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6 Primary Causes For Import Export Business Failures

If you want to open up your potential earnings market and live the life you have always dreamed of, then starting your own import export business may be the answer. However, most businesses fail in the first year, and this field is no exception. There are many factors at play which lead to failure. Of the most common, all are linked through good old-fashioned laziness. Not having a head for smart business on your shoulders will lead you down some pretty unsavory paths and ensure the failure of your company. But just what paths guarantee your derailing?

Committing to an unproven product. Before you commit to things such as pricing and inventory, you better make certain that there is a market where you are for that product. If exporting, you want to make sure that the target area understands the product, and above all, that your over and under is financially favorable. Too many people grow eager with the possibilities and venture out into untested waters without any of the essential legwork.

Not engaging in reputable payment transactions. Online payment transactions such as those overseen by PayPal are very useful in protecting you from the dangers of fraud, but you’d best be prepared to give up a significant portion of your earnings from transaction fees. If you’re serious about running your business, it is far better to initiate and conduct the process through a financial institution via letters of credit. This ensures that the product purchased is the product preferred, and it also makes sure payment is received and valid before final delivery can be made.

Refusing to research a potential business partner before working with them. Over eagerness kills the small business person every day. The Internet has made it easier to reach a global market, but don’t let that give you unrealistic ideals. Make sure you can verify the legitimacy of your partner before you agree to transfer funds or product.

Failing to investigate the area where the export import transaction will occur. There may not be a need for the product, no matter how good it is. There may also be risk factors at play such as unusually high tariffs initiated by that country’s government, which eat into or deplete your profit margins altogether.

Not meeting all the government standards and regulations for transferring materials over borders and through customs. It is not uncommon for materials to be confiscated and for your company to bear the brunt of the financial and legal ramifications. Keep this in mind before you agree to trade.

Tax failures. Just because you are receiving monies from overseas, that does not get you off the hook for domestic taxes. Factor this in when determining a product and price, and avoid the unpleasant surprises that come with ignorance.…

The Importance of the Legal Aspects of Business Correspondence

The writing of business letters calls for two classes of skills. First, we need to know how to lay out a business letter in acceptance form, and be thoroughly familiar with it, so that in practically every letter we write we use the standard layout. There will always be the odd letter that for some reason is non-standard, but in general we should write naturally in the well-tried, standard way, so that our correspondents will feet at ease with the letter when it arrives. The other skill is the ability to write in good English, with the letter’s subject matter falling into clear paragraphs, each of which is written in lucid sentences. The ability to write in sentences, both simple sentences and more complex sentences, ensures that each part of the letter expresses a complete thought, or a group o related thoughts. This enables our correspondent to follow the points we are making, in logical steps, and to arrive at the end of the letter with a clear understanding of our point of view on the matter, or matters, that we have raised.

These two aspects require a great deal of explanation, and we shall learn the skills best if we understand the reasons behind the various practices that have been adopted over the years. We will therefore start by considering the legal aspects of business correspondence.

The legal aspects of business correspondence

Almost all business activity is contractual in nature. This means that the two people engaged in any particular transaction are undertaking certain obligations to one another and at the same time acquiring certain rights. Thus the furniture manufacturer who agrees to supply some of his/her products to a wholesaler is entering into a transaction by which he/she accepts an obligation to supply the goods specified in return for a right to receive a monetary payment called ‘the price’. Where a service is to be supplied, the arrangement is just the same. For example, a security company agrees to protect premises with its security guards and specialist devices, in return for an agreed contractual fee.

Should any dispute arise, it can be settled by going to court, with the aggrieved party suing the other party. To sue someone is to summon them to court, to show why you should not have the justice you are seeking. The judge will look at correspondence that has passed between you (including any document such as contracts, invoices, memos, etc.) and will pronounce judgment in the matter. It is the legal nature of correspondence that requires setting out the correspondence in a standard form of layout. The chief points are:

1) The names and addresses of both parties to the contract must be stated on all correspondence.

2) All correspondence must be clearly dated.

3) To assist in tracing correspondence, it is usual to give references at the top of the letter.

4) To make the subject matter of the letter clear, it is usual to give a subject heading at the …

Steel Detailing – Are You Interested in Starting Your Own Business?

