Archives for 2019

Unlike starting a new business, buying an existing business gives you the advantage of knowing exactly what you are acquiring. You will know the current financial position of the business, its profit opportunities, and its prospects. However, to acquire a thriving, established business, you may have to pay a high price. You will pay not only for the business assets but also for the concept of a successful business, its goodwill, and the customer base. Your goal as a buyer is to make informed decisions. An excellent attorney will help you close a business acquisition deal cost-effectively and efficiently, avoiding post-purchase litigation.  

Feature Image by leokiru from Pixabay

Despite the best intentions of the buyer and the seller, disputes in a business acquisition process may arise. To avoid complications and to optimize the potential success of the transaction, take legal advice to understand your risks and potential. Consider utilizing the expertise of an attorney to avoid litigation in the future. Here’s how lawyers can help reduce the risks involved in buying a business.

Business Valuation

The negotiations for a business acquisition deal begin with the valuation of the business. A specialist business valuer can help you determine the economic value of a business. Typically, valuers take into account a range of factors including the valuation of business assets, the net cash flow, and the profit or loss of the business after tax. 

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When it comes to the legality of an acquisition, people often rely on the services of experienced lawyers. No matter how lucrative the deal is, it makes no sense to acquire a company that has existing legal issues. Attorney representation will help you understand and scrutinize the legal matters of the business you are planning to take over. Also, your lawyers will keep only your interests in mind when they inspect the Purchase Agreement.

The Purchase Agreement

The Purchase Agreement includes the terms and conditions of the purchase, binding them into a contract that covers all aspects of the deal. This includes the valuation of immovable and liquid assets, inventory, equipment, intellectual property rights, and goodwill. Lawyers reduce your risk by ensuring that the Purchase Agreement is accurate and in accordance with the Letter of Intent you provide when expressing an interest in making the purchase. A fully-evaluated Purchase Agreement protects you from future misunderstandings, misrepresentations, and financial disputes. 

FEATURE ARTICLE: BUYING AN ONLINE BUSINESS? SOME HAZARDS FOR YOU TO CONSIDER

Attorneys Conduct Due Diligence

Due diligence is the research carried out prior to entering into a financial deal or an agreement involving another party. In the case of mergers and acquisitions, the due diligence process is absolutely necessary to make a smart decision. Therefore, us an attorney to examine the company you intend to buy. They will assess its business entity, verifying whether it is operating within the state laws, and checking that all necessary permits and licenses are in place.

The due diligence activity also allows you to find out if the company is in violation of environmental and zoning regulations. You will learn if the business has been sued before, has paid penalties, or if it has legal judgments against its mode of operations. When precisely executed, due diligence serves to reduce your risk when entering into the business acquisition agreement.

If not done correctly and carefully, acquiring a business can be an expensive mistake. Therefore, to reduce your risks, engage a professional attorney with experience in business acquisition. They will help you make a profitable and smart investment.

Are you interested in starting a business and are seeking options for the best location? Consider one of the most highly rated and popular cities in the entire country, Princeton, New Jersey. Princeton is a community of around 30,000 people. The city is vibrant and maintains its suburban charm and character. It’s the perfect location to engage with markets in both Philadelphia and New York City, both just a quick train ride away. In short, Princeton is a must-see for your business and your person.

Princeton Is a Thriving Community

Princeton is a safe city to live in. Both for business and home, community members foster security and neighborliness. Standard-of-living rankings reveal that the city performs remarkably with national averages. Those averages include crime.

Right away you’ll notice the difference living and working in Princeton. It has one of the most prestigious universities in the world at its heart. It is also home to renowned scientists, scholars, and writers from around the world. In this bustling college town, there is community well-being and constant improvement.

Education and Workforce

Princeton is even more than the Ivy League University which educates some of the world’s finest professionals. In fact, there are many excellent schools to support professional and trade students. The public school system is superb and the graduation rate for students is higher than the national average.

RELATED ARTICLE: TRAINING PROGRAMS: THE SECRET TO BUSINESS SUCCESS

These factors influence the pool of qualified, educated applicants to work for your company. Great education also provides opportunities for you and your family.

