The goWholesale Blog

Make Sure You Recharge Your Batteries This Summer

July 16th, 2008

Summer is halfway over and if you haven’t taken a vacation yet, you better get going! As one of our expert contributers, Steve Strauss, highlights below, it’s a must for any entrepreneur.

Q: Steve – I would like to get away with my family this summer, but I just don’t see how I can do it. I own a one-man business and when I don’t work, I don’t get paid. What can I do if I can’t afford to get away?

Tony

A: Amigo, I hate to sound like a cliché, but you can’t afford not to get away.

If you are like most of us, you went into business for yourself because

I once worked for a law firm that, I thought originally, was quite generous with their time-off policy: Three paid weeks a year. Woo-hoo! But it was only after I started that I “got” the fine print. I was allowed the time off, sure, but only if I still billed my requisite 90 hours for the time I was gone. I got three weeks of, but only if I worked an extra three weeks later in the year.

Man, I hated that job.

So, if you are the boss now, be a good one. Give yourself a break. Even better, give yourself a long break. You deserve it. And you are not alone, according a recent American Express Open survey, almost 2/3 of all small business owners are going to take a week off this summer.

Here’s how the solopreneur can do it too:

Plan ahead: This can mean many things:

Hiring a temp or virtual assistant: If in fact you cannot get away without closing the office or shop, then consider hiring part-time help, a temp, or a virtual assistant who can man the essential functions while you are gone.

No, they cannot do everything you do, but you just might be surprised how much they can do. The key is proper training, and good communication. Consider having a pow-wow every few days over the phone. In the meantime,

Turn the Blackberry off : It’s a blasphemous thought, I know. But the point of getting away is to get away. Constantly checking emails and making calls not only defeats the purpose, it ticks off people who you are supposed to be relaxing with.

Call and check in a bit, sure, but there is no need to do it constantly. That same AmEx survey found that 81% of small business owners intend to check in with their business either by phone or email while on vacation. (Note:19% will not check in at all!)

Get more done early : Get extra work done before you go. By getting ahead, you make getting away much more doable.

Schedule extra time when you get back: Don’t tell everyone you will be back in the office Tuesday, tell them Thursday. Then, when you get back in Tuesday you can have a few days of uninterrupted time to catch up.

Combine business and pleasure: If getting away from it all still seems too difficult, consider making a business trip a family trip. It will save you money, allow you to still work a bit, but also have some needed R&R.

Have more 3 days weekends: Finally, if a week away is not your thing, for whatever reason, then this is the time of year to have more long weekends. You will rejuvenate your batteries, yet still get work done.

Today’s Tip : If business with your traditional customers is slowing down, then guess what? It may be time to investigate areas and customers that can be more productive and profitable, and begin to target those.

Steven D. Strauss is one of the world’s leading small business experts. His latest book is the Small Business Bible . A lawyer, author , and public speaker, Steve has spoken around the world about entrepreneurship, including at the United Nations, and he has been on CNN, CNBC, MSNBC, The O’Reilly Factor, and many other television and radio shows. If you would like Steve to speak to your group, help your business grow, or if you would like to sign up for his free newsletter , “Small Business Success Secrets! ” please visit his website – www.MrAllBiz.com .

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What to do if your supplier goes out of business

July 8th, 2008

Well hopefully you don’t have one single supplier! If one of your major suppliers does in fact notify you that they are closing their doors, there’s no need to panic. Simply contact your other supplier(s) and speak with them about the possibility of you moving more business their way. Determine if they can handle the new demand and talk about pricing options with them (as they may offer a discount for more business). Also remember to contact the supplier that is going out of business and ask if they have any products that they can still supply you. If they do, you might be able to get a "going out of business" price on the items.

In the event that you have paid for items that have yet to be shipped when the notification of the closing comes, DEFINITELY contact the supplier to figure out if you will be receiving the products you paid for. If not, ask about taking other products up to the equivalent value you’ve already paid. You may have to enter into court proceedings but this of course is highly undesirable as it will likely cost you more to hire a lawyer and pay court fees. Try to work something out directly with the supplier but if this does not work, make sure you consult a lawyer for further action.

The best way to avoid any of this is to pay attention to clues that might indicate the supplier is in trouble. Some of these include:

*Difficulty in reaching the supplier by phone or email.

