Selling to the Vendors

Selling to vendors is different from selling to general public customers. Vendors usually do not pay any attention to the presentation of products but are more concerned about the cost, quality and selling potential of products.

Listed below are some measures which will help you in your business of selling to the vendors:

Attend Trade Shows and Exhibitions
You should attend all trade shows and exhibitions in your area and also try to visit important events at the national and international level. Such events provide you with a chance of meeting with the vendors concerned with your business. The vendors are always trying to find new products and suppliers and thus you will have an opportunity to present your products, their salient features, pricing, shipment details, etc. You are able to find some new buyers of your products at these trade shows.


Offer Incentives
The vendors who are ready to start buying your products should be given some incentives. Some discount or incentive should be provided for starting new business and after a few months when sales figures have increased and the relationship with the vendor is established, you can offer further incentives. With these incentives the vendors will be able to increase his margin of profits and the consumers of his products will benefit from reduced prices. This will increase his sales and subsequently you will gain more profits.

Offer Better Products
Provide the vendors with comparisons of their existing products with your products and demonstrate the differences between the quality, cost, and other beneficial features of your products. If you offer similar or better products at little lower or comparable rates, the vendors will be more inclined to buy from you.

Provide Preferential Treatment
The vendors who are buying your products regularly and in large numbers should be preferred over others by offering discounted rates. They should also be given exclusive rights for some new products which the other vendors are not able to sell. These measures will result in more profits for the vendors and you will develop close business relations with them.

Offer No Risk Deal to the Vendor
You can offer your products to the vendors with no upfront payment. According to the deal the products will be displayed and sold, the payment is only made when the product sells and you will remove those products which are not being sold without any cost or expenses for the vendor. This sort of arrangement benefits the vendor with no risk of any monetary loss.

Do You Know Enough About the Employer Identification Number (EIN)?

Employer Identification Number (EIN) which is also known as Taxpayer Identification Number is used by the United States Department of Labor and the Internal Revenue Service for the purpose of identification and tax collection from all kinds of existing businesses and vendors. The EIN is a nine digit sequence which is specifically created for each business or vendor.


Vendor Accounts


Many business institutions and retailers purchase various products and services from vendors. Most of these vendors have contracts for regularly providing their products and services on a recurring basis. The account departments of the purchasing businesses usually create vendor accounts for paying the vendors for the purchases. The EIN of the vendor is used to set up the exclusive account and to identify all the deliveries of products and payments related to that specific vendor. The software of the accounts identifies the vendor through his EIN and can also be used to make year-end statements of accounts easily.

Purchasing from Wholesalers or Distributors

Small businesses including vendors operate their businesses by purchasing products from the wholesalers at cheaper rates and then selling them to customers at a profit. The EIN is a requirement for making wholesale purchases from wholesalers or wholesale distributors. Government agencies and departments use the EIN to verify the legal standing and the accuracy of tax returns filed by that particular business or vendor.  


Your Employer Identification Number (EIN)

When you are going to start a new business, you can apply for a new Employer Identification Number (EIN) at the website of the US Internal Revenue Service by filling out the EIN form. Another method of getting the EIN is by requesting a paper form through mail which can be filled and returned to the local IRS office.
 If you are already operating a business and do not know your EIN, it can be located by contacting the IRS office and making a request for a copy of EIN.


When EIN is Not Required

There are some business conditions where the EIN is not needed. If the vendor is operating the business outside the United States of America, he is not legally bound to obtain an EIN. A few other situations where Employer Identification Number is not required include businesses which make purchases through petty cash, accounts between the university and the students, etc. 

How to Maintain Flea Market Accounts

Your business at the flea market is legally bound to pay all applicable taxes at the town, state, and the federal levels. You should maintain the business accounts by a simple accounting system so that you remain aware about the profit or loss. The account will also be helpful for determining the applicable taxes. Some flea markets charge a percentage of total sales from the flea market vendors; proper and exact accounts will be useful for this purpose. In order to maintain the accounts of your business at the flea market, a few useful tips are listed below: 

•             You must keep the record of all purchases along with the sales receipts for the items purchased. For items where sales receipts are not available for example at yard sales, make notes in a journal about the amount spent, items purchased, date, and the location.Create a petty cash reserve for making purchases for your business at the flea market; jot down all relevant details about purchases made from this amount in a journal.

