Category: Starting Up

Starting a business requires many hours of planning and preparation. Professionals such as, doctors, accountants and attorneys must choose a business form that is best for them. Sole proprietorships, partnerships and corporations have advantages and disadvantages that can cause grief or gratefulness when certain events occur.

Getting Business Advice

You should consult with attorneys, Certified Public Accountants, other business people and the Small Business Administration to determine the following:

Best business organization for you Legal requirements for your business Required licenses and fees Ways to establish lines of credit Adequate capitalization Business plan for a minimum of one year Establish a supply chain management system

In developing supply chain management, you should consider LTL providers in planning the best strategies.

Building and Surroundings

Make certain that parking space is adequate for the maximum number of customers. If the business is operating after dark, adequate lighting and security cameras should be installed. Security guards should periodically patrol the area.

All equipment should be checked to see that it is working properly before the customers are admitted for shopping.

Proper amount of cash should be placed in registers.

Packaging materials and shopping bags should be checked for quality and number.

Check aisles to be certain they are free of all obstructions.

Check shelves to be certain they are fully stocked.

Check the stock on the shelves to be certain that product are marked and priced correctly. Be certain that enough checkout aisles are always available so that customers do not have long delays ig being checked out.

Staff and Other Personal

Checkout clerks should be present and wearing clean clothing or uniforms.

Be certain that a sufficient number of stock clerks are available to restock shelves throughout the day.

Check to be certain that supervisors and all support personnel are present and ready for work. Make certain they present a clean, neat image that represents the business.

Have a designated employee assigned to help customers in each department. Other employees may be available to assist as well, but one should constantly be watching for customers who appear to be lost.

Carefully plan rest breaks so that there is no disruption of work routines throughout the day.

Supervisors

Supervisors should constantly be aware of what is taking place in their departments. They should be ready and willing to assist when problems arise, but they should not attempt to micromanage. Employees who feel that they can do their jobs well will do their work with pride because they expect to be promoted.

The success of any business depends on how each employee does his or her job. Employees who know that they will be rewarded for their work will exert extra effort to please. Employees who feel they are in dead-end jobs will do as little as possible. Supervisors should motivate employees so that the excitement continues.

Article contributed by Jenna Smith

Achieving success for a small business lies in setting goals that are compatible with both the general implications of running a small business and the context of the particular small business concerned. But generally speaking, there are a number of things small business owners who wish to be successful must bear in mind as well.

Even small businesses need adequate management as well

Several small business owners make the mistake of thinking that all they need to start a successful business is a sufficient amount of technical know-how. Such business owners therefore tend to overlook the importance of acquiring formal training or experience in management practices and principles, or alternatively hiring a professional who is well versed in such areas. Hence, due to the highly erroneous notion that only large businesses require a substantial level of investment in management, many businesses have failed as a result of inadequate management.

The ability to adapt is equally important

Small businesses, more than large ones, can easily be lifted and swept aside by the tide of change and evolution. At the same time however, they can in fact have an edge over large businesses if they take advantage of their relatively smaller networks and less complex structures, and learn to adapt. After all, it is easier to effect monumental change in a smaller structure than in a larger one. Moreover, the owner or manager of a small business must learn to evolve back and forth from a technical expert to a tactical planner; and from a manger of things to a manager of people.

Preparation maps out the road to success; persistence takes you there

Benjamin Franklin once said that “by failing to prepare, you are preparing to fail”. It is very important for managers of small businesses to ensure that adequate preparations are undertaken in every aspect of their business. But at the same time, even with all the plans and preparations an entrepreneur can possibly dream or cook up, not much can be achieved if he/she fails to stay true to the plan. And staying true to one’s plan requires determination and persistence. Persistent individuals and their businesses are very often the ones who make it to the finish line. Whenever you feel like giving up, remember the words of Thomas Edison: “Many of life’s failure are people who did not realize how close they were to success when they gave up.” Nevertheless, as mentioned earlier, there are indeed times when slight deviations from the original plan may be required. The key to success here is, knowing when to stay on track, and when to make needed changes. The road to success might be shaky, but careful planning and perseverance are bound to prevail in the end.

