Wholesale News

2007-05-29T06:48:00.000-07:00

I am trying something new. Do not click here, it won't work.

The First Rule Of Owning A Successful Business

2007-01-12T09:17:00.000-08:00

At one time or another every business owner has wondered why one business will be successful and prosper for years and another one will struggle just to survive. I am about to tell you the ONE secret that all successful business owners know and have kept secret all these years. This secret is so simple, yet so powerful that in the wrong hands… well, you get the picture.

But, before I tell you the secret that, if implemented, will guarantee that you will be a successful entrepreneur and without it, you will be relegated to the pile of “also rans”, I want to tell you a little story.

Recently, I was in an electronics store. This was not a local store, but a national chain. I have only shopped there a few times, and I do not know if I will ever shop there again. For Christmas, my children wanted me to hook up the internet in their room so they could use the internet at the same time that I was using mine. I have never installed a network and was going to go the wireless route because I have thought about buying a laptop.

I stopped an associate to ask him some questions about exactly what I needed to hook up the network. I had some items in my hand and asked him if that was all I needed. Without slowing down, he said about four words, “yea, that looks right.” After he walked away, still not convinced that I had everything I needed, I put the items back on the shelf and walked out of the store to go purchase them somewhere else.

When we got in our car to leave, the sales associate was standing outside the building smoking. That cigarette was more important than making a $150 sale.

This brings me back to “The First Rule Of Owning A Successful Business.”

Give The Customer What He Wants Or Needs.

Product. The customer is there because you have something that he wants or needs. As in the example above, I was ready to purchase the items necessary to network my computers and yet, I did not because I did not get what I needed, which was someone that would take the time to explain what I needed to do.

Great Value For A Great Price. As I have stated in an earlier article, price is not always the determining factor when a customer makes a purchase. However, he wants to believe he received a good value for the price that he paid.

Qualified Sales Staff. Again, as in the example above, I needed help and did not receive it. A customer wants to know that he is dealing with an honest, experienced, and fair sales person that is there to help him.

Items In Stock. Customers like to know that when they go to a store to purchase an item that should be there, the item will be there. There is nothing more frustrating than to go to a store looking for something and it is out of stock. Although items will run out of stock sometimes, if customers believe that this happens a lot, they will go elsewhere the next time.

If you follow these four items when dealing with a customer, even though problems will arise, you will be one of the successful entrepreneurs that people look at in the future and say, “Wow, he’s been here for a long time.” Because, you were willing to “Give The Customer What He Wants Or Needs".

Would You Make This Mistake, Too?

2006-12-19T13:50:00.000-08:00

A storeowner told me a story recently that I think probably every storeowner has dealt with at one time or another. He has a very liberal return policy. If something is wrong with an item, he will make it right, period. He is that kind of guy. His philosophy is if you keep the customer happy, he will return and purchase more from you in the long run. He realizes that the value of a customer is not a one-time sale. But having that customer return many times during his lifetime and them tell other people of the good experiences he has had in dealing with that store owner is what makes a business successful.

However in one particular instance, he made a mistake with a good customer over a two-dollar item. The family had been good customers over the years and had purchased lots of items from him. However, lately they had not been shopping with him as much as usual. One of the big discount stores had opened nearby and his sales had decreased.

On this particular day, the family had come in and purchased several items including a wooden paddle with the ball tied to it. Every kid has had at least one in his or her life. Even adults get into the act to see who is the best at bouncing this ball on the paddle.

About two hours later, the little boy came back into the store with the wooden paddle and it was broken. The boy asked if he could get another one because he broke this one. “How in the world did this kid break that wooden paddle?” the owner wondered. He told the little boy that he would not give him another one free. The little boy left the store crying and his family has not returned to his store and it has been over a year now since that incident.

What would you do in that situation? Was the store owner right not to give another one to the young boy. Obviously, the boy had broken the toy. The owner thought that the child should learn responsibility for his actions. Although, the toy only cost two dollars, the owner did not think that he should have given him another. He told me that he also thought that the parents were not teaching their child anything about responsibility and that he should have taken care of his toys.

What really happened to the toy does not matter. Whose fault is not an issue. The issue is whether or not the owner should have replaced the broken toy. Although the owner was right because the boy had broken the paddle, he could have handled the situation differently and perhaps not lost a good customer in the process.

The business owner had three options.

He could have replaced the item without question. This would have been the easiest option, however, the child would not learn anything about responsibility. But it would have kept him happy and his family probably would have continued shopping there.

He could have talked to the parents and worked something out with them. Even if he finally replaced the toy, at least the parents would know that he thought they were taking advantage of his business.

And finally, as he did, he could have refused to replace the toy. However, in the long run, that decision may have cost him hundreds, if not thousands of dollars in sales.

The parents were wrong for sending a child into a business to replace a toy that he had broken. And they are wrong for not shopping there anymore. But not all parents think things through and leave it to others to show children the real world.

So, what would you do?

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website http://www.WholesaleMap.com for information about wholesale sources or opening a business.

Creating A Logo For Google Search Page

2006-12-05T08:11:00.000-08:00

I am adding this logo to the google search that is on my website and needed a place to host the picture. Anyway check out my webpage
for all of your wholesale distributors for your business.

One Little Mistake Can Cost Thousands Of Dollars

2006-12-01T14:06:00.000-08:00

Many years ago when I first graduated college, I looked for a good used car to purchase. Like most graduates, I had student loans to pay, I had to find a good job and I couldn’t afford to purchase a new automobile. I went to a used car dealership and saw a Datsun 240Z. The dealer told me that it had just come in and he didn’t know anything about it. It looked pretty good; the engine was clean and it had a few paint chips on the side, but overall it looked okay. I drove the car home that day.

