Entrepreneurship

Should You Buy a Business Opportunity?

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Many hopeful entrepreneurs can’t wait to get started doing business. They save up, for years so that they can afford to purchase the capital, licensing and permits that they need to get started. Some of these hopefuls, may come from a background of entrepreneurship and have experience in the field of business. They know how to start up their businesses in the most economical and efficient way to yield a profit. Others may be coming out of employment positions or just starting to work with little or no experience in business. This prompts the subject of purchasing an existing business or “business opportunity“. Many seemingly appealing features may come with these opportunities. So are they for you? Here are a few things to consider.

If you are someone who is interested in starting a business but has no experience in the field, you may be considering purchasing a business. Most “business opportunities” offer potential buyers their equipment, contacts and other resources. This may seem like a very opportune transaction that allows you to get straight into the business without having to worry about all the technicalities of starting up. However, this can come at a price, usually a very high one. You should remember that those selling their business are pricing it at the opportunity cost of them not being able to earn an income from the business. They not only lose their business, when selling it, they lose the opportunity for them to continue operating and profiting from it. So they must price accordingly. This may mean that the price for the business may be significantly higher than if you were to purchase the equipment, licensing and permits yourself.

Purchasing a business leaves for little flexibility. There may be some aspects of the business that you would like to forgo. A fully decked out store, with the latest technology, a full staff, and a prime location can be a bit much for someone looking to start small. However, this is not usually an option when purchasing a business. Many times, owners are looking to get the entire business off of their hands and do price accordingly. As a result, prices are usually firm and it becomes an all or nothing transaction. This could put you, unnecessarily out-of-pocket.

Finding the right business to purchase also has its difficulties. It is very hard to find an incentive to sell off a successful business opportunity, so many successful business are often not for sale. As a result, many of the businesses that are left for sale, may be on sale for a unfavorable reason. Oftentimes, owners will look to get out of a business because they are not bringing in enough revenue to profit. For whatever reason, they may choose to sell these unfavorable businesses and buyers may find themselves in the exact same bind.

To avoid this, it is important that you research the business carefully before you do decide to purchase. Researching the costs and strings that may be attached to purchasing these businesses such as, high rent rates, back taxes owed, consumer complaints, slow sales, and other information can save you a lot of time and money. Finding out the reason why the owner wants to sell, is a good way to start. Sometimes owners will look to sell because of health reasons, personal responsibilities and outside forces that prohibit them from continuing to operate the store. These are probably the best reasons that you will find. If the owner doesn’t give you a reason or complains about the business, these may be warning signs that you need to be aware of.

Before purchasing a business, consider the costs involved, your own ability to start from scratch the most cost effective way, and the reasons why owners are selling. Extensive research and pro activity can save you a lot of trouble when investing.

Why Teenagers Should Become Young Entrepreneurs

Using the excuse “because I am young” is a great opportunity to explore opportunities beyond your boundaries. Being able to explore past your boundaries because you are young is what can make a young entrepreneur ideal and fun.

The advantage of being a teenager is having less responsibilities and being able to waste time. This is what sets you apart from your parents. If you have ever watched or listened to your parents, you know they are trying to cram more ways into their life to make money for the family. Even though being young has the disadvantage of lack of experience and knowledge, you can use what you do know to start being an entrepreneur.

Being young between the ages of 16-21, and a new young entrepreneur, are showing more perseverance and vitality to jump into a marketing many industries that are profitable. The minds f teenagers are developing as fast as cell phone companies are rolling out their new brands of cell phones. For the above average teenager they can earn $50 a day in a hot business market.

Rather than using a product from the past to create a new line of something that is retro, think about what the group of people you hand around with are always talking about. Use what they want from these conversations and figure out how to make it become a reality.

Being a teenager with a curious mind and an enormous amount of determination and drive, you could become the next Bill Gates, Donald Trump, or Oprah. These people didn’t let anything get in the way of their dreams. Why should you as a teenager?

As a teenager, you should consider becoming an entrepreneur because you have the fast track to many new product and service ideas. You are aware what your friends and yourself are wanting in tech gadgets and other services, like youtube and facebook, that meet the needs of your generation.

