Business Information for Entrepreneurs by an Entrepreneur

Today, the URL you choose for your business website is more important than any other detail. It’s more important than your business phone number or address. In this day where technology and the internet drive commerce, it might even be more important than the name of your business. Choosing a powerful URL for your business can position it for cyber-success, generate revenue, and help you keep customers coming back again and again. Follow these important guidelines when determining your URL.

1. Size Matters

Contrary to popular opinion, size does matter, especially when it comes to choosing a URL for your business. The most effective URLs are short and sweet. Not only is a short URL easy to remember, it also reduces the likelihood of a user making errors when they are typing it. A short and simple URL is also easy for users to share with friends and family from memory.

2. Give a Clue

Your URL should indicate in some way what your business is about, whether you are selling products or offering services online. The casual internet user will be drawn to a URL that indicates just what kind of things you are selling or offering. Remember that the name of your business may or may not suffice to give a clue to potential customers.

3. Make it Memorable

The best URLs are catchy and memorable. They might include words that rhyme or cute phrases that a customer is likely to remember. You can definitely employ elements of humor to make your URL more memorable, even if the name of your business is ordinary.

4. Make it SEO-Friendly

Do some research and see if you can include a popular SEO keyword as part of your URL. This will position it higher in lists that are generated by search engines.

5. Avoid Extra Punctuation

Whenever possible, avoid including additional punctuation – such as hyphens – in your URL. Punctuation is very easy to forget.

Keep all five of these tips in mind as you explore options for a URL. Choosing a URL is one of the most important business decisions you will ever make, so take your time and have fun with it!

Are you deep in contemplation over whether you should become a franchisee or start your own business? Both of these options have select benefits. In the long run, weighing the pros and cons of each can help you make the best decision to fit your skill set and lifestyle.

Pros and Cons of Franchising

Franchising has many positive features that can make running a business a smooth and simple process. These features include:

• Buying Power – You can save a lot of money with a franchise because a network for supplies will already be in place. Typically, it is cheaper to buy from this network than going it alone.

• Training and Support – The franchise owner will train you on how to run your business, plus provide technical and emotional support if situations become difficult.

• Instant Branding and Marketing – A franchise already has an existing customer base, name recognition, marketing campaigns and branding. The franchisee has little to do with developing or implementing marketing/branding campaigns.

The biggest downfall to franchising is that it can leave you feeling restricted and controlled. A franchise is very much like a long-term lease. You can’t just decide to stop doing it one day; there is a certain level of commitment and dedication required to carry out your responsibilities.

Pros and Cons of Going Independent

Independent business ownership also has many positive features. These features include:

• No Extra Fees – As an independent business owner, you will not have to pay annual franchise fees. This means you get to keep every cent you earn.

• Something New Every Day – An independent business is always changing, and there will be opportunities for growth around every corner.

• Creativity & Flexibility – You can develop custom procedures, services, marketing and branding to meet the specific needs of your community.

The biggest downfall to independent business ownership is that it forces you to assume so much responsibility. You must have the right combination of knowledge and skills to make it work, as well as a dedication to working long hours.

Weigh Your Options

In a nutshell, a franchise offers security to inexperienced or unskilled individuals who want to try their hand at running a business. If you are a true entrepreneur, chances are that you possess knowledge, skills and creativity that would be suppressed in a franchise situation. Weigh your existing skill set against the safety net provided by a franchise to see if your strengths outweigh the costs and restrictions associated with franchising.

Small businesses create 80% of all new jobs nationwide. They are integral contributors to all industries, and that is why small business will also play an important role in the push toward economic recovery. You can position your small business for the economic recovery that is sure to follow the ongoing recession. Use these three tips to stay one step ahead of your competitors and move one step closer to economic recovery.

1. Keep an Eye on Congress

The United States government understands the magnitude of the economic recession, and they are not sitting idly by. Legislation is in process that is geared toward stimulating economic recovery and small businesses may benefit directly from new initiatives and programs. Keep a watchful eye on Congress and look for new opportunities and legislation that relates to small businesses. The successful small business will be the one that is poised to take advantage of government-initiated economic recovery programs.

2. Use the Resources of the Small Business Administration

The U.S. Small Business Administration (SBA) is dedicated to lending a helping hand to struggling businesses in these tough economic times. If your small business is in financial trouble, or even if it is on the brink of financial woe, then the SBA has the knowledge and resources to help. This may come in the form of financial advice or even a short-term small loan to help you make ends meet. No matter what you need, the SBA can point you in the right direction. Visit www.sba.gov for specific resources for your small business.

