business broker and franchise consultant. You can go here to research top and affordable vending businesses for sale here. You can research top franchises for sale across the USA here. © 2012

Article Contributed by Steve Sutherland

As far as business models go it doesn’t get much better than a Laundromat. While there are some barriers to entry such as high start up costs there are also many advantages.

This industry has quite a low failure rate compared to other small business opportunities and the return on investment (ROI) is usually very good. A coin-operated laundry business also offers excellent lifestyle prospects for owner operators that don’t want their business to rob them of all their free time.

There are many ways to get into the Laundromat business and once you are in there are many directions to take. In this article I examine some of the possibilities and opportunities in this unique industry.

Start a New Laundromat

The first option is to start up a new Laundromat. Start up costs here are considerable as you will need to organize a commercial space and pay for renovations that will include a proper plumbing, sewerage and electrical set up. Compliance costs can run high, especially for sewerage hook-up fees which are often charged per machine. Washing machines, dryers and a boiler system for heating water are expensive as well.

You also have to keep in mind that your risk level with a new business will be high unless you have done some careful research.

Other difficulties that you will be facing will include limited cash flow in the early days of your business. It may take some time to establish a customer base and reach a profitable level of operations. Due to the uncertainty of a new project you could also have trouble getting the huge amount of funding that you need to get started

On the bright side, if you do get everything right and the business runs well your ROI will be impressive and you’ll be paying down your debt in no time. Your new set up should give you few headaches in the way of breakdowns and maintenance and you will be able to take your business in any direction that you like.

Buying a Profitable Laundromat

A much safer play for industry newcomers is to buy an existing Laundromat that is for sale. If you do your due diligence and pay a fair price for the business you should be able to walk straight into a profitable operation. This lower level of risk will make it easier to secure financing.

There are many other advantages too. You will be purchasing an existing brand, a customer base and relationships with employees and suppliers.

The downside is the lower ROI. The profit level of the business will be reflected in the sale price. Nobody just gives away a profitable business with an established clientele without asking for a considerable sum of money.

You could also be inheriting problems from the previous owner if you are not careful. The machines or layout may be out of date and need replacing or the store may be run down and in need of renovations.

A Small Chain of Coin Laundries

Many Laundromat entrepreneurs are absentee owners as they are not required to be on the premises. This makes it easy to scale up and become the owner of multiple stores. After all, once you know how to run one profitable store you should be able to easily replicate your success. According to the ‘Coin Laundry Association’ the average number of stores owned by each Laundromat business owner in the US is 2.5.

Some owner-operators divide their time up between three or four Laundromats throughout the day. Others hire attendants to do the dirty work and they can just stop by occasionally to check on things and collect the cash.

The Franchise Model

What about starting a ‘McLaundromat’? Surprisingly, the coin laundry industry has been quite fragmented up until the present time. There are only a few regional franchises and chains and there are no famous brands at the national level.

Depending on your area you may be able to start up under the umbrella of a franchise. You would benefit from getting access to a proven brand name, operating systems and marketing systems. However all of this typically comes with a high price tag which can drive your ROI fairly low.

If you spend time developing a business model and systems that work then you could look at franchising your own brand somewhere down the line.

Buying Distressed Laundromats

Once you feel that you have mastered the business you can look at buying run down Laundromats that are currently losing money for their owners. If you analyze each opportunity carefully and apply your knowledge you may find that some of these stores can be turned around with the right investment and a change of direction. The best thing is that you can pick up these kinds of Laundromats for next to nothing and in some cases the owner will thank you for taking the business off their hands.

Once you work your magic you can then look at adding these locations to your portfolio or you can flip them on as profitable businesses. A profitable Laundromat is fairly easy to sell and business brokers will be delighted to help you in the process of finding a buyer.

Additional Services

Once you are set up with your first Laundromat business you will have opportunities to increase your profits by fine-tuning your business operations.

This can be done by bringing in new business and there are many ways to do so. You can also maximize your Laundromats potential by adding premium services such as ‘wash and fold’, ironing or stain removal. Aside from washing powder and fabric softener you can sell other items such as drinks and snacks from vending machines on your shop floor.

Savvy Laundromat business owners also handle laundry accounts for other businesses such as hair salons and restaurants that need their towels and linens to be washed regularly. Commercial accounts like these can keep machines and attendants busy during times when your Laundromat is quiet.

There are also numerous opportunities to cut costs and run a more efficient operation. Savings in energy and water consumption can be quite dramatic if you have the right machines and systems in place.

Become a Consultant

Lastly, once you have become somewhat of an expert in the Laundromat game you could look at sharing your years of knowledge and experience with others. Industry newbies often require help from consultants to assess the value and prospects of Laundromats that are for sale. Consultants can advise newcomers on every aspect of starting a Laundromat and running it efficiently.

