While most Americans have a basic idea of how credit cards work, a recent survey conducted by SmartBalanceTransfers.com revealed that many are not aware of or don’t understand concepts that can save them money on hefty finance charges.
The primary question asked in the survey was, “Have you ever heard of 0% APR balance transfers?” Of the 1500 individuals surveyed, a whopping 62.2% had never heard of this technique. No fee balance transfers have a lot to offer customers. During the process, a credit card company, in attempt to acquire a new customer, will offer to transfer the balance on their existing card over to a 0% interest offer on one of their cards as a bonus for signing up as a new customer. Those who are able to take advantage of 0% balance transfer cards can save hundreds of dollars depending on how high their balance is and what interest rate is currently being charged.
For example, an individual with a $7000 balance on a credit card at an interest rate of 13.99% who pays $140 per month for their minimum monthly payment spends roughly $20 per month on interest charges alone, therefore only $120 is applied to the principal. Assuming the interest rate remains the same and no new charges are incurred, it would take around 58 months, just about five years, to pay down the balance. While the $20 per month may not seem like much, over the life of the balance, the credit card holder spends an astonishing $1,160 on interest charges!
It’s no wonder credit card companies thrive in the society we live in; consumers simply pay the minimal amount to get by not considering how it’s affecting them over the long term. The reflection clearly shown from the credit card survey reveals a society who does not take the time to consider the the long term perspective; even minimal research regarding procuring a cheaper interest rate would reveal this method to any consumer.
It is reassuring to know that most Americans are appearing to learn from their mistakes, however. The survey showed that around 60% of Americans aged 65 and over had basic understanding of 0% balance transfer offers, while those ages 18-24 only yielded 21% who possessed the knowledge of promotional offers. Seeing as how one must be 18 to open an account, this shows that most people first get into debt, discover they are in trouble later on in life, and then seek answers.
The wealthy in the United States aren’t just well off because of luck or special favor; they employ knowledge to make sure they are getting the best deals. Over 50% of those polled with income levels between $75-99,000 per year reported that they were aware of balance transfer offers, and those having incomes even higher than this range ranked over 70%! On the flip side, Americans falling in the income bracket of under $24,000 annually only reflected a 25% awareness.
A picture is worth a thousand words, and the picture painted by this survey reveals a lot about the current state of the United States economy. By creating a larger awareness of methods that can be taken to lower monthly credit card bills, younger Americans as well as those living in poverty will have a better chance to thrive.
A Laundromat is the perfect business for anyone who wants a profitable business with the potential to grow but doesn’t want to spend all their time working. Most owners of Laundromats truly enjoy the business so much that a lot of them open multiple stores. Having a business that doesn’t require a lot of involvement but delivers a comfortable profit is a wonderful opportunity.
You might ask yourself why you should consider something as unexciting as a Laundromat when there are so many exciting ventures available. The short answer is that this is a business with a very low failure rate and a sound business concept. Laundromat owners make money even when other businesses are floundering, no matter what shape the economy is in. It’s a service that everyone need. People will cut corners and find cheaper ways to do things but there are few people that are willing to wash their own clothing in their sink or bathtub.
Laundromats are used by people from every income group. Even the wealthiest people use Laundromats that provide a service that lets them drop off their washing and pick it up later when it has been washed, dried and folded. Businesses, especially smaller ones, use Laundromats for their linens and other items.
Once you succeed with one Laundromat you may want to start another in a different location. You won’t be working 20 hour days like a lot of business owners do to get their businesses on their feet as it takes just a few hours a week to maintain the store, collect the coins, replenish the change machines and do the accounting. It’s a partially automated business that doesn’t require a lot of attention from the owner.
Image: midorisyu / Flickr
A Business Full of Opportunities
You can start your Laundromat in a few different ways depending on how fast you need it to be profitable and how much financing you have available. You can buy an already existing store that is doing well with an established clientele. You may want to opt for one that is not doing well so that you can get it at a bargain price. If you have a lot of financial resources, you can start your own from the bottom up. If you choose the latter you can often get a good deal on your lease because Laundromats are viewed as “anchor” stores by strip mall landlords. They usually sig long leases and support other businesses by bringing in regular customers.
If you are successful with your first Laundromat you might want to follow the Franchise business model. Opening a couple more Laundromats and selling or leasing them to entrepreneurs like yourself can bring you a very nice passive income.
What will it Cost?
A Laundromat has some pretty hefty start up costs, one of the few drawbacks of starting this kind of business. You’ll have to allow for building costs or renovation if you decide to start from scratch as well as the cost of washers, dryers, coin changing machines, sewage and waste disposal. Don’t forget about insurance and security systems if you should need them.
Promoting Your Business
Laundromats don’t need much in the way of marketing and you probably won’t be doing much of it after your business becomes known in the community. You’ll need good signage, of course, and that’s one area you can use to attract a better class of customer. A cheap, garish sign like “Duds ‘N Suds” will attract a different sort of person than a sign with “Laundromat” in a distinctive font or cursive with an understated color scheme. Making the inside of the store attractive and comfortable will also help the store attract a more positive trade.