3. Network with Other Small Business Owners

If your business is struggling, then chances are the others in your community are facing similar problems. In order to position your business for the economic recovery, you can network with other small business owners to save time and money in the interim. For example, if you and another business owner can both use the services of a bookkeeper part-time, you can keep that bookkeeper employed full-time by dividing their time between two businesses.

Following a recession is always a recovery. The key to positioning your small business for economic recovery is diligence, perseverance and creativity. These three tips can help maximize your efforts to stay afloat in the present so that you can support your customers and employees in the future.

The US Small Business Association (SBA) is taking steps to aid organizations that are suffering as a result of the ongoing recession. Here are some special ways in which new SBA programs can help you implement changes in your small business to compensate for these tough economic times. The new SBA programs will also help you take care of the basics, like keeping your business running and your employees working.

Cash in the Bank

As a result of recent changes to lending policies, more small businesses will be eligible for loans backed by the SBA. Changes have been made to the standards regarding revenue and business size to allow more small business owners to take advantage of SBA loans. This means that business owners can obtain funds to cover operating expenses, implement changes, and satisfy the needs of their hardworking employees.

Lower Fees

Another exciting facet of the new SBA programs is that they have taken measure to reduce out-of-pocket expenses for small business owners. This means that payments are manageable and borrowing fees are reduced in order to compensate for the recession. Lower fees mean that more of the hard earned money from small businesses can be used for meeting the budget instead of making loan payments.

A Time for Change

In the face of the global economic turmoil, it is clear that businesses of all sizes will need to make changes and revisions to remain profitable and viable. Under Obama’s plans, the new SBA programs will generate the funding and relief that small business owners need so that they can focus energies on change initiatives. This might include exploring new markets, developing new budgets, researching cost-cutting measures, and taking a look at possible mergers and acquisitions. As a result of the new SBA programs, small business owners will have the necessary time and resources to explore possibilities for change.

The new SBA programs have the potential to help businesses across a variety of industries. They are a much needed helping hand during a time in which many small businesses are suffering and failing.

Affiliate marketing is a blossoming trend that has helped to make companies like Amazon.com what they are today. Affiliate marketing is an internet marketing practice that basically uses one website to steer or refer consumers to another website. The practice is based on a commission model where a merchant rewards the affiliate for sending traffic to their website. Affiliate marketing is essentially a form of revenue sharing. It is widely used among e-retailers dealing in all types of industries and goods. With that said, should you consider using affiliate marketing to enhance your sales?

Types of Affiliate Marketing Programs

First, it is important to explore the different types of affiliate marketing programs. The most common revenue sharing method in use today is called “cost per sale” or CPS. CPS allocates a percentage of a sale generated from a click on an affiliate site. It is a very practical method because it ensures that the user clicks a link and then engages in a transaction before rewarding the affiliate. The other popular compensation method is “cost per action” or CPA. CPA allocates a set amount per action taken by the user that clicked on the link. Both models are effective, but their effectiveness is also dependent upon what you are selling or the services your company offers.

Pros of Affiliate Marketing

The greatest benefit of affiliate marketing is that aside from the initial startup costs, very few additional expenses are incurred. This means that you only have to pay when your affiliate marketing program generates a result. In addition, the internet is crowded with numerous competitors in any given industry, and affiliate marketing creates opportunities to generate much-needed recognition for your company. The more chances that computer users have to click links to your website, the more chances you have to enhance your sales.

Cons of Affiliate Marketing

One of the dangers of affiliate marketing is spam. While the program that you choose to partner with may have strict policies against spam, there is a possibility that regular spammers will find a way to abuse this marketing method. Finally, affiliate marketing as an industry has no governing body, very few rules, regulations or standards. This makes it vulnerable to tumultuous change.

An affiliate marketing campaign must be revised and revisited often to achieve maximum effectiveness. If you have the time and energy to invest in developing a program, chances are that it will enhance your sales.

Do you have valuable knowledge that has helped you become a successful individual or business owner? There are millions of people in the world looking to gain knowledge and hone their skills to become successful like you. With the knowledge you have gained over the years, you can continue earning money and enhancing your professional skills. Here are three practical ways that you can make money using only the knowledge that you already have.

