Archive for the ‘Business to Business’ Category

Whether you are looking for items to resell, or you are simply shopping for favors for a large gathering, shopping for wholesale products will allow you to avoid the high retail mark ups and save more money. Wholesale pricing typically refers to the prices that are charged to businesses who shop directly through the manufacturers. This means that they are significantly cheaper than retail prices, sometimes by as much as 50%. However, these prices were once reserved for established businesses who would place huge orders of hundreds or thousands of units at a time, more and more online stores are offering them to their regular customers.

Some of the best, and most varied, stores that carry wholesale stock can be found online. Often a quick internet search will turn up these businesses, who are often based overseas. This allows them to keep their overhead low and offer the very best pricing to their customers. Those who visit these sites should be aware that they are typically bare bones that will not offer all the bells and whistles of more famous online shops. However, though the shopping experience may be less than luxurious, the prices that they offer are typically worth the additional effort.

The key to ensuring that you are truly getting the best deal is in ensuring that you understand the minimum quantities that are required. There are some wholesalers who will only sell to those who will be ordering items in bulk. When this is the case, it can make more sense for individuals to pay a higher price per unit on only the items that they truly have use for. Those who are launching their own businesses, or those who are hosting a party, however, may find that they have use for dozens of a single item. In these scenarios, buying in bulk is a good way to save big.

The best wholesale prices are typically found online, often through stores calling themselves outlets. Before placing an order, make sure that you understand the qualities that are required in order to qualify for these low prices. By buying wholesale products whenever possible, you may be able to save as much as 50% off retail pricing.
 

 Thanks to the wonders of freelancing, even if you do not know a single thing about building a website to promote your business to an online market, you can expand to an Internet platform and grow your bottom line exponentially. From the design of the site, to the placement of a shopping cart, to driving web traffic, to the development of page content, contract workers can complete all setup tasks and transform your current shop into an e-business overnight.

 First, you need to know what you would like your site to offer and what kind of experience you want visitors to have. What type of goods will you sell? Would you like informative articles to educate visitors about the kind of products you sell? Should the site make suggestions based on previous product pages the visitor has seen? Once you design the kind of shopping experience you want to offer, you are on your way to navigating the world of e-commerce.

 Though there are a few disadvantages to marketing your products and services online, there are also some clear advantages. The most obvious reward is that you immediately gain a worldwide presence that stretches far beyond your city limits – without you having the expense of outfitting stores in multiple locations. The cost is very minimal to start. Some online businesses cost less than $20 to launch. With such a low overhead and a low barrier to entry for those who do not have a lot of startup capital, merchants are able to sell internationally with little to no fuss. Of course, the low barrier also means that it is fairly easy for anyone to become a competitor, so launching an e-business will require constant monitoring of trends and benchmarks to stay ahead of the game.

 Having such a wide reach in an online business can also create a potential order fulfillment hazard for the small business. It can become very easy for demand to outgrow supply. The mass market that is organic to the online arena will require that a vendor has enough products or enough service time to fulfill orders. Smaller companies sometimes are not able to keep up with all the orders that come in daily. One solution that has worked for meeting costs has been to buy wholesale stock to sell online. Wholesale and dollar items placed on either auction or merchant sites require little investment and can yield great profits if the markup is high enough.

 In addition to cutting costs on the inventory side of an online business, there are some opportunities to cut costs in promoting the site, too. Advertising and marketing in real-time settings always involves some huge margins of error in which the money spent of campaigns cannot be recouped through sales. E-business is designed to be more streamlined because it targets the customers who are genuinely interested in your products. Advertising models like pay-per-click campaigns only require you to pay for promoting to visitors who have actually clicked on your ads. This model cuts waste. Affiliate marketing, in which freelancing bloggers and journalists place your ads on their sites and share profits, is also a targeted approach.

 Zeroing in on the right customers reduces the amount of time spent trying to secure sales that could never happen. Once you have a customer, though, you must do everything in your power to keep that customer coming back. The online world represents a unique opportunity to do that. Customer service in e-business is often more easily achieved than in person because there are simply more tools to meet customers’ needs. The Internet format provides the chance to be personable – just as agents are in real-time sales. Many sites present live freelance agents who chat with customers in a pop-up window to answer all questions and make transactions smooth. 

 Freelancers can assist the customer service process tremendously in e-business. Though you are always the boss, you can hire independent workers to complete the entire order fulfillment process – from answering questions about products to shipping and customer feedback. Imagine starting a business in which your primary role is to dream your dream of e-business ownership and then delegate the minute details to others. Freelancing empowers you to continue building and not be distracted by the many tasks that are required to operate.

 With freelancers in place, your earning potential as an online business is unlimited. You may even be able to accumulate enough free time to start a second or third business. Because it takes time to create a well-oiled machine and grow a business, the profit you can expect to see may not always be immediate. When the profits do finally come in, though, you will have built a business that can be run from anywhere. If you have the right freelancing structure in place, you can be on vacation and still watch your income grow. E-business is one of the most foolproof ways to move into a new income bracket. It is the virtual field of dreams: when you build it through freelancing, the customers will come

By Angela Baca

Prospective retailers need a broad understanding of business planning. Each stage of planning the retail business requires extensive research. For example, you don’t want to open a store without studying the area around the intended site. You might hurt your chances of success by choosing a site with an insufficient market base or too much competition. This article discusses key issues you should address as you develop a business plan.  

