7 Tips for Network Marketing Success
You probably have an image firmly planted in your mind of what network marketing (also known as direct sales or multilevel marketing) is all about–housewives buying and selling Tupperware while gossiping and eating finger sandwiches, or a high-pressure salesperson trying to convince you how easily you can become a millionaire if only you and your friends and their friends and so on would buy and sell vitamins with him.
Both of these images couldn t be further from the reality of network marketing. It s neither a hobby nor a get-rich-scheme but an opportunity for you to earn money running your own part- or full-time business.
But what does it take to succeed in this industry? Vincent J. Kellsey, director of member services for the Direct Selling Women s Alliance. an organization that provides a variety of resources to women and men in the direct-selling industry, offers these tips for making it:
Choose wisely. There are six key elements you should be looking for [when selecting an opportunity]. Number one: stability. How old is the company? Number two is excellent products or services that consumers will use and need more of.
Number three is the pay plan–how even and fair and generous overall is the distribution? This is really crucial as the pay plan represents exactly how you ll get paid–or not get paid. There are really only two questions to ask [regarding this]: How many pennies out of each sales dollar get paid back to the distributors each month, and how fair is the distribution of these pennies between the old members and the new members?
Number four is the integrity of the company and the management. As much as possible, [investigate] the experience of the CEO, [their] experience in the network marketing industry, and their background. [Have] they been successful in other companies in the industry? Do they have a good reputation?
Number five is momentum and timing. Look at where the company s at, what s going on with the company, and if it s growing.
Number six is support, training and business systems. You may have [chosen] a great company with excellent management, products that make a difference, a pay plan that s uniquely fair and very generous, and momentum and stability, but if you don t have a system in place that works, all of that [doesn t matter]. Most companies will have a transferable training system that they use, and that s where mentorship comes in.
Practice what they teach. [To succeed,] you need to be willing to listen and learn from mentors. The way this industry is structured, it s in the best interests of the [MLM veterans in your company] to help you succeed, so they re willing to teach you the system. Whatever [your mentor] did to become successful, it s very duplicatible, but you have to be willing to listen and be taught and follow those systems.
The higher-ups. It can be called various things, but the general term is the upline, meaning the people above you. How supportive are they? Do they call you? Do they help you put a plan in place? Are they as committed to your success as they are to their own? You should be able to relate to [the people in your upline] and be able to call them at any time to say I need some help. How much support there is from the people above you in the company is very important.
Take up the lead with your downline. There s a term in the network marketing industry called orphans –when somebody is brought in and then the person who brought them in is just so busy bringing in other people that they don t spend the time to teach and train [the new person]. You should be prepared to spend at least 30 days helping a new person come into the industry–training them, supporting them and holding their hand until they feel confident to be able to go off on their own. You really need to ask yourself, are you willing to do that? Are you able to do that? This is really about long-term relationship building. It s not about just bringing people into the business and just moving forward. It s about working with these people and helping them to develop relationships.
On the net. People are utilizing [the internet] as their main marketing tool. [You can set up your site] with autoresponders so when you capture leads, the autoresponder can follow up with that person. One of the greatest keys to success in this industry is follow-up. Many people will have someone call them who s interested or they ll call the person and say they re interested, but then they don t follow up with it. Automation on the internet has allowed a much more consistent method of following up.
The only drawback with the internet is people who utilize it to spam. If there was one thing I could put forward to say, Do not do when utilizing the internet as a marketing tool, it s spamming because that can give a very bad reputation not only to you but also to the company you re working with.
Taking care of business. This is a business, and just like if you were running a franchise or a storefront, you [should have an] accountant. You have all the same write-offs tax-wise that you have with running a [full-time] business, so it s very important to [do your research] prior to getting involved, before you start making money from it. How is that going to affect you tax-wise? What are your write-offs?
It s important to set up a [support] team around you. I d suggest seeking out lawyers who deal in network marketing, so they re very versed in all the laws and how that affects [your business.]. There are also accountants who specialize in dealing with homebased businesses specifically in the direct-selling industry.
