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Category Archives: Business

3 Killer Business Ideas

You’ve heard the expression, “There’s no use crying over spilled milk,” but what’s the consensus on spilled blood? If the idea of mopping up gore makes your eyes water (or worse), don’t worry: There’s a business you can call to tidy up even the bloodiest of messes.

Baxter Restoration, a cleaning and reconstruction company in Orlando, Florida, does something your average maid won’t: It cleans up after the Grim Reaper. Whether it’s a crime scene, the aftermath of a suicide or the remains of an exploded meth lab, Baxter will disinfect, decontaminate and leave things looking less macabre.

Industry insiders refer to such sluicing down of blood and brains as “biohazard” cleanup. And while this unusual service makes some people squirm, it’s reassuring to know that there’s someone you can call to perform this most unpleasant of chores.

Sure, you eat organic apples and have sworn off plastic shopping bags, but will your green lifestyle die when you do? That’s the question this next business wants you to consider before it’s too late.

The Natural Burial Company is an online retail and consulting business that sells biodegradable coffins, caskets, urns and other funeral goodies for eco-conscious mortals. The business aims to facilitate the natural burial process for those who take the whole “dust to dust” thing literally.

To that end, the company sells goods like the “Everybody” Coffin Kit, a biodegradable cork coffin that you can put together in your living room. Talk about a fun do-it-yourself project! The company’s online retail store also features a line of products for pets, including a biodegradable urn in the shape of a yarn ball for the eco-minded (but aging) feline in your life.

If the deep blue sea isn’t your thing, you might want to consider sending your remains into deep space instead. Celestis, a company offering “memorial spaceflight services,” launches human remains into the dark corners of the universe.

Celestis’ Voyager Service, scheduled to launch for the first time in 2015, isn’t exactly the cheapest way to memorialize a loved one, but it might be the strangest. For $12,500, the company will strap 1 gram of the departed’s remains onto a spacecraft and launch it into outer space. Or, if you’d like to know just where your loved one is headed, you can opt for the company’s Luna Service, which rockets human remains directly to the surface of the moon.

4 Unique Business to Inspire You

Tinder for dogs

Borrowing a page from popular dating app Tinder, BarkBuddy makes it easy to find and adopt the perfect dog for you. Users tell BarkBuddy what they’re looking for in the perfect pup, and then swipe yes or no on different profiles of dogs in their area. Once you’ve found the right dog, you can set up a meet and greet through the app.  The company ensures that everyone using the app is qualified to adopt, too. You have to fill out an adopter profile to be approved first; otherwise, you won’t be eligible to adopt.

Education a la carte

Do you ever find yourself wishing you could go back to school, or maybe even teach a course in a subject you’re skilled in? Skillshare, founded in 2011, makes both of these things possible. The company allows experts to teach online courses on any subject they choose via short videos, while students can watch classes at their own pace and use the community to get feedback. Students can even take classes off-line via smartphones and tablets if they’d like to learn on the go. And unlike college or graduate school, with their high tuition rates, Skillshare costs a small fee of $10 per month, with a free 14-day trial. Half of that fee goes toward paying the company’s teachers, so if you’re an expert at something, it’s a great way to make some extra money, too. Skillshare also gives back; according to the company’s website, for every annual membership purchased, Skillshare gives a membership to a student through the company’s scholarship program.

Individually packaged small items

While bigger might be better for some, Minimustakes a different approach. In operation for nearly a decade, the online company offers more than 2,500 different individually packaged products, including travel-size toiletries and individual servings of various food items — everything from chips to Tabasco sauce. When it was founded, Minimus did not have any employees and was housed in 500-square-foot space. Today, the company takes up two large Los Angeles warehouses and employs dozens of workers. In addition to the individual items, Minimus sells premade kits specially designed for different uses, such as baby and family kits, outdoor kits, first-aid kits and military care packages.

Bored with board games

Kids who grew up wanting to design their own version of Monopoly or Clue can easily do so now with the help of The Game Crafter. The world’s first web-to-print game publishing company givers gamers the chance to create their own custom board or card games. While designing and publishing a game used to be extremely difficult, The Game Crafter, founded in 2009 by JT Smith, Tavis Parker and Jamie Vrbsky, has simplified the process by providing templates, instructions, videos and proofing tools to help would-be game designers create a quality product. Users then have the option of buying as many copies of the game as they like.

