‘One who organizes, manages, and assumes the risks of a business or enterprise’

Merriam-Webster’s Collegiate Dictionary

Ho Humm… does that do it for you?

Why? …

Because you are probably one of them, an Entrepreneur.

Think back when you began entrepreneurial endeavors.

Now think of Lewis and Clarke, Magellan, Columbus, or the Wright brothers. Explorers…entrepreneurs, I see very little difference.

We are in it for the game, for the recognition, financial rewards and possibly the adventure.

As “Amelia Earhart, Christopher Columbus, Leonardo da Vinci, and You”… WE CONTROL OUR DESTINY; call the shots, for better or worse, and Take Charge.

An Entrepreneurs Story

Imagine yourself, going to say goodbye to you boss, or your largest competitor.

Hi Jack, I just dropped in to say goodbye Im throwing in the towel, closing up shop. Its just too difficult doing business.

When you see the subtle glimmer in his eye, trying so hard to convey sympathy, and you know, he is thinking about throwing a party…Yes sir, it is just too difficult running this operation any longer from this environment. I have gone global, working out of my new home here in any town, using my laptop and my cell phone while I travel.

Have you heard that I am teaching others to do what we do, and that I have fewer than four employees, thats including my fifteen-year-old son?

How did my business grow so quickly? I hired an expert marketing consultant that charges 100,000 for one consulting session. – You will still get to see me occasionally in the success journals, or as a speaker at our national convention.

Have to go now Jack, hope to see you soon”!

Walking away now, a grin of satisfaction emerges from within, while thinking to yours-self “I forgot to mention that I didnt pay 100,000, and that I merely subscribed to a Marketing Newsletter, and some information reports.
A Marketing Master in a mall.

Entrepreneurs… ‘Be All You Can Be’

Have you heard it knocking?

Someone once said that opportunity knocks.

Oh no not a physical knock but in the form of a thought, an idea, a whisper of a recollection

Sometimes I believe opportunity literally SCREAMS to Do IT Now!

As that idea, thought, or opportunity fades away, becoming dim and distant, the ghost of opportunity past creeps in Hindsight.

Do it Now You will be glad you did.

Dave Powell
http:www.SuccessShoppingMall.com

Opening a new business in the real world or online in cyberspace requires thinking beyond all the money you will make. Most small business owners are clear on their ultimate goal, yet often many fail to spend time planning their marketing image. To succeed, first impressions are critical, or you may violate what I call My 5 Second Rule:

When a new prospect finds your web site, you have 5 seconds to convince them to stay.

The rule applies in the physical world, also. Your printed materials may be dumped in the trash just as quickly, or a visitor to your company may browse briefly while in fact the no sale decision was made in those critical first few seconds.

Regardless of your business, your image as a professional and credible source for a product or service depends on making a positive first impression. While most people don’t realize the subconscious dynamics that occur during an introduction, how you are perceived is clouded with prejudice.

In a face to face meeting, subconsciously your prospect will categorize you immediately by sex, age, and race. This fact may be hard to believe, however, individual life experiences connect your combination of these 3 characteristics into a fixed profile based on past encounters. Overcoming any negatives begins when you speak. A warm and friendly approach while being prepared to offer the benefits of doing business will help you succeed.

In print, your business card, ad, or brochure tells a similar story without the subconscious human preconceptions. The message will still elicit a reaction, good or bad, so how you present your company in print needs to get past My 5 Second Rule. This is equally true for the home page of your web site. Here’s some advice.

Customers have a need (problem), and you provide a product or service (solution). Matching these 2 for a successful sale is easier than most people realize. Front door selling, printed ads, or online web offers should all address the benefits (solution, again) and not the features (it’s about the customer, not about you).

Your marketing materials need to project a mental image in the mind of the viewer. Stimulate their imagination so they picture themselves enjoying the benefits of your offer, and you can overcome My 5 Second Rule. Here’s an example that was created for a used car dealer. How do you glamorize a business that is the subject of so many disparaging jokes?

This client had a featured monthly special vehicle that they wanted to promote on their web site. The photos taken in a chain link enclosed parking lot didn’t convey the excitement or mental picture necessary to stimulate the viewer. The chosen vehicle was an upscale Jeep, and the client specialized in exports to Puerto Rico. To add pizzazz, I did an edit of the photo to remove the background, and placed 2 views of the monthly special on a bluff overlooking a gorgeous beach in Puerto Rico. If my descriptions succeeded creating your mental image referring to the chain link and gorgeous beach, the subtle difference in presentation should be apparent.

