Seize the Deal

Business Plans For Small Businesses

Small Business Summit 2011 Pre Event Photo 6

Image by Grant Wickes via Flickr

When it comes to starting a business, many people have valid ideas. They typically either have an unusual talent in some particular area, have a great deal of experience in the industry or see a unique way to solve an existing problem. In almost every case, however, the person who starts up a new business has a passion for the industry in which they are involved.

Every business, no matter how large or how small, needs some sort of business plan. For large corporations, the business plans are often complex affairs that encompass reams of paper and require specialized people to understand it all. For a small business, on the other hand, a business plan can be a much more modest piece of work. For these types of business, a simple business plan with a set of short term goals as well as long term goals are often make up the backbone. Writing down concrete ideas of how to accomplished those goals can help to make them much more attainable.

As part of opening a small business, a consultation with a tax expert is something that should not be overlooked. While the tax expert can help a small business pay its taxes on time in order to avoid penalties, such a professional can also save the small business owner money in ways that may be surprising. This is a strategy that can help the business to grow and expand due to good money management and expert assistance.

Filed Under: business Tagged With: Business, Business plan, Small business

Startup Business 101 – A Business Line of Credit

There isn’t much difference between personal and business credit lines. This makes it easy for anyone who is trying to start up a business because the concepts are ones that you should already be familiar with and understand.

If you are new to the world of business credit, here’s a look at some of the basic concepts and questions people ask in regards to business credit.

Why Should I Have a Business Credit Line?

Many startup business owners question why they should have a business line of credit. It is recommended that you start a business line of credit so your personal assets are not tied into how successful or unsuccessful your business is. Should the business go under if you have a business line of credit that is completely separate from your personal line of credit and will protect your assets.

Does a Business Line of Credit Establish Yourself as a Business?

Many banks, financial institutes and clients will not consider your business an official business until it can have its own line of credit. For that reason, many startup business owners will start to establish a line of credit. A line of credit can be started by getting a business credit card at the local store.

What Can a Business Line of Credit Do?

A business line of credit can help you gain financing for your business from banks and financial institutes. This line of credit will work like a personal credit score but on a business level. If you wish to gain any type of financing in the future you will need a business line of credit.

Filed Under: business Tagged With: Business, Credit card, Line of credit

3 Reasons Why You Need Google Docs for Android

Google Docs is a great program to have around, partially becauseit’s around no matter where you happen to be. Just like most everything Google creates, it’s an impressively ubiquitous program that can be accessed through the cloud with ease. Rather like an angel, Google was born on a cloud. Here are three great reasons to pick up and keep up with Google Docs.

First off, tablets are a great way to take your work with you everywhere. While they aren’t the same as laptops, they do almost everything a laptop can do. However, there are going to be times when you just can’t take your tablet PC with you. Maybe you forgot it, or maybe it’s somehow malfunctioning. In those cases, Google Docs can let you work from any computer you can access right now and use a full keyboard.

Secondly, Google Docs allows you to share your work with your colleagues. If you’ve got something for them to edit but you’re not near them, forget sending it to them an e-mail. Just let them edit the file directly, and collaborate in the easiest way known to mankind.

Finally, Google Docs is ideal for Android. While the previous two reasons were more about the general utility of the program, let’s talk about how functional it is to be able to edit your documents anywhere your smartphone can get a signal. You can do this anywhere and at any time, even if it’s only a quick run through or adding another paragraph while you wait in line at the coffee shop. While a full keyboard might be easier for lengthy writing, you can’t beat convenience.

Filed Under: accounting, business Tagged With: Android, Google, Google Docs

The Risks of a Personal Guarantee Business Loan

Every business requires some type of financing in order to get the business off the ground. The problem is if you are startup business there is no business record for banks or financial institutes to go off of to give you a loan. This means many startup business owners will have to turn to a personal guarantee business loan.

A personal guarantee business loan is a loan that the business owner guarantees by placing his or her own personal finances and assets on the line. Banks will then issue a loan because they have some type of collateral they can collect if the business owner fails to make their payments.