Earlier I mentioned something about teenagers and wasting time. Think about what you do to waste time between classes, what you watch on TV, and what you do on the internet. Think about what you have a hard time finding and go from there with a business idea for yourself.

Keep track of what your friends and yourself want to see come to life in your real world. Make a business plan and make it happen. Taking action to complete the steps of your business plan can make your business come to life as a teenager. The hardest part of becoming an entrepreneur is completing the tasks needed to make your business dream a reality.

Small Business Grant Money: Get Your Grants for a Business Now

Small Business Grant Money: Get Your Grants for a Business Now

Small businesses are the backbones of the community. Even the government understands that. For this reason, several different kinds of grants are available for small business owners and entrepreneurs. These millions of dollars worth of grants are open for anyone to apply for, and they can be a valuable resource for a business owner or entrepreneur that needs a little boost with their business. By learning a few important tips, individuals will have a better chance of receiving small business grant money.

Contact the Small Business Administration

The Small Business Administration or SBA can be a valuable resource and ally for individuals seeking small business grants. This highly reputed organization was created by the government as a way for individuals to stay in touch with the latest funding and grant opportunities available from the government. The SBA keeps individuals informed on the latest business grant opportunities and also offers low to no interest business loans that can really help put a business on its feet. The SBA has branches in each state, as well as an official website where individuals can learn more.

Consider Community Benefits

Those businesses that will offer benefits for their community may have a better chance of receiving government grants. Grant review panels look at all aspects of the business, as well as the benefits that will result. For instance, if a business will provide several more jobs for the community, it may have a better chance of receiving a grant than a business that will offer only one or no jobs for the community. Individuals should seriously consider the benefits their business will offer, so those can be conveyed to the grant review panel.

Write a Business Plan

A business plan can greatly help focus a business owner, and can be beneficial for conveying benefits as well as obtaining funding for the business. Business plans are like guide books to the business. They outline important information about the business, such as the products or services, target market, expected costs associated with the business, projected profits and much more. Business plans are often used in lieu of grant proposals for businesses and can be very effective in helping the business win a grant. Individuals can learn how to write business plans or hire a professional writer to take care of it for them.

Use the Internet to Find Grants

There are a number of helpful websites that allow individuals to find grants for business. While individuals should proceed carefully, as there are many scam websites on the internet, it can also be a valuable resource. One should never have to pay for grant information, since it is available for free on websites like Grants.gov and Business.gov. These websites maintain up to date listings of government grants for business and other needs. These should be book marked and checked often as new grants are posted and old ones are removed.

With the above information, individuals can find and apply for government business grants that will help them find success.

Small Business Key Points to Consider Before Borrowing Money

Small Business Key Points to Consider Before Borrowing Money

Borrowing money has been around for generations; back to when the banks and other financial institutions first came about. But unlike the present times, procuring a loan then was deemed a well-mannered negotiation.

Prospective borrowers made a formal appointment with the local bank manager in which few questions were asked and the debtor’s history with the bank was reviewed. The bank was much a part of the societal activity, and the process was accepted that way.

Recently, potential borrowers rarely set eyes on the bank loan manager. With the advent of the credit cards, and their proliferation, so much has changed that sometimes it hardly seems like people are borrowing at all, what with the credit cards that provide instant gratification. But whatever it is thought to be, there is no denying that it’s all about borrowing money.

 For the small business owners planning a business start up, immediate questions spring to mind when planning to borrow money, questions such as: How can I borrow money? Where can I borrow money? How do I get a small business loan? What are the loan rates?

Three Loan Options

Usually, the interest rate is expressed as a percentage per annum. Three Loan options are:

  • Fixed Interest Loan – does not change throughout the course of the loan
  • Variable Loan – the interest rate can be changed by the lender
  • Secured Loan – guaranteed by a mortgage or other assets.

List of Questions Small Business Owners Need to Ask Before Borrowing Money

  • Is it worth incurring this debt?
  • Will I have the cash to pay for it accordingly?
  • What percentage does this loan represent to my available cash outlay?
  • Have I clarified with my chosen lender the true/actual cost of the loan? (This might need to include, for example, charges that effectively add to interest payments)
  • Are there other expenses to be considered that I might have overlooked?
  • What are the contingencies I have allowed for in planning my business startup?
  • Have I taken a financial advice of the type of loan I’m going to avail?