Bonus Tip: What to Say When a Customer is Wrong
As a small business owner, you know your business and as an expert, reacting to an email or face to face comment that you know is absolutely wrong will work wonders if you answer with two magic words: “You’re right!”. This works for several reasons. Most importantly, your customer may be expecting an argument, so they will only hear half of what you have to say if you reply saying they are wrong. The listener will be busy mentally sorting comebacks and supporting evidence, and may not hear any of your expert advice.

Telling someone “You’re right” will have them on the edge of their chair waiting for your next comment. Shifting your argument to what you know to be the truth is easy. With a brief pause after your magic two words, continue with “…and there are many people who feel the same way. From years of experience, I’ve found that in fact (insert the truth based on your expertise here)… etc.” and you give them the opportunity to accept your slant on the subject without having their opinion challenged. It works. For those concerned about ethics, the phrase “You’re right!” is simply an acknowledgement that they have one view, and it is valid because that’s how they feel.

In summary, a professional image includes a wide range of materials for making a positive first impression. Consider the feelings of your prospect and how your product or service will benefit them, and you’ll do well in converting first introductions into sales.

Mail Forwarding Service: Great for Small Business Owners Working from Home

Mail Forwarding Service: Great for Small Business Owners Working from Home

Each day there are multiple individuals who think about developing their own small business. A small business can include selling merchandise or offering personal services. With a goal and a great business plan it is possible to develop a small business, but due to financial reasons may business owners make the decision to work from home. Owing and operating a small business from home has its advantages, but there are disadvantages as well.

One of the biggest disadvantages to developing a small business from home is how it looks to other people. It is hard to explain why, but there are some people in the world who have a difficult time understanding that it is possible to work from home. A common myth associated with home workers is that they dont always work when they should be. Of course this myth is untrue, but it could have a negative impact on your business.

There are many cases where a customer will not be able to tell whether or not a small business is being operated out of a home. If items are being mailed to and from a small business then the mailing address might give the business location away. Before going any farther it is important to note that not all people have a problem doing business with a company that is home operated, but there are some who do. To prevent your home business address from becoming a problem you could use a mail forwarding service.

A mail forwarding service is a service that is typically offered by an individual or company that specializes in promoting a healthy link between businesses and clients. Each mail forwarding service is likely to differ; however, many mail forwarding services are able to give a home based small business owner a new business address. This address will likely to be an address for a large city, which is something that may appeal to many clients. Having an address in a large city may allow you shed the working from home image.

Providing a new address is not the only aspect of a mail forwarding service. Since you are using an address that you are not located at you may wonder how your mail will get to you. This is where the forwarding part comes in. The individual or company running the mail forwarding service will forward your mail to your real address where you will be able to receive it with only a day few days delay. The exact amount of delay it will take for you to get your mail will all depend on how far away you are located from the mail forwarding service.

As a small business owner you must take the appropriate steps to protect your business and its assets. That is why it is important to considering using a mail forwarding service, especially if you are a small business owner who works from home.

If your small business is growing rapidly, you might consider incorporating the business to help it reach its full potential. To incorporate business is not difficult, but there is a process to follow. This step-by-step guide will help you get on the right track.

Prepare for Incorporation

To prepare for incorporation, first choose your primary business location. If your business operates in only one state, you will need to incorporate in that state. If your business operates in multiple states, then you have the option to choose which state to incorporate in, usually the state that’s more business friendly when it comes to taxes and laws pertaining to business.

Next, select a name for your corporation. Check with your Secretary of State to make sure the name you choose is not already taken by another company. Also, do research online to be sure the name is not taken by another business and doesn’t have a patent by another company or individual. Once you’re sure the name is free to use, you can register your company name. The name will likely need to be registered as “Doing Business As” or “DBA.”

Choose a Filing Agent

The next step is to decide who will register your corporation, receive forms for incorporation, and file your paperwork. The least expensive route is to do all paperwork yourself, but if you’re completely new to incorporation, you’ll benefit tremendously by hiring an agent. The agent must live in the state where you will incorporate the business. The agent may be an attorney who provides incorporation services or the agent can be a service that specializes in incorporation. Hiring a service is usually far less expensive than hiring an attorney.

