iMark Interactive

This is a guest post by Arden Wallace. If you want to guest post on this blog, check out the guidelines here.

Considering starting my own business was scary, especially since this was the second time around! When I was in college my father and I started a house flipping business that did great for a couple of years but then due to the bad real estate market, folded. I lost so much money and was very scared of sticking my neck out like that again, but when the opportunity presented itself for me to start my own real estate firm, I knew I couldn’t pass it up.

I’d been in real estate for over 10 years so I definitely had the experience. I wasn’t exactly sure what to do from the start since my dad had done a lot of the heavy lifting the first time, but I went ahead and registered myself as an LLC and did a search for available domain names I could use for the website. A few months and a few thousand in marketing dollars later the business is doing great! I can’t wait to see where we go over the next five years!

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This is a guest post by Neil Jones. If you want to guest post on this blog, check out the guidelines here.

It is not everyone’s cup of tea to work in an organization or company as one of the hundreds employed, with superiors to take instructions from, and having to take responsibility for actions of erring subordinates. Setting up your own business where you are your own boss and have the right to make all the decisions is a great temptation. This dream can become a reality if besides the determination a number of other conditions are fulfilled. So before this becomes a serious proposition, a few preliminary checks would help to find out the viability of starting a business of your own.

Before Getting Started

• Sufficient Funds- The first thing to be checked before thinking of starting even a home based business, is whether you have sufficient funds to start and also sustain yourself before your investment yields returns. The old saying that you need money to make money is very true. Money is needed for buying the basics needed for an office, like computers, fax machines and printers etc. The first few months are all expense driven and it is important to have some savings to keep up the expenses both for the business and for the family. It can take a few months even a year or two before the business can sustain itself and reap returns in the form of profits.
• Self motivation- Everyone cannot become a businessman. You have to be highly self motivated, a go-getter and achiever who can get things done by taking quick decisions and pitching in, wherever needed. A person with a laid back attitude who sets limits to what he is supposed to do, and accustomed to taking orders rather than initiatives cannot become a businessman, since he is better off as an employee. To be a businessman, look inside to see whether you have the level of motivation needed.
• Business has no fixed timings- A business can become an all consuming full day job, with no fixed timings. Many people like their regular routine of working from 9am to 5pm, and then packing up to go home, so that there is time to spend with the family. But getting into business will mean giving up this comfort of switching off at 5pm, thinking of spending time at home, and there may be no time to spend with the family, no matter how much you may want to. There may be no fixed timings for rest and closing down either, and before you step into the entrepreneurial world, be prepared.
• Family support- It is easy to believe that the business will be one man show. It cannot be, since no one can start a business without the support, sacrifice and encouragement of the family. The family has to be willing to make do with less till the business picks up, pitch in with help when needed, not expect you to switch off when there is work to be done just to be with them, and provide moral and emotional support needed to keep going despite the struggle and impediments.
• Selecting a field that excites you- Besides all the other factors, a business can become a success only if you are passionate about the field you have chosen, and not just any business because you like the idea of being a businessman. The activity selected must be inspiring, interest you and you should also have knowledge about it. That will make the business enjoyable and fun, and keep you motivated.

While business offers freedom to decide, choose and implement, it comes with its share of risks, hurdles and demands on time, resources and patience. Working as an employee may not appeal to such people, but jobs always offer security, a steady income, shared and not complete burden of responsibility, less time and many other benefits. The choice is ultimately according to your personality and ambitions.

This is a guest post by Neil Jones, head of marketing for eMobileScan a leading providers of bar code scanner and barcode printers, including the Zebra GK420D

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This is a guest post by William King. If you want to guest post on this blog, check out the guidelines here.

People think that small businesses face less complicated issues in wholesale but this is not true. Small businesses face greater issues as compared to the large businesses. Let’s take a look on the issues small businesses face while buying and selling wholesale.

