Business Opportunities Weblog

December 30, 2008 by Angela Shupe | 3 Comments

Many individuals have been able to earn, at minimum, a part-time income by selling their handmade creations through websites like Etsy. It has given both men and women the opportunity to take something they enjoy and turn it into a small business. It also gives some parents the opportunity to stay home with their children.

That would include Diana Gonzalez, the owner of Sweet Buddha Designs.

Diana’s talents are not limited to her business, she also blogs at Confessions Of A Craftaholic and regularly hosts classes, as well as craft workshops, through the NYC Craft Circle. To say she is a busy woman would be an understatement. However, she was kind enough to find the time to answer a few questions about her business and her life as a work-at-home mom.

What was the inspiration behind Sweet Buddha Designs?

I’m really inspired by nature, and the world around me. I’m inspired by spirituality, and the art behind religions like catholicism and Buddhism.

How long have you been knitting? What other crafty things do you enjoy?

I’ve been knitting and crocheting for about 5 years now. I also make cards, which I sell on my shop. Cardmaking is something I’ve been doing for about 3 years now. I love working with paper. I also make soap and candles, sew and do some batiking.

Continue reading One Mom Uses Her Love For Crafts To Launch A Business

In Crafts, Creativity, Ecommerce, Interviews, Women, Work at Home | 3 Comments

December 30, 2008 by Rich Whittle | 2 Comments

Athens Banner-Herald:

When former Jefferson resident Vivian Hoard was working “24/7″ as a tax litigator for a large Atlanta law firm, she often came home at night to a sleeping family, but she always could rely on the family cat, Ludwig, to sit in her lap and purr contentedly.

“When I’d come home at all hours of the night, the cat would snuggle in my lap and purr very, very softly,” says Hoard. “He would help me unwind after a long day.”

Unfortunately, Ludwig is gone now, but Hoard’s memories of how her favorite feline helped her to relax never went away. Realizing that many people who could benefit from a cat’s soothing influence can’t be pet owners due to allergies or other issues, Hoard launched a four-year journey to create the next best thing to the real kitty.

After extensive research into the bond between humans and animals, the trials and travails of having an idea patented and large-scale manufacturing, Hoard created Catnap Kitties, a battery-operated “comfort toy” that offers the sensation of holding a real cat (minus realities of food and kitty litter).

Photo by Catnap Kitties.

In Invention, Pets, Stress | 2 Comments

December 30, 2008 by Rich Whittle | 2 Comments

Wired:

The economy may be tanking, but innovation is alive and well.

When it came to products, incremental improvements were the name of the game this year.

Phones got faster (iPhone 3G anyone?), notebooks turned into netbooks and pocket cameras went from recording standard-definition video to HD.

Here’s our countdown of what rocked our world in 2008 — and what will change yours in 2009 and beyond.

10. Flexible Displays
9. Edible Chips
8. Speedo LZR
7. Flash Memory
6. GPS
5. The Memristor
4. Video-Capable SLRs
3. USB 3.0
2. Android
1. Apple’s App Store

Photo by owaisk_4u.

In Ideas, Innovation, Technology | 2 Comments

December 30, 2008 by Rich Whittle | 5 Comments

Search Engine Watch:

Motley Fool has reported that holiday spending at eBay this year is lower than last year, despite the fact that one would expect them to be a good source of lower priced gifts in these hard economic times.

Meanwhile Amazon has reported higher sales numbers over last year.

Are people forgoing secondhand for discounted new items? Or is there another reason eBay is being bypassed?

To truly see what is happening I would like to be able to track the number of sales being done through Craigslist. Given you have to generally pay for shipping when buying through eBay, is it possible people are going through Craigslist to save the shipping and increase the buying power of their total dollar spend?

If we had these numbers maybe they would give eBay a way to continue their growth potential.

Online spending did have a spurt for the last weekend before Christmas as we reported the other day.

Could eBay have another growth spurt if they made localization easier to organize? Right now they have hit a wall, but it could be one they can move by making the interface a little more intuitive for new users and add better access to local auctions.

Photo by wsvn.com.