The importance of standing apart from the crowd

As a small business owner, you must always remember that there are countless other small businesses out there, many of whom happen to operate in the same niche as yours. So how can you ensure that you compete favorably in the industry? Simply be unique; make the products or services you offer stand out. You can also set yourself apart by the way you and your operatives relate with your clients or customers. Here are some specific tips on how to make your business more unique:

• Endeavor to consistently highlight the unique solutions your products or services offer.
• Studying your competitors is important; but be careful not to end up copying them.
• Package your products distinctly.
• Be innovative; strive to be a trend-setter and not a trend-follower.
• Try as much as possible to offer personalized services.

Although there are no strict procedures to follow to achieve small business success, a careful combination of the above mentioned factors will edge the business closer to success.  Failing in any of the above points sets back the small business a great deal as they are more or less the bedrock on which the growth potential of the business is grounded.

About the author:

Lewis Edward is one of the owners of TheOfficeProviders. He is a real estate investor with many interests in other sectors. Lewis researches and contributes various written features for TheOfficeProviders in areas regarding real estate, including office space for rent and serviced office space , and general business and economy matters. Lewis is experienced in the inner workings of both the traditional and flexible workspace industries and has developed close links with various figures in real estate circles, as well other circles.

Article Contributed by Stephen Farnham

It’s not just by chance that dogs have earned the nickname “Man’s Best Friend”.  We have bred them to be our companions, helpers, and servants for millennia.  If you are lucky enough to own one, at times you probably wish that many of the traits we see in them were more prevalent in the people that we interact with.  Instead of just watching dogs and marveling at what well adapted creatures they are, let us take some of what makes them so special and apply it to running a successful business.  There are five traits that dogs exhibit that would also make us all more successful entrepreneurs.

Have a short memory

If you own a dog, there is no doubt that on at least one occasion you’ve returned home to find a horrible mess, something chewed to bits, and a dog with a very guilty look on its face.  The dog will often hang its head, drop its tail between its legs, and cower away from you as you tell it what a naughty dog it’s been.  Then by the time you take your shoes and jacket off, their tail is wagging and they are giving you that “Is it time to play now?” look.  This trait of having a short memory where a negative act is concerned allows the dog to move on quickly to whatever comes next without letting it affect their drive or determination.   You can use this same mindset when dealing with rejection or failure.  Say for instance that there is a coworker you need to collaborate with on a project, and they somehow have failed or not held up their end.  The next time the two of you need to work together, do not presume the same results, but rather approach them with a fresh, positive attitude, implying that you are confident things will go better the second time.  Do not let past failures get in the way of future success.

Be eager to meet strangers

More often than not, when someone is walking towards you with a dog, the dog is eager to say hello, to get that pat on the head or just hear a kind word.  Too often in the hustle and bustle of the world we live in, we feel we don’t have the time for a stranger who might want a word with us.  Put those feelings aside for a second and remind yourself that everyone in our lives was a stranger when we first met them.  Maybe they have interesting ideas about your work, or know some people who would be a great asset to your network.  Greet strangers with enthusiasm and great things are possible!

Address every threat

A relaxing evening at my house is often interrupted by the baying of my coonhound named Jack.  He’s a laid back fellow who is pretty happy snoozing on the floor or his bed while I’m doing just about anything.  Sometimes though he’ll hear or smell something outside, and when he does he lets everyone know it.  He darts from window to window, baying and growling, looking for the potential intruder and making sure they move quietly on their way.  I’m quite convinced that most of the time he’s making much ado about nothing, but Jack is diligent and defensive.  In our professional lives we are presented with threats probably every day.   Some of them likely go unaddressed or even undetected, but maybe we should be more like Jack.  When a threat arises, ask yourself “What’s the worst-case-scenario for this situation?”  With every threat we are presented with, the worst-case-scenario is that something terrible will happen and we did nothing about it.  If we assess and attack every business threat that comes our way, success is inevitable!