Finding wholesale buyers and seller
Finding a wholesale buyer or seller is not a big deal for small businesses as there are a lot of them available in different online directories and portals but finding a reliable and credible wholesale buyer or seller is a real concern for them. Small businesses have limited financial resources and each and everything is needed to be done in a limited budget. Therefore, if the wholesale buyer or seller with whom they are dealing is a fraud then this creates a real big problem for them. They cannot fulfill their commitments to other b2b dealers and in case they take action against the fraud wholesale buyer or seller and file a lawsuit against him they need to spend a lot of money and have to bear an extra cost for the whole process.

Carrying the clients until they pay
One of the first major issues which small businesses face while buying and selling wholesale is carrying the clients until they pay. We all know that small businesses have low budget and they have to manage it within certain financial limits. What they need to do is to keep on their wholesale buying and selling circle moving without any pause. If anything goes wrong with their finances or they are unable to get their payment on time from a client they face severe problems in carrying their clients which affects their credibility and future business activities. Other issues related to finance including lack of capital, offering credits and meeting the breakeven are also a major concern because they not only affect the business activities and goodwill of the small businesses but they sometimes lead them towards bankruptcy as well.

Coping with State regulations
State regulations are a macro economic factor for any business therefore small businesses also cannot escape from their affect but when certain state regulations which are unfavorable for buying or selling wholesale, greater effects are felt by the small businesses. So, for the small businesses coping with state regulations and other macro economic factors is really a major issue.

Pricing Issue
Large businesses while buying or selling wholesale can put forward their own terms and conditions for pricing but if you are a small business then most probably you will have to agree upon the prices set by the person dealing with you. The only situation where you can put forward your own prices without any kind of negotiation being a small business owner is that you don’t have any competition and your business is unique. But in wholesale buying and selling, this situation seldom exists. Therefore the small businesses need to put a lot of effort to handle the pricing issue.

Trust building
Building trust upon the b2b wholesale dealers is really an interesting issue for the small businesses in wholesale buying and selling. Most of the people trust large wholesale resources and are always looking to do business with them. And to some extend it is correct. An intelligent businessperson will always deal with those wholesalers who have a proven track record. So, for the small businesses it is really important to build trust in the market, maintain healthy relationship with the wholesalers, distributors and others and get a good feedback about themselves. Only then they can become successful while buying or selling wholesale.

Competing with Giants
The business giants, when they see a small business entering in the business industry generally create different hurdles for them to make them leave the industry. They give a tough competition to them by reducing their prices and by coming up with different offer. Small businesses while buying or selling wholesale need to take care of this issue effectively if they want to stay in the market.
Small businesses that follow a proper business plan and who have knowledge about what issues they might face while buying and selling wholesale never fail.

William King is the director of Wholesale Business Directory having 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.

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Have you thought about starting an online business or are on the fence about starting one?  Do you think that you have a great idea for a new website that can possibly make you money and your visitors happy?  If so, then it is time to start up your business.  As each day goes by, you could be working toward creating a successful business online, but you just have to jump in and get your feet wet.  The time is now for you to try your hand at an online business and hopefully a start at financial freedom!

I hear people talking about how everyone is making money online with online businesses, but they don’t have the time or are not sure what they want to do.  I say that if you have the drive and a good idea, you can start your business.  Starting an online business is cheaper than the traditional form, but it still requires a lot of work.  Please do not think that if you start your company you will succeed.  You have to put everything you have into your company and market it properly if you want to succeed.  Whether it is an ecommerce website selling items, an ebay business, social media work, consultant business, web designer, etc., just go out and start it up.

There are many people out there that do not go down the correct path before starting their businesses.  Remember that an online business needs to be setup just like a traditional offline business. You need the proper papers and records.  You need to pick up the proper certificates and form the structure based on your needs.  You can see our business checklist to help you along the way.  If you take the time to setup the company properly, then you will be better off in the long run.  Most of it is not hard and some of it can be completed within a day or two, but just do it.

