Home Wealth Project
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Considering Square? Read This First.
Aug 10th
This is a guest post by Stella Fayman at TransFS.
If you haven’t heard all the buzz in the last year or so, a new tool for accepting payments will soon be available for business owners to use.
Square lets business owners use their iPhones and iPads as credit card terminals, giving them a little plastic attachment allowing for cards to be swiped. With a slew of cool features such as emailed receipts, photo recognition, and signing on screen, Square is definitely the slick new kid on the payments block.
However, Square has been experiencing setbacks due to fraud concerns and underwriting issues after its explosive debut. The problem has to do with the complexity of the credit card processing industry, something which Square had hoped to make easier for business owners by not requiring them to set up a merchant account.
This begs the question, should you wait for Square?
The best answer is: it depends. To see whether Square is a good option for your business, check out this nifty calculator which shows whether Square is more cost effective than a traditional merchant account. The biggest difference between the two is the way pricing is handled: with Square there is a flat fee of 2.75-3.5% (depending on whether the card is swiped of keyed in) plus a $0.15 per transaction fee. There are no signup or monthly fees associated with using Square, making it very attractive for low volume merchants.
With a traditional merchant account, pricing is variable and gets more competitive as credit card processing volume increases. For the best pricing (called interchange plus), merchants pay interchange (the fee set by Visa and MasterCard) and a constant processor markup which is usually a predetermined number of basis points on volume and a per transaction fee. Merchants should make sure to demand interchange plus pricing from credit card processors if they go with the merchant account route otherwise there is a good change they will get ripped off.
If Square can accomplish all the things it promised from the beginning, it is sure to be an extremely useful option for business owners. However, make sure to check whether its pricing makes sense for your business.
If you have any questions or want to learn more about credit card processing, I blog on the TransFS blog or feel free to email me at stella AT transfs DOT com.
TransFS.com is the comparison shopping site for credit card processors. TransFS helps business owners get the best deal on their credit card processing through an easy and quick form which gives business owners instant apples-to-apples bids from top-tier processors.
View full post on Business Pundit
Stop Right Now And Read This Internet Marketing Empire Review
Jul 17th
| Stop Right Now And Read This Internet Marketing Empire Review. Stop everything! Don’t listen to anyone because this is the only Internet Marketing… |
|
||||
View full post on Home Wealth Project Riot!
Read! Again! :) @RudiRaga RT @BagusTakwin: Strategi yg diperlukan dlm proses demokratisasi adalah st
Jun 27th
Again!  @RudiRaga RT @BagusTakwin: Strategi yg diperlukan dlm proses demokratisasi adalah strategi promosi; memasukan hal2 yg baik ke ruang… |
|
||||
View full post on Home Wealth Project Riot!
Contrary to What You May Have Read, the Recession Hasn’t Been Good for Entrepreneurs
Jun 14th
If you’ve been reading the newspaper recently, you might have heard that the Great Recession has been a boom time for entrepreneurs. No less an authority than former Labor Secretary Robert Reich wrote in a New York Times opinion piece, “LAST year was a fabulous one for entrepreneurs, at least according to the Kauffman Index of Entrepreneurial Activity released last month by the Ewing Marion Kauffman Foundation.”
Reich quotes the Foundation as saying “Rather than making history for its deep recession and record unemployment, 2009 might instead be remembered as the year business startups reached their highest level in 14 years — even exceeding the number of startups during the peak 1999-2000 technology boom.”
Because the idea that the recession has been fabulous for entrepreneurs didn’t fit with what I’ve been seeing for the past two years, I took a closer look at the numbers.
The Kauffman index uses information from the Current Population Survey (CPS) to measure “the percentage of the adult, non-business-owner population that starts a business each month.” Specifically, the Index is the ratio of the number of people between the ages of 20 and 64 not self-employed who became self-employed in a given month, divided by the population between those ages.
This percentage rose from 300 people per 100,000 in 2007 to 340 per 100,000 in 2009.