Although borrowing money can present great opportunities for investment and financial growth, it is a roller-coaster ride with the possible nightmare of inability to pay off debt. Business owners, as well as personal debtors, often want to get their loans approved with a sense of urgency. The diversity of the kinds of loan and looking for the needs that best fit the business, should be carefully studied and weighed.

If uncertain with issues about borrowing money, small business owners should consult a business loans consultant who can assist with the lending application process and explain key points that banks will evaluate in lending money.

Starting Up and Running a Successful New Business Affordably

Starting Up and Running a Successful New Business Affordably

Becoming an Affiliate Marketer

A third and more affordable solution for the aspiring business owner is to set himself up as an affiliate marketer, selling the goods and services of other companies in exchange for a commission. Many top companies have their own affiliate program, such as Amazon and Ebay. Other leading brands are members of an affiliate marketplace network, in which the business owner can register for multiple companies and get paid in one regular commission check at the end of each month.

Similar to the business owner who wants to sell something they have expertise in, the affiliate marketer should choose products based on a niche and/or sub-niche they wish to explore. They will already have a computer and be able to do the research online to find affiliate programs they can join. Once they register and enter their bank details and are accepted to at least a couple of programs, they can start building links with their special code through the affiliate program. These links will be special only to them in order to make sure that they are credited for each sale they drive to the site/s they are affiliated with.

An affiliate marketer should also have a website of their own, a business bank account, and a PayPal account to be able to accept and process secure payments. Iceland in 8 Days is a perfect example of a fully operational and active affiliate site. They might also wish to have an email marketing program to help capture email addresses of people who visit their site, in order to send them a free newsletter and other promotions containing their affiliate links. They can also spend time rather than money by producing free special reports to give away in exchange for the email addresses. Finally, they may wish to write reviews of the products that they are selling, especially if they have personal experience of them.

Marketing a New Business Affordably

Marketing a new website usually takes more time than money, through link building, referral links they can post on forums, blogs and in their email signature files. For those who can afford a marketing budget, Pay Per Click through a large search engine like Google can help drive qualified traffic very quickly. This can help test the market and how well the sales pages on the affiliate site will sell.

For high-ticket items in particular, there may be a great deal of competition and the cost of the ads will be higher. Yahoo, Bing and Ask PPC prices tend to be a fair bit lower per click but there will not be as much traffic. However the key is conversions to a lead (email address) or sale, so if the sales letter page is not showing any results after a day or two, turn off the PPC, adjust the page and try again with new ads.

However, if there are still no sales, then try to re-write the sales letter to make it more compelling and post to one’s own site and drive traffic there instead of the affiliate’s sites, for better tracking of results.

A new small business can be an investment in terms of money and time but thanks to the opportunities offered by the internet, new business owners can get started running their own company quickly and affordably no matter what they decide to sell. They can certainly also market their company affordably by making the most of all the tools on the Internet to drive traffic and gain customers.

Get Government Grants for Small Business: Business Startup Grants Can Be Yours!

Get Government Grants for Small Business

Government grants for small business are a valuable resource for small business owners. With the money to purchase supplies, hire employees or advertise the business, small business owners will have an easier time with their start up. While they’re not widely advertised, there are many different government grants to help entrepreneurs get their businesses off the ground.

Create a Business Plan

The first thing entrepreneurs should do regarding their business is create a business plan. A business plan highlights the company’s goals, mission, services and products, target market, and more. This can serve as a helpful guide when it comes to applying for grants and can often be used in lieu of a grant proposal, though both are helpful as well. A business plan should be well organized, factual, easy-to-read and understand, and free of grammatical and typographical errors. The Small Business Administration offers helpful hints for writing a business plan at the SBA.

Work with the SBA

The SBA or Small Business Administration has an official website as well as chapters in each state. It is a highly reputed organization that offers business grants and startup loans at lower interest rates than normal. The SBA also offers a number of tips, suggestions and other forms of help for entrepreneurs and small business owners. Individuals working with the SBA will have a better chance of finding grants that will help them start their businesses and make them successful.

Visit Business.gov

Business.gov is a direct link to the US government that can be quite helpful for entrepreneurs. They provide an up to date list of all startup grants and loans as well as other programs from the US government. There are many different kinds of advice, suggestions, and tips available on this website as well. This is a great starting point for anyone who is searching for government business startup loans or grants.