So don’t wait until next week to do it, if you are thinking about starting one or have been thinking for some time, just take the time to do it now.  This year is going to be a good year for online companies as the economy turns around slowly.  By the time you start seeing some return on your business, online spending might be increasing more and you will be receiving some of that pie.  Everybody loves Pie!  If you have any questions about starting an online business, don’t hesitate to contact us and we can give you some pointers.

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We have a list of 10 checklist items that every Small Business needs to think about.  While we did create a more detailed version of each, we are going to put them all in this post for easy access and readability.  This is for anyone looking to start a business in the new year or for anyone that has just started a business and wants more information on how to keep it going.  Below is our Small Business Checklist.  Click each item for the full article.

Small Business Checklist Item #1 – Business Name

Choose a business name that suits what you want to do and plan to do in the future.  Many entrepreneurs try to pick a name that they like, but sometimes it does not encompass what your company is going to do.  A word of advice that many people do not think about is that you should not have a company name that has your name in it.  The main reason for this is because if you ever have a chance to sell the business, there is less likelyhood that someone will purchase your business because of the name.  Business Investors and purchasers want a name that can keep people interested and is memorable.  Using your name is an easy way to create a company name, but not the most effective in the long run.

Small Business Checklist Item #2 – Research

We need to expand a little further on the Business name from yesterday. Please make sure that after you pick a business name, make sure you have the right to use it in your state. You can usually check this out with your Secretary of State website. Once you verify that you can get it, go to the register of deeds and fill out a DBA form to secure the name and then do it with the Secretary of State (depending on your business form, which we will discuss a little later)

Small Business Checklist Item #3 – Business Structure

Ok, so you have done your research and realize that your business idea is a viable one.  Now you need to look into how you want to structure your business.  There are 4 basic structures to choose from with variations within each structure.  The main thing that you need to think about are covered with the following points.

Small Business Checklist Item #4 – Business Plan

This is a step that many small businesses forget to do.  While a business plan is not really required to run your business, it is a very helpful tool.  If you do not know what a business plan is, it is simply a written format of how you want to run the business and what the business stands for, as well as the mission of the company.  These can take time to create, but they will help you in the future to keep your company on track with your original goals.

Small Business Checklist Item #5 – Proper Forms and IDs

We know that it can be exciting to start up a new company and get selling or have your ideas become reality.  The one thing that we ask is that you make sure that you have all the proper forms and certificates in order to sell properly.  Each state require a certain set of forms in order to be a legal business, most require business license and sales tax ID’s.

Small Business Checklist Item #6 – Take Inventory or Dropship

We are asked about this more times than we can count.  Please note that this tip is really only dealing with companies that sell online, not really traditional retailers with brick and mortar stores.  This is an important discussion because it lays the foundation to how success you can be either online.  We will go through some quick pros and cons of each, so you can make a little more informed decision.

Small Business Checklist Item #7 – Insurance

To insure or Not to Insure?  This is a good question, but the answer is simple……Get insurance!  There are many of you out there that have not taken the time to look into good business insurance for whatever company you run.  This is a very important part of business to protect your investment.  We will not go into detail about all the insurance types out there for businesses, but we will show you some points to think about.

Small Business Checklist Item #8 – Calculate Profit Margins

This is a simple task to accomplish, but we have spoken to many people that have started a business that never really looked into creating prices for their products or services that gave them a positive net margin.  We are sure that many of you have probably done this as your started your business, so this tip is really for those thinking about starting one or just starting one.  Please take the time to properly calculate your profit margins on your products or services.

Small Business Checklist Item #9 – Employees

If your company is at the stage where it needs to hire employees, you better take this stage very seriously.  You are going to be trusting people with the company that you build from the ground up, so you need to make sure that you take the proper steps in hiring the right individuals.

Small Business Checklist Item #10 – Social Media

As the internet ages and online marketing gets harder, companies need to now think about using social media as a marketing medium.  If your company is not using social media as a way to attract new customers, then you really need to think about starting.  Social Media outlets include blogs, twitter, facebook, you tube, and more.  These are great venues to build your brand online.

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