Develop a Corporate Structure

Whether you’re the only member or shareholder of your company or you already have multiple shareholders, you should determine a corporate structure before registering the corporation. To structure the company means to determine how the stock will be spread among shareholders along with other rights such as voting rights and finances. Be sure everyone is in agreement with the structure and put everything in writing before filing your paperwork to incorporate the company.

Next, put together your corporate by-laws, or a set of rules that determine how board members will be elected, their duties, how and when board meetings are to be held, and other important details of how the corporation will be operated.

Ready to File
Now you’re ready to obtain an Employee Identification Number (EIN) and select a board of directors for your company. Once these two tasks are accomplished, check to be sure you have all necessary paperwork and check the company name availability once again to be on the safe side. Now, you’re ready to file your corporate paperwork for registration.

Forming an LLC – Know the Difference

Keep in mind that forming a corporation differs from forming an LLC (Limited-Liability Company). When you form an LLC, your business will be treated as a sole proprietorship or partnership under federal and state tax laws. You will be required to report profits and losses, income, credits, and deductions on your individual tax return.

Corporations, on the other hand, pay taxes on the company’s profits. The shareholders are treated as individual employees, and each receive their own salaries and file their personal tax returns separately. LLC formation requires less paperwork and has fewer legal issues than a corporation.

If you’re pressed for time and want to get things moving quickly with your company’s incorporation, there are websites available to help you incorporate online. These sites provide printable paperwork, state-by-state instructions, and other helpful items to make it easier than ever to incorporate your business.

The rapid growth of the internet commerce in recent years presents established small businesses with a serious dilemma. On the one hand, they can stick with the business model that has worked for them for the last number of years. On the other hand, they can make the shift to serious eBusiness.

Choosing to stand pat is usually much easier in the short term. But in the longer term this almost certainly means they will be left behind by technology, and lose many of their most important clients to more aggressive competitors.

But shifting to eBusiness may involve committing substantial resources to developing a new game plan. That usually means refining product lines to make them easier to sell online, upgrading computer systems and websites, and training personnel at all levels to be more web savvy. It also means developing or hiring staff to handle the administration of new marketing, sales, and delivery systems, and working with outside consultants and service providers to handle the technical aspects of the new program that cannot be handled by your own people.

Is adopting an eBusiness Solution worth the effort?

Are the short term difficulties involved in making the transition to eBusiness worth the effort?

In virtually all cases, Yes.

It is like any other investment in your business. Some businesses look at the cost of upgrading production equipment or of renovating their office or retail space and decide it is simply not worth the cost. They decide the future is too uncertain to risk moving ahead, so they opt to tread water until either circumstances change, or they simply cannot continue any longer in business.

In this sense, choosing to stay abreast of technological changes is a business necessity. And these days, deciding to get involved with eBusiness is the most important technological decision many current businesses will ever make.

Advantages of eBusiness

Here are some of the more important advantages of moving to eBusiness.

You can develop a more cost-effective Communication and Marketing Strategy – The most obvious advantage of “upgrading” to eBusiness is that it gives you a vital web presence. In an upgraded “eBusiness environment” your company web site becomes the focal point of your communications and marketing strategy. And in an era when an increasingly large number of people are using the web as their first source of product and service information, “being there” 247 is extremely important.

You can reach New Markets World Wide – The internet offers exciting ways of reaching new markets that could only be dreamed of in the past. There are methods of promoting your products online that allow you to precisely target the customers you are after whether they are in your town or on the other side of the world.

You can reach Local Customers and Prospects more effectively – Until recently, companies offering a product or service to local customers could not see the benefits of having an online presence. But as more and more people become comfortable with using the internet instead of traditional advertising sources like classified ads or yellow pages, having an aggressive web presence makes better business sense even for local companies. This may also offer a springboard to developing new markets further afield.

You can cut Advertising and Marketing Costs – Online advertising is not only more efficient, but it is often less expensive than traditional advertising. After sales training expenses can also be reduced by utilizing online seminars, training videos and tutorials.

You can streamline the Ordering Process by taking orders online – Implementing an online ordering system allows you to eliminate manual paper work or telephone order taking. It also offers the possibility of integrating your sales order system with order fullfillment and delivery so customers can be up to speed on the progress of their orders at all times.