Consider Business Start up Benefits

Individuals should consider how their business will benefit the community and surrounding cities and towns. Those more likely to benefit the community will be considered differently than those that are not. For instance, if one business will create twenty new jobs in the city the business is started in, it will probably be more likely to get the grant than a business which will only offer one or two jobs. By considering the benefits of their businesses, entrepreneurs will have a better chance at receiving startup business grants.

Check out Government Grants at the State Level

It’s important for entrepreneurs to check at the state level for startup grants and funding. While there are business grants available from the federal government, entrepreneurs are much more likely to find a program or grant within their own state. Check with local organizations and associations that typically offer grants for entrepreneurs and small businesses. Learn more about checking at the state level at US Gov Info. By using the tips and information above, entrepreneurs can successfully fund their small businesses with start up grants or low interest loans.

Small Businesses Must be Tougher with Mobile Phone Suppliers

Small Businesses Must be Tougher with Mobile Phone Suppliers

A survey of 1,000 small business leaders reveals that many walk away from negotiations with mobile phone or cell phone suppliers without trying to haggle, despite ongoing needs to control costs. The new research suggests that SMEs and other smaller companies can do more to get a better deal from mobile phone companies if they are prepared to negotiate hard.

The survey, conducted by T-Mobile, and released on Wednesday May 5th 2016, shows that 63 per cent have walked away from a supplier who has quoted an unreasonable price and a third of small business leaders do not see themselves as natural negotiators. Added to this, 71 per cent of small business leaders believe suppliers often offer better deals to large enterprises

Opinium Research carried out the survey of 1,069 UK SME Business Owners/ Senior Managers from Thursday 18th to Wednesday 24th March 2016 on behalf of T-Mobile.

Businesses Need to Negotiate on Mobile Phone Contracts

Nearly a third of small business owners or managers do not see themselves as naturally strong negotiators while 38 per cent of small business leaders expect suppliers to quote an unreasonably high first price and 63 per cent of small business owners or managers have walked away from a supplier who has quoted an unreasonable first price.

Alexander Ehmann, Head of Enterprise Policy, Institute of Directors, in a press release issued with the findings: “UK commercial growth remains fragile and small businesses continue to face serious pressures. In order to survive and grow their companies, business leaders need to keep control of their costs, which often involves negotiating with suppliers. If this is not an option, then it is up to suppliers to offer the best deals possible to support small businesses, which form the backbone of the UK economy.”

T-Mobile’s Head of Business Marketing, Max Taylor, commented in an interview: “It is understandable that business leaders find negotiations a drain on their time. However, it must be frustrating for them to miss out on the best deals available. If we can sidestep the negotiations process, it relieves managers of this additional pressure. This is why it is important for suppliers to offer good value, upfront deals to the UK’s small businesses. At T-Mobile, we offer a mix of straightforward business plans that do not restrict people from doing business in the way that best suits them.”

Good Mobile Phone Packages are Available

Where they have been prepared to haggle, SME have got some good deals from mobile phone contractors. The most impressive business deals include: £1,500 worth of free photography, a saving of £5,000 on annual office rent, a conference room within a hotel negotiated from £200 for three hours down to £40, rent brought down by £7,000 a year, free printing of marketing materials worth approximately £400 and full hospitality at British Grand Prix.

With the effect of the recession still being felt by many small and large businesses and profit margins still narrow, it is clearly essential that companies get the best deal they can. This research clearly indicates that SMEs can get a better deal on their mobile phone or cell phone contracts if they work a little harder.

Using Craigslist with Google as a Free Advertising Media

Using Craigslist with Google as a Free Advertising Media

Craigslist and Google can be a boon for a small business owner vying with the crowd for search engine positioning. Search Engine Optimization or SEO is an important component of an online marketing strategy. Additionally. Backpage another media similar to Craigslist, can also be used to effectively boost web site ranking. Together with paid advertising and effective sales strategies, Craigslist and the power of Google can be harnessed to steer web traffic to a new website.

