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You are here: Home / Archives for Small Business

Small Business

Online Electronic Storage

July 21, 2015 by Guest Contributor

Storing paper copies can be cumbersome and takes a lot of space. These days a successful business needs a good electronic archival system.

How to Make Moving From Hardcopies to Online Storage Easier

Cloud_ComputingMany companies are understandably apprehensive when starting the process of giving up paper hard copies and moving to digital files. Online storage will hopefully save time, money, and future frustrations, but getting there can be the hardest part. Below explains how to ensure a smooth transition for your employees and business as a whole. Before you become too reliant on digital copies Bedrock IT services in Ottawa recommends that you have a managed services program on hand, to ensure 24/7 reliability of your business computers, servers and networks. They also recommend protection for your online data with a good security system and anti-spam and malware services.

Email

If possible, [Read more…] about Online Electronic Storage

Filed Under: Small Business Tagged With: Cloud Computing, Computers, Digital, IT, Networking, Small Business

Taking Your New Business to the Next Level

December 22, 2014 by Guest Contributor

Getting a new business off the ground is a tremendous achievement, as many small businesses fail in the first year. After establishing a beginning level of success, however, it’s not a good idea to rest on past laurels. Rather, it is important to take the business to the next level to keep up with, or even surpass, the competition. The following suggestions can help to update a thriving young business.

Develop a Strategic Plan

Taking Your Business to the next levelAs the company settles into a successful routine, the next step is to develop a long-range plan to grow the business. Goals may need to be adjusted, along with the budget. The mission statement should be reviewed, and if necessary, revised in keeping with company objectives. Know where you want your business to be and what your goals are for long and short term.

Cultivate Customer Loyalty

Whoever the primary customer is, that market should be [Read more…] about Taking Your New Business to the Next Level

Filed Under: Small Business Tagged With: Small Business, Upgrade

Keeping Your Small Business Taxes Organized

February 8, 2013 by Tim McMahon

Small Business TaxesTax season is coming up, and if you’re a small business owner and haven’t been keeping careful track of your business expenses this year, you could have a lot of work ahead of you. As you gather everything for 2012, you should also take the time to get 2013 on the right track and get yourself organized. A little bit of planning now will go a long way when next January rolls around.

Keep all Business Receipts

As a small business owner, it’s absolutely imperative that you keep every receipt connected to your business expenses. Looking at old bank statements, trying to remember why you spent seventy dollars and eighty-three cents at Home Depot a year ago, and if it was a business expense or not, is frustrating in the extreme. Keeping a file for receipts for all business purchases you make throughout the year will allow you to start 2014 without the anxiety. On top of that, if you can do a once a week categorizing of all of the receipts will help you keep organized, and at the end of the year, will give you a list of total expenses, rather than having to go back through all those receipts. If you want to get really high tech you could try using the NeatReceipts Mobile Scanner and Digital Filing System.

Small Business Tax Deductions- Vehicle and Property Costs

If you use a vehicle for work or [Read more…] about Keeping Your Small Business Taxes Organized

Filed Under: Small Business Tagged With: organization, Small Business, Small Business Taxes, taxes

Self-Employment Assistance Program Help Jobless Develop Small Businesses

December 22, 2012 by Guest Contributor

The acronym SEA stands for Self-Employment Assistance, self-employment programs that entitle jobless individuals to claim unemployment benefits while receiving access to small business development assistance from the government. In other words, American workers can use unemployment as a springboard to business ownership thanks to the Middle-Class Tax Relief and Job Act signed into law by President Barack Obama in early 2012.

"Businessman Builds His Business" by renjith krishnanSEA programs address the fundamental challenge faced by jobless workers who can’t afford to lose their unemployment benefits simply because they aren’t actively looking for a new job. A White House blog entry from May of this year explained the inflexible system they faced before the new law:

“If they stop looking for traditional work full-time, they will lose their unemployment benefits. Instead, SEA allows an entrepreneur with a viable business plan to receive those same unemployment benefits, as long as they are working full-time to get a new company off the ground.”

Here’s how the Self-Employment Assistance program works

[Read more…] about Self-Employment Assistance Program Help Jobless Develop Small Businesses

Filed Under: Small Business Tagged With: self employment assistance, Small Business

Are You Ready to Start a Small Business?

