You may want to start a home based business and you need to decide whether or not you should operate your business from a home office or if your small business will require a more traditional office setting. Below you will see 5 reasons to operate your business from home if your specific business allows for home-based operations.
Start-Up Costs:
When evaluating your home based business or small business’ start-up expenses you will find that starting a small business and operating your business from home will usually have fewer start-up expenses. When starting a traditional office-based business you may have start-up expenses associated with 1st and last month rent, security deposits, establishing utilities, furnishing the office with desks, computers, ECT. By operating your small business from home you may be able to significantly reduce these costs or eliminate them altogether.
Hours of Operation:
While many traditional offices hours are restricted to 9 to 5, Monday to Friday, home-based businesses can be open 24 hours a day 7 days a week. With an online business designed to process payment and outsource orders to a warehouse or distributer, people from around the world can purchase your products or services on your small business website while you are working, when you’re not working, while you are sleeping, even when you are sick or on vacation.
Customer Base:
Many brick and mortar business’ customers are restricted to locals or people willing to travel to the business’s location. When you operate a home-based business, especially an online business, it allows you to have a customer base worldwide.
Start Slow:
One great benefit of starting a small business from home is the fact that you don’t have to jump in with both feet right away. You can start slow by operating your business in your spare time, while remaining employed with your current employer. You should be sure that operating your small business does not violate any noncompeting clauses that you may have signed with your current employer. You can speak to your employer or legal council before starting a business to determine if starting your new home-based business will violate a noncompeting clause that you have signed.
Resources:
It today’s environment of information at the click of a button, there is vast amount of home-based small business resources easily accessible to business owners. Much of this information is available for free or at minimal cost online. You can find tutorials, forums, blogs, courses, eBooks, and other forms of information to help your small home-based business start and grow to become successful. One great place to start is BizCentralUSA.com, with its vast business resources and frequent free webinars.
With all of the benefits of starting a small business and operating it from home, unless your small business industry is unsuitable for home based business operations, you should definitely take operating from home into consideration when deciding to start a small business. As your business grows and you accounting and marketing complications mount, you can hire a staff, with a web/IT specialist, marketing specialist, book keeper, HR manager and graphics/advertising dept, or look into much less expensive solutions like those at BizCentralUSA, which enable you to stay home and do what you do best as inexpensively as possible. Even if you decide to operate your small business from a traditional office I would still recommend that you check out the services of a company like BizCentralUSA. Additionally they can help you build and develop a small home based business website and web presence where you can take orders and process payments so that your small business is not restricted to local customers and your hours of operation.
Its Tax season approaching and all eyes turn to your corporate bottom line! You need a way to save some of those excessive Corporate Taxes, and do some good for the community at the same time.
We have the answer; Start a Corporate Foundation! All of the fortune 500 companies have one and now Corporations big and small can have this long coveted institution within their own corporate structure.
Thanks to BizCentralUSA, and the incredibly affordable pricing plans we offer, there is now a place where all the filings for 501c3, the structure of the corporate foundation, even the business plan can be developed for you by experts that cut costs to the bone, and maximize your savings and brand enhancement with minimal hassle and cost to you!
Company founder, Efrain Rodriguez, who was originally with Procter and Gamble himself, related a story of P&G success with a Company Foundation:
“P&G wanted to give back to the community and get a marketing edge at the same time; they had funds but wanted to think outside the box on advertising and marketing in the conventional sense. They formed and funded a Company Foundation called (Loads of Hope). The money funded to the foundation was tax deductable, yet the foundation was to be used for community relations. The Foundation purchased trucks outfitted with washers and driers, complete self contained generators for remote operation. They tagged the trucks with “Loads of Hope” and fully covered the rigs with their brand “Tide” gives back to the community. The trucks were sent out to disaster areas, starting with Hurricane Andrew. The expenses were covered by the Foundation, but the public relations generated were far in excess of the costs which were fully tax deductable. In addition, since the “Loads of Hope” was given 501 C 3 statuses, another specialty of BizCentralUSA, P&G were able to take donations from interested donors impressed with the philanthropy of P&G adding to the good they could do in storm ravaged communities and, of course, their brand exposure and good will,”
Beginning to see possible advantages for almost any corporate entity, with a community spirit and an honest desire to save on tax bills? BizCentralUSA saw a need in the market for this unique product, there is the need, the solutions are competitively priced, the tax savings are significant, and the advantages to both the community and brand identity, far outweigh the time involved in setting up a Company Foundation. Furthermore, BizCentralUSA has made it all as simple as a phone call to find out how easy it will be to say, “Yes we have a Corporate Foundation.”