In Advice, Customers, Ebay & Online Auctions | 5 Comments

December 30, 2008 by Rich Whittle | 4 Comments

Gizmodo:

British Inventor Josh Silver has developer a pair of eyeglasses that are instantly adjustable. They’ve got a liquid-filled sac in the middle—add more fluid to make the glasses stronger, deflate to weaken them.

The no-optician-required glasses rely on the principle that the fatter a lens is, the more powerful it comes, so by pumping in or sucking out fluid, the glasses can be instantly tailored to the right strength. They’re so simple to adjust that practically anyone can do it. So far the only complaint with the glasses is that they’re kind of ginormous—which kind of goes with having specs that operate on the coke-bottle glasses principle and have a fluid-filled membrane sitting in the middle of the lens.

It was a chance conversation on March 23, 1985 that first started Silver on his quest to make the world’s poor see. A professor of physics at Oxford University, Silver was idly discussing optical lenses with a colleague, wondering whether they might be adjusted without the need for expensive specialist equipment, when the lightbulb of inspiration first flickered above his head.

What if it were possible, he thought, to make a pair of glasses which, instead of requiring an optician, could be “tuned” by the wearer to correct his or her own vision? Might it be possible to bring affordable spectacles to millions who would never otherwise have them?

More than two decades after posing that question, Silver now feels he has the answer. The British inventor has embarked on a quest that is breathtakingly ambitious, but which he insists is achievable - to offer glasses to a billion of the world’s poorest people by 2020.

Photo by Michael Lewis.

In Creativity, Invention, World | 4 Comments

December 29, 2008 by Rich Whittle | 2 Comments

Rhonda Abrams, USA TODAY:

It’s time, once again, for my annual December tradition. No, I don’t mean eating fruitcake or sending out chocolates (which I do every year). I’m talking about cleaning off my desk and files.

So wear comfy clothes — jeans preferably. Go to the office. Play some lively music and start cleaning.

First, let’s get our equipment ready:

1. Two trashcans: One for trash; one for recyclable papers. As you pick up each piece of paper, if you’re not going to keep it, toss it now.

2. A shredder: Unfortunately, it’s not safe to throw some stuff in the trash. I get dozens of pre-approved credit card offers and documents containing confidential information. Shred, shred, shred.

3. Small Post-It notes and a pen: For those documents you’re going to keep, put a Post-It with the name of the file. Go through a whole stack this way and then make the files all at once.

4. Scissors and stapler or scanner: Sometimes you only want one article from a newspaper or magazine. Clip what you want and toss the rest. Scanning eliminates paper altogether.

5. An address database: Have a pile of business cards on your desk like I do? Decide which names are important and enter them into an address database. If you have an electronic business card reader, it makes the process faster. Toss the rest.

6. Computer backup system: Clean up your hard drive, too. Transfer old files to a portable hard drive. Then defragment your hard drive overnight.

7. File folders and file drawers: You need a place to put your files, don’t you? Ideally, have at least one file drawer in easy reach from your desk.

8. Label maker: Files look better with printed labels. Label makers cost less than $30, and we all love the one in our office.

Photo by teaksato.

In Advice, Office, Productivity | 2 Comments

December 29, 2008 by Rich Whittle | 1 Comment

Pittsburgh Post-Gazette:

One of the great modern mysteries is one that plagues almost every household: the missing sock in the dryer. Some have given it a name: Missing Sock Syndrome.

A relatively new product aims to prevent Missing Sock Syndrome. The Sock Cop, plastic clips that clip two socks together, was invented by Tampa, Fla., police officer Rich O’Connor.

The clips can withstand temperatures of up to 300 degrees Fahrenheit. Reed-Granger said the temperatures of most dryers range between 112 and 154 degrees.

Squeeze the clip open to attach it to a pair of socks, then throw into the wash. The couple suggest people keep the clip on when socks are taken out of the dryer to keep them organized in drawers.

Photo by Sock Cop.

