Small Business

Archive for the ‘new business’ Category

Any Ideas on raising money for a new business? Im going to form an LLC, and I have several people that are interested in investing. I want to make sure that I dont loose control of the business, but at the same time take care of my investors. Any Ideas?

get a loan

Our company is launching a new business; including Design services, marketing and business training and consultancy (with a difference)
We want to arrange a launch for this.
Any ideas? Planning to hold it in a large local Chinese restaurant, but what should u include in such an event and how do u invite/ensure local businesses attend?

Are there any formats for creating a plan for a launch, similar to a marketing or business plan template.

There’s no written format for launches but the questions to ask before doing it are the same as with any marketing activity.

What do you want to achieve from this? (Celebration, new clients, press coverage etc)
Who are the best people to invite to ensure you achieve what you want?
What other ways could you achieve the same thing?

Depending on your answers to these questions, you’ll then have the answers to your question about what to do to ensure that the people you want to attend are there and you’ll also know what to give them. For example, if it’s a press event, you need press releases about the company and sample products or case studies.

Be really clear about why you’re doing this. These kinds of events can work out as very expensive parties with no noticeable returns.

Good luck!

Ive seen new business’ open regularly for their first time, and then have their ‘grand’ opening weeks after that.

And what is the terms people would use for their first day of business if its not their grand opening. Like how do they advertise their first day of business if its not called their ‘grand’ opening.

Thanks in advance!

Tmore 1 and MannyT offered some outstanding advice in their answers–take heed in their words.

A "soft opening" allows time and processes to get the "bugs" out of your operations and service.
It also allows the opportunity to begin to transform the "interested" customers into "regular" customers.

I have done many of these in the last 25 years, and this is my opinion:
Make sure your staff is ready for the soft opening.
Send a press release to the local newspaper to obtain some initial exposure.
Get your staff members to invite( to the soft opening) their friends and relatives (schedule the arrivals at intervals so as not to "swamp" the staff). Friends and relatives are far less critical of opening "snafus" than your future prospective customers. This will also provide you with "sure sales" income, as friends/relatives are not inclined to embarrass the employee by complaining, walk-outs, or harsh criticism.
During the soft opening, get as many names/phone numbers or email addresses of your attendees as possible. These will be part of your future marketing efforts. I had them all sign up for a newsletter, which not only kept my business in their faces, but allowed me to market discounts and special offers to them–making them regular-constant customers. This will also allow you to create huge attendance to your future Grand Opening.
Additionally, try to acquire some inexpensive radio time, or maybe some local tv cable ads prior to your soft opening.

After your soft opening and all the "bugs" are worked out, continue to acquire customer info, keep up the newsletter, and increase your marketing exposure, maybe even via AdVo or PakMail coupons. Monitor/test your advertising closely—it will prove your best campaigns and allow you to dump your non-productive avenues.

My opinion further, try to avoid any "marketing consultants" who offer their services. They monitor the business license applications and swoop in on you offering their "guaranteed" results. I once paid one such firm $18k per year. When I took over the marketing myself, I increased my business 40% and my profit 32%. It’s YOUR business—only you know what is best—not some outside commissionable or fee-based knuckleheads who are not footing the ad bill or operations budget.

I just started a new internet business and I am looking for ways to advertise. Since this is a new business, I am very limited in funds right now… until I have customers, but I can’t get customers without advertising! Any suggestions or information will be GREATLY appreciated.

A web site. If you use www.bravenet.com, it offers free click-and-build web design. It also provides a shortened url (web address) but buying a domain is around $5-10 depending where you go.
Press Release. This is free to do. If you’re lucky, the newspaper will do an article on your businses.
Depending on what type of business could also depend on what type of advertising. Remember to add more information as to what you do when asking questions.
good luck

If you could find near unlimited funding, a good support/mentor team, and the time to do it, what would be the most socially/economically valuable type of new business that you would create? Would it deal with the environment? Social issues? Eliminating poverty? Enforcing laws? Etc… Not just something that would make you money (although this is a prerequisite of business) but something valuable and important.

Green, renewable, and inexpensive energy. I’m thinking geothermal on a wide scale.

I am starting a new parts business and I want to be able to accept credit cards (we already accept PayPal), but it seems so expensive for a business just starting out! How can I do this?

Accepting credit cards won’t ever be cheap. Visa, Mastercard, and the rest all want their money, and so do the companies that process the cards.

Everyone’s hand is out and getting their share before you see your funds. It’s terrible but a fact of business life.

The alternative I find to be quite useful is ProPay, which is owned by Wells Fargo. Check out what they offer and their prices.

With ProPay, you’re able to process credit cards online, by telephone, and through a card reader if the customer’s credit card is handed to you. There’s much more to consider, and ProPay’s site features an FAQ and price list for each level of service.

What I like about them is that there’s one yearly cost – no monthly fees such as $25 or more per month charged by merchant account firms. Those fees eat away at your profits.

I was glad to get away from the constant money takers and opt for ProPay and PayPal. Every credit card processor has fee structures, but some are manageable while others are astronomical.

Good luck to you.

Shirley George Frazier
Author and Small Business Expert

I am setting up a new bank account for my new business and the bank manager wants to know "how will you process your receivables?".
How do I answer this question?

By Receivables they mean "Accounts Receivable" or the money owed to you by customers. Not all businesses operate credit terms but those that do either manage the AR themselves, use a third party or using some factoring services.

Im wondering how banks or what have you set out to finding business that are getting ready to start to be able to send their reps out to innitiate business who are untouched or who may need financial or credit services to help them w/ all their needs to succeed. For example: Like their credit card machines & all their checking & banking services. What sources do the banks etc, have in finding fresh new business?

Go to your city hall and county courthouse and search the business licenses.

My husband’s parents have recently started their own sober living business. Their new client is trying to have them bill his insurance company. How would they go about doing this?

If they are business liscensed to do this business they request forms from that insurance company, and fill them out, or they can simply say, call your insurance carrier and find out how to submit a claim, they do not have to do this in most states. If they are not liscenced with the state, there will be no getting the insurance company to pay for it. Make sure they understand the laws,call the business liscensing agency, and let patients know, they are not covered by their insurance, so that they get paid by the client. Its definatly worth the time to find this out, if their ins wont pay and the person is poor like most are, they will not be able to pay back arrerrs rent, so take cash up front to not lose money.

How do i go about applying for a new business loan?
I am starting a new business by buying and reselling consumer electronics, what do i need to obtain a new business loan or a grant.
What do the banks look at before getting you approved?

When getting a loan here are things the bank looks for:
A business plan detailing the product/service,, customer, location, and financial analysis.

Your business experience and how well you understand this industry. Can you make this business work. Do you have personnel on your staff to supplement your lack of skills.

history which demonstrates your ability to handle credit. Your personal credit score needs to be well above average.

What collateral do you have and how can you guarantee the loan in case of problems.

Terms – How much, How long and For what? Can the what be reposed in case of problems?

Your equity. They like to see you putting up more than 25% of what you need.
If you’ve never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I’d call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.

The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a consumer electronics business and force you to also understand all of the aspects of this business including the customers you’ll concentrate on (your market ) and how you’ll go after them.

Try this link :
http://www.ychange.com/small-business-consulting-articles.html
and read some of the articles especially the ones about a business plan and starting a business.

Good Luck