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Risk of Small Business


Most people worry about the challenges they may face if they decided to start their own small businesses. Here are some common hazards to start your own small business, along with some surprising conclusions on how to treat them

  1. The new company could not
  2. This is probably the most obvious risk, but even if the new projects fail, is it really that big of a problem? Suppose that, in the process of winding down one business, learn valuable insights that provide the key to create a new and profitable venture instead. In this context, the so-called “failure” in the first business was simply a stepping stone to something greater. After all, the most memorable performance for most people are not the ones that happened without any problems whatsoever; victory happens after a number of setbacks is generally much more pleasurable and memorable as well. Consider the example of Henry Ford, who was declared bankrupt three times before to build a lasting empire. How many would still think of him as “repeated failure?” So even if the failure is not permanent, neither is success.

  3. The new venture could succeed
  4. The success of the new project can cause problems all its own. When a new business takes off, you may not have the skills needed to manage a rapidly growing business. On the other hand, even if you have the skills required, you may want the challenge of setting new startup to manage the rigors of larger companies. This forces you to make a choice: Are you turn the business over to someone who is better (or willing) to manage the business successfully, so you can still entrepreneur? Do you keep running the business, but keep it as a “bonsai tree business model” (where growth is artificially restricted to the bare minimum)? There is no simple answer to these questions, but these are relatively good problem to have.

  5. The new company could change to “Zombie business model”
  6. In this case you the worst of all possible worlds. A small business that is not alive and experiencing remarkable growth, yet one that also is not dead because of the obvious business failure. Instead, Zombie lurches business for as long as you put in the time and effort required to sustain it, but it never goes quite where you originally had hoped it would be. This option can never be completely eliminated, but just before startup planning can reduce the risk of coming to some degree. If it has taken place, then the next best option may be to change the venture to better business as soon as possible.

In other words, new projects could not, it could succeed, or it could just sit by. But what is important to recognize is that regardless of the outcome happens, the company will have a different set of risks faced by all these findings. So the best strategy is to plan for every possible outcome, so you are not surprised or disappointed by what the future holds.

Copyright 2010, by Marc Mays


Simple accounting for small businesses – Accounting Using a simple spreadsheet template


Starting a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all expenses and income for your business and you certainly do not have the money yet to engage a bookkeeper or accountant. If your business is a sole proprietorship, whether it is Canadian or US shareholder-based ownership, you do not need an accountant to submit financial company (books) to the IRS (USA) or Revenue Canada). Business income and losses are reported as part of the annual income tax phone. For this small business start-up, you do not need to buy fancy accounting software, like Quick Books or Accpac track your business.

Only part of incorporating Bizfare Enterprise Inc 2005, it claims to participate auditor. My accountant did insist on using Quick Books software for my business accounting. Prior to using simple table template Business Accounting served my needs for over ten years. This simple spreadsheet accounting passed many audits by Revenue Canada (CRA and Revenue Canada Goods and Services Tax. Both hardcopy circular pad and electronic tablet version of financial my books were accepted by Revenue Canada. (BTW the audit disclosed more ways for me to stay back taxes for the last three years! Now this type my review!)

A new start-up business venture, you will probably generate somewhere between 10 to 30 accounting transactions per month. These transactions were items as cost, revenue (sales), Liability (Loan) type transactions and Sales Tax (Federal + State / Provincial) Collection / deductions. This transaction is further broken down into different accounts. any accounts that you set up for your business is called Image of accounts . Recording your business financial transactions (Journal Entries) can be executed with pen and ink on an accounting columnar pad or electronically with a computer spreadsheet (MS Excel, Open Office, Star Office).

Whether you use electronic or hardcopy media, you need to develop a simple Journal template to create your Business synoptic Journal . This Synoptic Journal format has the advantage of allowing you a complete view of all individual transactions journal entry against all the various accounts. Creating this Synoptic Journal is easier to do than you think and requires no prior accounting or bookkeeping knowledge

Tip # 1 :. You may further reduce the accounting items (calendar entries) by combining such things as ‘all sales month “ and ‘ all parking receipts for the month” one mining line for the month.

Where do you start to identify the different accounts that need to Synoptic calendar?

If you now works for a company or government, secure one of their payroll forms. Look at each area identified as expenses – meals, mileage, hotel accommodations, taxi, car rental, telephone & cell phone, air fare, office supplies, etc. This is a great place to identify the various companies expense accounts you have to set up the company accounting books. To complete the conversion table accounts, business bank account, Sales, cogs (KSV), Sales Tax Collection, Marketing costs, and others as needed. Each of these accounts will be listed as a title across the top of each column Synoptic calendar. Each row (line item) will be unique business calendar by you. The journal transactions are grouped and summarized for each business month; usually, January to December.