We lived in the country and many of the roads were chert and had potholes. I turned into my parent’s driveway about a week later, hit a pothole and all of a sudden the car quit running. I looked under the hood and yep there was an engine in there. I looked under the car and to my surprise, the frame had broken and the engine was leaning down. Although I had purchased the car with no warranty, I called the dealership.

After the owner quit laughing at me, he told me he would come and look at the car. He did. After he couldn’t find another body for the motor, he called me and told me to come pick out any car that I wanted in that price range. I was extremely grateful to him.

After I had signed the papers to purchase the other car, I asked him why he was so willing to work with me. He said, “If I had not helped you out, you would have told everyone what a terrible business man I was and it would have hurt my business more than taking a car back.” He was right. Now, even though he passed away several years ago, I continue to tell this story about a man that knew what customer service meant.

Customer service is the key to return visits. Whether you are in a new business or an established one, you need to be aware of the way that you treat customers. How many times have you been to a business and when you left thought that the workers were not friendly? Many times I have commented to others that the service was terrible in certain businesses. I know that many workers are only there for a paycheck, but as the owner, it is your duty to see that your employees are nice to the customers.

Several times, I have called wholesale companies with the intent of purchasing some items from the distributor and the person on the other end of the line did not seem like they really cared if I purchased anything or not. To them, I was an inconvenience; I don’t know how they were paid, but if they were paid a commission, they did not get any more of my money unless I could not find the items anywhere else. Sometimes price alone is not the determining factor when making a purchase.
Although there are several aspects of customer service, making a customer feel that he or she matters is of paramount importance. Even when handling customer complaints, if the customer believes that you tried to resolve their problem whether it was the way that they wanted or not will have a big impact on whether they will return or not.

The value of a customer is not in a one-time purchase. The value of a customer is how much they spend over the course of their lifetime. Once you have them in your business, you want them to continue to come back. If they are satisfied with their experience on the first visit, they will continue to utilize your business for their purchases. However, if they find that you or your employees seem not to care whether they shop there or not, more than likely, they will not come back.

At the beginning of the article I told you a story of good customer service. Now is the time for an example of bad customer service. Recently my wife and I were looking for a new mattress. When we went into one store, the employee was using the phone. He never acknowledged that we were there until we had lain on just about every mattress there. Finally, when he did come over to us, I would not have bought one from him if it were half price. If customer service in the store were that bad, what if I had a problem with a mattress I purchased there, how would it be? I just could not imagine that his handling a problem would be any better. And I tell everyone that I know not to shop there. And by the way, I went somewhere else and spent $900 on a mattress similar to what he had.

If you consider that a customer may spend thousands of dollars at your business over the course of their life, one mistake could cost you a lot of money.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website www.WholesaleMap.com for information about wholesale sources or opening a business.

Show Me The Money!

2006-11-15T17:28:00.000-08:00

The title of this article is not just the newest TV show staring William Shatner, or a great line from a Tom Cruise movie. These four words should be the motto of small business owners everywhere. Without money, your business has very little chance of succeeding. This statement can be taken several ways.

First and foremost, is finding financing for your business idea. Each business owner has to decide where to find financing. The obvious choices include banks, finance companies, money brokers, etc. Another place to look for funding is friends and family members. But, that is not what this article is really about.

Second, is to price the items in your business so that it insures that your business endeavor is a success. You want your prices to be in line with your competition. Price is usually a consideration with most people. However, you do not have to have lower prices on every item; you must, however, be in the same ballpark with the competition. There are other items that customers consider when purchasing an item from you, but price is the main one.

And finally, the reason for this article is start–up costs.

What are start-up costs? Start-up costs, as the name implies, include all the expenses that you have during the process of opening your business. Simple enough. But many times, entrepreneurs underestimate the amount that it will take to open the doors. Each business start-up costs varies depending on the type of business that you plan to open.

Many of the costs associated with opening a business are obvious, however, I will list many of them so that when you are planning your budget, it may refresh your memory.

· Location for your business. Of course, this is the most obvious. Initial maintenance problems or remodeling should considered a start-up cost.
· Advertising is often overlooked or underestimated. You should check with various media about prices to advertise. This can be a major expense. Having a sign made for your building is also necessary for your business.
· Insurance is a necessary evil. Do not open the doors without it.
· Office equipment such as computer, printer, scanner, copier, fax, adding machine, calculators, filing cabinet, desk, and a bookcase are all necessary in an office.
· Office supplies are also overlooked; these include paper, pens, computer disks, notebooks, file folders, tape, stapler, and so on.
· Business licenses are required and should not be forgotten although the cost is usually minimal.
· Utilities such as electricity, water, and phone; also an internet connection and mobile phone should be considered.

There may be other costs that can be associated with start-up that are not listed here. This is only designed to get you to think about what it really costs to open a business. Many start-up costs are one time costs such as a deposit on a utility connection or having a sign designed and placed on the building or marquee. However, many are recurring such as insurance premiums and monthly utility expenses.

One business owner that I know said about start-up costs “you should add up everything that you think it will cost to get open and then at least double it, and you will be close to what it costs.” The lesson here is do not underestimate your initial expenses. It costs more than you think.

It Is Time To Order Your Inventory

2006-11-07T13:43:00.000-08:00

Once all the preliminary work is done, it is time to order your inventory. You have found the perfect location, checked out the zoning ordinances, talked to other business owners, and signed the lease. All that is left to do is stock your business, advertise, and stand back from the door so the crowd does not knock you down on the way in to purchase everything in your store.

WRONG! It usually does not happen that way. It would be great if it did, but then everyone would open a business and then where would we get the customers. The next step in a long line of steps is to locate the best wholesale sources for the items that you want to sell. This can be very time consuming.

Just this morning, I googled wholesale and wholesale distributor and there were over 13,000,000 and almost 3,000,000 respectively listed. How in the world can one search through that maze to find exactly what they are looking for? Buying items at wholesale prices and then expecting to turn around and sell them immediately is not a quick way to get rich. But, overall, the small business owner makes more money than the average person that works for someone else.

It is not an easy task to locate a wholesale distributor that will be able to deliver the goods at the best possible price. I believe that the small business owner should begin by searching on the internet; however, that should not be a stopping place.

Each year, many major cities have wholesale shows where hundreds, if not thousands of wholesalers come to one location and buyers from all over the country come to see the latest trend and purchase stock for their store. Las Vegas, several times each year, has perhaps the biggest merchandise show in the country, if not the world. Chicago, New York, and Atlanta also are big wholesale merchandise shows. There are several smaller distributor shows throughout the year and at various locations. Once you begin dealing with wholesalers that you have found through the internet, most companies will tell you when and where they will be set up so you can view the merchandise.

Many companies have online catalogs that you can order from directly. This is also convenient because you do not have to go anywhere and you can know if it is still in stock. However, I have found that it is better if you can see the merchandise at a show, but if you are making reorders, or are in a hurry for some items, this is perhaps the best way to go.

Even though you can order online, at least the first time, I recommend calling and talking to a salesman. Usually, they are friendly and really want to help you, because they get paid on commission. Also, when you deal with a salesman, you have someone to talk to if something is wrong with your order, or it is late. After a few times of dealing with the salesman, then it is fine to just order online. But remember, if a salesman knows very much about your business, if he has some specials that may save you money, he will let you know while you are talking to him. He is there to help you make money, so he makes money. Never underestimate the benefits of talking directly with salesmen.

Finding good wholesale sources will take some time, but there are several sources available that will help to make it easier.

There are several more aspects to dealing with wholesale distributors that I will talk about in later articles. This includes how to ask for a better deal, buying surplus and closeouts, and shipping costs.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website www.WholesaleMap.com for information about wholesale sources or opening a business.

Featured in Free-Articles-Zone.com

2006-11-06T14:16:00.000-08:00

I have been submitting some of these posts to several article directories. Many have been picked up by various ones. This website is one of them. Check it out. The directories have thousands of articles on just about any subject you want. You can add articles from these directories to your website free.

License Required

2006-11-06T14:09:00.000-08:00

Before you can open for business, you must first get a license. There are several types of license that may be needed before you begin operation. Without the proper permits, you may be operating your business illegally. Most businesses need a city or county license. There may also be other requirements from the state or federal government for certain types of licenses.

Most states require a special license to sell firearms. Some may even require one to sell gasoline, tobacco, and liquor. Certain professions also require special licenses. They include Real Estate Agents, Auctioneers, Appraisers and Contractors. Some businesses require a federal license, such as, manufacturing tobacco, alcohol or firearms. TV and Radio stations also must have a federal license.

Most small business licenses are pretty easy to get. First start with your County Court Clerk. If you are locating in a city, the city clerk should be able to point you in the right direction. To purchase a small business license, you usually must pay a fee, which is normally a minimal charge. However, getting some licenses may be more complicated. The laws for selling firearms are very different from the laws for selling groceries.

What name you put on the business license is also very important. Once you register your business name, that name legally is yours, however, in some states, unless your business is a corporation more than one business can use the same name. Using a business name allows you to open bank accounts, receive checks written to your business and give you an identity to your customers.

Today, most banks require you to have a business license in order to open an account in a business name. A business should have a separate account. Even though there is a little more expense by having a personal and business account, most business owners agree that bookkeeping is much easier with separate accounts.

One other permit that is required in order to open a business is a “certificate of resale.” This allows you to collect the state sales tax from your customers. Without this permit, most legitimate wholesale companies will not allow you to purchase items from them. This certificate shows that you are purchasing items from them with the intent to resell the merchandise to another customer.

Once you make a sale, you are required to collect sales tax from the customer. At the end of the reporting period, which can vary by state, the business owner is required to file a report with the state and submit the taxes that have been collected. Most states do not usually tax services such as lawyer fees and accountants. The rate of the sales tax varies by where your business is located. Even different counties and cities have different rates. Your state Department of Revenue will give you information about the rates each area has and what the requirements are for applying for a certificate of resale.

Some business owners are required to get a Federal tax ID. It is also known as Employer Identification Number or EIN. This number identifies your business on government forms. If your business has employees or is a corporation, it is required that you receive an EIN. There are other situations that an EIN may be required that your accountant can help you determine if you need one or not.

To receive an EIN, you must contact the Internal Revenue Service. However, it is easy to apply. Contact your local IRS office for information about how to apply.

Once you have all of your licenses and certificates in order, picked out your location, verified any zoning ordinances, you are almost ready to open for business.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website http://www.WholesaleMap.com for information about wholesale sources or opening a business.

To Lease Or Not To Lease

2006-11-05T16:51:00.000-08:00

When you have finally decided what your business will be, what type of organization you will have (sole proprietorship, partnership, or corporation), and where you want your business to be located, the real work begins. You must now decide whether or not to lease or buy property. There are several factors to consider when determining which route you should take.

Of course, perhaps the biggest factor to consider is MONEY. It takes a lot of money or credit to purchase a building; money that could be used to purchase inventory, pay employees, or help you out during the slow times. But if you cannot afford or don’t want to purchase a building, the next option is to lease the property.

A lease is nothing more than a contract between an owner of real estate and the tenant. In legal jargon, the owner is called the lessor and the tenant is called the lessee. A lease is usually for a specified amount of time. The lease specifies how much the lessee will pay for the use of the property. There are several other stipulations that leases cover, such as what type of business can be on the property, who pays for repairs, when the rent is due, who pays the taxes, and many other aspects to a lease.

