Those looking to buy an existing business need to make sure they understand exactly what they are getting into before they make the leap. Many unwary entrepreneurs have found themselves in situations they did not expect because they did not do their due diligence.
Are you looking to buy a business? Have you already bought a business and have advice to offer others?
Giving away services at an extremely low price is one way of getting potential customers in your door. Then, once they are in, selling them on additional services is a practice some businesses use to keep their volume of potential customers up.
Another creative way to increase revenue is to avoid unnecessary markups, i.e. commissions and add-on fees.
What methods have you used to keep your sales up?
As an entrepreneur, being a good boss is important for so many tangible and intangible reasons. But everyone thinks he/she is a good boss. What are seven signs you’re a BAD boss? According to an InformationWeek study:
1. The staff quietly passes on guidelines for dealing with you to new employees.
2. You have one or two fanatical acolytes.
3. You never see people walk by your office.
4. Your evaluations come back short and full of generically positive comments, with one very mild criticism.
5. People don't volunteer for your pet projects.
6. Former employees rarely give your name as a reference for new jobs.
7. High turn-over.
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What’s your best boss story??? What’s your worst???
We all have seen it. It doesn’t matter whether you are going down the aisle of your favorite electronic store or just your local grocery store. It has caught your eye and you have possibly even bought it. It is the generic “brand x” available in just about every single facet of our retail life.
When shopping for a television, there’s a set that looks like a ringer for the top of the line . What’s more, it’s a full three hundred dollars less than the name brand!
The conundrum being faced is (1.) is the less expensive TV priced because it is made from cheaper parts, or (2.) is the more expensive TV the same quality and only priced higher because of the name brand and logo?
In the 80’s, the mega popular Nike shoes company faced a similar issue. It became news when the media learned the athletic shoes, which retailed for about one hundred dollars, only cost the company between ten and fifteen dollars to make. People were appalled at how much Nike charged for a product that cost so little to manufacturer. Then, those same people went out and bought a new pair of Nike shoes!
Is a name brand product better? Possibly, but is it $300 dollars better? Will consumers be able to tell the difference between 1080i and 1080p on the screen? These questions really need to be answered by the individual consumer. For some it may be preferable to buy the highest quality product with a company that has a good track record over many years. For others, it is a great deal to buy the lesser known brand when the only difference in quality is the name. Then of course, there’s always the brand “prestige” to take into consideration. The hard part is how do consumers determine what we are being charged for? Is a name worth that much more if it’s only for a “name?” Are we willing to take the risk of a large savings for an inferior product? It is a choice every consumer must make for themselves. However, the old adage, “you get what you pay for” normally holds true in most instances.
