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Dealing With Slow-Paying Customers

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Try These 5 Tips and Start Getting Paid There eventually comes a time in every business owner’s lifetime when they are faced with a customer who drags out paying their invoices. And in times of economic uncertainty, these scenarios can become more and more commonplace. While at first you may be tempted to just wait for the customer to pay, that course of action causes two detrimental results – the delay will eventually start impacting your business’s working revenue, and you will ...

Starting a Business Without Any Money

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Despite the promises of late-night television hucksters, there are very few businesses you can start with no money down. It Is Possible Most businesses require an investment in order to get started. Initial investments fund equipment to make products or inventory to sell. Even if you can obtain inventory and equipment with financing, you would still need to invest in a place to sell or produce the goods. These costs can be significant, and they truly are unavoidable. Businesses that offer ...

Marketing Without Much Money

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Expensive marketing is not always effective, but there are some effective low cost ways to boost your bottom line. Be Involved Marketing campaigns are designed to build awareness of a brand or a business. These can include traditional newspaper and billboard advertising, or other high cost approaches. Marketing can also include being involved in your community, and being recognized as an expert. If you own a small business in your local community, that could mean becoming active in several ...

Take These Due Diligence Steps Before Buying a Franchise

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Franchises can appeal to some potential business owners because they can make starting up easier, but first, make sure to analyze the franchisor. Franchisors Are Regulated When you buy a franchise, you are buying a brand that could provide instant name recognition. In addition to buying the right to sell under that brand name, you may be buying access to training and support that can help you succeed. Companies that offer franchises are regulated by the Federal Trade Commission (FTC), the ...

Do You Need a License?

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Many small businesses are required to meet local licensing requirements. Learning what you need might be easier than you think. Licensing Requirements Vary By State There is no simple answer as to whether or not you need a license for your business. A federal license requirement may need to be met if you will be involved in some businesses like agriculture or firearms. State and local rules will also need to be met in those cases. Even if a federal license is not required, you will still need ...

Real Statistics Show That 70 Percent of Small Businesses Succeed At First

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Many have heard that nine out ten small businesses fail, or other similarly dismal numbers. The actual truth is much better. Few Fail The federal government is one of the most reliable sources of economic data available. They collect a great deal of data, and then go back to check the accuracy. This process results in correct historical information that can be used by anyone. Their data contradicts the conventional wisdom on small businesses. The researchers found that survival rates (for new ...

Steps to Registering Your Business

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Some basic steps are required to be sure your business will meet all the legal requirements to operate, and to be eligible for credit. Legal Structure The first step to starting a small business is to define your business as a legal entity. Your options include a sole proprietorship, partnership, corporation, or limited liability corporation. Each has different legal and tax considerations. After determining the best structure based on your circumstances, you will need to register that entity ...

Understanding the Upside and Downside of the Sole Proprietorship

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Small business owners face many decisions, including what business structure is right for them. Sole proprietorships have both advantages and disadvantages. The Upside of the Sole Proprietorship Simplicity may be the greatest virtue of the sole proprietorship. All you really need is an idea for a business, and you can start work as a sole proprietor. In some cases, you may need to obtain a local business license. Taxes can be done by tracking income and expenses in a spreadsheet, and attaching ...

Valuable Marketing Tips That Can Save You Money

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Marketing can be expensive and ineffective. Read these valuable tips before you make any marketing decisions. Manage Your Expectations Some business owners believe that a great product is all they need. Successful business owners never believe that product superiority or technology will sell itself. They market their products, and some small business owners plan marketing campaigns to increase their sales. Successful business owners plan marketing activities that are designed to increase ...

From Small Idea to Big Business

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Many people believe that big ideas are needed for success, but the truth is that a small idea can also just as easily grow and lead to a big business. Small Idea It is possible to start with a very small idea and have it grow into something much bigger. Business historians know that Coca-Cola started as a single soda counter one day and is now available in every country around the world. A multinational company actually started as an idea in the nineteenth century to increase sales in a ...