FINDING THE RIGHT WHOLESALER

Finding the Right Wholesaler

When you want to sell products in retail, the first thing you need to do is to find a reliable and trustworthy wholesaler. This is because there are a lot of wholesalers who do not deliver on their promise once you want to do some transactions with them. In fact, wholesalers are getting a bad reputation because of the few companies that cheat on their customers. And added to this is the fact that the inventory you will buy from these wholesalers may not necessarily sell in the market. So before you enter into the retail business, here are some tips you may find helpful.

The first thing you need to do is to conduct market research on your target market. You need to know if the product you wish to sell will actually be saleable to them or not. This is because while a particular product may sell well in one area doesn’t necessarily mean it will also sell well in another area. So even before you search for a wholesaler, you must know if the product you intend to introduce to your target market is actually viable because it would be a waste of time if you spend too much time searching for a reliable wholesaler only to find out that the product you want to sell isn’t going to be saleable in the actual marketplace.

The next thing you should consider is the product choice. Once you had determined which industry you want to enter, it is now time to know which product you need to stock up on. You should note that it is more viable to enter a niche market that will buy your particular product than enter the mass market at once.

Meanwhile, the third step is finding the right wholesaler. There are many sources and directories you can look up to find suppliers. But the advertisements and the websites you visit may not necessarily contain reliable suppliers that will really deliver the kind of product you requested. So it is recommended that you put up safety measures in place even before you pay for these products. You can find these wholesalers from online directories and even sourcing agents but always remember never to pay in advance unless trust between the two of you had been established.

It is also important to have patience in order to find the right wholesaler with the best price. However, you should not expect these wholesalers to provide unrealistically low prices. If there are establishments that offer prices that are too low then you need to conduct thorough research first before doing business with these kinds of establishments. Then the last step you need to remember is to have faith in yourself because having confidence is important for success to be possible.

Together we shall win,

Adesegun Akitoye

http://www.

WHEN TO QUIT A BUSINESS

When to Quit a Business

It is undeniable that a lot of business stops their operations because the income from the business is no longer enough to sustain the expenses it incurs. In some cases though, you can also see several businesses cease operations even when it generates enough income simply because the business owner had decided to get involved in another business. And in some even rarer cases, the business stops operations because there was an offer from the competitor to buy out the shares so that they will become the market leader. If you do encounter this situation, it is important to conduct a cost-benefit evaluation about whether the offer is financially viable.

There are still many other reasons why a business ceases to operate but in a franchise business, the reason for quitting is usually quite common. Some of the reasons that franchise owners cite is the high cost of the royalty fee they have to pay together with the cost of doing the actual business. In addition, there are the overhead expenses, the rental fees, the salary, and the miscellaneous expenses a franchise has to deal with. And while other businesses encounter the same problems, a franchise usually incurs more expenses because they have to buy the products they sell from a specific source; this limits their ability to take advantage of cheaper alternatives.
Another reason why a franchise business may cease is that the product or service they might be selling is already of trend. For example, there are cases when a particular kind of food suddenly becomes popular because of the uniqueness of its shape but there is the possibility that the customers may lose interest once the company stops creating new offerings.

However, despite the challenges you have to face in a franchise business, it is important to remember that the essential characteristic of a businessman is perseverance. You should take note that in some industries, you will have to sustain losses in the first few years of operations before you can enjoy profits. So you need to take this into consideration also before you decide to close your business. But if despite your best efforts, your business still continue on its downward trend, then you obviously have no choice but to cut your losses and hope you can get back your capital upon liquidation.

But the failure of one business should not discourage you from seeking out other business opportunities because this will hinder you from success. You should just count these failures as the price for experience so that you will know what to do the next time you encounter these problems. Because definitely, going into business is a worthwhile endeavor that will enable you to realize your potential while deriving profit at the same time.

Together we shall win,

Adesegun Akitoye

http://www.repeatrich.blogspot.com

HOW TO IMPRESS POTENTIAL BUSINESS INVESTORS

How To Impress Potential Business Investors

In order to win over any potential investors for funding your business you have to impress them with your business acumen and not try to dazzle them with exaggerated information. In most instances for every goal you present their response is going to be asking how you are going to achieve that step. This will continue through every step of the process until they are satisfied that your business proposal is sound and that you can meet the goals established.

Most investors are savvy in the ways of business and can quickly see right through hyperbole and hopes. They may agree with you potential on the surface but they are going to need reassurances that if they put their money into your business plan their investment won’t be dashed along with your hopes. They will be looking for contingencies if the roadmap you present in the form of a business plan runs into a dead end street.

