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Business Plan

Business Law – What Is Outsourcing?

Outsourcing is the process of contracting with a third party and is often called sub-servicing. This contracting is usually performed in-house to an external provider. Therefore two companies will enter into a contractual agreement generally involving an exchange of services and payment. One problem that has arisen in business today is the ability for companies to outsource to supplies outside the United Kingdom which is commonly referred to as offshoring or offshore outsourcing. There are also other words relating to outsourcing such as strategic outsourcing, nearshoring and multisourcing.
Companies usually get involved with outsourcing when wanting to have the benefits of certain things or address specific issues that may arise. Cost savings which is the decreasing of costs of services to the company can be done through offshoring. This involves outlining quality levels, re-negotiation, lowering the scope, cost re-structuring and re-pricing. Often companies outsource their IT support to specific companies that are experts in IT services, which shows the focus on core business. Outsourcing helps with cost restructuring which changes can offer a move from fixed costs to variable costs which makes variable costs more foreseeable. It can improve quality of service through contracting out the service the company has provided and as well improves knowledge through access to intellectual property, and wider experience.
Outsourcing enables a company to focus on what the company specialises in, become more cost effective, be flexible and manage and maintain the growth of the company sufficiently. It enables the company to gain access to other companies technologies and expertise. If outsourcing is managed productively, it can really assist a company to reduce costs and develop effective ways of using knowledge and resources from other companies. However, a company must think about whether the advantages of outsourcing will outweigh the costs of the outsourcing process. It is important that the outsourcing process is properly managed and monitored and that anything done to the company will reflect directly on the company.
Outsourcing is very common now for companies outsourcing non-strategic or complex tasks to enable admission to the best practices and new technology. Outsourcing will mean that the company will benefit from businesses economies of scale and investment in expert employees whilst still concentrating on specific business activities. Outsourcing endeavour such as payroll, secretarial services and recruitment will give a business entry to specific skills, but will only be paid for when you need to use these services. You could even outsource for non-business tasks such as catering and cleaning.…

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Business Line

Business Ideas

Are you looking for great business ideas? Are you looking to earn extra income on top of what you’re already doing? Are you tired of a dead-end low paying job? Maybe you’re just board with what you are doing right now and want to find something new and more exciting. If you’ve answered yes to any of these questions then you are in the right spot.
You also might be asking this important question about starting a business. Is this a good time for a business start-up with the way the economy is right now? My answer to you is yes. I find that no matter what the economy is, good or bad it is a lot easier to start a business of your own than it is to try to find the right job. The trick is to finding an interesting, low-cost yet profitable business to start. Well, I have a good one for you to add to your list of business ideas.
How about starting a professional window cleaning business? Why? You will never run out of dirty windows, you will never run out of people who would love to pay you to do the work and the skill is not that difficult to learn.
This business is also great because you can generate immediate income as soon as you start. You will also be surprised at the small amount of money you will need to invest for the business start-up. Every day operating costs is minimal compared to the amount of money that you will put into your pocket. Most of the time, you will get paid at the completion of each job.
This could be just the ticket you’re looking for. The window cleaning business is never boring because there is plenty to learn about the industry as you go. You will constantly be meeting new people. You will find that every day is an adventure in itself. You will get to move from place to place, work indoors as well as outdoors.
Another advantage to owning your own window cleaning business is that you can do this full-time, part-time or just do it on the week-ends for that extra income. If you go full-time, you will actually become your own boss. You will be more in control of your own precious time by scheduling the amount of clients that you want. You decide the days you get off instead of the other way around. You will be able to take control of your own future instead of someone else telling you what your future will be.
Just remember that great business ideas start with a dream and then it is up to you to make that dream a reality. I would highly recommend doing further research on starting a business to cleaning windows.…

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Business Plan

Time For Little Guys to Win and America to Profit!

