Copyright © 2008 WebCart
There is no question that over time, ecommerce sales have continued to rise as more and more people turn to the internet for their shopping. It's much easier to take a quick commute to your computer, surf the net for a short while, and purchase what you are looking for than it is to go out to a store for the same thing. Because of this, the future of ecommerce sales is looking bright.
The online market is growing at a level far above that of the retail market, which is making anyone with the need to make money turn to the internet. The problem is you aren't the only one in the world with the idea to start an online business. With millions of people turning to the internet to try and strike gold with ecommerce sales, the competition has become ever so high online.
Anyone can start up an online business with the plan of making a large income. However, because the competition is so steep, people don't realize the effort that is required to make it in the internet business. If you have aspirations of becoming another statistic of someone successfully starting up a business online, you have to be willing to put in the effort to reach out to the public.
Without a doubt, the statistics are in favor of those going into ecommerce sales. In the fourth quarter of 2005, US retail ecommerce sales totaled $26.5 billion. That was an increase of 27.5% just from the third quarter of 2005. So as you can see, more and more people are shopping online creating the possibility for success in an online business.
With the high competition online, it is essential that you have two things to make it in ecommerce sales; a well thought out plan and a quality marketing campaign. If you create a website without planning out who your target market is, how you will advertise, and how you can keep in contact with customers, you are setting yourself up for failure.
The more in-depth your plan is to begin with, the better your chances will be of succeeding. There is nobody saying you have to stick with your plan throughout your business's existence, but it will help you develop into a money-making site. The marketing campaign is the same way. If nobody knows about your business, how do you expect to make money? The more thought out your marketing campaign is, the better chance you have of generating a higher traffic volume.
Despite the high competition in the internet industry, the future of ecommerce sales is bright. As more and more people turn to the internet for their shopping, the availability and need for more online businesses will continue to increase throughout time.
Michael Moshkovich is a web developer and internet marketer who has written over 50 articles on SEO, shopping cart software and PPC marketing.To find out more information about WebCart's seo friendly shopping cart software visit our website.
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The Future Of Ecommerce Sales Is Promising…But Is Yours?
How to Thrive through This Recession, Jack Canfield Style
We're hearing a lot about the economy lately. In fact, just this week, Alan Greenspan actually said "the r word" by announcing that the United States is in a recession. Our last recession, from 2001-2003, was due to the collapse of the dot-com bubble, the September 11th attacks, and accounting scandals such as Enron. There were also recessions in the early 1990s and early 1980s.
In fact, for the last 30 years, the U.S. has gone through a recession once every decade. There's no indication that this will change in the future. Burying your head in the sand will certainly spell disaster for your business. Gritting your teeth to weather the storm will only increase your blood pressure and keep you up at night.
The good news is that a recession is not a depression. It's unlikely that we will ever go through something like the Great Depression again. However, it's quite possible that this will not be our last recession. To be successful, you need to become informed about what a recession is and what steps you can take to thrive in the midst of one.
What is a Recession, and What Can You Do about it?
A recession is a period of temporary economic decline during which trade and industrial activity are reduced. It is identified by a decline in a country's gross domestic product (GDP), or negative economic growth, for two or more successive quarters. In short, a recession means a steady, prolonged decline in sales.
As a small business owner, you've experienced a decline in sales before. It's a normal part of any sales cycle. Question is: When you've had a drop in sales in the past, what did you do? Did you just wait, hoping for things to get better? Or, did you take decisive action to nip things in the bud and turn things around? If you are a successful small business owner ' someone intent on creating a constant and steadily increasing cash flow ' then you know the importance of taking informed, resolute action.
Jack Canfield, too, knows about decisive action. He's famous for his rags-to-riches story of how he committed to contacting five people a day to promote his book, Chicken Soup for the Soul. The key to his success was his commitment to action. Not just any old action, mind you. Aligned, well-thought-out, purposeful action. Jack knew he had a monumental task in front of him: promoting an unknown book by an unknown author. Each day he took action to increase name recognition, forge connections, and build sales.
Five Simple Steps for Thriving through a Recession, Jack Canfield Style
1. Get back to basics
Recessions are good for all things that begin with "re." Re-group, re-organize, re-view. Revisit the fundamentals that have already made your business a success. Revise your mission statement to stand for what your business is really all about. Reject rejection. Practice Jack's "Rule of Five": Every day, do five things that will move you toward your goal.
2. Clean up your act
Recessions are a great time, Jack advises, to clean up your messes. Now, when sales are slow, finish anything that is incomplete. De-clutter your office and organize your files. Make phone calls to bridge any disconnects that may have occurred between you and your customers. Magnify your success energy by focusing on what you want to happen, not what you are experiencing.
3. Focus on your connections and relationships
Recessions are the perfect time to forge new connections and strengthen long-standing relationships. Practice uncommon appreciation. Review your agreements with clients and confirm your commitment to them. Speak first and with integrity. Be impeccable in your communication. Meet for breakfast instead of over the phone. Supplement emails with handwritten cards and notes.