November 17, 2012 by Melanie Bayon

Start a Small Business-

Start Small BusinessSo, you have a great idea to start a small business, but you’re not sure if you’ve taken all the steps you need to in order to make your business a success?

Many people get to the “great idea” stage, but can’t get beyond that because they don’t know where to go, but if you feel you have a good product or service to sell, you can make it profitable if you do some leg work first.

Research… Before You Start a Business

The first thing you need to do is check that your idea can actually work. Carefully analyze how much it will cost to produce your product and then double it. (Everything costs twice what you expect).

Look up similar products to see if you have something that people will want to purchase and what price they are willing to pay. Don’t count on producing the lowest cost product. Competing on price is a losing game. Create a unique product or a higher quality product or a product that fills a unique niche. Supplying a “want” is easier to sell than a “need”. One way to discover a want that needs to be filled is to keep your ears open. Whenever you hear someone say the words “I wish” you know a want is about to follow. If enough people have that same wish, that idea may be the basis for a new market sensation.

Find out how much time it will take to make your product and if there are any extra costs, like shipping, that might eat into your profits. If you can give numbers and facts for all of these areas and show your product to be profitable, you’re at a good spot to give your business a shot.

One big difficulty for new businesses is the cost to get started, so make sure you have the cash on-hand to cover the early costs or get a loan to help you get through the rough spots. There are plenty of lenders out there that specialize in small business loans, so you shouldn’t have a problem finding a loan if you have a detailed plan.

If you need help creating a business plan the U.S. Government operates the “Small Business Administration” which provides training, counseling, information on loans and grants and information on working with the government. Often the best strategy for getting started is to start small and see how it goes and work out the bugs before getting yourself into a lot of debt. Many businesses don’t generate a profit for the first year or two so during that period you want to keep debt to an absolute minimum.

Do You Have Customers?

The greatest idea in the world is worthless if you can’t get it to your customers. Use as many ways as you can think of to get your idea to your target customers as quickly as possible to help your Small Business get off the ground. Self-advertise locally, get your product in any shops or businesses you can, and make yourself a presence on the web. Open Twitter and Facebook accounts dedicated to your product and even get a website going with information so people outside your immediate area can start buying. Getting your name and product idea passed around is the quickest way to get consumers to start purchasing from you, so you need to get yourself out to as many people as possible as quickly as you can.

Some Guru’s suggest gauging demand for your product by running Google Adwords ads before you’ve even created a product and see what people click on and even test sales pitches. Once you find out what they want you can tailor your product to thier needs and know what kind of prices to charge and better gauge your profitability.  Of course you can’t actually accept any money until you are ready to ship the product but this way you know what people want and how to sell it to them before investing heavily in a product that you can’t sell. Murphy’s Law definately applies to a new business, everything takes longer and costs more than you expect. So, you need larger margins than you ever thought possible in order to run a profitable business.

One interesting new way to raise funding (and guage interest and even find customers) for your new idea is through “crowd sourcing”. Organizations like Kickstarter.com allow you to presell your idea to potential investors not necesarily for a share of the profits but often for the priviledge of receiving one of the first items produced or simply a line in the credits page of your new movie or App. Recent items funded include a new ultra thin wallet where investors get one of the first items off the assemply line. In this case, the entrepeneurs wanted to raise $10,000 and ended up raising $203,488 because people kept ordering their wallets through Kickstarter.  Other successful projects that received funding included a space age jacket that can change how much it insulates based on how much Argon gas you pump into it and several new Photography projects, video projects and computer apps. On kickstarter you won’t receive any money until your project is “fully funded” based on your initial cost estimates and what you list as needed to get started. But it is an excellect way to get start-up funding, gauge interest and recruit customers all at once. And you don’t give up a share of the business or burden your start-up with debt.

Have You Talked to a Lawyer?

Before starting a big venture like your own business, it’s always good to check with a lawyer first. A couple of hundred dollars could help you avoid any law or copyright infringement, which could save you thousands of dollars or more down the road. Knowing that your business is secure and legal will keep your business from getting bogged down in legalities as it begins to grow, which can be invaluable you’re your company becomes successful. But remember, Lawyers are by nature overly cautious. Many a good business would never have started if they had asked a Lawyer first. So keep it legal but don’t let the Lawyers discourage you if your market tests show you have a profitable idea.