Today is a time of great business opportunity. no other time since the beginning of the industrial revolution have individuals been offered so great opportunity to pursue independent business opportunities.
I can hear what you might be thinking, “Are you absolutely insane? I don’t know what planet you live on, but here on Earth in the United States we’re experiencing the worst recession since the 1930’s. We have 10% unemployment (17% if you calculate those who have stopped looking for a job or taken involuntary, early retirement). We have historically high business failures and mortgage defaults. Every day we hear about people right in our own neighborhoods losing their jobs and their homes. So what opportunity are you talking about opportunity mister? The opportunity to go broke?”
No, I’m not nuts or delusional. The opportunity to start your own business is real and it’s never been less expensive to do so. I believe America’s future lies in small, decentralized businesses involved in a variety of markets. The opportunities include a wide range of professional skills and specializations. To take advantage of these, all that’s needed is a PC, a telephone, and Internet access. You can run your business from anywhere, in the comfort of your home to your local coffee shop. The potential market is huge and for the first time ever, businesses as small as one-person operations can participate in global commerce.
Virtually anything you can do in an office job, you can do online. Consulting work of every type as well as most forms of sales, teaching, tutoring, counseling, advising, accounting, representing, marketing, engineering, writing, research, legal work, and retailing can be done either online in a home-based or in a small business office. All that’s required is imagination, courage, positive foresight, and the willingness to risk some time and energy on a new, unproven venture.
Despite what the pundits think, I believe America is bankrupt only in terms of the loss of our “can do” attitudes, our pioneering spirit, and the ability to imagine a bigger, better future. Many of us seem to be stuck waiting for a rescue. We’re waiting for our economy to magically improve. We’re waiting for the government, Wall Street, big business, or the housing market to lead us out of our economic malaise. The solution, however, does not lie elsewhere. The solution is in our own hands.
All we need to do is change our attitudes. We need to stop waiting to be rescued and instead we need to begin a proactive search for our own unique opportunities to flourish. If you don’t have a business, start one this year. Even if you are working a full time job, think about what you can do part-time during your time off.
Instead of worrying about your job and future, do something TODAY that can supplement you present income and perhaps may become your big opportunity. Nothing you can do? HOG WASH… you’re just not thinking hard enough! Think of all the possibilities. Think in terms of your knowledge and experience. Think about how your hobbies and pastimes may be offer potential business opportunities.
If you are already in business for yourself, consider extensions of your current products or service offerings. I run a sales and marketing consultancy. My primary business is ad and exhibit sales representation. The future is in electronic marketing, so I have started the process of educating myself on new the media and electronic marketing. I have acquired a new client that produces iPod and Webcasts and will be selling sponsorships for them starting in just a few weeks.
Although extensions of your present business are probably the best sources for expansion, you can also start an entirely new business based on your hobbies or interests. For example, a CPA friend of mine started an online energy drink and supplementary food business for cross country bicyclists and runners. He started the business purely by chance.
My friend Bill is an avid cross-country bicyclist. He and fellow cyclists regularly go on 100 to 500 mile treks. These grueling rides demand high levels of stamina and energy. Bill found a number of energy bars and drinks that are helpful. However, they are sold in very few specialty stores that are not close by.
He sought alternative online suppliers. The online suppliers also offered additional products also not available in stores. Bill purchased them and shared them with fellow cyclists and other friends involved in aerobic sports. Friends began to ask him to buy these products for them as well. This triggered the idea to start an online sports energy food business. He has been doing this business for more than five years and although he doesn’t make enough to quit his day job, he certainly earns nice supplemental income.
I have another …