Be a calm, assertive pack leader

You have probably worked with or for someone who might be referred to as a “hot head”.  They are the ones who might bury their face in their hands or bang their fists on their desk when given some bad news.  If a subordinate does something wrong, they are the one who screams and yells.  Nobody wants to work with that person, much less for them.  There is no emotion in a dog’s world.  Dogs are social animals who work in packs.  The pack leader leads with a calm and assertive energy.  Dog expert Cesar Milan (aka “The Dog Whisperer”) maintains that dogs look for that same sort of leadership from us.  When it comes to leading a dog, an emotional reaction from us is seen by them as a sign of weakness.  Apply this same principal to the workplace.  Set emotions aside and show your team that you are a calm and assertive leader.  This will give them confidence that you are a competent leader, and will help you in earning their respect.

When the pack wins, you win

Dogs are social carnivores.  This means they are meat-eaters who hunt in packs.  On their own, a dog will have a tough time surviving.  They need each other in order to survive, and your business success is no different.  We all know that anyone who is successful has a team behind them.  Yes, we are all the holders of our own destiny, but behind each of us there is a team, a network, and a support system.  It is important to nurture all of these relationships.  Surround yourself with successful people.  Do everything you can to be one of the stars in their network too!  Successful people feed off each other.  Each positive interaction brings exceptional results down the road.  Feed the pack and watch everyone thrive!

About the Author

Stephen Farnham MBA, is President of Choice One Consulting, a firm providing bookkeeping, consulting, financial analysis, and social media marketing to small businesses.  Choice One Consulting can be found on their website, Facebook, and LinkedIn.

Article Contributed by Maria Foster

You’ve gone over every aspect of your business plan, have the capital in place and rented a space. Now all that’s left is to flip the “Open” sign and begin your dream of becoming a successful small business owner. Fast forward one year later and that initial enthusiasm has been replaced with apprehension, stress and an overwhelming urge to jump ship.

If this is your present dilemma, it’s important to realize that the majority of small businesses fail within the first few years; one of the main reasons is improper planning and follow through on the original goal. Here are a few of the steps several small business owners overlook, and why it’s critical to understand that when it comes to your money and future, every decision matters.

Deviating From Your Original Business Plan, and Budget

You spent months formulating a rock solid business plan, and determined the capital required to keep the doors of your business firmly opened for an entire year. As the months passed, and your business began to evolve, you decided to deviate from the original business model, and start shifting money around, or even spending more on certain areas. While it’s inevitable that your original model will require tweaking as your business begins to develop, it’s never a good idea to complete abandon your original goal. This includes the amount of money you allotted for marketing, employee wages, rental costs and the other dozen expenses you’ll pay each month. In the end, sticking to your original plan and keeping your finances in control, no matter if you’re earning more than you expected, will always help you achieve success.

Marketing Your Businesses

It’s not that the majority of small business owners completely overlook this step; it’s just that most go about it in the wrong way. For instance, you’ve spent a large chunk of your start-up costs creating a dynamic logo, designing an eye-catching press packet and thousands of business cards. Fast forward six months later and the business cards are obsolete because you’ve moved, the logo doesn’t fit with the direction of your company and those press packets were quickly thrown into the trash. Marketing your business is a constant process, so keep this in mind before investing too much of your capital into the initial push to promote your goods or services.

The Hiring Process

No matter if you’re hiring several hundred, full-time employees or two people to help with overnight stocking; there are several potentially costly legal ramifications if you don’t adhere to your state’s labor laws. If you’re unable to adequately meet the responsibilities of hiring employees, consider using independent contractors to fulfill your temporary or permanent staffing needs.

Credit Card Processing

As your company grows or you decide to venture into the world of online sales, you’ll eventually require the services of a reputable credit card processing company. Many small business owners don’t do their homework or realize they have options when it comes time to process their customer’s credit and debit card purchases. Before making any firm commitments, shop around for the best rates.