•           Similar to the records of purchases, you should also keep complete record of all the sales from your business at the flea market. Maintain the record by keeping the duplicate copies of receipts made for the customers or write the details of sales in a journal such as item sold, the price, and the date. You can record the sales of different items in the sales journal according to the category of item or any other way useful for you. If you have more than one business venues, keep detailed records of sales for each venue so that you can identify the more profitable location. Compare the sales amounts for each venue according to the category of items.

•        Another important tip is the creation of a ledger with separate sections for purchase information and sales details. All information about the purchases made can be compiled on a spreadsheet recording details of different types of merchandises in separate columns. Besides the purchase prices also note other expenses like flea market stall or booth rental fee, advertisement signs, transportation and handling charges, taxes, etc. Similarly use another spreadsheet for the sales records which may include revenue generated through sales according to the category of item, and at each sales venue. These spreadsheets will help you in calculating the net profit or loss whatever the case maybe.

 

Which Items to Sell at Flea Market

Flea markets also known as open markets are a good launching pad for starting a new and simple business. These markets are usually held on weekends and attract many people who are in search of cheap and affordable deals for their desired items. If you are looking to get a feel of a small and easy business, flea markets are a good source. Here you can start your business by selling a few items and once you learn the trade and recognize what the customers are looking for, you can add more items.
The following few items are good selections for selling at the initial stage of your business:


Books and Magazines 

Books are the most popular and cheap item to sell at the flea markets. You can start your business with very little capital by purchasing lots of old books and magazines. These books are usually available at throwaway prices; you can sell your own collection of books and magazines, and can ask your family members and friends to donate books for your business. These collections can be sold at a moderate profit. 

Garments 

Garments either new or old are a popular selling item a t the flea markets. Clothes are one of the basic requirements of humans and thus everybody needs some form of clothing. Another reason for the interest of customers in clothes is bargains and cheap prices being offered at flea markets.

Food Items

Like the garments food is also a basic necessity and usually food shops do well at the flea markets. In order to sell food items you may need to obtain a food permit from the concerned authorities. You must select popular types of food stuff which are liked by most of the people to sell. If you are not able to make good sales the leftover food will quickly perish and will cause a loss to you.


Old and Used Furniture


Although more space is needed for selling old and used furniture but you are likely to make more profit as compared to other items at the flea market. Some people are looking for antique and vintage furniture items and they pay good rates. Students usually need smaller and cheap furniture items for their rooms. Some items may be bought by the furniture store owners who resell after restoring them.
 

Business Relationships with Vendors and Fellow Businessmen

When you start a new business, you should make efforts to build business relationships with the vendors as well as other businessmen like you. Your contact and interaction with them will enhance your knowledge about small business ultimately helping you to succeed. Try to meet as many fellow businessmen as you can and pay full attention to what they offer in the form of advice or experiences. This information will help you greatly as you will learn the tricks of the trade.
·        Communication Skills in Business
Business relationships largely depend upon better communication skills which besides talking also include listening to your business contacts. When you communicate, be prepared to let others speak and try to mentally note useful tips and points for the business during the conversation. These interactions will also inform you about what the vendors and colleagues expect from you and in this way you are geared up to fulfill their needs.
·        Business Relationships are Mutually Beneficial
In order to achieve strong and durable business relationships a two-way traffic is necessary. Do not expect help and advice from the vendors and fellow businessmen all the time, you must also offer some sort of benefit for them in the form of some business advice or suggestion and providing new contacts or customers. Try to determine how you can benefit them and at the same time pick beneficial advice or new business contacts provided by your colleagues or vendors.
·        Regular Contact is Important in Business Relationships
Keep in touch with your business contacts regularly which will help in building a strong and lasting relationship. Regular contacts will inform you about their business activities and you may learn about some new business projects or developments. During your interactions make an attempt to know about their personal lives besides business, this will help in a better mutual understanding. When you are able to build strong relationships prospects of further business expansion and partnerships improve.
If you fail to contact your business relations regularly and call only when you need something from them, a bad impression will be created. The vendors or your colleagues will feel that you are using them just for your own benefit which may lead to soured relations.
·        Business Relationships depend upon Honesty and Mutual Trust
Business relationships cannot develop without honesty, truthfulness and mutual trust. You must always deal with honesty and if you do not know an answer or make a mistake, readily admit it and try to amend or compensate that mistake.

