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Tuesday, July 15, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comOne of the greatest mistakes any small business owner can make is going into business without knowing enough about the art and science of accounting. Unless you have the funds to hire an accountant from the very beginning, you will need to at least know the basics before you get started. Time and again, new businesses have failed, not because their products, services, or operations were poorly managed, but because the owner did not know the first thing about proper bookkeeping and accounting. Without these essential skills, you won’t know whether your company is doing well or poorly, what changes need to be made from a financial standpoint, or what to do at tax time. Having a basic knowledge of accounting is not only helpful, it’s absolutely necessary. Does this mean you need a degree in accounting before starting your own small business? Not at all. Though a degree wouldn’t hurt, it is not necessary in the least. Without much training in the accounting field, however you may find yourself overwhelmed at first by the terminology and language used in the accounting world. With some patience and a willingness to learn, however, it shouldn’t take long for you to adapt yourself to this new field. Take time out each day to read articles on the Internet, read books on basic accounting, and familiarize yourself with a good piece of accounting software. All of this will help to familiarize you with the common terms used in accounting and put you on the right track to becoming a competent business person. Keep in mind that the importance of accounting extends beyond keeping track of the payroll. A good accounting software keeps track of almost every area of your financial records. You’ll need to keep a close eye on what money you owe, what money is owed to you, the trends in sales, the trends in purchasing, the overhead, and a number of other things you may not have thought of. While it’s certainly easy to just hire someone else to take care of this, you may not have the money to do that in the beginning. Even if you do hire someone, you’ll want to know most–if not everything–they know. Not everyone is as scrupulous or competent as we would like them to be. If you don’t know anything about your accounting software programs, you’ll be leaving yourself wide open to be ripped off intentionally, or failed unintentionally. In the end, you’ll have only yourself to blame for failing to learn the basics of accounting. If you want to take the first steps toward becoming a competent amateur accountant, you’ll want to check your local community college for whatever courses they offer in the field. Don’t stop there, however. Borrow books from the library on the subject and study them when you have the chance. Check online to see if there are any correspondence courses, if you don’t feel you can spare the time to attend classes. Finally, talk to someone in the accounting field and find out what they think are the most important skills to acquire. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
 
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Monday, July 7, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comOne of the first things many small business people do, when starting a company, is to decide on a name. This process, all too often, relies on cuteness, happenstance, or other irrelevant modes of decision making. Naming your business should not be left to fate or the whims of your favorite uncle. Naming your business should take as much procedure and research as any other aspect of your start-up. Those that fail to realize this can make a terrible mistake when naming their business, putting themselves at a disadvantage right out of the gate. If you want to give your business a name that will last, avoid some of these common mistakes and you’ll be much more likely to succeed. One of the first and most common mistakes to avoid is letting others make the decision for you, particularly by committee. If the group is not in tune with your business aspirations, the name they pick will probably not be relevant. Perhaps worse than the creative stunt that this type of group analysis will cause, there is sure to be hurt feelings and damaged relationships if you choose to go with one person’s idea over that of another. When naming your company, it’s best to go it alone. You’ll get better results, and no one has to have their feelings hurt in the process. Save the committees for less creative activities. Another trend in naming is when a business owner takes two unrelated words and tries to combine them to make a new word. This is overplayed and should be avoided at all costs. There is a rising sentiment against such names, perhaps brought on by the media and their insistence on using the same technique with celebrity couples. Your business deserves better than to blindly follow this nonsensical trend. Come up with a name that is unique and different but doesn’t leave people scratching their heads or rolling their eyes. The third mistake you can make when naming your business is to choose a common word, such as your name. For one, there are probably, at least, a few other companies across the country with the same name. Secondly, you’ve made your company difficult to find through the use of an Internet search engine. With so much of today’s business being done on the Internet, you can’t afford to intentionally lose yourself in the shuffle. Even if you don’t have a website or won’t be making sales over the Internet, it’s still important for people to be able to find your business listing with a simple search. If your name is too common, that will be next to impossible. Is a name everything? Not at all. But by following these hints, you should at least be able to come up with a name that doesn’t kill your business before you even get started. Avoid the same mistakes others have made. If you have to, make your own mistakes. Forge new territory in business naming faux pas. But to fail to learn from history is to doom yourself to repeating it. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Thursday, July 3, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comThere are times when there can be some confusion between values and priorities. Once business owners understand these differences, they can begin to make improved decisions about their business. There is a lot of talk about family values these days. People have strong feelings about types of businesses that are against their religion or are adult-themed. These businesses are ones that are lacking in values. Consider the word win. As an acronym it can stand for what's important now and can be used to describe a priority. Priorities are constantly changing, and help business owners decide what it will take to win the current situation, or put out the most recent fire. People in business, as well as in their personal lives, juggle their priorities on a regular basis. Because of priority shifts, they may end the day not achieving everything on their list of "Things to Do" . Consider you are in your home office and suddenly your internet service shuts down, due to a broken cable entering your house. While the jobs you were working on have a deadline that is only three hours away, working on them takes a lower place on your list of priorities. Knowing that unless your repair