4. Be smart with your money
Recessions are the natural time for small business owners to review their financials. Take a look at your cash flow. Collect on any outstanding accounts. Don't fall into lackful thinking by clutching and holding onto your money. Spend wisely. Make sure your bills are paid. Above all else, give more. Keep your energy flowing by finding a way to serve others.
5. Step back
Recessions are the ideal time to practice stepping back in order to keep things in perspective. Instead of energetically aligning with all the fears, doubts, and anxieties associated with a recession, step back and move to higher ground. Don't get caught up in others' panic. Soar above it all to a place where clarity can be gained and perspective maintained. While you're at it, take others with you. As Jack says, "When you lift up others, they will lift up you."
No one likes feeling uncertain about the future. Yet nothing is ever certain, whether or not we're in a recession! By taking decisive action now, you can positively influence your future. When this recession ends, don't let your company be one that just managed to survive. Practice Jack's Rule of Five and thrive.
Business Coach & Consultant for entrepreneurial women starting up small businesses, Dr. Susan L Reid is the author of "Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success." For ideas, tips, and support for your business journey, sign up here for our free e-Zine.
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Recession-Proof Your Small Business in 2008
How safe is your business if the U.S. experiences a recession this year? Will it do well, continuing along its productivity and growth projectory with little more than a slight re-focusing and tightening of the belt? Or will it dissolve into ruin, going belly-up as consumers hunker down by reducing spending?
On Tuesday, January 8, 2008, President Bush gave his State of the Union address to Congress, televised for all to see. In it, he stated:
"Our first goal is clear: We must have an economy that grows fast enough to employ every man and woman who seeks a job. After recession, terrorist attacks, corporate scandals and stock market declines, our economy is recovering — yet it's not growing fast enough, or strongly enough. With unemployment rising, our nation needs more small businesses to open, more companies to invest and expand, more employers to put up the sign that says, 'Help Wanted'."
Some small business owners listening to the broadcast buried their heads in the sand, thinking a recession isn't going to occur. Some mistakenly believe that the U.S. government will take care of them if there is a recession. For others, the cloud of impending gloom has already begun to cast its shadow.
Earlier this week it was reported that the U.S. economy is primed to slump into a three-quarter recession. What will you do? What action will you take to recession-proof your small business this year . . . or any year, for that matter?
What if there were a simple, effective solution to ensure your business productivity and growth, no matter what the economy does? Would you want to learn more? What if I told you there are ways to increase productivity no matter what the economic climate — not just by a little, but by 20 percent? Would you be interested?
Seven Sure-fire Ways to Boost Productivity
1. Be known for delivering great products and services.
Now, more than ever, this oft repeated maxim is true. Your products and services are a reflection of you, are the frontline calling card for your business, and are the number one way to make your customers trip all over themselves referring others to you.
2. Stand out by offering an astonishing guarantee.
Have one so amazing that others in your industry would balk at offering it. Delivering on your astonishing guarantee distinguishes you and gets your business noticed.
3. Add value, not price.
Continuously adding value to your products and services makes you look rich and attractive to your customers and prospects. Adding price without value makes you look cheap.
4. Cultivate business with customers who have similar beliefs and interests.
This eliminates having to work with jerks.
5. Connect to give; don't connect to get.
Cultivate mutually beneficial win-win relationships with emphasis on the "give" part. Ask not what your customer can do for you, but what you can do for your customer. Then deliver.
6. Command time and space this year and create what you see for yourself, not what someone else sees for you.
Meet your own sales goals, provide your own growth incentives, and keep abreast of the markets so you can remain on the cutting edge, rather than waiting for someone else to do these things for you.
7. Forget about last year.
Whether you did well or not, forget about it. Create a new voice. In the words of T. S. Eliot, "Last year's words belong to last year's language, and next year's words await another voice."
What makes these seven steps so special? How will they recession-proof your business? These seven steps focus exclusively on strengthening your business from the inside, at its core. They are not dependent upon outside sources or resources to function or sustain them. They focus on actions you can easily and effectively take now. No long-term planning is required to implement them. They are things that everyone — from solopreneur to company of 20 — can do right now.
Do yourself a favor. Don't stand idly by with a wait-and-see mindset. Recession-proof your business to ensure increased productivity and growth this year. Take these seven steps now. Make 2008 your best year ever. You'll be glad you did!
Successful Small Business Start Up Coach, Consultant, & Author takes the fear out of starting up businesses by providing value, inspiration, and direction to entrepreneurial women transforming lives and making a difference in the world. Accidental Pren-her™ Blog is where entrepreneurial women come to embrace their Inner Samurai.
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Starting An Online Business? Watch Out For These Headlines!
Copyright © 2008 MHG Consulting
Don't fall for these misleading over-hyped slogans when thinking about buying or starting a new business. Are you trying to start an online business? Are you overwhelmed with the many online business programs available or concerned that you'll lose money by investing in them? While many offers sound too good to be true, there are some very good ones available - but how can you be sure? Learning to read 'between the lines' will better prepare you for what's really involved.
