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How can a New York Virtual Office service help your growing business?

September 5th, 2010 admin No comments

We’ll be posting many more case studies within the next few weeks answering the question: How can our New York Virtual Office service help your growing business?

With our virtual office service, you can literally run your business from anywhere in the World and still have a fully operational, fully staffed office in New York. Your business will have a physical office address in an actual Corporate Office Business Center – not an obscure PO Box or made-up suite number in a simple mailbox operation. Hence, if one of your clients happens to show up at our office, they will be greeted by a receptionist in a pleasant and professional workplace in the trendy Flatiron District on Broadway! Yup, Broadway… The Great White Way! Having a physical New York City office address on Broadway can help bolster your business image. Everyone knows Broadway… It’s a World renown NYC thoroughfare!

If you need to physically meet with your clients, we will be ready for you! With meeting space located directly at your virtual office address (keep in mind that you may be using the address virtually, but it’s a full fledged brick and mortar operation!). The meeting space is equipped with a computer workstation with all the latest software and a nice big flat screen monitor; wifi internet connection, so you can connect directly with your laptop, internet phone, or other wireless device; a contemporary conference table with black leather seating for 5; a 4′ x 6′ whiteboard, with a colorful variety of markers and eraser; easel with a pad – you can use the easel for your presentation or use the Post-it brand easel pad with plethora of presentation markers; stereo speakers and an 84″ x 84″ projection screen. Have your presentation on your laptop? Then we have a state of the art projector available for you to project on our 9′ x 9′ screen. All of the artwork in our facilities are by a World renowned artist. You’ve seen his work!

While in the office, you will have a knowledgeable administrative assistant assigned to your meeting to assist with administrative support, supplies, technical help, digital projector setup, printing, copying, water service, catering, lunch recommendations, car service, transportation bookings, etc. Just like in any fully functional and staffed office.

VH International Business Solutions has been doing this since 1990, so rest assured, you and your business will be well taken care of.

Business Credit: Why Small Business Owners Need Business Credit

September 5th, 2010 admin No comments

If you currently have a business or you are considering starting a business, establishing business credit is a good idea. According to the National Association of Credit Management (NACM) small business owners should take steps to establish credit in the name of their business as a way to preserve cash flow for necessary business operations, purchases, and rental payments. Here are a few basics to begin building business credit.

Separate Your Business Credit from Personal Credit

Business credit can and should be established separate from personal credit. When business owners use their personal credit to obtain business credit, they run the risk of lowering their personal credit scores. The business owner also risks being personally responsible for business liabilities. If you file bankruptcy and your personal and business credit are one in the same, you stand to lose everything. Business credit protects your personal assets.

No Personal Guarantees

The most important element to establishing business credit is finding lending institutions, credit card issuers and vendors that will establish business credit without you giving a personal guarantee. A personal guarantee involves using your personal credit information to guarantee repayment of the debt incurred by the business. In other words, you are obligating yourself to be 100% responsible for the business debt. It may be your intention to fully repay any debt incurred by the business; however, obligating your personal and business assets to repaying business debts can lead to financial ruin if any business setbacks occur.

Business Structure

Doing business as a sole proprietor will not allow you to distinguish your business credit from your personal credit. As a sole proprietor you may be “doing business as”; however, you are not a separate business entity. In order to establish business credit without a personal guarantee you must structure your business as a separate legal entity such as a corporation or limited liability company. Even if you have been doing business as a sole proprietor for years, you can restructure your business into a separate legal entity. Besides, it is a better choice to set your business up as an entity separate and apart from you. Your business could get sued and if all of your assets are tied together, financial ruin may be lurking in the background. Having a separate entity protects your personal assets.

Tax Identification Numbers

Your business entity must have an Employer Identification Number (EIN) also known as a Federal Tax Identification Number (Tax ID). The EIN is your permanent number and can be used immediately for most of your business needs, including opening a bank account, applying for business licenses and establishing a business credit file. Never use your social security number. It may also be necessary to establish a State tax identification number. For the federal tax identification number you can apply online at www.irs.gov. The application process is fairly simple and you can receive the EIN immediately.

