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Small Business Hiring Tips

Small Business Summit 2011 Pre Event Photo 22

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Small businesses are where America’s jobs are and your small business is no different. When a business is small and lean, it’s usually more agile than its larger counterparts but there’s less room for the bloat that you usually find in the ranks of a coorporation’s employees. Make sure you’re cutting the fat and focusing on productive team members with these small business hiring tips.

First of all, try to hire people that look, think and act differently than you do. You want new hires that can bring fresh ideas to your small business. When you hire someone who’s had different life experiences than you, they can help you discover new ways to reach customers, think of ways to incorporate different technologies and challenge your overall belief systems. This doesn’t mean that you should hire your total opposite - it’s important for you to like your new employee because you’ll probably be working with him for a significant amount of time and it’s important to have similar goals. As long as your new employee is likable, smart and knows who the boss of the operation is, feel free to consider someone with a different background.

Second of all, have a clear idea what you need your new hire to do and how long it will take to do it. If you don’t have enough work for a full-time employee, you’ll save a significant amount of money by looking only for a part-timer. If you do decide that your businesss would benefit from bringing on a full-time employee, knowing what kind of work you want the person to do will help you choose the right person.

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Gaining Profit Through Forex Trading

Profits are meant to be earned: this has always been true and many seek out investment opportunities to get financial gains. No business ever succeeded through timidity. You have to be brave.

Bravery isn’t an excuse for poor decisions, however. Before entering an arena like the Foreign Exchange Market (the forex) you must first recognize how profits are truly won.

Choose Brokerage

The forex is a system as vast as the world it dominates. It’s imperative therefore to choose an ally to help you navigate the many rules and strategies. A brokerage firm — such as UFX Markets — is essential.

Understand Objectives

The intention of all forex attempts is to generate revenue. The amount of that revenue, however, and the time individuals wish to dedicate to achieving it varies greatly. Understand what you want to accomplish — and how much you are willing to work for it. Too often, novices are underwhelmed by early performances, refusing to continue with the exchange (assuming that it simply doesn’t work). No profit can be earned through mild efforts, however. You have to be patient.

Analyze the Market

Trying to transform your investments into dollars can seem daunting. It can quickly devolve into an impossible feat, however, if you don’t first study the market. Before any attempts can be made to penetrate the forex’s systems you must learn all you can. Examine commodities and their strengths, prices, and fluctuations. Understand the options available to you before trying to use them.

Remember these suggestions to gain a platform for success.

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Starting an Export Business

You’ve gotten your business off the ground and have a steady cash flow and a great base of loyal customers, but you’re looking to expand a bit. Exporting your goods and/or services seems like the logical next step, right? It’s not a bad idea, but be aware of the fact that it takes quite a bit of work and can be very time-consuming. As with your original business plan, the success of an export business depends on a solid business plan and business management.

The steps below will help you get started on the road to taking your business and its products to international markets:

  • After identifying your target foreign markets, you can acquire helpful items such as business contacts, manufacturing lists, and other types of industry directories by contacting the consulates/embassies in those countries.
  • Always stay in contact with the consulates in those countries and contact the tax departments to acquire a registration number for all of your exports.
  • Make sure to find out if the government requires any special licensing to operate an export business. If so, acquire a license as quickly as possible so you can begin exporting goods to your foreign markets.
  • Always check and make sure your goods/services are okay to be exported. There are “high risk” and “low risk” items, and if you’re a first time exporter, sticking to low risk items is always a good idea until you get your footing in the foreign markets.
  • Beware of trade embargoes or barriers. Check with your government and ask if any exist with the countries you want to export to. Check with the foreign governments as well to make sure no restrictions on goods/services exist.
  • Get a letter of credit from your bank. This will allow you to trade in foreign markets and will help lower any risks while trading. Banks will always ensure goods and services are delivered.
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Business Exporting: Getting Ready

If you own a business, the world of exporting can be exciting and can present an entirely new side to what you do as a businessperson. It can also be confusing and a bit overwhelming, especially if you’ve never dealt with exports before. There are many steps to take and things to consider when deciding whether or not to export your business and/or products.

What is Exporting?

Exporting is sending products or services to a foreign country with the intent of sale or trade.  The practice proves very beneficial for most businesses, but for a small business to do so takes time. Exporting can increase sales, bring in new customers, and increase the reputation of the business if done correctly.

What Should I Consider When Planning for Business Exportation?

If you think exporting could possibly help your business, the first thing to do is develop a solid international business plan. Identify which markets you would like to target and consider the following questions when drafting your plan:

  • Is there demand for your product? How high is it?
  • How much will it cost your business to export products/services?
  • What is the current state of the economy in your target markets?
  • Based on economic state, what will your pricing strategies entail?
  • What will your marketing strategy include?
  • What are your projected sales figures for each target market?
  • Will there be any competition within your target markets?
  • Will you have easy access to your target markets?

Once you consider these items, you can identify any problem areas and conduct further research to solve them. It’s best to solve any problem areas right away in order to expedite the exportation process. The sooner you do this, you’ll be able to get your products to foreign markets quicker and then can focus on sales and cash flow.