These 4 common 'hyped' terms mislead many wanna-be online business owners. The bottom line is this. If it was easy everyone would be making 6 figures with an online business.
Here are some common phrases used to promote online businesses and what they really mean:
#1 - Simple & Easy
Simple and easy depends on who's speaking. A doctor may tell you it's only a 'simple procedure' but that doesn't mean that you should attempt it yourself. Many online businesses ARE simple to operate. If you understand how it works you will be amazed at the simplicity - but getting to that point will require time and experience. You may just need to try a few to get a 'feel' for the business before deciding which one is easiest for you. Those who have learned from experience can look back and see how simple it COULD have been if they'd known what to do all along. Finding a trustworthy guide can be a great assistance to your business efforts.
#2 - Anyone Can Do This
Sorry - starting a business of any kind is stressful and requires a learning curve. If you are attempting an online business out of desperation or the belief you will make easy money you will face enormous obstacles. On the other hand, if you are truly seeking a business you can learn, work at and make a living from, you will find something online that fits your needs.
Studies of successful business people concur that those who make it have common qualities of persistence, patience and desire. These qualities are essential when trying to start an online business - do you have them?
#3 - Turnkey
The term 'turnkey' use to mean that a business was set up and ready to go. You will find the term in business classifieds where the new owner can just step in and start running the business. Unfortunately some marketers use the term to suggest a business is fully automated - that there is no work involved. There is always work involved. If the business really is turnkey than you will begin work right away because it has already been set to go. If you want an automated business you will have to do the work to make it automated. Either way, nobody is going to give you an automated, turnkey business that makes money - they had to do the work, so why would they share it?
#4 - It Won't Cost Anything
You absolutely CAN set up an online business with no money, but be prepared that a combination of no money and lack of experience will stifle your efforts immensely. Most individuals who start or run a business with no money have learned how to make use of the best free techniques through experience. They have paid their dues by trying businesses that cost money. They have spent time in and around their industry or market and they've been able to see where they can cut costs.
If you are prepared to spend a LOT of time researching before starting your business you may be one of the few who does it right the first time. For most people though, expect to pay something towards your online business education before seeing results - you just can't buy experience.
Online business obviously has its share of work involved, but finding the right one has enormous payoffs many people are willing to sacrifice time and money to achieve. Running your own business is satisfying and can give you more time to do what you really want to do in life.
Creating a successful online business is within the grasp of nearly everyone who is prepared to stick to it. Face the task of starting your business with realistic expectations while continuing to dream big and you may just surprise yourself!
Whatever else you do, don't follow the old axiom, "those who fail to plan, plan to fail". Create a simple but well though out business plan just like if you were to buy a brick and mortar business. Plan realistic expectations in time, money, competition and desired revenue to start. There are some good references to writing a more complicated or sophisticated business plan online, do a Google.
Dan Farrell Has Been Marketing Onlne for Over 8 Years And Has A New Exciting Way To Start An Online Business, "Newbie's Guide To Online Fortunes".
http://www.newbie-online-fortunes.com
Special Bonuses Added, "10 Easy Steps To A Google Friendly Page", How To Create A Mini Site In 30 Seconds Or Less" and "Unlock Email Marketing Secrets".
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How to Sell Successfully in a Recession
The debate is on whether we actually are in or still approaching a recessionary period. If you have been paying attention to the newspapers and television news, then you know that our economy is in a tailspin. The media-painted news is bleak as each new day reveals an additional economic issue. It seems that both consumer confidence and spending are down, mortgage foreclosures are up, savings are down, the unemployment rate is up and consumer prices of just about everything are rising. What is there to do when you are a salesperson needing to make a living in such a mess?
Downward trends are indeed a stressful time posing numerous challenges, yet they do indeed present many opportunities. You might ask a certain real estate agent how his business is; he responds saying it is the worst market he has seen in years and does not know what to do. Ask another and she might tell you that she is excited and it is the best market opportunity that she has seen in years. It is truly a matter for one's perspective. For those clients who are financially able, now is an outstanding time to acquire property at a huge discount. She chooses to focus on those clients looking for bargains. The other agent already gave up, saying "woe is me."
I am not at all suggesting that the current economic scenario is that simple to overcome in all markets. There is no single answer to all these complex issues, yet there is a single superb approach. The keys here are "current scenario" and "downward trends." There will always be hills and valleys in every economic cycle. The tide will certainly turn at some point and a general wellspring of opportunity will spread over the marketplace. But for now, we must adapt to the current conditions.
What can you do now to help ensure your income stability and peace of mind?
1 Re-train. Become the local expert in your field. Learn more about the other products you have in your arsenal.
2. Study new markets that provide somewhat consistent opportunities for growth such as food production, pharmaceuticals, hospitals, utilities, laboratories, safety and ergonomics, etc...