Business Checking Account

Your business entity should have at least one bank account, in the name of the business, that can be used as a bank reference. The older the bank account, the better. Having a business checking account helps in establishing your business identity and reputation. Banking relationships are still important in the business world. Building a strong relationship with your bank can be of assistance when you begin to seek business financing.

Get a Business License

You must always register your business and obtain a business license in the State, County or City where you conduct business. For some reason, this is not always done by businesses. It should be at the top of your “to do” list. Always register your business in the jurisdiction where you conduct business.

For a step-by-step process for building business credit please visit: www.rebuildcreditscores.com/Business_Credit.html

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Prepare Your Small Business to Survive Bad Economic Conditions

September 4th, 2010 admin No comments

 

Economies all over the world are experiencing a decline, businesses are laying off many people in order to cut costs and stay profitable. Those who retain their jobs are faced with rocketing food and gas prices.

 

When you are an owner of a small business, the challenges are even greater, under the circumstances, you are more likely to experience a decline in traffic to your store, raising costs of supplies, employees demanding (understandably) higher wages, higher fees in marketing your business using mainstream media, higher costs in renting business space and insurance costs. If you are an accountant you might have probably figured that under this circumstances, unless you are selling magic items, you would see higher expenses than income. Business is not about how much money you make, but it is more about how much of the money you make actually stays in the business. A business that makes a million a year and spends a million is the same as the business that does not do business at all, except in the earlier case, the owner is actually at a loss because they are putting in more effort than they are making.

So how do you survive that? That was exactly the same question I asked myself a few months ago. Here I have compiled some notes that some in the same situation as I was might find helpful.

1   Constant Evaluation  and process streamlining.

 

Constant evaluation is the blood and soul of every business. As the saying goes “What got you to where you are may not be able to get you where you want to be”. To be honest, I have never met any business person, whether it is in the formal or informal sector who wanted their business to stay the same for a long period of time, no matter how well they were doing. Being on top of your class does not stop your competitors from doing what it takes to beat you. We see a lot of big businesses laying people off, going through mergers and acquisition. This is process streamlining on a large scale. They evaluate their positions, get rid of inefficient processes, redundant positions and so on. Don’t feel guilty if you have to do it for your small business… If you find yourself with more employees than you need or using a process that is costing you more than it brings in, cut it off and replace it with something that works better.

I will tell you a secret. A few years ago, I read an article about how one could make a lot of money on FOREX, if you do not know what it is, basically the business is about speculating on whether a certain currency’s value would get stronger or weaker and then you would either buy or sell a specific currency in exchange for another currency.

I thought that was a pretty easy thing to do and got a lot of books telling me that it is a lucrative business. I am not disputing that, but there are also a lot of people that loose money this way. I also got a few articles somewhere that warned me about what happens on FOREX, but  at the same time I was getting drawn to it, not by the money but by the fact that I could learn a lot about financial discipline.

After two months, I had almost lost all that I had in my account, but I had also learned a lot of things. One of the important lessons is to cut your losses short and let your profits run. Get me right, this is not the same as giving up too soon. This is giving up soon after knowing that the business is heading no where. This may sound like a greedy game, but it works. To me money not spend is money saved, it is as simple as that.

Why am I telling you this? I am telling you this because A few years later I would start a small business that did not really fit my lifestyle but it had the potential to take off. I would spend most of my starting capital on advertising and rent and then on wages for my staff. Being what it was, the business was not generating enough revenue to cover its expenditure, because the marketing media and approaches we used were not working and were difficult to evaluate whether they were effective or not and given the my lifestyle, I was learning that there is no way I would be able to take the business to the next level using the resources I had. I had a choice to either wait and let it wipe me out of my hard-earned cash or cut my loses short and explore other alternatives.

By talking to other small business owners, I would find out that many were facing the same problem that I was. I then put some time aside and develop a web-based platform to sell my stuff. This was the birth of SME Promotions Portal,  the idea was not only simple, but it also helped me cut my business expenses by more than 50%, I got rid of the rented space and let go of my staff who were bringing in much less than I was paying them. I get most consulting assignments through the site and have automated a lot of the processes behind my business dealings to save me time so that I can concentrate on what I do best.