Steel Detailing for me is my life. If you had to ask the question, if I chose it for my life I would say “Deep down YES”. I just fell into it.

It all started when I was 18 looking for work straight out of High School. I was accepted into an apprenticeship as a Structural Designer for a company in Newcastle, NSW, Australia, working on mining designs. Back then the office was decked out with drawing boards, smoking was permitted and an ammonia copier.

The job involved standing behind the ammonia copier copying drawings onto CPR’s, Penmanship, small drafting jobs, the coffee run and the food run for the first 6 months. This was my introduction into detailing steelwork for mining jobs throughout The Hunter Region and it was all coal process and handling.

Little did I know, the owner of company had a habit of starting and closing companies on a regular basis and my job only lasted just over 6 months. This was just enough for me to continue into this career with just a small taste.

Since then I have worked for many prominent design companies and have gained extensive experience. It wasn’t until I was given the opportunity start my own company with the backing of a building company in Thornton, NSW, Australia before I really began to learn fast.

The company went from just me to 6 people in a small 2 year period and was working really hard. I cannot emphasize the Really Hard part enough as the hours were long. The reason for this is that I was working in the business and not on the business and because I was the business owner, it had to run smoothly in order for it to grow.

For those that have not had experience with steel detailing there is a process you must follow.

Firstly, you are asked to provide a quote. If the quote is accepted, you are presented with a set of Structural Engineering drawings and a set of Architectural drawings depending on the project category. There are 3 main categories – Mining, Industrial and commercial. Mining has no architectural requirement.

Secondly, you go through the drawings and work out areas that maybe of concern and require more information and request the information. Usually at this stage because the information is going to change the amount of work you have to do, so you would ask for a variation if the work is allot more than you originally estimated.

Thirdly, the client accepts the variation and you begin the project. As the company owner I usually started the project layout for the rest of the team to detail the steelwork. The layout was completed in AutoCAD and consisted of the plan view with all of the elevations projected surrounding the Plan.

At the end of the day I was the checker also. “Why” did I check the drawings you may ask. It’s plainly obvious, the buck stopped with me. If there was …

Is Export Trade Finance Important Today?

For businesses concentrating only on the domestic market, they may miss out on different opportunities the international market offers. If you make a foray into the international market, you may increase your profit as well as protect your business from the negative effects of slowed-down growth. Apart from that, this will allow you to diversify your portfolio.

Among the most crucial ingredients for success in the exportation business is export trade finance. Exporters want to get paid for their products as fast as possible. On the other hand, customers from foreign markets would want to delay payment until they’ve received the products or perhaps resold these. To become competitive, your company must be capable of offering payment terms which are very attractive to possible partners.

Important Factors To Consider When Selecting The Best Financing Option

The amount of time in which the product is financed – This is considered the most important factor to consider. Experts highly emphasized that your choice of financing will be greatly influenced by how long you’ll wait before receiving the payment.

The cost of financing options – If there are several financing options to choose from, you have to look into them meticulously, most especially the interest rates. Be reminded that these costs can greatly influence the products’ price along with your potential profit.

Risks – Transactions are not created equal. There are those that are riskier than others. Experts have emphasized that the riskier the transaction is, the more you’ll find it hard to finance. Economic and political stability can actually compound or increase these risks.

Amount of orders – If you are receiving plenty of orders, your working capital might not be sufficient to meet such increased demand.

Getting Expert Help

You can actually get help from commercial banks with an international department when it comes to dealing with the export trade finance needs of your company. Choose banks that are familiar with the export business. These banks will provide your firm with a wide range of international banking services.

After finding this kind of bank, consider scheduling a visit with the international department for you to know and be aware of the different matters like your export plan, banking facilities, services, and the applicable charges. In case your partner importer fails to pay for the transaction, your business will bear the responsibility of paying for the loan. With the use of instruments like letters of credit as well as credit insurance, you and your chosen bank can greatly benefit from the improvement of the export receivables’ quality.…

Introduction to the Restaurant Business

Starting a restaurant will require a lot of effort. Also, the rate of failure can be very high. But success is also very possible.