You can cut Communications and Telephone Costs – While the costs of voice communications using long distance telephone services have been coming down rapidly over the last few years, switching to an eBusiness model offers the possibility of totally eliminating many of these costs. Of course there is traditional email. But beyond that, there are systems like “Live Help” where customers can chat live with support or sales staff. And the most recent development is VoIP (Voice Over Internet) which promises to completely revolutionize telephone service.

Finding the right eBusiness Solution

Every business is unique, so every business will require a unique eBusiness solution. Chances are most small businesses will not have the resources inhouse to make the move. In that case they should find an eBusiness solution provider that takes a comprehensive approach to each situation. Rather than offering a pre-packaged program, they should be able to look carefully at a business and make recommendations based on its specific needs. That includes the ability to provide staff training and ongoing support long after the initial system is put in place.

Looking for a serious investment opportunity? You may want to consider buying a small business in the United Kingdom. There are several ways to turn a good profit in small business, but there are some important things to keep in mind if you are looking for an investment opportunity, especially if you are an investor from the United States, Canada, and elsewhere.

Any investment opportunity naturally comes with some risk. Foreign investors will need to calculate an additional variable when figuring up the possible amount of profit margin, loss ,and potential for both, as well as the exchange rate. How well is your currency doing against the British Pound? Be sure to include some wiggle room in your budgeting for fluctuations in the exchange rate.

For those already living in the UK, concerns such as taxation and local regulation are familiar topics. To those in overseas locations, its important to look up the laws of the land pertaining to your type of business, the taxes for which you will be liable, and how to properly account for them. This may seem elementary to those with experience in putting money into an overseas investment opportunity, but for the first-time investor in a UK small business, there are many laws and policies that might surprise you. The key is to do your homework, get the advice of a good UK legal expert, and be prepared for a new and different way of doing business.

If you want to buy a small business in the UK, its good to do a bit of research into the type of business you want to use as an investment opportunity. Are there ways that you can expand the business onto the Internet? Can the Internet be a help to you in increasing sales, market visibility, or media awareness? All of these factors are important to keep in mind. The most successful small businesses are the ones whose owners know how to take advantage of the Internet, while still meeting local needs and demands with speed and precision. Its not so different than doing business anywhere else in the Western world. Its important to understand how the buyers in your area of the UK respond to and utilize the Internet when it comes to commerce.

Youll also want to give your competing businesses a good hard look to see how they are using the Internet. Are you thinking of investing in an already crowded market? If so, youll need some fresh ideas to give your version of the business a new approach so that you can set it apart from the competition.

A UK investment opportunity in small business may bring some unexpected surprises if you are considering investing in a rising star business. For example, twenty years ago, nobody had ever heard of a cyber caf. Today, cities are full of places that offer Internet services, games, coffee, and more for a price. This concept has become a very important part of many communities. Those who took the initial risk a few years ago, putting money in what they saw as a good investment opportunity, are reaping their rewards today.

Those who buy a small business in the UK often find that the investment opportunity is well worth the risks. With some research, a bit of financial planning, and the expert advice of a UK legal advisor, you can turn a potential opportunity into a major success. If you are living in America, Canada, or elsewhere, you owe it to yourself to pay a visit to the United Kingdom to see for yourself just what kinds of investment opportunities await you there.

http:www.bizseller4u.com

Major Challenges To Securing A Business Acquisition Loan

Qualifying for a small business acquisition loan can be quite an ordeal to say the least.

If the business being sold is very profitable, the selling price will likely reflect a significant amount of goodwill which can be very difficult to finance.

If the business being sold is not making money, lenders can be difficult to find even if the underlying assets being acquired are worth substantially more than the purchase price.

Business acquisition loans, or change of control financing situations, can be extremely varied from case to case.

That being said, here are the major challenges you’ll typically have to overcome to secure a small business acquisition loan.

>>> Financing Goodwill

The definition of goodwill is the sale price minus the resale or liquidation value of business assets after any debts owing on the assets are paid off. It represents the future profit the business is expected to generate beyond the current value of the assets.

Most lenders have no interest in financing goodwill.

This effectively increases the amount of the down payment required to complete the sale andor the acquisition of some financing from the vendor in the form of a vendor loan.