*Repeated lag in shipping timeliness and lack of product.

*Employees begin to quit and/or ask if your company is hiring.

The best plan is to always have back up suppliers. This will save you a fortune in time and money in the event that one of your major suppliers does indeed go out of business.

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Sta.rtUp.Biz: A Promising New Social Network

July 3rd, 2008

Move over Facebook. Watch out MySpace. There’s a new kid in town.

Aside from the less than convenient domain name, Sta.rtUp.Biz appears to be a social network above the rest (as far as small businesses should be concerned). With a slick and stylized presentation this social network seems to have it all. From creating your own profile and connecting with other business owners to an impressive resource offering, this site is bound to give it’s members everything they could possibly want all in one place. Their articles section traverses the top business magazines online including Fortune, BusinessWeek, and Entreprenuer. They’ve got forums, blogs and videos as well as free business tools and free advice from experts.

Check it out. And if you are a member please let us know what you think about it. Does it live up to it’s flashy presentation?

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Posted in E-Commerce and E-Business, Starting a Business | 1 Comment »

Top 5 Startup Myths

May 29th, 2008

You may think you know what you’re getting into…but you have no idea. There are probably a few preconcieved notions you have about starting a business whether you think you’ve done your homework or not. So without further adieu here are the top 5 startup myths you should be aware of:

5. The government gives grants to small business startups - While some states may have special funding programs in place for people with disabilities, minorities or veterans, the federal government does not have any programs that give money directly to any business. Your best bet is to get involved with the Small Business Association (SBA) and see if you can work with them to have them back a bank loan. You can also contact your local Economic Development Corporation to get help regarding information and resources that will help small businesses.

4. The only reason you need a business plan is to obtain financing - Forget about the financing, a business plan should be made to give you a realistic perspective of the market and the competition. Preparing a business plan keeps you from discovering the hidden pitfalls that can lead to an early closing. Yes, a business plan is the best tool to use to figure out the startup and monthly cash needed to fund a business, but that is only a portion of why a business plan is so useful.

3. A unique product/service sells itself and doesn’t need marketing or advertising - Every new business owner believes their product or service is compelling, otherwise why would they invest their time and money in the business? In a marketplace filled with billions of product offerings, it’s the ones that use the power of marketing to their advantage who get the most customers. The worst thing a business owner can do is sit back and wait for customers. You need to work to grab the attention of your target market, because you can bet that if you don’t another business will. And, inferior products or not, they’ll get the business because they put their offerings in front of more people. It’s as simple as that.

2. Small business owners have more free time - Ah, the life of an entrepreneur: Lying around in pajamas, eating bon bons on the couch and leisurely typing away on the laptop - Ha! Try the complete opposite: Early mornings, late evenings, long workweeks and working on the weekends. Sure you’ll be able to see the kids off to school and take them to the dentist, but in order to grow your business, you’ll need to put in the extra time - and that’s especially important in the first three years.

1. Business owners can write off practically everything - Not unless you enjoy being audited by the IRS! Sure there are perks to being a business owner; you can write off business lunches, computers, office rent and utilities, but that doesn’t mean groceries, clothes, haircuts, etc. Some people think that just because they’re a business owner, they can magically deduct every purchase if they can somehow link it to their business ("I need a $5000 ‘power suit’ for the meeting"). The reality is, it just isn’t so, and that kind of thinking is likely to get you into serious trouble with the IRS.

Bottom line: There’s no easy way to the top. Good old fashioned knowledge and hard work is the key!

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How Home Office Design Affects Productivity

May 9th, 2008

Having an office at home is wonderful. You can be around your family more and you won’t have to travel back and forth, to and from work, especially with gas prices being so high these days.

If you have an extra room that you can make your office, that’s great. If you don’t, you will have to find a space in your home where you can create a home office. This can be any room - even a large closet.

Liven Up Your Space

It is a proven fact that your office affects your productivity. So yours should be lively, not dull. The walls should be colors that inspire you, not simply grey or white.

You should have colorful artwork on the walls and area rugs on the floors. Have a sofa or chair in your office with throw pillows on it. If your office is white or beige and has no life, you will want to spend less time there - and therefore you won’t be very productive.

Save Space

If you are forced to make your closet your office, you need to save space in every way possible. Leave the legs off of your desk and mount the desk top to the wall.