Don t quit your day job. yet. Never leave your full-time position unless you re absolutely certain that the income that s coming in with this company is going to be there. [Be sure that] you ve been with the company [for awhile] and that you know it s a stable company, and the income that you re earning is equal to or greater than the income you re earning from your job before quitting.
With the implosion in full swing, should you even attempt entrepreneurship, let alone a new business launch in 2016?
My answer? Unquestionably yes.
In this article, I’ve suggested a few of the businesses I think are going to be hot in 2016. While tech may be on the decline, the world always has room for sizzling hot, innovative products and services.
Here’s how you can own a piece of the action.
One of the latest and most intriguing disruptions has happened in the dating scene. A person’s love life is a personal thing, but that hasn’t kept Tinder users from sharing secrets and meeting new people.
Need some more ideas? Some people offer consulting–I’ll tell you how to get that guy! Some people make apps–dating coaching services or other information products.
People go crazy when it comes to romance. The love industry is open for business.
2. Marketing Consultancy
There are plenty of people with a vision and some hustle who want to start a business. What many of those people lack is marketing savvy.
Today’s digital marketing world is vast and complicated. It’s also a gateway to success. Between the intricacies of social media velocity and the mysteries of growth hacking, business owners have no clue where to start.
How can you help them? Tell them exactly where to go and how to do it. These wannabe startups don’t lack in drive and determination; they just need someone to consult with who will show them how to do marketing right.
3. Delivery Options
Listen in on any boardroom strategy session (Google, Amazon, Walmart), and you’ll probably hear people griping about delivering products.
Whether it’s hot coffee or that widget you ordered on Amazon, delivery is becoming an on-demand service.
Startups in this space are having a hard time working both sides of the aisle: recipient and provider. The delivery scheme is ripe for disruption. Someone needs to come in and shake off the shackles of the transportation stalwarts and the entrenched courier services.
Drones will undoubtedly make a difference. so harness the potential and develop a lasting solution.
4. 3D Printing
3D printing design and innovation is swinging upward and growing in popularity. Most of us don’t have a 3D printer sitting on our desktops right now, but many predict that’s where we’re headed.
If that’s the case, now is the time to jump in on the action. You can sell 3D blueprints, plans, delivery, fulfillment, and other related services.
Self-published books are a known business idea. Increasingly, however, people want to listen to books.
Amazon’s Audible has already made a killing off this service. It is gradually becoming a leader in this space. However, there is still room for other startups to get in on the action. Narration services, print-to-audio services, consulting businesses, and other methods of producing audiobooks are great options to explore in 2016.
6. Educational Products
People have always been willing to pay for education. Take university education as an example. A public four-year college costs around $20,000, and a private college can fetch a price tag of $50,000 per year.
In spite of the shockingly high prices, people are willing to shell out the money, year after year. Why? Because a college education is worth it.
Well, most of the time it is; some disagree, and with recent innovations in the education space, the traditional college model is being dismantled or downright disrupted.
Behind this disruption are startups like Udemy and Teachable, all of which allow people to share their knowledge and profit from it.
You don’t need a platform to sell your knowledge. You can self-publish a book, create a video coaching session, or teach others how to make money.
Entrepreneurs Justin and Tara Williams learned how to make millions flipping houses. They turned around, created an online course, and are now making even more by telling others how to do the same.
Even a guy like James Swanwick was willing to shelve his promising career as an ESPN anchor to tell people how to quit alcohol. People pay $67 a month to learn from James’s videos and be part of his closed Facebook group.
People will pay to learn a new skill, shape their lifestyle, make new money, impress friends with their knowledge, and change their life in substantial ways.
If you have something to offer, then start teaching.
7. Content-based Websites
I’ve been experimenting with content-based sites for a long time, and recently, I’ve nurtured several small blogs into big-time businesses. The effort required to produce such a blog is pretty significant, but the passive payoff is huge.
As long as you know a thing or two about SEO and content marketing. you can still make a splash in this space.
Great content is your service, and affiliate links and ad space are the revenue. The model has worked for a long time, and it continues to be effective as people rely on the Internet as their primary information source.
This list hardly scratches the surface because the possibilities are bountiful for 2016. They are real, tangible, and ready for the taking.