Vendor support and Vendor loans are a very common elements in the sale of a small business.

If they are not initially present in the conditions of sale, you may want to ask the vendor if they would consider providing support and financing.

There are some excellent reasons why asking the question could be well worth your time.

In order to receive the maximum possible sale price, which likely involves some amount of goodwill, the vendor will agree to finance part of the sale by allowing the buyer to pay a portion of the sale price over a defined period of time within a structured payment schedule.

The vendor may also offer transition assistance for a period of time to make sure the transition period is seamless.

The combination of support and financing by the vendor creates a positive vested interest whereby it is in the vendor’s best interest to help the buyer successfully transition all aspects of ownership and operations.

Failure to do so could result in the vendor not getting all the proceeds of sale in the future in the event the business were to suffer or fail under new ownership.

This is usually a very appealing aspect to potential lenders as the risk of loss due to transition is greatly reduced.

This speaks directly to the next financing challenge.

>>> Business Transition Risk

Will the new owner be able to run the business as well as the previous owner? Will the customers still do business with the new owner? Did the previous owner possess a specific skill set that will be difficult to replicate or replace? Will the key employees remain with the company after the sale?

A lender must be confident that the business can successfully continue at no worse than the current level of performance. There usually needs to be a buffer built into the financial projections for changeover lags that can occur.

At the same time, many buyers will purchase a business because they believe there is substantial growth available which they think they can take advantage of.

The key is convincing the lender of the growth potential and your ability to achieve superior results.

>>> Asset Sale Versus Share Sale

For tax purposes, many sellers want to sell the shares of their business.

However, by doing so, any outstanding and potential future liability related to the going concern business will fall at the feet of the buyer unless othewise indicated in the purchase and sale agreement.

Because potential business liability is a difficult thing to evaluate, there can be a higher perceived risk when considering a small business acquisition bad credit loan application related to a share purchase.

>>> Market Risk

Is the business in a growing, mature, or declining market segment? How does the business fit into the competitive dynamics of the market and will a change in control strengthen or weaken its competitive position?

A lender needs to be confident that the business can be successful for at least the period the business acquisition loan will be outstanding.

This is important for two reasons. First, a sustained cash flow will obviously allow a smoother process of repayment. Second, a strong going concern business has a higher probability of resale.

If an unforeseen event causes the owner to no longer be able to carry on the business, the lender will have confidence that the business can still generate enough profit from resale to retire the outstanding debt.

Localized markets are much easier for a lender or investor to assess than a business selling to a broader geographic reach. Area based lenders may also have some working knowledge of the particular business and how prominent it is in the local market.

>>> Personal Net Worth

Most business acquisition loans require the buyer to be able to invest at least a third of the total purchase price in cash with a remaining tangible net worth at least equal to the remaining value of the loan.

Statistics show that over leveraged companies are more prone to suffer financial duress and default on their business acquisition loan commitments.

The larger the amount of the business acquisition loan required, the more likely the probability of default.

Small business credit cards are credit instruments that cater specifically to the needs of small businesses. They are like your normal credit card except for some changes in interest rates and features which are optimized for use by small businesses. They are very useful for small businesses that desire to streamline their finances and access extra credit.

The numbers of small businesses that use these cards are ever-growing. A recent report shows that 66% of small businesses use these cards for purchasing and financing. Forty percent of this number use their exclusively use credit cards for their payments. But why should a business apply for one? Are there any benefits that merit application for such a card? There are many advantages. Some of them will be outlined below.

For one, these cards allow a business to get hold of good credit. Good credit is the use of borrowed finances to generate more cash. In effect, the act of borrowing actually results in the company earning more. A small business credit card allows for this. The business then is able to keep hold of finances for other reasons: investing for interest, for profit, or other needs the business may have for cold cash. They can pay in easy installments that will not dent the financial capability of the business. They can also pay when they are capable of paying.

Another advantage of using small business credit cards is the fact that they help make bookkeeping easier. Instead of keeping a journal of all transactions and receipts, one can have the credit card company send an itemized list of purchases made using their credit card. This allows for better bookkeeping and better accounting. Lost receipts and undocumented expenses can be avoided. This helps the business make more accurate financial reports.