To learn more about BizCentral USA and the full range of services we provide small to mid size businesses, visit www.BizCentralUSA.com or call 1.877.857.9002.
How the Right Small Business Marketing Ideas Can Help Customers Find You
- Small Business Marketing Methods to Attract Customers!
Website, e-mail blasts, business cards, print ads; all of these methods of small business marketing can be confusing and unknown territory for a any business owner whose focus is keeping the business running. One of the oldest and more cost-effective forms of small business marketing is and will continue to be word-of-mouth. If your business can get new business by referrals then you have the best marketing team already acting on your behalf: your current customers. If your business is not getting new business, give your current customers an incentive to promote your services or products. Referral programs are easy to start and don’t cost very much to maintain. If your small business marketing ideas aren’t getting new customers, you might want to give your current marketing strategies a tune-up.
If you are looking for different creative ways to market your company without running up your marketing tab, here are some examples to get you started:
Print Material (business cards, logos, brochures) Small business owners have relied on this relatively inexpensive method of conveying marketing information: cards, brochures, and circulars. Keep in mind when purchasing these items that you want your business card to stand out from your competitor’s business card. You want people to remember who you are because of a catchy name or a printed material that really catches their attention. Small Business Marketing Ideas stem from fun and common sense. Identify the need in your clients and explain how you intend to fill it. Samples and free offerings – When considering this method of marketing, the question you need to keep in mind is, “Can my business truly afford to offer something for free?” Giving away services or products that you make is usually an inexpensive small business marketing strategy that will leave customers appreciating the value of your products. Customers never get tired of these special offers and great treatment. On the other hand, if you say that the goods or services are “free” or “without charge,” be certain there are no unstated terms or conditions that qualify the offer. Coupons and Discounts – Making coupons available on your small business website will always attract potential customers to your site. By drawing them into your website, they may simply purchase the service or product because the coupon exists. This strategy of “pulling” customers in also gives them an opportunity to check other services they may be interested in. Consider using a coupon mailing service to send coupons to homeowners in specific neighborhoods in your local area. Public relations – To get your business in the news, send a press release you draft yourself to every newspaper in the area. The trick is to give the reporter an angle that makes the story interesting to readers; examples would be such events as a grand opening, a contest, a new product line, a new service launch or charitable activities your business is sponsoring. Signs – Don’t forget about “signage.” Signs work best if they’re bold, edgy, professionally done, and consistent with your business values. Many small business marketers are so hungry for sales that they forget the common sense behind their design. Always set yourself apart from the competition. Always keep in mind that any small business signs must be well-lit so the viewer sees and “gets” your message quickly. Signs don’t have to be in stationary locations. Examples would be items such as T-shirts, shopping bags, and bumper stickers. These items are creative forms of signs and can do a great job of advertising your goods to new potential customers. Another great sign that is often times overlooked is your vehicle; you can get a magnetic sign for your car door with your business name, logo, and slogan or some art. Also, be sure to include all of your social media and business website in your email signatures, stationary and landing pages.
Have any other small business marketing suggestions to offer to the community? Share them in the comments box below!
As the new year is upon us, many people are making New Year’s Resolutions. One of the most popular Resolutions is to find a better job, or to start your own business. One of the difficulties with this resolution is that most don’t know where to begin.
When starting your own business, it’s important to take stock of the skills that you have. What are the things you do best? What are the experiences you’ve had? How can you capitalize on your experience and skills?
One of the faster growing fields out there is consulting. Consulting offers a lot of flexibility to those who enter this market. Many consultants work out of the comfort of their own home. They set their own hours. They work with the clients they want to work with. They also get to focus on their strengths, and minimize their weaknesses.
A recent report suggests that approximately 70% of home-based businesses will last over a three-year period, compared to 29% of other business ventures. Why is this? Primarily because home based businesses can control costs much easier than other businesses that have to buy or rent office space, pay utilities, buy new equipment and furniture, etc.
There are several ways to get started in the consulting field, let’s look at two of them.
First, you can start your own company. This allows you complete control over branding, product offering, and pricing. It can also give you a great sense of fulfillment in building something from the ground up. However, there are some downsides. The costs associated with developing your own website, advertising, and so on can be high. You also have the headache of going out and trying to build a client base with little to no name recognition. You also will be completing any and all paperwork yourself, which can be time consuming and take away from some of the other things you might do best.
