Question about business
How do I start a successful retail business?I need assistance to get my questions answered regarding starting a retail business:
1. Which retail business would be best to start and why: a) Specialty retail business or b) Mail order business?
2. Which type of business is more predictable and does not change often: Specialty retail or mail order?
3. Many people say that PASSION is important when it comes to starting a business because the owner will have to work long hour to make his or her business a success. I agree with that but can you explain to me why there are many people out there who started their successful businesses outside their PASSION?
4. How can I choose products and services to sell that fit my personality and are part of my values?
5. I took a Myers-Briggs personality test and the result of the test shows that my personality type is an ISFJ (Introverted, Sensing, Feeling, Judging). Would someone like me who possess this personality type can become successful in operating his or her retail business?
Running a small business is most people’s dream opportunity – being their own boss, working their own hours and importantly making seriously more money than might have been the case in their day jobs. So for the would-be small business entrepreneur, here are some of the most viable small business ideas for 2008 that you could consider starting.
Local Business Directory
Starting a local business directory is going to be one of the most profitable small business opportunities through 2008. When other markets are likely to be adversely affected by the predicted slowdown in the economy, local businesses are still going to need to find qualified local customers to keep their businesses alive. By providing a quality local directory service that offers good value for advertisers, you can capitalise on this small business opportunity, provided you have the ability to bring in traffic and to program a website of sufficient quality and technical capability. While this might be quite a heavy investment and take a great deal of time, there are franchise opportunities out there that may be more suitable to start with this small business.
EBay Business
Running a business on EBay is a low cost way to get started in the world of small business. An EBay business is a great way to learn and understand how to do business on the Internet, and it can be an easy business to enter with very few barriers to entry. As you go along, of course, you’ll pick up some tips and tricks that might make your small business more profitable, but you should be able to make money from the off provided you do your sums correctly and work out a sufficient margin. Remember to include postage costs and EBay seller’s fees when working out your selling price, and you’ll quickly be off to a profitable start.
Web Design
This one requires a degree of skill, but if you can design websites you can make a serious business out of web design. Of course it’s a pretty crowded market out there, but provided you can find the customers you can make a more than decent living working on your own terms with a web design firm, as a freelancer or with your own fully fledged small business. It might also be a route into online marketing and online media, which both in their own rights are massive, growing markets.
Recruitment Agency
A recruitment agency will be a great small business to start in 2008 because of the likelihood that unemployment will begin to rise. As the economy feels the pinch, businesses will be less willing to commit to full time staff. The solution? Recruitment agencies. All you have to do is find and supply the labour to the customer, and then invoice to cover the wages of your staff and your markup. Obviously, you do have to pay the wages on a recurring basis, however, so cash flow might be a problem initially.
Minicab Firm
A minicab firm is the type of business that looks set to remain strong in 2008 purely because it’s always necessary. People from all walks of life rely on minicab firms for daily transport. What’s more, it’s also more than possible to negotiate contracts with other small business and large business clients in your area, to bring in some steady business and to expand the model.
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Chev
on February 9 2010
Hi,
i have found a site to be usefull, just check this out
Ken
on February 9 2010
You need to keep accurate records when running a business. This will be your best defense if you ever get audited.
For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.
You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.
Having a separate checking account and credit card is a good idea. However, it isn't necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.
For your revenues, you don't need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.
You can read Publication 334 for more information.
nacao
on February 9 2010
Surely THIS (getting education to embrace right-brained thinking) is what our Western world needs to clean out the poisoned thinking that has brought us into the mess we currently experience? Surely once we have sorted ourselves out, then we are in a position to help those in the Third Word? You are a great lady and a very positive force for these urgent, historic and pivotal times. May you and your family experience abundant Love and Blessings.
guzen
on February 9 2010
Rania you are the most important woman in the world!
earthlink
on February 9 2010
Palestinian beauty!!!
truth
on February 9 2010
haha he said ma’am instead of your majesty
But I love Queen Rania, she is not only beautiful but smart, and caring
rails
on February 9 2010
I just can say that you are just a great smart queen wish you can do something for the poor jordanians. I like your accent and the sense of humour you have.
corpo
on February 10 2010
I say this too.
You probably won’t post this.
In fact, you shouldn’t.
The people that you are representing gambled away our future in the derivatives market.
We are broke.
You know it and I know it.
So who is it that you are defending exactly?
cooolioooo
on February 10 2010
business school is the right field to study, if you choose your college carefully, some have an entrepreneurship track/program
The Invisible Woman
on February 10 2010
The requirements vary according to your state. Call the business license office for your county and just ask them if you need a business license to operate an internet store. I live in Georgia, and in my county, you do.
jpro
on February 10 2010
Hey Rania.
You make some good points
.
Maybe certain real issues should be brought to the forefront. Multinational corporatism should not override national sovereignty. This is the number one issue on the global stage and you know it.
Secondly, the people are aware of the lies and spin being pushed by the same powers trying to maintain control. It’s having a negative effect and it isn’t going to last much longer.
Now as for the educational system, you already know.
watch?v=CWGsj5NgZ5Y
psychic
on February 11 2010
The Western World has been dumbed down by a systematic focus on logic and left-brain reasoning. In this way, a country can create un-thinking masses who can be easily controlled. Also, left-brain thinking creates an ‘us and them’ mentality. It creates a ‘problem-focussed’ mentality. It creates a ‘me’ rather than a ‘we’ society. Right-brain thinking creates a ‘we’ society – a society where respect, sharing, solution-focus, inventiveness and genuine inquiry into difference happen.
urbantool
on February 11 2010
For the world to progress into a better world, if EDUCATION is the key, then BUREAUCRACY is the stopper.
With the average global IQ going DOWN, and critical information being ridiculed into entertainment, will people ever understand?
With the dumbing down of MEDIA ENTERTAINED nations, education may just be the only way to stimulate brains to learn to think again. And maybe turn the average IQ back up again?
But will the ever growing bureaucratic OVERHEAD allow this to happen?
Wayne R.
on February 12 2010
Yes, the courses you speak of will help you to become a Business Analyst.
A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs.
If you're a BA on the IT side of the house, then you're taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You're generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for).
With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.
SarahR
on February 12 2010
Hiiiiiii..
I think you have to choose the Marketing section in Human Resource Management(HRM) because in marketing you get the nice job in the good reputed company on a high post..
Mikelo
on February 12 2010
How about a book store, if you are looking retail?
I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town.
Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location ..
Passion, YES .. you do have to work long hours but passion because you believe in what you are doing.
I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success ..
If you don't like books, don't like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do.
GL!
Austinite
on February 12 2010
You can't post a Proposal for Sale of Business here. It is a comprehensive document similar to a business plan with dozens to hundreds of pages. Contact a broker like VR Business Brokers and see if you can get help. Yours is a unique business driven by personal contacts and is not easily sold.
Gina G
on February 12 2010
Are you asking the same question or was my answer deleted? YOU CANT COLLECT ONCE BANKRUPTCY IS FILED.