I’m excited to explore several new business opportunities in 2016. What are you going to try?
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
Bmw l #bmw, #bmw #france, #bmw #série #1 #trois #portes, #bmw #série #1 #cinq
LA BÊTE OU LA BELLE ?
L ART DU VOYAGE.
LA BÊTE OU LA BELLE ?
L AMOUR AU PREMIER REGARD.
LA BÊTE OU LA BELLE ?
NOUVELLES BMW SÉRIE 5.
NOUVELLE BMW i3 +EDITION. À PARTIR DE 330€/MOIS SANS APPORT.
NOUVELLE APPLICATION BMW CONNECTED.
CONFIGUREZ VOTRE BMW.
LA BÊTE OU LA BELLE ?
L ART DU VOYAGE.
LA BÊTE OU LA BELLE ?
L AMOUR AU PREMIER REGARD.
LA BÊTE OU LA BELLE ?
NOUVELLES BMW SÉRIE 5.
NOUVELLE BMW i3 +EDITION. À PARTIR DE 330€/MOIS SANS APPORT.
NOUVELLE APPLICATION BMW CONNECTED.
CONFIGUREZ VOTRE BMW.
LA BÊTE OU LA BELLE ?
Sur les BMW Série 1, BMW Série 2 Active Tourer et Gran Tourer et BMW X1, découvrez des finitions suréquipées taillées sur mesure pour refléter votre personnalité. fonçeuse et athlétique en finition M Sport, élégante et raffinée en finition UrbanChic, Luxury ou xLine. À vous de choisir. la Bête ou la Belle ?
NOUVELLES BMW SÉRIE 4.
La sportivité associée à une esthétique époustouflante. les BMW Série 4 Coupé, Gran Coupé et Cabriolet représentent la quintessence du plaisir de conduire par BMW. La BMW Série 4 Coupé se distingue par son esthétique expressive et sa dynamique sportive, tandis que la BMW Série 4 Gran Coupé associe une esthétique fascinante à une grande polyvalence grâce à son système de hayon. Enfin, la BMW Série 4 Cabriolet, grâce à son toit rigide rétractable, promet des sensations uniques quelle que soit la saison.
OFFRES DE LOYER.
Découvrez les offres exceptionnelles de financement BMW. Loyers sans apport, entretien et extension de garantie inclus.
BMW Group est le premier constructeur mondial en matière de durabilité avec, à ce jour, 111 modèles qui ne dépassent pas 120g de CO2 /Km, et 196 qui ne dépassent pas 140g de CO2 /Km. La gamme Entreprises BMW, ce sont des modèles à l’efficience prodigieuse, mais également des voitures minutieusement sélectionnées, disponibles en finition Business ou Executive et accompagnées de solutions de financement sur-mesure.
#women in business
7 Ways For Women to Win and Succeed in Business
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1.You Can’t Do Or Have It. One of the downfall of many business and professional women is the “Superwoman Complex.” Once you hang up the Superwoman cape and the Wonderwoman belt and recognize and accept this fact, your job will get a whole lot easier. Every successful person needs a dedicated support team or at the very least a wing man or woman. You don’t have to do everything yourself! Trust your team to do the work, after all that’s what you hired them to do. If you are an entrepreneur or small business owner, a great way to expand your staff is by engaging college students as interns. They can provide that extra help when you need it. Additionally, don’t rule out family and friends. And do not wait until a project is in jeopardy or you are on the verge of being burned out or a nervous breakdown. Remember that delegating empowers others and allows you to focus on the future as well as the big pictures.
2. Positive, Positive, Positive. A negative attitude will never yield positive results. Having a positive attitude helps you to succeed. Surround yourself with positive people who will encourage, inspire, support and motivate you. They will carry you through the tough days and cheer you on when you feel like giving up.
3. Add Humor To Your Work Research shows that laughter affects health, creativity, relationships and the quality of life. Poke fun at yourself, not at others. When your day gets too high-stress, lighten up! Lightening up the workplace reduces conflicts and stress and builds teamwork and productivity. Not to mention it’s great for morale. Converting your staff and customers from unhappy to happy is good for business.