Not Just Business

Spouses and children will love the Princeton vibe. Your kids will certainly thank you for picking Princeton as your place of residence. Even more so, your spouse will love the city, too. The city has several large shopping malls and a collection of thrift shops if you’re looking for something unique or want to save some money. The nightlife is super exciting, too. You and your spouse can expect to have unforgettable experiences enjoying the nightlife.

In summary, whether you want to move your business to a better market or want to live in an exciting city while you run your online business, Princeton should be on your list of options. Get started finding a home in Princeton. You are sure to find the perfect place for your life and work.

Featured image by Jacob Lund

It takes a lot of courage and patience to start a business. However, it’s possible to build a thriving startup that brings in steady revenue. In this post we tell you how it’s done.

RELATED ARTICLE: 3 STARTUP IDEAS TO CAPTURE YOUR CUSTOMERS’ IMAGINATION

What Does It Take to Build a Thriving Startup?

Startups are tricky. If you want a thriving startup, you’re going to have to work smarter and harder than most entrepreneurs.

Statistics show that about 90% of all startups fail, and only 10% succeed. However, don’t let this data keep you from chasing your dream of having a thriving startup. Success does happen.

One of the most common reasons for startups’ failure to thrive is that no one wants or needs the product or service a particular startup is offering. In fact, 42% of startups fail to thrive because their owners didn’t consider this point in the planning stages. Other entrepreneurs lack the money and resources they need (29%). Still others don’t hire the right team (23%).

So avoid the worst of these issues by taking the following five essential actions for building a thriving startup.

Image Source: Danielle MacInnes on Unsplash

1. Know Your Customers

Most thriving startups start with a product or service that’s based on a need expressed in the market. If the business satisfies that need better than other businesses in its niche, then it will probably end up being a thriving startup.

Therefore, before launching your startup be sure to thoroughly research the market. Make sure you understand the buying habits of your potential customers and whether your product will meet their needs.

Consider the age range of the customer you’re targeting, along with their interests, location, and lifestyle. Also, think about whether you will aim your product or service toward local or global users.

Once you have figured all of these things out, you can begin designing and testing your product.

Image Source: Edho Pratama on Unsplash

After the design and testing phases comes the launch.

During the first stage after launching, make sure to implement customer satisfaction surveys. These surveys will give you necessary feedback from your first users. From this feedback you will know whether your customers find your product useful and appealing. Then you can make changes as necessary.

But if you truly want a thriving startup, don’t stop there. Obtaining customer loyalty and satisfaction should be the first priority on your checklist. So make sure your returning customers are happy, too.

The best way to do this is to implement customer loyalty software. This software rewards customers for coming back and helps to build trust, an important component in building a thriving startup.

2. Use the Right Tools

If you haven’t made up your mind about the software you’re going to use, just know you’ll never make a mistake by choosing Microsoft products. SharePoint, Office 365, Azure, and other such applications are unparalleled tools that will help you build a thriving startup.

In addition, consider using SharePoint consulting services to get the most out of your new software. Other convenient tools for startups include:

• Asana – for communication and collaboration among the members of your team
• MailChimp – for email marketing
• StockSnap.io – for amazing photos
• Hootsuite – to manage your social media apps
• SemRush – the all-in-one marketing tool
• Grammarly – to correct your writing

3. Look for Mentors

As an entrepreneur, you likely look up to a successful business owner in your industry. If possible, connect with this person and get their advice. Try to learn how they became successful.

Most successful entrepreneurs have mentors who guide them and give them advice from time to time in overcoming their challenges. The CEO’s of most thriving startups have mentors. Make sure you do, too.

4. Hire the Right Team

Your employees are your greatest asset. In fact, many startups fail because they haven’t hired the right team.

So hire people who believe in your product or service. Hire people who believe in your dream as much as you do.

Additionally, hire people who are talented, dedicated, and passionate about what they can contribute to your startup. Also, invest in diversity because diverse teams outperform others. Moreover, they are smarter.

Consider hiring remote employees, too. In this way, you will get access to global talent at an affordable price. And that’s exactly what every new business needs in order to thrive.

5. Build Your Employer Brand to Have a Thriving Startup

Additionally, work on building an employer brand as well as your company’s brand. A superior employer brand will help you attract the right employees to your business. This is a key factor in building a thriving startup.

