A major contract that spans several years 2. Timing of the Sale Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure and customer base to make the business more profitable. These improvements will also ease the transition for the buyer and keep the business running smoothly. Business Valuation Next, you’ll want to determine the worth of your business to make sure you don’t price it too high or too low. Locate a business appraiser to get a valuation. The appraiser will draw up a detailed explanation of the business’s worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.
Get a Toll-free Number from the USA
By Todd Wasserman Next to Google, there’s probably no more important site for small businesses than Yelp. Yet perhaps no other site is as poorly understood. For instance, is it a good idea to encourage your customers to give you good reviews on the site?
11 hours ago · Dating website apps such as Joyride, Cocktails, BestMetYet, and Flirtperfect are simple dating business names that you can consider as an ideal to follow. Remember that an inspirational dating business name is the first requirement to create your dating logo design, which will be your central visual identity.
October 7, Thanks to the Internet and mobile technologies, it’s easier than ever to expand your business by pursuing international customers. There’s a hitch, though. Once you attract these customers, it isn’t always easy to find inexpensive and convenient ways for them to pay you. There’s no universal payment solution that applies to every country, say experts involved in international commerce.
Math game If you’re targeting new customers in Europe or other developed economies, setting up a merchant services account to accept credit card payments in European currencies is often the simplest and cheapest solution for smaller transactions, according to experts and entrepreneurs. As an alternative, PayPal is available in many countries and will let you accept credit cards from other countries for a rate of 3. See chart for a comparison of PayPal and similar services.
But for big-ticket purchases, the fees for credit cards and PayPal can chip away at your profits. A wire transfer from a bank, a common default option, may end up costing you less than a credit card transaction in the end. The credit card fee would have been just as high. Some nations such as Bangladesh restrict credit card usage among their population, placing an annual limit on spending.
Even if consumers don’t face restrictions, their credit card usage may not be as widespread as in the U. A Gallup poll found that only 7 percent of people in developing countries have a credit card, compared to 50 percent in high-income economies. If you use a merchant services provider, that firm should be able to tell you about common payment practices in a particular country where you want to accept credit cards.
Starting a new business
Employee Privacy ; Human Resource Policies ; Nepotism Office romances—romantic relationships between two people employed by the same employer—are as common now as they have been throughout history. The long hours many people spend at work make for a situation in which those with whom we work are for many not only colleagues but our primary source of social contact. Therefore, romantic relationships are bound to develop. In fact, according to an article on the Discovery Health Channel Web site, 4 out of 10 people now meet their spouses at the office and more than half of those partaking in a survey reported to having had at least one office romance.
Speed Networking works a lot like ‘Speed Dating‘ without the ‘Dating‘. A structured opportunity to meet accomplished professionals just like yourself, face to face, one business professional at time. Whether you are an entrepreneur, small business owner, legal or medical professional, in the finance.
For owners wanting to sell to employees, an employee stock ownership plan ESOP has great tax benefits, but its costs and complexities may be daunting. For other owners who just want to share some kind of equity interest with employees, stock options or restricted stock may be good choices, but other companies want something simpler still, or, if they are limited liability companies, do not have actual stock to share.
So what kinds of strategies are available for these companies? Companies share ownership with employees for a variety of reasons. For some people, the reason may be simply “it’s the right thing to do. Employee ownership can have benefits for owners of businesses, employees, and their companies. To attract and retain good employees. Many small businesses have trouble attracting and retaining good employees.
Book-keeping basics every small business owner must know
Where else on the web, or anywhere for that matter, do we freely volunteer so much data about ourselves. Most ads on the web are targeted at broad demographics. Mashable is young and male, CBS is older and female, etc. On Facebook we reach exactly who we want. That might be more dangerous than most of us expect though. When we surveyed Facebook advertisers earlier this year, we asked what their biggest challenges were with Facebook ads.
Very difficult to have a catch all script for selling business insurance. Subject is too broad, and the commercial market is made up of diverse types of risk that really need tailored coverage, and someone that can provide insight into how to protect their exposures that are both known and may not be known.
Thankfully, many of these owners are more than happy to share their insights. Here are seven tips from several successful small business owners that are worth paying attention to: Build a Support Network For Laura Kelly, being a business owner can be an isolating experience at times. That means meeting with her personal business coach for an hour every four weeks. The coach has helped her find solutions to problems and work through tough decisions with her business. She also networks on Facebook and Linkedin from the comfort of her own home.
How many campers do I need to obtain? These kinds of really specific goals can drive your actions.
