Archive for October 2004
Sole Proprietorship with Your Spouse
Nolo: “If you are going into business for yourself and your spouse will help out a little, you don’t necessarily need to hire your husband or wife as an employee or independent contractor, nor do you need to form a partnership, LLC, or corporation. If you follow certain guidelines, you can continue to operate as [...]
Lessons from America’s Oldest Family Companies
Family Business Magazine: 1. Stay small. “The meek shall inherit the Earth” is more than a Biblical platitude; it may actually be sound long-range business advice. About half of our listed companies employ fewer than 15 people, and many have fewer than ten. Conversely, only seven of our “largest” family companies (Autumn 2002) also made [...]
Post-It Note Marketing in Sweden
Marketing eYe: “A Swedish scuba diving company is using post-it notes to promote their services. They stick hand written post-it notes on Post Boxes and ATM machines. The post-it notes read: ‘Remember! Take classes and begin scuba diving’ and is signed with a link to their website.” I reported on Dan Sherman’s implementation of this [...]
Finding Partners: How To Make It More Effective
Dave Pollard: “I would hazard a guess that, both in business and in our personal lives, ‘finding people’ is our most inefficient process, the one we waste the most time doing ineffectively, and the one we do the worst job at. This is another instance of ‘the cost of not knowing’ — Who is the [...]
How Business Legal Structures Work
How Stuff Works: “You are starting a company and want to limit your personal liability for the debts of the business as well as the taxes you’ll have to pay. This is a common goal for many new business owners. Having a good understanding of how business legal structures work, however, is not so common. [...]
Are Office Troublemakers Future Entrepreneurs?
Rob Levinson: Nearly three years into my consulting practice, it’s crystal clear that I was destined to be my own boss. If only I had read the signs along the way, I could have avoided — or at least seriously shortened — the bumpy road I traveled getting here. Ask yourself, does it seem as [...]
Figuring Out What’s Hot on Ebay
Entrepreneur: How do you figure out what will be a hot seller on eBay? It’s a challenge for new sellers. “They’re hopped up to sell, but don’t know what to sell,” says Jim “Griff” Griffith, dean of eBay Education. In fact, “What should I sell on eBay?” is the most common question new sellers have, [...]
Rhonda Abrams: “The long-awaited (at least by me) Census Bureau report on home-based workers has just been released. Poring over the data, I discovered an interesting distinction: Those home-based entrepreneurs whose businesses are incorporated made more money.”
Ram Shriram: “Launching a company is easy. The great thing about the Internet is you can launch and test an idea easily, and cheaply. If it doesn’t work, you can go back to the drawing board. ‘If you build your field of dreams, and no one comes, you can shut it down,’ he said.” via [...]
Small Business Trends: “A recent survey by Capital One and Consumer Action finds that 40% of Americans dream of starting their own business.”
Dotcom Business Plan Archive Open for Business
Slashdot: “The next time you launch a huge online enterprise designed to cash out on Nasdaq IPO, it might be worth to check the Dotcom Business Plan Archive, MSNBC warns. David A. Kirsch, a professor of entrepreneurship at the University of Maryland, is collecting dotcom business plans and stories about creative destruction.”
Transitioning from the Startup Phase
Jay Dwivedi: “I divide an entrepreneur’s life into three distinct phases: initiating (dreaming up grand ideas, making paradigm shifts, putting a team together, funding, etc.), establishment and growth (attracting customers, serving them well to gain additional business, and diversifying into related business), and finally, sustenance (maintaining the growth and values of a company in a [...]
The History of Venture Capital
“I call my invention ‘The Wheel,’ but so far I’ve been unable to attract any venture capital.” via Jeff Cornwall.
Jeremy Wright’s very interesting new project Resume Wiki has launched. Jeremy describes the new site as “part resume/job hunting resource and part ‘get community input into your resume’. My hope is that this resource will bring the power of communities to resumes.”
Small Biz Advisor: “Doing radio interviews can be an effective way to publicize yourself and in the process, sell a few books. But even if no immediate sales result from an interview, the publicity, over time, will have a positive effect on sales. Some folks have no problems with interviews (in my case, my amateur [...]
Stats on Customer Dissatisfaction
Steve Johnson: The average customer with an unresolved complaint will tell nine to ten people; 13% tell more than 20 people. Up to 70% of complainers will return to your business if their complaint is resolved. Up to 95% return if the problem is resolved quickly. For every one complaint received, the average company has [...]
