First Step Marketing

The industries listed below are all within the scope of small business and have a good chance of exhibiting rapid growth over the next decade. The actual magnitude of this growth will depend on industry-specific factors, as well as the general economic climate. In a rapidly growing industry, competitive forces are less severe and it is easier for a small business to make good profits and expand. New opportunities will arise in these industries and they are fertile hunting grounds for business ideas. Read the rest of this entry »

In the course of running your business, you will have to deal with not one but two budgets: one for your business and one for yourself.

A business budget is also referred to as an operating budget, and it differs from the budget you developed for your start-up costs for several reasons: After operating your business for even a short time, you will have a much better idea of where the money goes, as well as what comes in. You’ll also have some sense of when the money tends to arrive in your bank account, so you’ll also know when you can expect to be able to pay your own bills. Read the rest of this entry »

Large international corporations have departments crammed full of people whose only responsibility is to buy, buy, buy for the company: office supplies, employee vehicles, computers equipment, phone service, travel . . . you name it, they buy it. Their titles are usually Buyer or Procurement Manager. They also keep track of what arrives when, where it is stored, and how long it will last.

To a new business owner, this is the consummate luxury. Not only do you probably wish you had someone to do all this for you, but you could probably use the same big budget, too. Read the rest of this entry »

Running a business is risky business. Advice on how to make sure your company is properly insured against every possible hazard that may arise could alone fill a book. All business owners decide to take risks at one time or another as a matter of course, but when it comes to choosing insurance, some go all out and insure their business, facilities, employees, and even themselves against the most remote risks, while others buy the minimum amount of insurance, usually for catastrophic events only. Read the rest of this entry »

Reduce Packing and Freight Cost

Exporting companies need cost-effective packing and packaging in order to be competitive in world markets. Freight costs are based on volumes or weights and manufacturers can pay unnecessarily for thin air because of ineffective packaging.

1. Design products with freight costs in mind

Where possible product design should result in the smallest and lightest package to reduce freight costs. This can include products for local part assembly or completely knocked down. Local assembly costs can be less than freight costs and have the added attraction of providing some local participation. Read the rest of this entry »