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Added for You - Pressure Washing Business Case Study, Tractor Cleaning
Dealing with Bankers and lenders
This information, excerpted from the book, "Understanding Small Business", to be published in the fall 2005, is used by SCORE in business counseling. For details contact your own banker.At some point every business must borrow money. Prepare yourself before you meet with prospective lenders and understand what lenders are looking for.The size of the investment. One major question is "How much"? Bankers consider some industries riskier than others and require more equity or collateral. The borrowers credit strength, quality of the business plan and a demonstrated ability to service debt from cash are important. Expect to provide equity of 25% to 33%Collateral on a liquidated basis often more than the face amount of the loan may
re than I would care to admit, but those are lessons learned. The best wThis information, excerpted from the book, "Understanding Small Business", to be published in the fall 2005, is used by SCORE in business counseling. For details contact your own banker.At some point every business must borrow money. Prepare yourself before you meet with prospective lenders and understand what lenders are looking for.The size of the investment. One major question is "How much"? Bankers consider some industries riskier than others and require more equity or collateral. The borrowers credit strength, quality of the business plan and a demonstrated ability to service debt from cash are important. Expect to provide equity of 25% to 33%Collateral on a liquidated basis often more than the face amount of the loan may
Entrepreneurs Understand the Competition
Entrepreneurs Understand the Competition -- number eight in a series taken from:How to Evaluate and Profit from a Business Opportunity - The Entrepreneur's GuideOne of the best ways to evaluate an opportunity is to find out what competitive businesses are doing as compared with the business you are considering. Many areas have local business publications that rank the businesses within an industry; the top twenty-five contractors, or office supply stores, or landscapers, etc. The criterion is usually annual sales, but the information also includes number of employees, contacts and addresses and sometimes even largest clients. Chances are the business you are considering may not be on the list for its industry -- that's okay, if it we
So often small service businesses fail to exploit niches, which have little if any competition. I know as I built my companies we always tried to identify all the market niches and go after them. We were not always able to succeed at everything, occasionally we would fail; it happened more than I would care to admit, but those are lessons learned. The best wEntrepreneurs Understand the Competition -- number eight in a series taken from:How to Evaluate and Profit from a Business Opportunity - The Entrepreneur's GuideOne of the best ways to evaluate an opportunity is to find out what competitive businesses are doing as compared with the business you are considering. Many areas have local business publications that rank the businesses within an industry; the top twenty-five contractors, or office supply stores, or landscapers, etc. The criterion is usually annual sales, but the information also includes number of employees, contacts and addresses and sometimes even largest clients. Chances are the business you are considering may not be on the list for its industry -- that's okay, if it we
The Cut Throat Side of Sales
In 1958, the only jobs open were sales positions on a commission basis. I was just out of the Army and out of a job. My mother saved all the money I sent her while I soldiered in Germany and presented it to me to buy a car. So I moved to a city 100 miles away to begin a new career in sales.The sales office was small and smelled strongly of cigarettes. A one hour long speech by the manager informed me of the virtues of their product, a 'Home Sanitation System' commonly known as a vacuum. I was to cold call the citizens of the town, and, without revealing the nature of our product, promise them a set of 'Sheffield' carving knives just for allowing me the pleasure of showing them my product. As a rookie, my sales area lie in the secti
tle if any competition. I know as I built my companies we always tried to identify all the market niches and go after them. We were not always able to succeed at everything, occasionally we would fail; it happened more than I would care to admit, but those are lessons learned. The best wIn 1958, the only jobs open were sales positions on a commission basis. I was just out of the Army and out of a job. My mother saved all the money I sent her while I soldiered in Germany and presented it to me to buy a car. So I moved to a city 100 miles away to begin a new career in sales.The sales office was small and smelled strongly of cigarettes. A one hour long speech by the manager informed me of the virtues of their product, a 'Home Sanitation System' commonly known as a vacuum. I was to cold call the citizens of the town, and, without revealing the nature of our product, promise them a set of 'Sheffield' carving knives just for allowing me the pleasure of showing them my product. As a rookie, my sales area lie in the secti