In most states, for a lease to be enforceable, it must be written and signed by both the lessor and the lessee. A verbal lease for one year or less may be enforceable, but it is better if all leases are written down. There should not be any disputes if the lease is in writing.

One type of lease that most retail stores use is a Net, Net, Net or NNN lease, also known as triple net leases. This means that the tenant will pay the taxes, insurance, utilities, and repairs. In a triple net lease, the tenant pays all expenses associated with the piece of property that is leased.

In any long-term lease, you should hire a lawyer to help you to negotiate the lease. Leases are not static; in other words, changes can be negotiated. Length of time, who pays for what expenses, amount of the rent, and what day the rent is due are all items that can be negotiated.

The first lease should never be more than a year in any small business. There are several factors to consider. Your business may not be successful in this location, and you do not want to be stuck in a lease that you cannot pay. A short lease also provides the opportunity to find out that you may need more space than you originally anticipated. If you are involved in a longer lease, you may not be able to expand when it is necessary.

Before considering signing any lease, talk to other tenants in the area about the amount of rent that is usually paid. Rent varies tremendously in certain areas, and you do not want to pay more for your lease than is typical for the area.

Signing a lease is a huge commitment. Do not take this step lightly. Check out the area that you want to be in. Ask questions of other business owners about the area. Talk with the people that will be shopping with you. In essence, “Do Your Homework.” Remember that if the location that you want does not feel right, it probably is not right.

This is your business; so do not let others try to convince you that this is the right place. You make the decision because you are the one that will pay the bills.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website http://www.WholesaleMap.com for more information about wholesale sources or for more information about starting a business.

The Key To Business Success

2006-11-04T11:56:00.000-08:00

Everyone has heard the phrase “Location, Location, Location.” In the real estate market, this phrase has come to signify that with everything else being equal, the business that has the best location will be the one to succeed while others may struggle to make a profit. Success or failure of any business may be related to the location that has been picked by the owner.

Could it really be that simple? Can where I put my business determine the long-term success of my business. Again, the simple answer is YES!

The first thing in finding a location is to make sure your type of business is allowed at that particular location. For instance, many subdivisions will not allow business to be conducted out of the subdivision. So if you want a home-based business, check out your local zoning ordinances. Most cities have a Planning Department that you may have to deal with before you can open your business.

There are many different criteria for commercial business that you should look at before opening for business. One example is a dry cleaning operation should be located on the side of the road that most people drive going to work, for instance the right hand side of the road going into town. That way, people do not have to cross traffic to reach your business in the morning. On the other hand, a grocery store on the side going away from the city would be ideal because people could stop by and pick up food for supper on the way home.

Would your type of business do better in a strip mall or in a mall? Some businesses seem to do better in a stand-alone building. What types of people live in the neighborhood that you want to place your business? The Census Bureau is a good place to look for such demographic data. It has information about he population in a certain area. You can find information about the age, households, income, and race of people living within a certain geographical location.

The state in which you live has a Department of Transportation that will provide you information with a traffic count for the road that you want to open your business on. This is very important information. It tells you how many cars go by that location each day. These are your potential customers. Figuring out how to get them to stop at your business is the challenge.

Make sure the customer knows that you are there. This seems to be an oblivious statement, however, how many times have you been into a business that has been there for years and you didn’t know that it was there. Make sure that the people know what you are selling by advertising. A good sign is important to any business. Once again, there are restrictions that you must check into before you purchase your sign and then realize that the city ordinance will not allow it where you want it, or perhaps it is to big for that location.

Learn as much as you can about an area. Talk to other businesses in the area. Talk to people in a grocery store about what you are planning and see if they have any ideas, or suggestions. Large companies spend thousands of dollars researching an area before deciding to move into an area. You may want to hire a research firm to find out the information for you. Do not skip this step. It is very important that you know the area where you want your business.

Find out if there are any major changes coming to the area you are looking at for your business. For example, any major developments could have an impact on your business. A road change could have dramatic effects of your site. If a new road is going to be constructed that will reroute traffic, that must be considered.

In opening any business, there are a lot of decisions to be made and research to be done. Remember to take your time and you will find the right location for your business.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers for their business. Visit his website http://www.WholesaleMap.com for more information about wholesale sources or starting a business.

Sole Proprietorship, Partnership, or Corporation?

2006-11-03T13:45:00.000-08:00

Starting a new business can be a daunting task. There are hundreds of decisions to be made. Who, what, where, and when are not just for English class anymore. Another question that must be answered is “What form will my business be?” There are several factors to be considered and there are pros and cons for each type. In this article, I will try to briefly explain the differences between the business forms.

· Sole Proprietorship: Most people are familiar with this type of business. This form is one person or married couple that usually operate the business by themselves. This is the “Mom and Pop” type of store. The owner receives all of the income from the business but is also responsible for all for the liabilities that the business incurs. The income or loss is also reported on the personal income tax of the owner. Most small businesses are started as this form of business. This is the easiest of all of the types of businesses to open.

· General Partnership: In this type of business organization, there are two or more partners. The income is split between the partners, usually based on the amount of money or assets that each partner invests in the business and each must report his share of the income on his personal income tax form. Each of the partners have unlimited liability for the debts of the business partnership. Another drawback to this type is problems can arise between the partners. However, sometimes another opinion in a decision is just what a business needs.

· Limited Partnership: A limited partnership is similar to the general partnership. All of the general partners have an unlimited liability for the business debts. However, a limited partners liability, as the name implies, is limited to the amount of the contribution that he has made to the business. Usually, a limited partner does not have as much input as the other partners and like the other partnerships must report income on personal tax forms.