4. Keep Up With Current Events And News. Staying informed about what is happening in the world and in your local community is critical to your personal and professional development. No matter what business you are in, current events have an impact on your industry and your clients. Do not be caught off guard because you haven’t taken ten minutes to read the morning paper. Daily papers are good sources of industry and corporate news, as well as contacts.
5. Be Generous To Your Community, Your Staff, And Yourself Reward yourself and your employees for hard work and success. Take time to give back to your community through volunteer work and charitable contributions. Let this quote by Winston Churchill you — “you make a living by what you do, but you make a life by what you give. Keep a brave heart and a beautiful spirit.
6 Become A Life-Long-Learner Learning and growing both personally and professionally is a lifelong process that drives our creativity, intelligence and ambition. Make it a priority to take courses and adopt new techniques that help you and your staff think out of the box. Innovation and reinvention are the order of the day. Set aside time for brainstorming and idea sharing. Most important, don’t be afraid to try new things and introduce yourself to new people. When you forego investments in yourself and your staff, you run the risk of allowing complacency to take root. How many times have you found yourself staring at the messy piles of paper in your office? Make sure to invest in an organizer to help clean your space. You will find this will lead to greater efficiency. Check out Napo.net (National Association of Professional Organizers). They offer a list of certified and reputable organizers like Hub Neat Organizer and Charles River Organizers both of whom are in my hometown. I am using them to help me better organize my office and my home.
7. Stop And Smell The Roses Take a minute for yourself every day. Get some exercise, read a good book, take a hot bath or socialize with friends and family. Your work is important, but it is not everything in life. Appreciate all that life has to offer, and your energy will radiate at work, at home and through everything you do.
#local business listing
7 Local Business Listing Sites You Should Claim Now
Finding time to update or create your online business listings can sometimes be a challenge. But, once you claim your listing, you can control what information and images are shown on these sites about your business, which is certainly worth the effort.
In most cases, you may already have a listing, so it s just a matter of claiming the page for your business. What s the difference between updating and claiming? Updating means you ve created an account and just need to add new information to the page. Claiming means that a page for your business exists, but you may not have created or set it up. In this case, you ll need to prove it s your business before you can change any information.
There are several sites your business could be listed on, so how do you choose the best? Easy! Here are our top 7 business listing sites you should claim and/or update:
1. Google My Business Google My Business says it connects you directly with customers, whether they re looking for you on Search, Maps or Google+.
How to claim or edit your business listing: Click the “Get on Google” anywhere on the page, sign in to your Google account, and follow the steps to add your business information to Google.
2. Facebook for Business According to Facebook. it can help you reach all the people who matter most to your business.
How to claim or edit your business listing: If you need to claim your Business Page click here and if you need sign up for a business page click here .
3. Yelp for Business According to Yelp. Millions of people visit Yelp every month to find great local businesses. Help them find your business free!
How to claim or edit your business listing: Click here to search for your business. If it exists, you ll see two options: A Claim button or an Already Claimed link. Click the option you see and either log in, or set up an account to edit it.
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4. Yellow Pages According to YellowPages. they will not only get you online, but can also help you get found, drive leads and expand your reach.
How to claim or edit your business listing: Click here to update your business details and then click Get your listing fee.
5. Yahoo Local According to Yahoo. they are a comprehensive business directory complete with ratings and reviews, maps, events, and more.
How to claim or edit your business listing: Scroll down this page to Try Local Basic Listing for free and click, Sign Up. Then, update your business contact information including address, phone number, and URL. You don t need to pay for this service.
6. Bing Places for Business According to Bing , Places for Business is a Bing portal that enables business owners add a listing for their business on Bing.
How to claim or edit your business listing: Chances are, Bing already has listings for your business. Click here to claim it.
7. Foursquare for Business According to Foursquare. Over 50 million people use Foursquare to discover great businesses and share what they love about them with others. Join the nearly 2 million businesses who are already taking advantage of Foursquare to join the conversation and grow their business.
How to claim or edit your business listing: Start by searching for your business, then select your listing. If you don t see your business just click the link at the bottom of the page to add it. Click here to manage your listing.