Greedy Girl: I’m going to spend an hour or so today working on “gift guides” for my various marketing projects. Do you market to consumers? I suggest you do the same. Getting a gift guide up promptly after Thanksgiving is a great way to boost Christmas sales (which are always a huge part of my [...]
Turning an Invention Idea Into Money
About: If you have a patent or have applied for a patent (patent pending) you can attempt to license your invention. Technically, it is called licensing your patent rights, rather than licensing your invention. Another broad term used is technology transfers. Non patented inventions can be licensed as well and the research/marketing methods would be [...]
Gold BizOp … If You Can Figured Out How
Bob Shaver: “There is about 9 million tons of gold dissolved in the ocean, which is 180 times the amount that has been mined in human history. The gold in the oceans is very dilute, and a process for recovering it has not been found yet.”
Fortune Small Business: “Gil Walker may not act like a stereotypical prison warden, but he does act like a stereotypical entrepreneur. He knows his customers by name, even serving them meals on occasion. He runs his company, GRW, out of his split-level home. And Walker’s tiny, family-run firm may be the new face of private [...]
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
Amazon: “Small business consultant and author Michael E. Gerber, with sharp insight gained from years of experience, points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business. Gerber walks you through the steps in the life of a business — from entrepreneurial infancy through adolescent [...]
When and How to Expand a Small Business
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It’s About Service and Selection
Glenn Reynolds, in this Opinion Journal piece, posits out that the big chain stores are better places to buy books because the stores are in business to make money, not because they like books: “Independent bookstores have traditionally been run by people who like books. Those people generally aren’t interested in offering the other amenities… [...]
PayPal: Recently, the PayPal site had technology issues that may have hindered your ability to conduct business using PayPal. To show our appreciation for your continued business, we’re going to credit you for PayPal transaction fees incurred on October 28, 2004, between 12:00:00 AM PDT and 11:59:59 PM PDT. You don’t need to do anything [...]
Do a Business Plan, Even if a Bank Isn’t Involved
USA Today: “Far too many new business people believe that a business plan is only necessary for getting financing. This is not the case at all. Putting together a business plan allows you to stroll through many aspects of your business future and helps you to have ready answers when needed. In other words, it’s [...]
Structure a Sale Based on Future Success
Small Business Blog: “Starting your own business is not always one of the best ways to own a business. For some people buying a business is a much better option. When you buy a business most of the kinks (hopefully) should be worked out. You have customers (hopefully) in place and your vendor relations (hopefully) [...]
Kirsten Osolind: “What’s fascinating? The number of entrepreneurs without a degree. The National Federation of Independent Business reports that only 60% of all entrepreneurs (men and women combined) have at least some college education. Only a tenth of this group (12.6%) has graduate or professional school degrees. A full 40% have but a high school [...]
Business 2.0: “[Jon Gales] is one of a rare but growing breed: the independent blogger who, through smarts, dedication, and a bit of luck, turns a profit. In August alone, his all-cell-phones, all-the-time website, Mobiletracker.net, earned him $4,600. Given the time he put in, that works out to about $70 an hour.”
Intro to Nondisclosure Agreements
Nolo Law Center: The real purpose of NDAs is to create a confidential relationship between a person who has a trade secret and the person to whom the secret is disclosed. People who have such a confidential relationship are legally bound to keep the information a secret. A confidential relationship can also be created through [...]
Monetizing Your Weblog Traffic
Jason Calacanis: “Bloggers who reach critical mass — say 250,000 pages a month — can easily monetize that at a $2-5 CPM (or $500 to $2,500 a month). If they want to make more then that all they have to do is invest in better content and watch the page views go up along with [...]
This morning, while researching rental prices in various communities across the country, I stumbled across a copy of the2005 Fair Market Rents survey from HUD. Very interesting reading if you’re considering investing in rental property or just want to know how your local rents compare.
Top 10 Entrepreneurs of All Time, or Not
Jeff Cornwall: MSNBC offers its list of the “History’s 10 Greatest Entrepreneurs”. Its list: King Croesus Pope Sixtus IV Benjamin Franklin P.T. Barnum Thomas Edison Henry Ford Benjamin Siegel Ray Kroc H. Ross Perot Jobs & Wozniak This list includes a few good choices, but several of their picks were included because they were really [...]
How Much Does An Employee Cost
Joe Hadzima: “Although you can’t control the hiring process exactly you can understand the economic metrics of what you are doing and that can help you avoid some really unpleasant results.” According to Mr. Hadzima, the costs of an employee include: Recruiting Expenses. Basic Salary. Employment Taxes. Benefits. Space. Other Equipment.