In any business endeavor, success is relative. For you to ensure that you are on the right path towards success, you need to do things correctly. In starting a restaurant business, here are a few of the correct things that you can do:

Begin with a concept. This is one of the most important stages in your business planning. The type of your restaurant can be the reason it will succeed or fail. You can choose the one that is close to your heart, or to your stomach. The type of food, ambiance, and experience that you enjoy very much from other restaurants can be incorporated in your own.

You need to make sure that your preferences are also the preferences of the general public. Also, avoid going for themes that are the themes of several other restaurants in your area. Chances are, you will have so many competitors and there will not be enough customers to help your business survive.

Look into trends and market studies and decide which restaurant concept you will be willing to gamble with.

Survey the location. When going a location for your business, there are a few vital factors that the place should have. First, it should be accessible to potential customers. A more populated area is your best choice. It should be near residences, schools, or business establishments.

The surroundings should also be clean. Since you are to enter a food business, your customers will always look into the cleanliness of the place. And when your surrounding buildings and structures look presentable enough, it will positively affect the image of your business.

Another aspect will be the safety of the place. You would want to entice people to come to your restaurant. And there is a greater possibility that they will come if the place is safe than when it is potentially perilous.

Check requirements. There are local and national requirements that you might need to comply with. These may include health certificates, license to operate, environmental permits, and many more. To be sure about which papers you need to have when you apply for your business permit, you need to check with the local government of the location of your restaurant.

Do not be disheartened when you are tasked to come up with lots of papers. This can be the standard of most cities and as long as you are doing the right thing, your business will be at the right direction.

Gather funds. Of course, you need to have enough money in order to move on with your plans. You will need money in order to process your permits. You will also need a lot when you need to purchase or rent the building or land area where you are planning to put up your business.

If you do not have enough funds coming from your own …

Top 5 Ways to Market a Pressure Washing Business

The marketing aspect of the pressure washing business or any business for that matter should be the most important part of your business. You can have the most expensive equipment and know exactly how to do the work, but without any customers your business will fail.

The marketing aspect of many small businesses is often put last on the priority list. In the initial stages of the pressure washing business just as much time and effort should be put into marketing as doing the jobs. Later, as you build a client base less emphasis can be placed on marketing, but the first year in business is where marketing your business is crucial.

Here are 5 top ways you can use to market your power washing business:

1. Make sure your customers become repeat customers.

It’s easier to make the sale the second time around because you’ve built trust and credibility into your clients mind. If you do quality work they will most likely need your services again in the near future. Document the clients name on a spreadsheet and make follow-up calls every few months.

Even if they don’t need the work right then, many times you will land a job because they will recommend your company to their next door neighbor or someone else they know. Just by calling you’re establishing a relationship, and people will keep you in mind when someone they know needs work done. Also make sure you leave them your business card or some other way they will remember your company information.

2. Advertise online

The internet is quickly replacing the phone book as a medium to advertise in. Make sure you get your website or company information in online directories. It’s important to have a website for your business to give you an advantage when marketing online, and it’s a credibility factor for your potential clients.

3. Use flyers in strategically placed areas

Instead of scattering your flyers all over the parking lot, try placing them in the waiting rooms or in small business waiting rooms. Post them on church bulletins so many different people will see your flyer instead of one person. It’s also a good idea to go to your local real estate offices and hand the agents your flyers.

4. Calling and faxing

Call a list of apartment complexes in your area and fax the property managers your company information. Usually if they need a bid for pressure washing they will tell you or call you later on.

5. Network with contractors and property managers

Spend some time getting to know property managers and contractors in your area. There is solid potential for repeat business if you find the right people to work with.…

Buying a Car From a New Car Dealer If You Have Bad Credit

It may seem like an intimidating prospect, but if you have a little knowledge about your situation, buying your next car is not as daunting a task as it may seem.

When searching for a dealer for your next vehicle purchase it is important to realize that not all dealers are created equal. Sure every Chevy dealer sells the same cars, however, different dealers have different finance sources and this makes all the difference to the credit challenged customer.

I advise choosing a dealer who often advertises its ability to help customers with credit issues. This dealer likely has a large number of finance sources for these customers.

