by Larry Slusser on April 9th, 2008
After you build your business up and are successful you might be tempted to consider selling. The problem many business owners run into is that finding someone to buy their business is difficult. Many times people are interested in purchasing the business but they lack the cash to make the purchase, or have credit that isn’t quite good enough for standard financing. Although everyone dreams of a quality business person with cash and financing to walk in that doesn’t happen very often.
The bank is going to check on the history of the potential owner to see what their financial... Read more »
by Larry Slusser on April 9th, 2008
There are many benefits of being self employed. Independence, flexibility in work schedule, getting to do what you love, and enjoying some nice deductions from the IRS that lower the amount of tax you pay. Lowering your tax means increasing your income and your net cash flow so make sure you take advantage of every legal deduction you can take.
It is important to know that while seeking the help of professionals is advisable, you always want to make sure to do your own research and check for deductions on your own. Make sure that if there is any ambiguity... Read more »
by Larry Slusser on April 9th, 2008
You have a great business idea and you put it into action. The result is a nice little opportunity that your friends and business colleagues tell you would be a great franchise. The decision to franchise is not one to take lightly. First you need to understand what a franchise is and what other alternatives you have available to you.
The federal government defines a franchise as a business relationship that has 3 specific characteristics. Number one there is a common trademark. Number two, there is a level of operational support or help and training and one company has significant... Read more »
by Larry Slusser on April 9th, 2008
Working from home is a great option for many different professionals in many different lines of work. Some companies are even encouraging workers to become virtual workers when possible, saving on commuting cost and the cost of office space.
While staying home and having a home office may seem ideal to you, believe it or not there can be some issues when working from your home. Distractions are more prevalent at home although the argument can be made that there are plenty of distractions when working on-site as well. Losing your internet can be a real drag and also the... Read more »
by Larry Slusser on April 9th, 2008
Entrepreneurs have been described as many things over the years in a variety of mediums. Aggressive, type A, intelligent, calculating, assertive, savvy, and many other terms and descriptions have been used.
Tai Chi is often called a passive martial art form, and “whole body and mind” form of exercise. Known throughout the world as a form of exercise to help with stress, how can Tai Chi be compared to being an entrepreneur? After all, one of the more famous quotes in Tai Chi is action through inaction which would seem to run counterintuitive to the entrepreneurial spirit.
Dig deeper in... Read more »
by Larry Slusser on April 8th, 2008
Consumer loans and small business financing has become incredibly difficult to obtain. What started with the mortgage industry has crept into the small business arena where lenders have tightened up the criteria for lending. This is creating a need for business owners to look somewhere else for financing. With rising defaults in revolving credit, the fees are higher and underwriting is tougher, making it more difficult for small business owners to obtain any sort of financing-even more difficult than in a normal market. Looking for alternatives for financing is where small business owners must look rather than using their credit... Read more »
by Larry Slusser on April 8th, 2008
In the information age your company can have added protection against bad check writers besides just putting up a sign saying how much you would charge in case of a returned check. You might not be aware of the fact that in some states it isn’t even legal for your company to charge for a returned check.
While writing checks that bounce is illegal it is unlikely the police will be arresting your bad check writer unless they are a habitual offender. So how are you supposed to collect if you deposit a check in the bank that is returned... Read more »
by Larry Slusser on April 8th, 2008
One of the most difficult parts of owning and running a business is collecting on accounts receivable. While nobody likes to be the bad guy, you need to have an established procedure to collect the money your company is owed.
The first and most important part of your accounts receivable process is to decide just who you want to extend credit to. With credit cards, debit cards, and EFTs, the customer who needs to have credit really must demonstrate a need for you to establish a line of credit for them.
While you want your company easy to do business... Read more »
by Larry Slusser on April 8th, 2008
When you have made a major purchase whether it was a car or living room furniture chances are you received some sort of thank you from the company you made the purchase from. Usually at a high quality dealership for cars or furniture the salesperson will be given the responsibility to write the thank you note but often times the note will be signed by anyone who you came in contact with during your purchasing experience.
Thank you cards are a nice touch, particularly if they are hand written. Giving a small gift can even be appropriate if the purchase... Read more »
by Larry Slusser on April 8th, 2008
Setting up shop in the inner city can have a lot of benefits including an accessible location, not to mention lower turnover of a workforce which is more diverse and underutilized than the national average. The real estate may be lower cost as well. However, before you set up shop, there are a few things to keep in mind.
First, ensure to tell the local city officials of your plans for moving into the neighborhood. One of the best places to start is the city or state department in charge of economic development. They can assist with applications and to... Read more »