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Know What Business Credit Really Costs

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Business credit is not as readily available as consumer credit. Business credit can also be much more expensive than consumer credit. Small Businesses Pay Lenders to Accept High Risks Lenders price credit according to risk. In the consumer credit market, a mortgage to a homeowner with a high credit score and a large down payment will be less risky than an unsecured credit card loan. To account for the differences in the risk of repayment, lenders will generally charge higher interest rates to ...

Can You Open Your Own Consulting Business?

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Consulting businesses can be started with little or no money. That makes them appealing to many potential business owners. Define What Consulting Means The idea of consulting can be difficult to understand. Some consultants are very expensive and deliver specialized services such as how to complete and file a patent application. Their time could be worth hundreds of dollars an hour. Other consultants will deliver more general services, such as how to create and implement a marketing plan. It ...

5 Common Business Legal Problems and How to Avoid Them

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Tips for Keeping Your Business Legal and in Good Standing It is not uncommon for many small-business entrepreneurs to have no idea what really goes into starting a business before they dive right in. The problem with this is that it can be very easy to find your business in hot water if you did not set it up properly or follow specific guidelines particular to your business’s industry. Here are five of the most common legal problems entrepreneurs find themselves in, and what you can do to ...

Co-Marketing: Getting More Mileage for Your Advertising Dollar

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Extend Your Reach With a Smart Joint Marketing Strategy The effectiveness of virtually every successful marketing campaign is a combination of several factors such as the strength of its message, and whether or not it is targeted at the right audience. Another key factor in a campaign’s success is the extent or length of the campaign’s reach. In other words, is the message being seen by as many people as possible for the money being spent? The problem that many newer businesses face ...

Stuck in a Rut? A Business Coach Might Be the Answer

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Four Ways a Business Coach Might Help Your Business No entrepreneur is perfect. One may excel at their particular industry, but when it comes to other parts of the business, such as fiscal management or employee relations, he or she may lack the skills or insight necessary for optimum results. In these types of cases, a business coach might prove to be the key to well-rounded success. Unlike a consultant who pinpoints problems in the business and then comes up with plans for solving them, a ...

Need a Website? These Resources Can Get Your Small Business Online

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One of the most important things a small-business owner can do is set up a website. Google is the modern-day yellow pages, with customers going online to find products or services. But it isn’t enough to simply post a website. A professional site that provides visitors the information they need can make the difference between a visitor who chooses your company and one who doesn’t. Since many small-business owners lack the funding to pay hundreds or thousands of dollars to a professional ...

Is Owning a Business Right for You?

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Owning a small business could lead to financial security or financial disaster. Be sure you understand what is required to avoid disaster. Businesses Offer Potential Rewards and Risks Owning a business can deliver financial security. Success will usually require a great deal of time and effort. It can also require a large commitment of financial resources, although there are businesses that can succeed with a minimal amount of money. The nature of the business will determine the startup costs. ...

5 Ways to Improve Workplace Communication

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Practice Good Inter-Office Communication and Watch Your Business Improve Good communication is a must in any workplace environment. When messages become contaminated with incorrect facts or through careless delivery, the result could cost a business time and money, and in the worst of cases, even its reputation. Therefore, it is critical that each employee knows their respective roles and how they are supposed to deliver messages so that important details do not get lost in the shuffle. Good ...

Unqualified Job Applicants Make Hiring Difficult

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Hiring involves reviewing applications to find the best candidate. A large number of applicants can make this process more difficult. Define Qualifications in Advance Before advertising a job opening, it is important to identify what the position will require. You should understand what the ideal job candidate will look like, even before seeking that candidate. This would be similar to the concept of identifying the ideal customer for your small business, and then developing marketing ...

What to Look for When Choosing Shared Office Space

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Considerations When Sharing Office Space With Other Entrepreneurs When your business has outgrown its home office origins, but you still cannot afford (or you just do not want to add the expense of renting) your own office space; sharing office space with other entrepreneurs may prove to be beneficial in both your networking results, and your company’s bottom line. However, as enticing as the concept may be to frugal entrepreneurs, there are certain things that you need to keep in mind ...