Become a Consultant

Consulting is growing in popularity. People use consultants for all types of endeavors, ranging from solving a difficult problem to mediating a dispute or revising a program. If you have strong communication and organization skills, coupled with specialized knowledge in a particular area, then consulting might be a lucrative endeavor for you. Start exploring your potential in the consulting arena by making a list of your areas of expertise. Then, look for ways to apply that expertise in conjunction with other business owners. For example, if you owned a small business that was acquired by a larger company, then you may be an expert on mergers and acquisitions. You could easily become a consultant in this area.

Write a Book or eBook

If you have specialized knowledge in a particular area and solid writing skills, then you might succeed in transforming your existing knowledge into cash by writing a book or ebook. In order to succeed in making this work for you, it is important that you are both knowledgeable and passionate about your subject matter. Consider producing a series of “how to” guides, step-by-step instruction manuals, or Q & A articles as part of your exploration of your potential for success as a writer. You can sell these articles online or share them with other business owners who may be looking for information and ideas.

Network with Others

Using your existing skills and knowledge, you can make money by networking with other people. You might find other professionals with complementary skill sets to partner with you as a consultant or contribute to your book. Networking is also a great way to drum up new business and create a referral system.

Has your company reached the tipping point? Businesses have their ups and down, and it is not uncommon for business owners to feel that they must take steps toward an exit strategy. There is more than one way to make an exit. Whether you sell the business, merge with a larger company, or sell shares of the company to the public, all of these exit strategies have their pros and cons.

Selling the Business

Selling the business outright can be a lucrative way to make a grand exit. If you have alternative sources of income, other business ventures, or another job lined up with a different company, this may be the perfect solution for you. Unfortunately, the current economic conditions might not make for as grand of an exit as you, the business owner, may have hoped. If your livelihood is completely dependent on the income your business generates, selling outright might not be the wisest exit strategy in a recession. However, once the economy rebounds, you may be able to sell your business at a price that is 3 to 5 times that of your annual income.

Mergers and Acquisitions

Mergers and acquisitions are great for positioning your company for diversification and growth. A larger company with additional resources and more man power may offer you unique opportunities for professional development and a chance to keep your entrepreneurial spirit alive. If you want to stay in business, but you know your organization cannot make progress alone, then a merger or acquisition might be just right for you. The downside to mergers and acquisitions is that you must make sure that you are able and willing to work with the partner organization. Explore their company values and practices to see if they align with those of your business.

Initial Public Offering (IPO)

An IPO is extremely effective strategy for raising capital and positioning your company to grow in remarkable ways. When successful, an IPO might provide you with the cash flow and leverage that you need to take your organization to a new level. This is a good solution if you are not satisfied with the current state of your company, and you are dedicated enough to initiate and implement change. However, IPOs are risky. They are not for the faint of heart. They are also not for business owners who are not ready to engage in a long period of transition and growth. The downside of IPOs is that they require a relatively high degree of risk taking.

No matter what exit strategy you choose for your company, it is important to weigh the pros and cons carefully before making a decision. Perform research and make comparisons to companies that are similar in size and profitability to get a realistic picture of your ideal exit strategy.

Are you ready to let go of the small business you worked so hard to create? Selling a small business can often be a lucrative investment. It might even set you up for success in retirement. Unfortunately, the current economic conditions present some special constraints for small business owners. There are several factors you should consider before selling your business. Take a look at some of these key points, and you might find out that waiting to sell your small business is in fact the right course of action.

Look at the Numbers

In the current economy, businesses are being bought and sold for much less than they are worth. The numbers and statistics speak for themselves. According to the nation’s largest website for buying and selling small businesses, the average selling price for small businesses dropped 17% in the last year. The number of small businesses for sale also dropped 8%. If these numbers aren’t depressing enough, the fact that the number of small business sold also dropped a whopping 36% in the last year, indicating that people just aren’t buying right now.

Look at Industries

There are a select few industries that are not experiencing the effects of the current recession. These recession-proof industries, such as healthcare and certain specialists who contract with the government, are thriving despite the economy. If your business is not in one of these exceptional industries, then in the eyes of potential buyers, the future of it is uncertain. This translates into a lower selling price for you. Subsequently, it is best to hold onto what you have rather than putting it all on the line during a time when investors are only paying premiums for recession-proof companies.

Look at Unemployment Rates

Unemployment rates are a good indicator of the economic conditions and the viability of selling your small business. Unfortunately, the current rates have reached record highs. Not only does this mean that people won’t take chances on buying a small business, but it also means that finding a job (if necessary) after the sale of your business will be a daunting task. You may be looking at a significant pay decrease if you sell your business and try to find another job.