This site is not only for me, other people have started using the site to sell their products for a small fee. Giving them an opportunity to only pay after their products are sold. How does that help? If you are in a situation that I was in, having to pay upfront for everything sucks up all your working capital and spoils your prospects and leaving your business with no cash to work with. This leaves the business with a little bit of money to spend on basic needs.

Sorry if this sounded like bragging, it was not intended to and I urge you to keep reading, you might just be able to find something that works for you here.

2   Break away from conventional marketing practices.

 

If you started a business the way I did then you would know about what I am about to say. Many people out there think having a business is about having merchandise in store and putting ads everywhere to let people know where to find you; or even worse hoping that people will easily come by your store looking for what you got.

Others spend most of their starting capital on radio and TV commercials like I did, when they know they have no way of measuring where the traffic is coming from, so that they can cut out stuff that is not working. The sad thing is that many advertisers out there do not care whether you get your returns out of your advertising dollar and honestly, they shouldn’t, because they are in business to make money. Otherwise how would you feel if somebody told you that every time you sold a frying pan to a family, you would have to follow them around to make sure they are using it. It is not your business, your business is selling frying pans and you should stick to that.

To make sure your business can survive, you have start talking to people you know and trust or people that trust you, about what you are offering. Do not try to push it on to them, just tell them know about it. Chances are, that next time they hear somebody looking for what you have, they would refer them to you. The idea is that the few that you know are going to tell a few others that they know and the game continues… viral marketing… if you get where I am heading. The best tool for viral marketing is word-of-mouth, you either learn to use it or loose business.

Save your marketing dollar, by cutting out all the stuff that does not work, the world is bombarded with marketing messages every second and many people are beginning to ignore marketers who interrupt them with a sales proposition. Watch your competitors see what they are doing wrong and learn from it.

My nephew Sylvester had just learned a hard lesson from interruptive marketing, we were distributing flyers about our business and most of the time he would get a mean look and be told that people did not have time for what he was trying to sell them. After going through the pile of flyers, we would sit and talk about how people are responding, why they are responding that way? and what we needed to do to overcome that?. Just make sure you do this all the time, otherwise you are going to waste a lot of your resources and not understand what is going on when they do not show up at your store.

If your business is too small, try online merchandising. You look for a cheaper way  to sell your products on the internet. This will cut your expenses in terms of rent, expensive advertising and even the commuting time as this will enable to work from home. Besides, you will be able to market to a wider audience and do not have to be awake to take orders. This is not an easy cookie though, you will have to spend some time researching internet marketing and optimizing your website for best results.

3   Help your customers find the help you do not offer.

Customers are very interesting people, one thing is that many of them do not want to be sold something. They want to buy something and hopefully from you. They tend to ask people they trust of their opinion on other businesses or even products.

No matter how much you hate your competitor or how desperate you need their dollar, if you do not have what they are looking for, politely tell them that you can not provide it and they should check with your competitor or some of your non competing partners for that matter.  Never delay their purchase out of greed until you have the product to sell to them, leave that to them to decide.

Never bad-mouth a customer, even when you catch them buying the product you have from your competitor when you believe they should be buying from you. I have had someone from my household buy something I was selling from a competitor. I watched them do it and they later thought they should have bought from me. Whether out of guilt or something else, they told five of their friends that I had the product and all five bought from me. Had I reacted differently, the best case would have been that they would return the product to the store and buy from me and never bring anyone. The worst case would be not returning it, not referring anybody to me and decide not to ever talk to me. The funny thing about customers is that the more you help them, the more they get to trust you and they might even bring their friends to your business knowing that they will get help regardless of whether you have what they are looking for or not. Why is this important? People get to  you first before they get to somebody else, thus you have a chance to sell them something first before your competitor.

4   Ask non-competing business owners for help and return the favor.

 

If you are to survive in business, you have to acquire some friends hopefully people that are already in business but are not your direct competitors. You should do this for a few reasons, one is that since you are not competitors, you are more likely to need what they offer and so are they. These people might end up being your biggest customers or they may even refer their customers to your business.

