One of the biggest things entrepreneurs have to contend with is inventory management… even if they have hired someone to do it for them. It’s so important to your business that you have proper inventory management, because without it, you could be alienating current and potential customers with the lack of your product. What Exactly Is Inventory Management This is the proficient supervision of product into and out of a business’s inventory. It allows the owner to know how much or how..
How many times have you heard this phrase: location, location, location? Well, when it comes to the success of a business or its failure, location is everything. You want to situate your business in the best location possible – and that’s a location that sees plenty of foot action. Of course, you can choose to offer a home office to reduce your overheads and provide you with profits. Here’s what you need to understand: it’s all about what you are offering the public, what public y..
Most entrepreneurs feel they are great negotiators. The reality is that a good chunk of them are not the master negotiators they think they are. However, it doesn’t really matter how good or bad your skills are, as you can always improve your negotiating skills. 10 Tips To Ensure You Become A Master Negotiator 1.Preparation Is Key Preparation is key when it comes to negotiation. Before you do any kind of negotiation, you need to know what you’re looking for from it. Learn what it is t..
Crowdfunding… you might be wondering what this is and how it works in relation to your business and its funding. Here’s what you need to understand: crowdsourcing isn’t that old of a term and was made legal thanks to the JOBS Act in March 2012. Before the JOBS Ac, it was seen as very impractical or illegal. What Is Crowdfunding? In simple terms, it allows big groups of folks – people you know and strangers too – to give minute amounts of money to a business or cause. It’s the n..
Once you’ve gotten investors’ attention, you’ve got to secure a business loan to get the doors open. Industrial and commercial lending has increased for bigger companies. However, small businesses have seen fluctuations in the amount of conventional bank loans being offered, all because of the uncertainty in the economy. That does not mean you should not try to get a business loan. After all, banks do want to loan the money to start-up companies. But, in order to secure a loan, you ..
When you’re trying to get your business going from the ground up, the hardest thing to do is bring investors to the table. What can you do to get investors to listen to your ideas about your small business? The first thing you must understand is that you need patience so that you can develop solid investor leads. With a little bit of groundwork, some advanced planning, the right approach and accurate investigations, you can find an investor to successfully finance and launch your busine..
The majority of entrepreneurs know that getting cash from the people they know is easier and quicker than trying to get it from an investor. Also, many investors demand that you have some kind of family/friend investment before they’ll even bother lending you any money. The reason is that investors invest money in people before they invest in any product or ideas. Since they have no idea who you are, they check out your integrity as a person. Do your family and friends believe in you en..
Once you’ve come up with a name, it’s time to decide what kind of ownership you want. This decision is extremely important and should not be taken lightly. After all, the legal ownership you choose will have serious tax implications and be decided on the amount of risk you want to deal with. Four Kinds Of Business Ownership So, what kind of ownership should you place your business under? Well, that depends on what you’re looking for. There are four types of ownership you can form you..
Okay, so you’ve done your market research. You know what it is people are looking for from your business. Now, it’s time to decide on a business name for yourself. Yes, this is just as important as the market research. A name is what people will identify your business and product with. Why Is A Business Name So Important? To be successful as a small business, your name can make or break you. Choose the perfect name and it’s going to make great big waves in your town. Choose the wrong..