Make sure you show appreciation for your employees as well as for your customers. Remember that authentic relationships in the workplace are crucial to any startup.

Final Thoughts for Building a Thriving Startup

Getting a startup off the ground is a difficult job. For one thing, you’ll be creating something from nothing. Also, in order to build a thriving startup, you’ll need to offer potential customers something they want and need and do it better than your competitors can.

When they going
gets tough, here are some final pointers to help you stay positive and in the
game:

• Investors are like fresh air for building thriving startups. Find one!
• Hire the right team to support you and help you handle whatever comes along.
• Choose affordable but quality software that will help your startup thrive.
• Look toward successful businesses as examples, and find a mentor to guide you into building a thriving startup of your own.
• Trust the magic of beginnings, trust your startup, trust your team, and trust yourself.

There is no perfect formula. However, if you have a great product or service, a solid plan, a talented and loyal team, lots of drive, and the willingness to work hard, success will have an easier time finding you.

For more inspiration to help you start and run your business, be sure to visit our blog often.

Is your website giving back what you put in? Is it generating new business and attracting new customers? Website performance is key to ensuring customers find your business and are able to engage with the products or services you offer. If not, you may need to look deeper into why it isn’t working the way you need it to.

Feature Photo by Format from Pexels

Website Performance Checklist

In order to get your website performance working for you, begin by asking yourself these questions.

• Is your site up to date?
• Do search engines find your site easily?
• Can users navigate your site easily?

Each of these questions must be answered in the affirmative in order for your website to truly work for your business. Once you have these items sorted, you can move on to other areas of optimizing your online presence, such as marketing.

An Updated Website

First, you must consider the technical aspect of your website performance. Are all of your themes and plugins up to date? If not, your site may be open to unwanted traffic and hackers. Whether you can think of a reason for someone to illegally access your site or not, hackers sometimes just like to access for the fun of it. Having everything up to date in the back end offers you some level of security. Check your plugins and themes regularly to minimize this risk.

Second, are the details shared on the front end of your website up to date? You must ensure that your contact details and forms, your “about us” information, products and prices, and news items are updated and relevant. The older your content is, the less potential customers and clients will engage. Think of this as your first impression. Make the front end of your website as interesting and engaging as possible.

Website Performance Optimization

One of the main ways new customers will find your website is through searching on the internet. Search engine optimization may sound like a strange language to you. However, if your site isn’t optimized, it won’t perform well in search engine results such as Google, Bing, and Yahoo.

RELATED CONTENT: HOW CAN I GET MY BUSINESS TO RANK HIGHER IN SEARCH ENGINES?

Therefore, having an optimized site is important to your website performance. Optimization is possible without having to understand the details of search algorithms. You may add a plugin to your back end that can help to optimize your site. Alternatively, you can employ a search engine optimization company like Searchbloom SEO. Such companies optimize your site for you. 

Getting Around Your Site

Once your customers are on your site, can they find what they are looking for easily? Contrary to popular belief, it is possible to have much information and too many options for them to select in order to get around your website. Your website performance is directly impacted by the content you place online. Potential customers might get confused and simply find someone else whose website is easier to use.

Have one navigational menu at the top of the website with only your main areas listed. Then have an easily accessible search box so they can simply type in what they are looking for and find it straight away. Highlight interesting articles or FAQs in the sidebar so they can see these easily. Another great page to add to your site is a Start Here page, listing all the most relevant pages your customers need to see as soon as they arrive on your site.

While there are many excellent websites on the internet, only the sites that ensure these areas are well-tended truly work for their business owners. As the front face of your online presence, you must invest the time and effort into the details of your website performance in order to make it successful. Now you know where to start!

Businesses around the world are taking their products and services online and selling to global audiences. A DHL study found that cross-border e-commerce is expected to grow at twice the rate of domestic online retail throughout 2020. The benefits of taking your e-commerce business global are many, but selling across borders comes with challenges. Language barriers might be the most obvious issue online retailers struggle with. However, there are plenty of other common challenges that you may not consider before going global. 

Feature Photo by Porapak Apichodilok from Pexels

Here, we explore five of the most common obstacles to cross-border selling. 

Dealing With Local Currencies

Local markets deal in local currencies. Shoppers crave personalization and customization in their retail experiences. Some e-commerce sites display or accept just one type of currency. This forces customers to convert using exchange rates to figure out how much they will actually pay for your product. That burden can easily deter once eager customers. 