When you go to the dealership don’t hide the fact that you have credit issues. You will be asked to fill out a credit application so the finance department can submit your information to its finance companies to see who will offer you the most favorable terms. Don’t be afraid to ask which finance companies your dealer is submitting your information to. Write these down, you may want them later.

It may be anywhere from a few minutes to a few hours or more before the finance manager knows if he will be able to get you approved for financing. If they send you home, use the time to research some of the finance companies that you have applied with. You may find negative reports about a finance company and decide that you would not want your car financed with them.

When a finance company is considering your application they look at several items including your credit score, time on the job, income, time at residence, debt to income ratio, and cash downpayment. All finance companies have different formulas on determining credit risk.

Once the dealer receives a credit approval you will be invited in to view cars that will fit within the lenders guidelines. If the dealer only shows you three or four cars and you are not satisfied with your options, don’t be afraid to ask for more vehicles to choose from. Usually the dealers will have a few other vehicles that may also work.

If you decide to purchase a car, the finance manager will present you with loan closing documents. Pay attention and read these documents carefully. Ask questions as they arise. Don’t hesitate to stop the finance manager and ask him to repeat or explain something. Pay particular attention to the Truth in Lending disclosures on your retail contract. Here you will see the interest rate and the total amount of interest charges expressed as a dollar amount.

If you decide not to do business with the dealer, don’t leave the dealership without finding out which finance companies approved your application. Armed with this knowledge you can go to other dealers who deal with the same finance company and already know that you are approved.

With these simple guidelines purchasing a car form a New Car Dealer with bad credit can be less intimidating. If you need …

The Advantages of Venture Capital Vs Bank Loans

Venture Capital isn’t the only answer. But it’s one of very few answers if you want to take your business to a materially different level. Many other financial routes are closed off in the current climate and non financial adjustments, whilst potentially positive, will not have the same impact.

Recruitment attracts entrepreneurs. The UK is without doubt one of the global hubs for recruitment. There are more agencies in London than there are in the whole of the US, but that does make it difficult to stand out from the crowd.

Venture Capital vs Bank Loans

Taking a significant step forward with a business usually requires some sort of investment and in general there are 2 recognised financial routes. The first is a bank loan and the other is venture capital (or private equity).

If you pursue the bank loan route bear in mind, as a recruitment company is not an asset backed company (apart from its debtors which normally attract finance for working capital) it’s never been easy to borrow money against a recruitment companies future profits, given that the assets leave the office at 6pm every night and hopefully return the next day.

Traditional banking has never been more difficult than it is now. There are many reported cases in the last few years where companies have borrowed from a bank, have been able to repay the interest but have been in breach of the long list of banking covenants. These covenants are scrutinized intensely by super-keen analysts, who seem all too ready to press the alarm bell, sending in the bank’s friendly business support team. In turn, this often leads to them calling in the administrators… and the rest is history… in many cases.

Undoubtedly the dangers of obtaining bank loans have never been greater, peppered with high charges, conditions, key ratios and draconian penalties, if you can get past the hurdle of getting one in the first place.

The alternative method of raising finance is by attracting an investor such as a venture capitalist, whereby you sell a piece of your equity in return for long term investment. However, this is hardly a piece of cake either. Nevertheless, it’s generally regarded as the best credible alternative to a bank loan.

Benefits of Venture Capital Specialist;

Knowledge; If you choose a venture capitalist with experience, or preferable a focus, in your chosen market you will gain a partner with considerable insights and practical experience.

Advice & Mentoring; Their expertise will be extremely useful in terms of acquisition or strategic advice, management infrastructure, succession planning and of course exit. If you haven’t been part of an exit before, an experienced partner will be invaluable, both with practical advice, business preparation and contacts in the market. They’ll then not only add value in general but will unlock the value of the equity, a specific skill which many owners don’t yet have, because they haven’t needed to.

Understanding; The right VC partner will take the time to understand your business. …

What Does a Legal Cashier Do? Choosing the Right Law Job

The legal cashier’s job can be ideal for someone who finds the idea of working for a solicitors or law firm appealing but doesn’t have the experience or desire to work directly on legal matters. Normally a legal cashier is responsible in one form or another for the finances of the company. As the financial needs of solicitors and law firms are quite unique, a niche has opened up for those with the skills and expertise to carry out these kinds of jobs.