The other popular option is to become an affiliate of a national consulting firm. These are firms who work with clients nationwide, and already have an established presence. You get the opportunity to still work from home, and set your own hours. Some even give you the option of having leeway in the pricing. You also get the benefit from their advertising and their infrastructure. They are able to be the production staff for you and your clients. One of the cons to this arrangement are you may or may not be limited to the product offering that they have. For many of these programs, it might be slower to earn the income that you really desire to earn as well.
So, what to do? First, begin by researching all that’s involved in starting your own business in your particular area. Second, evaluate your current economic situation and decide which way would be best for you personally. There is no cookie-cutter process for deciding which is best for you. You’ll next want to research through the variety of affiliate programs, or consultant program, available to you. When researching, some important questions to ask are:
- Does the company have a track record of success?
- Will they support me through and through?
- What kind of tools do they give me to help me be successful?
- Are they available for support?
- What kind of fees are involved?
- Will they take good care of my clients?
There may be more questions that are important to you that you want to ask as well. The most important thing is that you are comfortable with your choice. It’s a big decision, and not one that should be made lightly.
Across the nation, 5.7% of all adult women are entrepreneurs. Approximately 64% of women, with personal net worth of at least $5 million, created their wealth through professional careers. That’s good news for today’s up-and-coming female entrepreneurs looking to open their own business.
The number of women owned businesses continues to grow at twice the rate of all U.S. firms (23% vs. 9%). There are an estimated 10 million women-owned, privately-held U.S. businesses. Sectors where women owned businesses are making exceptional strides over the past 10 years include Wholesale trade 283.4% growth, Health Care & Social Assistance Services 130.0% growth, Arts, Entertainment & Recreation Services 116.8% growth, and Professional, Scientific, & Technical Services 82.7% growth. According to the Center for Women’s Business Research, women employ 12.8 million workers, or one in every seven employees.
Women start a business for both lifestyle and financial reasons. Many female business owners run businesses from home to keep overhead low. Women, like their male counterparts, understand the value of flexibility, empowerment, and challenge inherent in owning and operating a small business. Increasingly, employers will compete with this option for talented female employees, as women grow even more confident in being their own boss.
Male and female priorities for businesses are often unique. A recent study found that 79% of women business owners are concerned when selling their business about the buyer’s plans for the business compared to 52% of men. Women are also more concerned with passing on their businesses to their daughters than their male counterparts (30% vs. 11%) are. Women who start a business are less likely to have a college degree in their specific industry, or first-profession degree, than are male entrepreneurs. They are also less likely to get a job in a Ph.D.-related field. Women are also more likely than their male counterparts to take advice, an important skill needed as a new small business owner.
The majority of women business owners in nontraditional industries (85%) believe there is no disadvantage to being a woman or that it is actually beneficial. This is particularly true when setting up an official woman owned business that applies for government contracts.
Federal law requires that certified WBE women owned businesses receive at least 5% of all Federal contracts, yet less than 3.2% of all contracts are awarded to women. While some people might find this statistic discouraging, in the eyes of this author that shows there is 1.4% or over $6 Billion in untapped moneys targeted at women business owners who are ready and able to meet the governments needs. This is particularly true in four consistently female under-represented businesses: Cabinet Making, Coating and Engraving, National Security and International Affairs, and Other Motor Vehicle Dealers (i.e. all terrain vehicles). While there is much to gain from obtaining WBE certification it is not a process to enter into lightly and may be in the best interest of the firm to seek assistance from a professional to further understand qualifications and requirements.
Some difficulties for businesses are constant regardless of gender. The greatest challenge for women-owned firms is access to capital, credit, and equity. Over two-thirds of women owned businesses reported barriers to working with banks. About 76% of women owned businesses financed their start-up with personal capital. Women are three times more likely to utilize credit cards for short-term financing than their male counterparts are. Only 60% of female business owners turn to banks for long-term capital financing at all, leaving a large 40% market of untapped resources for banks.
While bank financing can prove difficult for women, things are not as gloomy as they appear at first glance. Over half of all women business owners (57%) have a line of credit for their business and 41% have a commercial bank loan. Many women business owners are better at establishing sustainable growth because they rely on using business earnings or private sources for both short-term and long-term capital needs keeping them out of unneeded debt.