But this is where the numbers get a bit odd. The Bureau of Labor Statistics (BLS) uses the CPS to measure self-employment, and they reported that the number of people self-employed outside of agriculture fell from 9,557,000 in 2007 to 8,995,000 in 2009, a decline of 5.9 percent. (Because the population grew over this period, the decline in self-employment as a percentage of the population is an even larger 7.5 percent.)
For those of you who are still with me on the numbers, this means that the Kauffman Index of Entrepreneurial Activity and the BLS estimates for self-employment, which are both drawn from the same monthly survey, tell very different stories about what has happened to self-employment during the recession. The Kauffman Index shows a 13.3 percent increase from 2007 to 2009, whereas the BLS shows a 5.9 percent drop over the same period.
Although these numbers look contradictory at first glance, they are not because they measure different things. The BLS figures track the number of people who are working for themselves at a moment in time. By contrast, the Kauffman Index measures the number of people who become self-employed in a particular month.
What’s not measured by either source is the number of people who quit self-employment in a particular month. And the missing number is the key to putting both figures together.
As the Kauffman Index shows, during the recession, the number of people who moved into self-employment increased. But as the BLS shows, the number of people who are self-employed in at any point in time has declined. For both these numbers to be correct – and I have no reason to doubt the accuracy of either one – a lot of people must have given up on self-employment in 2009.
According to the Kauffman Index, an estimated 6.7 million Americans went from not being self-employed to being self-employed last year. Given the 224,000 person drop in the number of self-employed people reported by the BLS, 6.9 million people must have quit working for themselves in 2009.
Do these numbers mean that “last year … a fabulous one for entrepreneurs” as Reich wrote in the New York Times? Are the results of the Kauffman Index really “good news for the year 2009” as Kirsten Moore wrote in Newgeography?
I don’t think so. If we accept the Kauffman Foundation’s argument that the self-employed are entrepreneurs, then the CPS data show an entrepreneurial sector that has been damaged by the recession. The statistics indicate that the self-employment failure rate has become so large that the number of people working for themselves has dropped, despite a sizeable increase in the number of people becoming self-employed.
The reporters, bloggers and others making use of the Kauffman Index of Entrepreneurial Activity should be more cautious about how they interpret it. Headlines like “Despite Recession, U.S. Entrepreneurial Activity Rises in 2009 to Highest Rate in 14 Years, Kauffman Study Shows” http://www.kauffman.org/newsroom/despite-recession-us-entrepreneurial-activity-rate-rises-in-2009.aspx give the misleading impression that the recession has been good for entrepreneurs.
And I don’t know a lot of people who would call the Great Recession “fabulous” for those who work for themselves.
Contrary to What You May Have Read, the Recession Hasn’t Been Good for Entrepreneurs
View full post on Small Business Trends
Twitter clarifies its advertising policy. Developer or user, you should read this
May 25th
| Popular in Social Media Twitter clarifies its advertising policy. Developer or user, you should read this. Posted by Zee Follow… |
|
||||
View full post on Home Wealth Project Riot!
affiliate marketing : Social Share Community : read about affiliate marketing, have your say and share socially
May 1st
| Wealthy Affiliate offers Internet marketing training on how to harness the power of the Internet to sell products online and build online… |
|
||||
View full post on Home Wealth Project Riot!
Read “1% Windfall” and Build a Profitable Small Business
Apr 24th
If you were to think of your small business as a human body, then let’s carry the analogy a little further and say that your revenue stream is the bloodstream of your business. It flows through your business “body” and nourishes all the “cells.” I won’t take this analogy too much further other than to say that when we aren’t paying attention to the pricing component of the marketing mix, we are starving our business-body of the nutrients it needs to live a long and healthy life.
As small business owners, we tend to look at the pricing component of the marketing mix the same way we look at diet and exercise – fun to read about and buy products around, but not actually to IMPLEMENT.
Please read this review of “1% Windfall” as my urgent plea for you to actually make a commitment to take what’s offered and implement this in your business.
“1% Windfall: How Successful Companies Use Price to Profit and Grow” is Rafi Mohammed’s follow-up book to “The Art of Pricing.” I discovered Rafi as I was doing some research to create pricing strategy for a client. I picked up “The Art of Pricing” and was blown away. Rafi and I connected after I reviewed the book and he told me that there would be a follow-up. And here it is. I received my copy about a month ago.