A personal guarantee business loan is considered a high-risk business loan. Here’s a look at the risks you are taking when entering into such a financial agreement.

Risk of Losing All Personal Assets

When you enter into a personal guarantee business loan you sign over the rights to all personal assets should you not be able to make payments. Banks can foreclose on houses and repossess cars in order to have the loan repaid.

Risk to Spouses Personal Assets

Many people believe that their spouse’s personal assets are protected with a personal guarantee business loan. However, some banks and financial institutes require you to sign over rights to your spouse’s personal assets as well. This allows the bank to seize their assets should you fail to repay.

A personal guarantee business loan is a high-risk loan. You should consider all aspects of this type of loan before entering into an agreement with a bank.

Filed Under: business, tips and guidance Tagged With: Business, Loan, Small business

3 Benefits of Installment Loans for Startup Businesses

Installment loans are loans that you pay back in regular installments. You may have payments in one-month, three-month, six-month, or even yearly increments. People who are operating startup businesses can benefit in many ways from these loans, including the following three ways:

Make your payments with less financial stress. Knowing exactly how much is due and when it is due makes it easier for people with new businesses to budget for the loan payments. They can make arrangements to set aside the money for those payments in a special account that is separate from the business account so that when the payments are due, they can simply withdraw that money and make the payments. If the account used is an interest-earning one, that’s even better. The money can be earning interest, which can be left in the account after a payment is made so that it will continue to grow.
Gain flexibility. A reputable financial institution will work with people with startup businesses to determine the best payment arrangements. The financial institution will look at such things as those periods when money is coming in and whether they follow a pattern. From that, it can decide the best time period to allow between payments.
Get better interest rates, terms and conditions. With some installment loans, interest rates may remain the same or financial fees may not be charged as long as loan payments are made on time.

If you are just opening a business, you may need financial help, and an installment loan may be your best option.

Filed Under: business, investments Tagged With: Business, Finance, Payment

Cool Web Tools for Small Businesses

No matter how big or small, businesses need to reach their prospective market. A website is a huge plus for businesses, since you can track your traffic, utilize Google engines to view your site, have indexes, and improve your sites visibility to potential clients. These tools are helpful in gaining daily statistics for how visible your site is as well as what about your site appeals to people.

Online surveys are an excellent way to spark interest in your company as well, since you can get insight from potential customers, as well as provide services or products to individuals that help you answer questions. Many companies are utilizing online surveys to access information based on their customers’ needs. Surveys can be just a few questions that give you specific information on what is marketable. It can be anything from the color that appeals to people more, to the price of a product that makes or shapes a deal.

Social media tools are an excellent marketing tool as well. Sites like Facebook and Twitter help provide friends and followers, which make up individuals that like your product or are more interested about the services and products you provide. The more web presence you create for your small business, the more marketable you become, since the Internet is free word of mouth.

Marketing using online tools makes spreading the name of your business a much easier task. While press releases and articles via print will always be helpful, the Internet spreads more quickly.

Filed Under: business, management Tagged With: Business, Paid survey, Small business

Exploring Your Trading Options

Congratulations! You’ve decided it’s time to make a significant income and find some success in the business world. It isn’t always easy to succeed in today’s economic climate. However, if you are involved in trading stocks and currencies, you can make the kind of income you desire. Take a look below for some of the career options you have available with trading.

Traditional Stock Broker

You could go the route of a traditional stock broker or trader. This usually means you spend a majority of your time on the trading floor, negotiating prices and waiting for the right time to buy and sell. In most cases, you’ll want a business degree to help you understand this field.

Forex Trading

If you are interested in trading foreign currencies, you’ll want to look into Forex trading. When you trade Forex online, you can work from the comfort of your home, when and where you want. There’s no need to deal with a broker, and you can quickly make a profit this way.