In Clothing, Creativity, Invention | 1 Comment

December 29, 2008 by Rich Whittle | 2 Comments

The Wall Street Journal:

Last year, consumer Internet startups sprung up left and right, looking for U.S. traffic growth and relying on the robust growth of the advertising market to make money. We enter 2009 looking down the barrel of a recession. In this environment, I predict the following trends for consumer Internet companies:

1. Consumers seek cheap thrills

2. Trading real money for virtual goods

3. Web 2.0 leaders pull further away from the pack

4. Online ad prices continue to fall, alternatives help make up some of the ground

5. Getting serious about monetizing non U.S. traffic

Photo by ilco/woodsy.

In Advice, Economy, Strategy | 2 Comments

December 29, 2008 by Rich Whittle | 3 Comments

MarketWatch:

Amazon.com Inc. said that the 2008 holiday season “finished as its best ever.” It said it sold over 6.3 million items worldwide on its peak day, Dec. 15.

The online retailer also said it had shipped more than 99% of orders in time to meet holiday deadlines. Amazon said top sellers in consumer electronics included Samsung’s 52-inch LCD high-definition television, the Apple iPod touch and the Acer Aspire One 8.9-inch netbook.

Photo by Amazon.com.

In Ecommerce, Holiday, Sales | 3 Comments

December 26, 2008 by Rich Whittle | 9 Comments

Fast Company:

Mark Anderson, one of the tech industry’s favorite prognosticators, offered at least a glimmer of hopeful news at his annual “Predictions” dinner at the Waldorf Astoria.

1.) It will be a big year for applications that can play on big screens. We’ve already got our plasma TVs, he said. In 2009, we’ll spend more on ways to use them – video games, movies, etc. “It will all be about what you can do for $100 to add value.”

2.) Similarly, the big news in the mobile world won’t be a slicker, newer cellphone — it will be smart phone applications. “We’re talking billions in downloads,” he said. In addition, because of their low cost and high volume, smart phone apps have the potential to replace mobile advertising – unless it can be ‘dragged through’ on an app.

3.) The blush is off the China rose. “There are already 15,000 riots a year in China,” Anderson said. “The next thing is that people will get shot.” China’s GDP is likely to plummet in 2009, and the West will revise its view of the country, recognizing it as a polluted place, rife with economic turmoil and starving people.

4.) 2009 will be the year when flash-based computing will really take off. “This year we’ll see the first computer with no moving parts,” he said. That means the shelf life of a computer will expand, which will force the software industry to develop products that last over a longer term. “Everybody benefits,” Anderson said.

5.) The Internet Assistant will be born. Think of this as your own personal technological concierge that can integrate all your disparate data and put it to work, probably via your phone. In 2009, you’ll be able to say, “Jeeves, I’m going to San Diego on Friday, your IA will book a flight (using your frequent flier account, and scoring your preferred window seat), book a car to the airport, reserve a rental car of the size you like with your favorite provider, book a hotel, and make dinner reservations at your favorite boite. It may even scan your calendar, determine that you have a free evening, and book tickets to the philharmonic.

Photo by ba1969.

In Advice, Economy, Experts, Technology | 9 Comments

December 26, 2008 by Rich Whittle | 4 Comments

HomeSchool CPA:

Most of my small business clients operate micro businesses. What is a micro business?

• Sole proprietorship (one owner)
• No employees
• Low or no start up costs
• Frequently a service business with no inventory
• Home based to keep costs low
• Usually the first business a individual starts
• Sometimes a starting place to launch a bigger business
• Sometimes started for a specific financial goal such as a college fund for their children, a vacation, or to fund another business
• Run extremely efficiently-everything must bring in more benefit than it costs
• A wonderful learning experience!

How about you? Do you run a micro business?

Photo by Oude School.

In Microbusiness, One-Person, Small Biz | 4 Comments

December 26, 2008 by Rich Whittle | 2 Comments

Inc:

In the current recession, it’s more important than ever to take stock of your business. As the year comes to an end, determine how the business is going, what you are doing that’s working and what you need to change.

Employees are the number one asset of an organization and are critical for business success, particularly in tough times.

In a recent survey we conducted of small and mid-sized New England firms, we found that 56 percent of these businesses believe the greatest impact of the economic downturn is its effect on employee morale — even outweighing their concerns about decreased revenue and sales.