· Corporations: A Corporation is usually viewed as a separate legal entity with many of the rights and responsibilities of a person. The investors have limited liability; shareholders are not responsible for the corporation’s debts. The corporation files its taxes just like an individual. If the corporation makes a profit and distributes dividends, it cannot deduct the dividends from its taxes and the individual recipients must also pay taxes. Therefore, a corporation is taxed twice on its earnings. A corporation has other tax benefits that an individual does not.

· “S” Corporation: An “S” corporation provides the owners the benefit of being treated as a partnership on income tax, while also being treated as a corporation for other purposes.

· Limited Liability (LLC): All of the members in a limited liability company have limited liability for the debts of the business. This form of business is similar to an “S” corporation because it is usually treated as a partnership for income tax purposes, but has the benefit of limiting the liabilities of the owners.

This is a brief description of the types of business that can be operated. Each of them has many more variations that are not present in this article and an attorney should be consulted to aid you in your decision. Each form has its benefits and drawbacks and the decision should be weighed carefully.

Although corporations allow limited liability to the principals, many creditors such as banks, other companies, and landlords may require a personal guarantee from the shareholders. A partnership may be a good decision; although, one of the partners may be dealing with a “hard head.”

Take your time to weigh the pros and cons of each type of business and pick the one that is right for you.

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors for their business. Visit his website www.WholesaleMap.com for your wholesale needs or for more information about starting a business.

Do I Really Need A Business Plan?

2006-11-02T17:23:00.000-08:00

First, I want to start off by answering the question in the title with a resounding YES! That is, if you are going into business, you need a business plan. However, if you were just going to start selling items at a flea market on one weekend a month, perhaps one would not be necessary. But if you are going to open a business that will be your livelihood that is expected to return a profit to you, you need a plan of how your venture will operate.

The person that is starting a new business venture is probably the one that will use a business plan the most. However, existing companies that want to expand their operations and need an influx of cash use business plans. Before beginning any major initiative most experts agree that writing a new plan or editing an existing one is necessary.

A well thought out plan may be the difference between receiving a loan from a bank and not receiving the loan. Loan officers need to see a business plan in order to make a decision whether or not they are willing to loan on the proposal.

Writing a business plan is not a one-time event. It should be reviewed on a regular basis. Most experts agree that if there is a major change in the company, the business plan should reflect those changes. Perhaps, the company has grown faster than originally projected. Or, perhaps management has changed and has new ideas about the goals of the company. There are many reasons to update your business plan. A good business plan will reflect the reality of the business organization. And business organization objectives change constantly.

Most business plans include similar types of information. Cash flow projections, raising capital, and marketing efforts are among some of the most common. However, all business plans are not the same because all businesses are not the same.

Your plan should reflect you and your business organization in the best light possible. It should tell the story about what you intend for the company from start to finish. A business plan should be written for its audience. Therefore, there may need to be several versions of the same plan, although they all should convey the same message. A plan that is to be sent to a potential partner could contain references and abbreviations that he would understand. However, a plan sent to a banker may need to be more polished, because he might not understand the jargon that you would use in a more informal setting.

A business plan should be long enough to convey everything that is necessary to get your message across to its readers. However, it does not need to be too long and contain too many facts that would confuse the person it was designed for. The more relevant information that is included in the report, the better. However, keep in mind what the goal of the plan is. If you are seeking funding from your banker, you want him to have all the facts and figures that are necessary to make a decision. You do not want him to keep calling you for information that should have been included in your business plan. It could make him believe that you are sloppy and forgetful. You want him to believe that you know what you are doing.

Remember to tell the reader about you, what your objectives are, how you plan to reach them and in what time period you expect to reach them. That is all that a business plan is. As the name implies, it is just a plan and plans change. But how can you get anywhere if you do not have a plan to get there?

Check out http://www.WholesaleMap.com for all your wholesale needs.

Do You Really Want A Business Of Your Own?

2006-10-31T14:46:00.000-08:00

At one time or another in every life, one decides that he or she would like to open a business. You may be tired of someone else getting rich from your efforts or maybe you want the freedom that goes with owning a business.

But, is it enough just to want your own business. What does owning a business mean? What does it take to be an entrepreneur? What do you need to open a successful business? There are thousands of businesses that open one year and within a few years are closed. Everyone has been to a restaurant or store one time and when they return in a few weeks, it is no longer there and something else has taken its place. It seems as though it is a never-ending cycle.

Today, I want to tell you what I believe it means to be an entrepreneur and to own a business.

The most important thing that one must have is guts! Are you willing to put your life savings at risk? Everything that you have worked for in the past is now at risk. That savings account that is there as a safety net may have to catch you if you fall. You also must have a strong desire to have your own business. It is not enough just to want a business. You must live it, breathe it and sleep it. Therefore, you need to start a business that you will be happy with.

Although there will be good times and bad times, you need a business that you are committed to seeing through. There may be times that you have to miss a child’s baseball game or soccer practice. And when problems arise, and they will arise, are you the person that can handle the stress of it all, or do you fold under pressure?

One of the biggest challenges facing the small business owner is MONEY, or lack of it. Business experts usually recommend that you have enough money to pay your personal expenses for about a year. It usually takes at least that long to begin to show any real profit. So, the small business owner does not want to get into financial difficulty during the first few months. The number one reason that small businesses fail is the lack of funds to continue the operation.

Another question that must be asked of the aspiring entrepreneur is do I have the knowledge that it takes to operate a business and if not, can I find someone that can help me to make this business successful? Perhaps there are family members that would like to partner with you and make a family business.

If you are unsure of the type of business that you would like to start, take your time to identify the business that is just right for you. There are thousands of different businesses out there, and it may take you a little time, but one of them is right for you. Identify whether or not your business has long term potential. You do not want to be on the tail end of a fad.