You can use the area underneath the desk as a place for your computer tower, a trashcan, or even a few storage boxes. You can also have a closet system installed with several different shelves so you can stack files, or even stack plastic boxes.

If you are working in a small space, you want to keep the things you use everyday close to your fingertips. You want to make sure it is organized. If you have to waste time looking for something that you can’t find because your office is cluttered, you are not being very productive.

If you have everything organized and you are looking for a certain file, you know exactly where it is - and you can spend the time you would have spent searching for the file working. This will make you more productive and more successful.

Keep Only What You Need

Keeping only the things you need is very important. If you keep all of your files, even after you have finished using them, you may want to consider moving them to a storage shed or attic.

When you are in a small office, you want to maximize as much room as possible. If you are not using something, find another place to put it.

Having a small space takes a bit of creativity but in the end, you will have a functional office that you can be productive in. Begin by learning how to determine what is really needed and what is not.

That will carry throughout the rest of the house - and you can get rid of things that you may have been hanging onto for years but are not using.

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Posted in Starting a Business, Uncategorized | No Comments »

How Home Office Design Affects Productivity

May 9th, 2008

Having an office at home is wonderful. You can be around your family more and you won’t have to travel back and forth, to and from work, especially with gas prices being so high these days.

If you have an extra room that you can make your office, that’s great. If you don’t, you will have to find a space in your home where you can create a home office. This can be any room - even a large closet.

Liven Up Your Space

It is a proven fact that your office affects your productivity. So yours should be lively, not dull. The walls should be colors that inspire you, not simply grey or white.

You should have colorful artwork on the walls and area rugs on the floors. Have a sofa or chair in your office with throw pillows on it. If your office is white or beige and has no life, you will want to spend less time there - and therefore you won’t be very productive.

Save Space

If you are forced to make your closet your office, you need to save space in every way possible. Leave the legs off of your desk and mount the desk top to the wall.

You can use the area underneath the desk as a place for your computer tower, a trashcan, or even a few storage boxes. You can also have a closet system installed with several different shelves so you can stack files, or even stack plastic boxes.

If you are working in a small space, you want to keep the things you use everyday close to your fingertips. You want to make sure it is organized. If you have to waste time looking for something that you can’t find because your office is cluttered, you are not being very productive.

If you have everything organized and you are looking for a certain file, you know exactly where it is - and you can spend the time you would have spent searching for the file working. This will make you more productive and more successful.

Keep Only What You Need

Keeping only the things you need is very important. If you keep all of your files, even after you have finished using them, you may want to consider moving them to a storage shed or attic.

When you are in a small office, you want to maximize as much room as possible. If you are not using something, find another place to put it.

Having a small space takes a bit of creativity but in the end, you will have a functional office that you can be productive in. Begin by learning how to determine what is really needed and what is not.

That will carry throughout the rest of the house - and you can get rid of things that you may have been hanging onto for years but are not using.

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When Disaster Strikes

May 9th, 2008


Q: Steve - We all think that "it couldn’t happen to me" but I am here to tell you that it can. We lost our business in Hurricane Katrina and I would just like everyone to know that it’s smart business to hope for the best but be prepared for the worst. Thanks for the platform.

Stan

A: Stan and I met earlier this year when I was giving a speech. When he learned that I write for USA TODAY, he really wanted to share his story and in the process help other small business owners avoid his unenviable fate.

Stan is an accountant who kept all of his records on the computer at his office. That included client tax returns, client lists, his own business records - the whole shebang. Unable to get to his office once the hurricane hit, Stan not only lost his data and computer in the disaster, but all physical files and other records too. He lost his entire business.

"Please, tell your readers to just take some basic steps that can ensure that their businesses can survive a disaster," Stan insisted.

With the official start of hurricane season about a month away, it seems to be a good time to spread the message that, while no one likes to think about what can go wrong, it behooves us all to take some basic steps to avoid the avoidable.

Of course, it is not just hurricanes that are a threat to a business - it could be any number of other natural disasters - earthquakes, tornadoes, floods, fire - as well as personal disasters - a stolen computer, a hard drive that crashes (try losing three chapters of a book you are writing!), a power outage . . . .