How is the morale of your employees?

Conduct an employee satisfaction survey and solicit their feedback. Look back and consider your relationships with employees. How have you fared? What is your retention rate and what other measures of satisfaction are you using? How often do you tell employees that they are valued and how do you truly demonstrate that? Do you offer them opportunities for training and development that will challenge them to acquire new skills? How about giving employees flexibility to address personal needs and have a work/life balance?

Determine merit, promotional, and adjustment budgets for next year’s salary increases. Review job descriptions with managers and make any necessary salary adjustments, and update incentive plans for employee bonus programs.

Photo by Menlo School.

In Advice, Employees, Operations | 2 Comments

December 26, 2008 by Rich Whittle | 1 Comment

The Wall Street Journal:

What options you have at this point depend largely on the severity of your financial situation and how you’ve tried remedying the problem so far.

Consult a professional, such as a financial consultant or a bankruptcy lawyer, who can help you evaluate possible strategies.

It’s generally best to communicate with the bank or lender early — long before you get any warning notices — when you’re unable to repay any mortgage or other loans for your business.

You can sometimes convince creditors that it’s in their best interest to help you. Dodging them may only scare them into taking action quickly.

If a bank thinks it will get more of the money you owe by making it easier for you to repay, it might be willing to relax your repayment terms, such as granting loan forbearance, lowering the interest rate or even changing loan covenants, says Jay Indyke, a bankruptcy lawyer in New York.

In the current economic environment, a lender might be more willing to negotiate because the pledged collateral is often less valuable to them than in better economic times.

Also consider other ways to raise the money you owe the bank. Now certainly isn’t an ideal time to borrow money since banks’ lending standards are tight.

But in better times you might have found another lender willing to lend you the money to pay off the delinquent loan.

Consider using personal money to pay down part or some of the debt, borrowing from friends or family or even finding other people willing to lend you money or invest in your business.

You also might look at selling the business, or at least selling some of the assets or real estate to raise money to pay down the loan.

Photo by respres.

In Economy, Foreclosure, Small Biz | 1 Comment

December 26, 2008 by Rich Whittle | 1 Comment

Entrepreneur:

Q: Do I need a tax ID number to sell items on eBay?

A: Based on your question, I’m not sure if you already have access to wholesale items or if you need to know how to get a tax ID number in order to sell them at a higher price elsewhere.

If you’re already selling and making small profits off of eBay sales, your social security number is a suitable enough tax ID number. But since eBay has its own policies–and since the IRS’s policies change as legislation changes–you’ll want to familiarize yourself with eBay and the IRS by going to their websites and reading the fine print.

Also speak to your accountant–as you may have sales tax issues (for which you need a special ID number for that) in connection with the collection of sales tax on the items you’re selling.

Photo by liewcf.

In Advice, Ebay & Online Auctions, Taxes | 1 Comment

December 24, 2008 by Rich Whittle | 2 Comments

In Holiday, Internet | 2 Comments

December 24, 2008 by Rich Whittle | 5 Comments

Daily Dose:

Batman and Ironman both saw some wild profits for their name this year, but nobody thinks to ask them for business advice.

And it’s a damn shame.

In fact, the actual men, Bruce Wayne and Tony Stark, are two of the world’s most famous business figureheads.

I think we should consider them to be two promising entrepreneurs. Though both initially inherited their companies from their fathers, they have taken their companies to new heights with greater goods.

1. Where would you prefer to work? Bruce Wayne. The company can diversify. Sure, your business may have one hell of a start, but if you’re not adapting or introducing anything new, there’s a stale taste left in the consumer’s mouth. Diversity is the key to progress and expansion. A great idea is a great start, but it might not be a great end.

2. Who would be a better business partner? Tony Stark. He has his hands in everything. He’s an extensively active CEO. And nobody wants a business partner to rake up the profits if he’s not putting in the effort. If ever entering into a business partnership, make sure your partner is going to work as hard as you are. Your partner may be a great person, but nobody likes doing business with an angel who slacks off.