Starting a Small Business takes Time and Determination

If you aren’t willing to put in the time and effort to making your business work, there’s no way it can be successful. However, even a good, well tested, idea can take a lot of effort to get it off the ground. You have to truly believe in your idea and be willing to make sacrifices to get it off the ground. If you’re willing to work hard and push your business into becoming successful, you can make it happen.

If you take the time to make sure your business is viable, find your target customers, and then put in the work and effort necessary to make your business successful, you’ll be able to turn your “great idea” into a profitable business that will get as big as you are willing to push it. You can do it if you’re passionate and prepared.

See Also:

Rising To Success As a Home-Based Business Owner

10 Things You Need to Know Before Starting a Home Business

7 Tips to Finding More Clients for Your Home Business

Small Business Credit Cards

Five Unusual Business Ideas

Open Your Own Restaurant

How to Start an Auto Repair Shop

How to Start a Day Care Center

10 Ways to Make Money Online

The Joys of Outsourcing

Current Trend to Virtual Offices

Is Business Insurance on Your Priority List?

Is it Time to Expand Your Small Business?

 

Filed Under: General Tagged With: business start-up, Small Business, small business loans

How to Start an Auto Repair Shop

November 10, 2012 by Karen Schweitzer

Starting your own business is going to be scary no matter how bad you want it. Being your own boss and having to make all the decisions may sound appealing, but you are going to want to know a little about opening your business before you start the process. Starting an auto repair shop isn’t the most inexpensive business in the world so be sure to take the time to figure things out before you begin. Here are the basic steps you should take when opening your auto repair shop.

Create a Business Plan for Your Auto Repair Shop

auto repair shops fix all kinds of problems including exhaust systemsThe first step to starting any business is making your business plan. When creating your business plan, you should be thinking about your goals for your business and finding ways to achieve them. This is when all the major decisions should be made such as what type of vehicles you will specialize in and how much you are going to charge. Don’t forget to put down advertising methods and expenses, as well as start any other start-up costs. Your business plan should not only include your plans for startup, but expand beyond that into at least the next year. Be sure to include your budget in your plan as well.

The Garage

Location is very important to your businesses success. Take the time to seriously search your area for the right spot for your garage. Areas close to highways or in a busy city is likely to provide you with the most business, but if you’re looking to start up with as little amount of money as possible, consider using [Read more…] about How to Start an Auto Repair Shop

Filed Under: Small Business Tagged With: auto repair shop, Small Business

7 Tips to Finding More Clients for Your Home Business

October 6, 2012 by Karen Schweitzer

More Clients for Your Home Business

Going into business for yourself may seem like a good idea, but you’ll soon find out everything isn’t peaches and cream. Running a home business is time consuming, and can be extremely stressful. Simply announcing you are in business isn’t enough. You have to promote yourself and your business in order to attract customers. Following are a few tips on how to find more clients for your home business.

1) Word of Mouth

home businessAnyone who has been in business for any length of time knows that the best form of advertising is word of mouth. Satisfied customers won’t hesitate to let their family, friends, and neighbors know about their experience and will gladly recommend you. That means you must make every effort to give your clients what they need in a timely manner. In that way, they will have nothing but good things to say about you, because word of mouth works the same way if you provide bad service–you won’t get any new customers as a result of that client’s experience and you may lose potential or even actual clients. Businesses are built on repeat customers and will only be successful if you continue to give good service and have people come back–and hopefully bring a few friends along.

2) Satisfy Your Clients

Because word of mouth advertising is so important, it is essential that you do everything you can to satisfy your clients. A satisfied customer is a happy customer, and happy customers will more than likely return. It’s actually far easier to entice an existing client to return than it is to get new ones, so be sure to keep them contented. Once you’ve satisfied the customers you have, then you can concentrate on attracting new clients. One excellent book on this topic is Raving Fans: A Revolutionary Approach To Customer Service by Ken Blanchard.

3) Know Your Business

When someone is looking for the type of product or service you provide, they don’t want to [Read more…] about 7 Tips to Finding More Clients for Your Home Business

Filed Under: Small Business, Success Tagged With: home business, Small Business, small home business

Can Small Businesses Benefit From Outsourcing?

September 11, 2012 by Marie Into

Small Business Outsourcing-

Outsourcing is largely thought of as a corporate practice, but the truth is that any business of any size can benefit from hiring agencies to take care of various things. Very few tasks need to be done on-site anymore, and it’s almost always cheaper to let someone else handle it than it is to hire more staff. Even hiring independent contractors is usually more cost-effective than taking on more employees, and it can even produce better results.

