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What do you do?
Okay, either you took the summer off, or none of you read books. And if you do read, it is Harlequin love novels, not books about business, I guess.
So, how do you come by business information, if not through books? Magazines like FORTUNE, Inc., Cosmo...? Newspapers like the Wall Street Journal?
What do you do to learn about your business? What business are you in, and how does what you are reading alter your way of doing what you do and affect your business? Please don't tell me that the Internet Blogs are the only way you get to know and understand the business you are in!
Share, people!!!!
So, how do you come by business information, if not through books? Magazines like FORTUNE, Inc., Cosmo...? Newspapers like the Wall Street Journal?
What do you do to learn about your business? What business are you in, and how does what you are reading alter your way of doing what you do and affect your business? Please don't tell me that the Internet Blogs are the only way you get to know and understand the business you are in!
Share, people!!!!
Mult level business
This a question, not a commercial (lol)
I am contemplating participating in a Mult level business. I think it will be a great way to add a second income. I would like to focus on the service, and not so much on the marketing area of this business.
I have two questions: Do you see a lot of success with this kind of business? Any suggestions on how to first market the service.
I am currently doing my research so any help would be good.
I am contemplating participating in a Mult level business. I think it will be a great way to add a second income. I would like to focus on the service, and not so much on the marketing area of this business.
I have two questions: Do you see a lot of success with this kind of business? Any suggestions on how to first market the service.
I am currently doing my research so any help would be good.
Books, etc.
Has anyone read any good books about starting, operating or selling a business recently? If so, please share the title and author with the Group. Also, what did you like or not like about the book?
Thanks.
Thanks.
Is the Summer HOT for business?
Or is it a time when the steamy weather leaves your clients feeling listless and not interested in doing business?
How do you make money in times like this...or does it affect you, at all?
In my business, the phone stops ringing. It is sometimes difficult to take - hard on the ego. But I have to keep in mind that there are little buttons on that phone; if it stops ringing, I would be willing to bet it still makes calls OUT!
What is going on with you, in the heat of August?
How do you make money in times like this...or does it affect you, at all?
In my business, the phone stops ringing. It is sometimes difficult to take - hard on the ego. But I have to keep in mind that there are little buttons on that phone; if it stops ringing, I would be willing to bet it still makes calls OUT!
What is going on with you, in the heat of August?
I have this idea...
Ok I have this idea about starting a business, but I have no experience about starting a business, what it involves, (I bet it would cost a lot to start up?)or even know how to run it. I don't know how to start. I don't really have any knowledge in office procedure, but I it sounds like a great idea, especially for people our age. It seems so many are out of work, mostly because of ageism. I believe if I could get together people that have experience in the areas, that have there own business would be willing to hire people, kind of like a recruiter or employment agency that specializes in hiring boomer's? What do you all think?
Movin' On to Marketing
After reading the comments here about biz startups, seems as though we're moving on to marketing of which advertising is simply one component. I'm specifically interested in service sector, 'hearing' about success and failures.
Thanks!
Thanks!
EONS MARKETPLACE
A little reminder that all eons members that wish to promote their business at eons can do so at the EONS MARKETPLACE
Post business opportunity - business services you have to offer.
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Post business opportunity - business services you have to offer.
view link
Borrowing for Small Business
We do a lot of work with one, particular national Bank, in terms of Small Business Administration (SBA) Loans and referrals for people just starting out in Business. I had a meeting with the head of that Bank's SBA interface department yesterday, and the findings were alarming for anyone that relies on banks for Business borrowing, in general - not just SBA issues. This will affect both people who are buying/selling Businesses, as well as people that need to take out periodic loans for inventory, to get through seasonal cycles, even to borrow money to pay Taxes.
First, in buying/selling a business, it appears that the SBA is changing its lending practices, considerably. This is not new information; it has been anticipated for some time. The new changes were to have taken place in June, but have been delayed in August. The delay, in part I believe, is that they have not gotten the exact parameters for the changes laid out in stone, as yet.