3. Make more of an effort to brand yourself. Establish yourself as a valued expert. Focus and specialize.
4. Market yourself: Publish a blog, provide a regular newsletter, write articles, and utilize email marketing to better stay in touch with clients.
5. Believe in yourself and the unique value that you bring to the selling table.
Forget about being a generalist and become a specialist. Focus on one particularly profitable niche in your industry and become the "go-to" person in your marketplace. We all have a unique product line or service that offers greater value and superior profit margins. Learn all you can about them. Establish your expertise and publicize it well. Get the word out. Be confident of the value that you offer.
I recently utilized this strategy at a local Tier 1 automotive supplier by seizing an opportunity to help them with a unique problem. They were impressed by my response and ability to remedy their situation. I asked about similar areas of their plant and the opportunity to address their issues before they became problems. They liked my pro-active approach and allowed me to proceed. That success soon generated others. In fact, their plant manager sent me an email this past week asking me to meet with him to discuss multiple opportunities for our products and services in their plant.
That company has quickly become a major account. I have been successfully designated their "go-to guy." We have demonstrated our capabilities and proven our ability and expertise. Interestingly, I started working with this account a mere six months ago. I have a goal to develop five more similar accounts over the next six months. Each one is already identified and a strategy has been implemented.
There are great opportunities; plenty of them, regardless of the state of the economy. Do not give in to the negativity presented by the media. Focus on your core strengths and decide which clients need your expertise. Select prospective companies that are in a strong financial position to weather this downturn and get busy. Be assertive. Become their "go-to" person and don't ever look back.
Daniel Sitter, author of both Learning For Profit and Superior Selling Skills Mastery, has garnered extensive experience in sales, training, marketing and personal development spanning a successful 25 year sales career. Experience his blog at http://www.idea-sellers.com
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Privacy & Data Security: Follow FTC Guidelines... Or Suffer The Consequences
Generally, you are required to protect personal information stored on your website's server by implementing reasonable and appropriate data security measures. If you fail regarding this general requirement, you will be subject to claims from website visitors whose information has been compromised.
In addition, the Federal Trade Commission (FTC) continues to aggressively file suits for security violations under Section 5 of the FTC Act which prohibits unfair or deceptive practices.
A good example is the enforcement action brought by the FTC against LifeIsGood.com for failure to implement reasonable and appropriate data security measures. This case is significant because the FTC expects all sites to follow guidelines provided in the settlement of the case.
Lifeisgood.com's Privacy Statement
Life Is Good collected sensitive consumer information, including names, addresses, credit card numbers, credit card expiration dates, and credit card security codes through its website. Its privacy policy claimed: "We are committed to maintaining our customers' privacy. We collect and store information you share with us - name, address, credit card and phone numbers along with information about products and services you request. All information is kept in a secure file and is used to tailor our communications with you."
The FTC Claims
The FTC alleged that, contrary to its privacy policy, Life Is Good failed to provide reasonable and appropriate security for the sensitive consumer information stored on its computer network.
Specifically, the FTC alleged that Life Is Good:
1. unnecessarily risked credit card information by storing it indefinitely in clear, readable text on its network, and by storing credit card security codes;
2. failed to assess adequately the vulnerability of its Web site and corporate computer network to commonly known and reasonably foreseeable attacks, such as SQL injection attacks;
3. failed to implement simple, free or low-cost, and readily available security defenses to SQL and similar attacks;
4. failed to use readily available security measures to monitor and control connections from the network to the Internet; and
5. failed to employ reasonable measures to detect unauthorized access to credit card information. The Settlement
In its settlement with the FTC announced in a press release dated January 17, 2008, Life Is Good agreed to implement the following 5 administrative, technical, and physical safeguards in the future. These 5 safeguards are 5 excellent tips -- delivered straight from the FTC -- that you should also follow:
1. Designate an employee or employees to coordinate the information security program.
2. Identify internal and external risks to the security and confidentiality of personal information and assess the safeguards already in place.
3. Design and implement safeguards to control the risks identified in the risk assessment and monitor their effectiveness.
4. Develop reasonable steps to select and oversee service providers that handle the personal information of customers.
5. Evaluate and adjust its information-security program to reflect the results of monitoring any material changes to the company's operations, or other circumstances that may impact the effectiveness of its security program.
Conclusion
Sometimes form is as important as substance. What I mean is how you do something, and the fact that you documented it at the time you actually did it, is sometimes just as important as the fact that you did it.
The settlement safeguards in the Life Is Good case are a prime example. Simply having what you believe is a good data security program is one thing, but being able to document that you went through the steps outlined by the FTC is another.
The Life Is Good case points the way to what will work for data security. So, it's highly recommended that you set up a filing system that preserves your documentation and indicates you went through these steps, and when you did it. Then set up a tickler to remind you to go through the steps on an annual basis.
We know that there is no data security program that is 100% safe from illegal intrusions. If you have an unfortunate data security breach, it's likely the FTC or a state regulator will come knocking at your door. That's why it's so important for you to be able to produce a file that clearly shows you implemented reasonable and appropriate data security measures in accordance with the FTC guidelines.
The future of your business may depend on it!
Chip Cooper is a leading intellectual property, software, and Internet attorney who advises software and ecommerce businesses nationwide. Chip's easy and affordable online contract drafting service coordinates website contracts such as Terms of Use, Privacy Policy, Subscription, Membership, and SaaS agreements. Visit Chip's http://www.digicontracts.com site and download his FREE report, "12 Sure-Fire Ways Your Website Can Get You Sued".
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6 Reasons People Fail No Matter What Work At Home Business Opportunity They Choose
Do you know why so many people fail when they start a work at home business opportunity? There are many people that have started a home business online and have been very successful with it.
The difference between the people who fail and the people who succeed no matter what home business they are promoting, is that the successful people know why others fail and they take steps to avoid the same thing themselves.
Here is why so many people fail no matter what work at home business opportunity they choose to promote.
One: Education - Too many people ignore this and they end up failing. You have to educate yourself about starting a home business and what it takes to make it successful.
It sounds complicated and it can be if you don't know anything about it. You can easily overcome this problem by learning everything you need to over a period of time. Learn one thing at a time and you will soon find yourself succeeding where others are failing.
Two: Too many people get online looking for a get rich quick home business. There is no such thing. This is one thing you have to realize because if you are looking for this then you will fail every time.
Three: People tend to jump around from one work at home business opportunity to another without taking the time to make the first one successful. When you have a home business you have to choose one or a couple of opportunities and stick with them until they are successful. Only then should you add others if you want to.
Four: This is a big reason that people fail. It doesn't matter if you have all of the knowledge in the world about how to make your home business successful if you don't take action and use that knowledge then you will always fail. You have to make sure you take action every day, even if it is only something small.
Five: Not having enough patience is another reason people fail with a work at home business opportunity. Your business will take time to become successful. This is just a fact that everyone has to deal with and accept. The more effort you put into your business the faster you will see results.
Six: Setting goals is very important with a home business and too many people never do it. Believe it or not but setting goals can help you become very successful because they help to keep you focused and working to make your business successful. Plus, they allow you to see what you have accomplished already and what you are aiming for next.
These are the six reasons why so many people fail no matter what work at home business opportunity they choose. You can avoid all of these now that you know them and make your business very successful.
Rich Ramalho and Patrick Sheffler invite you to visit their offical Top Abunza Team website. Discover the best work at home business opportunity and how you can make $947 or more paid out daily. To get started online in 3 easy steps please click here now: ===> http://www.teamabunza.com
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The Number One Reason Why You Are Not Making Money Online
If you have run an internet business online for any length of time you are probably already familiar with it. Maybe you have taken steps to correct the problem. However if you are still quite new to internet marketing online, the chances are you are caught up in it or about to be.
It is a given that you want your internet based business to thrive and you want to learn from different sources that have already risen to the top of the success ladder. But one of the main obstacles you will face is right in your own email box.
Once you start down the internet marketing online road the chances are you will be flooded with information. Let us face it; the world we now live in bombards us twenty four hours a day, seven days a week. It is literally possible to receive more information in one week than some of the previous generations received in a whole lifetime.
This can of course be a blessing and a curse and when it comes to internet marketing it can also be a major deterrent to online success.
Which Way Do You Go?
You check your email box and come across one in particular that catches your eye. A complete system for making money online that gives you step by step assistance on how to do it. You do a little more investigating. It looks legitimate so you go for it. That is until you check your email a couple of days later and see two more offers that look better than the first one. Now you are a little bit confused so you try to continue with the first program while incorporating the other two. You think you have a handle on it until the next time you check your email. This time it has a super duper program that pulls you in a completely different direction than the other three. Result? Information overloads which in many cases lead to shutdown i.e. not taking any action what so ever.
You are not alone the constant bombardment of information that can pull you in a hundred directions at once has affected many would be marketers; some to the point that they give up altogether. Your best bet is to know beforehand which direction you want to take your business, decide on the method and then stick to it. If another offer is pushing you further in the direction you have already decided to take than see if you can incorporate it into your internet marketing plan. If not then throw it out or at least set it aside until your initial plan is hopefully making you money and running on autopilot.
In fact you may want to do yourself a favor and set up an email filter to cut down on some of those "latest is the greatest" new offers. Also stay away from getting on too many mailing lists. You can easily find out the latest buzz by becoming a member of a forum in your niche that contains a large membership base and lively discussions.
Having access to more information is a good thing. Too much information is not. It can paralyze you into not doing anything. That is why it is important to have a plan of action before you start. Decide on that first and then see if there is anything in your email box that corresponds to it. When you find the pieces you need, work your plan and say goodbye to everything else.