5 Great Culinary Businesses

Opaque, a restaurant in California, promises to change your view of going out to eat by wining and dining you in the dark. And yes, it’s exactly what it sounds like—you eat your meal in a pitch black dining room.

When you arrive at Opaque, customers look through the menu in a lighted lounge and order food. The restaurant’s staff will then check coats and bags, and lead you to your seat. According to the restaurant’s website, Opaque is staffed by blind and visually impaired servers who have been specially trained to serve food in the dark.

Back to the Roots was started by two college students who were inspired by something they learned in a class: You can grow mushrooms using recycled coffee grounds. Co-founders Nikhil Arora and Alejandro Velez wrote of their experience, “After watching hours of how-to videos and turning our fraternity kitchen into a big science experiment, we eventually decided to give up our corporate job offers to instead become full-time mushroom farmers.”

In an effort to get people more connected with their food, Back to the Roots created an easy, 10-day grow-your-own organic-mushroom kit. Their organic mushroom farm comes in a small box (the mushrooms grow right out of the box) and simply requires watering twice a day.

What do you give to those who have recently lost a loved one? You’re probably thinking flowers. But although flowers are pretty, they’re ultimately useless to mourners. This is why David Storke, a former funeral director from Virginia, founded MealGifts.

Storke’s company delivers family-style meals to grievers all over the United States. So, if you want to send a little comfort food to someone far away, there’s no need to cook and ship your famous lasagna. Whether it’s a full pot roast or some vegetable stir-fry, MealGifts delivers all the goodness of a home-cooked meal without requiring any of the home cooking.

Since the growth of subscription services, items for dogs (made by the humans obsessed with them) have gotten really popular. The Farmer’s Dog is a subscription service which delivers healthy farm-to-dog bowl dishes carefully formulated for your dog’s breed.

If basic, store-bought ice cream isn’t unique enough for you, Mix ‘n’ Match Creamery will likely meet expectations. Mix ‘n’ Match Creamery is an Oregon-based ice cream parlor that serves liquid nitrogen ice cream, and every order is custom, so you can have any flavor you want.

Any Places to Find Businesses For Sale Online

This website currently has more than 62,000 business listings in the United States and around the world, including available franchises. Users can search by business sector and location to find the perfect business for them.BusinessesForSale.com also has features like email alerts and a services directory for those who need accountants, brokers, lawyers and more.

With more than 800,000 listings available, it’s easy to understand whyLoopNet.com is a reliable resource for discovering businesses for sale in your region. If you’re already a business owner or an entrepreneur with a busy schedule, LoopNet is available in app form (on Google Play and in the App Store) to peruse listings on your schedule, from wherever.

MergerNetwork.com has more than 15,000 active business-for-sale listings around the world. It allows sellers to post ads for their business for free and connect with over 14,000 entrepreneurs, investment bankers and business brokers.

BizBuySell.com boasts that it is “the Internet’s largest business for sale marketplace” and offers users options to buy a business, buy a franchise, sell a business, get help with financing and more. Users can search for businesses by category, state and country, and even set a minimum and maximum price. You can also search franchises by type, state, and amount of capital you have available to invest. Or, you can search for a business broker near you.

BusinessBroker.net has more than 30,000 business-for-sale listings just waiting for you to sift through. As with the other websites, you can search for businesses and franchises, find brokers and see listings by industry and location. BusinessBroker.net also has a finance and loan center that offers professional help to guide you in your business purchasing decisions.

BusinessMart.com, like many of the other websites, has both businesses and franchises available as well as resources and services to help you get funding. It also allows you to search by location and business category, or search franchises by your available capital.

Search on BizQuest.com for your desired businesses, franchises or business brokers by location and business type or industry. And perks for sellers are good, too: BizQuest.com allows you to post ads in just five minutes. The ads are then shared on the company’s partner websites, like The Wall Street Journal and The New York Times. BizQuest.com also gives you the option to browse listings in top cities as well as the most popular franchises and industries.

7 Small Loan Business

Obtaining a loan for your small business is no easy feat, but it doesn’t have to be an insurmountable challenge. Small business lending experts agree that the best way to avoid trouble is to prepare for the challenges that the application process may present.