5 Things You Must Do To Sell To a Small Business Owner
And the longer you leave it, the worse the problem gets. Being on top of your book-keeping will also help you maintain a healthy cash flow within your business, and allow you to spot trends in your finances early on. Being able to spot potential financial problems before they become critical is invaluable as you grow your business. Keep proper financial records Your accountant will advise about what your business specifically needs.
But in general you should maintain three sets of records. Cash book The payments into and out of your bank account.
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Additional Coverage Plans While BOP packages generally do not include coverage of professional liability, auto insurance or workers compensation, small business owners often find that paying for coverage add-ons as needed is still cheaper than purchasing individual policies through the same provider. Many of the following individual coverages, can be added to a general business owners policy: General Liability Coverage Liability insurance provides protection for claims of injury or property damage that a business may encounter.
Unforeseen damages to the business premises, building, and the contents contained therein Legal claims of negligence, libel, slander and contractual liability Costs of legal counsel and defense required in either case Commercial Property Coverage These policies cover damage or loss to specific physical property owned by the business. The coverage can be either all risk or specific peril depending on the needs of the business. Commonly, businesses buy commercial property policies that cover: Lost income, business interruption Computer equipment and systems breakdowns Loss of financial assets or records Boiler and Machinery Coverage Since commercial property coverage generally excludes damages as a result of the explosion or breakdown of heavy mechanical equipment or pressurized systems like boilers, this coverage can be critical for any organization that uses expensive machinery.
In the event of a breakdown, boiler and machinery policies will not only cover the repair and replacement of machinery but also cover organizational expenses for incomes lost until the equipment is back online. Refrigeration or air conditioning equipment Mechanical or electrical systems that rely on piping, turbines, engines, pumps, compressors, blowers, gearing, shafting, electric motors, generators, transformers Business Vehicle Coverage Commercial property policies also usually exclude coverage of company-owned vehicles.
Commercial auto coverage is a common and fairly affordable add-on, but business owners often forget to factor it into their policies or forget to include exact identification of each vehicle they intend to cover. Remember that even if your employees are driving their personal vehicles, you will be liable for damages incurred whenever the car is used for business-related purposes.
Policies for non-owned vehicles are limited and cheaper, poll your employees and designate which non-owned vehicles will be regularly used for company purposes and cover each of these individually. Product Liability Insurance These policies can cover property damage resulting from the manufacture, wholesaling, retailing or distribution of your product.
This coverage is essential for any company that handles or moves a product regardless of whether or not they actually manufacture it.
Small businesses get boost from tax changes
Tweet on Twitter Years ago, the big box stores were all taking over the mom and pop businesses. Now we are starting to see a trend of individual businesses taking back. Pharmacies are one area where this is becoming lucrative. Many people are tired of the chain pharmacies and want more of a personal feeling. With a small, independent pharmacy business, the pharmacists can get to know their clients, and the clients can feel a bit more confident that they are being taken care of.
So how does someone start a pharmacy business?
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Sample Contracts and Forms Sample Contracts and Forms As a business owner or manager at a small business, you will undoubtedly have to fill out various forms and contracts in order to comply with regulations and limit legal risks. For instance, newly hired employees typically sign employment agreements detailing compensation and work requirements, while some employers require non-disclosure or arbitration agreements.
It can all be quite confusing, which is why FindLaw provides an extensive collection of sample contracts and forms commonly used by small businesses. In this section, you will find sample debt collection forms, business plans from actual corporations, balance sheets, state-specific business forms for sale, and more. Common Business Contracts Understanding the subject of your contract can help identify the sorts of agreements that are typical and help avoid missing opportunities to protect yourself and your investments.
Certain kinds of contracts are common in specific contexts, for example: Employment-Related Contracts – Contracts are increasingly important as both employers and employees seek to establish terms to establish the conditions of employment and the expectations of the employer and putative employee. Leases – Contracts that touch and concern real estate frequently require a written agreement, though leases of equipment are also common.
Real Property Leases and Equipment Leases cover agreements of this sort. General Business Contracts – Other business transactions may require a specific form of contract that will govern the relationships and actions of different parties. State-Specific Small Business Legal Forms Certain subjects are almost always covered by state laws and certain types of contracts are very commonly used by small businesses.
By selecting forms that have been generated with your jurisdiction’s laws in mind there is a much better chance that the courts will uphold your agreement and be able to enforce its clauses. Some of the helpful forms in the context of small business available here and organized by state include: By Subject In addition to the other resources found here FindLaw maintains examples and templates for contracts to be used by small businesses organized by subject.