December 2008

For those of you who are not the startup-type of entrepreneur, looking for established businesses to acquire is a more logical decision to make.

Looking for such information from the Internet has always been a better option, as you can DIY your search and cut broker or intermediary fees.

The problem is, with literally thousands of websites offering business for sale listings, it would be a difficult task picking the ones that are more ‘legitimate’ and trustworthy.

Sure, many could offer you a list of thousands of businesses for sale, but considering the number of scams recently, finding a legitimate buyer or seller is challenging.

One of the natural ways to go to cut the chase of bad-listing-good-listing issues is by look for Business For Sale in a premium listing website.

Businesses for sale premium listing website

The benefit of searching for Businesses For Sale in such website is clearly listing quality.

By nature, premium listing website eliminates potential scammers and questionable listings often found in free classified sites.

But those websites do offer free membership!

Most, if not all, business for sale websites do offer free membership. However, certain perks are attached to paid members, in such a way that a ‘circle of trust’ is created between paid buyer and seller - benefiting paid members over the free ones.

As a seller, you wouldn’t want to receive inquiries from questionable buyers. As a buyer, you wouldn’t want to acquire a business from an unknown seller. It’s basically a win-win situation :)

How to choose a business for sale listing website

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For those of you who dream to own and run a location-independent business like I do, there are certain tools that are must-have.

By location-independent, I refer to businesses that don’t require your presence to run the business - even, you can bring your business(es) with you wherever you go. One example of location-independent business is online business.

Of all tools that are essential, the most important is, in my opinion, Online Storage.

Today’s online file storage features

Online file storages today are not your typical websites a decade ago.

Today, An online storage website is offering services that ranges from, obviously, Online File Storage, Internet backup, file sharing, web folders and online document viewer - to name a few.

The idea of online storage is location-independent file storage that allow you to access your files and share them among your colleagues.

As long as you have access to the Internet, you can store your files online.

I don’t get it - an example, please

One of the most prominent examples of online storage business is FilesAnywhere.com, one of the oldest online storage companies founded back in 1999.

You can sign up for a free account, but with limited features. For an advanced plan starting from $8.95 for 5GB of storage, not only you can store your files, but you can share them with your partner securely, synchronise your local and remote folders, and automate data backup.

What’s more, you can have your files faxed directly to the recipient from your account. Moreover, you can access your account from your mobile phone, as well as fax a document directly from it.

How online storage can benefit your small business

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E-Procurement is not widely talk about on the Internet. Businesses rely on web directories, online catalogues, and online yellow pages to look for buyers or suppliers.

Well, you should consider e-Procurement.

What is e-Procurement?

Despite the powerful application of E-Procurement, it is, unfortunately, often considered as an obscure way to enhance your business’ supply chain management.

Not only the resource-intensive implementation of e-Procurement, but also the jargons related to it.

CEOs speak in business language and a bit of Internet-related language. Therefore, everything started with the letter ‘e’ is often confusing and time consuming to learn - e-commerce, e-auction, e-procurement, e-learning, even e-mail - all is so obscure :)

However, take heed. There’s always a way to help you better your business.

First things first - the jargon-buster

I understand a bit about e-Procurement, and have ‘invented’ layman’s terms for e-Procurement and the related processes.

What is E-Procurement?
Also known as supplier exchange, it usually comes in a form of website. E-Procurement (electronic procurement) is basically the purchase and sale of products and/or services through the use of Internet Technology, aiming to streamline processes and reduce costs. It is highly related to and integrated with supply chain management

You mention Supply Chain Management. What is it?
Supply Chain Management is the management of everything involved in bringing products and/or services from a supplier to a customer. The aim is obviously to add value in everything you do in the management process.

What is Strategic Sourcing?
Strategic Sourcing involves processes done by an organisation to ensure businesses’ purchasing activities (such as those in e-Procurement) are done in more efficient and effective manners, including assessments on the market, the business and the suppliers, as well as the negotiation with suppliers.

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The keyword to ace today’s competitive business arena is community-driven.

Relevant to online and off line business, community-driven business generates much-needed buzz that will almost always translated into profit.

One of the recession-proof small business idea is free essay and coursework resource for high school and college students.

Every student could use a free resource or two

Everything free is always interesting, and this business idea could get teachers upset ;)

The idea behind this small business idea is offering free resources that consist of term papers, book reports, and Research Papers to high school and college students, while offering premium or custom services, such as custom College Essays writing.