“A lot of the frustration around obtaining small business financing can be eased by doing your due diligence,” said Michael Adam, founder and CEO of Bankmybiz, a site that connects business owners with business funders. “Be prepared, and have all your documents ready to present to lenders.”

Although low credit scores might have precluded you from getting a loan in years past, today’s lending environment is more open to subpar credit ratings.

“While traditional banks may be restrictive when it comes to obtaining credit, there are alternative options,” said Michael Kevitch, president and founder of Small Business Funding.

Alternative lending sites such as Small Business Funding tend to base lending decisions on the financial realities of a business rather than the financial history of business owners. Specifically, Kevitch said, alternative lenders take a close look at business performance, industry type, time in business and cash flow before handing out a loan.

Traditional lending institutions have been a mainstay of small business funding for many decades, and still are in some industries. But they are not the only sources of financing.

For business owners looking to borrow a relatively small sum (between $5,000 and $250,000), getting a bank loan is likely to be more trouble than it’s worth, Kevitch said. However, he noted that bank loans may still be appropriate for business owners who need to borrow a large amount of cash, over a long period, and still get a low interest rate. Kevitch advised business owners to make sure they fall under those categories before applying through a bank.

Kevitch noted that alternative lending sources often provide faster approvals; sometimes, businesses can obtain access to the funds in as little as seven days, he said.

Bank loans may not be the best option for every small business, but they’re far from the worst funding option out there. In fact, for established businesses looking to grow at a moderate rate, traditional bank funding is generally a great option, Adam said. It’s when a business doesn’t fit those criteria that business owners should consider shopping around.

“If you are a younger company, pre-revenue or low revenue — but plan to grow very quickly due to the industry that you’re in (e.g., health care, IT or software consulting) — then a traditional bank loan may actually limit your growth,” Adam said.

Although interest rates are an important aspect to consider when choosing a lender, there are many other factors to keep in mind. Harris suggested asking how much it will cost, what the terms of the loan are, how soon you need to repay the money, and what you can use the loan for.

Smar Strategies to Startup Your Dollars

A simple way to save money as a new business owner is to set spending and expense limits. However, a surprising number of business owners don’t have a formal budget, said Carissa Reiniger, founder of small business support community Thank You Small Business.

When you created your business plan, you might have envisioned all of the latest office equipment, lavish holiday parties and enough staff to take on big projects. However, not all of those business luxuries are guaranteed.

Office Evolution founder and CEO Mark Hemmeter said small business owners can suffer from a lack of flexibility in their grand plans.

“Your ego and vanity can get in the way,” he said. “You want that car or that perfect sign, but it just isn’t a good fit for the core of the business.

Hemmeter recommended looking into short-term solutions, like using shared office spaces and hiring freelance workers, until you can afford to make long-term commitments such as acquiring private office suites and hiring full-time employees.

Startup costs for a new business add up, but there are tips and tools for finding the best areas to spend the money and those where you can cut back a bit. Spring noted that there are numerous cost-effective, self-service tools available to small business owners who want to save money by taking care of their own branding and website development.

However, it’s wise to be wary of “free” opportunities, warned Raad Mobrem, CEO and co-founder of Lettuce Apps (acquired by Intuit).

“Free tools can be a bad idea — they’re free for a reason,” Mobrem said. “Always pay for the important things, like software. You can ask for discounts with B2B services. People understand that you’re a small business just starting out, and if they offer discounts, you’ll want to work with them in the future.”

That said, spending money on the lowest-priced items can mean getting the lowest quality. As a result, you may have to replace things multiple times, and that can be more expensive than going with a pricier option in the first place.

After you follow the initial tips to save money and reduce the startup costs of your new business, it’s just as important to make sure your expenses stay on track as your business grows. Seek financial advice from accountants and fellow small business owners, and then go over your expenses and try to cut back where you can.

“Find an accountant that acts as a business adviser,” Segal suggested. “Look at your profit and loss with him or her every month, and see if anything is creeping up. Be very conscious of your numbers.”

As you adjust your budget each month to save money, you’ll be able to start investing in bigger, better things for your business. Mobrem’s advice is to plan your budget in terms of stages.