that cable, even if you do get the work completed, you can't submit it online. Your priority is now to fix the line and get your internet service back in operation. Your values, on the other hand, are what describes who you are. They do not change regardless of the current situation and no amount of external influence will change your values. For example, as a writer you find yourself needing a lot of money in a hurry and are offered the chance to make a significant sum writing for a company that is involved in a business that does not meet the standards of your societal values. Despite the promise of extra income, you would be forced to compromise your values. The money would certainly help eliminate some of the priorities, but compromising your values would be tantamount to compromising who you are. Business owners are faced with similar dilemmas on almost a daily basis, struggling with doing what's right for the business, their employees and their customers and making every decision fit their values. A customer screaming about a lost order certainly may require top priority for a business owner or manager, but turning around and blaming an employee would go against the values of treating their people with respect. It can be a tightrope walk on adjusting priorities, but there should never be a question about values. Family time should be a value for everyone and when employees need time off for a special family event, priorities of the business may have to change to meet the values of allowing them time with their families. These situations also require some tough decision making as the owner still has to do what is right for the business and its customers, while making sure the employees are allowed to realize their personal values. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Sunday, May 25, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comMany business owners get confused over two of the most common terms used, whether online or offline, and those are advertising and marketing. Essentially, the meaning of the terms can be simplified to: advertising, being the promotion of a particular product or service for a specified period of time and marketing as establishing the company's name and reputation. Although completely different in their theories, no businesses can survive without having a viable plan for both. Advertising essentially is charged with having a product or service and creating a need or a perceived desire of the consumer to buy it. The advertising message is designed to create awareness that the product or service exists, how it will be of value to the consumer or make their lives easier and explain why they should buy it immediately. Many of today's advertisers, even Internet advertisers, use the four Ps of advertising: to state how the product benefits consumers the price that reflects a great value for their money informs the consumer of all the places they can find the product and promote the product for repeat or additional sales. One of the downfalls of Internet marketing has been the approach of marketing based on the company's objectives while ignoring the needs of the consumer and not taking profit into account. Many online marketers place their focus on recruitment of new distributors for a product or service and have no idea whether or not there is a need for the product. They also tend to take a shotgun approach to their marketing efforts, hoping at least one of several hundred shots will hit the target. A pure marketing plan will anticipate the needs of the consumer and make information about the product available to the consumer before the consumer even realizes they need it and want it. Planting this seed of desire can also help establish a higher price for the item and consumers are usually willing to pay a premium price for something they believe they cannot do without. While the principal of supply and demand has long been used to calculate prices on many products or services, it does not perform as well on Internet service-based businesses. While supply and demand usually work together in creating market value, supply can influence demand, causing an upward spiral in prices which can eventually lead to a lower level of demand. In recent years, many electronic game companies have rigidly enforced the quantity of their products being produced or distributed, all the time using advertising to promote a perceived need for the product. While controlling the supply and then advertising to increase demand, the price will drift higher in an open market. To better define the difference, think about a favorite fast-food restaurant and if the first thing that comes to mind is one particular food item they sell, then advertising has done its job. If the first thing that comes to mind is the company's logo or a physical trait of their buildings, then marketing has won the battle. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Friday, May 23, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comWhile working from home is, for many, the American dream, financing that entrepreneurial spirit has the potential to quickly turn into a bit of a nightmare. After all, there is equipment to be purchased, licenses or permits to be applied for, and probably also a fair amount of advertising that needs to be paid for. Some entrepreneurs have resorted to what might be termed acts of financial gymnastics. However, even in light of this possibility, did you know that there are two home based businesses you can start with less than $75? If you have a talent with a needle and thread, if fabrics are your world, and if your eye for colors, patterns and material are good, then becoming a seamstress and freelance fashion designer may be right up your alley! The odds are good that you already own a sewing machine or – if you still stitch by hand – a well equipped sewing kit. Take $75 and put together a professional looking portfolio of your work and print up some business cards. Include in the portfolio pictures of pieces you have made: your daughter’s holiday outfit, the dolls’ clothes you might have put together and anything else that you have crafted as a gift or simply in your spare time. Market this portfolio to bridal shops, dry cleaners, and other places where clothing alterations may be needed. Start a website and advertise handmade doll clothing or whatever other garments you want to make. As the profits begin coming in, gradually upgrade your equipment. If you cannot tell a sewing needle from a knitting needle, there's still hope. If you know your way around the kitchen, you may have a promising career as a caterer. Begin by catering small events for your friends or family. As you gain exposure for your business, do not plan on making a lot of money right off the bat, but instead focus on having the cost of the food paid for and perhaps make a little extra to put toward advertising. Prepare beautiful spreads that stand out, take pictures, ask your friends for some endorsements, and put together a professional portfolio. Print up business cards and spend $75 to advertise in local advertising directories. Start out small and gradually try for the slightly larger events, such as wedding receptions, the church picnic, or your spouse’s company party. The trick to this business is the gradual development of clientele and the word of mouth advertising that will help your business to grow. Even as starting