Effective Social Networking for the Success of a Business

The role of social networking for the success of a business is very important. An ineffective or deficient social networking of your company will not help you to gain new customers, and you may also lose your existing customers as they are not being regularly contacted. Your employees must be properly trained for effective use of social networking so that the customers can be contacted on a regular basis. The effective use of the social networking will enhance your sales and your business will achieve more profits. 

Listed below are some useful tips for the effective use of social networking: 

     Provide training for your employees either yourself or by a professional expert, on the main operating procedures being used by your company for social networking. The training medium can be a PowerPoint presentation or a webinar, and it must provide knowledge of basic things for example the way to log in, creation of updates, and the process of contacting the customers on social media websites like Facebook, Twitter, LinkedIn, etc. and Foursquare which is a mobile network. The training program should also include the method of responding to customer’s queries; and the ways to increase the number of online followers on the social media websites. ·     

You should try to register the business on more social networking websites besides the common sites like Facebook, Twitter, etc. Your employees should also be well trained to use these new sites in a manner that maximum benefit for the business can be gained. Similarly get registered on mobile networks like Foursquare, Yelp, etc. and explain the correct use to the employees. ·      

Another way to enhance the business is through the creation of your business profile on websites such as You tube or Flickr. These sites can be used for posting photos, videos, and information about the business in general, and about products and services being offered by your company. ·     

Plan and advertise incentives in the form of discounts or free coupons, for all the customers who contact your business through the social networking websites. ·        Encourage your employees to work harder by appreciating their efforts, ask them to give suggestions and new ideas for tempting more customers to your business. Offer prizes and bonuses for good suggestions.

Online Marketing and Advertising Rules

It is an established fact that marketing is a necessary component for the success of any type of business. The online marketing campaign should be fair, ethical, and must abide the rules formulated for online marketing and advertising. Federal Trade Commission is an agency which is responsible for protecting the rights of consumers. This agency observes and controls the online marketing and advertising campaigns of the businesses and imposes stiff penalties on companies which indulge in misleading, unjust, and untruthful practices. 

Truthful Advertising 

The rules formulated by the Federal Trade Commission imply that the online marketing and advertising campaign of companies regarding their products and services should be honest and truthful.  The rule for truth in online marketing and advertising clearly states that the businesses or companies must not make deceptive and untruthful claims for their products and services. The rule also stipulates that the claims made in advertising about products and services should be true and verifiable. The final point of the rule warns the companies to refrain from using any unfair means in their online marketing and advertising campaigns. Companies which do not follow the rule can be subjected to heavy penalties. 

Disclosures about Online Advertising 

It is a requirement of the Federal Trade Commission that all online advertisements must include disclosures in their content so as the potential clients are not deceived by reading or watching the advertisement. The rule also advises the companies to place the advertisement disclosures in a prominent part of the advertisement and they should be clear and easy to read. 

Controlling the Assault of Non-Solicited Pornography and Marketing (Can-Spam) Act 

Controlling the Assault of Non-Solicited Pornography and Marketing (Can-Spam) Act which was promulgated in 2003, requires the businesses or companies to follow certain rules for sending marketing and advertising emails. According to the rule the email recipients should have the option to unsubscribe from receiving the marketing and advertising emails, and the emails must include a message which clearly states this option. The email sending companies are also required to mention their mailing address. The advertising email must also be free of any deceptive material about the products and services.

Why Social Networking Websites are necessary for Business Promotional Plan?

Social networking websites like Facebook, Twitter, LinkedIn, etc. provide a useful tool for the businessmen to share their text, photographs, or videos with their fellow businessmen. Similarly a large number of existing as well as potential customers can also be reached. 