There are a number of different jobs which could be described as a legal cashier:

Legal Accountant – The responsibilities of a legal accountant are in many ways similar to a traditional accountant however there are some distinct difference unique to the industry. For example the large transfers of money for house purchases and legal fees are quite different to that of a traditional business. Though the tasks carried out by a legal accountant may differ from other industries many of the skills required to carry out the role are quite transferable.

Financial Controller – typically a financial controller has a lot more strategic role than a legal accountant, they might not be as involved in the day to day, invoices, payments and bank reconciliations but are still heavily involved in how a legal firm manages it finances.

Accounts Manager – This might be a role for someone working within a legal firm who has extensive accounts experience yet isn’t a qualified accountant. They don’t have the legal ability to carry out accounts like their professionally qualified colleague but might still carry out very similar tasks on a day to day basis.

Practice Manager– a far more administrative role typically, though it may still involve aspects of a finance common to most legal cashier roles. A Practice manager would normally have responsibility for the teams responsible for the administration and non legal functions of the firm.

Legal cashiers can also often be given the responsibilities within a company beyond the financial. These tasks often include

Marketing– while legal firms might not instantly seem like they require a great deal of marketing just like every business they need new customers. For most firms they would never reach the size where they could afford or justify a full time member of staff dedicated to marketing the firm. However often the responsibility of attracting new customers can be passed to someone with the appropriate skills. Often a legal cashier has just the right mix of abilities and enthusiasm to be given the task of marketing.

HR – the responsibility for human resources is another important part of a business which a small legal firm may not be able to dedicate a member of staff. As legal cashiers often manage a large number of the firm’s staff often HR can be allocated to them.

Administration – the amount of paper work and administration that a team of practicing solicitor can create is surprising. Consequently there is a team of …

Why Do Businesses Need Custom Mobile Application Development?

All customers use mobile apps. In fact all customers prefer a mobile app over a website these days. It’s simply too convenient to have anywhere anytime access to the facilities we use so often. For example, banking apps, shopping apps and apps for paying domestic bills etc. Are so popular these days that we wonder how we got things done without them! Well, more and more businesses today ensure that their customers have easy access to their business.

Businesses of today, in fact, depend on mobility solutions and custom mobile application development to cater to their unique requirements. Custom apps create extraordinary value to businesses especially if they are developed by targeting the right customer base and are tailored to perform as per business requirements.

Here’s how custom mobile application development could be beneficial for your business:

Improves efficiency

Custom mobile applications are built with the business requirements in mind and at the same time cater to the needs of your customers. Since the focus is on your business, they are developed to improve the efficiency of your business. Statistics show that by implementing mobile solutions, businesses saw a significant 46{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} increase in their operational efficiency. Conducting business become easy for you and you can better manage your customers too.

Increase in productivity

This is in a way linked to the first point. Once business efficiency is improved, it positively impacts the productivity too. It is a known fact that the productivity sees a 41{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} rise after implementing mobility solutions. Inefficient tasks are effectively automated and hence the efficiency and in turn productivity increases. So, think of all your business processes and customer facing processes that could be mobilized and automated. It’s the right way to go.

Security

Custom mobile applications are developed with the security of your specific data in mind. These apps are created after thoroughly studying your business data and security requirements and ensure that the highest level of security in implemented in our mobile apps. Different levels of access can be configured for clients, employees, managers and other individuals who will use this app.

Solves a problem

Mobile apps offer a great deal of mobility to your business. For example sales professionals could update their daily records from anywhere and anytime, field support engineers could update their cases immediately without having to wait until they get back to office. Mainly, custom mobile application act as a solution to some kind of a pressing problem and help you run your business smoothly.

Customer communication and satisfaction

Many times customers find it difficult to easily approach a business. Mobile apps provide them with a perfect way to communicate with your business. Efficient interactions with your business and prompt replies via mobile apps improve the overall customer satisfaction.

Mobile apps give you an edge over the competition. You can customize the app to fulfil a specific purpose or play a specific role in your business so that you get maximum returns on your investment.…