Establishing bullet points and datelines for each goal to be met will be a good starting point on your business plan, but will nothing to impress investors. They not only want to see what the goals are that have been established, they want to see how you plan to meet each goal. Any steps along the way will also have to be explained as well as contingency plans in the event that one of the steps is not made.

In addition to your business plan there are two other things investors want to see including your attitude and the product or service. Even with the best business plan if the product has a very limited customer potential base, and lacks the possibility for repeat business most investors will not look upon your plan favorably. A few investors may be in it for a short term profit spree, others will be in a project for a long run hoping to realize as much profit as possible. It will up to you and your products potential to impress them with the long-range goals and profit potential to even get their attention.

Your attitude will also be a key to unlocking investment funds. If you walk into a meeting with potential investors with a negative attitude, chances are their response will match your attitude. Showing enthusiasm for the product or service will indicate to the investors that you believe in your product and are willing to stake your future on the future of the company you are trying to create.

Be prepared to discuss your personal experience and expertise with the type of business you want to start as well as your personal stake in the process. You will have to document everything you tell them and by being prepared to answer any question they may ask about you, the product and company without having to promise to get back to them with an answer, will go a long way towards impressing your investors.

BUDGETING YOUR MONEY WHEN YOU OWN A BUSINESS

Budgeting Your Money When You Own A Business

One of the most difficult things to do when you start a new business is putting together a budget. Without any financial history on which to base income and expenses, it may seem like guesswork, but as part of any business plan a tentative budget can be established with some thought and anticipation for the future.

In most businesses there are two main categories, income and expense. Under your expense category there can be several sub-categories often falling into two main areas of controllable expenses and uncontrollable. While many business owner claim they can control every expense involved in their business, they are simply kidding themselves as some things such as utility cost, the amount of rent and other so-called fixed costs can, and do change, with the owner having no control.

Other expenses such as payroll, insurance and advertising can be subject to a budget, but they are considered controllable expenses. If the business begins to fall off, you can control some of these expenses by laying off employees and cutting back on advertising. However, living by a budget will help maintain profitability in many respects but can also turn against you in the long run.

Depending on the viability of your business it often a better investment to bite the financial bullet on employee wages and still provide good customer service to the remaining customers until business picks back up. By trying into everything yourself not only will you burn out quickly, but if no one is taking care of the customers, it will not take long until there are no more customers to care for.

There are two ways to budget your business money and that is through set dollar amounts and percentage of income. Many businesses will budget their controllable expenses by the dollar and non-controllable by percentage of income. Obviously a good part of the owner’s time is going to be based on bringing money into the business and how much they have to spend on controllable expenses will be in direct relation to income.
For example, a company earning $20,000 a month in income has budgeted six percent for payroll, providing $1,200 for payroll. If the income level rises to $50,000 the budgeted payroll percent does not change but the dollars available for payroll climbs to $3,000. With an obvious increase in business to create the additional income, the owner will probably need the extra help to take care of business.
There are many other expenses that fall into the payroll account such as worker’s compensation charges, Social Security tax paid by the employer and paid vacation time or other perks determined by the employer. While a budget may be difficult to establish for a new business, it is a necessary evil for all business owners.

SCAMMERS TARGET STAY AT HOME MOMS

Scammers Target Stay At Home Moms

Once the kids go back to school and mom has a little more time on their hands they may begin to consider ways to bring in some extra cash. Spending time on the internet searching for work at home opportunities can often be rewarding, provided you understand that there are many scams being offered, many targeted for the stay at home parents looking to make money.

Working at home is an inviting concept and many opportunities exist that present a legitimate means of finding work. Unfortunately, there are plenty more where the only ones who make money are those offering the opportunity. Beware of headlines such as “Learn how to crack the code to internet riches,” and “I was a victim of 37 scams until I stumbled across this opportunity.”

When looking through offers for an internet business opportunity you need to ask yourself some serious questions about the offer. Many will carry a similar theme indicating they have found a way to make bundles of cash online and want to share the secret. You need to ask yourself, why? Here is perfect stranger, willing to share with me the secret they use to make millions of dollars online. Of course this secret is not going to be free, and sometimes it is available for a limited time price of just $19.95 and you will receive their complete information package of how you can make money.

Why aren’t they sharing this information with family and close friends so they can have an entire family of wealthy relatives? Why are they offering this opportunity to strangers? Possibly because their family and friends were suckered into their last get-rich-quick scheme.

One of the most prolific scams online is signing up to be a secret shopper. There are many companies that do use secret shoppers to visit stores and restaurants and turn in a review to the company informing them how a particular unit is performing. To claim this company can hook you up with many companies where you can get paid up to $40 an hour doing things you love to do and keep everything you bought, is nothing more than a scam.