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Business Website

Starting a Business When All You Have Left is a Credit Card

Ralph was tired of his work as an engineer. The work was steady, but the income, though adequate, was limited. Like most, he was living month to month. So he quit his job and invested $20,000 on a credit card to open his consulting firm. He earned over $500,000 in his fourth year.
Jim had a dream, a couple of friends and a credit card with $300 left on it. Rather than despair, he decided to go into business for himself. He took his mother’s old green coat, a ping pong ball, a couple of sticks and made a hybrid cross between a hand puppet and a marionette. He called it a Muppet and named the lizard Kermit. (He later changed it into a frog.) The rest, as the saying goes, is history.
Several people are facing the same issue Jim Henson did years ago. Faced with job loss and doubts, what will you do with your life? You can search for that elusive perfect job, and once again, but your future in someone else’s hands, or you can take control of your life and create your own future.
I don’t believe any small business consultant would ever recommend a client start a new business with only a credit card and no reserve of operating capital. I surely would not. However, history has shown that there is more to start up capital than money. Individuals with creative ideas, strong drive and a refusal to fail have proven that some can succeed on pure chutzpah.
For those leaving the corporate world, there is often some 401k money that can be rolled over into a new business. If set up correctly, you can fund your new business with retirement funds without paying taxes or penalties. Others may find funding difficult. I always recommend an individual’s first business be a franchise. The proven system, training and support often make the difference between success and failure for the new entrepreneur. But franchise fees alone can keep those with limited startup capital from opening a business. I often help those with limited funds find franchises that offer in house financing so new businesses can be launched on the proverbial shoe string. There are also national trademarked brands that can be joined without franchise fees or royalties and still receive the training and support usually reserved for franchises.
Whether you are considering a low cost franchise or a trademarked brand, entrepreneurism is not for the faint of heart. But with a solid system and strong support, even the shoe string business can thrive. Just add indomitable spirit.
“Life is meant to be fun, and joyous, and fulfilling. May each of yours be that – having each of you as a child of mine has certainly been one of the good things in my life. Know that I’ve always loved each of you with an eternal, bottomless love. A love that has nothing to do with each other, for I feel my love for each of you is total and all-encompassing. Please watch out for each other and love and forgive everybody. It’s a good life, enjoy it.” Jim Henson…

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Business Insider

Business Is Running, Now What?

Established giant corporations are the envy of many. They are run with efficiency we cannot even begin to imagine. Some have huge staffs comprised of all sorts of specialists who attend to the smallest issues to insulate both the owners and the management from what is seen as small matters. As a small business owner, you wear many hats and because of the early complexities of going solo, you are trying your hand at every facet of your operation, even in the areas where you are not necessarily competent. With few exceptions, the other parts of your operation are run on a need basis and as a result some things do not get the attention they deserve which in turn makes you feel as if you were playing catch up.
It is well accepted that success in business favors the swift – the ones able to create the most value much faster than the competition. As such, ambition, energy, industry, and perseverance, are indispensable requisites for success in any business. So far as I can tell, very few people achieve success in business accidentally. Those who do pursue a very deliberate plan, sometimes measurable, sometimes not. Therefore, in order to achieve success in business, it is first necessary to come to terms with your own definition of success. To avoid feeling as if you are going in circles, it is critical to identify those things in which you excel and apply yourself there while carefully, you delegate the other duties to persons best qualify to deliver.
Business success is a matter of application. It’s a matter of experience and skill and intelligence, and wonderfully enough, you can learn what you need to know to be successful. You must be willing to reinvent yourself now that you have chosen the solo route. In her book, the Power of Many, Meg Ryan of eBay fame says: “To run a successful organization in the Internet Age requires constant reinvention”.
Fear not, make a decision and please do not waste time over analyzing your decision as time is of essence; however, be firm in your decision-making process. Masura Ibuka, the co-founder of Sony once said: “You never succeed in technology, business, or anything by following others”. A marathon is won by hitting short consistent strides for the long haul. Celebrate small victories today and you will look like a genius tomorrow.…