Part of the change will apparently be in restricting the kinds of Businesses the SBA will support. The riskier the kind of Business, in the view of the SBA, the less chance it will back up the loan. This leaves it to the Bank itself to do the loan, it they care to make such a loan without SBA support, and Banks are notorious for not taking risk on their own.
For those of you who do not know what the SBA does, suffice it to say that it does not loan money, itself. It provides insurance, for lack of a getter term, to Banks which make the loans for Business purposes. These kinds of changes are common at various times in economic cycles, but this series of changes are more critical than most and will definitely hurt Business Owners that are thinking of retiring, any time soon.
Perhaps the most serious blow is that the SBA appears to be taking the position that it will not lend money as completely as it did in the past; it will rely on the Business Owner who is selling his/her Business to take a secondary note. Though the changes are not set as yet, as stated above, it is possible that the SBA will not lend on anything paid by the Buyer for Goodwill, or that it will lower the amount of Goodwill the SBA will guarantee. This will force the Business Seller to take at least part of the risk on financing.
Second, it appears that Bank of America and Citibank have both reined in their Lines of Credit, not only for Home Equity, but for some Business Lines of Credit, as well. (Remember that I have heard this from highly placed representatives in another Bank, but have not confirmed this with either of the two Banks named.) The Home Equity Loans affect a tremendous number of Small Businesses, because the Businesses themselves often do not have sufficient equity to provide security for Lines of Credit, on their own. Therefore, the Business Owner traditionally takes out a Home Equity Loan, or a Business Loan secured by his/her home, to secure the Line of Credit.
The reason these Banks have taken this action is largely due to the residential housing slump. If your Line of Credit was based on the value of your home - let's say your home was worth $300,000 when you initially set up the Line of Credit - it may be worth only about $240,000 in today's market, as far as the Bank in concerned. Therefore, there is far less security for the Bank, and so the Bank will refuse to lend on that basis.
Many Business Owners were not formally informed of this, and wrote checks from their Line of Credit accounts to the IRS to pay for their 2007 Taxes, only to find that the checks bounced! The Banks have not yet called in the loans, meaning they are not demanding immediate payment, but they are not honoring any withdrawals or extensions of credit, on this basis.
If you are one of the many Business Owners that has a Line of Credit, I would be extremely careful in calling my Bank, before writing any checks out of that account. Moreover, if you have already taken money out of that Line of Credit account, I would talk the situation over with your accountant. You may not want to pay that money back, any time soon. Pay the monthly interest or minimum payment, to be sure; but if you repay that money back in total, will you be able to rely on that account when you need it again?
Times are tough! As Small Business Owners, we can survive, and maybe even be stronger, as a result. (My philosophy is that crises breed opportunity!) But in order to survive, we have to anticipate and think ahead!
First, in buying/selling a business, it appears that the SBA is changing its lending practices, considerably. This is not new information; it has been anticipated for some time. The new changes were to have taken place in June, but have been delayed in August. The delay, in part I believe, is that they have not gotten the exact parameters for the changes laid out in stone, as yet.
Part of the change will apparently be in restricting the kinds of Businesses the SBA will support. The riskier the kind of Business, in the view of the SBA, the less chance it will back up the loan. This leaves it to the Bank itself to do the loan, it they care to make such a loan without SBA support, and Banks are notorious for not taking risk on their own.
For those of you who do not know what the SBA does, suffice it to say that it does not loan money, itself. It provides insurance, for lack of a getter term, to Banks which make the loans for Business purposes. These kinds of changes are common at various times in economic cycles, but this series of changes are more critical than most and will definitely hurt Business Owners that are thinking of retiring, any time soon.
Perhaps the most serious blow is that the SBA appears to be taking the position that it will not lend money as completely as it did in the past; it will rely on the Business Owner who is selling his/her Business to take a secondary note. Though the changes are not set as yet, as stated above, it is possible that the SBA will not lend on anything paid by the Buyer for Goodwill, or that it will lower the amount of Goodwill the SBA will guarantee. This will force the Business Seller to take at least part of the risk on financing.