Two, Since they are already in business, it is very likely that you think the same way. This gives you an opportunity to pick their brains on something that you need help with. Remember for the most part, we are defined by who we associate with. If you hang around thieves, you will be considered a thieve; and if you hang around very successful people, you will be considered successful, as long as you work hard enough to think and behave like them, for them not to run away from you.

Three, people around you are watching even when you think they are not. What you say to one about other people may come to haunt you. If you have hanged around somebody that gossips a lot, would it not bother you as to what they say behind your back? Or rather as to what would stop them from saying about you what they say to you about others? The same thing happens in business, when things are not going well, you reach out to others for help. This almost always works as long as you remain  accommodating about others reaching out to you. Keep what they tell you in confidence, confidential. This will earn you a good reputation, trust and in many cases new business or referrals.

<h4>5   Be Careful of hyped advertisers trying to take your last pennies.

 

How often do you see something like this? “Get ranked high on major search engines in 24 hours for a small fee” or rather an interesting one “Make up to $400 a day working at home using our proven system” and at the end of the page, they ask you to pay $300 to get you started.

These are all people wanting to get your money for their own benefit. First of all the web is full of people competing for the top ranking. Even if it was true that they would get you top ranking on Google or Yahoo, how long do you think you will stay there. Besides, these ads go to millions of people who maybe in the same business category that you are in, and just out of curiosity, how many millions would fit into Google or Yahoo’s top 10 ranking?

I am not completely dismissing the fact that some of them may be good, but if you are going to give somebody your money to use an automated system to put you on these search engines, then you got to think twice, because some search engines may be smart enough to know these tricks. Besides, if Google and/or Yahoo gets their money from online advertising, would you not think that they would watch out for sneaky marketing approaches like this, using their space to make money from you?

Secondly, Have you ever looked for a job and your employer tells you to pay them first before they gave you the job? If they did then, I would question the legality of their business.

What I am saying here is that you do not have to jump at every marketing message you hear, which is very common when you are desperate to see your business idea take off; or even to simply put something on the table. So trade wise, learn a lot by reading a lot and let your business grow. If you are going to succeed with online marketing your keyword research has to be done by you, since you and only you knows what you would like to get out of it and how much you want to pay for it.

6   Combine forces and let your marketing dollar take you a little farther.

 

My seventh grade teacher once demonstrated to me how powerful you can be by combining forces with other people for greater results. This may have nothing to do with business, but just hear me out.

This guy had noticed that kids in his class were not getting along, so he decides he is going to make the class sing, but everyone singing a different song, then asked three students to stand outside the class, so that after the song, they would come back and report on what they got from the song. After the first song, the three students came back into the class an reported different things about the same song, all of which were not accurate.

Then he decided to get the class to sing one song, with everyone singing to the same song at the same time. While the students were singing, he asked the three students to go a little farther from the classroom. After the second song, he invited the three students back into the class and asked them to report on the song they had just listened to. All three reported accurately.

So, what is the deal here? There are many people out there who think, they can do it on their own, ignoring the fact that their potential customers are getting bombarded with marketing messages from all over the place. The sad thing is that they end up spending a lot of money trying to get the word out, but because they are not in tune with others their messages do not get to the intended recipient. They finally grow tired and quit, even when there is a huge potential for success.

 

The best survival skill is to learn to play along with others while at the same time acknowledging that there are things that affects us differently from the way they affect others, even those closest to us. Anybody who had done stock trading would tell you “Never fight against the trend, if you plan on winning”. Take some time, listen to what people are saying about certain products, research a little to see if there is real demand for the product or service, determine whether people who are talking about it are real buyers and not just people who would want something of great value for almost nothing.

 

Why am I saying this? A lot of times, people would tell you about what they want, you get it to them, you realize they want it for much less or even worse, you realize that they are actually among the 80% who wants people to talk to them, but have no interest in buying anything. Watch out for those, if you come across one, politely excuse yourself and move on. Otherwise you will spend 80% of your time and resources selling to non-buyers.  Be careful though to distinguish non-buyers from potential buyers who are skeptical about your product.