Let Everyone Do What They’re Best At

Small Business Outsourcing

The things that outsourcing shouldn’t be used for are the things that are most essential to the core of a small business. In a lot of cases, these are things that can’t be outsourced in the first place. A coffee shop can’t outsource the brewing of coffee; that would defeat the whole purpose. It can outsource accounting duties, and that’s a good idea regardless of how capable the business owner is of doing it himself. People who don’t do accounting for a living are far more likely to make errors, and the tax code is so complex that someone who isn’t constantly brushing up on it is bound to miss a few things on that end. There’s nothing that someone could do in-house that couldn’t be done better by [Read more…] about Can Small Businesses Benefit From Outsourcing?

Filed Under: Outsourcing, Small Business Tagged With: outsourcing, Small Business

Laying the Groundwork for Success When Starting Your Own Business

September 4, 2012 by Guest Contributor

Starting Your Own Business-

The business world is risky; entrepreneurs can’t leave anything to chance. That contradicts conventional wisdom as business owners are often viewed as gamblers and risk takers, but the truth is that those who take charge of their own enterprises are the most calculating people on the face of the planet. Those who assume otherwise end up falling flat on their faces, and people who want to avoid that fate need to carefully consider every action before signing the dotted line at the bottom of a business loan.

Step One: Save Capital

Starting Your Own BusinessDebt is a tool, and it’s incredibly useful when it’s well managed. The key is preparedness. Someone who has to finance a venture with nothing but borrowed money is sitting on a time bomb. It creates a situation where a new business has to be profitable from day one in order for the debt to remain manageable. When that doesn’t happen, interest rates and late fees pile on to create a financially ruinous snowball effect. As a general rule of thumb, new business owners should have at least a quarter of their starting capital in the bank before getting things under way. As long as there’s enough money on hand to cover expenses for three to six months, it’s possible to recover from early hiccups and create [Read more…] about Laying the Groundwork for Success When Starting Your Own Business

Filed Under: Small Business Tagged With: Small Business, Starting Your Own Business

How to Choose a Small Business Retirement Plan

August 31, 2012 by Guest Contributor

Small Business Retirement Plans-

As a small business owner, you may decide to offer the benefit of a retirement plan to your employees as one of several strategies to obtain and retain the best workers. There are a number of options available, including Simplified Employee Pension (SEP) plans, Savings Incentive Match Plans for Employees (SIMPLE) Individual Retirement Account (IRA) plans, and 401(k) Plans. The plan you ultimately choose depends largely on the particular circumstances of your business – there is no one-size-fits-all solution.

SEP Plans

SEP plans are entirely employer-funded. As an employer, you may determine how much to contribute. The maximum contributions to SEP plans vary annually; for 2012 the limit is 25 percent of an employee’s salary or $50,000 US, whichever is less. SEP plans do not allow catch-up contributions for older employees.

Setup for SEP plans is simple, and any employer with one or more employees is eligible to set up SEP plans. Once the plan is established, employers must offer SEP plans to all employees over age 21 who have been employed with the company for three of the past five years and met a minimum salary threshold, which was $550 for 2010 and 2011.

 SIMPLE IRAs

Small Business Retirement Plan If you have 100 or fewer employees and you wish to establish a retirement plan that allows both employer and employee contributions, a SIMPLE IRA plan may be a good option. For 2012, each employee’s plan may be funded up to 100 percent of his or her compensation or $11,500 US, whichever is less. Plans for employees over 50 may be funded up to $14,000 US for 2012. You must make matching contributions of up to three percent of the salaries for all employees who make contributions to their SIMPLE IRA funds, or two percent of compensation for each eligible employee.

If you elect to establish a SIMPLE IRA, you must do so before October 1 of each year; other retirement plans generally have a deadline of December 1 of each year. You must establish a SIMPLE IRA for each of your eligible employees. Employees are eligible if they have earned at least $5,000 US any two prior years, and expect to earn the same amount during the present year. [Read more…] about How to Choose a Small Business Retirement Plan

Filed Under: Benefits, Retirement, Small Business Tagged With: Retirement Plan, Small Business, Small Business Retirement Plan

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