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HOW TO START A RETAIL BUSINESS
August 11th at 1:29pm
While estimates of total costs will vary according to type of retail and shop location — “Entrepreneur” magazine lists start-up costs between $2,000 and $50,000 for different retail enterprises from antique furniture sales to musical equipment sales Steps to Open a Retail Store Choose a Legal Structure for Your Retail Business. …Choose a Name. File for an EIN. Determine Your Products or Services. Determine Your Channels. Research and Know the Laws. Define Your Customer Experience. Write a Business Plan. Depending on your town, county and state laws, you may be required to obtain some or all of the following licenses and permits: Resale license or sales tax license.City and/or county business license or permit.“Doing Business As” (DBA) registration.Fire department permit.Sign…
BUSINESS ADVICE FROM SHAQUILLE O’NEIL
August 4th at 1:28pm
Shaquille O’Neal is a retired American basketball player, entrepreneur and television host who has a net worth of $400 million. Even though he has been retired for many years, Shaq still earns around $60 million per year from endorsements and various business endeavors. Shaquille O’Neal is the ultimate Krispy Kreme fan. The retired basketball player, 45, wants to own 100 Krispy Kreme shops, according to TMZ. O’Neal already owns one franchise in Atlanta, but he’s looking to expand his doughnut empire. Here’s some business advice from “Shaq” 1. Do your due diligence O’Neal says one of the most important things you can do is to study what other successful business people are doing and follow their…
WHAT TO LEARN FROM NIKE
July 28th at 1:13pm
Nike is good at a lot of things: manufacturing quality shoes; supplying equipment and gear for many professional and collegiate athletic teams; and making a ton of money. But where the company truly excels is its marketing. Nobody does branding quite like Nike. The Swoosh is easily one of the most recognized brand logos in the world. Nike is just shy of becoming the definition of sports themselves. … The idea is that embedding a celebrity image into the consumer’s mind will cause the consumer to associate the endorser with Nike’s products. Great marketing and business lessons from Nike: Stay Customer Focused People like great products that provides them serious benefits. Think Outside…
LEASE OR BUY YOUR BUSINESS LOCATION?
July 21st at 12:00am
There are many factors every small business owner needs to consider when getting ready to make the decision whether to buy or rent a business facility. Once a business owner determines his or her facility needs and searches for and locates the right facility, it’s time for another decision regarding the business property: Do you buy or rent the property? This question is raised in two contexts: The owner of the target property would consider either a sale or a rental of the property.You are selecting from a group of competing sites, some of which are for sale and others which are for…
BENEFITS OF OUTSOURCING MANUFACTURING
July 14th at 11:52pm
Production needs can often be met completely in-house. However, if there are changes in demand or production capacity, the organization may require additional resources. If outsourcing alternatives exist, the company can be in a position to grow without accumulating overhead, tying up resources or suffering in order fulfillment unnecessarily. There are many reasons why a company may choose to outsource manufacturing in particular. Some of the most common reasons include: Reducing and controlling operating costs and Improving company focus. Following are four key benefits of outsourcing manufacturing. Lower Labor Costs. Lower labor costs are one of the top benefits of outsourcing manufacturing. Fuel Innovation. Innovation…
HOW TO USE DROP SHIPPING SERVICES
July 7th at 11:42pm
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product. Inventory is expensive. If your business relies on having a large inventory, then you may need a large amount of start-up funding to buy your inventory goods, as well as money to spend on storage and insurance for your inventory. Carrying an inventory can also be a risk — if the items…
HOW TO HAVE A PAPERLESS BUSINESS
June 23rd at 11:36pm
Paperless filing can easily reduce long-term storage costs for your company, as well as allow you to access information near instantaneously. 7 Benefits of Going Paperless in Your Business Document organization.Client communication is faster and less expensive. Paperless files are easily saved and retrieved on the go. Automatic backups. Data security. Environmental friendliness. Financial benefits. There are plenty of reasons why going completely paperless is an ineffectual goal. It’s not particularly environmentally friendly. It can make important files less secure. Reading on a digital device is less rewarding and less effective as reading on paper. Eight Ways to Go Paperless in Your Small Business Implement paperless document storage. Move to paperless meetings. Use electronic communication.Copy documents with scanners…
MOST COMMON SMALL BUSINESS MISTAKES
June 16th at 11:35pm
Starting a business isn’t always easy. There are so many things to think about and decisions to make; the pressure can cause you to make a poor decision that can hurt your potential for success, or at least set you back. Don’t worry, you’re not alone. With so much to do and so little time, many small business owners are just like you. But it’s not too late to reverse those mistakes. Here are the most common small business mistakes made by startups and entrepreneurs: Failing to plan.Skipping market research. Choosing the wrong form of business. Waiting too long to hire.Constructing the wrong team. Not having a…