7   Deliver what is promised on time.

A few months ago, a friend of mine came to me and said “I hear you do computer stuff, My computer is not starting and I would like you to take a look”. I asked him a few questioned and had determined that his problem is likely to be a hardware issue. I told him I would take a look, but at the same time I also told him that I was a software guy and I knew of another guy that did hardware stuff. As soon as I mentioned his name, the guy goes “Nope, I am not going back there, because he takes a long time to get things done”.  This had been the second person to say the same about this guy.

 

Although I was not a customer, It sort of made me hesitant to recommend him to anyone. If they did not get the service they deserved with this guy, it would put my credibility on the line. Now every time somebody asks me where to get their computers fixed, I would say I was not sure or would at least warn them before referring them to him. Who knows how much business he is loosing as a result of this? His former customers might be telling their friends to not go there.

 

Speedy and high quality service has proven to be the key to small business success. Follow up to make sure they are satisfied. This way you show that you are not only interested in getting rid of your product but also care about how they feel about the product. Just do not go overboard and get into how and whether they use the product, that is their business. Keep focused on delivering the best quality products and/or service and make sure they can come back or bring their friends for more. That is your part, the rest is up to them.

 

Grow Your Business Through Catalog Mailing Services

September 3rd, 2010 admin No comments

Direct mail advertising has been proven to be a very effective marketing tool for businesses in Miami FL. Catalog mailing is one very important aspect of direct mail advertising that you need to look into and maximize in order to grow your Miami FL business.

There are many proven advantages to catalog mailing. In fact, it is considered to be one of the best ways to sell products and services. Some 167 million consumers per year make purchases from mailed catalogs. Each buyer on the average places some 11 orders a year. That’s 1.8 billion sales transactions per year. The combined purchases of individual consumers and businesses from catalog mailings per year come to about $150 billion. Wouldn’t you want a slice of that huge pie?

According to statistics, roughly half of existing consumers shop online based on print catalogs they have received by mail. Once a consumer has received a mailed catalog, he or she is more than twice as likely to buy something online from it. Online sellers generate the most number of online sales through customers who order from print catalog mailing. These customers spend 16% more on the average as compared to customers who did not receive mailed catalogs. Catalog customers are also more likely to become frequent repeat buyers online, with repeat transactions adding an average of 15% more sales. Indeed, having a print catalog on hand is a very convenient reference material for consumers while deciding on purchases to be made online.

Having the print catalog in your target market’s homes or offices also serves as a constant reminder to them of your products and services even while they are offline. It has been observed that 59% of recipients of catalog mailings keep the catalogs for a minimum of three months or until a new catalog arrives in the mail. Imagine the exposure your business gets and the marketing potential in that period.

The distinct advantage of catalog mailings is that they allow your consumers to place their orders online or by phone or mail, if they please. If your brick and mortar store happens to be in the same locality, the catalog mailing will also send you walk in shoppers who would want to see your merchandise first hand.

Of course, you have to make sure that your catalog displays your products and services at their best. Choose a size and design that is most appropriate for your business and that will stand out in the midst of competition. Remember that your target market receives numerous catalogs by mail. Billions of catalogs are actually sent throughout the United States every year.

Avoid having a catalog that looks unprofessional or shoddy. That will reflect very badly on your business image. And will backfire on your goals. Do not cram too much information or images on each page. Make sure that your colors are attractively pleasing to the eye. Check your copy for errors, inaccuracies and vagueness. If possible, hire a professional catalog designer who will know how to lay out your pages for optimum effect, as well as a professional copy writer who can use words to your best advantage. Also ensure that your catalog is printed at the highest quality, looking crisp and inviting. It would be best if you could test a prototype before finally having your catalog printed out in bulk.

Find a reputable mail house that offers catalog mailing services along with business mailings and other fulfillment services, such as presort services, which you will need in your bulk mail advertising campaign. Postal services alone will not be enough for your needs unless you are willing to do much of the work yourself in-house.

How to Start a Home Based Business Using a Business School in a Box

September 3rd, 2010 admin No comments

A business school in a box is definitely the quickest, easiest and most reliable way to learn how to start a home based business. If you want to access the very best small business knowledge center money can buy and successfully operate your home based small business, then you should avoid investing in traditional business schools.

