Why Most Small Businesses Don’t Last

They say that if you want to earn unlimited income, you have to start your own business. No wonder that there are a lot of people who immediately resign from their jobs. Yes, that can be a great plan if you want financial freedom. However, it’s not that easy. You have to think twice, in fact you have to think a lot of times. If you will not plan your business right, you’ll end up bankrupted.

As much as you want to become your own boss, you need to prepare properly. You have to know the risks involved.

In this article, I will briefly explain some of the reasons why more than half of small businesses die.

They are too excited. This is one of the most common reasons why businesses falter in no time. We want to open up our own business even without careful research. Establishing your own trade doesn’t happen overnight. In fact, some successful business owners spent months, even years of preparation, so they can create a long running industry.

Your adrenalin might be at its peak. But don’t let that excitement push you to start something which you aren’t prepared for.

They usually join the ‘business trend’. It’s a big No for you to become a ‘copy – cat’. One business idea might be good in some locations. However, it might not be the best for you. You have to be original. You need to have fresh ideas.

Trends or fads are not forever. Are you going to establish a business that is just for a period of time? I don’t think you like that, right?

out of business
Image: AR McLin / Flickr

They lack promotion. In promoting your business, you have to be aggressive and personal. Don’t take this for granted. How can your business grow if no one knows it? I believe that most business fail in the first few months because they were not able to advertise it properly. You don’t have to spend so much. You can just send messages to your friends and I’m sure they would be willing to share the news with their friends too. Aside from that, you can maximize the social media. It would be nice if you will create your own business page in Facebook. You can also make a twitter account. There are so many ways to promote your business. Invest time for it if you want to be successful.

They don’t keep track of the inventory. Most business owners are busy counting their money. The problem is, they don’t check their inventory. That is very important. A lot of my friends who started their businesses thought that they were doing well only because they have money at the end of the day. But after few months, they realized that the money at hand is not equal to their inventory. And with further investigation, they found out that a clerk stole some items from them.

This can be avoided if you are strict in checking your inventory. Make it a regular habit.

They are not hands on. Even if you are the boss, it doesn’t mean that you have the license to be lousy. You shouldn’t depend the success of your business to your staff. You have to be on top of the game. Being a boss has a lot of responsibilities and being a couch potato is not one of those.

Now, you know what are the worst things you can do for your business. Plan carefully and be consistent so you can enjoy the fruits of your labor in no time.

About the Author: Toni Okeson writes for a great welding school site. If you want to start a career or a small stick welding business, you should try reading their resources.

How To Create Your Own Business?

Creating your business is starting a life full of rewards and difficulties as creating your own business has pros and cons. Starting your own business requires focus and time because you have to make it grow and succeed. There are a lot of steps and advices on how to start a business. Here are some of the great ways on how you can get through the startup phase of a business.

Conceptualize and Start with Your Own Idea

Starting your own business may need your own idea on the products or services that you are going to offer. Starting with your own idea means that you take hold of your own business; you can have additional advices from other people, but your own idea is most important because it is what you are going to offer the public.

Do research

Since you are just starting, looking into business plans of other small and large companies will be helpful in assisting you start your business. Research for your possible customers, how much you need, where should you advertise, who are your competitors and how will you compete with them. Research is one of the steps in planning your own business.

Draft your business plan

After researching, make your own business plan, which you will use in undertaking your own business. Make a thorough financial planning as to how much you need in order to fund all the aspects of your business.

Identify sources of funds

You have to determine if you need financing from bank loans, credit cards or others. You can also self-finance if you have adequate funds. It is important to have in your business plan the probable expenses in order for you to produce the adequate funds you are going to need. It is also important to allot a sufficient salary for yourself in order to mind your living as you still enter into a new world of business where several possibilities maybe met.

Make complete and updated list of your clients

The customers are the best asset of a business because the income of the business comes from them.

Have a clean book

This does not mean having book to read, but a list of the finances such as the expenses of income of the business. Most of the small busies do not accounting of their finances, which is very hard for them to know if they are gaining or not.

Have an electronic credit card machine

Even how small your business may be, it is important to have a credit card machine because other customers always have to pay using credit cards and you don’t want to lose any clients just because they will not be able to pay you with their cards.
Find the purpose of your business

In every business, it is important that you know where you are going and what your mission is. In this way, you become more inspired to start and maintain your own business.

Creating your own business will never be easy, but what is important is you have the passion and inspiration to start it.

About the Author: Amarendra, the author likes to write on how to start and register a company. He is blogger, freelance writer and SEO.

Tips for Being Productive Outside the Office

If you have ever had a job working in an office, then you have probably heard plenty about productivity. Many bosses take great care about finding out how productive potential employees will be when looking to hire new staff, and productivity is often a big part of performance evaluations.

Productivity is simply a big part of having a job; however, productivity should extend outside the office. After all, going the extra mile is what separates the good employees and the excellent employees. But it can be difficult to be productive outside the office if you do not know how.

business productivity tips

Separate You Work and Social Life

One big part of being productive outside the office is separating your work and social life. One good way to help keep these two sides separate is to get a second phone line. This does not mean you need to carry two phones, since the SmartPhone app Line2 can work as a second phone line on a SmartPhone for business calls. Separating your phone lines can help you to seem more professional and productive.

To further keep your work and social lives separated, avoid making many friendships that might interfere with your work. It is fine to have a colleague or two that you get a drink with after work sometimes, but it might be a problem if you find yourself invited to your employee’s daughter’s birthday party.

This is a matter of common sense and personal judgment, since all business relationships are different, but it’s generally not a good idea for business associates on different levels of “the food chain” to get too close. This not only can cause people to become suspicious if you or your friend gets a raise or paid vacation, but it can also lower your productivity dealing with the issues that can arise.

