Monday, May 5, 2008

Starting a Business: How To Start A Profitable Craft Business

A good way to cash in on your artistic and creative skills can be to establish a craft business. It may be that you had never ever thought about commencing with creating innovative and attractive crafts for earning profits secured by their sale. The thought might also be coming to your mind at this point of time about whether at all such craft business plan can be executable in a gainful manner by you. However, with figures available indicating a high success rate among such craft business endeavors you can take heart. After all, this business will only be requiring nominal start up costs and the beautiful craft objects created can be kept as adornments for a long, long time even if no suitable customer turns up for purchasing them.Common craft products that help yield profitsA craft business can be done with any item chosen from among the variety of craft products like flower arrangements, jewelry, clay items, wood crafts, soft toys, handicraft goods, paper crafts, stained glass crafts, crafts made from scraps, hand painting, hand printing, craft involving electronics, leather craft and so on. It is voguish to make use of many of these craft products and hence their sales hold immense prospects of profit making.Initial start-up cost considerationsSince the initial start-up costs of the crafts business is nominal requiring only the buying of necessary equipment and accessories for making the crafts this is not hard to bear. The banks, financial institutions, money lenders and trade associations also seem pretty eager to finance such businesses. So, financing will not be a problem. However, owing to the low start-up costs financing may not at all be needed.Considerations for successful starting of craft businessPrior to starting up the business with the objective of making profits it is important to-Understand the market and set up products that meet the market requirements. Set the right price of the products that are low enough to make sales yet high enough to cover the cost of the materials and secure a neat profit margin.Advertising and employment of suitable marketing methods play an important part in ensuring a successful crafts business. The following advertising and marketing suggestions come handy in setting up a profitable crafts business-Attending of craft fairs Setting up of a website that seek to promote the crafts business products Giving ads in local newspapers, carrying out advertising in the yellow pages and printing of pamphlets and brochures. Making arrangements for bringing in samples to jewelry stores, gift stores etc. The starting up of a profitable crafts business often does not call for any special skills, experience, equipment or formal training. A number of easy to follow instruction manuals are available that may be used as references for going about with manufacturing of the crafts products. The Internet too acts as a wonderful resource for providing guidelines about preparing crafts products. Thus, with some creativity, guidance and help you can gainfully proceed with your crafts business.You may use this article on your website as long as the two URLs are hyperlinked.Tania Penwell provides information on the craft business and crafts for Savvy CraftingArticle Source:

Sunday, May 4, 2008

Start a Business: Start Your Business for Success - The First Time

You are thinking about starting your business and you know you need to attract and retain customers while remaining in control. Determine how much money you really need to start your business. Before you hit the ignition button and start your business, ask yourself these 10 questions to ensure all systems are go for launch.Take this Quiz before you start your business and save yourself a lot of grief.1. Did you look at all angles preparing for success or failure?2. Do the potential benefits of the deal outweigh the risk?3. Have you taken the steps to keep your investment as low as possible?4. How will you operate your business as a Sole proprietorship, partnership, limited liability company (LLC), or corporation—what makes sense for your business? 5. Is your investment protected by a loan against the business assets?6. Have you decided the maximum liability you will accept as a guarantor of business debts?7. Have you protected yourself to reduce liability on personal guarantees?8. Have you decided the assets you will own in your own name rather than under the business?9. Have you protected your personal assets by judgment proofing yourself?10. Have you reviewed these points with your attorney and accountant?If you answered “no” to any of the above questions, you have a lot of work to do! It pays to prepare for the worst. Then you can spend all your time planning and working for success. One other question you should ask yourself. Am I starting my business to help others? Or am I starting my business just to make money?Most people think making money is the number one priority in deciding what kind of business to start. Put it on the bottom of your list. Your passion, enjoyment and rewards head the list. When you love what you are doing the success and money are bound to follow, but it never quite works in reverse. And if you happen to make a lot of money in a business you don’t love, I’ll guarantee you’d make twice the money in a business you do love.SBA says 50% of start-ups fail during first yearWhen you're starting a new business, the last thing you want to focus on is failure. Here are the top reasons why businesses fail; these figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face.1. Lack of sales and marketing the company’s products/services.2. Poor management3. No focus or disciplined4. Personal use of business funds5. Insufficient money for slow times6. Location7. No web site8. Competition is better9. Lack of commitment and persistence10. Start a business for all the wrong reasonsIs finding the money to support yourself during the early stages of your business holding you back? Don’t spend too much money up front on supplies and equipment. You can start your own business without large amounts of money and high risks, always try to use someone else’s money. Before you start your business, you have to decide how much money you're going to need and you have to make sure that you have it available. Your Business and Marketing Plan will provide this important information.You will need money to set up, start and run the business but you should also have the possibility to borrow some money should something unexpected happen. The reason you should arrange this before you start your small business is that, in my experience, banks don't lend money to new small businesses.Planning is one of the most important steps taken in developing a successful small business. In developing business plans, companies of all sizes face the challenge of determining the size of their markets. People typically spend more time planning a vacation than they do their financial future.In closing business is a lot of things. But without “Cash Flow” you won’t have a business for long. If you plan to bank roll a start up make sure you know what the support payments are and can you afford them.Lifelong dreams, like those of running your own business, are often met a bit at a time until one day you wake up and realize that once far-off goal is now within reach, because you didn’t give up on your dream! Hold on tight to your dreams.Dave Meholovitch is a author, consultant, trainer and speaker. And who assists people with starting or buying a business. To see other offers and services, visit his web site at http://www.secrets-of-owning-a-business.comArticle Source:

Saturday, May 3, 2008

Starting a Business: Should You Start A Business With A Friend?