Second, it appears that Bank of America and Citibank have both reined in their Lines of Credit, not only for Home Equity, but for some Business Lines of Credit, as well. (Remember that I have heard this from highly placed representatives in another Bank, but have not confirmed this with either of the two Banks named.) The Home Equity Loans affect a tremendous number of Small Businesses, because the Businesses themselves often do not have sufficient equity to provide security for Lines of Credit, on their own. Therefore, the Business Owner traditionally takes out a Home Equity Loan, or a Business Loan secured by his/her home, to secure the Line of Credit.
The reason these Banks have taken this action is largely due to the residential housing slump. If your Line of Credit was based on the value of your home - let's say your home was worth $300,000 when you initially set up the Line of Credit - it may be worth only about $240,000 in today's market, as far as the Bank in concerned. Therefore, there is far less security for the Bank, and so the Bank will refuse to lend on that basis.
Many Business Owners were not formally informed of this, and wrote checks from their Line of Credit accounts to the IRS to pay for their 2007 Taxes, only to find that the checks bounced! The Banks have not yet called in the loans, meaning they are not demanding immediate payment, but they are not honoring any withdrawals or extensions of credit, on this basis.
If you are one of the many Business Owners that has a Line of Credit, I would be extremely careful in calling my Bank, before writing any checks out of that account. Moreover, if you have already taken money out of that Line of Credit account, I would talk the situation over with your accountant. You may not want to pay that money back, any time soon. Pay the monthly interest or minimum payment, to be sure; but if you repay that money back in total, will you be able to rely on that account when you need it again?
Times are tough! As Small Business Owners, we can survive, and maybe even be stronger, as a result. (My philosophy is that crises breed opportunity!) But in order to survive, we have to anticipate and think ahead!
SBA Offers Tutorials online
Got a message from the IRS today about the SBA's latest endeavor to help small businesses. Just 'click' on the link at the bottom of this message. Site will help you learn about small business loans and how to complete the paperwork. Neat. (Yeah, that's right. I said NEAT.)
view link
view link
GM - going down the tubes???
If you haven't heard by now 'General Motors' the Big Car
Manufacturer is in Big trouble.
They have lost about 25% of their business and the stock price has fallen below $10, not since 1954. Why???
I believe that their troubles began way back in 1983/85. This was the year when they began Not listening to their customers, buying businesses they knew nonething about, and
wouldn't let their managers think.
I just checked their financials and the last 3 quarters(nine
months) have all been loses in the gross profit level. Their payables and long term debt is Healthy, and their receivables for the current quarter have been cut in half.
If their stock price continues to fall and if it falls below
$5.00 a share they can be delisted from the New York Stock
Exchange - remember GM is a Blue Chip. If they get delisted
then GM would fall down to the Over The Counter exchange.
Would this mean death for GM - I don't know, but also on the
nitely news tonite - it said that they are in a scramble to
start making more fuel efficient cars that may take at least
6 months to produce.
Will GM survive, If If they start doing what they must do in
a quick period of time - I think they can.
This is why it's sooo important to listen to your customers
And let your people think!!! Remember - your employees down
on the floor know what's going on.
Manufacturer is in Big trouble.
They have lost about 25% of their business and the stock price has fallen below $10, not since 1954. Why???
I believe that their troubles began way back in 1983/85. This was the year when they began Not listening to their customers, buying businesses they knew nonething about, and
wouldn't let their managers think.
I just checked their financials and the last 3 quarters(nine
months) have all been loses in the gross profit level. Their payables and long term debt is Healthy, and their receivables for the current quarter have been cut in half.
If their stock price continues to fall and if it falls below
$5.00 a share they can be delisted from the New York Stock
Exchange - remember GM is a Blue Chip. If they get delisted
then GM would fall down to the Over The Counter exchange.
Would this mean death for GM - I don't know, but also on the
nitely news tonite - it said that they are in a scramble to
start making more fuel efficient cars that may take at least
6 months to produce.
Will GM survive, If If they start doing what they must do in
a quick period of time - I think they can.
This is why it's sooo important to listen to your customers
And let your people think!!! Remember - your employees down
on the floor know what's going on.