Working From Home

Another situation that can give people trouble is when they have to work from home or a hotel, such as finishing and sending in a report while on a business trip. It can be distracting and demotivating if you do not have to get ready or dressed to go into work, so many people find themselves becoming less productive in these situations.

The best thing to do is pretend you are at work. When you wake up, take a shower and get dressed. This gets you in a working mindset. Set a strict schedule and follow it, and avoid all distractions such as television and friends. Also, make a list of things to do every night for the next day. This will help you keep track of exactly what you need to do.

If there is one thing that impresses employers and future employers, it is an individual’s ability to be productive outside the office. It is often the deciding factor when an employer is deciding between applicants for an open position or when deciding who they need to lay off. Increasing your productivity outside the office is a great way to put yourself ahead of the competition.

About the Author: Jessy is a stay-at-home mom and business blogger.

4 Reasons you Should Hire Recent College Grads for your New Business

Starting a small business, no matter how much experience you have, is always hard. But once it’s up and running, and it’s time to start hiring and building a team, the stakes become higher. After all, the success of your business rides on the people who run it, and starting off with a poor team will surely spell disaster.  Of course, you want your new small business to have a diverse set of employees, but there are definite reasons you should focus on hiring recent college grads, especially if you’re founding a startup related to technology, social media, Internet marketing, etc.

1. Recent college graduates are passionate and not yet disillusioned by the workforce

If there’s one thing that can be said of Gen Y (don’t count this so-called “sense of entitlement”), it’s that they are passionate about everything they do. Most of those in the 22- to 30-year-old set were raised during an era in which parenting was decidedly about raising children to love what they do. This parenting style has produced young adults who have a strong desire to not just get any old job, but to get and excel in a job that they enjoy. Hiring recent grads will give your new business the edge that it needs.

2. They know the Internet and computers like the backs of their hand

If you’re starting a small business now, chances are that, even if it’s not exclusively up and running online, a big part of the business is run by computers and Internet tools. If you hire too many older employees, chances are that you’ll have to spend quite a bit of time training them how to use these tools. With “digital natives” learning most computer and Internet skills is almost instant—if they don’t know it yet, they’ll learn it by the end of the day.

hiring fresh graduate

3. They desperately need jobs

Of course, you shouldn’t hire someone based only on their desperation for a job. But in this bleak economy, those who are hurting the most are those who just recently entered the job market. Some employers may be a little hesitant to hire young people with little experience, but they often have more skills than you would think. And giving a helping to hand to those who are young and full of potential will help you as your business grows.

4. Younger employees are more willing to take risks that are vital to the success of your business

If there is one thing that is common to all small businesses, it’s that they absolutely require risk-taking in order to survive. Recent college graduates are often very keen on taking risks, much more so than those who are older and more experienced. The vitality and innovation-driven spirit of recent grads can only be an advantage for your small business.

Of course, there are problems with hiring recent grads that are specific to this generation. They often need more guidance and desire praise and a sense of purpose. But if you can provide a nurturing environment, your young employees can be one of your greatest assets. Good luck!

About the Author: This is a guest post by Susan Wells. She writes on topics including health/car/life insurance, mortgage, real estate.

Image: Will Folsom / Flickr

Screen Printing Equipment Ideas for a T-Shirt Business

Finding the right screen printing setup is essential for new businesses and businesses that are looking to upgrade. Some people go by word of mouth; others do serious research. Your best bet is a combination of both. Although, it is impossible to cover all your options in one article, here are some highly recommended systems you should investigate further.

Vastex V1000 and V2000 Screen Printing Equipment

Instead of offering pre-packaged bundles, the Vastex systems are completely custom-configurable. The V1000 system is an entry to mid-level system while the v2000 system is designed for businesses with higher-end needs. Businesses can purchase equipment ranging from one color, one station to ten colors, ten stations, with a wide selection in-between. The company’s salespeople will help guide you through the process of putting together your own unique starter package by recommending other items you will need. Base unit prices currently range from approximately $2,050 to $9,376. It is worth noting that these are starting list prices only and your final purchase price will vary based on what configuration you order.

vastek v1000

Workhorse Products

Workhorse Products currently offers 13 different manual screen printing systems in their Mach and Odyssey Manual Printing series. Systems range from four color, four stations to ten colors, eight stations. The Odyssey Manual Printers series are the company’s entry-level machines; however, they are capable of handling the needs of home, small to medium sized screen printing businesses. The Mach Manual Printing series is geared more for high-end professionals and large businesses. Speed varies widely depending on which system and configuration you choose, so you should consult with one of their sales professionals. Additionally, the company does not publish pricing information on their website. For pricing information, you have to call (800) 778-8779 and press extension 1 for sales.

Printa 770 Series

Printa’s 770 series screen printing equipment is worth considering because the company offers different complete start-up packages based on what the buyer needs. All models are four colors, four stations. The 770 standard system prints up to 40 items per hour, while the 770 Deluxe and 770 Deluxe Plus systems allow operators to print up to 60 and 100 items per hour respectively. All three systems include the four-color station, curing system, supply bundles and more. The 770 systems print on t-shirts, tote bags, sweatpants, hats, jackets and more. The systems are scalable so customers can purchase additional equipment to upgrade their system as needed. Prices currently range from $5,995 to $16,995.

Selecting the right screen printing equipment is crucial to your business’s profitability. Keep in mind that your profits depend on how many t-shirts you can print in a day. The more shirts you can print, the more you can bill your clients for. The profit is in the equipment, so take your time and choose your equipment wisely.

About the Author: Raphael Alavi has run his own screen printing business for 10 years and loves creating unique designs for charities, corporations, and public groups!