A `Cash Only’ policy can alienate a lot of customers and cause a small business to lose a sale. Here are some great options you can check out. Read more
Why should small businesses and freelancers accept plastic?
Tagged in Cash, Credit Card, mobile credit card readers, Payments and Collection, Reducing Your Cost, Square Leave a comment
Reduce your expenses by saving money on your small business in 2011
If you are a small business owner or planning to start a small business, you should practice all methods possible to save money on your small business. Doing so, you would not fall into debt and as a result, you won’t need to look for suitable debt relief options. Read on to know some tips on how you can save money on your small business. 1. Do not spend unnecessarily – When you start small business you should take care to not spend money on things that are not necessary, particularly if you are relying on investment from outside. Lavish … Read more
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How Commissions are Affected When Reseller Product Prices Change
Many of today’s entrepreneurs make their income via commissions. When reseller product prices change, it can have a direct affect on the commissions you earn. There are three factors that will directly affect the commission you will earn. They are: Buy Rates Minimum and Suggested Retail Price Price Settings Commission is often calculated on the difference between your buy rate and the price you charge your customers. Buy Rates This is the wholesale price you pay for products you buy for resale. As the reseller, the supplier determines what this price will be. Suggested Retail Price and Minimum Price The … Read more
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How to Let Your Market Dictate Your Product Price
If a Business has to be profitable the sale price of its goods or services needs to be more than the cost price. A price that’s too high will lead to reduced sales. A price that’s too low will lead to reduced profits, and consumers that think there’s something wrong with the product. So what’s the answer? Let your market dictate your product’s price, that way you will find the optimum price at which you can make the most revenue. In other words find out how the price elasticity of demand affects your product. This video uses the example of … Read more
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5 Tips for Selling a Business
If you’ve decided, the time to sell your business has arrived, follow these 5 tips to ensure maximum profit. You’ll be happy you did! Way back when you first started your business, you likely didn’t think about selling your business down the road, or maybe you did. After a number of years of working really hard and turning your business into a success, you deserve to get fair market value or higher for your business. 1. Establish the Value of Your Business – There are a number of formulas that can be used to determine the value, but it will … Read more
Tagged in Appraiser, Broker, Evaluation, Exit Strategies, financials, Selling, small business, Value 2 Comments
How Overseas Transportation Costs Affect Your Business
Today’s global economy has changed the way businesses buy their stock. In the past almost all businesses except for the larger companies would use a wholesaler to obtain the product(s) they wanted to sell. Today, there are few wholesalers left and most businesses, even small ones, can order directly from China or other countries reducing their costs. China is the largest exporter of consumer goods and that’s because the overall price for goods manufactured there is far less because of lower labor costs. However until the last decade or so the shipping costs were restrictive as they counteracted any benefits … Read more
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The 10 Commandments to Selling a Business
When selling a business just one little blunder can derail the deal. Follow these 10 commandments to ensure things off without a hitch. It’s business as usual. Don’t become so focused on the sale of your business that you aren’t meeting your daily business commitments. It’s not uncommon for your sale to take up to a year to close, so don’t let your profits suffer in the meantime. Make the price tag on your business is fair. If you over inflate the price you’ll turn away potential buyers. Your business broker and/or your accountant can help you to determine the … Read more
Tagged in Exit Strategies, Selling Your Business, Small Business University 1 Comment
How Selling a Franchise Differs From a Stand Alone Business
Selling a franchise is different than selling a standalone business. Selling a franchise can be beneficial since the customers are loyal to the business not the owner. For example, if you buy a burger at McDonald’s you probably don’t care who owns the joint but you do care about the burger. Franchises can be easier to sell over stand alone businesses. Small businesses can be harder to sell because they are reliant the entrepreneur owners, where as a franchise business has the clientele that simply follows along because of the franchise “name” itself. There are millions of dollars worth of … Read more
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Reduce Operating Costs of Your Online Business and Increase Profits
Online businesses are increasing at a rate not seen before in any other market. There are hundreds of thousands of e-commerce sites in operation. To have a successful online business you need to be competitive and keeping a tight rein on your operating costs is critical. An online store has the monthly cost of web hosting. Different web hosting companies offer different services so do your homework and find one that meets the needs of your business. Many also offer significant savings when you pay for your hosting by the year. It’s a great way to save. Free Document Sharing … Read more
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Keeping Costs Down When Opening a Discount Store
Today’s consumer loves a good bargain, which is one reason why dollar stores and discount stores have become so popular. These types of businesses present with their own unique challenges in that you aren’t just trying to keep your costs down but you are trying to keep them down so much that you can actually offer products at a discount price. Even just a couple of cents savings on all the products you stock can lead to thousands upon thousands of dollars in savings annually. Reducing your cost of goods involves looking at the actual price of the item, the … Read more
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