Month: July 2012

Making Money Online – Tips for Building a Successful Small Business Blog

As our society continues to become more married to the web, so do aspects of our everyday lives. Because of this tech craze and a particularly challenging economy, many people are entering the world of online business and online entrepreneurship. While at one time blogging was considered more of a hobby for stay-at-home moms and angsty teenagers, today it has become both a hobby and a career for true professionals. Many of those angsty teenagers and stay-at-home moms have found blogging niches and concepts that have really lifted off. Whether you are a business owner trying to create a more pervasive web presence or a stay-at-home parent trying to give useful advice to other parents in a similar situation, your blogs today have the potential to really earn some money when done correctly.

Blogging has become one of the strongest and most successful marketing strategies for business owners online. It has also become a very successful venture for individuals’ seeking a nontraditional career path—but it’s all about doing it right. Consider these business tips to take your blog a step further in the world of business and profit earning.

Networking, Networking, Networking

Successful blogging and, frankly, successful business-running today boils down to strong networking skills. This day-in-age, it’s all about who you know. This is not to say that your blog will skyrocket into success just by knowing a famous blogger out there, but the connections you make can play a huge role in your success. The key to a successful blog is traffic. You want people to find your blog easily, see it, stick around for a while, and come back for more.

One way to gain a wider audience and thus gain more traffic is by sharing networks with bloggers in your same area. In the online world of business today, networking and promotion are one in the same. Get to know other bloggers online and forge a relationship with them. Use each other’s web space to mutually benefit from sharing followers. While many bloggers already consider networking a significant portion of their blog, there is always room for more. Invite guest bloggers, write guest posts, connect through social media—make the effort.

Figure out Where the Money Is

This sounds very business-like. It’s all about knowing where the money is. While this doesn’t really sound like a blogging tip, it’s certainly a business tip. Look at your blog in particular and other successful blogs throughout the internet and figure out where the money is coming from. What aspects of your blog are making you the most success? Consider offering advertisement space on your blog. Of course, you don’t want to compromise any creative elements of your blog, but understand that advertising is one area that can really pull in some profit. Compile (if you have not already) a strong mailing list and offer people the chance to pay for a small subscription to include their business on one or a number of your blog pages. Advertising doesn’t have to be a negative thing on your blog. Work with your network to find businesses that make sense to advertise on your page. Find things that can be useful and intriguing to your readership. You can also consider running sponsored posts on your blog for more income.

Patience and Persistence

You’ve likely heard it time and time again. But, patience and persistence really are key in blogging. With so many bloggers out there on the web, it can take some time and effort to really find your footing and create a following. You have to be patient with your business blogging efforts. You aren’t going to be able to create an amazingly successful business out of your blog overnight—in fact, you probably aren’t going to make a super successful business from your blog in six months. It takes time and it takes effort. Be persistent with your posting, advertising, marketing, and networking. If something really isn’t working, consider something new. Part of building your blog into a business involves educating yourself on business blogging matters. Try to understand the business. Learn about search engine algorithms and techniques. Try to learn about new social media and social networking trends. Staying up on the new things online will benefit your blog and business that much more.

Part of being a successful business owner is preparing for things in the business world that might not be easily anticipated. Bloggers and online business owners often overlook the usefulness of things like business insurance, business credit cards, and other “regular” business measures other companies take. By carefully following the tips discussed above, individuals are able to create blogs and business pages that are that much more successful. Be sure that you consider all aspects of business after your blog begins to really gain traction online. Things like small business insurance, liability insurance and other types of safeguards can be very important to running a successful business blog as well.

About the Author: Carol Wilson is a freelance insurance business writer who is in the midst of creating her very own business insurance guide for consumers. In the meantime, she likes to share her knowledge of business insurance and other business related topics such as marketing to small business owners, entrepreneurs, and other corporate moguls. She welcomes your comments at wilson.carol24 @ gmail.com.
 

5 Ways to Get Your Small Business Out of Debt

Businesses typically start under a cloud of debt. Most people starting up small businesses today simply do not have capital just lying around in their personal bank accounts which leads to the need for loans or credit cards in order to get their business going. Once you begin in debt however, it can seem more than difficult to get out. If you feel that your small business is literally drowning in debt, there are a few things that you can do to pull yourself out without having to consider bankruptcy.