Look at Retirement Options

Business owners who are looking to sell their establishments and go into retirement will find that cash flow and revenues have taken a sharp downturn in these difficult economic times. Retirement from small business ownership is often contingent upon the numbers generated from cash flow and revenues, therefore, it is best to be patient and wait for a turnaround before retiring.

If you hold your business through these economic times, then your selling price upon the recovery may be much brighter.

Small business owners often wish for 29 hours in each day. After all, you are much more than the proprietor of your business; you are responsible for human resources, office management, sales and marketing too. Wearing all of these different hats can make time management a nightmare- until you incorporate four techniques to better manage your time.

Start the Day on the Right Foot

The first thing you can do to revolutionize your time management skills is getting up early, much earlier than necessary to make it to work on time. In the morning, leave yourself an extra 30-60 minutes so that you can read the paper with your morning coffee, walk your dog, or whip up a healthy breakfast for yourself. These activities don’t directly relate to your business, but you can recharge and calmly prepare yourself for the busy day ahead while the world is still quiet around you.

The Power of Lists

Writing and using lists can transform you into a more effective time manager. When you see everything that is ahead of you for the day on paper, you can begin to prioritize the items and outline your day. Things at the top of the list are essentials – the tasks you absolutely have to do with no margin for error. The important thing is that your list serves as a guide map for your day. It helps keep you focused, and you may find there are far fewer half finished projects around your business at the end of the day.

Divide and Conquer

The most successful business owners have learned to rely on the skills and abilities of their employees in order to accomplish everything on their to-do lists. Toward the bottom of your lists, you can place less essential items that you might be able to delegate to one of your employees (or put off until the next day if time slips away from you). Delegation is perhaps one of the most difficult things for a small business owner to do. However, delegation is also a primary key to successful time management.

Keep Work and Home Life Separate

As you make your lists and delegate tasks, you may often find items of a personal nature creeping into your mind. You must make a conscious effort to keep your work and home life separate. To successfully achieve this, you can reserve a specific time slot every week during business hours to attend to any personal errands you may have. For example, every Wednesday, you can take a 1-hour lunch break and run errands like pick up dry cleaning, go to the post office, make appointments for your kids, etc. By specifically allocating time for your personal life, you will find that the time you spend on your business is much more productive.

Not everyone is born with effective time management skills, but with cognitive effort, everyone can transform into a master of time.

It seems like every coffee shop, used textbook dealer and discount electronic dealer has jumped on the Web 2.0 phenomenon. Web 2.0 applications are the wave of the future. Consumers from all walks of life are using these applications to guide and influence their buying decisions.

How can you get in and capitalize on the profitable fun? Is your online business Web 2.0 compatible? Ask yourself the following questions to find out how to get started using Web 2.0 to take your business to a higher level.

How Can Businesses Benefit From Web 2.0 Applications?

The beauty of Web 2.0 is its networking ability. Modern consumers are keen on gathering information about products, businesses, and learning about reviews and ratings from other buyers. These consumers are also demanding to have a more “personal” connection with the companies from whom they shop. This is where consumer review sites such as Yelp.com, company blogs, and even Tweeter accounts come into play.

Thankfully, one of the main benefits of Web 2.0 applications is that they are generally free to use, therefore, you only need to invest the time and creativity in learning to use the applications for your business. For example, you can instantly add a blog to your commercial website through the free WordPress software, giving you a platform in which to consistently communicate with your existing and potential customers.

Can You Learn Web 2.0 Applications?

The best thing about Web 2.0 applications is that they are very user-friendly. If you have basic computer skills and a little bit of free time, then you can easily master the basics of blogging, podcasting, webcasting, and more. There are a variety of printed resources available on Web 2.0 applications, but chances are that once you start experimenting with building your own Twitter or MySpace site, creativity will take hold and you’ll be a master in no time.

What if You Don’t Have Time to Manage Web 2.0 Applications?

You are a busy small business owner and updating a Twitter or MySpace page might not fit into your hectic schedule. It’s also possible that you do not have technical staff to whom you can assign the responsibility. Take a look at your staff and you might find that some very unlikely candidates are capable of managing Web 2.0 applications for you. It could be a savvy high school or college student in your family who could use some part-time work. Or it might be your quiet neighbor who has built his own personal MySpace empire overnight. Chances are, somebody that you already know has the right skills to take your on the management of your Web 2.0 applications with a little guidance and direction in the areas of marketing and advertising.