Small business credit cards also allow businesses to build up their credit limit. Small businesses will typically need capital for new equipment, or to expand their business. A good credit limit will allow small business to access credit that would otherwise be inaccessible to small businesses. Bigger capital opens up the possibility of greater profits.

These cards also offer the option of limiting one businesss spending. This would be very useful for a business that is keeping a tight watch over its finances.

Small business cards are quickly becoming an efficient way to increase buying power and capital. With these advantages, it may soon be that small businesses will regard these small business credit cards as a necessity.

Are you a small business owner? If you are, you will likely face a large amount of competition from others; others who may be larger than you and others who may have more resources at hand than you do. Although it may seem as if you are at a disadvantage because your business is a small business, it doesnt have to be that way. There are a number of different ways that you can make sure that your business is able to successfully compete with your competition, even your competition that may include large, national companies.

When it comes to competing with your larger competitors, it is important that you remember exactly what you are, a small business. This automatically makes you unique right away. Each year, a large number of small business owners end up closing their doors. While this may not sound promising to you, it should give you a little bit of hope. There are actually a large number of consumers who like doing business with small businesses, just like you. In fact, some prefer to do business with them. The less competition you have from other small businesses, the greater your chances are of staying profitable and in business are.

While you may not necessarily be able to control the competition that you do and do not have, one thing that you can control is your businesss public perception. For instance, if you were to run a pet supply store or a clothing store, there are a number of other businesses where your customers could go to buy the same products at, like a large department store. To prevent that from happening, you want to give your customers a reason to come to your store, as well as reason to keep on coming back. The first step is to make sure that your establishment is well-kept and always clean. You will want to pickup your sales floor, if your business has one, each and every day, dust, mop the floors, and keep all of your entranceways cleans. To many consumers, nothing is more unappealing that a dirty business.

In addition to making sure that your establishment is well-kept and always clean, you need to examine the type of service that you and your employees provide your customers with. Most small businesses are known for their personal feel. When it comes to doing business with a small business, there are customers who want to feel like they are known by name, even if they arent actually, or feel like they can stop and talk with you and your employees about nothing in particular, like the weather, just because. This is what will essentially set your business apart and make it easier to compete with larger businesses. Unfortunately, many of todays larger corporations have more of a focus on dont waste company time or money, than they do the customers. Making sure that all of your customers receive the best service available, as well as thank you every time, is the best way to compete and win against your larger competitors.

The above mentioned ways are just a few of the many ways that you can make sure that your small business is running just as strong as the competition. Even if you run an online business, instead of storefront one, a personalized, friendly service is an important component of being successful. For additional methods that may help your business stay afloat, you may want to think about turning to your customers for suggestions. A simple suggestion box may give you insight into your customers, as well as their wants and their needs.

More Americans are showing they can get their jobs done from just about anywhere outside the office. And as some businesses expand in size and geographic scope, they are finding new technology to help employees who telecommute.

About 45 million Americans are working from home, according to a survey conducted by ITAC, a telework advisory group. The survey also found that out of 135.4 million workers, 20.6 million conducted work in their car and 16.3 million worked while on vacation.

By installing a server with Microsoft Corp.’s Windows Small Business Server 2003 software on it, businesses can store all of its documents, e-mail messages, calendars and images in one location. Additionally, employees can remotely access all company documents as well as programs and data on their desktop – from anywhere in the world. With a server, mobile devices such as Smartphones and Personal Digital Assistants also can connect users to e-mail, scheduling software and other programs as though they were working at their desks.

A small-business server can help increase a company’s productivity and efficiency by allowing a specialized computer to perform services and run software for other computers, or “clients,” on its network.

For the millions of Americans who need to work when away from their office, Windows Small Business Server 2003 offers a solution that includes Remote Web Workplace. This application allows employees to access anything on their work desktop from any PC in the world that has Internet access.

Many employees who work in a business without a server can’t be very productive. They’re also unable to back up their data or prevent unauthorized users from accessing their computers, all common problems small businesses experience that server software can prevent. Later this year, Microsoft plans to launch a new release, Windows Small Business Server 2003 R2, which will include even more advanced security features.

The ITAC survey also found that during the past year, the number of employee telecommuters increased by 30 percent. As this trend continues, so will the need for integrated solutions such as small-business servers.

Whether or not their employees telecommute, companies are realizing the benefits of using small-business servers to streamline processes and decrease costs.