  1. Stop Spending – This is the most important thing that small business owners can do to eliminate debt. If you do not have to spend, then don’t. Think about what you need regarding actually running your business and eliminate all unnecessary or unwarranted costs. If you do not need new computer systems then continue to use your old systems until your finances are in a bit better shape. If you have office equipment that you are not using, consider selling it and adding a bit to your cash flow. However you do it, eliminating excess spending is critical in getting your business finances under control.
  2. Consolidate – If you have several loans or credit cards, think about putting them all together into one product. Loan consolidation can help you to lower your payments and enjoy a bit of a breather from that pile of debt. You may find that interest rates are lower if you choose a consolidation loan over credit cards and you can turn many different loan payments into just one convenient payment.
  3. Restructure Your Budget – If you are unable to pay your debts then perhaps your company is not sticking to a strict enough budget. Take some time and go through your budget, cutting out anything that is unnecessary and ensuring that you are allowing enough each month to meet your debt obligations. Ensure that you are actually making enough money to cover your fixed monthly fees such as rent and utilities. Once you have enough allotted for these costs, add an amount in for bringing down your debt a little at a time.
  4. Call Creditors – If you know that you are having difficulties in paying your creditors, call and speak with them. They may actually surprise you and offer you a lower payment plan or many may give you a settlement amount that is lower than what you actually owe. You never know unless you ask so be sure that you call and speak with your creditors to see what you can do.
  5. Get Help – If all else fails or you find that your creditors are a bit less than enthusiastic about helping you, seek the assistance of a professional debt management company. Professionals can help you to better structure your budget and ensure that you have enough set aside each month to actively begin paying down your debt. These companies are experienced and can assist you in getting your business out from under those piles of bills and operating completely debt free.

5 Tips to Better Understanding IR35 and How It Applies to You

If you provide freelance or contractor work, you may be wondering whether or not IR35 applies to you and if so, how you will be affected by it. Understanding the regulations regarding IR35 will help you to better prepare for it and ensure that you are not surprised if you receive a tax bill. Here are a few guidelines and tips that are designed to give you a better understanding of the topic.

  1. Owning more than 5 percent of a limited company in addition to having one client that contributes more than 60 percent of your turnover means that IR35 does apply to you. Note that you will also have to have a contract between that single client and your limited company and also work in a location that belongs to the client and use equipment that the client owns. This means that you are considered a disguised employee by that client.
  2. Legislation can be confusing and downright frustrating to understand. The HMRC has designed tests to determine if you are considered to be in disguised employment. You should ask yourself if you have the option of substituting yourself for another company employee or if the client actually controls when and how you work as well as the type of work that you do.
  3. If you are considered in disguised employment according to IR35 legislation then you will pay more tax. Your taxes will be paid as if you actually worked for the client in question. The income that is paid into your limited company from that specific client would also be subject for NI and tax. This makes the tax that you are required to pay much higher than the regular tax rates for limited companies with client or supplier relationships.
  4. You can prove that you are not actually in disguised employment. If you have your own business stationary and company logo and use your own equipment, this could show that you are not actually working for the client as an employee. Additionally, a company website for your limited company that is designed to bring in additional clients and ensuring that your contract is written properly can help as well. You can also prove that you are not in fact an employee if you work from a home office just as much as you work from the client’s office. You will want to secure a business telephone number even if you are using Skype or another virtual number.
  5. Understand that proving you are not in disguised employment can take money. After all, setting up a website, phone number and office space is not going to come cheap but you will be far better off in doing so as opposed to paying the higher tax imposed on you if you are deemed a disguised employee. Also understand that everything you pay in order to support your limited company is tax deductible so you will be giving back to other businesses instead of paying your money directly to HMRC. Small businesses acquire operating costs so if you can show that your company is paying for things just like other businesses, it can help you to prove your case regarding IR35 legislation.

About the Author: This article was written by Nixon Williams, offering IT contractor accountant services.

Unique Business Plans: Your First Line of Defense

While startups are making a splash in the business world, there is still no lack of criticism. Every business publication touts the small business failures and disheartening statistics. As a small business owner or budding entrepreneur, however, you can avoid being just another statistic.

Startup Genome found that 1 in 12 startups fail – another saddening statistic; the sources of this failure being customers, product, team, business model and funding. Unfortunately, not all of these are within your control.

In fact, many of them may spiral out of your hands before you even get a chance to steer it back on course. But, the one thing you can change is your business model. How do you do that? Write an effective business plan.

“Creating a business plan allows you to identify potential problems and opportunities your business might face, avoid penalties, fines or other legal problems, adapt to changes in the marketplace and let you expand or contract from a position of objectivity.” – Smallbusiness.chron.com

business plan

Image by Yodel Anecdotal / Flickr

Deviate From the Traditional

When starting your first business plan, you’ll probably take to the internet. There you’ll find business plan templates, business plan suggestions, sample and more. While these are good sources to start with, I find it’s best to focus on what your business plan needs instead of focusing on someone else’s.

There are different kinds of business plans, and you should choose the one that best first your business model and intentions. Entrepreneur.com suggests these three types:

  • Mini plan: your miniplan should cover the most important aspects of your business, such as finances, cash flow, and overall concept. This is meant to be a quick introduction, and should be accompanied by a more in-depth write up.
  • Working plan: Use this to lay out the details of your business operations, which are often the root cause of business setbacks. Avoid hiring and product issues down the line by taking your time with this.
  • Presentation plan: This is a polished document, meant to impress and inform potential investors, lenders, or financial backers.