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According to recent research, 10% of shoppers who haven’t yet made a cross-border purchase cite the lack of local currency as a primary barrier. So, how do you cater to the locality of your cross-border customers? 

You must provide an online shopping experience in a variety of currencies. Shoppers must be able to browse products in their own currency. This avoids the reality of having to calculate final prices with exchange rates. This will remove any uncertainty or apprehension consumers may have when it comes to placing an order on a website. 

Software platforms are available to help global online retailers create a localized experience. These platforms can accept over a hundred currencies so consumers can see pricing that is familiar to them. Attention to the local currencies of your shoppers will help build their trust in you as a retailer

Managing Taxes And Duties

Navigating each market’s tax and duties requirements takes e-commerce complexity to a new level. There are various pitfalls here. First, shoppers need to see upfront what duties and taxes they can expect to pay.  In some markets, these costs are part of the price. In others, these are broken out and listed on the product page and at checkout.  

Image by Steve Buissinne from Pixabay

In certain markets, customers prefer to pay these fees as part of the purchase experience.  In other markets, like India, customers prefer to remit payment of taxes upon product arrival. Tailoring the display of taxes and duties to fit customer context is important to creating a domestic shopping experience. 

A next-generation cross-border technology platform can help handle duties and taxes. The right technology will calculate and display accurate details for customers so there is no confusion about the total amount the shopper will have to pay. This feature eliminates surprises and reduces the chance of negative customer experience. 

Navigating Each Market’s Preferred Payment Methods

If you’re in the United States, you’re likely familiar with credit cards like Mastercard, Visa, American Express. As well as digital payment methods or wallets like PayPal, Google Pay, and Apple Pay. Outside the U.S., common payment methods vary and local consumers will prefer to use methods that are available to them domestically. 

If the customer can’t use their preferred payment method on a website, then the chance of completing a sale reduces dramatically. Consumers must sign up with an accepted payment method used by the e-commerce site, or they can’t place their order at all. This results in an abandoned shopping experience.

Additionally, though the customer’s payment method may be accepted, the consumer may be asked to complete additional steps to verify their payment method. Often, this involves redirecting them to another website. Understandably, this process can raise privacy and security concerns for the customer. All of these factors influence customers to abandon their cart. They may choose to go with a local retailer instead. Research has shown that 20% of online shoppers will abandon their shopping carts if their preferred payment method is not readily and easily available to them.

Prepared cross-border retailers leverage a technology platform that allows shoppers to check out using their payment method of choice.  Whether it’s AliPay, Union Pay, or WeChat in China, Boleto Bancario in Brazil, Carte Bancaire in France, or SOFORT in Germany, customers should be able to use whichever method they’re used to.

Better, Faster, Reliable International Shipping

International shipping is known for being slow and expensive. Over half of cross-border shoppers say they are deterred from shopping when shipping is too expensive or delivery is too slow. Customers don’t want to wonder where their orders are or when their products will arrive. 

Shoppers expect to receive their orders in a timely manner and within specific delivery windows. This is particularly true during periods of time when gifting is common. The user experience sours when shipping is slower than anticipated, delivery is unpredictable, and the overall cost is too high. If customers do not receive the package in time for a gifting holiday, it’s likely they won’t order from your website again.

Savvy cross-border retailers offer multiple shipping options for customers that optimize for speed and cost. In some markets where consumers are more tolerant of paying for shipping, brands may decide to offer a flat rate or a threshold for free shipping to offset consumer costs. 

Providing multiple shipping options with clearly communicated delivery windows and tracking capability is necessary for supporting your customers. The right e-commerce platform will help global retailers ship directly to end consumers. This avoids the use of a cross-dock, which wastes time, as well as giving brands the flexibility to offer the right shipping options for each market.

Image by Julius Silver from Pixabay

Making Returns Easy And Simple

Never penalize a customer for making a return. Products purchased through e-commerce sites are up to three times more frequently returned than items purchased in stores. A study found that 41 percent of e-commerce apparel shoppers will purchase multiple sizes and colors with the intention of only keeping the ones that fit—referred to as “bracketing.” Returns will always be an inevitable challenge for global retailers, but the right software can help.