Overlooking the Benefit of a Great Accountant and Lawyer

Five years ago it would have been unthinkable to start a small business without the assistance of a lawyer and accountant to finalize any legal documents, and make sure your capital and profits were being handled correctly. The advent of user-friendly software has all but eliminated the need for these professionals, however, don’t discount their services. Starting your small business is a complex undertaking that involves ensuring your file the correct governmental documents, pay the correct taxes and even trademark your brand. A highly skilled lawyer will help ensure all of your Ts are crossed, I’s dotted and you’re able to legally begin offering goods and services to the public.

If you’re starting a small business, and aren’t sure which direction to take, it never hurts to seek counsel from a successful business owners in your area. He or she will help guide you in the right direction, and provide you with valuable, real world information that is only available for someone whose survived the pitfalls and perils of starting a business themselves.

About the Author:  Maria Foster is a successful small business owner. She suggests to click here to explore some of your own small business options.

Article Contributed by Samantha Peters

While cash obviously helps a business pay for a lot of resources, it isn’t the only thing that can help fuel a startup. Below are ten alternative ideas for how a business can grow, expand, do work better, or protect what it already has:

1. Go to the Cloud – cloud services, software and related systems are now providing tools, storage and collaborative environments that once were just the domain of large companies with enterprise network systems. Now, for just a small subscription fee per user, a business can enjoy the same tools at far less cost and no internal IT support.

2. Bartering – Believe it or not, one of the oldest ways of doing business is to trade goods and services with other businesses. This is a localized, easy way of obtaining needed resources by simply trading what one is already selling. Businesses can get equipment, professional help, and even technical assistance by bartering regularly with other local companies.

3. Take Advantage of Tax Deductions and Credits – Taxes are all-too-often ignored and left to a hired accountant to worry about. However, smart startups take advantage of every deduction and tax credit available to both reduce tax liabilities as well as bring in some extra cash in a tax refund at the end of the year.

4. Seeking Government Help – both state and the federal government offer multiple small business loans to help startups financially expand and grow if they met certain requirements. With a business plan, a good strategy and some experience already, a startup could secure needed financing at very favorable rates.

5. Diversify, Diversify, Diversify – Small businesses frequently suffer starting out because they make their service or produce too unique. To catch the most customers for recurring revenue early on, startups need to diversify what they offer so that one product or service brings in sales when another side is not doing so well.

6. Run the Business From Home – One of the biggest expenses for a business is office space and property. If a business can be run from home, which already paid for by a day job or similar, or it can be run as a virtual entity, a significant amount of cost can be avoided. Converting a spare room into a simple home office can do the trick as well as score a valuable tax deduction. Just make sure the room isn’t used for anything else.

7. Buy Used Equipment – A startup doesn’t need to lose valuable funds buying the newest equipment available. Desks, chairs, cabinets and shelves all exist in used form at office surplus depots as well as government surplus. Many of the furniture items are in great condition with plenty of years of life left, and they can be bought at one-fourth the cost.

8. Participate in Charity – non-profit charity work provides a great meeting point with lots of other business leaders and potential customers, especially at fund-raisers. Providing help for such events puts a small business in direct contact with potential networking opportunities while helping out a good cause.

9. Donate Unused Equipment – Towards the end of the calendar year a startup should always inventory physical assets and donate whatever isn’t needed to a recognized charity. This can then be used as a tax deduction to generate a larger tax refund at tax time. That in turn adds to cash flow.

10. Staying Healthy – while many startups can’t afford a luxury health plan, they can usually afford to provide a gym membership to all their people. Just 20 or 30 minutes of workout a day has a tremendous effect on health, energy and ability to fend of sickness. Additionally, providing good furniture and making sure people sitbetter at work avoids costly issues as well.

Finding sources of support and “fuel” for a startup takes as much creativity as what is needed to make the new business happen in the first place. It’s part survival, part optimism and a whole lot of taking advantage of opportunities where they exist. Combining everything available, a startup can leverage quite a bit of financial help in the aggregate.

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.