· Know your competition.  Knowing the competition is an important requirement for those opening a dollar store.  It is just as important when changing your format.  Your new format positions you differently in the marketplace, and your existing competitors take on a new meaning to your business.  Aggressive dollar price point stores will become a magnet to your existing customers when it comes to the core dollar store merchandise they must have.  Other businesses that weren’t previously competition will all of a sudden assume that role.  Know your competition.  Know the dollar store merchandise and the dollar plus merchandise they carry.  Know their strengths and weaknesses.

· Treat the format change like you are opening a new business.  Basically that is exactly what you are doing.  Where shoppers could previously select any of the dollar store merchandise in your store and know it would cost $1.00 or less, that is no longer the case.  Assumptions about your decision will abound.  Some will assume you are just making more dollar store profits at their expense.  Others will be upset at the impact this has on their budget.  Still others will simply make the move to a local competitor with a store selling the dollar store merchandise they seek the dollar price point.

· Establish a comprehensive project plan for your dollar plus store format change.  Changing format to a dollar plus store is a major undertaking.  While all the steps required when first opening a dollar store may not be included, don’t underestimate the work involved.  You will be locating some new dollar store suppliers.  You will undertake a new marketing program.  This is a major project that requires a documented plan of action.  Track each of the actions to completion.

· Establish a ‘Grand Re-Opening’ date for your dollar plus store.  This is your target for the entire transformation to be complete.  With a date set, start planning the event itself.  Just as your original grand opening was geared to let the community know about your dollar store, this event is to get the word out about your dollar plus store format change and all the benefits it will offer.  Make the event exciting, and work again to attract as many prospective shoppers as possible.

· Invest in advertising and promotion to build your new business to profitability.  It will take a well-planned marketing effort to successfully build sales and profits for your new business.  Invest in advertising and promotional campaigns to make it happen.  Make sure you remain competitively priced with your local competition.  Leave some of the most popular dollar store merchandise at the dollar price point if possible.  Build traffic and your sales will follow.

To your success when opening a dollar store!

Find out how you can open your own dollar store business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.

Article Source:http://www.articlesbase.com/small-business-articles/changing-your-dollar-store-format-is-a-major-project-1781828.html

· Develop your projections with as much detail as possible.

For example, the actual square footage of the store sales area is critical information to include.  When you open a dollar store be sure dollar store sales, dollar store costs, and profits are based on information about your planned store size.  If you are unsure of the exact size, set a targeted store size to work from.  Then once the proposed location for your dollar store start up is found, adjust to the actual dimensions.  Do not sign a lease agreement until you have created your financials using the real data.  You must be sure the projected financials indicate success.

· Understand all of the dollar store costs.

While the money requirement to prepare and open your store is one obvious dollar store cost, don’t forget to factor in your time, staffing and other costs as well.  If the numbers point toward an investment beyond your capability, or an unreasonable length of time before projected dollar store profits begin to occur, then stop and dig deeper to understand the data.  Recognize this may not be the right business opportunity for you.

· Don’t judge the numbers down.

When you open a dollar store it is a mistake to build in a best-case scenario as the basis for your dollar store start up.  Don’t assume you can beat the averages with higher dollar store sale levels, or early dollar store profits.  In fact adding an extra cushion to cover unexpected expenses or delays in achieving dollar store profits is a much safer way to go.

· Don’t be afraid to seek the help of dollar store experts.

While the ultimate decision is yours to make, the inputs from knowledge dollar store experts can be of great help.  Someone with knowledge about starting a dollar store can provide data and details that can save you time and money.  Even more important; an expert can provide real-life information to help establish realistic cost, and dollar store sales and profits projections.

To your success when you open a dollar store!

Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.

Article Source:http://www.articlesbase.com/small-business-articles/carefully-check-the-numbers-before-your-dollar-store-start-up-begins-1781843.html

No matter which industry you are in, even if all you do is balance a checkbook, it is still bookkeeping. It’s an element of even a kid’s life. Saving an allowance, spending it all at once – these are bookkeeping principles.

What are some additional businesses where accounting is vital? Well, farmers need to adhere to careful accounting procedures. Numerous of them run their farms year to year by taking loans to sow the crops. If it is a decent year, a profitable one, then they can pay off their loan; if not, they might have to hold the advance over, and accrue more interest charges.