Business Challenge? There’s a Pricing Strategy for That!
Whatever your business challenge, there’s a pricing strategy for it. For example:
- Not enough new customers? More price points can actually attract more customers. Try a “differential” pricing strategy. One of the KILLER features of “1% Windfall” are these “voice of the customer” statements that Rafi has all through the book. What I love about these is that you can literally pull them right out of the book at put them into a survey that you give your customers to see what they would prefer. I pulled these from the “Pick a Plan” Chapter. Do any of these statements sound like something your customers might say?
- “I am willing to fill out forms, mail them, and wait several weeks to get a lower price.”
- “Will you match the discount price that is offered by a rival?”
- “I am willing to trade convenience for a discount.”
- “I’d like a break if I purchase two or more products.”
- Prospects that don’t turn into customers? You’re probably not turning prospects into customers because you’re not offering enough price points or alternatives for all the potential customers who are interested in some version of your product at a price they are willing to pay.
- “I don’t need to own the whole product, but I’m interested in owning some of it”
- “I’m interested in your product, but am concerned about performance”
- “I’d like to use and sample as much as I want without having to consider every purchase.”
- Not making enough money from existing customers? Maybe you should consider “Versioning” from Chapter 3:
- “I’m willing to pay more to go to the head of the line.”
- “I value speed”
- “I’m interested in your product: do you have a discounted version with fewer features?”
What Does 1% Windfall Mean?
I’ve been so excited about how this book can help small business make more money and reach more customers that I haven’t even begun to tell you about what the title to the book refers to!
“A study by McKinsey and Company of the Global 1200 found that if they increased their prices by just 1%, and demand remained constant, on average each company’s operating profits would increase by 11%.”
Here’s a picture of a chart that I pulled from the book:
It shows that just a 1% increase in price yields these incredible increases in Operating Profit! I’d say – if it’s good enough for these top companies – it should be good enough for small businesses.
A Blueprint for a “Culture of Culture of Profit”
In the last chapters of the book, Rafi gives very specific instructions on how to create a “Culture of Profit” in your company. Instead of running away from talking about pricing and profit, run toward it with your arms wide open. If you’ve been hesitating because you don’t know where to begin, purchase “1% Windfall” for yourself and everyone in your company. Then read it together, follow the blueprint and experience profitability in any economy.
It’s Fun to Read Too!
Maybe you’re thinking that a book on pricing is a snooze. Nothing could be further from the truth. Rafi’s style is engaging. After all, he’s actually an economist which means that if you liked “Superfreakonomics” you’ll like this too. You can see that Rafi is passionate about pricing and curious about what motivates people to turn from prospects to customers.
Now, I’ll free you up to get your very own copy of “1% Windfall.” The book is on the shelves and on Amazon. That’s my not-so-subtle hint that you should be clicking over to Amazon or visiting your local bookstore as soon as you’re done reading this review because you will be able to increase your revenue, earnings and profits guaranteed – but only if you DO what it says and not just read what it says. If you are selling anything, this is THE book you should have to set pricing strategy and build a profitable business.
Read “1% Windfall” and Build a Profitable Small Business
View full post on Small Business Trends
Be Inspired. Read The Highest Calling
Apr 11th
If you’ve been in business for a few years and have started to feel like you’ve hit a brick wall, you should run — not walk — to get The Highest Calling, by Lawrence Janesky. It will renew your enthusiasm, re-energize you, and inspire you to work through your problems and get back on the path to higher successes.
The Highest Calling is a business novel — with valuable lessons to learn. It’s the story of Troy Becker, owner of a home remodeling contracting business that is squeaking by … barely.
Troy had dreams when he started in business 12 years ago. But the day-to-day realities of running his small business have worn him down. He finds himself in a routine going nowhere fast: getting his morning coffee at the local coffee shop, dealing with an endless stream of business problems, working late each evening until he’s exhausted, neglecting his family.
Troy is the proverbial business owner so caught up with working in his business, that he can’t muster enough energy to work on his business.