Vital information you should include on every listing:
Be prepared to fill out the following information, and keep it consistent on each site. Consistency helps your SEO (Search Engine Optimization) efforts.
- Business Name
- Address (City, State, Zip)
- Main Phone Number
- Business Hours
- Description A description of your business, minimum 250 characters.
- Business Categories
- Logo and pictures
Keep a document of each listing so you can duplicate it exactly. Check on your listings and update your information (if applicable) every six months. Also, keep images of your business current and compelling to draw in prospects and customers.
*Bonus Tip* If you re a brick-and-mortar business, encourage people to check-in and write a review by displaying a sign in your business window that states the sites in which you re listed.
Have any sites to add to our list? We ve got more here in the Top 20 Places Your Business Needs to Be Listed Online .
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#free business plan
7 Best Free Business Plan Templates
SCORE, a nonprofit association that helps foster startups by providing mentorship and planning tools, says that the value of completing a business plan is not the finished product, but rather the process.
“The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later,” the introduction to SCORE’s business template says.
Having a clear picture about the purpose of your business, its goals, and how it will operate is critical not only for your understanding of these issues, but more importantly to get potential lenders and investors to buy in.
Thankfully, you don’t have to go to business school—or hire someone who did—to create a business plan. You can download a free business plan template and customize it to your needs.
Where to Find Free Business Plan Templates
The nonprofit business mentorship program offers free templates for both startup and established businesses, as well as planning tools for nonprofits. Their startup business plan is made up of a narrative along with financial worksheets. The template includes over 150 questions to establish the body of your business plan and can be answered in any order. The executive summary, however, should be completed last. The goal of this completed template is to provide you with a fluid narrative.
This site offers a free, basic template to download. The BPlan free template offers an organized guideline to creating your business plan and takes you though the steps to get your business plan “investor-ready and SBA-approved.” If that’s not in-depth enough for you, then you can buy their Business Plan Pro software or use LivePlan. an online business plan creator with built-in formulas for financial planning, videos from experts and the opportunity to collaborate with colleagues.
The Microsoft Office site offers a gallery of templates, including business plan checklists, financials, presentations and marketing. These templates are useful if you want a specific template, rather than a general business plan. In addition, there is a PPT for business presentations for when you are ready to showcase your business to potential investors.
Offers a comprehensive Word-based document that contains a detailed framework for building your business plan, including sample text, tables and charts, as well as a manual with section-by-section assistance. Free-Plan is ideal for new and established businesses looking to expand and in need of a business plan for internal or external use. Their micro-plan is designed for startups and very small businesses.
This site allows you to fill out a template online, with instructions on what to include in each section. Next to each category, tips and examples are provided as an additional resource. After completing the template, you can generate your business plan and save it to your computer as a Word document.
VFinance is a publicly traded company that uses their own personal knowledge of investment knowledge in creating a business plan template. With this site you can download a free business plan template targeted to your industry, plus you’ll get $75 toward three months of professional posting of your plan for potential investors to view.
This online business planner allows you to fill out a template on the site section by section, tracks your progress on the plan, and allows you to share the plan once its completed. BizGym’s recent update offers a collaborative platform with multiple pricing options, including a free “Inventor” plan. Through this application you can access resources such as a deck builder, budget builder and pivot plan.
- Write your executive summary last, after you’ve done the work of researching and thinking about your business.
- Explain the fundamentals of your business in two pages or less. Make it enthusiastic, professional, complete and concise, advises SCORE.
- If a section of the template doesn’t apply to your business, don’t worry about filling it out.
- If you’re having trouble filling out your template or have questions about creating a business plan, SCORE has mentors that can give you free advice in person or via e-mail. Or, look for feedback and advice from groups like the Small Business Network on LinkedIn.
- As evidenced above, there are plenty of options for free business templates, so don’t feel like you need to pay for one, unless you can’t find a template that thoroughly addresses your needs. Software like Business Plan Pro or Plan Write Business Planner can provide you with further customization and assistance.
- In addition to completing a business plan checklist, look for a due diligence checklist from potential lenders or investors to make sure you have a better understanding of the types of information they need.
- Many sites, including Bplans.com. Entrepreneuer.com and toolkit.com. offer free samples of business plans categorized by the type of company for you study before starting your own.