Local trade and vocational institutions, community or regional colleges and universities and even secondary schools offer night time and other nontraditional forms of training classes for adults.

Think about it – many of these local programs were designed to help home based small business and craft business community. As an added benefit, those forums offer many options for satisfying one or more of the top priorities of entrepreneurs wishing to learn more about their industry and advance their careers. 

Even with all that support, the first thing you have to learn is how to start a home based business. Aspiring owners need more convenient forms of supplementary educational resources to help them develop their business domain knowledge. That’s where the business school in a box can serve you your needs.

A few top business schools are already providing or considering support for the home based business entrepreneur. We see online business school offerings gaining momentum with ever-increasing velocity.

A Boxed-Lunch of New Business Opportunity

The main drawback of most traditional business schools is that student entrepreneurs must physically attend classes, this requirement demands an unreasonable amount of time, money and effort from these struggling students. In response to these constraints many organizations now offer a “business school in a box”, a series of knowledge-based learning sessions, articles and lectures.

These programs give students ways to learn established standards and become well-versed in the various topics of business management, including accounting, finance and marketing.

Often, the business school in a box consists of packaged lessons or recorded lectures students can access online.  Business concepts, ideas and theories are usually taught in these serialized lesson modules. 

I think you will agree that this form of training is perfect for entrepreneurs searching for the optimal small business knowledge center solution – it can especially help out people who are trying to learn:

how to start a home based business;

how to manage a home based, small business;

how to find good home based business opportunities for moms and women.

 

What Comes On Your Plate?

You do realize that learning how to start a home based business or successfully operating your home based small business means working on your own without a boss or direct supervisor, don’t you?

In a word, the business school in a box format is a variation on the distance education theme, and as such, some lesson plans may not provide direct interaction with your instructor or fellow students.  This kind of learning occurs through the student’s own efforts and perseverance, so you will have to be someone who works well and effectively without supervision. 

Lessons are typically presented in small packages and feature home study along with assignments. Sometimes self-grading quizzes, learning simulations and projects may also be included.  Depending on the institution, some subjects provide live online classes, which may give students a chance to participate in lectures and discussions in real time.

Yummy Advantages of A Business School In A Box

There are several advantages to choosing to learn more about how to start a home based business and managing your home based small business, using nontraditional methods such as a business school in a box.  These include:

Convenience of Your Small Business Knowledge Center

A business school in a box is the equivalent of distance learning, a well-respected and established method of imparting knowledge.  Many of today’s universities, including top business schools, use this method in order to provide better services and reach more students.  Here’s an example, students in China can enroll in online business school courses being offered in USA colleges.

Since student entrepreneurs don’t need to be physically present on campus in order to participate, they can absorb lessons at their own pace and in the privacy of their homes.  This forum gives them the flexibility and relative freedom to develop their ideas for a home based business and devote serious attention on how to start a home based business that they might not achieve in a traditional classroom setting.

Lower Food Costs for Your Business Education

Generally, a business school in a box package can be less expensive than the best online business schools.  Most assignments and tasks assigned just require the use of available, virtually free technology, with minimal need to produce hard copies.  Because program’s materials can be accessed from the home helps students save on their travel, food and lodging expenses.

With its low cost of entry, learning how to start a home based business or acquiring the knowledge to grow your home based small business this format presents an attractive alternative to other educational options.

Access to all-you-can-eat business training and coaching resources

Some of the best business schools in a box programs use combinations of teaching techniques to optimize the learning experience for their students.  Other than passive lectures, for example, students can also take advantage of online classroom settings, discussion forums, chats and instant messaging in order to communicate with their instructors and classmates.

In today’s globally-focused, online-driven, socially networked economy, expanding your home based small business or getting the knowledge you need on how to start a home based business is easier, cheaper and more robust than ever before.

You will find there are more than enough educational options, regardless of whether you:

operate a home based business for moms and women;

have promising ideas for some part time home based businesses;

desire to make your efforts pay-off with a more profitable home based business. 

 

Copyright © 2008, Mustard Seed Investments Inc., All Rights Reserved Worldwide.

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