Each business and every person needs to have some sort of bookkeeping system in their lives. Otherwise, the finances will get away from them, they don’t understand what they have spent, or if they can look forward to a gain or a loss from the business. Staying on top of bookkeeping, if it is for a multi-billion dollar company or for a personal bank account is a necessary activity on a daily basis if you are smart. Neglecting doing so can mean anything from a bounced check to posting a loss to a company’s shareholders. Both outcomes can be just as destructive.

Accounting is in essence information, and this information is published regularly in business as a profit and loss report, or an income report.

Bob Danes has been writing about business for more than four years. He has of late become involved in appliances and has been writing articles about combo washer dryer and washer and dryer combo to a number of online publications.

Article Source:http://www.articlesbase.com/small-business-articles/what-is-accounting-in-any-case-1781884.html

As the economy get worse and people losing their jobs of course they can no longer pay taxes or their mortgages on their homes.  As a result, the banks and the government home in and take these homes away from the original owner.  The government does not tolerate delinquent taxes al all.

With back owed taxes you can negotiate with the government and set up payment plan that you can afford, but you have to keep your promise because if you don’t they have the right to cease anything belonging to you.  Worse, a levy will be put your bank, your income and some things of value to you.

Some of the benefits of buying tax lien properties:

• Instant online access to every county within the U.S!
• Comprehensive list of county tax assesor’s office, covering the entire country
• Eliminate your financial woes buying dirt cheap properties
• Properties are ready to be purchased at below market prices
• You will be in business for yourself.

In conclusion, you can take advantage of these properties at dirt cheap prices and be in business for yourself in matter of days or weeks.  The government want you to get these homes now to get them back on the market. Tax lien homes are homes that the original owner cannot no longer afford to pay taxes on, and are ready to be given away.

Did you find this article helpful about what tax lien is about?  If so visit http://www.unlimited-wealth-online to get learn more. Email: prince@unlimited-wealth-online.com Follow me at http://www.twitter.com/princesamuels

I’m Prince Samuels. 31 years old internet network marketer. I’ve been involved with marketing network marketing for the past 5 years now, and it’s a great profession to be part of. There are many rewards and benefits for those that are willing to put in the effort. Network marketing has always been the equal opportunities provider for both the fortunates and less fortunates in this country and around the world.

Article Source:http://www.articlesbase.com/small-business-articles/how-to-benefit-from-tax-lien-in-this-recessiontax-lien-can-be-lucrative-1783427.html

We were recently engaged to sell a medical products company. In our process we will identify 50 to 150 companies that would be likely buyers based on similar products, services or markets served. When those targets are approved by our seller client, we get on the phone and contact the buying prospect to see if we can generate some interest and get confidentiality agreements executed.
We were able to identify several interested buyers and were at the stage where they were submitting their qualified Letters of Intent. The LOI basically says that if we complete our due diligence and we find that everything is as you earlier presented it, we will pay you $XXX under these terms and conditions.

We got one offer from a perfect fit buyer and we determined that it was well short of our seller’s expectations and well below what our view of the price for similar companies in this market niche. We called this buyer to discuss his offer. When we told him our client’s range of expectations, he said that it was way too expensive. We asked him what basis he had for that conclusion, he replied that he was looking to pay 5 X Cash Flow for a business. We told him that recent transactions indicated that similar companies were selling for 2.5 times revenues and not a price based on a cash flow model.

Let’s take this a little further with some ball park calculations based on our transaction. For example, if our client had $5 million in revenue and a 20% cash flow margin, his cash flow is $1 million and according to this buyer, his company should sell for 5 X $1 million or $5 million. The market view, however, is that this company is worth $5 million X 2.5 or $12.5 million.  When we dug a little deeper into our buyer’s offer we found out that he currently was in the process of buying another similar company.

When we inquired for more detail we found that this other company was a long time competitor, the owner was getting ready to retire and approached this buyer to see if he would be interested in acquiring them. We asked the buyer if the seller was represented by an investment banker, business broker or merger and acquisition advisor. He said that the seller was not. I asked him if there were any other buyers involved in the process. He said that as far as he knew, he was the only buyer. I asked him how the selling price was determined. The buyer said that he set the price based on, you guessed it, 5 X cash flow.