Broker

Of course, there’s always the option of becoming a broker, as well. You can help negotiate the trades between a buyer and a seller, earning a commission off of the trade. Many people have found a lot of success as a broker for many years. However, there is a great risk involved by choosing this option.

If you are ready to enter the investment field, you do have options. The three careers listed here are just some of the trading options you have available.

Filed Under: trading Tagged With: Business, Foreign exchange market, Investing

Ways to Protect Your Business Ideas

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Starting a business is all about having a unique idea that you can take and develop into a booming business. The problem is many people are reluctant to share their ideas because they are afraid other people might steal their business ideas. Luckily, there are things you can do to protect your business ideas from being stolen by other potential business partners.

Here’s a look at some laws and legal agreements you can draw up that will protect your business ideas.

Consider a Patent

Businesses can obtain a patent on any idea that is considered tangible. This means an idea must be made into an object or service that can physically be stolen. Intellectual properties or ideas cannot be protected under a patent.

Just remember if you’re considering a patent for your invention it can costs hundreds of dollars to get the patent. You will want to make sure you think things through before going through with this expensive process.

Create a Legally Binding Nondisclosure Agreement

A legally binding nondisclosure agreement can protect your business idea from being stolen by people you discuss it with. A nondisclosure agreement can be obtained by a lawyer and prevent anyone from walking off with your business ideas.

Clearly Label Items with Confidential

Clearly labeling items such as emails, business plans and ideas with the terms confidential can help protect your ideas from being stolen by others. This labeling of the items allows you to claim full ownership of them should someone walk off with your business ideas.

Doing these things can help you protect your business ideas from being stolen.

Filed Under: business, tips and guidance Tagged With: Business, Business idea, Patent

Skills a Business Manager Must Have

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Whether you are startup business or franchise every business needs a manager. While everyone believes that they can be an effective manager, there are certain skills and talents one must possess in order to be considered an effective manager.

Here’s a look at some of the skills and talents you must have in order to become a good manager for your business.

The Skill of Planning

Business managers must be good planners. They must be able to think things through, develop strategies and techniques that help the business and they must be able to make quick decisions that are right for the company.

A People Person

Business managers must also be a people person. A manager will work with dozens of people on a daily basis. This frequent contact with a number of different people requires a manager to be comfortable communicating with people and able to form quick business relationships with employees and clients.

Time Driven

In the business world time is everything. Business managers must be very time driven and be able to understand timelines, deadlines and what needs to be done when in order to keep the company going. Managers must also know how to manage their time so tasks get done and nothing is neglected.

A Conflict Manager

Business managers are the first people employees go to when there is a conflict. Whether it is an HR or client conflict business managers must know how to resolve the issue to everyone’s satisfaction. This requires them to think on their feet and problem solve in a short amount of time.

Having these skills will make you an efficient business manager.

Filed Under: business, tips and guidance Tagged With: Business, Business manager, Management

The Four Types of Business Managers

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In the business world there are several different types of business managers. Every business manager no matter how experienced or inexperienced they are can fit into one of the four types of business managers.

The way a manager manages his or her employees determines what category of business manager they are placed in. Here’s a look at the top four business managing styles and what characteristics determine who is placed in that category.

The Autocratic Manager

An autocratic manager is one that is always in charge. This type of manager is the person who makes all the decisions and doesn’t consult the group. There is no communication between the manager and employees because the manager makes the decisions and dictates to the employees what is to be done.

The Paternalistic Manager

A paternalistic manager is one who likes to make all the decisions for the company but will think about the employees and what is best for the company and them. Although this type of manager will listen to employees, employees rarely communicate with them because the boss is always making the decisions for the company.

The Democratic Manager

The democratic manager likes to make group decisions. Employees are often viewed as equals. Communication often flows freely between manager and employees and decisions are made and decided by the majority not just one person.

The Laissez-faire Manager

This is a very passive manager. The employees all work on their own and rarely communicate with the manger. This type of manager will often check in once in a while but can often be missing from the workplace.

Filed Under: business, management Tagged With: Business, Business manager, Employment