A sole proprietorship is a business owned by one person. It is the simplest business form to start and operate. Unlike a partnership or a Limited Liability Company, Sole Proprietorship does not have a legal separation between the owner and the business. The business is, therefore, an extension of the owner thus the proprietor is personally liable and responsible for any … [Read more...] about What Is Sole Proprietorship? Understanding Sole Proprietorship
Small business articles
A warranty is a promise or guarantees to provide some assurance from one party to another that certain conditions or even facts are true. If this promise is false then the guarantee can be enforced to allow for a legal remedy. A warranty can be used to state that a certain condition is true at some point or whether it will continue for some time into the future. A warranty can … [Read more...] about Types Of Warranty and their meaning
An objective statement is a short statement which describes precisely what you are looking for or what you want. This can either be in job searches or in business dealings. While your goal might be to land a job say as a teacher, in the business context, these statements usually provide clear details and directions on how you are planning to achieve a business … [Read more...] about Meaning Of Objective Statement And How To Create One
In a company, matters to do with finance play an integral role in determining the direction of the business. It is always prudent for the management and employees concerned to ensure that they monitor various aspects of company’s finance to make it financially sound. Financial ratios are one aspect that needs to be understood and given great importance and attention. Gross … [Read more...] about What Is Gross Profit Margin And How To Calculate Gross Profit?
Marketing your local business is a project that every business owner must take seriously. There are many ways to market a local business. The steps listed in this article will help you gain an appreciation for the process, and by following each one of them you will ensure that your business is more popular than ever. In addition, you will earn more money, and you will have a … [Read more...] about Five Simple Ways to Market Your Local Business
Some people have a very focused behavior - They will concentrate and focus on one business and grow that one business consistently. They are known be disciplined and patient. But then there are others (like me) who are bored with the consistent and want to keep trying new things. These are commonly known as serial entrepreneurs and they need to manage multiple businesses … [Read more...] about 8 fantastic ways to manage multiple businesses efficiently
If you want to tackle competition, then like a wrestling match, you have to take them one by one. You cannot attack all your competitors at once. This is why you need the competitive ladder. What is the competitive ladder? Just like you have a podium where the top winners are ranked, similarly you have the competitive ladder, where all your competitors are ranked on each … [Read more...] about How to move up the Competitive ladder?
If i ask 100 businessmen out there what they want, each one of them will say that they need more customers to grow their business. That’s the number 1 target of each business out there. But before you actively seek out new customers, here are 4 questions you need to ask yourself. Question 1 - Am I ready to fight on price? One of the most common marketing tactics for … [Read more...] about 4 questions to ask yourself before targeting new customers
Business is never simple. There are so many dynamics involved in our day to day business lives that we sometimes don't know which work to do on which day. But due to this busy status, many times our competitors take the lead from us. Quite simply, either we were complacent, or they were smart or it was simple bad luck. If our competitors are less and the market share belongs … [Read more...] about How to gain market share from competition in 3 simple steps?
Many a times businesses are not motivated enough because they know their competitors but do not analyse their direct competition. At other times, the businesses might get complacent if you don't have a list of your direct competitors and what they are doing in the market. Why it is important to analyse your direct competition? Once you conduct a direct competition analysis, … [Read more...] about How to Analyse and Defeat your Direct competition?
Every brand that we see today, has a market strategy. But more then the market strategy, the pricing strategy matters and competitors can be differentiated based on the price point they use. A top of the line brand will always use Non price competition and it tries to differentiate its products. A brand which enters price competition, will always launch products which are … [Read more...] about Difference between Price competition vs Non price competition
Most of us are tired of competition. Majorly because it takes away business from us. But overall, there are many benefits of competition. Decades ago, in the production era, companies just used to produce material and concentrated very less on selling them or differentiating them. All that has changed because of competition. Ever noticed that most people are tired of … [Read more...] about 6 Reasons competition is good for Business – Benefits of competition
One of the many difficulties a start up faces, especially in the manufacturing sector, is to find distributors for their new product. However, you will surprised how many companies find it difficult to search for distributors even though their product is well established. There are several reasons that you might not be able to find distributors. a) Your product is not … [Read more...] about How to find distributors for your product or company?
Having a strong distribution channel is a must for any distribution based business. However, like any other business, there is a lot of leakage in distribution as well. There are many reasons that a distributor might leave your company. He found a better brand, he is dissatisfied with your services, or simply because he was looking for more money. When Hero and Honda split up, … [Read more...] about What should be the ideal breakup of distribution channel for small businesses?
Whoever said that commerce and art shouldn’t mix definitely didn’t live in the Internet age. With so many creative people vying for the spotlight in such a crowded marketplace, proper marketing has never been more important. Whether you’re a consummate professional or someone who’s just starting out, learning how to attract customers to your business is a must. Let’s take … [Read more...] about 5 Marketing tips for photography business