Starting a business is a scary and exciting time. It takes a leap of faith, but also offers up the hope of successfully doing something you love. Still, there are things to be wary of.When taking the leap of faith on a business, people will often look to friends to join them. There are a couple of reasons for this. The first is it is nice to have someone hanging it all on the line with you. The second is the friend may have a particularly skill that looks attractive in relation to the business. The third is the most common, the friend has money! Regardless, many businesses are kick started with two or more friends as owners. Is this smart?There is an old cliché that you should not go into business with your friends. Unlike many clichés, this is one you should pay attention to. The cold, hard fact is most businesses will not make it. Most will fail within the first two years. If you don’t believe me, go try to borrow money for your business. One of the first questions the lender will ask is how old the business is? If you make it past the two year mark, lenders will throw money at you. If you are even a month short of it, they will barely speak with you.When starting a business, it is important to understand that a business relationship is much different than a friendship. A friendship is something informal that is really restricted by nothing other than the time you choose to spend together. A business, on the other hand, has to be run each and every day. In relationship terms, going into business with a friend is like getting married. There will be good days and bad.So, should you go into business with a friend or not? There is no clear answer to the question. Every situation is different. What is clear, however, is you should not storm off and start a business without discussing the issues involved. What issues? A frank discussion needs to be undertaken on what is expected of each person, where the business is seen going, how money will be handled and so on. The more you discuss, the better. Once this occurs, you both will have a better idea as to whether going into business together makes sense.A good friendship is a valuable thing. Make sure you don’t ruin it by going into business together.Richard A. Chapo is with - providing business incorporation services in California.Article Source:

Friday, May 2, 2008

Starting a Business: Checklist for Going Into Business for Yourself

If you are considering going into business for yourself, it makes absolute sense to be as prepared as possible. Here is a checklist of things you need to consider.1. Living Funds – Unless you are one of the very lucky few, your business will not be profitable from the word go. Remember, it took even mighty Google a couple years to even find funding to make a serious effort at becoming an Internet giant. How much money do you have set aside for living expenses? Six months to a year is a good range if you will be working full time on your new business.2. Time – Running your own business can be incredibly rewarding. That being said, it is going to take a lot of your time. Do you have a family? Kids? Other time obligations? You can expect to spend 10 to 12 hours a day during the first year getting up and running, so make sure you have the wiggle room to handle it.3. Business Form – When starting out, you need to determine what form your business will take. Will it be a corporation, limited liability company or just a sole proprietor. The decision is primarily one of risk. The bigger the chance of getting sued, the more you should consider undertaking the expense of a corporation or limited liability company.4. Taxes – Uncle Sam wants and gets his money. Every business plan needs to account for tax issues. You might live in a state that has a favorable tax climate for business, but then again you may not. Some of the best money you can spend when starting out is to find a good accountant. They can save you a bundle. The best accountant is a proactive one. By proactive, I mean they work with you to put together plans on how to save on your taxes at the beginning of each year. Find one and spend the time to get it right.5. Passion vs Profit – People are often looking for the “best” business idea. This is a mistake. The best business idea is the one you are very interested in. If you love fishing, start a business that has something to do with fishing. You should generally avoid starting a business because you think you can make a lot of money. It is going to take a ton of work, so go with something you are passionate about so you can get through the tough times.If you take these factors into account, you will be well ahead of many people that start their own businesses. Find something you are passionate about, be prepared and your chances of success will be much better.Richard A. Chapo is with - providing incorporation services in California.Article Source:

Starting a Business Tip Starting a Metal Detecting Business? Don't Do it Until You Reads This Tips

If you are looking start a business selling metal detectors you need some knowledge on the subject to make sure that your customers feel comfortable purchasing from you. If you are already knowledgeable about metal detectors than starting your own business and watching the profits come in should happen sooner rather than later.Selling metal detectors can be extremely profitable and you can sell new, used, and metal detecting accessories. There are many people out there that are passionate about the hobby of metal detecting. In this article we will take a look at your possible customer base and how to find new ones.If you want to sell metal detectors in larger quantities you may want to get in touch with many of the metal detecting clubs that are located in your area. Offer a discount to the club members so that they will get into your store and want to find a good deal. You may not make as much profit at first but the word of mouth and loyal customers will continue to grow. When the members are in your store they will want to take advantage of the discounts and purchase some more of the higher profit items such as accessories.When starting a metal detecting business you will want to carry new metal detectors and you will need to contact the manufacturers that make the metal detectors. Find out if they have any co-op advertising that they can help you with. Letting people know you are open and in business is the first step to getting name recognition. You may also be able to obtain a customer listing of the people who have bought in your area. The manufacturers will have warranty information of the metal detectors in their database. If the companies share their customer base information send a letter letting them know that you will carry similar metal detectors.Starting a metal detecting business can be made easier if you have a plan of attack. You can always find additional resources to help you out and increase the probability of success.J C Christian is an avid follower of metal detectors and how they work. He runs an informational site that follows Garret Metal Detectors, Fisher Metal Detectors, Tesoro Metal Detectors, and Kellyco Metal Detectors just to name a few. Go to to find information to help with everything metal detecting.Article Source: