It is the time of year when students are headed back to school. It’s a time-honored tradition based on one of the simplest truths – that education is an important asset. This is true whether you are entering high school or running a business. As the digital world causes the pace of change to accelerate, lifelong learning is even more critical to independent business people. We need to incorporate new…
Starting your own business may be a dream come true. Paying for this dream may be an entirely different story. How you structure the finances for your business will have long term effects on your entire life. Unless you are wealthy enough to finance your new store with no financial strain, raising the money you’ll need may prove to be one of the toughest challenges you’ll ever face. A word…
There is this enduring myth about eCommerce that all it takes to get an online business going is a webpage and products to sell. In other words, it should be easy money. Anyone who’s toiled for an eCommerce company knows the reality. Online business is no different than business in person. It commands about the same resources, manpower and facilities to run even a modest-sized operation online as it does…
According to a Wall Street Journal jobs report, more people have resigned in recent months than were laid-off. The Journal reports this is a sign of growing confidence because, if people quit, obviously they believe they can land another job. In total 1.9 million people resigned, while 1.8 million were laid-off. Similar numbers were reported the month before, with the “quitters” beating out the “pink-slippers.” If people are indeed more…
The wisdom of Peter Engel, who passed on July 2010. Unless you take the time to consider how you will leave your business, you may not be able to leave it. If you do find a way out, you may take a drastic haircut on its value. At worst, you may find yourself inextricably handcuffed to your business. You need an exit strategy. There are seven main types of exit…
While most people tend to think managing employees is the most difficult task a business owner has, it is my belief that recruiting and hiring talented employees is even more difficult. If you hire the right people, managing becomes much easier. When reviewing resumes and interviewing prospective employees, it is important to question if this is the right person for the job. You can never be too sure of the…
Many companies market their products through traditional sales channels with master distributors, distributors, and dealers all playing a valuable role. Strong distribution channels, or outlets, are a hallmark of a solid company. However, even the most traditional company, heavily reliant on distribution partners, can still greatly benefit from developing a direct-to-consumer sales channel. Here are the Top 5 Benefits of a Direct-to-Consumer Sales Channel: New Product Introductions. Introduce new products…
Are you are launching a retail business? One key part of your business puts you on the other side of the counter, as a buyer of the merchandise you will be selling to your customers. There is a saying in retail that ‘Money is made in the buy’ – the decisions you make as a buyer will determine not just how much you pay for your stock, but the items…
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