Small Business Marketing Strategy - Use Your Industry Trade Pubs
As the Chief Marketer for your small business you're acutely aware of the vital importance of word of mouth advertising in building your brand. You know how critical it is to incent your employees and your customers to become promoters for your company. About ? of what we write in our articles stresses this vital concept. This month our focus is on another key group of people which can help spread the word about your small business brand: the press.We're not talking about your small business making CNN anytime soon. But, it's reasonable to expect you might land a quote in one of your industry's nationally read magazines or websites. But what good will that do, if you sell only locally?Well, for one thing, you can highlight your quot
o identify all the market niches and go after them. We were not always able to succeed at everything, occasionally we would fail; it happened more than I would care to admit, but those are lessons learned. The best wAs the Chief Marketer for your small business you're acutely aware of the vital importance of word of mouth advertising in building your brand. You know how critical it is to incent your employees and your customers to become promoters for your company. About ? of what we write in our articles stresses this vital concept. This month our focus is on another key group of people which can help spread the word about your small business brand: the press.We're not talking about your small business making CNN anytime soon. But, it's reasonable to expect you might land a quote in one of your industry's nationally read magazines or websites. But what good will that do, if you sell only locally?Well, for one thing, you can highlight your quot
How To Start And Maintain A Cleaning Business
There are many people today who have the desire to run their own business. Doing so can be rewarding and fulfilling, but it also takes hard work. I say this from experience because my husband and I have been running our own cleaning business for the past 5 years and it was not an easy task. There was a lot to learn and really there remains a lot to learn. How do I get started? What type of experience do I need to have? How do I get and keep clients? These were some of the questions that we had to answer as we started our business. Now, I know that every individual is different and no one thing applies to every person. That having been said, I'd like to give you an idea of our my husband and I started our cleaning business. Hopefully there will be
ble to succeed at everything, occasionally we would fail; it happened more than I would care to admit, but those are lessons learned. The best wThere are many people today who have the desire to run their own business. Doing so can be rewarding and fulfilling, but it also takes hard work. I say this from experience because my husband and I have been running our own cleaning business for the past 5 years and it was not an easy task. There was a lot to learn and really there remains a lot to learn. How do I get started? What type of experience do I need to have? How do I get and keep clients? These were some of the questions that we had to answer as we started our business. Now, I know that every individual is different and no one thing applies to every person. That having been said, I'd like to give you an idea of our my husband and I started our cleaning business. Hopefully there will be
Buying vs. Renting Your Next Trade Show Exhibit
Are you thinking about purchasing a display, but not sure about the investment? Renting may be the best option. Good justifications can be made for both renting and purchasing a trade show exhibit. This sometimes stressful decision depends on the nature of your trade show program, marketing goals, and budget.Renting can be a wise decision when your company has decided to start exhibiting at trade shows, your company is new and wants to make an initial big splash with a smaller budget, or your trade show schedule has overlapping shows and you need a second display. When first developing a trade show program to drive, supplement, or diversify your marketing mix, it can be difficult to determine the best exhibit for your needs. Making a
re than I would care to admit, but those are lessons learned. The best way to get to success is to learn from the challenges of the past and so in my office I have a huge trashcan, bigger than any executive you will ever meet. And it is always full. That’s okay. Let me tell you about one of the more successful niches we discovered in the pressure washing bus
Are you thinking about purchasing a display, but not sure about the investment? Renting may be the best option. Good justifications can be made for both renting and purchasing a trade show exhibit. This sometimes stressful decision depends on the nature of your trade show program, marketing goals, and budget.Renting can be a wise decision when your company has decided to start exhibiting at trade shows, your company is new and wants to make an initial big splash with a smaller budget, or your trade show schedule has overlapping shows and you need a second display. When first developing a trade show program to drive, supplement, or diversify your marketing mix, it can be difficult to determine the best exhibit for your needs. Making a
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