your own home based business may seem complicated and might even appear to be out of reach, remember that through deliberate, graduated growth you will have the chance to make it big in workable steps – none of which will require funds you do not possess! About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Tuesday, May 20, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comOne of the key catch phrases of earning on the Internet is income streams. The term describes the origination of income for an online business or an individual working different online jobs, none of which will probably pay all of the bills. Unlike traditional jobs, where the employee works in one place for several years, and has only one income stream, their paycheck, a person working multiple part-time positions on line may have as many as 100 different income streams flowing into their bank account. Consider that many online companies use affiliate marketing as an income, with perhaps a dozen or more online companies having advertisements on their website. When one of these companies makes a sale to a customer, referred by the site, the site owner receives a sales commission. Each affiliated company on the website is capable of generating an income stream for that website. If the site owner has a highly popular site that is attractive to advertisers, they may add another income stream in the form of advertising revenue. One aspect of affiliate marketing income is that it is seldom consistent. Different companies offer different types of merchandise and services for sale and if the offerings do not meet the needs or wants of the site's visitors, there is little chance of sales being made. That is why it is important to look for similar or complimentary products or services on one site. These are the programs that generate consistent and worthwhile commissions as an affiliate. Site owners will need to monitor the production of every affiliated ad on their site and only include the most revenue producing companies in the mix. The types of ads used on the website can also affect the customer response. While some customers may respond well to bright, colorful flashy advertisements others may prefer simple text based ads. Depending on the product being promoted and the visitor demographic to the site, the ads need to focus on their interests in order to be effective at producing an income stream. A business that has several income streams is often a budgeting challenge for the new home business owner. They may have spent years knowing which day of the week their paycheck was going to arrive and how much it was going to be. With several different streams of money arriving at different times of the week or month, many owners have to re-learn how to budget their income. The income level from their online business may be the same or even higher than their prior job, but, instead of having a lump sum arriving on Friday, it may be split into four unequal payments, arriving on four different days of the week. If they do not properly plan for this shift in income, they will have trouble budgeting their income streams to last until the next stream flows in. It is also important not to count on only one or two income streams to meet the financial needs of the online business. If there are only two streams feeding into the business account and one of those streams begins to slow down or dries up, the owner will be scrambling to find replacement income. Having as many income streams as can be accurately managed, the owner can easily survive one or more streams being dammed on their way to their income river. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Monday, May 19, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comAs products and services appear on the Internet and there is proof that money can be made through these venues, copy cats, hackers, and scam artists are quick to create twin sites that will easily fool consumers and those looking for work at home opportunities. Bank information, personal information (SSN), and physical money are taken fraudulently resulting in victims of fraud, Internet scam and identity theft. Far too many people believe that this cannot happen to him or her, and this is just not the case. The Despicable Scam ArtistsIf you were to take the time to look into the numerous scams and bogus business offers found online it would amaze you. It is disgraceful and frightening to see that certain businesses offering jobs in online surveys, government grants, mystery shoppers and data entry clerks all make the list for scams online. Legitimate opportunities that were once available are now cause for red flags and alarms when searching on the Internet. The Unfortunate VictimsThe appeal of working from home can often prove to be more harmful than helpful for many who become victims of fraud through false business opportunities. Millions of dollars from career hopefuls are sent to online business addresses and promises of careers for home businesses are left unmet as a scam artist takes the money and runs. Once you become a victim of fraud you become full of skepticism. You no longer have a trust for businesses in general. It is an awful feeling to think that there is not a single business remaining that you can submit your personal information and money to. Guidelines For Scam ProtectionFollowing these suggestions can keep you from becoming a victim. Prevention is the only way to help keep ourselves as safe as possible. If we take the time to protect ourselves, perhaps we can begin to deter those scammers, hackers and online thieves. We will also be able to recognize the legitimate business proposals and feel safe getting involved with them. * Research a company or business prior to getting personally involved. Look for records online showing proof that this is a legitimate business. * Protect your personal information such as your social security number, home address, telephone, email, or bank account details. Federal Identification numbers are available to anyone. A post office box is an inexpensive way to protect your home address. Cell phone numbers protect you from scammers finding your personal information by searching your home phone number. You should have the ability to set up multiple e-mail addresses so you don't have to use your primary address. * Do not send checks or other payments prior to receiving written information from the company. * Search for details of a business through the better business bureau. There are also numerous web-sites that are dedicated to exposing scam companies. Prevention and Knowledge Is KeyKnowing how to protect yourself and your loved ones when searching for online opportunities is a must. Though the Internet is a useful tool, it has transformed into a portal for thieves, predators, scam artists and other disgraceful types to prey on men, women and children alike. If we do not take precautions the cases of fraud and scam victims will continue to increase and the Internet will become an even greater threat to personal well-being. You can learn more about Internet scams on the Internet or through other media such as books at your local library. Arm yourself with knowledge and share it with those around you. Each and every person who is aware of Internet scams is another step towards ending it. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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