So your Synoptic Journal would look something like this Sample Synoptic Journal

The The column headings might be in this order (from left to right):

DATE | DESCRIPTION | Bank deposits | BANK Audits | Revenues | Cogs | Sales tax collected & remitted | OFFICE SUPPLIES costs | COST # 2 | COST # 3 | ETC

Tip # 2: Unless your business is incorporated or LLC, you do not have to go through the expense of opening a current account with your bank. Usually Business accounts charge a higher monthly fee, charge for printing checks (checks) and do not offer any interest on your monthly bill. Instead, open a separate personal bank account (maybe savings). This will show a ‘tax’ you’re holding company separate from your personal banking. Remember that you are a sole proprietor and all your business income (and losses) to be applied directly to the tax upload (like the IRS and CRA).

To save time and do is very simple, I have already created a simple spreadsheet Synoptic Journal template that performs all calculations for each month and roll up to 12 business months so it is easy to be in annual personal income tax preparation. This Synoptic Journal template has Debit / Credit checks and balances, tracks sales taxes, mileage and amount of each account for your entire fiscal. If you want this FREE accounting template, you can get it on Communication Innovate. With a few key strokes, which will help identify you, I will gladly send you this FREE Synoptic Journal Template and also any future Small Business Tips

Tip # 3 :. One accounting rules is that every time you take a journal entry (line item which applies to trade against the relevant accounts) the debits and credits will remain equal at all times. This Debit Equals Credit calculator is built into this FREE accounting format. When you have finished typing Line (journal entry), check to ensure that the amount of the debit cell equal to the amount of credit cell. If they are not equal, you have not done properly the amounts in the journal entry computer. Correct the problem before entering the next calendar entry website.

You are now equipped to achieve your business financial books with some simple accounting software. Happy accounting!

and Happy Selling!

Running your own small business in Thailand


Thailand has many allures: beautiful beaches, warm clime, beautiful people, delicious food, impressive Buddhist temples, romantic and Sunny Isles, low cost of living …

Many foreigners – often visitors the Thailand-is convinced to set up and manage their own business in Thailand. They see it as the best of both worlds: settling down in paradise, relaxed lifestyle, while earning enough to pay the bills

Without compromising your dreams, you need to know about the pitfalls that could arise . and how to avoid them. Here are some things

1. It is quite possible to set up a small business in Thailand and meet your goal of covering your living expenses. However, you essentially know what you’re doing. If, for example, you want to set up a small gems-trading company, it is important that you establish a good experience in this line of work. If you want to open a bar or restaurant-something many foreigners have tried-previous experience in setting up and managing such a business is important. Without proper experience, you can be at risk of losing the entire investment in a very short time.

2. Once you have decided that you bring enough experience to the task, you need to study the Thai market to decide who will be your customers; how to reach them (Marketing); and where to locate your business to be successful.

3. When you decide to take the plunge, it is important to seek competent legal counsel to guide you through the process. There are a number of law firms that have a Western consultant, so you can sit on someone who knows the in and out of these rules, and you can trust.

4. In most cases, you need Thai Partner-true co-investor, or nominal partners. This will satisfy the Thai government for the Thai shareholders holding a minimum of 51% of the business. However, do not be put off by this particular claim :. There are legal ways to ensure that the foreign investor still in full control of / investment and their legal adviser will explain them to you

5. Furthermore, your business will have a registered business address: this can be a little like for a four-person office, or an entire suite of offices on the number of employees you need to hire. There are many office rental options in Bangkok and in smaller cities and towns to suit your budget; However, if you are thinking of running a small business out of your apartment, a consultant will need to work with you carefully to find the location that meets the expectations of the Thai government.

6. If you are running a business in Thailand by yourself, you need to obtain a work permit, otherwise you will be in conflict with immigration and labor law, that you want to avoid at all costs! The need for work to come up against the question of the number of Thai employees you will hire, it is with a minimum of regulation (4), however, the Thai staff can be phased according to the startup program. Legal adviser will tell you how to meet these interlocking rules without causing you too much of a headache.

7. It is important to keep the town accountant (it is not likely that you will need to hire a full-time accountant if your business is small). Accounting services are not expensive, from a minimum of 100 GBP (US $ 167) per month. You would, however, choose an auditor with which you can comfortably communicate in English, as you need to be on top of the tax and accounting issues: the interlocking nature of the rules of Thai companies is such that the tax and accounting issues are linked to renewal of permit and your visa every year.

8. You will want to ensure that Thai staff you hire for your business is competent and able to communicate in English. You will be happy to know that there are a number of Western managed company recruitment who have extensive experience helping Western managers in the selection of technical and administrative. You have to pay a fee for this service, of course, but it will allow you to avoid lengthy process newspaper advertising, pre-qualification and short-listing of candidates.

9. Some Legal company can provide more services to assist investors setting up a new Thai his company : help in the selection of office space that suits or your apartment for you; help to find a reputable office furnishings center; many law firms can introduce you to an English speaking accounting services.


Small Business Software


Small business software is a booming industry. Nowadays, every type of business needs to control their movements and take every action with the software. Business software is designed to help with the management and maintenance company. Of course, small companies are no exception to the rule.

Small companies and companies can use general-purpose software, customized implementation that meets their specific needs, or hybrid that combines both elements. The choice of which approach to use depends on the type of business and size of the economic budget is going to be spent on planning through software.

One of the simplest ways for companies to start working with the software would be to use the free Open Office suite of programs, which is similar to MS Office. The difference is that Open Office is free and MS Office (Microsoft Office) for a considerable amount of money for a small business.

except for the two options just described, the company can opt to hire a developer to “craft” software that meets very specific needs of the Corporation. This method is the most expensive one of the development cost of the application is going to fall only by the company that ordered it.

Finally, small businesses can go on using ready-to-use applications as well as some very special custom ones that are developed specifically for the exact needs of the company. This method is located somewhere between the first (cheaper) and second (most expensive) choice.


How to Start a Small Business Marketing


Starting a small marketing business is no different from starting any other business, but there are several things you need to know if the company is to succeed. The first step is to decide on a niche that the company will target. You should consider what marketing you will be specialized in and that your target market will consist of. To succeed in a small marketing business, you should specialize rather than generalize. This is because if you specialize, you will be seen as an expert in your field and it will bring you more customers.

After you’ve figured out what you want to make the next step to a small marketing business is to apply for an employer identification number, or EIN, and business license, or equivalent outside the US. Necessary for the tax. You should enlist the services of an accountant and a lawyer for this and other reasons. You should consider having a lawyer, accountant and professional market if you are not an expert in such consultants. Next, do your research on the best printer, graphic designer, list brokers, organizers of the event and video production professionals.

Once your business is up and running, start to create business opportunities. The best way, which is also the cheapest, is telling everyone you know about the new company and ask for a referral from them. When customers start streaming in, ask for references from them too. You can also advertise a small marketing business through traditional means such as issuing cards, publishing brochures and advertising in the Yellow Pages, in local papers and on television and radio. You can also advertise a small marketing business via the Internet. You can select are article marketing, Google AdWords, and email marketing, among others.

A startup will require at least 3 employees. The success or failure of marketing your business is dependent on the employees you have then marketing in the industry. You should train employees, even if they are professionals, and you should add them generously. Reasonable compensation will lead to greater loyalty and motivation. To improve loyalty and motivation, you should include workers in decision-making. Develop good accounting system and other relevant systems with the help of employees.

You can start with a small marketing company specializing in online marketing or one that specializes in traditional marketing. Online marketing is the future of marketing and this should be the focus. There are many online marketing opportunities where most companies have developed websites. The Internet has many options for a small marketing business because of the large audience and because the Internet has no geographical or national boundaries. With online marketing business, you will not need many employees where online marketing is uncomplicated and you will have a very low overhead costs. Online marketing business can be consulting, advertising agency, or SEO company.


Starting a small business in Canada


When it comes to starting your own small business in Canada, you might thrilled with the possibilities but at the same time at a loss as to how to start. Starting a business in Canada is not really difficult. There are some key ingredients that are essential and following the provincial and federal laws. In some cases, municipal government may require that you get a license if you operate your business in a municipality, but this is not a general requirement. Although primarily you must have Canadian presence, or a business address in Canada, in order to qualify. If you do not live in Canada, this does not present a problem, as we’ll discuss in this article.