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How to Start an Import/Export Business

To start an import export business you will not need much more than a telephone, computer and file system. This may be one of the easiest business to ever start, since the overhead is so low and the upfront cash needed is minimal. The biggest component of an import/export business is the desire to make it work, the commitment to tough it out during the hard times and a willingness to sell yourself and business to perfect strangers.

The first and most important step to starting an import /export business is to find contacts. If you have friends or family in foreign countries, now is the time to call them to discuss any business contacts they may have there. Foreign consulates and embassies are also great places to meet contacts for distribution purposes. They may know companies in their countries looking to sell their goods in America.

Once you have established some contacts it is time to communicate with them and attempt to make a business connection. Writing letters to companies and requesting the names and addresses of appropriate person to contact about importing and exporting possibilities is the first step in the communication process. Once you have names of the appropriate people of interests, write them a personal letter explaining your business and your goals. Ask what products they want to import and/or export?

Once you have established contacts and settled on items to import and export it is important to find the appropriate market to sell them in. Read trade magazines of the industry that your products belong to get a better grasp as to how your product has been selling and where it is has been selling. This will help you determine how to market your product, price your product and get a grasp on the competition. To be successful in this business, you will need to keep an eye on trends and product news.

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Basics of an Importing/Exporting Business

Importing and exporting businesses are often very easy to start, and require little financial commitment up front. This make it a very popular choice for those looking to start a small business. This kind of business does not require years of experience or education, but a willingness to work hard and learn fast. This type of business requires a business owner who will pay very close attention to the daily ins and outs of their exporting/importing business, who has great organization skills, and an eagerness to work with people all over the world.

As an import/export agent based in the United States you are essentially a matchmaker. Your main job will be to find manufacturers of domestic goods looking for foreign distributors. Many foreign companies are looking for distributors in the United States, and you can find solid connections quite quickly using the internet and some business savvy.

Your commission on these items ranges from 5 to 15 percent, and you can become quite lucrative in this field. The more distributors you find, the more money you can make. Some ideas of goods that you can import/export are sporting goods, watches, games, radios, clothes and shoes. Be sure to pick items that are popular with consumers at the moment. It would not be advantageous to choose to import cabbage patch dolls in today’s economy, as they are no longer popular. Finding an item that is desired by many is the goal of an import and export business. The more popular the item, the more money you will make.

If you are looking to form an import and export business with others, make sure that you diversify your partnerships. If you know a lot about garments and handbags, make sure your team member is familiar with electronics or technology. This will broaden the type of importing and exporting you do and will make more money for your business in the long run.

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Basics of International Trading

International trading is used to get products made in other countries, and these products may be significantly cheaper than if the product were made in the home country. Other times a country will create a product that the home country is unable to create due to lack of natural resources or workers. Both cases provide a benefit to both countries-as one country benefits from the receiving pay for work that they have completed and the other country gets their needed products at a much lower cost than they would in their own country.

Despite the obvious advantages of international trading, there are several things to consider when doing this kind of trade. One, you should definitely involve legal representation that understands international trading laws. There are so many complicated laws involving international trading and buying that someone who is in an expert in the subject should be on hand to give advice about contracts, payment and taxes involved. This will save a future headache of having incomplete or incorrect paperwork which could slow things down or stop the trade all together.

There may be fees, taxes and licenses that have to be obtained before any trading can take place. Thoroughly research all these items needed before jumping head first into the trade. These regulations are based upon how much product you are shipping or buying, and how you will be conducting this business. In some circumstances buying products and using an air carrier versus a ship can be more advantageous and vice versa.

Whether you will personally in touch with an overseas supplier, or you have someone else be the contact person you should attempt to understand the complicated regulations and laws that must be dealt with. You can save thousands of dollars by having products manufactured overseas, but you must understand how to get the said supplies to your business without breaking any tariff or tax laws, and for the lowest cost possible.

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Benefits of an Export Business

Starting an export management company is a great way to start your own business. Many export business start in the owner’s home, making it a quite easy business to start. All that is needed to start an export business is a phone, computer and willingness to work hard. Working for yourself cuts out the middle man, and you get most of your own profits. Since the export business can be quite lucrative, it is a great way to make money.

As easy as it is starting a home-based export business will still require some work to establish and create the business. You will need to thoroughly research all tax laws associated with running a global export business. A quick internet search will provide you with a myriad of home export tax kits that make this part of your business quite easy to set up. This business is a popular choice for those looking to make money, but who love to travel and purchase global products.

Along with understanding tax laws, you should have a comprehensive record keeping and filing system. To keep tracks of products, prices, shipping information and addresses, an organized spreadsheet will work best. You may also want hard copies of this information in some kind of filing cabinet in your home. You will need a way to track contacts and to call international numbers. For this reason finding an affordable calling options or using calling cards may be another out-of-pocket expense for you.

If you aren’t confident that your export business will make you enough money to quit your day job, it is a very easy business to work part time. This will make a great supplement to your salary, and allow you to possibly get out of debt or save for big purchases. With the little amount of overhead, hardly any financial commitment, and flexible hours it is a great way to boost income for your family.

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