- According to the U.S. Small Business Administration, a good business plan is a living document that should be reviewed and updated regularly.
- Before getting bogged down in the details of business planning, make sure you have a clear vision and set of values for your company. This creates a road map for you to follow in the rest of your planning.
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Chula Vista Bankruptcy Attorneys – Chula Vista, CA 91910 #chula #vista #bankruptcy #attorneys,chula #vista
Chula Vista Bankruptcy Attorney
Has your debt overwhelmed your life? Are you ready to get away from the pileup of bills and stress of not knowing how you will pay for everything?
At Doan Law Chula Vista, Bankruptcy Lawyers are available to help you regain control over your finances and get out from under the burden of debt.
We are with you every step of the way. Start by coming in for a free consultation and meet with a Debt Relief Lawyer to determine the right path for your personal case. Because every case is different, our expert Chula Vista Bankruptcy Lawyers are able to help you decide what is right for you.
Once you have received the legal advice you need to move forward with your case, all you have to do is leave a small retainer, and you will immediately be free from the harassment of creditors. If you do receive a phone call from a creditor, simply refer them to your personal Bankruptcy Chula Vista Attorney and we will take care of the rest.
If you have chosen to file in Bankruptcy Court, Chula Vista-based Doan Law can help you determine which Chapter is right to file under. With Chapter 7. Chapter 13, and even Chapter 20 to choose from, deciding which path is right for you can be extremely difficult. Our team of experts is available to help you on the right path for your case.
Once your case is over, our work is not done. We provide the credit counseling Chula Vista residents need to overcome their debt. Your case is our case, and we go above and beyond to make sure you feel at ease and comfortable not only with the end result, but also moving forward on your path to financial freedom.
We can also help with debt settlements. Our lawyers are available to assist in negotiations, immediately giving you extra credibility when meeting with creditors. Make your case stronger by utilizing one of our expert team members who will take the time to get to know your case prior to meeting at the negotiation table.
Contact our Chula Vista offices today and get started on the path to financial relief.
We are eager to help you overcome your debt, assist you with your bankruptcy filing, and help you get back on the road to financial success.
Chula Vista offers a variety of attractions for all visitors. Chula Vista cultural highlights include outdoor amphitheaters, harbors and marinas, horseback riding, water parks, and more. With excellent weather all year round, this city gives visitors and locals alike plenty of ways to enjoy the outdoors and take in a bit of culture at the same time.
#unique business ideas
7 Unique Services and Creative Business Ideas From Wix Users
They’ll have you wishing you thought of them first
A wise person once said: “If you think your business idea seems silly, remember there’s a millionaire walking around who invented the pool noodle.”
More often than not, the best and most profitable business ventures start with a wild idea that solves a need that most people didn’t even know they needed. Many of these creative business ventures are started by none other than Wix users, who have used the Wix platform to build their website and launch an amazing idea. Check out the latest batch of Wix sites with unique business ideas that have us wowed.
It’s 2015, and while Back to the Future did promise that we’d have hoverboards by now, Phusi Scooter might be just as awesome. These self-balancing electric scooters work by reacting to the sway of your body, making it look like you re effortlessly gliding down the street. If the cool moves in this biz s video header is any indication, these scooter boards will make you the coolest kid on any block.
Hello Way, Skincare Technology
We knew it wouldn’t be too long before skin care made its way to the Silicon-Valley’s of the world. Like something out of a sci-fi movie, Hello Way is a portable device that uses special sensors to extract details about your skin so it can help you best plan your skincare routine. Plus, this smart skin care solution connects to your smartphone so you can keep tabs on your skin’s needs.
Tobias Becs makes a living doing what every teenage boy has spent many recesses perfecting. Known for being one of the best football freestylers in the world, Tobias travels the globe performing his tricks in front of adoring crowds. Wanna shake things up at your next corporate event? Book this footballer.
Ever wonder what makes every day items look so spectacular in magazines and catalogues? Prop stylist Dahlia Galler has the answer to that. From food to formal wear, it’s her job to make even the most mundane objects look like they were destined for the camera.