Cost-effectiveness 

Social networking websites allow their usage without any charge; if they are used for the promotion of the business some cost earmarked for advertising can be saved. This saved amount can be utilized for other means of advertising. 

Wider Reach 

By using social networking website your word reaches a large segment of people who use such sites. More and more people will know about your business without much effort and expense. 

Saves Time 

The social media makes it possible to send your message or information to your contacts promptly and thus saves time and effort as compared to routine print marketing methods. 

Personal Interaction 

Social networking enables you to interact with your customers on a personal level, where the response and feedback is also readily received.

Regular Communication 

You are able to remain in contact with your customers by informing them regularly about new products or services, promotional deals or contests, and other company information. The news about the promotions and contests attracts new customers towards your business and the social media plays an important role in this process. 

More Referrals 

The existing and satisfied customers help your business through the social media when they share information about your business with their online friends. This information reaches all the contacts of a customer when he posts on your page or refers something to your company. 

More Web Traffic

 You can attract more people towards your business by including the address of your website on your social networking profile as well as in all of your regular posts. This tactic is very beneficial for online business companies. 

Recognition of the Company Brand 

As you regularly post information in the social media about your business in the form of messages, photographs, or videos on your business profile pages; gradually your company brand begins to develop. Tactically planned posts should be created to build the company brand.

Hiring Employees 

The online profile of your business on the social media will bring potential employees to you. You can select more skillful and experienced employees from this pool of candidates when you need to hire. 

Good qualities of a Supervisor

A supervisor, who exhibits good qualities, is able to get better outputs from his employees. Such supervisors create a friendly and comfortable working atmosphere resulting in enhanced work of the employees.

Supervisors who Develop Good Relations with their Employees

Some supervisors develop good inter-personal relations with their employees by communicating and encouraging them. In this way they learn about the strengths and shortcomings of workers, the problems being faced at work, and the input and suggestions of employees for a congenial working atmosphere. Such behavior builds a strong bond between the supervisor and the employees leading to a positive response from the employees in the form of increased and good quality work.

Supervisors who Demonstrate Flexibility

The businesses and the organizations are continuously undergoing growth and improvement which means that there is a constant process of change. For the success of a business or organization it is imperative that as they undergo changes their employees must also change accordingly and at the same time continue to produce good quality of work. This is only possible when the supervisors leading the teams of employees demonstrate flexibility and help and guide their workers in a manner that the output and quality of work is not disturbed despite the ongoing changes. The supervisors who are flexible are able to handle any kind of problem with a befitting response.

Supervisors who are Ethical and Humble

Supervisors who are trusted by the employees are able to get good results from them. The trust of the employees can only be gained by acting ethically and humbly which means that the supervisors should be forthwith, transparent, and honest in their dealings; should recognize their mistakes and are able to offer apologies for them. If the supervisors are not trusted and respected by the employees, they will fail to provide guidance in difficult situations. The employees may refuse to follow their directions which may result in deficient or poor quality of work.

Supervisors who Know their Job

For a good supervisor the personal character qualities are very important but in order to encourage and provide guidance to the employees appropriate knowledge and know-how of the job is also necessary. The supervisors must be professionally sound and experts of their fields. They must improve their knowledge of the technological advances and should be able to implement them in the workplace so that their employees produce good quality work.

The Search for a Wholesale Distributor – Part II

This the second part of the article.

Some of the tips for finding a wholesale distributor were discussed in the first segment of this article. A few more useful tips are listed below:

·        Search of wholesalers on Google

You can search for the wholesale distributors by conducting Google search using different words like wholesale, distributor, wholesale supplier, etc. Product names, brand names, or model numbers can also be used for the search. Keep a record of the emails and phone numbers of your search results along with the product prices and minimum order requirements which may help you in the selection of potential wholesale distributors for your business.

·        Search for Wholesale Lots on eBay

Some small wholesalers and retailers sell lots of products on eBay; you can buy such small lots at the start of your business. But with the progress in business you have to move elsewhere to buy large volume of products.