 

 

6 Business Strategy Competition for Entrepreneurs

Baylor New Venture Competition

Location: Waco, Texas

The Baylor New Business Venture Competition features current students and recent alumni of any accredited university across the nation competing in one of two tracks: consumer and internet technology companies, and nontechnology companies. Companies in the technology track must fall into categories such as internet security, social media and mobile commerce. There is a preliminary round, followed by three presentation rounds. The top teams from both tracks will compete against each other for the cash grand prize of $60,000.

FastPitch competition

Location: Savannah, Georgia

The Creative Coast’s FastPitch competition offers student entrepreneurs, service-based entrepreneurs and product-based entrepreneurs the chance to show off their innovative ideas via a 3-minute pitch. Local community leaders, academics and investors will assess the viability of each venture and provide coaching and feedback throughout the process.

HATCH Pitch

Location: Austin, Texas

Since 2012, HATCH Pitch has been an official SXSW event. In 2016, it branched out to become an independent program and event. This competition is for startups using information technology to make life better. Finalists are chosen and receive coaching and mentoring leading up to their demo day, when finalists present their business plans to a prestigious judging panel of corporate, angel and venture investors. Panel members provide feedback and select winners in which they would invest a virtual $1 million.

Innovation World Cup

Location: Multiple international locations

The Innovation World Cup Series is a collection of international competitions in a variety of technology categories like wearable technology (WT), theinternet of things (IoT), cloud technology and digital marketing. Entrepreneurs in each category get the chance to present their tech solutions to a panel of industry experts. With prizes worth over $300,000, the competition is designed to stimulate and inspire next-generation solutions with the potential for real marketable products. The next event is the WT Innovation World Cup, being held in Munich, Germany, in February 2017.

Silicon Valley Boomer Venture Summit Business Plan Competition

Location: Santa Clara, California

This Silicon Valley Boomer Venture Summit is geared toward business ideas that show potential for the baby boomer generation. Early stage entrepreneurs in all industries are welcome to submit 10-slide-deck business plans to the first round of judges at Santa Clara University. Finalists then present their slide shows in person at the summit to be considered for the top prize.

Virtual Enterprises International National online competition

Location: Brooklyn, New York

This business plan competition brings together some of the best and brightest student leaders and future entrepreneurs at Long Island University’s Brooklyn campus. Teams representing 28 virtual enterprise companies — simulated businesses set up and run by students for educational purposes — submit written business plans and give oral presentations that are judged by industry professionals and educators. After receiving top honors in local and regional business plan competitions during the school year, these teams earn the chance to compete.

How to Craft an Effective sales Pitch

The opening

The first contact with a potential customer or client is crucial to setting the tone for the ongoing relationship. Tom Silk, executive vice president atWorkStride, a provider of employee recognition software, said there is power in the first sentence of the sales pitch. But it’s not what you say; it’s how you say it, he added.

“Use tone, energy — stand up and show enthusiasm,” Silk said. “Energy sets the tone of the conversation.”

Moreover, it’s important to establish a connection with the person you’re selling to, said Brian Stafford, CEO of collaboration software company Diligent Corp.

“Establishing rapport is absolutely critical,” Stafford said. “The best sales rep creates a connection with the prospect as early on as possible.”

Social cues

Whether in person or on the phone, pay attention to the cues that are happening during the pitch, Stafford said. Pay attention to who is speaking, and if it’s an in-person meeting, note the body language. Look for affirmative cues, such as head nods, forward leaning, and open, relaxed postures. If you are getting the opposite, such as crossed arms or other nonresponses, then take a step back.

“I think sometimes, [sales reps] keep plowing ahead even if they aren’t getting the response they hoped for,” Stafford said. “It can be more dynamic to stop and pump the brakes, ask questions, and force them to say what isn’t working for them.”

It is harder to identify these types of social cues over the phone, but they are there if you listen. Silk advised envisioning what is going on in the room and working through the “noise language.” What is being said, by whom and how? Adjust to the silence, and solicit feedback.

“If the plan is not going well, change and adjust on the fly,” Silk said.

The call to action

This is perhaps the most important part of the sales pitch: Ask someone to take action at the end of a sales presentation, Circosta said. Even if the prospective buyer isn’t ready to make a final decision yet, leaving them with a clear call to action will at least keep the idea of doing business with you fresh in their mind.