The better business model: Have students share their essays and courseworks. If this business model works well, teachers should be careful and more resourceful in giving assignments to students, as students now have more edges to get good or better grades.

How to start a free student essay and coursework resource business

The best way to start this business is online.

Why?

Because information is better leveraged, distributed and accessed through the Internet.

Here’s how to start a free student essay and coursework resource business:
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A fellow entrepreneur I know has a strong ability to delegate.

He said to me, that it’s okay if he didn’t know a thing, as long as he can employ someone is smarter than him.

And, one statement I never forget, when he was asked by one of his employee about his opinion on an issue: “If I knew the answer, I wouldn’t hire you!”

Witty and smart - unfortunately not too relevant today, in my opinion.

Entrepreneurs are always challenged to delegate business operation to their employees. Although this, in my opinion, is a must, many entrepreneurs forget that although they are able to delegate to ’smarter’ employees, they have to continuously learn on how to better their business - the kaizen way.

Why entrepreneurs have to be better each day

Forget factories and such assets - they were Industrial era ‘gems’.

Today, we are right in the middle of Information era flooding us with rapid tech advances and wealth of information (that most are available for free). In fact, today’s business world is so fast moving, many entrepreneurs are becoming technophobia.

Entrepreneurs today can be successful without owning physical assets, such as factories, buildings, etc. - The owner of Facebook, MySpace, and other community-driven website is today’s new breed of successful entrepreneurs, without having a building or factory as assets (They can if they wanted to, however.)

As a side effect, there goes the days where you can trust your business to others - you need to understand every facet of your business.

Suppose if you wanted to outsource book-keeping function to a third party, you have to know how to read your financial reports. Another example, if you wanted to outsource customer support, you need to know the essence of customer support and CRM.

5 ways to be better in every business facet

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I wrote an article on online shopping for office equipment before, and I would like to stress the importance of safe shopping, particularly this time of the year where people are maxing-out their budget and credit limit for holiday gifts and presents for friends, relatives and business contacts/partners.

Take heed, because fraudsters and identity thieves are actively looking for lucrative, potential identity theft and credit fraud victims, and people are particularly vulnerable in this holiday season.

I myself notice an increased number of spam emails in my inbox and blogs offering everything from fake Christmas e-cards that could lead me to let viruses and/or spyware to infect my had drives, to free gift cards scam that requires me to enter personal info to redeem.

Credit cards transaction - do a double check

Your credit card, either personal or business, is being targetted by fraudsters today, because they know people are reckless these days.

Credit fraud can happen off line and online - most prominently on the latter.

The typical case is this:

You’ve found a good webiste with a great offer. Their design and sales copy are convincing.

What’s more, they have a VeriSign seal on-site (VeriSign is one of the companies that protect your privacy and vital information).

You ordered for a good and found out that it is not delivered as promised. You’ve tried to contact the toll-free number, but nobody answers.

I guess you’ve been scammed - the site owner takes your dollars for nothing. What’s worse, your credit card number and security code are with them!

Ouch.

Not only that could happens to you. If your business accept credit cards payment, be prepared to double, or even triple check your customers’ credit card transaction.

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Here’s another cost-cutting strategy for your office needs that is so simple, people always forgetting about doing this.

People always say for you and I to shop at large wholesalers and superstores, such as Office Depot for one reason - economy of scale. The premise is this: They are so big, that they will have a certain amount of discounts from manufacturers that, hopefully, will be translated into lower price tags.

Moreover, people thought that shopping for office equipments and supplies in superstores will save them time, because they have almost everything an office need in one roof.

Although this usually translated into lower price and convenience, ‘real’ cost cutting is not always prominent.

The Internet makes such perks obsolete

Business owners forget that the Internet renders the specialty superstores’ perks obsolete.

The Internet allow small, innovative retailers to offer office equipments and supplies at a discounted price, always.

No stock, no premise lease and less employees are almost instantly translated into a lower price tags for customers to enjoy.

The benefit of shopping at online specialty store

The later trends of niche ‘exploitation’ makes an online general store owners shift gear and change direction to offer a product line that serve a specific niche, or one, single product type that answer a certain needs.

For a case study, consider IShopBinding.com. It is a super-specialty store offering a range of binding machines and supplies to businesses.

The benefit of shopping at online specialty store, such as IShopBinding.com, is beyond the cheap(er) price tags. They offer tips and insights on how to make the most of you office equipments to add value to your purchases.

Just like everything in life, specialists know better.

How to benefit from today’s holiday season deep discount for your office needs

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