Having bank financing or a line of credit is important for all business owners regardless of gender and a business plan in the fundamental first step to begin applying for bank capital. Women like their male counterparts, are taking the steps they need to achieve proper capital and financing through banks and avoiding the higher interest rates offered by credit cards.
In conclusion, whether a woman or male entrepreneur, the tasks and obstacles they will face in many cases will be similar, it is how they overcome these hurdles that will define the success of their business. If you start a business, no matter the type, it will always be critical to do the heavy-lifting of research and business plan development.
The WBENC is the Women’s Business Enterprise National Council. It is a national council that certifies women owned business throughout the country. There are many benefits of getting a minority business certification through this agency. From gaining useful access to valuable resources and capacity building programs to chances for women owned business recognition awards and promotional opportunities, there are dozens of benefits to reap from the WBENC certification.
Access:
Being a certified member of the WBENC allows you to access current list of supplier diversity and procurement executives at hundreds of major U.S. corporations and federal, state and local government entities that accept WBENC certification. WBENC certified businesses also have formal and informal opportunities to pursue business deals with National Corporate Members and other WBENC certified businesses.
WBENC certification gives women owned businesses the opportunity to attend WBENC’s annual Women in Business National Conference and Business Fair, and are eligible to participate in face-to-face match making sessions. Additionally, WBENC certified businesses are automatically included in WBENCLink, WBENC’s Internet database of certified WBEs, which is accessible by WBENC’s Corporate Members and other certified WBEs across the country.
WBENC certified businesses are given eligibility to receive sourcing opportunities through MatchMaker365, WBENC’s new online business matching, scheduling, and tracking portal, which helps corporate buyers identify and meet the right WBE suppliers and obtain the right products or services. WBENC certified businesses are encourages to partner with other WBENC certified WBEs to pursue other business opportunities to grow their network and profit.
Capacity Development:
WBENC certification gives women owned businesses access to a number of capacity building programs and activities. Some of these include: eligibility to receive a Dorothy B. Brothers Scholarship, eligibility to participate in the Tuck School of Business at Dartmouth, workshops and keynotes at WBENC national events, Webinars, WBENCLink, MatchMaker365, “Just in Time Learning Series” by Susan Bari, access to community of support among WBENC certified WBEs, and articles in WBENC’s President’s Report and WBENC News on website.
Recognition:
WBENC certified businesses are given eligibility for regional representation and national recognition as a Women’s Business Enterprise Star; eligibility for recognition through WBENC’s Applause Award; eligibility for International Luminary Award; and eligibility for recognition through the William J. Alcorn Leadership Award.
Promotion of the Business:
WBENC certified businesses are given use of the WBENC certification WBE seal on their marketing materials, which identifies the women’s business enterprise as certified through WBENC’s national standards and procedures, use of WBENC press release template to announcing the business as newly WBENC certified.
WBENC certified businesses are given eligibility to promote their business through sponsorship of WBENC national events. A number of promotional opportunities are provided in sponsorship packages. WBE Chair opportunities are available and open to every WBENC certified WBE. Although only two WBE Co-Chairs are selected for each national event, this sponsorship opportunity includes year-long promotional and exposure benefits.
WBENC certified businesses are given eligibility to promote their business in a 60 second video on the Elevator Pitch located on WBENC’s website and eligibility to promote their business on WBENC Social Media profiles.
Advocacy:
The WBENC drafts papers and research developed on key women business issues and offers opportunities to participate in surveys so that each business’ voice is represented on key issues, and improves the representation of women business issues in key forums.
There are many benefits to becoming a certified member of the WBENC. As reviewed, the WBENC minority business certification can be key to major access, development programs, promotional activities and advocacy that is key to ongoing growth and development. If your business is majority owned by a woman it would definitely be in your businesses best interest to join and begin reaping the benefits of WBENC certification.
It is time for another small business webinar event hosted by BizCentral USA. This week’s webcast we will take a look at basic financial management best practices for small businesses. Specifically, bookkeeping is one task that many small businesses neglect or make half-hearted efforts at doing. Both options are a mistake.
With that said, I would like to personally invite you to spend some time with BizCentral USA and learn a number of ways to make sure that your small business gets its financials in order!