It is easy to operate a business. All you have to do is select something that you like to do. Be willing to risk everything that you have saved in your life. Be willing to miss things such as baseball games and soccer practice because a machine broke down that is necessary to get out tomorrows order. Work on few hours of sleep, because you stayed awake most of the night trying to figure out what to do since your biggest customer just went to your competition. Eat on the run – if you even have time to eat. Spend time at your kitchen table writing up orders or balancing the checkbook because an invoice is due and you are running low on funds and some of your accounts receivables are not received. Call the landlord, again, because the air conditioner went out again. Find someone to work because one of your employees called in sick.

See how easy it is. But overall, most business owners believe it is worth it. Because instead of saying I work for __________, you are now qualified to say, "I am a business owner."

Paul Taylor is a business owner that helps other business owners and entrepreneurs locate wholesale distributors and dropshippers. Visit his website at www.WholesaleMap.com

New Logo For WholesaleMap.com

2006-10-27T10:59:00.000-07:00

I thought that I would work on a Logo for my site and see what you thought. I have tried everything to make it look like a map but I just settled on this.

I think it looks pretty good. Let me know what you think. What I did was made a circle and put it in white and then I put a shadow on it. It turned out pretty good I think. Now if I can figure out how to get it to my webpage, I will be happy. Don't forget to check out my website http://www.WholesaleMap.com for all of your wholesale needs.

If you know of any wholesale sites that need listed, let me know. I investigate each one before I list them though. If you find any links that no longer work, also let me know. It is hard to keep track of them all.

Well, that's it for today. Let me know what you think.

What Is Your Business Goal?

2006-10-24T20:34:00.000-07:00

I heard a story about a man that goes to a pet
store to buy a bird for his children. There are
lots of birds there with price tags tied to their
feet. He looks at the prices and most are $5.00.
But this one bird on the end is a whopping $50.00.

He asks the clerk what is special about this bird
to which he replies that this bird can talk. So the
customer buys the bird. However, the man returns
the next day and says that the bird won’t talk.

Did he look in the mirror? I didn’t buy a mirror the
man said. So he bought a mirror. The next day
he returns, still the bird won’t talk. Did he climb
the ladder? I didn’t buy a ladder. So, he bought a ladder.

The next day he returns and angrily tells the clerk
that the bird still won’t talk. Did he swing on his swing?
The man says this is the last thing he is buying for that bird.
I bought the mirror so he would think he was not alone,
I bought the ladder so he could run up and down, and
I am buying this swing so he will feel like he is in nature.

The next morning when the man went to check on the bird,
he was lying on his back, feet sticking in the air and
before he died, the bird asked the man “didn’t they
sell birdfeed?”

Sometimes we (business owners) get lost in what we are doing and forget about what our goal is.

Corporate Greed Hurts Small Business Owners

2006-08-26T09:33:00.000-07:00

I am not usually one to rant about corporations making money. However, ENOUGH IS ENOUGH! I believe in the free enterprise system. But sometimes companies think that they have the right to do whatever they want and the consumer of their products have to take it.

What started me in this mood was Ebay raising their fees - AGAIN. There's not a thing that we as small business owners can do about it. Although there are several alternative auction sites, none of them have the power of EBAY.

I make a few hundred dollars extra a month selling items on Ebay, just like many of you and I am not one of the powersellers, although I have sold quite a few items. And now they want to raise fees on stores again.

The raises are from 250% to 400%. Wouldn't it be nice to give yourself a 400% raise and your boss could not stop you.

But EBay is not the only company that is gouging the small business owner. Look at the gas companies making 19 billion dollars in one quarter and then they lower the price by a few cents and the consumer is happy and tell others "hey, gas has gone down." When what we really ought to be saying is "Someone build us a car that doesn't use gas, that is affordable, and will go as well as gas powered cars and we will buy it." Or someone build us an auction site that someone can make some money on and we will use it.

Then and only then will companies get the message that consumers rule the marketplace, not the other way around.

If you are still interested in selling on EBAY, check out my website http://www.wholesalemap.com for all of your wholesale needs.

Business 101

2006-07-31T07:58:00.000-07:00

Barely a day goes by without our hearing of another business closing. Perhaps the restaurant that you ate at just last week has now closed its doors or the gift shop that you loved has gone forever. Such instances are common to all of us.

In today’s environment, one must wonder why does one business fail and another one “make it.” What does the successful business owner do that others don’t? Why was Sam Walton, the originator of Wal-Mart, so successful when thousands of other businesses fail each year?

I bet most of you know of someone that has started a business and only a few months later has closed down. At one time or another, all of us have thought that we could slay the giant as David did. Nothing could slow you down. But then reality slapped us in the face and it proved harder than it looked.

We thought that “hanging a shingle” would guarantee that we would have customers and that anyone would be crazy not to shop with us when (fill in the blank) down the street was not nearly as good as we are. Most of us start out with a dream to one day “make it big.”

The bottom line is that if you want to stay in business, ask yourself this question. What can I do that will insure my success so that I am not one of the people that are in business for only a short while?

The number one priority of any business is to increase sales. A few ideas that may help you in your efforts to increase sales are below.

· More advertising. This may help to increase your sales, but you need to consider the added expense of the advertisements.
· Reduce prices. Is your competition’s price lower than yours for similar items? Lowering your price could help you to sell more and gain new customers.
· Find other suppliers. Look around; there may be other suppliers that have the same or similar item at reduced prices and you can pass the savings to your customers. Look for wholesale sources that are having closeout sales. Usually this occurs at the change of seasons. Also if new products are offered other models price declines.
· Add new lines. If the market is saturated, consider adding new lines to your inventory. Another brand may be just what your customers want.
· Remodel. Nothing gets more attention than a company remodeling their business. Everyone wants to know what is going on there.
· Have a contest. People love contests. It will get them to your business location, it is your job to sell them something and get them coming back.
· Offer loyalty rewards. Spend $100 receive $10 off coupon on your next purchase.
· Punch Card. Have a drawing and give something away every week to customers that have their card punched. This method has been used for years at a local grocery store and is very popular.
· Customer appreciation day. Create a buzz, have a live radio broadcast, have snacks. Have a celebrity signing autographs.