Daryl Campbell - The Internet Marketing Guide-. It is so easy to get overwhelmed with offers that promise you success but just wind up pulling you in so many directions that you never make any money. Find out how to get on and stay on the path to a successful internet business at The Internet Marketing Guide
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Business Laws: What you Need to Know
Copyright © 2008 The Powerful Promoter
There are a myriad of things you must think about when opening any type of business whether it is a small business or a large corporation and one of those is how business law may affect you.Failure to pay attention to business and corporate law can land you in a world of trouble-both legal and financial. The good news is that you do not necessarily need to be a graduate of a fancy business law college or have a business law major to brush up on the basic ideas of small business law and corporate business law.
If you’ve paid attention to the headlines lately, you probably know that employment law for business is one of the number one areas where you can get into trouble if you aren’t up on all the employment laws and regulations. There are numerous laws that govern the employment of both regular employees and contract employees. Just for a broad overview, take a look at all the employment business laws you must meet:
• Civil Rights Act of 1966.
• The Equal Pay Act of 1963
• Americans with Disabilities Act
• The Immigration Reform and Control Act of 1986
• The Age Discrimination in Employment Act
• The Equal Employment Opportunity Act
• The Bankruptcy Act
• The Occupational Safety and Health Act
• FMLA, the Family Medical Leave Act
• Employee Polygraph Protection Act Labor Law
• FLSA, the Fair Labor Standards Act
And that’s not even counting the various state employment business laws that might apply to your business! If you aren’t sure of whether you are meeting all the regulations, it’s a good idea to get a checkup for your HR department.
Do you happen to work in the international arena? If you have anything at all to do with international business, then you should be aware of the many ways in which international business law can affect you, your business and your bottom line. At a minimum, you need to make sure that you meet general international business laws, specialized export laws, import laws and any laws of the foreign country in which your business operates.
And what about the business law scene at home? Were you aware that in addition to Federal business law and international business law, you are probably required to meet State business law regulations? Do you know whether you need a business permit or license? Failure to obtain one can result in the shutdown of your business and hefty fines and penalties. This is just one of the ways that state business law, such as California business law, can affect the health of your business if you aren’t careful to stay on top of things.
Finally, what about Internet and online business laws? Were you even aware that there was such a thing? The Internet has exploded so much in the last decade that the government has found it necessary to institute Internet compliance laws. If you operate a website of any kind and do not meet the compliance regulations, that site could be shut down and you could face criminal prosecution and hefty fines.
Of course, no one should ever attempt to navigate the complexities of any type of business law alone and the best course of action is to always seek the qualified professional advice of a business law firm, but hopefully these tips will help you to understand a little bit more about business law requirements.
Matt Bacak became "#1 Best Selling Author" in just a few short hours.
Recent Entrepreneur Magazine’s e-Biz radio show host is turning Authors, Speakers, and Experts into Overnight Success Stories. Discover The Secrets To Unleash The Powerful Promoter In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100 value) just visit his website at http://www.powerfulpromoter.com or http://www.promotingtips.com
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Legally Starting a Small Business
Copyright © 2008 Elias Stassinos
Here's how to legally start your business.
First, regardless of the business you are starting, you will most likely need a business license.
The legal requirement to get a business license is valid regardless of whether you business is a home-based business, an online internet business, a contractor's business, or a professional's business, such as a doctor's medical office - you need a business license to start a business. The business license requirement is a requirement in addition to a required license you might need from the state if you are a professional such as an attorney or hairdresser. Depending on the location of your business, or the type of business, the business is filed at the state, county or municipal level of government. Here's a business license service: http://www.bizpermit.com
Second, if you using a trade name that does not include your legal name, you need to file a Trade Name Certificate or DBA (Doing Business As).
If your trade name includes you last name but also includes a suffix such as "& CO" or "& Associates" or anything that denotes additional business owners, you need to file a DBA. You can also file a corporation or LLC instead of filing a DBA, but that may be a little more expensive. However, even if you file a Corporation or LLC, and the corporation name or LLC name is different from the trade name you will use to conduct business, you need to file a DBA.
Third, if you sell wholesale (i.e., if you sell to retailers) or buy wholesale to resell retail, in other words, if your business sells or leases taxable items or services, you will need to obtain a state sales tax id number (also called a seller's permit, wholesale license, retail license or resale permit).
You will need a reseller's number to buy wholesale, or if you are a wholesaler, you will need it to sell wholesale. For example, if you have a toy store, you will be able to buy wholesale without paying any taxes for the toys to the wholesaler and, subsequently, charging taxes to your customers when you sell the toys.
Fourth, if you are an employer, you will need to obtain a federal employer tax identification number as well as a state employer tax identification number. These numbers are required if you are an employer. Employers pay taxes both to the federal and to the state government.
The above licenses are the minimum you need to start. If you want to protect your personal assets from business creditors or againsts law suits against your business, it is a good idea to incorporate or form an llc.
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You can hire an attorney to file your business documents, a less expensive legal service or you can do it alone. After obtaining the required business licenses discussed above, and opening your business accounts, you are legally able to start business operations.