Topics of Interest:
• Things Needed to get Started
• Bookkeeping & Accounting Process
• Financial Reporting Tools
• Solutions and Tips on Record Keeping
Join us to learn the importance of basic financial management, bookkeeping and accounting and how to master it so your business can reap the benefits! Have questions you would like us to answer during the webcast? Enter them into the comments section below and we will be sure to review them!
Frequently, I have clients ask about different opportunities to fund their small business startup and it seems that most individuals are interested in investors. This term tends to be the nebulous catch all for individuals that give away money but there are important distinctions in investor groups. This article is meant to help you understand venture capitalist, angel investors, and individual investors.
Venture Capitalist
Venture capital investments are generally made in cash in exchange for shares in the invested small business. It is typical for venture capital investors to identify and back companies in high technology industries such as biotechnology and IT (Information Technology). In 2008, venture capitalist-backed account for 10 percent of sales and private employment, but well less than 1 percent of companies.
Venture capital is important for building high growth companies. Venture Capitalist backed projects are 150 times more likely than average small business startup to create jobs. Venture Capitalists invested $18 billion in business startups last year. Over all, venture capitalists made 2,802 deals, investing in 2,372 companies. Approximately 728 small businesses received first-time funds or $3.3 billion in first-time financing. In 2008, average Venture Capitalist investment was $7.4 million. Venture capitalists are often the first choice for firms who are looking for a large-scale project or need money for research purposes.
Angel Investors
An angel investor, also known as an informal investor is an affluent group of individuals who provide capital for a small business startup, usually in exchange for convertible debt or ownership equity. There is a growing trend for angel investors to pool together into angel groups or angel networks to share research and pool their investment capital. In 2008, the average angel group investment was $275,000. As a whole, angel groups make one quarter of the investments of venture capitalists. Always have your documents reviewed by a lawyer before you agree to any funding terms.
Individual Investors
Individual investors are often persons who dabble in investments and have limited funds to appropriate to your small business. Many times individual investors are people you know like family and friends. The average individual angel investment is only $77,000, half of individual angel capital is provided as debt, and more than 2/3 of individual angels are unaccredited. Be careful when dealing with individual investors, providing appropriate rates of return using debt would violate usury laws.
Whichever method you choose it is important to understand the strengths and weaknesses of your investor. In 2008, overall 7.3% of business plans made it through the screening process. Only 3.3% made it to the presentation process. About 2.8% had investors complete due diligence and 2.1% received investment. Working with investors is competitive and it is important that your business plan meet their exacting standards. A solid small business plan should grab hold of the vision in which you want your company to be perceived, plant the seed to grow a successful and profitable small business and prove the two previous points to investors. Finally, always understand the investor’s business plan qualifications before you begin solicitations. Being smart early on will increase the chances of your success and help you achieve that all-important capital for your small business startup.
Whether you are just starting out or growing your small business, a sound business plan is your road map to success.
Writing a business plan will force you to objectively develop and evaluate your tactical and strategic plans. It will also help you identify the opportunities and risks encountered as a result of your decisions. Most importantly, you will understand who your customers are and how you can meet or exceed their needs and expectations.
We invite you to spend some invaluable time with BizCentral USA’s senior business plan consultants and learn how to not just build an effective business plan, but utilize it to insure your small business’ success!
Do you have suggestions for additional topics of interest you would like us to cover? Share them in the comments section below!
Don’t let your small business dreams fail or fall short of their actual potential! Reserve your seat today at: https://www2.gotomeeting.com/register/558842394
It has arrived – The BizCentral September line-up of free small business webinar events. Focusing on core planning and financial fundamentals of small businesses, September’s line-up is aimed at aligning small business startups with best practices to sustain healthy business growth.
It has become evident that business plan development and financial management are among some of the top hurdles small businesses face so it really just makes sense to focus on addressing those fundamental topics that are too often overlooked by early-stage and small business startups.
Small business webinars are hosted online at any computer with internet access. All webinars will begin at 3pm EST and typically last 1-hour. Following the presentation, a live question and answer session will give attendees the opportunity to receive in-depth answers to their specific organizational questions.
9/14/2010 Getting on the Path to Small Business Success: Development of a Strong Business Plan – Register Now
9/28/2010 Basic Financial Management for Small Businesses: Getting your Books in Place – Register Now
Those unable to attend the live small business webinars, no need to worry – Every installment of the small business webinars is recorded and can be viewed on-demand at any computer – any time of day. To learn more or RSVP for any of the September small business webinar events, visit: http://bizcentralusa.com/webinar/september.php
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