3. Who is more grounded to their entrepreneurial roots? Tony Stark. It goes back to dirty hands. Who has more of himself invested in his business? What company would you trust more: the one where the founder isn’t sure what’s going on or the one where the entrepreneur knows every single movement? It’s a difficult balance between micromanaging and macromanaging, but you better know what’s going on with your company.

Read more.

Photo by Warner Bros/Marvel.

In Competition, Entrepreneurs, Fun | 5 Comments

December 24, 2008 by Rich Whittle | 4 Comments

Rhonda Abrams - Gannett News Service:

Looking for a gift for the entrepreneur or small business owner on your holiday list? Or making up your own wish list?

This year — given the economy — the emphasis is on the practical and affordable, but also the fun and enjoyable. So I’ve come up with a list of great gifts for entrepreneurs.

Wall decals. Wall-Pops makes a type of wall decal you can write on, erase, move without leaving any mark on the wall. They’re great as a kind of giant reminder note, and one in white serves as an easy portable white board, terrific for using for off-site planning sessions. Less than $20.

Reading glasses. Got a boomer entrepreneur on your gift list? They probably use reading glasses.A company named ICU Eyewear makes adorable choices. Try out their new eco-friendly frames made from bamboo or some of their stylish ones. I’ve been using a flashy red pair with rhinestones. Bling! Bling!

Headsets. Every businessperson who spends time on a phone needs at least two headsets — one for the office and one for their mobile phone. For the office, Plantronics has a nifty new set — the Calisto — that is a wireless Bluetooth headset enabling you to move around freely, switching back and forth from a land line to a cellphone. About $199.

Wireless printers. When I told friends I was trying out a couple of wireless printers, everyone said, “I need one of those!” Once you get used to wifi, you want to be able to send documents to a printer without getting up from your desk, couch, bed or wherever you work. I tried out two: one from Hewlett-Packard and one from Lexmark, both are “all in one” machines that wirelessly print, but also copy, scan, and fax, both start at about $129.

Photo by Wall-Pops.

In Advice, Gift, Holiday | 4 Comments

December 24, 2008 by Rich Whittle | 1 Comment

Memphis Commercial Appeal:

This thing called technology. It’s bound to make P.J. Witherspoon dance.

“It’s amazing. Technology is awesome,” she said. “I’m totally into technology.” Truth be told, Witherspoon is a webmaster. Her Web site is none other than webdancer.com.

“As a matter of fact, we’re launching a new site in January,” she said, “because we do printing and all that kind of stuff — marketing and advertising. I do the ads for the (DeSoto) Civic Center.

“I love doing ads. We moved here from California. In California, there’s a job for a graphic designer on every street corner, but it’s a little bit different environment here.”

“That’s primarily my target — industrious, small businesses,” she said, “because they can’t afford to spend $5,000 for a Web site.

“It gives them a presence. Some people want a huge amount of traffic, while others just want a splash page. They want a billboard on the Internet highway, so to speak. People now, for instance octogenarians, are the largest-growing group of Internet users, and it just becomes so simple: You don’t dig out the phonebook and go through hundreds of pages of Yellow Pages anymore. You just type it in a search engine. That’s how we live.”

Photo by Webdancer.com.

In Ecommerce, Internet, Small Biz | 1 Comment

December 24, 2008 by Rich Whittle | 7 Comments

Digital Journal:

Kiki Fluhr, who runs the All the Numbers Handmade homecraft business from her Quincy, Massachusetts home, warns that the new Consumer Product Safety Improvement Act, which becomes effective from February 10 next year, will turn micro-businesses like hers into illegal manufacturers of “hazardous substances’ overnight.

This law includes hand-knitted, quilted and hand-sewn clothes, wooden toys and the myriad of other products for children which traditionally have been sold by arts-and-crafts shops countrywide for decades. These are usually produced by cash-strapped people at home.

She says that even granny’s home-made quilts sold in the local arts-and-crafts shop won’t be exempt from this new law.