Marketing can be a complex matter. The difference between a successful business and an unsuccessful business may be as simple as going the extra mile to help the customer feel appreciated and not taken for granted. Customers want to have an enjoyable experience when they shop. Overall people want to see businesses succeed but they also want to know that the business owner has done everything possible to make their experience a good one. As Zig Ziglar always says, “You can have everything you want in life if you help enough other people get what they want.”

And what business owners want is more customers.

For all of your wholesale needs, check out my website http://www.wholesalemap.com It is FREE to use!

Make Your Business Grow

2006-07-17T20:04:00.000-07:00

No matter how big or small your business, there are things that an owner should do to make his business grow. At one time or another, every business owner has stayed awake at night and said, "What do I do now." For some reason, things aren't going as well as you think that they should.

We can look at recent events in GM - one of the biggest businesses in the world on the verge of bankruptcy. Kmart and Sears merged; many of the airlines have gone bankrupt. Enron was the largest company ever to file bankruptcy.

So the question is: "How do I make my business grow?"

In my previous articles I told you "How to open a business" and "How to find wholesale sources." But that's not the end of the story.

A few days ago, I was looking at some information that was quoted from The Kauffman Foundation by Michael Sexton of http://www.trumpuniversity.com that stated "550,000 Americans start new businesses every month." Later in the same article, he said that according to the U.S. Small Business Administration "At least two-thirds of new businesses fail within the first four years."

This brings me back to the same question: "How do I make my business grow?"

Sometimes forces work against the business owner that the business owner cannot control. Again, recent events have impacted many people and in turn, businesses are impacted. For instance, the rising gasoline price is causing many problems around this country. The average person that travels 30 miles each way to work is spending $90 more for gas per month than this time last year. That $90 has to come from somewhere and we can see that it is beginning to affect everything from housing sales to the price of sugar at the store.

I know someone that owned a dollar store - where everything is a dollar. For a year and a half, sales were fine, the number of customers was increasing slightly each month and the owner thought about opening a second store and had already purchased shelving and was looking for a second location. But then it happened. The gas price started increasing and Tennessee began a lottery. Within a two-month period, sales halved in his store and for the next six months, sales continued to drop and after about three more months he was forced to close - after such a promising future.

One of my favorite quotes comes from Vince Lombardi who seems to me as the ultimate motivator. "It's not whether you get knocked down, it's whether you get up." Everyone gets knocked down in life, but sometimes it takes a very strong person to get back up and try again and again.

When you are trying to come up with ideas to help you grow your business, try to think like a customer would.

Walk outside and look around. Would you want to shop in this store? Is it pleasing to look at? Does it look inviting? Is the parking lot clean? What is the first thing you notice as you pull up to the store? Is the sign lit or is one of the letters out? Does it look like the owner and employees take pride in the store?

Now, walk inside. What do you see? Is it well lit? Are the aisles clear of clutter? I know that shelves have to be stocked, but is there a better way than piling lots of boxes down the aisle where people can't get through to shop. Instead of bringing a lot of boxes out at once, perhaps just a few at a time. Is the clerk friendly? Are the sales people happy? I personally left a mattress store because the salesman was on the phone and did not acknowledge me or even say "I'll be with you in a minute." When I left after about fifteen minutes, I went to another store and spent $900. This illustration is to show you that how your employees relate to customers can help or hurt your business. We've all been there where you think that you are an inconvenience to the employee.

This is only a start to help you to "Make your business grow."
In my next article, I will delve into more ways to "make your business grow." And remember for all of your wholesale sources needs, check out wholesalemap.com

It's All About The Money!

2006-07-11T19:10:00.000-07:00

In my first post on this blog, “How To Open A Business,” I asked you several questions that were designed to help you decide if you really wanted to start a business. After answering them, I hope that you decided that you did want to open your own business.

In my second post, “How To Find Wholesale Sources,” I told you about my website http://www.wholesalemap.com/ and how to find wholesale sources. My website is designed with you in mind. As I stated in that post, I have owned several businesses – some successful and some not so successful. But one of the biggest problems was finding good wholesale sources. I have tried to help you with that problem. All the information on my site is free.

Today, I want to talk to you about the money. It’s all about the money. After you find your wholesale sources and have found your location, will it actually be profitable to start a business.

Let me use one example not related to owning a business, but having a job somewhere. Suppose you worked somewhere 30 miles away for $8.00 per hour. What would be your net income if you had to pay a baby sitter for two children?

Assume 20 mpg in your car at $3.00 per gallon, $25 per day babysitting, eating out one extra time per week and taxes at 20%.

Calculate: 40 hours x $8 per hour = $320.00
$320 – 20% for taxes = $256
$256 - $45 for gas = $211
$211 – $125 for babysitting = $86
$86 - $20 for eating out one extra time = $66

This does not even include new clothes for the position, maintenance on the vehicle and other miscellaneous expenses.

All I want you to do is think about what type of expenses you will have and will it be profitable enough for you to start your business. I don’t know about you, but I would hate to know that I was working 40 hours per week and only netting $66. Just because you have found the perfect location and great wholesale sources, doesn’t mean that you will make money.

Remember to check out http://www.wholesalemap.com/ for all of your wholesale sources.

How to Find Wholesale Sources

2006-07-03T06:53:00.000-07:00

In my last article “How To Open a Business,” I wanted you to answer questions that needed to be answered before opening your business. Everyone at one time or another has said to themselves “I want my own business.” But is it enough just to want your own business?