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Business Insider

The Start Up Costs of Opening a Craft Store

Some craftspersons open retail stores to sell their work direct to the public. They may carry a selection of their own pieces or craftwork from several craft artists to help fill the shelves and displays. If you have thought of opening a craft store, this article will help you understand the costs involved and perhaps help you save some money.
The monthly expenses of your new store include (but are not limited to):
Business license. Most counties require that every business have a license. The fee varies but expect to pay around $100 a year. If you plan on opening a checking account for your business, most banks require the business license before opening a business account.
Signs. The cost of your signage will depend on the size of your store and local sign restrictions. Some tourist areas have limitations on how high or large a business sign can be.
Rental or lease deposits, first and last month rental payments at commercial rates. Renting a commercial retail space will not be cheap. Expect to pay at least $1,000 a month in low traffic areas and much much more in popular locations. When calculating your expenses, don’t forget to account for first and last month rental fees which are typically due up front.
Insurance against fire, theft and other loss. Full coverage insurance for your retail store may run you anywhere from $50 to $200 a month.
Telephone at business rates. A business phone listing gets you in the Yellow Pages. Business phone rates average around $60 to $70 a month.
Utilities. Some retail spaces may include your utilities in your rental fee. However, even if they aren’t, figure an electric and water bill of around $25 to $50 a month.
Advertising. There are many ways to get the word out about your store without spending a fortune. Do an online search for “guerrilla marketing examples” to learn ways to market your business with free and low-cost methods.
Merchant account for processing credit cards. Having the ability to accept credit cards can boost your sales by at least 40 percent; even more so in tourist areas where travelers use their credit cards instead of cash. A merchant account can run you anywhere from $30 to $75 a month, plus around 3.5 percent of every sale.
Employees. If you will need employees, count on paying the government 30 percent of what you pay per hour. If you hire someone at $9 per hour, you’ll pay another $3 an hour in social security and workman’s compensation.
Inventory. If you intend to open a gallery of handcrafted work, get your inventory on consignment. Consignment means that the artist retains ownership of their items but you display them in your store and only pay for the items after they sell. Consignment costs you nothing except the bookkeeping and many craftspeople prefer to get their work in the stores rather than have it sitting at home in a box.
Fixtures. New fixtures are expensive. Shop around before you buy. Sometimes you can find retail stores going out of business who are forced to sell everything for whatever they can get. Budget a couple of thousand dollars or more depending on the size of your display areas.
Office equipment and supplies. To handle transactions, you will need a cash register or personal computer set up to handle over the counter sales. Figure $1,000 and up depending on how many registers you will have. You can save some money here by having a cash drawer built into your sales counter and keep track of sales with a receipt book.
Promotional materials. You’ll need business cards, brochures, price sheets and hang tags; count on a few hundred dollars for all of these.
Travel and auto expenses. Depending on where your store is located, you’ll have some daily travel costs going back and forth. You’ll also incur the costs of going to the bank, the post office or UPS, picking up supplies and more. Add in at least $200 or more per month for gas and wear and tear on your vehicle.
Your salary, though you may want to hold off drawing a salary for a few months. If you have a spouse who can help with your other financial obligations, you are in a better position.
What’s the Bill?
If you handle most of what is mentioned above as frugally as possible, you can count on monthly costs of at least $2,500 to $3,000 a month; and that’s a very low-end operation. You’ll also have one time up front expenses of another $4,000 to $10,000 for fixtures, inventory, installations, rental deposits, equipment and promotional materials. Hopefully, you’ll have great products and be located in a high traffic area.
Location, Location, Location
Choosing the right location is the most important …

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Economic News

4 Benefits of a Kickstarter Campaign

So you own a business… or maybe you are just starting out. Whatever phase of business you are at, most of us have in common one thing- we must have financing. I am sure you have been exploring your options: financing it yourself, Angel Investing, bank lending options, charge cards, borrowing from a friend or loved ones member… you’ll find methods to get it done.
But have you investigated Kickstarter or crowdfunding in general? It may or may not be for you (depending on your organization, etc) but it is worth investigating. Kickstarter is a financing platform for people with project ideas. An individual puts together a page about their project- what it is, what they are aiming to fulfill, how much cash they will need to raise, etc. If the project is authorized, it goes live and others are able to see it.
Consumers view the project and if they decide to “invest” in it is creation they are able to make a donation. Funding is all or nothing- so if the amount needed is raised, the individual that created the project will get the funds. If support comes up short, money does not exchange hands. This creates security for both the project owner and the investors. You do not have to attempt to build a product without enough money; and purchasers do not put money into a venture that may 0r may not be completed.
So why would I propose this style of fundraising?
1.) The all or nothing concept – there is an ability to fundraise the money you must have and possibly more. If you do not, no damage done. You do not owe anyone anything
2.) The visibility – having possibly 100s of people knowledgeable of your project before it is even built and having “pre-orders”
3.) Control – compared borrowing money, you don’t pay back the funding you receive. The backers through Kickstarter traditionally are given “rewards” for a variety of monetary contributions. So the finances are yours to develop your project. However, understand that money earned through “crowdfunding” can be subjected to taxes
4.) Input – once you fund-raise and build this community around your project, you now have people with a authentic concern in seeing your project succeed- and possibly are already thinking about acquiring it. Go to them for suggestions, with your options, etc. Discover what they would like to see included!
Of course there are many other crowdfunding site out there besides Kickstarter. Take a look at the different outlets, compare them and get going! What do you have to lose?…