·        Look for Business to Business (B2B) Online Global Markets

There are many Business to Business (B2B) online global markets where you can find manufacturers, wholesale distributors, and importers of mainly Chinese products. The main marketplaces include Alibaba.com (China), Buyer Zone (USA), Global Sources (USA), Busy Trade (Hong Kong), EC Plaza (South Korea), EC 21 (South Korea), etc.

·        Become a member of Business Groups, Business Forums and Networks

As other retailers are your competitors, they will not provide wholesale supplier information, so you should join Business Groups, Forums and other Business community Networks to make contacts and relationships. In this way you will share the required information with the Business community.

·        Visit Trade Shows and Exhibitions

At events like Trade Shows and exhibitions you are able to directly contact product manufacturers and wholesale distributors which will help you in gathering accurate and detailed information about their products.

·        Get Subscriptions of Business and Trade Periodicals

Wholesale distributors and suppliers place advertisements in Business and Trade publications in order to reach small retailers like you. If you subscribe such periodicals you will get information about the wholesalers, the range of their products, email addresses, websites, and telephone numbers.

·        Learn from Your Mistakes

When you are starting a new business you may commit some mistakes and may choose a wholesale supplier with high product prices. At an initial level buying the products and selling them at a profit are important. Once you are settled in business you can look for other wholesale distributors who offer a better deal.

The Search for a Wholesale Distributor- Part I

When you are starting a new business, it is important to know the range of products which you are going to sell. This knowledge proves useful when you look for a wholesale supplier to buy the products for your business. Listed below are a few useful tips which will help you in finding a wholesale product supplier: ·        

Know about the Distribution Sources 

For a retail business owner you should be aware of the various sources of distribution from where the products are supplied. This knowledge will help you immensely in determining and finding the right product supplier who is suitable for your needs. The different types of wholesalers are: 

Ø  Manufacturers: Some products can be purchased directly from the manufacturers. 
Ø  Sole Distributors / Importers: They exclusively import and distribute some products which are sold either to retailers or local wholesalers. 
Ø  Regional Distributors / Wholesalers: They buy larger lots of products and sell in smaller quantities to local wholesalers.
Ø  Day Jobbers / Wagon peddlers: They deliver small quantities of products to retailers on a daily basis.

You should start your business by selecting a supply source which fulfills your requirements and is suitable for you. You may buy from small wholesalers initially at steeper prices but when your business takes off and large volume of products are needed, you may get better prices by moving to bigger wholesalers. ·      

Start with the Manufacturers

Try to buy directly from the manufacturers especially if you are selling branded products. If you succeed in buying directly from the manufacturers, the low prices will be a benefit. In case the minimum order required is too big for you or they sell only through established wholesalers, ask for the list of those wholesale distributors so that you can contact them. ·     

Contact and Select Wholesale Distributors 

Contact each wholesale distributor from the list provided by the manufacturer, and ask for the wholesale prices of the products and the minimum order required. The contact should be made through emails which should be small, precise, to the point, and friendly. Introduce yourself and your business, ask for product prices and the minimum orders required, and in the end thank them in a friendly manner. 

The article will be continued in “The Search for a Wholesale Distributor – Part II”.

Digital Etiquette at Workplace

The current era has noticed the advent of digital technology which has progressed with leaps and bounds. It is being used in almost every field and mankind has benefited in innumerable ways. The use of digital technology as a means of communication has enabled the businesses to contact their customers instantaneously even if they are thousands of miles away. But it has been seen that some people are misusing the applications related with digital technology. A proper workplace digital etiquette is a must and you should try to implement it in your business or organization at all costs.
Some basic suggestions for maintaining an appropriate digital etiquette at the workplace are as follows:

Emails and Instant Messages

Emails are used in many business workplaces as the basic source of communication, they are also used for digital documentation, office memos, and even as evidence in legal trials. While composing or replying an email, you should write in business-letter style and language; and never include personal or irrelevant matter in the email body. Similarly when sending an instant message, follow proper etiquette and use respectful language.

