Archive for Small Business Owners
Should Getting Bond For Small Business
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Contractors and other types of small businesses that require entry into a home or business to complete work may want to consider getting bonded. Bonds are sometimes referred to as surety bonds. A bond guarantees that a customer will be paid if the business does not fulfill its contract.
Many small business owners who purchase bonds do so for protection in the event that one of their employees steals from the home or business of a customer. In the event that this does occur the owner of a bonded business will only be covered if the employee who has been charged with theft is convicted.
There below five types of bonds available to small businesses:
- Performance – Work will be performed based on the terms of the contract.
- Bid – If you win the bid, you will do the work.
- Indemnity- Covers loss if you fail to do the work or if you fail to pay other vendors based on the terms of the contract.
- License- Licenses are required by some states for certain types of businesses. You may obtain the license directly from the state.
- Payment- States that you will be responsible for paying the subcontractor and material suppliers.
Getting bonded for small business is not a requirement in all states. Even if it is not a requirement you may still want to consider it as it may give your business an advantage, as many customers will not do business with businesses that are not bonded. In order to determine whether or not you will need to be bonded you may contact the city government of the city in which you wish to do business.
If you decide to get bonded, getting bonded for a small business is not a difficult task. You will need to contact an insurance agent that sells bonds. You may check with friends or neighbors who may be able to recommend an insurance agent who sells bonds. You may check your local yellow pages directory for “surety bonds or you may search the internet.
Many small business owners confuse bonding with insurance. A bond is not an insurance policy and will not cover any property damage or personal injury that may be caused by a worker. It is important to make sure that your small business has the proper insurance coverage for these occurrences.
Getting bonded for small business is relatively inexpensive. The costs vary based on the amount of the chosen indemnity. It is important to keep in mind that most bonding companies will only sell you coverage for an amount that you are able to cover with your current liquid assets. A small business such as a janitorial service may start out with a $5,000 bond. As the business expands the owner may purchase more coverage. Rates for a $5,000 bond may start as low as $150. When getting bonded for a small business, just as with any legal document you must make sure that you have read the document carefully and fully understand before signing.
Strategy For Stretching Budget Limit
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Is the present economy stretching your budget to the limit? As a business owner, you may find yourself putting projects on hold because financial resources are limited. Projects such as writing a sales promotion to generate new leads or updating web content often get placed on the back burner…when now is the time to promote your business. Engaging, sales-generating copy gets your company noticed and increases sales.
According to the Census Bureau and Small Business Administration, well over half of private (non-farm) industry is made up of small businesses. Forget Fortune 500 companies…small business owners have a lot to offer! Read More→
Small Business Marketing: From Business Cards to Flyers
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A small business usually has quite a few things to worry about that are a lot more important than business card printing. That is a bit like saying that a small airplane has more to worry about than keeping its engine running. It is advertising that makes a business fly and enables it to take off. The basic business card is one of the most cost effective methods of advertising available to the small business owner. Many small business owners view the business card as a status symbol frill for salesmen and executives of much bigger companies. The truth is that the simple business card is a necessary starting point.
The business card has several elements and it comes in several styles. Its primary purpose is to provide contact information. This includes name, address, phone number, email, and Web Site Url if applicable. Another element is telling what your business does, and how it can serve its customers. Although the business card can be very simple: a one sided card printed on plain white card stock, for example, it can also incorporate design features that will create a more favorable first impression for your customers. This could include graphics and color, and could also include a distinctive logo that will come to represent your business in the eyes and minds of potential customers.
The same design elements that go into the creation of your business card should be used in your flyer design. Flyer printing is even less costly than business card printing. The basic flyer is a logical first step in the important area of advertising. They can be placed on bulletin boards, or even distributed door to door in your neighborhood. Business cards and flyers can be handed out with your sales, and sent to customers with shipped orders.
It is important to take the extra time and effort to produce business cards and flyers that give a favorable impression of your business. The extra effort will show the customer that your small business is a serious endeavor and generate customer confidence. There will be a subconscious connection made between your company and the customer. The business card and the flyer are two early ways to give out necessary information about your company and the products and services it provides. Their function goes a step beyond that, however, and they also are valuable in the creation of customer confidence and business recognition. Any extra effort devoted to their design and the excellence of their appearance will pay dividends. They could very well be the engines that help your business take off.
Government Business Grants for Small Business Start Ups
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For many entrepreneurs trying to start a small business finding the cash to do so is often a major stumbling point. There are many routes to consider and for most small business owners the first two they think of is either getting a bank loan or finding willing investors who believe in their business. While these two methods do work there is one major drawback, the specter of paying back that money while trying to get your business going.
The third method that many small business start ups seem to forget is getting one of the thousands of government business grants that are offered by the federal government every year. For the fledgling business owner this infusion of free money, that’s right, grants do not have to be paid back, can be the difference between a successful start or a dismal failure.
If this sounds like a good way to get started there are several things you need to get organized before you start writing grant proposals for your business endeavor. The most important part of any new start up is a sound business plan. This is essentially your road map to success and any governmental agency that is responsible for giving grants will want to see one.
Two people who can be of great help when it comes making a business plan and applying for government grants for small businesses are a good accountant and lawyer. They can help guide you through the whole process making sure that your business plan is sound and all the numbers make sense. This can significantly increase your chances of successfully getting a small business grant.
It is important that you use any grant money you receive for the purpose for which you originally stated in your application and business plan. Those agencies that granted the money for your business purposes want to see you succeed. They believe you have a sound plan but if you are found not to be using the money to further your success you stand a good chance of being strongly sanctioned or penalized.
This usually isn’t a problem though because most entrepreneurs use the money for its intended purpose, which is to start and grow their business. For this purpose it’s hard to beat government business grants.
Small Business Ideas for Those That Want to Quit Work Someday
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Small Business Ideas for Beginners, who never thought to learn they could just be starting a business, “The discovery of these 10 companies love it. Discover innovative, highly profitable business ideas, great for beginners, but refreshing for today’s small business owners may have. Best of all are, you apparently overlooked home business ideas to the smallest budget and sad experience justice. Read More→