About the Author:

Steve Sutherland runs OpeningaLaundromat.com, a site dedicated to helping beginners buy a laundromat or start their own from scratch.

You just put the finishing touches on your kick-butt marketing plan that’s going to skyrocket your business. Hooray!

Only problem is that kick-butt marketing plan isn’t going to do a thing for your business unless you actually put it into action. And that, alas, is where most marketing plans end up — a really good idea that never got implemented.

So, how do you stop that from happening? Here are 3 steps to help you move from thinking to doing.

1. Figure out what you need to be doing versus what you can get someone else to do. Look, there’s no reason why YOU have to do all the implementation. Get some help! 

If you already have a team, fantastic! Now you just have to start delegating. If you don’t have a team or you don’t have the right person on your team to do a specific job (for instance, a technical person to fix your shopping cart) then you need to put finding that person to your to-do list. In the short term yes it does add to your workload, but in the long term it will save you a lot of time.

2. Block off time in your calendar to work on your plan. The only way these things are going to get done is if you actually take the time to work on them. So start by actually setting aside the time. 

You may be someone who works better in shorter, more frequent bursts of time (15 or 20 minutes every day) versus a longer time less frequently (2 hours or half a day once a week). Only you know what appeals to yourself more and I would suggest scheduling your time accordingly. (Look, it’s tough enough to get things done, you might as well make it easier for yourself by working with your natural tendencies than against them.)

3. Set yourself up for success. Just because you set the time aside doesn’t mean you’ll actually get anything done on your plan during that time. So you need to keep yourself focused and motivated and don’t allow yourself to get sidetracked. 

Now there’s no question that’s much easier said than done. So how do you do that? Here are a few tips to try:

• Remind yourself WHY you’re doing this. Is it so you’ll be able to take care of your family better? Is it because you want to sell a million copies of your book? Is it because you’re so tired of the way things are you’re ready for a change? Whatever it is, remind yourself of the bigger WHY before you sit down to work. That will keep your motivation up.
• Make it a special time just for you. Maybe light a candle, put on some favorite music or pour yourself a fave cup of tea. Or maybe you head out to a local Starbucks to hang out. Whatever it is, make it special — something you look forward to.
• Create a “squirrel” file. If you ever watched the movie “Up” there’s a talking dog in it that keeps getting distracted by squirrels. So he’ll be talking and in the middle he’ll shout “squirrel” and completely lose his train of thought.

As entrepreneurs, we are surrounded by squirrels. And there’s no better time for the squirrels to come and play then during this time we’ve set aside to implement our marketing plan. “Oh, I’ll get to my plan as soon as I get this email out…as soon as I return this phone call…as soon as I clean up my desk.”

You get the idea.

So the way to keep the squirrels away is to create a “squirrel” file (or call it something fun like squirrel nest). Any of those squirrels come running out, capture it and stick it in the file to work on “later.” If you want, you can even designate a time to work on all those squirrels.

But the most important thing to do is DECIDE you really ARE going to implement your plan. Once you do that, the rest will fall into place.

Article Contributed By Maureen Aylward of Zintro

The Wall Street Journal reports that small businesses in the US are still struggling in the worsening economy. The study says that small businesses are tweaking business plans, shifting marketing strategies, and making changes to clientele, products, and services. Zintro experts tell us what they think the tweaks small businesses are making to stay afloat.

Wayne Spivak, an expert in accounting information systems, says that a lot of small businesses are hesitant to make what they deem to be a bold move, because they don’t know what is happening and that volatility is driving everybody crazy. One issue that Spivak sees regularly in his consulting business is the need for a CFO. “Small businesses need a CFO, but they can’t afford someone five days a week,” he says. In addition, he says that sales teams are making more visits to potential clients because these clients may take longer to sign on. “I am seeing longer sales cycles, but in the end, small businesses may see more business from this extra attention.”

MJS, an entrepreneur and president of a company, says that medical device companies have been affected by the slow economy in a number of ways. “Non-critical procedures have been put off. Hospitals delay and minimize purchases and hold on to older, existing equipment thereby reducing demand and shipments of new products. This delays development of new technologies and reduces R&D and product development,” he says. “The federal government has raised questions about the regulatory approval process and certification, which has added to uncertainty and risk. This in turn reduces investment which would lead to new jobs and expansion in general.”