Cellular and Smartphones

In recent times the use of cellular phones and smartphones has become quite popular and many business entities are using them. Despite their popularity and ease of use, they are not helpful when you need to compose company documents and other such letters. A small keyboard in the phones is another limitation. You should use your mobile phone set for business calls only and personal use must be minimal.

 Social Media Websites

Social networking websites like Facebook, Pinterest, or Twitter provide a cheap and effective advertising platform for the businesses to reach out to a large number of potential customers. During interaction with the customers you should be forthright, honest, and should greet as well as use good-bye before ending the communication. Another important point is to avoid sharing your business matters with others on the social media.

Use of Computers and Laptops

Computers or laptops at the workplace should mostly be used for business-related matters. Do not store personal photos or documents in an office computer as it may be shared by other employees or can sometimes be sent for maintenance. Avoid installing games or entertainment videos as they occupy large hard disk space and slow down the computer. 

Telephone Etiquette for Business

In this era of scientific and technological advancement the use of email and other computer related modes of communications have greatly increased, but telephone continues to be the most commonly used application for communication. Many clients, business owners, organizations, etc. still prefer to use telephone as a means of communication.
 Some important etiquette tips for using telephone as a source of communication for business are listed below:

Distinct style of business call 

When answering telephone calls, you should follow a pleasant style of communication. If you receive a call answer by greeting the caller first, introduce yourself and your business, then politely offer any help or information the caller demands, and end the conversation by thanking for the interest and the call.

 Portray a pleasant tone 

The tone of the voice is the indicator of your mood, therefore when you receive a phone call try to maintain a pleasant tone of voice which will give the caller an impression that you appreciate his call and are available to provide whatever assistance he needs. 

Focused listening to received calls 

One important aspect of appropriate telephone etiquette is to actively listen to the caller. When some client calls, stop working and answer the call with focused attention, take notes if necessary, and try to satisfy and address all the queries of the caller.

Holding a call 

Sometimes while attending a call you have to put the caller on hold. On such occasions politely tell the caller to hold while you are looking for the information he needs. If he has to hold for a long period, periodically check back with the caller and explain the reason of delay. It will assure the caller that you are trying to work out the information he needs and are not doing anything else. When you return back thank the caller for waiting and for holding patiently. 

Making outgoing telephone calls 

The importance of outgoing business calls cannot be ignored and they are equally important as the incoming calls. When you place an outgoing call try to be positive, pleasant, and professional. First of all introduce yourself and your business entity, and then explain the reason of calling. Keep your conversation brief and to the point. Thank again at the end of the conversation.

Proper Communication Skills and Business Etiquette

Communication and etiquette are the soft skills which are very important for the business to be a success. It is a well known fact that proper etiquette paves the way for a smooth and successful business deal and establishes a sense of trust in your business contacts; while a skillful communication is necessary for running a business enterprise effectively. A combination of both these attributes does wonders for the success of any business.

Creating an Impression on the Business ContactsWhen you come in contact with businessmen and clients, communication skills and etiquette are the criteria of projecting a good first impression. You are judged by the manner of your personal grooming, your attire, the body language, the way speak, etc. All these features in combination create your professional impression. A good impression helps in making a sale or in closing a business deal.

Communication and Business Etiquette at Work
The importance of business etiquette and communication skills at work is paramount and will help you immensely at every stage of your career. If you are starting your career as a lower level employee, application of good communication skills will help in rapid promotions in the business set up. On the other hand if you hold a senior position in a business organization, your ability to communicate in a free and open manner with your subordinates and co-workers will create an atmosphere of shared efficiency. Your colleagues and workers will feel comfortable and their working capabilities will be enhanced when you interact with them and listen to their problems.

Proper Communication Skills and Business Etiquette for Overseas Business Trips
When you plan to make an overseas business trip, it is advisable to learn about the etiquette and the way of communication being practiced in that country. Prior knowledge of how to dress, how to greet, and what subjects to discuss at business meetings, will prove to be a great advantage.

Training Courses for Business Etiquette and Communication The importance of business etiquette and communication skills has been realized and they have become a part of many Business Administration Training Courses.

Common Mistakes at Yard Sales

Items not Clearly Priced

If the prices of items are not clearly marked or absent altogether, it will cause confusion for the customers and they may return without buying.