Yes, these companies have the names and addresses of the companies that use secret shoppers and that is what you will be buying. Once you send in your payment, which varies from $19.95 to $39.95, you will receive a list of companies that use secret shoppers and instructions on how to fill out their online applications. If the company is looking for more shoppers they might contact you for a future interview. Most of these offers carry no guarantee that you will ever be chosen to be a secret shopper, let alone get paid $40 an hour for going to a restaurant.

A LOOK AT THE BUSINESS OF KIDS

A Look at the Business of Kids

There are few areas of modern business growing as rapidly and successfully as that of franchising. It is a great way for young entrepreneurs to get their foot into the business world. Take an existing brand, expand it, put your own spin on the best of the ideas, and work a business model that has been proven to be successful. Among the franchising opportunities in America today, few of them are as popular and youthful as that of the kid’s market.

Toy stores and other franchises geared toward the younger set are quickly becoming one of the top franchise markets of today’s world. Perhaps it is because young businessmen are not so far removed being kids themselves that they can remember what children of all ages like to play with and what is likely to appeal to that set. Whatever the reason, the fact cannot be denied that the kid’s market is to be taken seriously by the wise businessman.

What makes the kid’s market so valuable in today’s business world is the fact that today, more than ever, kids are in control of their parents income. This was not true fifteen or twenty years ago. Americans spend more than 100 billion dollars a year for their children’s necessities, not to mention their entertainment. With this kind of money in the economy up for grabs, it’s no wonder the kids’ market is thriving. That number, according to many industry analysts, is only going to grow in the coming years, far ahead of the rate of inflation.

One of the reasons for this rapid growth in the industry could be the disappearance of the traditional one-working-parent family system. While this is decried by some family experts, the fact remains that many families are now home to two working parents, trying to juggle career and children rather than doing one or the other. This leads to two things: more expendable income and less time with the children. This means children must fend for themselves when it comes to their entertainment many times, and this of course leads to greater amounts of spending in that area.

In addition to entertainment items, what cannot be ignored are the huge opportunities in the world of providing day care and extra-curricular activities for these young children. Combined with the need for necessities, it has created a wide open world of franchise possibilities. The market cannot be ignored by anyone wishing to enter an industry with unlimited growth potential. If you are someone who wants to go into business for yourself but aren’t sure what market to focus on, you could do worse than build something around the kids market. It’s not going anywhere, and it could provide you and your family with a wonderful income for years to come.

TIPS ON CONDUCTING A BUSINESS INTERVIEW

Tips On Conducting A Business Interview

When businesses grow to the point of needing outside assistance, i.e. employees you must be prepared to conduct a business interview. There are key factors that will allow you to know if an employee is in fact the right person to add to your business efforts. There are four main areas to probe when preparing to hire an employee. These areas include honesty, tardiness, work ethic and personal history. Be prepared to ask about each of these areas in the depth that you see fit without over stepping any personal boundaries.

Honesty

Honesty can be a quality that is difficult to find in this day and age. The rise in employee theft is shocking. Due to this the majority of companies have a type of psychological questionnaire that is requested to be filled out prior to hiring. This form asks questions about how the employee feels about taking home any item as minute as an office ink pen. Other questions include what actions would he or she take if they were aware of another employee stealing merchandise or supplies. Though it is true that one could lie on this form but 75% of people fill out these applications or questionnaires in honesty. This type of information is needed to protect yourself and your business. You would not want to hire someone who feels that it is okay to “skim off the top” by taking miscellaneous items home. These items add up and you are out of money and trust.
TardinessAsking an employee about how they feel about tardiness is an absolute must. Though you may be shocked to hear what some people deem as fit excuses for missing work, you need to know if an employee is in fact reliable. Asking an employee if being a minute, five minutes or ten minutes late is tardiness? Ask them which is worst one or five? You will be surprised to hear from that golden employee who says one minute or five minutes they are both late and unacceptable. This is what you are looking for.
Work EthicThis is an area in which you will be asking questions such as if the employee you are working with leaves for lunch and returns late, will you continue to work while they are away or feel that it is okay for you to use this extra time to sit back and relax? Is it okay to do the minimum or should you strive to perform your duties as well as ill co-workers? You can get sense of how your employee will work for you.
Personal HistoryIt is always a safe practice to issue a background check on future employees. You cannot be safe enough with people who have a history of violence or mental illness, even drug use. This is not saying that this information should be used to discriminate against someone but it leaves it to your personal discretion and allows you to at least be aware of what consequences could lay ahead. Another test is a drug test. Even the most straight-laced appearances can coat an employee with a drug problem.
These questions are all a matter of business protection. You work hard to create, run and build your businesses success and you should not have that affected by an outside party. Protection is key and by following the above suggestions you will be able to hire on the best suited employee for your business.