Most years he barely ekes out a profit. You get the impression the business is just a few slow-sales months away from going under.
Troy is so overwhelmed, he doesn’t know how to change his lot. At least, he doesn’t at first.
All that starts to change when Troy gets a visit from Cy, an older businessman. At this point you will have to – as your English Literature professor used to say — “suspend disbelief.” Cy has died, but is told his work is not done. Cy is stuck in a sort of purgatory. Before he can find peace, Cy has to try to help Troy by being his mentor and coach. So starts a series of surprise visits by Cy. Over the weeks and months, Cy does what the best business coaches do best: he asks questions and gets Troy to realize what he needs to change and how.
We see Troy confront the issues that are holding back the business, starting with himself. His self-limiting thoughts are at the core of his business’s lackluster performance. Then we see Troy dare to think big again. We are there with him as he does the hard work of analyzing his business challenges, and one by one solves them. Eventually we see Troy boldly seize his dreams, start to transform his business, and get closer with his family.
But it’s hardly a straight upward climb. If it were, the book wouldn’t be nearly as interesting. No, along the way Troy deals with setbacks, such as when he hires two new sales people only to have them immediately leave and his sales pipeline dry up overnight.
And then a disaster strikes. I don’t want to be a spoiler and tell you too much about the disaster, but it changes Troy’s circumstances ultimately for the better.
Throughout, Troy has with him a blue journal book — you know, one of those books with blank lined pages you can write in. That book is where he does his planning to change his business. That blue book is an important symbol in The Highest Calling. It is the embodiment of his new transformative thoughts.
That blue journal book saves Troy. It saves him physically from a serious injury. It saves him symbolically by breaking him out of his self-limiting thoughts.
Business Success is Not Just About Money
The Highest Calling is part “It’s a Wonderful Life” and part “Atlas Shrugged“. Just like in It’s a Wonderful Like, the main character glimpses disaster, and bounces back with hope and self-esteem and enthusiasm and love, with the help of an “angel”. And like in Atlas Shrugged, it suggests that creating a successful profitable business has a higher moral purpose, because you will positively impact so many lives — yours, your employees’, and your families’. As one character in the book says:
“When you create a successful business, you are improving the lives of hundreds, thousands, even millions of people. There is no higher calling.”
The author is the real deal. Larry Janesky, is founder of Basement Systems and has grown it to a $60+ Million company.
Who This Book is For
The Highest Calling is best for owners of established small businesses that have been around for at least a few years. Any business owner who has ever had the uncomfortable feeling of drifting along, dissatisfied and unhappy enough to do something about it, needs this book.
Although the book is about a home remodeling contractor, don’t get hung up on that. The lessons apply to just about any kind of business. My business couldn’t be more different from a remodeler’s. But the book made a huge impact on me. I hated putting down The Highest Calling, and stayed up half the night reading it.
It’s not the best novel I’ve ever read. But that’s not how I judged it. I judged it as a business book– and it is a powerful business book.
An Unusual Package
The Highest Calling is sold as a package:
- the book;
- a set of CDs of the author narrating the book;
- your own blank journal book, so you can immediately start working on your own business instead of in it;
- a full money-back guarantee.
The author’s narration on the CDs does a nice job. There’s a lyrical quality to this book that comes out when you listen.
Everything about this package is quality. The book has high quality binding, an extra thick dust cover, and thick bright white pages. It has a satin ribbon bookmark built in. Even the blue journal is a heavy high quality book, not some small cheap notebook.
There’s symbolism to how the book is packaged and sold. It’s as if the author is saying: transforming your business is important stuff. You will have to work at it for a long time. YOU are worth investing in quality tools to help you.
The price tag for this quality is high, as books go: $149. However, when you compare it to the cost of hiring a business coach, that’s about one hour’s worth of coaching. Viewed that way, it’s a bargain. Those who believe in themselves and truly want to change their lot will gladly spend the $149 for this package, especially with the full money-back guarantee.