The first stage in planning the business is to develop a store concept. Consider whether your retail shop will be a specialty store or a retail store. According to Entrepreneur.com’s Retail Business startup guide, specialty stores “focus more on neighborhood convenience, the richness of the shopping experience, and inventory that meets the needs of their target customer on a personalized basis.” Before you invest your savings in a startup, you might need more research conducted by a market analysis firm. The report will suggest if your proposed retail or specialty store would thrive in the intended location. This market study should be done even before you talk to prospective partners or lenders.  

Vision and Goals

The first part of the business plan begins with the concept. Next, you develop the concept with a detailed vision and business goals. It becomes easier to write the rest of the business plan with a clear direction. Your written business plan helps the concept take shape. Build your plans around achieving short-term goals like opening the shop and long-term goals like generating profit in excess of your startup costs. The business planning process continues even after the store launches, and you have implemented all of its components. Down the road, you will use the help of key staff members to decide if your original business plan needs to be revamped.

Business Planning

Use other entrepreneurial tools to plan your new business strategy. For example, you can use forecasting to determine how much inventory to order for upcoming months. You can also consider purchasing an electronic or Internet-based inventory management system. Business planning tools such as forecasting and cost-benefit analysis are described in detail in web articles provided by the U.S. Small Business Administration (SBA). Explore their article collection at SBA.gov. In these free articles, the SBA Program Office provides resources on almost every stage of the planning process. The Program Office adds updates regularly to help business owners understand the present business climate.

Forming a Business

Study the steps to starting your retail business on the website of your state agency responsible for regulating corporations. Each state offers several options for incorporating or establishing a sole proprietorship. There are advantages and disadvantages to each type of business, and you may need an attorney’s assistance before choosing how to form a company.

Once you have selected your type of company, you need to find a business name. Before you pay to register a business name, make sure you have studied all startup costs and included them in the business plan. For example, investigate the cost of a business license, an occupational license, and applicable permits from state and local governments. These steps are common to many types of companies.

Designing the Storefront

Don’t spend any money yet! You aren’t finished writing the business plan. That doesn’t mean you can’t devote creative time to designing your storefront. Think about what types of products you will sell, how you will organize your space, what kinds of displays you will build, and how you will keep the storefront optimized for customers.

Sourcing

Your retail store will need reliable suppliers. To source products, contact potential suppliers and develop a file of their information while writing the business plan. Each contact you make is a form of networking. Keep a journal of what you learn from every contact. You can draw upon this information later. For example, if you are planning to meet with an investor when the business plan is ready, knowing in-depth information about the market and the suppliers in the market will be advantageous. 

Financing

In a time when business credit is hard to get, look at commercial lenders, private investors, family members, and other funding sources for your startup capital. You might even qualify for a federal grant. No matter where you get financing, you will encounter costs that aren’t in your business plan. That means you need a cushion, such as a secondary source of income to fall back on if your business startup takes shape slowly or you go out of business unexpectedly. Some prospective retail owners find it more advantageous to take on a partner or to purchase an existing store. 

Hiring

Your business plan is complete and your financing is in place before you start contacting landlords and applying for licenses and permits for the store. The business process that can make or break your first year is hiring. The first employees should bring experience and skills you don’t have to the new company.

Employees will become the face of your company. They will help you with many tasks you will be too busy to do, including building store displays and choosing pricing systems. Your new hires should be trustworthy based on a thorough background check, including contacting previous employers and checking for criminal records. 

Marketing

Studying how new workers reach out to customers might be the furthest from your mind when you launch the store. However, workers are your in-person marketers. They will either help you build loyal customers by responding to customer needs or diminish the success of your first year by just reporting to work for a paycheck. You need employees who are committed to building a solid company.  

Security

Customers and employees depend on you to provide a safe environment. In your business plan, consider how you will secure cash, how you will secure the store when you are not there, and how you will prevent crimes during business hours. Building a safe store and protecting it with affordable security measures begins in the planning stage.

Getting the word out about your company is easy if you talk up your business idea to everyone you meet. For example, pass out business cards so people remember your store and collect business cards for a future mailing announcing your store’s grand opening. A local business is built through word of mouth referrals when traditional advertising is beyond your budget.

Potential retail operators can also talk with a counselor at the local small business development agency. Think of the agency as a one-stop shop for business planning. You get to meet with a certified counselor for a small fee or for no charge. Another option is to browse resources from respected websites like Entrepreneur.com and SBA.gov. Your path to successful retail ownership begins with researching the best business plan you can write.

