Did you write your business plan?
Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Whether you are starting a new Salon, are looking to raise additional capital to expand your currently profitable Salon, or looking to evaluate and value your Salon to sell, current statistics prove that you will do much better with a business plan than without.
The 4 Principles of Successful Inventory Management
Managing inventory is always a struggle. Too much, or too little is never good, and finding that middle ground seems next to impossible. Having too much inventory means our carrying charges will be higher as we will hold inventory longer. Having too little, and we’ll miss important sales that could generate gross profit. So, with both ends of the spectrum representing high costs and lost profit, how exactly does a company find that middle ground? Is there a way to balance out the scale? Well, there is no guarantee, but there are four principles that all companies should follow when it comes to managing their inventory. Doing so might just get your company that much closer to your ideal inventory levels. First, we’ll review what goes into your inventory costs, and then we’ll look at the four principles of successful inventory management.
5 Steps in Selecting The Perfect Franchise
As all people are different, what constitutes the ‘perfect’ franchise will be determined by business, environmental and financial factors, but also by your personal character, abilities and aptitude. Selecting a franchise is a task that requires you to look at external circumstances, but also demands that you examine your own nature. The following guidelines will help you to focus on the main issues in deciding what franchise, if any, is appropriate for you.
Booth Renter, Employee or Independent Contractor?
There seems to be an awful lot of “Independent Contractors” in the beauty industry. More commonly known as “Booth Renters.” However, the IRS says that very few people working as hair stylists or nail technicians actually qualify as Independent Contractors, according to their definitions.
How to Succeed in Business, Despite Your Emotions
Have you ever started a business that felt great to your ego but just didn’t make sense?
This week, I was offered just such a business partnership. It would have been wonderful for my ego. It was a fantastic brand with which to collaborate and a high-profile venue, with worldwide recognition. All my family and friends were impressed. Yet, it made absolutely no business sense.
How often do we make business decisions based purely on our emotions rather than on logic, insight, and real business savvy? This was my prime example. Had I become involved in this enterprise, I would have done so for all the wrong reasons—all the emotional reasons. Though logic told me this wouldn’t be the best course of action, I could easily have let my emotions win the battle; but, thankfully, common sense won.
Working with Mission and Purpose
I find it is very helpful if we have a ‘guiding light’ that will enable us to make the best choices around our time, our energy, our money and our love (our most valuable resources). When all these resources are operating in harmony, we can literally flow through life….as one client calls it: “It’s like having green-light days!”
Brainstorm anyone????
Brainstorming is a common way of jump-starting the creative process to generate ideas for businesses. It is easy and it doesn’t take much time. It is a great way for small business owners to generate ideas to improve their businesses. It is also a great way for prospective small business owners to come up with business ideas.
Chalk out a business plan
After you are sure you have understood your business, it’s time to chalk out a business plan. You can do it yourself or with the assistance of a professional. Here are the steps to be followed to chalk out a business plan.
Understanding your business
So, you are planning to start a company?
Congratulations! Welcome to the world of business.
The first step to start a company or business is situation analysis, or understanding your business. This is very important. With an incomplete knowledge of your business, you might end up in a bowl of soup, if not in an ocean.
Big Waves of Change = Fierce Focus
BIG WAVES OF CHANGE AT HAND
We are living in times of substantial change. Most business owners get caught in a daze, paralyzed by the dramatic change in environment and ultimately they get crushed by the waves of change. A few find their way to the shoreline, a handful return to the water.
