Category Archives: Small Business

The Pros and Cons of Buying a Franchise

By Jurissa Ayala

Buying a franchise is one of the best ways to start and run a successful business. The most visible examples of thriving franchises are in the fast food industry (Burger King, KFC, etc.), but there are numerous strong franchise businesses in almost every other market space, from plumbing to child care to management consulting. The initial investment varies as well, from tens of thousands of dollars for some personal services businesses to millions for national restaurant and hotel brands. While each franchise is a unique opportunity, before you buy a franchise consider these general pros and cons.

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3 Common Financial Mistakes Businesses Make and How To Avoid Them

Starting a business is exciting. Suddenly, you are pursuing your dream and hoping to make money in the process. But according to Bloomberg, eight out of ten entrepreneurs who start businesses fail in the first 18-months. What can be done to prevent your own failure? Here are three major pitfalls business owners find themselves in.

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Have You Overlooked These Two Powerful Marketing Tools? Part II: Social Media

By MJ Plaster

In Part I, we looked at blogs as a tool to engage and inspire your audience and to build trust. Part II covers an honest look at social media, its demographics, uses and best practices. Overlook these two powerful marketing tools at your peril because the ROI is significant in keeping your base and expanding it.
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Have You Overlooked These Two Powerful Marketing Tools? Part I: Blogging

By MJ Plaster

Back in the Dark Ages of the 20th century, customers knew merchants and did business with those they knew and trusted. Big-box stores such as Wal-Mart, big-box services such as H&R Block and online retailers such as Amazon offer little opportunity for you to get to know them. Their sheer size and impact make customers comfortable, but the typical business doesn’t have that advantage. People want to connect, especially with online providers. Connection builds trust, and people will do business with you if they trust you. If you want to bring customers into your fold with minimal expense, read on to find out what no longer works, and what two powerful marketing tools can engage your customers.
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The History of Bankruptcy Laws in America

A couple weeks ago, we took a look at the process of filing for bankruptcy. But how did this process come to exist in its current form in America?

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Chapter 11 Doesn’t Have To Be The Final Chapter

Although most people know what bankruptcy is, they may not know what the process of declaring for bankruptcy entails.

While it is perceived as being the last step for a company that is going out of business, this is not always true. In some cases, bankruptcy can be a way for a company to reorganize its debts and come out even stronger than before.

Why Would a Business File for Bankruptcy?

A company may wish to file for bankruptcy for several reasons.

First, it may not have enough money to pay all of its creditors. Therefore, filing for bankruptcy would enable them to pay creditors depending on priority. Most unsecured creditors would get nothing while secured creditors would be paid back up to the amount that remaining assets are worth. Continue reading →

Logo Creation for the Hopelessly Artistically Challenged

By MJ Plaster

What if, like me, you’re beyond artistically challenged, and you need a logo for your business? Where do you start, and how do you go about getting the perfect logo for your company? Logos look simple and easy to design, but they’re anything but. We’ll walk you through the steps to finding and working with a designer after we set the stage by exploring current logo trends.

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Shopping Like It’s Your Job: Finding The RIght Wholesale Buyer

Last week, we talked about what it takes to get your first fashion business off of the ground. But what happens next?

One of the most important employees at any fashion business, especially at retail outlets, is their wholesale buyer. Their job is critical: Figure out what products you need, and how much to order.

Sounds simple enough, but how well your buyer performs will make all the difference in the success of your business.

So what does a buyer do?

Buyers are doing their job well if they can consistently find and purchase products that your customer base likes and considers to be a good value. Continue reading →

The Fashion Industry: Turning Your Passion Into A Business

Many people dream of having a career in an industry that they’re passionate about, but there are a lot of steps between having a dream and making it a reality. And in an industry as cut-throat and competitive as the fashion industry, that passion must be paired with some

Research the Market

It’s easy to think that just because you’re knowledgeable about fashion, that you know everything about the industry. This is a dangerous misconception.

Learn everything you can about the clothing industry before entering it. Look at comparable clothing businesses. Are they doing okay? Who are they targeting? What are their numbers? Which time of the year is it busiest and which time is the least active? Continue reading →

Fighting Fraud: Eight Tips To Keep Your Small Business Safe

Scammers hurt small businesses in the United States every year. According to the Association of Certified Fraud Examiners, the median loss is a whopping $98,000.

The prevention of fraud requires monitoring the workplace, continuously updated controls, data systems, and special procedures related to preventing fraud and scams. Fraud happens when there is opportunity.

The individual may believe the company owes him or her additional compensation. Perhaps the perpetrator knows precisely how weak the company’s controls and systems are and believes he or she will not be caught. Continue reading →