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Name: Ryan Jones on Oct 23, 2012Comments:Flag
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Name: Anonymous on Oct 24, 2012Comments:Flag
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Name: Chandra on Oct 26, 2012Comments: Buying an existing vetrunePurchasing an existing vetrune can bring lots of added value. It resembles much of what I discussed earlier about franchises, but very differently. You have more freedom in making your own decisions in your own vetrune while having an established base of customers from previous ownership. Many advantages come with purchasing an existing vetrune. Say you want to buy a restaurant/sports bar in downtown Dallas, Texas. Let’s say “Johnny’s”, the establishment, has been around for years and locals love the place. Johnny’s owner wants to sell the place to move on to other types of vetrunes. There is added value with Johnny’s because of locals that attend the bar on a frequent basis, equipment, staff and business model is already in place. The new owner needs to fund the business and make any executive decisions they wish to make.There are many different ways in purchasing an existing business. First, find investors or partners that are willing to invest with you and divide up the ownership of the business accordingly. The other avenue is to finance the business through a bank or credit union. Evaluate how you want to own the business if you want partnership or not. There are many considerations to make based on the price of the business and size. Some business owners like to get out of an establishment because it isn’t making money or wanting to move on to different opportunities. This is a great way for a prospective buyer to jump into an opportunity at a lower cost facility and build the business to success. There is a disadvantage to getting into establishments that are not making money. This could be a loss of valued customers, bad decisions at management level or certain employees that are dragging their feet. It’s best for entrepreneurs to evaluate what will be the best fit for the business and see what changes need to be made prior to jumping into a sticky situation. Not all existing businesses are in bad shape, but take a serious look into what the problems were in the past and if that is something you, the entrepreneur, would be willing to take on. Overall, it is less risky to purchase an existing business than starting from scratch. Get into an industry that you have knowledge in and feel like you can succeed. Good will is the ‘prudent value’ asset the business has in existence beyond the current assets. An example is to determine how many loyal/repeat customers do the business currently has that constantly brings revenue on a constant basis. The company might have good assets in revenue and numbers, but what value do they bring to the community? This is something to consider as a prospective buyer. Good will could be transferable to an extent. If there are valued customers that had a great relationship with previous owners, then that will deteriorate. If valued customers love the place and the atmosphere, then yes, it is transferrable between owners.Flag
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Name: Mamia on Oct 26, 2012Comments: Production-Small businesses have been a vital suorce to the United States economy for years. Big corporations have grown tremendously and have put the small mom and pop places out of business which has hurt small towns. Big money corporations have invaded small towns and have taken over majority market share which limits small business to compete. An example is Wal-Mart. They have come into small town places and have closed many businesses that have been in operation for generations.Small businesses still play an important role in the United States today. Much has gone away because of corporate expansion, but many small businesses still exist today because of customer relationships and involvement in the community. A small business can be successful in manufacturing in the United States if they play their cards right. First they have to be involved with a product that will be competitive. Once big corporations find that a small business is doing well in profits, they tend to buy out the small guy. This is keeping small businesses from expanding and being successful within the borders of the United States. In today times, it’s more unlikely that a small manufacturing business will succeed in the United States because of high wages, taxes and competition, but I do believe they have a chance. The product has to be specialized in order to succeed. When I say specialized, it means that not many other competitors can emerge from the creations. If the small business makes gag party accessories and the only kind to invent a special gift, then there is a small chance another competitor will emerge to take over the market share.There is always a possibility for any business to succeed in the United States. It’s harder for certain companies to grow because of competition and money. Many investors and business owners are easy to sell their assets to make the money back they invested. This kills many small business and their productions. Hopefully in the future, America will expand their involvement with small business creation. It is essential to creating jobs and for the bright future America entails. We all have to act in some way to contribute to small business instead of feeding money into corporate conglomerates.Flag
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Name: Louis on Oct 28, 2012Comments: International Markets-Let’s say I have a high demand prudoct and sells well in the United States. In order to expand prudoction outside of the United States, it is very important to do your market research ahead of time to make sure the prudoct will sell. There are many things that sell well in the United States and not so well in Europe and Asia. It also works the other way around. If my prudoct was very successful in the United States and I have built much time evolving this prudoct into a national phenomenon, then I would highly consider expanding sales outside the United States. There are things you have to watch out for. Shipping cost gets very expensive and you have to evaluate if the profit margins are going to offset the fixed cost. If profits are not that high, then I would not consider risk losing my money to ship to other countries. The reason for this is because I would end up paying more in shipping cost with importing and exporting with other countries, than making more money within the United States.One thing to consider is there are more competitors in international markets. When the competition gets tough, you constantly have to be creative to find new ways to sell the prudoct elsewhere. When entering a country such as China, they do not recognize intellectual property rights. You don’t have to be in China for them to steal your idea. Your company’s prudoct could be in Brazil and a Chinese company likes the prudoct and wants to take your idea. This happens in many international businesses and is not right.Overall, I would pursue business internationally because of global demand and expansion opportunities. The offsets do not weigh down the good’s to expand. I would look into all avenues prior to expansion and evaluate what will be the best move forward.Flag
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Name: Tal on Oct 28, 2012Comments: Credit Cards and Small Businesses-Credit cards are becoming very poaulpr with consumers. Many of us don’t have to carry cash which eliminates some risk of losing it or spending all what you have. Credit card transactions can get people in lots of trouble because they don’t see actual money being transferred. Since credit cards have become very poaulpr, business have no choice but to accept the cards. Companies such as Visa, MasterCard, American Express and other credit card companies charge businesses on a ‘per transaction’ basis. This means that if Joe bought a couch from Furniture Land for $500 using his Visa card, Furniture land has to pay a percentage of the total cost to Visa. This can get costly for businesses with the amount of card transactions used. This is why you see certain gas stations offer cheaper gas for using cash instead of a card. It eliminates the risk from the business to the card company. Credit card companies offer such great incentives to get people to use their card. They offer rewards based on buying necessities such as groceries, gas and clothing.Small businesses cannot afford steep credit card rates that the companies put on them. This is why you see some establishments as cash or check business only. They do not want to fool with credit card companies and their fees. It’s really a catch-22 situation because the card companies make it very appealing and accessible for consumers to use their cards, while charging the businesses a high rate to swipe the card. Overall, items and transactions are going to become more electronic based which will lead to different avenues in the future.Flag
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Name: Darlena Maxwell on Nov 6, 2012Comments:Flag
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Name: Angelle Jones on Mar 17, 2013Comments: We need this program at Brooks!!!!!!!!!!!Flag
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Name: Social Bookmarking Service on Jun 5, 2013Comments: yN2SQ9 I value the article post.Really looking forward to read more. Cool.Flag