Let’s see what this seller’s approach is going to cost him. If we assume that he was very similar in size and cash flow to our client. A competitive market price in a formal merger and acquisition process would be $12.5 million. Our buyer will pay him only $5 million and the seller will close thinking he got a fair deal without any market validation. This is a $7.5 million mistake that could have very easily been avoided by hiring a business sales professional that would have invited in multiple buyers and multiple competitive bids. Well, at least the seller avoided all investment banker fees.  
This is a sad end to a 25 year history of business excellence. Unfortunately it happens all the time.

Dave Kauppi is a Merger Acquisition Advisor with MidMarket Capital, serving mid-market business sellers. We maximize your business selling price with our buyer database, Strategic Buyer Search, and our Soft Auction Process. Visit us at http://www.midmarkcap.com/ Subscribe to our free Exit Strategist newsletter http://www.midmarkcap.com/exit (630)325-0123 davekauppi@midmarkcap.com

Article Source:http://www.articlesbase.com/small-business-articles/avoid-the-number-one-mistake-in-selling-your-business-1783817.html

This is one of those questions I get ALL the time.

“I never read those long-copy sales letters. They can’t possibly work, can they?”

“MY target market doesn’t read those long-copy sales letters, they want shorter letters.”

“I can’t imagine anyone reading that much.”

And so on.

Okay, before I get around to answering the question, let me quickly explain what a long-copy sales letter is. It’s those sales letters that are dotted across the web where you have to scroll down and down and down before you finally find the price.

Yeah. You know the ones.

So do they work? Yes they do — IF they’re done right.

Here’s the thing. The reason they work is NOT because they’re long. Length doesn’t equal sales. What DOES equal sales is if you properly answer all of your ideal client’s questions and objections and demonstrate your product/service/program will solve your ideal client’s problems.

And all that takes words. How many words depends on how expensive an investment your solution is.

Think of a conversation. Let’s say it takes you 30 minutes to have a sales call with a prospect. Well, if you take that call and transcribe it, it’s going to be around 10 pages long depending on how fast you talk. And that’s just one person.

Now you have a call with another person selling the same program. That person asks different questions, but it’s still 30 minutes. Now you have 20 pages worth of transcripts.

Are you starting to see how the long-copy sales letter gets so long?

Granted you’re probably not going to hear completely different questions time after time. But you can see how the pages will start to add up. (The reality is, a sales letter is actually much shorter than any of your one-on-one sales calls.)

Okay, so now you understand how these letters get so long. But what about the whole “you-don’t-read-them-or-your-ideal-clients-don’t-read-them?” Well, I have 2 reasons why that happens:

1. You’re not the ideal client. I don’t care how great or how poor the sales letter is, if you’re not the ideal client, you’re going to have very little interest in reading the letter. (And here’s the kicker — reading is a hypnotic activity, which means you don’t remember when you ARE reading but you DO remember when you don’t finish something. So you’re going to remember all those half-read sales letters much more clearly than the ones you actually finish.)

2. The sales letter is poorly written. This is probably even more common than the first one. Look, you can’t bore anyone into buying anything. And there are a lot of people who don’t understand the long-copy sales letter, so they simply throw a lot of words on the page and hope for the best. That is NOT how to write a sales letter. You need to connect with your ideal client and do it in such a way that they feel compelled to keep reading. A whole bunch of words ain’t going to make the sale (especially a whole bunch of boring words that don’t inspire anyone to do anything).

Bottom line — studies have shown over and over again that long-copy sales letters sell more then shorter sales letter. (Just as long as they’re well written.) So, even if you don’t completely understand it, don’t worry about it. Give your ideal clients what they want to make a decision to invest with you — a well-written, interesting long-copy sales letter.

Michele PW (Michele Pariza Wacek) is your Ka-Ching! Marketing strategist and owns Creative Concepts and Copywriting LLC, a copywriting and marketing agency. She helps entrepreneurs become more successful at attracting more clients, selling more products and services and boosting their business. To find out how she can help you take your business to the next level, visit her site at http://www.MichelePW.com Copyright 2009 Michele Pariza Wacek.