Distributing flyers and having a launch party will let the community know you’re there and give them a chance to visit the premises. You should consider giving your store a website, which can be invaluable for promotions and publicity. You can draw your clients in with web-based newsletters that contain laundry hints, industry news and updates on the latest fashions and how to care for the fabrics involved. You could even stage a contest a few times a year that gives the winner a free wash and dry or kids’ coloring pages on holidays. Your clients will have fun and fell as if your store is “their” Laundromat. Compete with other stores by offering morning coffee or pay for play game machines; anything that increases customer comfort will help keep your store busy.
Location, Location, Location!
You can have the best store in the world but it will be a failure if you don’t choose the proper location. Study the demographics of any neighborhood you’re considering. You’ll need young families in apartments, students, maybe even some upper income clients to whom you can offer drop off and pick up service.
What can you afford? The best sites are priced accordingly but paying a little extra will generally result in healthier profits. On the other hand, a creative marketing program can keep customers coming in to a less desired location. You’ll need to assess the parking situation, whether your customers will be safe at night and if there are other businesses whose customers will be interested in your store.
Knowing your competitors is one of your best tools to success. Know their locations because if there are too many in one small area, none of them will do very well. It’s hard to make people break a habit and switch Laundromats.
How Do You Want to Manage Your Store?
One of the best aspects of running a Laundromat is the short work week. If you have just one store or even two, you’ll probably be working less than 10 hours per week to keep everything running smoothly. Once you grow larger you will probably need to hire a few employees to manage and maintain the stores. The advantage of having employees is that you can offer some premium services like small mending repairs, button replacements, washing, ironing and folding. The disadvantage is employee turnover, employees calling in sick at the last moment and other problems employers encounter. You’ll have to think about such situations and make some contingency plans. Running one store by yourself is quite different from being an employer.
You should decide if you want to keep the store open 24 hours a day or stick to an early morning to mid-evening schedule. You’ll save on utilities if you close at night but if you live near a large student population you could miss out on a lot of business. On the other hand, if your clientele is mostly young families or working people there won’t be much demand for your store’s services after 9PM. You may also save on insurance premiums if the store is closed at night.
Don’t forget that your machines will need maintenance and repairs. If you don’t know enough to make these repairs you should find a reliable person or company before you open your store. You can often find retired appliance repair personnel who are happy to pick up some work or you might see which companies others in your industry use. Being ready when a machine needs work will keep your store running smoothly and keep your customers happy.
If you are looking for more details on the laundromat business you can find more articles at OpeningaLaundromat.com
Every decision in your business is very important and it has its pros and cons. While you are finalising any business decision, you need to be certain that it has more pros than cons. Quite often this judgement can go wrong and you may end up making wrong decisions. This is where professional business consultants come into the picture. You may scoff at the idea of hiring a business consultant, but only when you hire one, you will realise that it is a cost-efficient decision.
There are many benefits of hiring a professional business consultant and this article will help you familiarise with these benefits. Business consultants provide services such as business strategy planning, market and demand forecasting, litigation support, policy analysis and consulting and many more. Let us now understand how your business can benefit through these services.
Strategic planning: This is the first and the most important task of a professional business consultant. It deals with understanding your business, identifying the problems and seeking the opportunities. A professional business consultant will strategise a plan for your business that will lead to your company’s success. They will also help you identify the products and services, which will help your business flourish in the long run.
Marketing campaigns: Professional business consultants are not only helpful for mapping out business plans, but also help run successful marketing campaigns. They create entire marketing campaigns, which includes editing, graphic designing and copy writing.
Business check-up: Business consultants conduct regular business check-ups, which help to identify the health of your organisation. This is also useful to assess the strengths and weaknesses of your business and work upon the strengths.
Cost efficiency: Hiring a professional business consultant will give you the greatest ‘bang for your buck.’ They will provide you with business advice for all areas of your business and manage everything with utmost perfection.
Save time and utilise it efficiently: When you hire a business consultant, a great amount of burden will be off your shoulders. Thus, you will have plenty of time to devote to other aspects of business. You can focus on product development, improvising employee relations and providing employee training.
After hiring a professional business consultant, at the end of the day, you will be more relaxed because your business will be safely placed in the able hands of an experienced individual. Business consultants help to alleviate some of the stress that business owners face on a daily basis. All businesses, big and small, regardless of the product or service they provide, will most certainly benefit from hiring a professional business consultant. In today’s fast pacing business world, a business consultant is an important need for every organisation to ensure that all tasks are accomplished successfully.
Many businesses have been employing the use of Facebook to help them market their business as well as interact with their customers. Facebook can be a great tool for businesses when it is used properly, however, there are many companies out there that are making fatal Facebook mistakes.
No-No #1: Using a personal page instead of a business page.
Facebook has two separate platforms: one for individuals and one for businesses. Many businesses make the mistake of creating a business page on a regular individual page, and this is a big no-no. First, it violates Facebook’s guidelines.