Craft Bloom is a workspace wonderland for anyone itching to get their hands dirty. From woodworking to their famous drink draw events, this urban retreat is where Tel Aviv’s city dwellers escape to get back in touch with their artsy side.
The changes of pregnancy can leave many women at a loss for safe and effective exercise routines. Preg Dance is a specialized ballet class that caters to moms-to-be with a prenatal workout that will serve both body and spirit, through the joy of dance.
Yup, you read that title right. This canine confectioner makes dog-friendly ice creams that not only taste amazing ( or so Fido will have us believe) but are delicate on your dog’s stomach with lactose-free and sugar-free ingredients. Sounds like Hugo Celine is the ultimate treat for your good boy.
Ready to take your own business online? Create your own business website with Wix!
Other Cool Stuff
The A-Z of Building a Thriving Small Business
New from Wix: Win Over Site Visitors With Amazing Video Backgrounds!
Just 12 of the Ways Wix Can Help You Market Your Small Business
#selling a business
7 Steps To Selling Your Small Business
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Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker. accountant and an attorney as you proceed. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business’s operation and its structure. The business sale will also require much of your time and, once the business is sold, you’ll need to determine some smart ways to handle the profit. Reviewing these seven considerations can help you build a solid plan and make negotiations a success.
1.Reasons for the Sale
You’ve decided to sell your business. Why? That’s one of the first questions a potential buyer will ask. Owners commonly sell their businesses for any of the following reasons:
- Partnership disputes
- Illness and death
- Becoming overworked
Some owners consider selling the business when it is not profitable, but this can make it harder to attract buyers. Consider the business’s ability to sell, its readiness and your timing. There are many attributes that can make your business appear more attractive, including:
- Increasing profits
- Consistent income figures
- A strong customer base
- A major contract that spans several years
2.Timing of the Sale
Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure and customer base to make the business more profitable. These improvements will also ease the transition for the buyer and keep the business running smoothly. (Make sure the business you built continues to thrive long after you’ve left the helm by reading How To Create A Business Succession Plan .)
Next, you’ll want to determine the worth of your business to make sure you don’t price it too high or too low. Locate a business appraiser to get a valuation. The appraiser will draw up a detailed explanation of the business’s worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.
4.Selling on Your Own vs. Using a Broker
Selling the business yourself allows you to save money and avoid paying a broker’s commission. It’s also the best route when the sale is to a trusted family member or current employee. In other circumstances, a broker can help free up time for you to keep the business up and running, keep the sale quiet and get the highest price (because the broker will want to maximize his or her commission). Discuss expectations and advertisements with the broker and maintain constant communication. (For more insight, read Do Your Need A Real Estate Agent? )
Gather your financial statements and tax returns dating back three to four years and review them with an accountant. In addition, develop a list of equipment that’s being sold with the business. Also, create a list of contacts related to sales transactions and supplies, and dig up any relevant paperwork such as your current lease. Create copies of these documents to distribute to financially qualified potential buyers.
Your information packet should also provide a summary describing how the business is conducted and/or an up-to-date operating manual. You’ll also want to make sure the business is presentable. Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale. (For related reading, see Prepare To Sell Your Business .)
6.Finding a Buyer
A business sale may take between six months and two years according to SCORE, a nonprofit association for entrepreneurs and partner of the U.S. Small Business Administration. Finding the right buyer can be a challenge. Try not to limit your advertising, and you’ll attract more potential buyers. (To learn more, read Finding The Best Buyer For Your Small Business .)
Once you have prospective buyers, keep the process moving along:
- Get two to three potential buyers just in case the initial deal falters.
- Stay in contact with the potential buyers.
- Find out whether the potential buyer prequalifies for financing before giving out information about your business. If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.
- Allow some room to negotiate, but stand firm on the price that is reasonable and considers the company’s future worth.
- Put any agreements in writing. The potential buyers should sign a nondisclosure/confidentiality agreement to protect your information.
- Try to get the signed purchase agreement into escrow. (For related reading, check out Understanding The Escrow Process .)
You may encounter the following documents after the sale:
In addition, the buyer may have you sign a noncompete agreement, in which you would agree to not start a new, competing business and woo away customers.