Article Source:http://www.articlesbase.com/small-business-articles/do-those-longcopy-sales-letters-actually-work-1784381.html

So if money replaced bartering, is there any good reason why the reverse can’t be true? Replace money with barter. At least in some areas of your business. It will reduce your need for cash for working capital.

Like many less known areas of business, bartering has been largely used by the knowledgeable few. However, just to give you an example, Carnival the cruise line traded cruise tickets for advertising when it started out. And perhaps for other things as well. They were short of money, and couldn’t raise any.

Bartering is something that can help you ease the sale of your business. However, to use it effectively to help make it easier for a prospective buyer to acquire your business you will need guidance. You will need expert guidance from a barter specialist.

Bartering creatively can help you make it easier for a prospective buyer to finance the purchase of your business. And in challenging times, when access to capital is severely limited, that can make all the difference. That is the underlying premise behind the information on barter.

Consult The Expert.
However, mine is a layman’s view and I wanted you to benefit from the advice of a skilled practitioner of barter. So I contacted David Wagenvorrd, a man with decades of experience using barter for his own business, and for others. Notably Carnival Cruise Lines in their earlier days, where he traded surplus room nights for advertising and other working goods and services.

In response to my question about whether it is reasonable to consider barter as a tool to be used in a business, his response was enthusiastically positive. However, while agreeing that my original approach would work, his basic approach was different.

His basic approach reflects his vast experience in barter. And it is more direct than what I had contemplated. Essentially he recommends that you as a seller take part payment in kind or trade. Whatever product or service your business sells, agree to accept a specific amount of it as part of the price.

He used a hotel as one example. You as the seller can agree to accept a specified number of room nights per year for a specific number of years as part payment. Combining that with the capital that the prospective buyer will already have will reduce the amount of capital he needs to secure from third parties.

He used a law firm as another example. You as the seller can agree to accept a specified number of hours of legal work each year for an agreed number of years. Again, the result will be a reduction in the amount of additional capital a prospective buyer needs to secure.

When access to capital is difficult, and the amount available limited, this technique could make the difference between a transaction closing and not closing!!

Cash Is King So Cash Convert.
When asked whether there were any business where this couldn’t work, David was unable to think of any. He did elaborate a bit on how this will work. He acknowledged that a seller really doesn’t need an inventory of room nights, or a number of years worth of legal advice. And so on. However, as a seller has experience in his industry, he will know how and where to convert the barter accepted, to cash.

Remember that cash is your ultimate objective. And when you are agreeing on the amount of product or service that you will accept in this way, remember to consider the profit margins in the business. Where significant margins apply a buyer can afford to give more product or service without impacting overall business performance, than if margins are modest.

When you utilize this technique, be sure that everything is in writing. Get certificates representing ownership of the product or service that you accept as part payment. And have it broken down into reasonable increments, so it is easier for you to sell. Make sure that the claim that the certificates represent is legal and enforceable. And that it is transferable to third parties. You will probably need legal advice on these points.

This discussion of barter has barely scratched the surface. It was not intended to do more than get you thinking about another way to help a buyer acquire your business. Even if it is a way that seems relatively obscure.

You may wish to learn more about it. To penetrate the fog of obscurity. It could also prove very profitable for your business while you still own it. David Wagenvoord has an audio program on the topic. It is available in CD form, and comes with a money-back guarantee. To get more information about it email Dave@tantalk1340.com. Tell him you are interested in the audio program on barter, and give him your phone number. He won’t do business by email and only uses email for an initial contact. Besides being an expert on Barter, he is a genuinely nice person.

The author, Martin Schultz is a leading authority in preparing a business for sale. He is the editor of the free information site www.selling-a-business-without-stress.com which provides actionable information about selling a business. His experience includes over 20 years evaluating acquisitions including as one of the founding shareholders of a publicly traded company that grew through acquisition. (After merging with another business of similar size, the merged company now trades on the NYSE.) His other credentials include an MBA from a highly respected North American university, followed by over 30 years of business experience. Martin is now an author and business consultant in corporate finance and in selling owner operated businesses. Martin may be contacted by email at info@selling-a-business-without-stress.com . To download a free report on selling your business, go to www.selling-a-business-without-stress.com/support-files/freereport.pdf for immediate access.