Luckily, I was recently offered the chance to read a White Paper produced by HP and SCORE that sheds some light on not only what a significant problem this is, but what you can do about it. This White Paper was incredibly useful and has been shared with government officials and business leaders.

Consider these sobering facts:

* About one-third of all respondents to a survey in the paper said they backup their data rarely, if at all. Most of the rest did it less than monthly, and yet
* 70% of small businesses that suffer a major data loss will go out of business within a year.

But, as pointed out in the paper, "disasters can be averted with some foresight and planning." Here is what you can do:

* Of course, the easiest and most obvious preventative measure you can take is simply to backup your data, and not just in the same location, but remotely.
* Important documents should be kept in a fireproof safe.
* Software should be utilized to prevent computer worms and viruses from destroying your hard drives.
* Create a plan to keep things running if something should happen. Assign roles and responsibilities as a part of that plan and walk through them with employees. Then keep the plan updated.

To underscore their commitment to helping small business in this regard, HP and SCORE have even taken things one step further and are now offering free "Wellness Workshops" around the country so as to better help small businesses prepare for unanticipated disasters and shutdowns.

According to Lisa Baker, Director of Business Marketing, Americas, Personal Systems Group, HP, "many small businesses are not prepared for disasters large and small. As such, through the Wellness Workshops, HP and SCORE are working together to ensure that small businesses understand the simple steps needed to safeguard a business’ survival."

During the workshops, attendees will learn how to protect their core business assets such as employee records and customer databases. There will also be a special session on providing small businesses with guidance on how to green their business.

Hurricane Katrina was a tough lesson for too many small businesses. Let Stan, HP and SCORE help you help yourself. Create that disaster preparedness plan today.

Today’s Tip: The HP/SCORE Wellness Workshops are coming to a location near you. You can find out where and when here .

Need a speaker for your next event? Contact Steve ! He is one of the world’s leading business experts, a popular speaker on the business lecture circuit, and is sure to leave any audience thrilled. A columnist for USA TODAY, lawyer and author, his latest book is the best-selling Small Business Bible: Everything You Need to Know to Succeed in Your Small Business .

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Health Insurance for the Self-Employed

May 7th, 2008

Although being self-employed offers many advantages - being your own boss, enjoying all the profits, etc - there are also some downsides. For example, you no longer receive sick pay from your employers should you fall ill. Obviously this can pose problems, especially if you have mortgage payments to meet and other monthly outgoings, since without any sick pay, you don’t have any income when not working. Thankfully, there are options to take out health insurance if you’re self-employed.

Exploring the Options
The first thing you need to do when arranging self-employed health insurance is to compare the different insurance providers. One of the problems with being self-employed when it comes to health insurance is that it can often be more expensive to arrange than if you were fully employed by a company. However, if you look around and compare your options, you should be able to find providers that offer rates that are comparable to full-time employed benefits.

You can either do this via calling health insurance providers in your local area, or for more options use a search engine like Google to find online providers. An excellent resource to use is Health Insurance Info , which offers details on what health insurance plans are available in your particular state. Additionally, it also informs you of potential high-risk industries, as well as the providers that specialize in different areas.

Other options available to you include the Small Business Service Bureau , or SBSB, which not only offers advice on health insurance cover for the self-employed, but also general business tips for running your own business. Having a site that combines all this information onto one dedicated portal can make running your business a lot easier.

Perhaps one of the best websites for dedicated advice on where to arrange your self-employed health insurance is eHealth Insurance . Here you can compare up to 70 health insurance providers, with policies to suit your particular needs. If there’s any drawback to this site, though, it’s that it doesn’t cover all US states - if your business is in Rhode Island, North Dakota, Massachusetts, Maine and Vermont, you won’t be able to take out insurance.

Additionally, the policies are only for one person - so, if you’re running a business yourself you’ll be fine, but if you employ people they won’t be covered. You can get round this by only employing sub-contractors, who would then have to take care of their own health plans and taxes, etc.

If you’re unsure, the best option is to speak to your local Chamber of Commerce. These can advise what options are available in your state, and you may even be able to receive self-employed health insurance cover via a Municipal Employees Health Insurance Program. Although traditionally for employed workers, some states will allow this to cover small business owners as well, so make sure you find out if it’s applicable where your business is.