MJS points out that federal regulatory requirements, in recent years, have become more stringent, forcing new products to be tested and approved outside the US. In addition, he says that reimbursement or payments by Medicare and other payers have been reduced as financial pressures are squeezing clinicians and their facilities, reducing revenues and purchases of products. “Companies have been reducing work force and delaying new projects as demand for new products has diminished,” he says. “Only companies and a select few investors who have money reserves, vision, and expectations of the economy turning around in the next couple of years are continuing new product development.”

Jerome Williams, a small business development expert, says that in Miami-Dade County, Florida, small businesses are taking classes on financial management and are learning about marketing through social media outlets. “While many social media sites provide marketing tips and tools and provide some level of marketing and online networking for free or at minimal cost, some small business owners have reported that the process of generating valuable leads through this process is time-consuming. Many of the older small business owners do not have the technical skills or knowledge to post blogs or utilize social media,” he says.

SeanJC, an IT strategist, says that the tweaks small companies are doing to stay afloat are by making better use of the Internet and all its forms. “Most small businesses already have e-commerce offerings on websites and are now utilizing other online avenues to increase costs and boost profits, including using cloud-based services, out-sourcing, and increasing social networking and communication activities. I am finding that more advertising budgets are now spent on social media services than ever before.”

Tony Rodriguez, an expert in consumer goods and media in the San Diego area, says that some CEOs mistake their goals or vision for strategy and fail to tackle the more vital chore of identifying the key challenge and developing specific strategies to over come it. “Successful strategy execution is based on root cause identification and insightful solutions with specific action plans,” he says.

Danish Khan, a strategy and organizational development expert, points out that the tactics a small business might adapt will vary depending on the background and experience of the owner, many of whom are self-made entrepreneurs. “Small businesses often do not have too many processes, protocols, and tiers between the owner and the customer; therefore, any tactical moves yield results right away. In fact, any change, good or bad, will happen through the eyes of the owner,” says Khan.

Khan identified several shifts that small businesses are making:

• If a business owner has sufficient liquidity, he or she is buying the property the business is on to avoid the rent expense and write it off on accounting books.
• Owners are cutting back on headcounts by replacing staff with technological applications and solutions even in supply chain management with respective suppliers.
• Small businesses are focusing extra attention on high yield clients that can yield 80 percent of the revenue.
• Small businesses are reducing overhead costs by purchasing smartly, and that means they are no longer spending money on storing inventory.
• Small business owners are diversifying their operations being in several locations that focus on multiple ethnic groups and demographics; therefore, they churn inventory between locations.
• Owners are focusing on building a relationship of complementary products and supplementary products to manage operations smartly.

Richard Owen, a management consultant, says that small businesses do not usually have the luxury of reducing their overhead in comparison to larger competitors. “The alternative is to add value. Small businesses can do this by hiring experienced professionals that have been laid off. This allows the company to provide a much higher level of care and value to existing and probably even new clientele,” he says. “The small organization that can tap this labor market with mutually agreeable terms will soon become a ‘go to’ employer for ever increasing talent. Combine this strategy with direct marketing about how these new hires are helping clients and how the company is working with the new professionals and a company can have an expanding business in a down economy.”

Gary Shelton, a small business development expert, says that business plans should be updated annually. This forces the small business owner to take a serious look at where they are and where they are headed. “Changes in the economy strongly encourage small business owners to seek change within their own companies,” says Shelton. “Current trends show that small businesses are re-inventing themselves to be more user friendly. Areas of interest that have gained strength are federal certifications.”

Shelton says that small business owners are looking for ways to expand into the federal marketplace. “This is an opportunity for success. It is a known fact that the federal government is required to do a percentage of work with small businesses annually. In most cases the government does not reach its goal. If a small business will take the time to register with the commercial contractor’s registration (www.ccr.gov) and research federal business opportunities (www.fbo.gov), it may be more than likely they will find a fit for the business.”

MJ Plebon, a marketing consultant, says that small businesses realize that their customers are changing habits and as a result, small business must tweak their marketing strategies. “Customers are no longer using the yellow pages or local newspapers. They are going online to search for local products and services and demanding this information on-the-go with smart phones,” he says.

Many small businesses have invested in a website; however, a smart business owner realizes that a website is not enough, and a company now needs to market its message online in different formats, such as in blogs, articles, videos, classified ads, Facebook fan pages, directory listings, and LinkedIn company pages, suggests Plebon. “Business owners are realizing that the Internet is different from the more traditional forms of marketing such as newspapers, Yellow Pages, radio, or TV. It needs a laser target for the message to reach a well defined customer profile that has a specific problem that the business owner can solve,” says Plebon. “Mass advertising doesn’t work with online marketing.“

About the Author
Zintro connects Clients (expert-seekers) with subject-matter Experts for consulting engagements (ranging from one half hour phone consults to multi-month on-site engagements).