“If you don’t ask them for the sale, they probably won’t go through with it,” he said.

The follow-up plan

Knowing how and when to follow up on a sales pitch is another factor in its success. It would be nice if every sale were closed at the end of the pitch, but that rarely happens. Decision makers need to take time to evaluate the proposal and ensure what you have to offer is going to fix their problem or improve their capabilities.

WorkStride creates a project plan with its potential clients, defining the milestones for follow-up and the best method to do so.

What You Need to Know About Accounts Payable and Your Business

 Accounts payable are the bills and other debts that the business needs to pay. As a matter of fact, the only thing that a business pays that is not considered accounts payable is payroll. Everything else falls under the category, making it a critical aspect of your business.

“The accuracy and completeness of a company’s financial statements are dependent on the accounts payable process,” said Harold Averkamp, founder and author of accounting advice website Accounting Coach. “The efficiency and effectiveness of the accounts payable process will also affect the company’s cash position, credit rating and relationship with its suppliers.”

Implementing a dependable accounts payable system will produce accurate financial information you need to plan for both the short and long term. Here’s what you need to know about keeping up with your business debts.

Work from the original invoice whenever possible. Some invoices are sent electronically — print once and then file the email away to minimize confusion.

Use the same entering system every time. Each vendor has their own system of invoicing but assigning the invoice number in your system should be consistent. Determine the method, such as using leading zeros, and stick to it.

Enter every invoice individually. This includes multiple monthly invoices from the same supplier. In the event of a dispute, you will want to be able to track it down in your system easily.

Get invoice approval from the appropriate person before entering it. The person approving the invoice should be different than the one entering it. If you are a sole proprietor and do your own bookwork, this may not be possible, but still have a clear process for approval and entry. Keep solid records to support each one.

Look for early payment discounts to save money. It can add up by the end of the year. Some vendors offer a small percentage off the invoice if you pay it within a specified time frame from the invoice date, such as within ten days.  If you typically only work with accounts payable once a month, consider a system in which you identify early payment discount opportunities when the invoice is received and pay those separately from the monthly pile.

Cash flow is important to a small business. A solid system of monitoring and paying accounts payable gives you a clear picture of your expenditures against your revenue, enabling better business decisions.

Create an Effective Marketing Plan

 Most small business owners know the importance of a business plan, which outlines your company’s course for success. One crucial element of that plan is your marketing strategy.

Because this strategy is buried in the larger business plan, many small business owners may not give marketing the time, research and attention it deserves, assuming that they know their customer base and how to reach them. But an in-depth and detailed approach to laying out your marketing strategy can reveal opportunities from a new audience or potential product line, pitfalls in pricing, competition reaction, and potential reach.

At its most basic, a marketing plan describes who your customers are, where they get information and how you are going to reach them. Robert J. Thomas, a marketing professor at the McDonough School of Business at Georgetown University, said the development of a marketing plan requires that you complete four specific tasks:

1. Develop a very clear and focused insight into why a potential customer would use your business. More specifically, figure out the core need that your product or service will meet. Is it to help your customers get through the day more easily? Do their job more efficiently? Be respected and admired by friends? Your offering should be designed to solve client problems or meet customer needs better than the competition can.

2. Identify your target customers. There are numerous potential customers in most markets, but to succeed faster and better, a small business must study the market and determine the characteristics of its best target customers. The target customer should be described in detail. Create an avatar, or fictional person, who has all of your target-customer attributes, and examine what that person would say, do, feel and think in the course of a day.

3. Identify competitors that would also want your target customers. No matter how original your product or service may be, there is always competition for your target customer’s dollar. Small businesses seldom take the time to study their competitors in depth, or determine competition that may be outside their industry but just as capable of luring the customer away. Preparing to know who that is, what their core competitive advantage is and how they will respond to your offering (price cuts, increased communication, etc.) will help you figure out strategies to combat such losses.

4. Write down your brand-positioning statement for your target customers. Ultimately, your brand and what it symbolizes for customers will be your strongest competitive advantage. You should be able to write down a simple declarative sentence of how you will meet customer needs and beat the competition. The best positioning statements are those that are single-minded and focus on solving a problem for the customer in a way that promotes the best value.