Month: March 2020

Idea

To make an idea a success, it does not always have to be brilliant. In some cases, small, petty ideas which were developed with no particular monetary motive, lead to major revolution in the business world. When Facebook was developed, money-making was never the aim. It was developed in a college dorm with the sole purpose of unifying all the communities of college via a social media platform. But as we all know, this unusual idea of online interactions is now earning billions of dollars for Mark Zuckerberg.

People

Employees are a company’s greatest asset, they are your competitive advantage. You want to attract and retain the best, provide them with encouragement, stimulus and make them feel that they are an integral part of the company’s mission. The startups should hire experienced people who know how to do their job well and will stay with the company in times of crisis. When employees are satisfied, the productivity of the company increases. Every startup requires people who consider themselves an integral part of it and treat it as one of their own ventures.

Funding

As Garret Camp, the founder of Uber suggested that, “Stay self-funded as long as possible”. You … Read the rest

Begin by labeling your folders. Common sections of your file folder may include:

• Pending Orders (Orders that are in the process of being shipped, completed, etc.)
• Paid Orders (Orders/Services that are completed and paid for)
• Bills Due (Invoices for items the company owes)
• Banking Information (includes Bank Statements)
• Receipts/Bills Paid (All other expenses that don’t fall into the 5 categories below)
• Vehicle Information (Mileage Logs, Vehicle Maintenance Receipts, Licensing Fees)
• Insurance
• Charitable Contributions
• Advertising
• Fixed Assets (Any receipts for equipment, furniture, computers, etc that can be depreciated)
• Miscellaneous (For anything you just are not sure of!)

Review your Pending Orders folder monthly to ensure your orders are being completed and moved to Paid Orders in a timely manner. The Bills Due section of your file folder should be reviewed twice monthly to ensure payments are being made on-time. Here is a list of common business deductions to aid you in organizing your receipts:

• • Advertising
  • Bank Fees on Business Accounts
  • Business Vehicle Expenses
  • Commissions & Fees
  • Cost of Products
  • Gifts to customers, suppliers, etc.
  • Depreciation
  • Dues for Trade Associations, Business-related organizations
  • Legal & Professional Services
  • 50% of Meals & Entertainment (be sure to note date, purpose, & attendees of event)
  • Office

Before you pick up the phone to call your coach, learn to stop playing the self-doubt game. Fear of uncertainty can freeze people into inaction and often counter-productive behaviors. Each time you start to say “What if… ” catch yourself, take a deep breath and immediately counter the thought with positive information and or an action. For example, “What if we can’t sell as many as we thought”, can instantly become, “We sold 200, who did we sell them to, who else can we sell to and what else can we do to sell more?” Learning to do this every time will reprogram your behavior and get you into a productive achievement-oriented mindset.

Your accountability coach may also be a business adviser focused on some specific subject area. Ideally, the coach will be an objective third party and not a spouse or significant other person with whom you have a close personal relationship. It is important to avoid coaches who may be enablers of your bad habits, or who might assume an undesired control attitude or even encourage you to move in the wrong direction. You want a coach you respect and from whom you are willing to take corrective … Read the rest

There is an almost magical balance between the cost of the money that is invested in merchandise to create appropriate inventory levels on the sales floor and the required inventory levels to drive higher sales. The cost of the money invested in inventory when you open a dollar store often wins too early, thus driving sales lower. Sales immediately begin to rebound when higher, more appropriate inventory levels are established.

It is a perfectly valid argument to feel that all back-up merchandise inventory that is being kept in the back room, or the stock room is not earning money. When you open a dollar store it is valid to argue that back stock inventory is in fact is actually costing money.

However, when you open a dollar store, maintaining a fully stocked sales floor is smart business. The goal when you open a dollar store should be to have customers react with a surprised look followed by ‘WOW!’ as they enter your store. A fully stocked store is impressive to store visitors.

When you open a dollar store never allow it to look as if there is not inventory available to support sales. Customers will immediately feel that there is … Read the rest