Second, personal profiles have limitations that are not good for businesses. A personal profile has a numerical limit on the number of friends you can have and if your settings are set to private, only friends can see your page. On the other hand, business pages are open to the public. You can have as many fans as you want, you don’t have to approve every fan request and you have more options to increase awareness and engage with customers.
No-No #2: Not having a plan.
You can’t simply walk blindly into Facebook and expect it to work miracles. Facebook is an extension of your marketing strategy; therefore, it needs a plan.
You need to determine the goals of your Facebook page first. Do you simply want to generate awareness about your company? Do you want to use it as a way for customers to contact you for more information on your products or services? Do you want to use it for community engagement? All of these goals require different Facebook strategies, so it’s important to have a good handle on your goals before jumping into Facebook.
You also need to implement a monitoring plan. Who is going to constantly watch your site? Are you going to assign a team of employees to handle this, or are you going to outsource? You also need to determine your plan of action. If a customer posts an unhappy message on your wall for all to see, what are you going to do?
Having a well thought out plan can alleviate the ailments that can come with a social media presence. And by knowing your goals, you can accurately implement tactics to achieve them.
No-No #3: Being inactive.
The purpose of Facebook is to interact with customers and fans and be social. You cannot create a Facebook page just to say you have a Facebook page and then never do anything with it. If you’re inactive on Facebook, you will not gain any fans. If you have no fans, there’s no purpose in having a Facebook page.
If you simply cannot manage the responsibility of a business Facebook page, create a team of dedicated staff to run it or outsource it to a social media company. Depending on the size of your following and the demands from your customers, your Facebook page could be a hub of constant interaction. If this is the case, give your followers what they want and engage with them. Post pictures or videos, create fun and engaging status updates, comment and like status updates or photos of your fans. The more you can be active with your customers, the more human your company will seem.
No-No #4: Being redundant.
One step above being inactive, you’ll find redundancy is also a Facebook no-no. Facebook business pages allow you to do a wide variety of things. You can post pictures or videos, ask questions to your audience, post status updates, create polls, create deals and even allow users to “check-in” to your location. Since you have all of these options at your fingertips—use them.
The more interesting your page is on a daily basis will entice your fans to visit your page more often. If you are constantly boring them with the same old garbage, you could end up losing them in the long run.
When used correctly, Facebook can be a great addition to your marketing strategy. You can get your business in front of your target demographic and you can connect with your fans on a more personal level, listen to their input and get a grasp of what they want from you and what will make them happy. If you can get all of this from a social networking site, it’s important that your business does not implement any of these no-nos.
About the Author: Charlie Adams is a social media expert and marketing professional who works with the Palms hotel in Las Vegas. He often generates content to aid people or businesses in the proper application of social networks.
Getting your booth noticed at a trade show can be a difficult task. You can only grab the attention of potential clients for a few brief seconds, but those seconds are paramount in selling your products and services. The best way to ensure sales is to set your booth apart with eye-catching signage that is both relevant and communicative. Custom signage is the best way to attract new customers and secure profits for your business.
Your Message Must Speak to Your Ideal Customer
The first thing to keep in mind when planning your display is the audience that you are attempting to reach. Your display should communicate the message and mission of your company in a clear, concise and appealing manner. Considering basic demographics such as age and gender of potential clientele will go a long way toward achieving a successful trade show for your business. Your message must grab the interest of your prospect quickly and effectively in order to draw him or her toward your booth.
Use Professionally-Designed Banner Stands and Pop-up Displays
Once your audience has been determined, it is time to begin considering the physical aesthetic of your booth. Custom built banner stands are an effective way to attract passersby. Although custom banner stands may seem expensive, they make all the difference in attracting new customers.
A common sight at trade shows are businesses that have obviously cut corners in constructing their displays. If your display appears shabby or cheap, the chances of you attracting new clients or maintaining a good relationship with those you have previously established. Implementing professionally constructed banner stands and pop-up displays in your booth will help you achieve success at your trade show event.
Make Your Signage Visually Appealing
When designing your trade show signage, be sure to choose images that are large, clear, and bright. Potential clients aren’t going to squint to see your banner stands when your neighbors have large, beautifully-constructed images on display.
Besides the graphical elements of the signage, it is also important to be selective in the type of banner stands and pop-up displays that you choose to represent your business. One model that is becoming increasingly popular is the green banner stand. This approach is obviously most successful at trade shows that promote an eco-friendly lifestyle and culture. If your company prides itself on its environmentalism, you should make sure that the displays you choose are environmentally friendly in order to stay in line with your company’s ideals.
Retractable Banner Stands Make Takedown Easier
You might want to consider retractable banner stands. These stands can be erected and taken down in a matter of seconds and they sacrifice none of the aesthetic appeal of your booth. Used together with pop-up displays, they create an appealing display that can be easily moved from one show to another and re-used throughout the year.
When choosing an event to attend, communicate with colleagues in the field who have had successful trade show experiences. They will have excellent advice about the best events for your company and will be able to provide additional tips to help you have a successful trade show experience.