7.Handling the Profits
Take some time, at least few months, before spending the profits from the sale. Create a plan outlining your financial goals, and learn about any tax consequences associated with the sudden wealth. Speak with a financial professional to determine how you want to invest the money and focus on long-term benefits, such as getting out of debt and saving for retirement. (There are several areas you should research when seeking professional financial help. Learn more in Advice For Finding The Best Advisor .)
Selling a business is time-consuming and for many, an emotional venture. A good reason to sell or the existence of a “hot” market can ease the burden, as can the help of professionals. It may also be possible to receive free counseling from organizations such as SCORE, and your local chamber of commerce may offer relevant seminars and workshops. When all is said and done, the large sum of money in your bank account and your newfound free time will make the grueling process seem worthwhile.
Tired of Yelp? 7 Alternate Business Review Websites
For small business owners, an online collection of honest, authentic customer reviews can help boost both the company s search rankings and reputation. Most consumers check out what others have to say before deciding to patronize a local business, so it s in your best interest to encourage customers to write a review based on their experience with you.
Yelp.com is the current go-to for most local-business reviews, but it s far from the only place consumers are looking. If you want to take greater control of your business s Web presence, here are seven other websites where you can list your company and collect customer feedback.
Angie s List
One of the longest-running and best-known review sites on the Web, Angie s List has become a household name in providing consumers with honest, accurate information about local businesses. Users pay a membership fee to read and write reviews, which are given in the form of a letter grade. Once businesses are signed up, they can add details to their profiles, respond to reviews and interact with members. Additionally, highly rated businesses can earn eligibility to advertise deals and discounts. If you re not listed yet or want to claim a business profile created by a consumer, you can sign up at the Angie s List Business Center. [How to Get Your Customers to Write Reviews]
While customers who like your business s Facebook page are able to leave their feedback in the form of posts and comments, you can also have them leave formal reviews and ratings. Starred Facebook reviews first debuted in late 2013, and now any page categorized as a Local Business that lists its physical address can enable the review feature. Since many small businesses use Facebook as a primary method of connecting with customers, it s a smart and convenient platform to encourage, showcase and respond to customer feedback. To learn how to set up Facebook reviews, visit the Facebook Help Center .
Foursquare is best known for its check in feature, which allows people to share their locations via social media. Local businesses who have claimed their listing give customers the ability to not only check in, but also leave ratings and tips (reviews) for other customers when they visit. Signing up for Foursquare for Business lets you access user analytics data, add your own tips and offer customer rewards.
The Goodsnitch app is more than just an alternative to Yelp. In fact, the company views itself as the anti-Yelp because it enables customers to give private feedback about an organization. Good feedback, such as outstanding customer service or a high-quality product, is publicly posted, while negative feedback is delivered directly to the business, allowing the company to privately address the issue with the customer. With its mission to recognize hardworking employees and business owners for their good work, Goodsnitch isn t about covering up consumer complaints it s about creating a culture of encouragement and positive feedback among businesses and their customers.
Most small business owners understand how important it is to be findable via online search, especially Google. One of the best ways to boost your search rankings is to establish a presence on Google+ Local and encourage customers to leave reviews. An active Google+ business page signals to Google that customers are engaging with and searching for you plus, higher customer ratings means better search visibility for you. To learn more, visit BND s Google+ Local guide .
Manta is a small business directory that helps local American businesses connect with their customers and each other. While reviews are not the primary function of the site, visitors who find your free business profile can leave a recommendation for other users. Manta does offer tips and marketing tools for its business members, but one of the site s most valuable features is the Manta Community, a highly active forum for business owners to ask for and share advice.
Established in 2005, MerchantCircle.com aims to connect customers with deals, advice and price quotes from local small businesses. The site s search functions are structured primarily by city and business category, and by default, it populates a list of the best (highest rated and most frequently reviewed) merchants in the area. The MerchantCircle Help Center has numerous articles to help new businesses get set up on the site, and offers free business listings and marketing tools to its members.
Nicole Fallon Taylor
Nicole received her Bachelor s degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. She currently serves as the assistant editor. Reach her by email. or follow her on Twitter .
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