Also disastrous is the fact that thousands of tons of these often exquisitely-handcrafted products in the pre-existing stock of shops also will have to be dumped as contraband which under this law will be deemed to contain ‘banned, hazardous substances’ after February 10 — because the Act is retroactive.

Each product will have be tested at huge cost and produce a certificate of compliance before it can be sold. Handcrafters say they can’t afford this huge price-tag of $4,000 for each test.

Photo by plex.

In Government, Kids, Safety | 7 Comments

December 24, 2008 by Rich Whittle | 1 Comment

Entrepreneur:

Q: Legally, can I sell cooked food from my house?

A: You cannot sell prepared foods from your home without having the appropriate permits. In fact, some states prohibit the sale of home canned foods altogether. There are a host of health and safety issues (like, how clean IS your kitchen?) that are involved in starting a food-based business.

Speak to an attorney who specializes in food businesses in your state to get a list of the legal requirements. Your state and local food/agriculture departments will have information for you, too. You’ll have to pass health inspections, meet possible zoning restrictions, and will have FDA regulations involved.

Don’t forget the need to incorporate, obtain a sales tax license and obtain insurance. In short, don’t move forward on this idea without the benefit of professional advice from people who actually speak to you about your particular situation.

Photo by Weblog.

In Advice, Food, Legal | 1 Comment

December 23, 2008 by Angela Shupe | 2 Comments

Although it is not strictly business related, identity theft is no stranger in the world. It is a problem that has hit a variety of people within all income levels. Unfortunately many people don’t realize what they should do until after it is too late. If you do the work, there are ways that you can protect yourself. However, if you don’t have the time or patience, there are paid services available that can do the work for you.

I recently spoke with John Armstrong, the owner of Identity Theft Labs, about identity theft and what we can do to protect ourselves.

What are some of the top tricks that thieves have used to steal someone’s identity?

To steal someone’s identity you must first obtain their private information and identity thieves use all sorts of tactics from dumpster diving, shoulder surfing, credit card skimming, stealing - purses - wallets - laptops - data storage devices, phony websites, phishing, impersonation, break and enters - house and car, hacking and viruses.

The most interesting case, in my view, just happened recently in Europe. Even the Wall Street Journal did an article on this one. A Pakistan identity theft ring placed a 4 ounce card capable of wireless communication under the motherboard of credit card readers made in China and distributed throughout Europe. It captured credit and debit card details including passwords and uploaded the information to a server in Pakistan. This was a very sophisticated ring that luckily got broken up due to the curiosity of one person otherwise it may have been undetected for a long time. The device included an intelligent program that sent the information sporadically and could even be told to lay dormant to avoid detection. An initial investigation found hundreds of these devices that could only be detected by weight as there were no visual clues of a tampered credit card reader.

Joel F. Brenner, the U.S. government’s top counterintelligence officer said “Pretty small but intelligent criminal organizations are pulling off transnational, multi-continent heists that only a foreign intelligence service would have been able to do a few years ago.”

It is important to realize that Identity Theft is big business costing the US economy $50 billion a year. Identity thieves vary from the low life criminals going through your trash to sophisticated multi-national criminal organizations.

Continue reading Identity Theft Labs Shares Some Advice On How YOU Can Protect Yourself

In Interviews, Protection | 2 Comments

December 23, 2008 by Rich Whittle | 5 Comments

The Vest Pocket Consultant:

The reality is that few of the people I know in the internet business cashed out in a big way and far fewer went on to build another company that was as successful as their first one. And dotcom superstars such as Steve Case of AOL, Jerry Yang of Yahoo and Mark Cuban of Broadcast.com have all seen better days.

My point is this: While the purpose of every company is to make a profit, the goal of every entrepreneur has to be more than just making lots of money. Especially in an economy like this one–where startup companies are struggling for survival and an IPO or acquisition could be years or even decades away–it’s important to enjoy what you do at your business. Because you’re probably going to be doing it day in and day out for a long time to come.

That’s why I was so impressed when I heard Devon Rifkin, 33, speak last week at the conference. Rifkin is CEO and founder of The Great American Hanger Company, a Miami manufacturer, wholesaler and retailer of high-quality clothes hangers whose company rang up over $10 million in sales last year. Rifkin was honored as Entrepreneur Magazine’s 2008 Entrepreneur of the Year.