Elias Stassinos, Esquire is a trademark and incorporation attorney that has assisted thousands of small business owners and entrepreneurs launch their first business enterprise. Visit his law firm Website: http://www.stassinos.com . Attorney Elias Stassinos, Esquire is also a corporate legal counsel for the leading online legal filing service at http://www.businessnameusa.com .
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Starting a Business - 10 Reasons Why Small Businesses Fail to Thrive
Kathy, a skilled massage therapist, called me to discuss what she needed to know to start her own massage therapy clinic. She had been in the industry for over ten years, and was very skilled at working with her clients.
She worked for another clinic and felt she was ready to start a business of her own. However, like many want-to-be entrepreneurs, she possessed the technical skills—massage therapy—but possessed little business management experience, and no self-employment experience.
For many want-to-be entrepreneurs, discovering why businesses fail is a smart research project. It helps to uncover personal weaknesses, as well as begin to build up inherent strengths before investing in becoming self-employed.
It also helps them better understand the dynamics of the industry they will be competing. For example, if competition is intense because of a large number of massage therapists in a geographic area, we can expect that there will be less market share per clinic, downward price pressure, and lower profit potential; this makes for difficult going, especially in the start-up phase of the business.
Following are 10 reasons why small businesses fail to thrive. If you have an existing business, it might help to determine why your business is not growing.
1. Mistaking a business for a hobby. Just because you love something does not mean you can successfully convert it into a business. Too often we feel others share our passion, and we bank starting a new business on it. Research your business idea and make sure it is viable.
2. Poor planning. Yes, you must have a business plan. It can be a 3-page plan for the simplest of businesses or a 40+-page plan for a more complex business opportunity. The point is you are prepared to focus on your business' goals and vision, and you have a good idea of what you need to do to put your plan into action. By going through a business planning exercise, you also may have unearthed what problems may arise, and how you are going to handle them, if they do. In addition, financially can you launch the business? It takes a lot of time to build a business; 60% of business start-ups fail within six months after opening. Lack of cash flow and undercapitalization is the culprit.
3. Entrepreneurial excitement. Entrepreneurs often get excited about new ideas, but are unable to determine if they have a "true opportunity". Part of an effective business strategy (here is the business plan, again) is determining which markets you will and will not serve, as well as what products you will or will not offer. Before deciding to undertake a new business activity ask yourself, "Do I have the time and skill to implement this?"
4. Risking everything on one endeavor. Too often, small business owners will have just one product, one service, or one big client. However, what if this one thing disappears? Diversification will allow you to ride the flow of ebbs and tides in business.
5. Poor record keeping and financial controls. You must review your revenue and expense records each month—, and understand what they mean! Accounting is the language of business. If you do not know how to speak it, get help from someone who does.
6. Poor cash management. A good rule of thumb is that you can live for one to two years without income when getting started because new businesses are usually slow to get off the ground. If you have created a business plan with a realistic budget, you will already have determined what I have just written!
If your plan shows you earning a high income in the first six months, it may be a good idea to go back and review your budgets.
7. Poor time management. Putting off tasks you do not enjoy will sink your business fast! We get into a business because we love massage therapy. However, have we thought about all the other things that go along with running a business, like bookkeeping, banking, sales, and marketing activities, talking with accountants, attorneys, dealing with customer problems, collecting receivables, and slow cash flow? Getting help with administrative tasks that eat up your time is a sure-fire way to spend time doing what you do best—developing new ideas and revenue for your business.
8. Ineffective marketing. Learn the basics of marketing and track the success or failure of each technique you use. Dump ones that are not working for you in three months time.
9. Ineffective sales techniques. Once you have generated interest in a client, how are you going to convert them into a sale? Understand the basics of selling; take a class, read a book; get some professional help.
10. Entrepreneurial burnout. Owning your own business requires a huge investment of time, money, energy, and emotion. Are you ready to ride the rollercoaster of the highs and lows associated with each of these items? I can guarantee you, it will happen! Motivation and creativity can suffer in the most challenging times, and a pessimistic attitude may prevail.
Be sure to schedule time for yourself. Take time off from your business. It will help you manage the ups and downs of entrepreneurship, and give you fresh perspectives.
As Kathy and I ended our counseling session, she made a list of areas where she needed to grow, and created a task plan. With planning and an objective look at both your personal and your business' strengths and weaknesses, you can be successful.
© 2006, 2008. Bonita Richter and Profit Strategies. All rights reserved.
Bonita L. Richter, MBA, founder of Profit Strategies, teaches entrepreneurs and business owners how to start and grow businesses, attract more clients, and market their businesses to increase sales, business success, and generate wealth. For FREE tips on how to craft the successful business you desire, visit Profit Strategies.
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Top 11 Information Marketing Business Mistakes to Avoid
If you've tried your hand at building an Internet-based business but haven't yet reached the success you want, find out these 11 deadly mistakes and how to avoid them.
Mistake #1 - Not Treating What You Do as a Business.
The difference between a hobby and a business is that a hobby doesn't make you money - it costs you money.
If you're serious about starting a building a profitable online business approach seriously and focus on generating revenue.