Be Inspired. Read The Highest Calling
View full post on Small Business Trends
You’ll Never Be An Internet Marketing Success If You Don’t Read This
Apr 11th
| If you want to market your business on the Internet, the first item on your to-do list should be to get help from Internet marketing experts uSocial.n… |
|
||||
View full post on Home Wealth Project Riot!
Is Your Business Smart or Stupid? Read Smart Business Stupid Business and Find Out
Apr 10th
Whether you’ve just started your business or been in business for a while, “Smart Business Stupid Business” is a book you’ll want to have. This isn’t one of those books you read for entertainment – it’s a book you’ll want to have on your reference shelf because it answers many (if not all) the financial and administrative questions you might have around starting and running a smart business.
What’s the Difference Between a Smart Business and a Stupid Business?
According to authors Diane Kennedy and Megan Hughes, a smart business is one that can survive a downturn. That’s a rather simple answer, but it’s honest and a lot deeper than it looks. A growing economy might funnel a lot of money into your business, but it can also hide a lot of flaws. A smart business is one that is built on a solid foundation of being clear about the decisions that you make about the structure of your business, the purpose of your business and the systems in your business.
This book sounds like it’s written from a sort of pleading soapbox. Diane Kennedy is a CPA that has evolved into being “The Millionaire’s Mastermind.” She is the go-to person for tax strategies that can make and save money and take your business to the next level. Diane has a lot of experience with businesses gone good and gone bad and she openly shares her experiences so that you don’t have to make the same mistakes.
Megan Hughes is the owner and founder of Business First Formations, Inc. Her expertise and experience on business structures (like C-Corp, S-Corp, LLC). But this isn’t the exciting part – you can find that information anywhere. What Megan delivers is a clear and easy-to-understand explanation of which structure is good for what goals. Then Diane and Megan put their heads together to explain how to combine these various structures in a way that will make your business most profitable (and have you paying less taxes in the process.)
Are YOU the Ideal Audience For Smart Business Stupid Business?
The authors tell you that this book is written for those starting or re-starting a business. And I can see that this is true. I’d say that this book is also good for businesses that are on the cusp of growth. For example, if you’ve been a lone wolf and you’re thinking about bringing on a partner or an employee – you’ll want to have this book by your side.
If you’ve been working at systematizing your business and it’s positioned for growth or sale – you’ll want to read this book to help you identify the right resources that will help you on the way.
I heard recently that the biggest mistake small businesses make is “thinking too small” and that this leads to developing systems that don’t grow or expand well. If that sounds like you – pick up this book.
A Peek Inside Smart Business Stupid Business
There are 287 pages in this book and each one is filled with valuable content. I’m going to give you just some of the chapter names so that you can get a feel for what’s inside:
Chapter 1: Why Owning Your Own Business Is the Only Answer
Chapter 5: Cash Flow Needs Throughout Your Business Lifecycle
Chapter 14: Avoiding the Three Biggest Mistakes With Payroll
Chapter 18: Survive or Thrive: Your Early Year Checklist
Chapter 23: Multi-Layered Structure: New Millionaires Favorite Planning Tool
Chapter 31: Increasing Your Business Value
There are many more chapters – I’ve just picked out the ones that I thought you might be interested in.
It’s Not a “FUN” Read. It’s an ESSENTIAL Read.
Look. This book is not entertaining. It’s a serious, fervent communication of information that’s critical to the successful and profitable running of a business. The authors also include actions steps that you can take at each chapter in the process. But WAIT there’s MORE! Diane and Megan are so intent on every small business owner “Getting it” that they have created an online program for those readers who have purchased the book. They’ve literally taken the action steps in the book and created a program around it. So if this review resonates with you – pick up the book and register for their course – which is worth $997.
It all comes down to how serious you are about building a BUSINESS. You can be working for yourself and call it a business. But building a business with an infrastructure that functions on its own without YOU is a different story. If you are ready to build a business with asset value, systems and ultimately a life beyond just your working in it, don’t pass up this book.
One last lesson I learned from this book: before you make any big financial or structural decisions about your business—get help!
Don’t try to wing it. Find professionals who specialize in this type of work and get their input.
Is Your Business Smart or Stupid? Read Smart Business Stupid Business and Find Out
View full post on Small Business Trends