Here are some of Rifkin’s thoughts on life, business and entrepreneurship:

• Secret to success: “People commonly ask me why I work so hard. And the reason I give them is that it’s one of the only things I can control. There are very few things in business that you can control, so I try to master the things that I can control.”

• Advice for other entrepreneurs: “I would tell them not to focus on making money. If you believe in the idea, you need to focus on the equation and your business.”

• When he knew he’d made it: “I know this business has had a good run of success, but I’ve never felt like I’ve ‘made it’ because I feel like there are still a lot of things we have to improve and a lot of things we have to obtain that we haven’t obtained yet.”

Unfortunately, goals like these can’t always be measured in dollars. But when you’ve climbed the mountain of business achievement and reached the peak of personal satisfaction, I think you’ll know that you’ve arrived.

Photo by Mattox.

In Entrepreneurship, Small Biz, Success | 5 Comments

December 23, 2008 by Rich Whittle | 3 Comments

US News And World Report:

With consumer spending in a rut, 2008 is not shaping up as a happy holiday season for many small-business owners.

Still, there’s nothing like the right gift to take a businessperson’s mind off the recession.

And at a time when every penny counts, why not pick a present that can also improve a business’s bottom line?

1. A video camera or web cam. This isn’t just a good gift for a business owner who likes making home movies. Anyone with a business should consider talking about the business on camera and posting the results online. It’s now easy for anyone with an Internet connection to quickly view videos, and businesses of all sizes have been taking advantage of that breakthrough.

2. An account for an online invoice system. The mantra for many small businesses during a recession is “Cash flow is king.” That’s why it’s so important to keep a sharp eye on accounts receivable. If you’re disorganized, a simple forgetful mistake could be quite costly. For that reason, several services offer online invoicing intended to simplify how small-business owners get paid.

3. Internet postage. With so many small businesses operating purely online these days, a retailer may not need to leave the house to get most things done. But you still probably need to run to the post office to ship out orders, especially during the busy holiday months. That trip, however, can be made unnecessary, too. Several services, such as Endicia or Stamps.com, allow you to print postage from your computer and even print it directly onto envelopes.

Photo by FlyCat.

In Advice, Holiday, Small Biz | 3 Comments

December 23, 2008 by Rich Whittle | 2 Comments

Gizmodo:

American Toy and Invention Co. is selling a kit that’ll let you build, implode, and rebuild a multi-story structure that looks strangely enough like the 5th Avenue Apple flagship retail space. I’m sure it teaches about the physics of demolition, but hey! Stuff’s blowing up!

The inventor, going by the name Advanced Engineering, is selling 4- and 8-story kits that both support rebuild and re-implosion.

He says he’s run out of funding to ship the product, but before his site went down due probably to intense interest, he was still selling a few kits for around $60.

We hope he gets enough cash money to keep making these toys, it’s a great idea and we’re sure he’d have a market for it.

Photo by Gizmodo.

In Fun, Kids, Toys | 2 Comments

December 23, 2008 by Rich Whittle | 2 Comments

Rhonda Abrams, USA TODAY:

So here are some last-minute easy steps to take now to lower your taxes next April. Most of the following apply to those who run their businesses on a cash, rather than accrual, basis:

1. Size up your likely bottom line for 2008. Run a quick P&L — or profit and loss or income statement — to figure out whether you made a profit this year and how much of one.

2. Forecast (or more likely, guess) what your 2009 income is going to be. Take a look at your market, your industry, your own plans and get a general sense of whether 2009 is going to be a growth or down year for you.

3.Option A: If 2008 is profitable, especially if it’s likely to be better than 2009, follow the basic law of year-end tax planning and “accelerate expenses and delay income.”

Option B: If 2008 was unprofitable, or it’s been profitable but 2009 is going to be much better, then turn that basic rule of tax planning on its head and “accelerate income and delay expenses.”

Read more.

Photo by gossamerLL.

In Advice, Strategy, Taxes | 2 Comments