Article Source:http://www.articlesbase.com/small-business-articles/the-barter-secret-how-to-use-it-to-sell-your-business-1785350.html

Wal-mart is taking over the bank industry too?
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More small business bank questions please visit : Small-business-FAQ.com

Small-business-FAQ.com

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More small business marketing questions please visit : Small-business-FAQ.com

Small-business-FAQ.com

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What do I involve to do to start an online business?
I want to start an online business providing document services and printing needs to small businesses. I know who I want to host my website (Yahoo! Small Business works the best for me and is affordable) and I can…

What do you do near Credit Card settlements/receipts?
I am curious in small businesses, what do you do beside the credit card settlements/receipts from customers at the end of the hours of daylight? When a patient pays beside a credit card, my office prints them a bill to give to…

What is average hourly rate for a consultant within Calif to train staff contained by organization procedures?
I am starting a business directed to primarily small businesses to train their staff in proper organization procedures, including, but not limited to, courteous and proper email guidance, how to be resourceful, office nouns…

What is one of the most successful small businesses to start within the Midwest.?
service or product

What is the best POS/Gift Certificate software that small businesses can use lacking spending $600?
If it came beside ways to make and set up appointments for clients that would be beneficial, too. I’d approaching the gift qualification software to be such that it doesn’t have to surpass through a…

What is the best WEB-BASED site builder for a business?
I’ve probably tried dozens of web-based site builders. I like a few, and simply REALLY like one. I’m looking for more gems that can relieve small businesses build: * Good-looking sites. * That are e-commerced enabled. * That have plenty…

What is the definition of EBITDA? Is it the proceeds amount after opex but in the past taxes/dep/amort?
Trying to get a rough “rule of thumb” breadth to evaluate some small businesses. For example, “this company might value itself at 5 to 8 times returns (EBITDA)” – in this armour…

What is your favorite website as a resource for small businesses?
I am composing a “Top 10 List” of websites that people can get your hands on valuable information or catch freebies that are helpful to small businesses. Any sincere sustain (without spamming) would be greatly appreciated.

What legalized items do I stipulation to do to start a business?
Are there any chat forums for small businesses?

What percentage of small businesses hold an online presence?
looking for the % of small businesses that have a website.

What’s a devout perception for a start up business?
I would like to hear some design on what are good small businesses that can head to something big. Thanks!

what’s better for a small business? merchantcircle.com or yahoo local?
i’ve seen both. which do you cogitate small businesses prefer and why?

Name your small business that you started near a low start-up duty?
I always wonder how successful small businesses are. I hear profusely of good stories on Yahoo and else where on earth. But how did you get started? Do own to pay taxes. What made you receive into business? What…

Seeking to start a small business.?
I plan to start a small business advising others how to start small businesses. Any counsel or pointers?

Small business owners, which bookkeeping program?
I’m planning on contracting myself out for administrative/book keeping services to small businesses in my nouns. I am doing research to find out which bookkeeping programs are the most widely used so I can familiarize myself beside them in mortgage. Which do you use?

Stockbroker abet! 15 Y/O desires minister to some work adivice! Thanks?
Hi, I’m 15 years old and simply about to want which road to take surrounded by life. I am extremely money driven and run numerous small businesses from home. My GCSE’s are coming up within 2 months and I just…

What are some small businesses that you own have?
What are some small business that you have owned / be involved with? Did they prosper? Fail? Would you try again if you have the opportunity? What would you do differently and why?

What are the easiest and cheapest profitable small businesses to start or buy?
i am looking for a profitable small business to buy or start with my brother. We want as little overhead/ personnel as possible, and something very uncomplicated. I have hear that laundromats are the way to…

What small businesses are making money?
there is a place for rent down the street, 900 foot, what can i put there?

Which is more popular surrounded by Canada: Quickbooks or Simply Accounting?
From a potential bookeeper’s perspective, which program is more commonly used in small businesses? Are in that other programs I should consider learning?

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