Your answers to the questions should give you an idea if you are the type of person that can handle the stress of owning your own business.

Since you have decided to open your own business, “NOW WHAT?”

Let’s say that you decide to open a dollar store – where everything is a dollar. You have found what you believe is the perfect location. You have talked with the landlord and are working out a lease. You have gone to your county and bought a business license. And you have applied for a tax id in your state.

Now the next big question is “where do I buy my items wholesale?”

This morning I googled the term “wholesale” and there were 231,000,000 sites listed. Look at that number again - 231 million sites listed for “wholesale.” How does one begin to search through that many sites to find what they want to sell? And how do you know that the companies that are listed are reputable.

I have owned several businesses – some successful and some not so successful. And one of the biggest problems that I faced was finding good wholesale sources at a good price. I now sell on ebay and finding wholesale sources that were cheap enough to make a profit and compete with others selling the same things was difficult.

Most business owners know that to make a profit, you have to find items at great wholesale prices. I have always been told “you make your money when you buy the items, not when you sell them.”

Some of the so-called "wholesale sources" prices that I have found were more than I could have bought the same item for on ebay - including shipping. If you have ever tried to find wholesale sources, it can be a daunting task. So where to begin is the biggest question.

One of the ways that you can check and see if a company is reputable is by checking a website called alexa.com. This site lets customers review other sites. Some of the sites may not have any reviews about them, but some of them may. And just because someone else didn’t like the company does not mean that it is a bad company.

You can also check the page rank at google; however, if a site is relatively new, it will probably have a 0 page rank. This rank is a rating that tells how important google thinks that a website is. However, many of the most visited websites on the web only rank a 0 or 1 or 2.

Finding wholesale sources is easy. Finding “good” wholesale sources takes a lot of work and patience.

Another question to research is the shipping costs. I found one wholesale source that had very good prices, but the shipping costs was too high. I think that this company was trying to make their profit on the shipping. Most of the reputable companies will cap the shipping costs with a minimum purchase. Many of the ones I have dealt with cap the shipping costs at 10% with a $1000 minimum order. However, with gas prices rising and shipping rates rising, companies may have to raise the minimum requirements in order to cap the shipping costs.

Educate yourself about what items are available. Many of the name brand companies will not sell to small business. They already have their distribution channels set up and if you want to sell these brands, you may have to find a middleman that will sell them to you. You may have to pay a little more for the items, but if it is important to you to have name brands, it just might be worth it.

Another way to find good wholesale sources is to go to the merchandise shows. These shows have thousands of wholesalers at one place and you can browse all the booths until you find what you are interested in. Some of the biggest wholesale merchandise shows are located in the larger cities such as: New York, Las Vegas, Chicago, and Atlanta.

Traveling to these wholesale merchandise shows is time consuming and can be expensive. However, usually the wholesale shows have special rates arranged with hotels.

Well, that is all for now. Visit my website: http://www.wholesalemap.com/ for more information about finding “good” wholesale sources. It is free. Also, I have just begun a blog and if you have any ideas or wholesale sites that I need to review, let me know.

Paul Taylor is a business owner that helps others to find wholesale sources. To find the best wholesale sources for starting a business, visit http://www.wholesalemap.com/ .

How To Open A Business

2006-06-28T13:06:00.000-07:00

Everyone that starts a business has to begin somewhere. There are several items on this page that I believe will be useful to you as you begin your quest for a successful business. I have included questions for you to think about when considering opening a business. As you begin, you will want to travel to the various merchandise shows in Chicago, Las Vegas, Atlanta, and New York. I have been to many of these shows and found most of my sources at them.

One of the biggest problems faced by people that want to open a business is not knowing where to start. In this article, I give you several questions to answer. Some of them are easy to answer, but some of them need lots of research. No one that I know likes to make other people rich. But where do you begin when you want to open your own business. I will attempt to have you thinking about what will be the best idea that you can start that will have long term benefits. There are thousands of businesses that open one year and are closed by the next. What will make yours different?

Before you begin, ask yourself the following questions:

1. What do I want to sell? This is a straight forward question, but one that takes a lot of thought. What interests you? Sometimes, what interests you is not the best business to be in due to competition. However, it is a good place to start.

2. Where do I want to open the store? Location, Location, Location!

3. Who will be my customers? Am I taking them from my competition, or am I creating a new market?

4. Do I have enough money to get me through the slow times? There will be slow times. Can I still pay my bills?

5. Is there lots of competition? If there is, can I be better than them?

6. What can I do better than the competition? What points are they missing?

7. Do I want to have a website? Is my business suitable for online business?

8. Where can I get fixtures for a good price? New ones are very expensive.

9. Are there any restrictions at the location? Make sure I can open my business where I want to.

10. How do I buy items wholesale? Last but not least, where do I get my items wholesale?

I hope this article gets you to thinking about questions that you may have. You will have hundreds more before you get started. So sit back, relax, and begin your journey.

One of the best ways that I know of to find out information on just about any business is through Entrepreneur Magazine. I have been a subscriber to this magazine I guess for 15 years. Check it out. It's well worth it.

Take a look at my website: www.wholesalemap.com

Looking For Wholesale Sources

2006-06-23T17:25:00.000-07:00

Well today I am going to try something new - this blogging thing. I hope I get it right. I thought I would start by welcoming anyone that is reading this. I hope that over the next few weeks that others will want to post their business ideas. That is what this is all about. Helping people to find wholesale sources that will make their business endeavor succeed.

If you want to post to this, please only use words that would make your family proud of you. And also no adult sites.

I check out all of the web sites before I list them on www.wholesalemap.com . I always search to try to find the best wholesale sites on the net.

Well, that is all for now.