Often referred to as “reverse logistics,” the operation by which a customer returns an item to a business should be smooth, painless, and inexpensive. In fact, 69 percent of online shoppers are deterred from shopping on a particular e-commerce site if they have to pay for return shipping. This is no different for customers when they shop cross-border, which creates additional complexity. However, it is possible to streamline the reverse logistics process for the retailer and provide the customer with a positive experience. 

A cross-border e-commerce platform should enable retailers to give customers access to web-based return shipping labels. Also, by integrating with warehouses and 3PLs, the right software can help the retailer to manage which warehouse location the return should go to for processing. Looking for the right global e-commerce platform can be a challenge in and of itself. However, the benefits to your business far outweigh the complications to cross-border e-commerce without an adequate platform. With the right technology, global retailers can sail past these common challenges and take advantage of the growing cross-border e-commerce market.

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Solopreneurs often have difficulty letting themselves take a break. However, even if—or maybe especially if—you’re the only one taking care of your business, it’s important to place a high priority on taking care of yourself.

In this post, we look at some quick and fun breaks that solopreneurs and others can give themselves—before they collapse of exhaustion.

Who Are Solopreneurs?

Solopreneurs are entrepreneurs who choose to work by themselves.

Maybe you became a solopreneur because you wanted a fun way of working. You wanted the flexibility of working for yourself and by yourself.

Well, good for you! If your product or service is something other people want and need and you’re good at what you do, success is almost inevitable.

Therefore, it’s best to put some good habits in place when you’re just starting out. It’s also good to develop a plan for the time when success will overtake you and the work will become overwhelming.

Photo by Allef Vinicius on Unsplash

Here are some good ideas for you to consider:

Every Solopreneur Needs to Take a Lunch Break Every Day

It can be tempting to eat lunch at your desk while you try to continue working. However, that’s rarely a good idea. Solopreneurs need healthy nutrition, just like everyone else. Plus, you don’t want to end up with a keyboard that’s full of crumbs.

So make it a habit to stop for lunch. And try to make it a healthy lunch, too, even when you feel rushed. If you’re a solopreneur who conducts your business out of your home, for instance, keep plenty of fresh fruits and vegetables and other healthy snacks on hand.

On the other hand, do you conduct your business in a coworking space or some other away-from-home facility? Then either brown bag your lunch or walk to a nearby deli where you can grab a quick cup of soup or a salad.

While you’re on your lunch break, be sure to give both your mind and your body a break. Read a few pages from an interesting book, gaze out a window, close your eyes for a few minutes, or take a quick walk.

Get into the Habit of Walking

Speaking of walking, make it a habit to walk every day, or at least most days. Even if it’s only around the block, get yourself some fresh air and sunshine.

Walking is a form of exercise nearly everyone can do. Just fifteen minutes of walking can increase your heart rate, lower your blood pressure, and improve cognitive function. In other words, you’ll go back to work refreshed and energized.

Travel Further Afield

Perhaps you’re a solopreneur who’s longing for a longer break. Then how about checking out a nearby museum or natural wonder? For example, do you live near an ocean or another beautiful body of water? Whatever calls to you, take an afternoon off and drive there.

Alternatively, is there a state or a national park you have always wanted to visit but never have? Couldn’t you put your work on hold for a day or two to visit there?

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Or perhaps what’s calling you is some international travel, a place you want to visit that’s been on your bucket list for a while. Then make arrangements in advance with your clients to take a couple of weeks off. Reward yourself for all of your hard work with a well-earned adventure. When you return, you’ll be a solopreneur with so much more to offer your clients.

Treat Yourself to a Really Quick Break

When you need to unwind but you only have a few minutes, why not treat yourself to a few minutes at an online casino? For example, at casino slots on SlottyVegas, you can take a chance on poker, roulette, or baccarat.

Give Yourself a Break

If you plan to continue working as a solopreneur for the long term, you’re going to have to pace yourself. So work hard when it’s time to work hard. But be sure to reward yourself with plenty of fun and relaxing breaks from time to time. The breaks you give yourself will pay off in the long run.

About the
Author

Carrol Strain is a Top Rated copywriter on Upwork. She is also editor and on-call writer for the Business Opportunities blog.