Allowing Bargains for the Early Shoppers only

When you let the early shoppers to get the benefit of the bargains, those missing out will be annoyed and you may lose your customers for good.

Payment Methods

As cash is the most preferred option by the sellers, they should be able to guide the customers for the nearest ATM machine and assure the customer that the item he wanted to buy will be kept on hold for an hour or until he returns with the cash.

Old or Used Items Sold as New

The sellers should not try to sell old and used items by terming them as new items. You will lose your customers as they are looking to buy cheap items. Sell the old and used items separately with low price tags.

Improper Yard Sale Preparation

While preparing for the yard sale, make sure to include only those items which are meant for sale. If an item which you do not want to sell and it is in the yard sale, then it will not make good impression when somebody tries to buy it.

Failure to Remove Signs after the Sale is over

The signs posted for the yard sale should be removed after the sale is finished. Old, faded signs present an ugly look and may confuse some persons who are interested in yard sales.

Timings of the Yard ale

Although it is better to follow the timings which you have fixed for the yard sale, but if there are still some buyers looking for items near the closing time, it is advisable to wait till they complete their purchases. Spending a little extra time will create a good impression and may be handy for your future yard sales.

Maintain a good behavior

Regardless of the fact that they bought some item or not, thank every visitor to your yard sale before he or she leaves. Your good manners may make them visit again later in the day to buy something or they may refer some friend or a family member to your yard sale.

Should You Consider Starting A Drop-Shipping Business?

If you are looking for an answer to the above mentioned question, the first step is to consider the advantages of starting a drop-shipping business:

No Need of Inventory

The biggest benefit of starting a drop-shopping business is the fact that you don’t need to have any inventory because the business requires you to purchase drop shipped products when the items sell. This is a profitable business for people who are entering the market with a strict budget.

It’s Less Risky

For people doing business in drop shipped products through online platforms like eBay, etc, another advantage is the fact that this business is less risky. Since you are only paying for the fee of your product listing and customers have to make the payments for shipping, the risk involved in the business is really low.

Variety in Products

This type of business gives you the freedom to do business in various items. You aren’t confined to a single product category because the cash flow is limited. This can be very helpful in having the customers intrigued while returning to invest in a wider category of products. Eventually, having the freedom of selling various products can greatly contribute in generating additional revenue.

Going Online Saves Time and Energy

This business is a great option for people interested in online business opportunities. With access to internet and a simple business license, you can get started right away.

Once you’ve considered the advantages of using an online business model, it is important to also analyze the challenges associated with this type of business. And that being said, you have to understand that  the biggest hindrance in the success of your business is supplier issues.  As you don’t own the product, you are relying on the drop ship supplier for packaging and sending items accordingly. And in case, the supplier isn’t reliable, you’ll be at great loss. So, make sure you find a reliable supplier to save the worry of business failure.

Email as a Marketing Medium

Email can be used as a powerful medium for targeting the potential clientele effectively. It provides you with a tool which can be used for marketing campaign. The content of the email should be designed in such a way to attract people otherwise it may be considered as a spam email which may not be beneficial for your email marketing campaign.

Some important considerations for your email marketing are given below:

Subject of the email

The subject lines of your email to the client are of utmost importance, they must get through the spam filters, be interesting and designed in a way that the recipient is compelled to open and read. Limit your email subject lines to a maximum of 40 characters and include the main features and benefits of your products. The content of the email must give a true representation of your product’s features and irrelevant matter must not be included in it. Try to avoid using common marketing words like free, opportunity, sale price, etc. Design multiple subject lines and use them to find the most effective subject line, and then use it for your future marketing strategies.

Use Feedback Loops

Feedback loops service is provided by the email providers to inform that your email address is being considered as spam mail by the recipients. To benefit from this service you have to register your email address with the email provider, which will provide you reports about recipients considering you as a spammer. Remove such recipients from your email addresses list.

Create Email Lists which are Permission-based

While creating web-based marketing programs for your business, include a click box in the sign up area to ask for permission to send emails about your offers and promotions. The email list thus created will be permission-based and will be read by the recipients, leading to more chances of business.