Craigslist Local Advertising with a National Marketing Campaign Twist

While Craigslist is considered a local media phenomenon, the way a new small business marketing entrepreneur sets up his Craigslist ad can mean a significant increase in web traffic on a nationwide basis. The point that needs to be made is that Craigslist is one of the most successful online sites in the world. Google will index Craigslist (and Backpage, to an extent) as a consequence of its success. If an ad in Craigslist is set up correctly, the website can enjoy almost instant success. This can undoubtedly be considered an important staple of small business guerrilla marketing.

 Setting up and ad on Craigslist does not automatically result in instant business. Most certainly, the website owner must insert the ad correctly with respect to Craigslist rules and terms. Also, he must also be aware of Google’s guidelines for this strategy to result in increased page views and revenue. Certainly and most importantly, the Craigslist posting must be well written and compelling enough in terms of basic SEO requirements, for someone to click through to the site’s landing page.

Effective Craigslist Marketing Strategy and Tactics

Assuming that the user has an optimized and functioning site, what rules should one follow to make a Craigslist posting effective? The following offers a few simple guidelines.

  • Craigslist utilizes basic & (simple) HTML code. An ad should be between 100 and 700 words.
  • The ad should have links pointing to a specific web site
  • Place the link at the beginning of the ad making sure that it is part of a sentence
  • Place (a href=”http://www.yourwebsite.com/”>Yourwebsite(/a) (using “<>” instead of “(” for the code)
  • The topic of the ad must be the same as the site to which it links or points
  • Place the ad in the Small Business Section of Craigslist
  • Place h1 tags around the title of the ad inserted within the body of the ad, preferably near the beginning
  • Use and follow tried and true effective SEO techniques for the ad.

All of above assumes that the market in which the web owner is competing is not overly saturated. If placed correctly, many times the Craigslist posting will appear within the first page of results. For more detailed information, one should investigate with Google searches to find some of the sites with this type of information. This tip is brought to you by MIG welding review site Tool Guides Hub.

Although the number of business based ads on the world wide web is staggering, effective SEO and judiciously placed Craigslist posting can push a website, even a new web site, to the forefront of eCommerce success. Obviously, it must follow the rules set up by both Google and Craigslist to succeed. Assuming that the basic net strategy makes sense, the rest is relatively simple and inexpensive.

Free Accounting Programs for Small Business

Free Accounting Programs for Small Business

If you are an owner or manager responsible for accounts and cash in a small business, you’re probably looking for a way to save money. Although you could purchase expensive software packages or do all of the math by hand, downloading free accounting programs online may make a lot more sense.

Tracking Accounts and Expenses

Businesses must be able to track accounts and expenses at all times in order to identify trends and reduce costs. If you are a CPA, you may want to keep the books by hand as a cheaper option than purchasing software, but bear in mind the amount of time required to research tax updates and calculate interest, among other things. Regardless of cost, however, your goal is to find a method of accounting that provides for the bookkeeping needs of your business. If you choose to use software, look for features such as local and cloud data backups, the ability to access information from multiple computers, data security and real-time updates of tax information.

 Accounting Software for Businesses

Business accounting programs, such as QuickBooks, Quicken and Microsoft Money, are robust compilations of various software functions. Most packages include telephone support and yearly upgrades. Common features include:

  • Online software updates: Install software patches or other updates with an Internet connection.
  • Online tax rules updates: Update employee and sales tax information as necessary via the Internet.
  • Mobile access from a PDA or SmartPhone: Get access to account information, invoices or any other necessary data remotely with an authorized device.
  • Invoice templates: Create professional invoices for your customers.
  • Alerts as bills become due: Don’t miss another payment – let the software let you know before you’re late.
  • Budgeting templates: Let your software walk you through creating a budget, and start saving money.

Free Accounting Software Packages

There is a middle ground between doing all of your books by hand with bookeeping templates and purchasing a top-of-the-line accounting package. Quickbooks and Quicken both offer an online version of their software at no cost with many of the same features as the regular version of the software. Although Quicken only offers its personal money management software in an online version, Quickbooks actually offers a free online money program for small business. There’s no download, just click to sign up.

Small Business Accounting

There are a number of factors that can affect your decision as you choose a method of accounting for your business. Weigh the cost of the program, the time of setup or maintenance and the ongoing effort it will require against other factors, such as data security and ease of access, to determine which program will work best in your situation. Remember, you can always change your mind later.