By Angela Baca
 

In 1997, Hong Kong became a Special Administration Region (SAR) of the People’s Republic of China, marking the end of 150 years of rule by the UK. In the 21st century, the Chinese government makes it easy for foreign investors to create a business entity in Hong Kong through the special government. A business owner can open a business in 4 days. On the Internet, a person can begin importing products from Hong Kong immediately. Tapping into the Hong Kong market opens up a new source of cheap products for Internet wholesalers. 

If you decide to trade with Hong Kong, keep these benefits in mind. First, Hong Kong is a member of the World Trade Organization (WTO) and imposes no customs tariffs on its imports or exports. Second, the Hong Kong government makes free trade easier by requiring a minimum of paperwork. Third, the Hong Kong government operates a comprehensive website (IRD.gov.hk) that spells out exactly how to register for a business, complete other forms, and make payments for registration fees and taxes online. This article provides basic information on opening a business in Hong Kong using online resources and how to find leads on sourcing Hong Kong products using resources provided by the Hong Kong Trade Development Council (HKTDC). 

As a person interested in establishing a business in Hong Kong, try these steps:  

1. A potential business owner chooses from one of the five frameworks popular among foreign investors in Hong Kong—a sole proprietorship, a private limited company, a branch office of an overseas company, a representative office, or a joint venture.

2. The business owner must register his or her business information using the form supplied by the Business Registration Office of the Inland Revenue Department. Obtain the form by email or fax request. The business registration form requires basic information, including personal and business address information, the nature of the business, and the names of the business in English and/or Chinese. When a business owner completes an electronic application, the business information is transferred electronically to the Hong Kong Business Register. 

3. The new registered business owner must pay government fees to the Inland Revenue Department using the eTAX system (IRD.gov.hk), including fees for business registration, the cost of obtaining an official certificate of the business registration, and later for payment of annual taxes.

4. Hong Kong’s government website also recommends that business owners obtain their own domain name (with the “.hk” suffix) in order to build an online corporate presence. The cost of the Hong Kong domain name varies from HK$150 to $HK250 per year.
 

(HKTDC) at HKTDC.com. This council organizes over 13 international trade fairs annually and serves as a leading resource for trading with Hong Kong. HKTDC offers many resources for foreign buyers, including free registration and buying tips. For example, after completing the registration process, a new member can visit the online marketplace and access tips about hot products from Hong Kong. If you are interested in fashion belts and click on the link, a page posts with photos of the fashion belts as well as photos and links for similar products. This page also includes an email submission form which enables you to contact the supplier directly.
 

Becoming an importer of products from Hong Kong has certain legal implications for business owners in their home country. For example, a U.S. citizen would begin by visiting the websites of the municipal or county government, the state government, and the Internal Revenue Service (IRS) to determine what business licenses and fees are required for international trading. If you live in the U.S., you should also research what documentation that each level of government requires you to maintain for your international trading activities. Explore the possibilities of free trade by importing wholesale products directly from Hong Kong!

Making money through affiliate marketing depends on the sellers’ ability to convince their potential customers to purchase the affiliate products they are promoting. It also depends on the quality and the reputation of their products.

One of the most famous affiliate management companies online is Clickbank, which works only with digital products. You can trust the quality of the products you’ll find in their marketplace. You can also rest assured that you will receive your payment.

An even better affiliate management company is Amazon, even though its commission rates are low. You should simply choose expensive products that will bring you good profits. Amazon is a trusted company online. It sells all types of products of the best quality, not only digital ones. This is a very big advantage. As you will soon realize, physical products are purchased online as much or even more than digital ones. This means that Amazon gives you the opportunity to make money as an affiliate by selling a very big variety of products.

However, making money through affiliate marketing is not a simple matter. There is a great deal of competition from other sellers. The secret of making money as an Amazon affiliate is based on the quality of your reviews about their products. If you are not a good writer yourself, you should hire a freelance writer in order to write detailed reviews about each product that you promote. You also have to create a website especially dedicated to providing product reviews.

Before creating it, sign up on NicheADay, so that you may receive a daily message containing popular niche keywords requested by many internet searches. This information will help you find the best keywords in your niche. Use them in your domain name and website articles.

Then, find the top Amazon products, purchased by most internet users in your niche. Post excellent reviews that will help your potential customers evaluate these products in all aspects. In order to do so, look for all the information available about them online. Present the advantages or disadvantages of using each product with objectivity. Give your potential customers more alternatives, so that they will find what they need. You’ll receive commissions even if they don’t purchase any of the products you are promoting. Amazon keeps track of the customers sent to their website by each affiliate. It rewards the affiliates who bring potential buyers in, independently of what products they may purchase.

Use text links inside your articles in order to redirect your potential customers to the Amazon website through your affiliate code. Banner ads and gadgets don’t have the same positive results. This happens because when internet users find a link inside a document, the information they receive about a certain product incites their curiosity.

Avoid creating small Amazon stores provided to their affiliates. They are not successful; probably because they don’t inspire the same confidence given by a review website. They look like cheap imitations of an Amazon page, and they don’t help the customer learn anything special about each product.

Last, promote your review website, so that it will get a good ranking, and attract a lot of visitors. Follow these techniques, and your affiliate sales will continuously increase.