Email Content or Body

The content of the email should be easily readable, concise, to the point, and must highlight the main features of your products and services. Do not include lot of pictures or unnecessary details, which may cause the reader to lose interest or the main idea of your marketing strategy, may get fazed.

How Marketing Strategies differ from Sales Strategies

For a successful business operation marketing as well as sales strategies are important and require proper utilization. Marketing strategies are needed to increase your clientele by advertising and providing information about the business and the products and services being offered; while sales strategies help in closing the deals and thus provide revenue to keep the business profitable.

Many small businesses have a single person for both marketing and sales strategies but it is advisable that professional persons should plan and implement the specific strategies. This can only be achieved if you have enough finances available.

A few basic differences between marketing and sales strategies are given below:

·        The marketing strategies are concerned with providing information to your potential clients about the business in general, the list of products and services offered by your business, and the extra benefits the customer will get as compared to your competitors. Sales strategies are used for gaining customer orders which result in revenue generation.

In other words marketing strategies generate sales opportunities while the sales strategies convert these opportunities into actual sales and revenue generation.

·        Marketing strategies have focus on communicating with your possible customers and they provide information about products, services, and competitive edge over similar business owners. The methods utilized for communication are the use of brand name, advertisement, media releases, public relations, etc.

On the other hand sales strategies utilize their communication skills mainly to obtain agreement of the customers to purchase products and services to generate revenue. The communication mostly is individual to individual in person or by phone.

·        The strategies concerned with marketing and sales are different and the personality types of the persons dealing with them are also different.

The people working on marketing strategies prefer to handle matters related to effective communication, problem solving, and reaching out to clients in the local demographical area. The sales team is more adept at working on the individual client to close the deal.

·        The examples of the actual work concerned with strategic marketing are advertisement, creation of a website and its content, issuing press releases, networking, social get-togethers for product promotion, designing marketing materials, exhibitions and trade shows, and all public relation matters.

The sales strategies include work like making calls for sales, conducting sales meetings, making estimates about sales, hosting customers for sales oriented lunches and dinners, outlining the benefits of the products and services for the customers, etc.

Business Plan Preparation for Flea Market

A well thought out business plan is essential for all successful businesses. In order to succeed in a flea market business the plan should undergo constant evolution, this factor holds true whether you are just starting a new business or have been in operation for some time. Small Business experts agree on the importance of a continuously progressive business plan for success.

Some useful guidelines are given below for the preparation of a successful flea market business plan:

·                  Carry out Market Research about Flea Markets

Your research should begin with the interviews and discussions with other flea market business owners and shoppers in the area where you intend to conduct your business. Collect all the demographical information of the potential customers of the area like, age, gender, race or ethnicity, education, occupation, income, marital status, number of persons in household, etc. Obtain help for these interviews from family, friends or co-workers. Include brief summary of this gathered information in your business plan.

·                  Describe your Business

While preparing the business plan describe your business briefly with allocation of sections with titles, and include your ideas about promotion of your business differently from other competitors in the area. Your ideas should conform to the local demographical information which you have already collected and also write about the tactics and strategies to attract, satisfy, and retain your customers. Make separate sections for your plans about advertising and other promotional marketing measures. A section for obtaining all state or local licenses, leases, and other legal documents should be included.

·                  Write about your Management Expertise

The flea market business plan should also include your qualifications, special skills, experience in the fields of sales, management, customer service, and all notable achievements during your career. If you have partners, co-workers, or other members of management team, then write similar descriptions about their respective qualifications and credentials. Also mention the remunerations, percentages in the ownership of the business, or salaries of each member of your management team.

·                  Financial Details

Once you have researched the proposed area of your business, make estimates of expenditures, projected income, and approximate quarterly and annual earnings. It is better if you obtain the services of a chartered accountant who specializes in small business account management, to look after all the financial details of your business. 

·                  The Executive Summary

This is the final and most important part of your business plan. It should consist of the present status of the business, plans for future, and the measures to make the business successful. Also write the proposed business title, the site and location, and the products or services which will be offered to the customers.