Another essential element you need to start a small business in Canada is to have some kind of idea of ​​creation of your business plan. What do you want to market? What do you want to come into the world? Is your business going to be local or national? How will you market your product or service? What are your expenses and when you expect to make? Those are just some of the most important questions you must answer. Local banks and libraries can help you get the information you need to put together a strong business plan. Be prepared to change and improve the plan that you see investors, lenders, and / or partners. Then be prepared to further modify it as you begin to run your business and see what works and what does not.

Once you determine what services and / or products you will offer, the next step is to decide on the company name and our business legally. In Canada, the process is very simple. The easiest way to register a new business is a sole proprietor. However, as mentioned, you need to establish citizenship or Canadian number. If you live outside Canada, you might consider a partnership with a Canadian living in Canada and use their address. Each region has its own server business registration office. You can find a list of addresses and websites of Industry Canada website where you can register your business online.

If you are not terribly wealthy, as few starters of small businesses are, you will need to seek financial assistance. In Canada, most banks will offer financial services and help you get a loan. However, it can be very difficult to get a loan, especially if you do not have a perfect credit history or do not have any credit history in Canada at all if you are not a Canadian citizen. What you need to do is assure the bank that you are prepared. This is where having a plan comes in. You need to know what you’re going to do with the money, and you need to have a plan to pay it back. If you do not live in Canada but have a partner in Canada, he or she can co-sign the loan. By giving the loaner the confidence that you can put the money to good use and make the investment worth their time, you will be able to secure the loan. Banks or family are not the only solutions for financial backing. The Government of Canada offers loans and grants to new businesses to stimulate growth. Industry Canada website has up-to-date information on available loans, grants and financing. You can also check local municipal government websites for any assistance offered to grow business in their places.

There are also all kinds of places you can go that specialize in helping small businesses, and more than just financially. These programs and services can help you have a logo designed, help you start up a website and advertising. At this point, you need to start attracting customers, especially repeat customers who will come back to use your service or buy your product regularly. Internet advertising can be very cheap and effective, if you advertise in the right place. Many services can help you find the advertising you need to kick off your small business. The Internet offers a wealth of information on small business advice and services such as advertising and promotion. A good place to start is Canada Small Business Directory promotional services company in Canada.


800 numbers for Small Business


Every small business owner is constantly looking for ways to help build their business. Anything that increases sales or gets customers in the door is at the top of their priority list, especially when the cost is relatively low. Any small business that is looking to grow to look into getting an 800 number. There are many reasons for the 800 number is a great investment for small businesses.

800 numbers are an invitation to call. Statistics show that customers are more likely to pick up the phone and call the company if there is a toll-free line, but if they have to pay long distance charges. Just having an 800 number available will increase the number of people who contact the company and the sales will follow. The 800 number will open up business nationwide. More of sales volume will come from areas outside your area when the 800 number is available.

800 number indicates that the company is bigger than it really is. The general thinking is toll-free lines are expensive and therefore reserved for only large companies. It is possible to change the image of mom and pop business into a more dynamic, larger companies simply to add another phone line. In addition, if you decide to move your business, 1-800 number goes with you. What a great way to ensure you do not lose customers to transition.

800 numbers are relatively cheap. For a very low monthly fee, you can usually add 800 numbers to lines you already have. Often a special ring to it are advised to call the toll-free one. An affordable monthly fee, such as the long distance fees based on incoming calls, is a small price to pay for increased trade, especially in today’s economy.

Finding the right 800 number provider is important. The first place to check is with local and long distance telephone service already provided in your phone. However, you should also check out the prices and terms of companies that specialize in just a toll-free number provided. It can be a big difference in price. Remember to check the price of a monthly fee, as well as long distance charges you must pay each time someone calls the 1-800 number. Prices can be as little as a few pennies per minute to as much as 25 cents per minute.

Select an easy to remember number or create a talk with your company name or word is important that you make. 1-800-Cookies 1-800-USEDCAR is easy to remember and not be confused about what they do. You have to introduce new toll-free number. Makes it easy to remember will help investment in the last review and is just good business.


7 Great Small Business Ideas


In recent times, with the economic situation as it is, more and more people looking for a second income. A small home business can be a great way to bring in some extra cash or a stepping stone to find freedom from regular day job. Here are seven great small business ideas that can be ran from home.

1. Laundry services. Believe it or not people do not like to do their own laundry! This includes iron, wash, stain removal. These are all things that you can do at home and probably already have all the necessary equipment.

2. Map making. Pretty cottage industry, cartographic services popping up all over. Desk top publishing and cheap printing services make it very easy to install card printing services. You could make a birthday, Christmas and special occasion cards and selling them through eBay store.