Small Business Owners Work More Hours
PowerHomeBiz: “For most entrepreneurs, owning a small business means working longer hours than everybody else. The average small-business owner works 52 hours a week, according to a 2000 study by New York marketing firm Willard & Shullman. Meanwhile, May figures from the U.S. Bureau of Labor Statistics indicate that the average American production employee puts [...]
76% of Small Businesses Don’t Fail
U.S. Department of Labor: “Although many people believe that 80 percent of all small businesses fail within five years, statistics from the U.S. Census Bureau reveal a different story. The Census Bureau reports that 76 percent of all small businesses operating in 1992 were still in business in 1996. In fact, only 17 percent of [...]
Three Truths About Business Online
Sydney Johnston: Truth #1: No one can “give” you, or me, a successful business. Truth #2: It ain’t easy, folks! Truth #3: Building a business will cost some money.
This week’s Carnival of the Capitalists is up at Barry Ritholtz’s The Big Picture.
Secret Service: Hidden Systems That Deliver Unforgettable Customer Service
John Moore: “If you are a small business owner … BUY THIS BOOK. Dijulius (the author) is much better small business owner than he is a writer. However, he shares great real-world tactical ideas for imprinting a customer-first culture in a small business. Dijulius also gives actionable insight on how to empower front-line employees, how [...]
This morning I finished updating my blogroll. There are now 215 other weblogs to browse if you’re bored of me. I’ve also added this neat map that shows the approximate physical location of visitors to the weblog. If you recognize yourself in the map, please drop me a line and say hello.
Working Knowledge: “Whether negotiators are bidding on a firm, seeking agreement on a compensation package, or bargaining over a used car, someone has to make the first offer. Should it be you, or should you wait to hear what others have to say? How will the first offer influence the negotiation process and any final [...]
→ readingfriends.org Reading Friends preschool was built on the concept of helping young children take their very first steps toward kindergarten success. Now they would love to share that story with you. You’ll see why they believe in happy academic beginnings as much as happy endings. After 23 successful years of business, Reading Friends continues [...]
How to Cope With Overnight Success
Entrepreneur: “You’d think that getting discovered by Walmart or Oprah would be every small-business owner’s dream come true. Yet, too often, overnight success can quickly become a company’s worst nightmare. A small business that lacks the capital, staff or infrastructure to handle a big order or nationwide publicity can promptly get crushed when its product [...]
Temporary Stores are Big Business
Anita Campbell: “The growth in temporary Halloween stores also signals a change in the real estate landscape. In recent years, landlords have warmed to the idea of temporary tenants coming in to sell just for a holiday season or limited time. Temporary leasing has become a US$10 Billion per year industry.” This article on Ohio.com [...]
Joseph Kowal: “Buy things on eBay that are either underpriced or marketed poorly and then ‘flip’ them for a nice profit.”
How Not To Get Mark Cuban’s Attention
Mark Cuban: “Please, please, please. Do not get the Mavs office address, or the address of any of my companies and send me a package with a shoe or a fake foot so you can get “your foot in the door”. Do not send me a rubber chicken because you read it in a book.”
Steve Rucinski: “People and organizations have only two alternatives: get better or get worse, improve or decay. While the thought of status quo might seem comforting, status quo is really decay in sheep’s clothing. Certainly status quo is decay relative to companies who are improving and innovating in the competitive market place.”
→ sensiblecarrental.com For over twenty years, Affordable Car Rental and Sensible Car Rental have been among the major suppliers of rental car services to the automotive industry. The original founders of Affordable Car Rental and Sensible Car Rental having realized the importance of servicing and maintaining a stable quality insurance program sought out a strategic [...]
Eric Sink: The big problem with avoiding competition is that you are also avoiding customers. The existence of a competitor indicates the existence of paying customers. If you can’t find anyone who is making money with your idea, you really need to wonder if there is any money to be made there at all. As [...]
50 Money Saving Ideas for Your Business
Entrepreneur: “On a shoestring budget (and what entrepreneur isn’t?), it really pays to scrimp and save. Just in case you’ve forgotten the value of a hard-earned penny, we’ve come up with a slew of money-saving ideas to boost your business’s bottom line—from cutting your legal bills to inexpensive ways to draw in customers.”
Finding Product Sources for Your Business
Entrepreneur: So where do you find a supplier? A good search engine can help you find hundreds of companies online using search terms like “wholesale merchandise,” “drop-ship services,” “closeout dealers,” “job lot traders” or “liquidators.” For sources in print, check the classifieds in newspapers, trade journals or your community penny-pincher newsletter (available free at supermarkets [...]