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Proprietorship, Partnership, Corporation, or LLC? Which Structure is Best For Your Business

May 7th, 2008

Starting a small business can be confusing, in terms of deciding what "type" of business yours will legally be defined as. There are five main types of business organizational structures: sole proprietorship, general partnership, limited partnership, corporation and limited liability company (or LLC). Each is set up and operated differently, and each is looked at differently in terms of taxes and legal protection. Knowing which one is right for you and your business is crucial, and can save you from future legal and tax headaches.

The five main types of business structures

Sole Proprietorship - This type of business is owned by a single individual that earns all the profits and is responsible for all the losses. A sole proprietorship is the simplest of all business structures, and therefore the easiest to set up. However, it is also the riskiest because your personal assets are not protected if a lawsuit is brought against your company. There are also no tax benefits for sole proprietorship owners. While this type of business may be suitable for a small home business, most business owners will find that a sole proprietorship is too risky for their company.

General Partnership - An ownership agreement where more than one person is involved. All parties share equally in the profits and losses of the business, as well as full liability for debts. The general partners also share equally in any personal liability. A general partnership can be formed with or without a formal written agreement and there is no filing requirement with your state. One thing to keep in mind with a partnership is that partners may not always have the same goals or direction for the business, as well as different ideas on how to spend the business’ money.

Limited Partnership - A business partnership where the partners are only responsible for their own investment. Typically, limited partners are seen as "silent partners" who have invested in a business but have no management authority. Since the general partners share the personal liability for the business, the limited partners do no share in this risk. One of the disadvantages of a limited partnership is that there is several state filing requirements..

Limited Liability Company (LLC) - A flexible business structure that allows for the simplicity of a partnership with personal liability protection for the owners. While an LLC doesn’t have to follow the rigid requirements of a corporation, most states do require a formal operating agreement as well as the filing of an annual report.

Corporation - A business entity which has certain rights and privileges (such as owning assets, purchasing property, etc.) similar to an individual. A corporation has a limited liability of its debts and the shareholders’ (owners’) assets are not at risk. Corporations must follow a specific management structure and formal policies in order to remain a corporation. There are annual filing fees for a corporation as well as annual paperwork requirements from the state.

The choice of a business structure is an important one and shouldn’t be taken lightly. For more information, please take a look at the IRS’ website.

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Tips for Beating Entrepreneurial Burnout

May 1st, 2008

If you’re like many entrepreneurs, you love everything about your small business. You love what it is about, how it runs and the whole industry surrounding it. With all that love, it is hard to think you could ever get tired.

Nevertheless, it happens. Many an entrepreneur finds him or herself going and going - until one day they just blankly stare at their desk or office space and feel lost and empty.

This is called entrepreneurial burnout. Essentially, the well of creativity and energy that has been running your business has run dry. This doesn’t mean you need to close shop or change business avenues - it simply means that it’s time to take a break, step away and recharge.

If you are a sole proprietor, or run a small business, running away for a few days or a week may not be an option. Let’s take a look at a few ways to do a little on-the-job recharging.

* Watch Your Hours - While all people who run their own businesses work an immense number of hours, you need to make sure you are not overworking yourself.

Too many hours of work will make you tired, sap your energy and make coming to work a monotonous chore, not something you love.

Instead, see if you can restructure your hours, or hand off some of your chores. The key is to work an acceptable amount of hours and still have time off to enjoy life.

* Add Something New - Have you thought of making some changes to spice things up? Perhaps you can look into starting a new product line.

Maybe you can add a new look to your office or any of a number of other changes that may be mulling around in your mind. This may be a great time to make those changes.

In addition to changing the look of your business, or adding new offerings for your customers, it will give you something new and exciting to see when you come to work.

* Reclaim Your Creativity - Many business owners, when they first started their companies, came up with new ideas, products and paths every day.

Over time, your job may have changed to being in charge of piles of paperwork and other boring things that involve no creativity. Can someone else do those tasks?

It may be time to hire an employee to take over some of the work that is dragging you down - so you can focus more on your creative side that got you into this business in the first place.

* Seek Education - A great way to become inspired to take your business to the next level is to see what is happening in the rest of your industry.

Book a trip to a trade show or convention and see what similar companies have to show and offer. Seeing new items and ideas may help kick start your creativity again and help you think of new directions and opportunities for your company.

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