3. Cupcakes. This old favorite has made Cupcake industry highly competitive and huge mark ups make this a great business to go into. You should note, however, that there are certain rules that you must meet before you can install in the food industry.

4. Sandwiches. Everybody needs to eat right. You could make fresh sandwiches in the morning and travel to the thousands of offices in all town center. You would probably just the first few before you run out of stock.

5. Set up as a web host. The Internet is huge and everyone who wants a website will be hosting. It sounds like a technical nightmare but it is actually very easy. Get reseller account from one of the big hosting companies and start selling chunks of it off for a profit.

6. Grow your own vegetables. Contrary to popular belief farming is not dead. As I said in a previous idea, everybody needs to eat. You need to invest some time in growing vegetables. Your profits will not come overnight so you have to do something else while they grow. Then sell them where you can.

7. classified buying and selling. Most people think it’s hard to spot a bargain but in reality it is very easy. We are not talking here eBay; we are talking house in the local media, newspapers and magazines. . You will soon be able to spot a bargain by looking at the prices of other similar items and check prices on the web

The trick to come up with small business ideas is to ask yourself the following questions:

1. Is your idea to solve the problem?

2. Does your idea have a market, it is in demand?

3. Can you make money from your idea?

If all else fails you could spy on other people. If others are to be effective then the chances are that you can succeed with a similar idea.


What defines a Small Business?


A Business Venture falls into three main categories, namely small, medium and large scale. They all have different definitions depending on many factors, but the most common are the number of employees and annual rate of return. Other factors that can be used to define the size, position the company as well as the ownership model.

A small business is defined as one that is owned by an individual and it operates privately. It could be based on home owners or the place that does not occupy so much space. The number of employees for such a company is small, but it again depends on the country. In the US for example, the number of employees must be less that 100, but in the European Union, they have to be less than 50 in Australia, a small company that is recognized as one with fewer than 20 employees in terms of work -Force.

When it comes to classification according to the percentage of returns, the value of assets or gains may be viewed, either alone or mixed definition. A small business may not have much to show for and annual earnings are usually less than $ 5,000 a year. This amount varies according to where the business is located.

Many of the tasks of small business and that are typical in many nations are convenience stores, small shops, a hairdresser points, restaurants, guest houses, photography shops and small scale manufactures. Others are home-based and they work mainly online from the comfort of their homes. They are referred to as micro-enterprises. They all come with their own varied advantages, all major players in the business on how their owner decides to run the company.


Small Business Success, Management and tips


curiosity must be outside this area if we talk specifically about better results in business and within a very short time. It has always been in this fast changing technology world where things are going to approach within a fraction of a second.

key of a successful small business is within the company itself. How do you control and make it friendly resort. We see always better optimization of available resources allows you to always succeed as you got the right place.

We have been in this niche of the past couple of years and really understand this business niche along with the promise of IT support services.

As far as company resources are concerned, you should have better infrastructure, troubleshooter to test in-house services, better brand building and of course a far your most essential business communication system.

Small businesses that are planning to move its services and plans for the relocation, employee management is a must. Management should provide them with business phone systems so that communication could not be a barrier to small business success. Small Business can really affect their customers if the company performs better and as expected of them.

If you need to get success in your small business with optimal resources using the best business phone systems available with all solid phone company.

You should always go ahead with a better online presence with a result oriented provider. If you are serving locally, you can try to go for a paid search engine results, but it depends on the service you are dealing with.

Your website should also be hosted on a trusted Web Hosting service provider that can keep you going for almost 99.99% of the time. If you are a small business and looking for a website administrator, at the most trusted partner who has enough experience in IT support.

Also, you know better if you ask any SEO company, make sure the domain is search engine keyword friendly and relevant to the industry you are dealing with this always matter how long you keep the state register and with any length. Search engine always give bonus older domains as they have inherent reliability. You may also go ahead for better communication systems and can improve internal communication media as Online Fax Services as it give you a lot of business flexibility in terms of security, with one provider dependency and much more.

many small business owners who find they do not have the technical knowledge to build a website for their business do not realize how simple it can be with business software. As e-commerce continues to grow as a way to buy and sell goods and services online, small business needs to learn a few simple steps to online success.

The first step could be the most difficult measurements what are your customers’ needs and what you can present potential customers with a website? The answer to that question can go a long way to create valuable web-based customer base, bringing in returns through online sales and increase your brand in the marketplace.