Use Mind Maps

The traditional business plan lays out basic information and has been integral to business owners for a long time. Yet, it may not be in depth enough to keep you from being another one of those miserable facts. So, it’s time for some mind mapping. This is effective in business planning as it allows you to assess every facet of the business, where it could go wrong, and how you’ll handle it, but in a visual fashion.

When you do this, you end up building your business model around potential pitfalls. With such a high failure rate, this will be key in identifying problems before they arise, and handling them correctly if they do. As Entrepreneurship.org said, “A well-written business plan doesn’t oversell the good, undersell the bad or ignore the ugly!”

  • Start with all your basic business sub-categories: Finances, product, staffing, etc.
  • From there, build your circles out with an arm for potential pitfalls, room for advancement, and your over-all vision for that sector.
  • Continue this until you can go no longer. This may take days or weeks, spending a little time here and there, and that is okay.

Set Goals

The greatest benefit of any business plan is goal setting. When you set goals, you have a framework to operate in and a vision of what’s to come. This is essential to any successful business plan. In an interview with Inc.com, founder of The Killer Pitch suggested, “You have to know what you’re going for, and do it with your eyes wide open.” To make your goal setting effective, be sure that you focus on making them:

  • Attainable: Set goals that are achievable. It’s easy to be discouraged when you aren’t meeting goals – so start small.
  • Far fetching: On that same note, do write some goals that may seem out of your reach right now. Having something to strive for will always benefit you in the end.
  • Time sensitive: Make goals for next week, next month, and next year. Having a due date holds you accountable.

Writing a business plan may seem like a daunting task, but it’s one worth taking on. To avoid being another statistic take time to write out your goals, obstacles, desires and vision. Not only will this keep you on track, but help you stay in focus when other problems start tearing you down.

About the Author: Jessica Sanders is an avid small business writer touching on topics that range from social media to business management. She is a professional blogger and web content writer for ResourceNation.com.

Anger Is Only One Letter Short Of Danger!

First and foremost, I want to state that it’s not in my nature to tell estate sales colleagues how to run their business. However, since I’m seeing so many new ones put between the proverbial rock and the hard place due to impossible clients, I thought they might find this guide on how to handle such clients useful.

Similar to any other business that implies working with people, in estate sales, it would be virtually impossible not to come across a difficult client. Perhaps due to a strong sense of possession or maybe because they don’t really trust people, some clients will bully you, hound you, accuse you of trying to steal from them, claim you are unprofessional and unable to conduct your business… you get the picture.

The worst case scenario

Now, I know that your first instinct is to start yelling back, walking out the door or worse. However, before you do anything rash, take a moment and analyze the consequences of those actions. Think of it this way: since the word that you failed a project will spread quickly in the community, what potential customer would believe you even when you are right?

In a small community, a hasty behavior may entail that you will experience a significantly harder time to get another job. Not to mention that there are some strange people out there who will try to intimidate and bully you and your loved ones. I admit, it’s a bit of a gross exaggeration, but bad publicity usually means fewer and fewer customers, lower sales and in the end insolvency. However, the good news is that there are ways to protect yourself against this type of clients.

Who is to blame?

Psychology teaches that at times people act angrily towards others simply because they make easy targets. Basically, they are angry at themselves, but because they cannot see that and need another target towards whom to express the way they are feeling, they will start yelling, bullying and blaming others instead. In short, sometimes it’s not about you, it’s about them. And, as if things were not difficult already, they will react even more angrily when you try to appease them: the more you give in, the more they will demand. In case you and the client cannot reach an agreement on this matter, then plan to walk away from the project in a calm and professional manner.

The tools are already in your arsenal!

It is very important that you get a signed contract before you start doing any work at all. Within the contract, you should make sure you have all the crucial details regarding the services you provide, obligations, clauses and anything else relevant to this business relationship. In the eventuality that you don’t have a good contract or no legal representative to looked it over, then I strongly advise you to get the professional opinion of a lawyer.

More often than not, clients will try to postpone signing the contract for various reasons, be it that they are too affected by the passing away of a loved one or because they are still unsure whether or not you are the right person to handle the auction. Regardless of the circumstances, it is in your best interest not to give in. Do not allow them to provide you with the signed contract “soon”. Besides the signed contract, there are other things you should be mindful of, such as:

  • Never make a promise that you cannot keep
  • Be organized and make sure your schedule allows you to allocate sufficient time to each client who hired you
  • Encourage your client to refrain from participating in the set-up or sale, especially if they appear too emotionally attached to the objects that are being sold

Don’t let one bad experience ruin it for you!

Once you ran into a client that constantly wines and complains about everything you do, it’s natural to expect trouble from every other customer as well. However, did you know clients pick up on negativity? Therefore, if you’re expecting to come across such a client this is exactly what you’ll get. My recommendation, irrespective of whether you had an unpleasant experience or not, is to view each case as unique and to approach every new project with a positive attitude.

About the Author: Hi, I’m Chad, an estate sales professional that has been in business for over 20 years and one of my recently discovered passions is to share my experience and write about the amazing world of estate sales.