Treat your online business as if you would any regular business.
Mistake #2 - Being Distracted by Too Many Good Ideas.
You can light up a room with a light bulb, but you can cut through steel with a laser beam. The same is true with your effort and ideas.
Too many Internet-Entrepreneur-Wanna-Bes lack the will power to stay focused. Chasing too many ideas at the same time often leaves them exhausted, frustrated, and with little results to show for their hard work.
The key to success is to select one business idea and to develop it completely before moving on to another project.
Mistake #3 - Not Selecting a Specific Niche.
Perhaps the biggest mistake of all is trying to be everything to everyone. You can't - so stop!
It's very counter-intuitive to focus on a smaller slice of the market and most people are afraid to do it. But when you do, your business will grow faster, and you'll more financially successful in less time.
Mistake #4 - Falling in Love With the Wrong Product Idea.
Even the most experienced entrepreneurs fall into this trap from time to time and develop products without doing any research. Before you devote any serious amount of time and effort to developing your new ideas make sure there is a demand for the type of product, information, or service you want to launch.
If you need help with selecting an ideal niche market for your business and finding out which products you should develop first, take a look at this fast track training program.
Mistake #5 - Falling for the "Get Rich Quick" Scheme!
Remember the old adage "if something is too good to be true..."? It's alive and well on the Internet.
Countless people buy into the idea of making millions online overnight. Sadly, they buy into programs hyped up with empty promises only to find themselves "out of cash and out of luck" a short while later.
Be aware of spammers, illegal money-winning scams, and buying "ready to go businesses" that are "hot but will sell for cheap"!
Before you fork over your money investigate if those hot businesses have ever made a dime for their current owner.
Doing your homework will save you valuable time, money and many sleepless nights!
Mistake #6 - Going Into It, Instead of Growing Into It.
While the Internet makes it easier to reach your potential clients, you're still building a business - and that takes time. Don't tell your boss you're quitting today because you started this hot new online business last night and you'll be "rolling in dough in no time flat!"
First make sure your business idea works and is profitable.
That's one of the advantages of Internet Business - you can start small and step-it-up as your business starts getting sales and generating profits.
Just be sure you can consistently replace your current income before jumping ship and telling your boss to "beat it"!
Mistake #7 - Being a Copy-Cat!
Quickly - what is the most popular business on the Internet? You guessed it - it's how to make money on the online!
It seems that everyone who has bought a course on making money online is credible enough to teach this subject a week or two later!
Don't fall for the allure of easy money - because it's only a perception. In reality your chances of having a successful online business are much greater when you are different from the pack.
Mistake #8 - Wasting Time and Money on Developing Pretty but Useless Websites.
A bad idea is a bad idea - no matter how pretty you dress it up. Many people waste precious startup dollars on expensive but needless graphic design work, pretty logos, and complex web design.
In reality, many businesses can be simple and inexpensive to get off the ground. In fact, a simple site with little or no graphics will often make more money than one with all the latest bells and whistles flashing all over the page.
Think what is the core concept of your business. Outline it on a single sheet of paper, then implement it fast in it's simplest form. You can always give it a makeover and make it prettier if it's successful and profitable.
Mistake #9 - Not Building Relationship with Clients.
"Even though you don't know me from Adam, I want you to take out your wallet and give me $20 - in exchange I'll make you the King of the Universe!" What!? You don't want to give me your $20? What a surprise!
Most people think about starting a business online in terms of getting a quick sale - with no prior relationship with their potential clients at all.
In reality, you'll be more successful when you make your first goal to collect contact information from potential clients and follow up with them on regular basis.
It's much easier to "sell something for FREE" than trying to convince people to give you money at first.
Make it your goal to prove your credibility online and make your business all about relationships with prospects and clients you'll build a thriving online empire.
Mistake #10 - Calling It "QUITS" Too Soon!
If your new online venture isn't making money at first don't walk away from it too soon. Many entrepreneurs have multiple "failures" in their background - which in reality are lessons in what didn't work.
Evaluate your ideas and get help with gaining a new perspective on what you're doing. With some new ideas you might find a new way to position your business differently and make it profitable.
Or maybe you simply need to give it more time to gain the traction and momentum you want.
Mistake #11 - Being too cheap!
While it's a good habit to be thrifty with your dollars, don't confuse saving money with being cheap. Remember the price you're paying for things isn't always expressed in money. It's also the time, effort, and lost opportunities you can't take advantage off because you lack the know-how or are busy doing low-level tasks.
Smart online entrepreneurs continually invest in their Education. They buy marketing training programs, time-saving software tools, and systems that allow them to grow businesses faster with less effort.
The best news is getting good basic training in how to start your own information marketing business doesn't have to be expensive.
The author, Adam Urbanski, Founder and President of Marketing Mentors, teaches professionals and business owners proven strategies to leverage their know-how into low-cost, high-profit information products and programs. For a four-hour fast track training go to his website at http://www.InfoProfitFastTrack.com
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