advice
Published November 27th, 2008
Q: Steve, it is no secret that credit and money are still tight, but what is a secret is where small business should go now. My line of credit has dried up last month and I am at a loss. What are our options?
Michael
A: The good news is that there still are options out there, it’s just that if you want to find the money to start or expand your business, you may need to look in new places and be more creative.
The era of ‘easy credit’ is over, that’s for sure.
In fact, according to Senator... Read more
Tags: advice, banking, credit, credit options, loans, Steve Strauss, tips
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Published October 16th, 2008
Whether you are opening a brick-and-mortar store or creating an online e-commerce site, you’re going to need a variety of products from a multitude of manufacturers. While it may seem overwhelming to set up accounts with so many vendors, there are definitely some easy ways to simplify the process.
First, you will need to decide what types of products you want to carry. It’s best to be flexible with brands, colors and sizes, as that will open up your opportunities when dealing with suppliers.
Wholesale product sources
*Manufacturer: Most times buying direct means a high minimum order. Usually manufacturers will... Read more
Tags: advice, Carrie Hinkel, Product Sourcing, source, tips, vendors, wholesale, wholesale vendors
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Published October 8th, 2008
Q: Are small businesses really having a hard time right now? Everything seems OK to me. Sure, gas prices are higher, but all in all, things are fine.
Phil
A: I’m sorry, but I simply disagree. I think things are pretty tough right now for most small businesses. That said, nevertheless, I will admit that there is a surprising amount of debate on this issue.
Case in point: I hosted a roundtable event of small business bloggers in New York last week. The event was sponsored by Brother and the topic was, "Who says a slow economy has to slow... Read more
Tags: advice, column, economic crisis, economy, small business, small business expert, Steve Strauss
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Published September 24th, 2008
Specialty retailers looking for new ways to source products may want to consider visiting local live auctions on a regular basis. The wares are always changing, and while finding products may seem like a needle-in-the-haystack quest, the rewards can be nothing sort of amazing. From a caseload of unopened mp3 players to valuable antiques whose beauty is hidden under a layer of dust, live auctions can hold a treasure trove of products for retailers.
The types of items that can be found at live auctions
The goods being sold at auctions can make some retailers truly giddy with excitement when... Read more
Tags: advice, auction houses, auctions, Carrie Hinkel, Product Sourcing, source, sourcing products, tips
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Published September 23rd, 2008
As the internet makes contacting and communicating with businesses incredibly easy, more entrepreneurs are considering setting up a wholesaler business. A wholesaler is basically a middleman between manufacturers and retailers. Wholesalers buy products in bulk from manufacturers and then sell them at a markup to retailers. There’s no doubt that wholesaling can be a very lucrative business, especially when you carry a full line of products within the same product category.
Getting started as a wholesaler
Find potential manufacturers - This may sound simple enough but it truly is a time-consuming process, as not all manufacturers are willing to take... Read more
Tags: advice, alibaba.com, Carrie Hinkel, getting started, Starting a Business, tips, wholesale, wholesaler
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Published August 12th, 2008
If you’re looking to create an advertising campaign for your business, you need to make sure you approach it correctly if you want it to make an impact. This is regardless of what form your advertising will take - online, print, television or radio. After all, you’re probably spending quite a bit on the advertising costs, so you need to make sure you’re getting your money’s worth.
Here’s a list of do’s and don’ts when developing your campaign:
Keeping it Clean
Do use simple ideas: Focus your campaign on one image, slogan, or concept.
Don’t have 4-5 images vying for... Read more
Tags: advertising, advice, danny brown, Marketing, marketing campaign, Marketing Your Business, tips
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Published August 6th, 2008
If you’ve decided to sell name brand products in your store, you’re in luck. Because of the popularity of certain brands, they are easy to find and buy at wholesale prices. However, there are some very real risks to look out for when trying to source your products.
Important things to know about brand-name product sourcing
1. Fake “factory authorized” distributors : It is a must that you buy your products from distributors that have been authorized by the manufacturer to wholesale their products. Most brand-name manufacturers will not sell directly to you, so you will need to go through... Read more
Tags: advice, brand name, Carrie Hinkel, Product Sourcing, source, tips, wholesale
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Published July 30th, 2008
In order to maximize your profitability during seasonal changes, specifically with the back-to-school season, you need to remove the guesswork. You need to know exactly how the market is going to behave to make the most money.
Predicting the Future
How can you know when the peak sales are going to drop off? You can’t predict the future can you? Of course we can’t predict the future, but we can learn from our past.
Retailers keep track of what happened previous years to know how to effectively sell this year. Managers order enough calculators not only to get them through... Read more
Tags: advice, back to school, Generating More Sales, HammerTap, product trends, Sales, seasonal trends, tips
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Published July 14th, 2008
Having an interesting and wide variety of products in your store is important, but without a creative way to display them, you could be missing out on a ton of sales! Think of your store’s display space as part of product marketing and promotion. You are trying to draw customers into your retail space and get them intrigued about your products. Now, what better way to do this than by creating a warm and cozy atmosphere that is logically laid out and with products creatively and attractively displayed? Once your store’s retail space is being used to its full advantage,... Read more
Tags: advice, boosting sales, Carrie Hinkel, Generating More Sales, retail displays, Sales, seasonal, tips
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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... Read more
Tags: advice, Product Sourcing, Rebecca Button, small business, source, Starting a Business, suppliers, tips, vendors
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