bizthreads.net: Business Information for Entrepreneurs by an Entrepreneur

Are you fed up with paying exorbitant rates for goods you buy domestically? High prices are probably cutting into your profit margin; and the reason prices are high is because you are not only paying for the goods you bought, but also for the cost of importing. You are also paying middlemen for making these goods available to you domestically.

If you are a small business owner like me, then you can hardly afford to pay more for products that you could just as easily procure yourself for less money.

Import It Yourself

If you don't want to pay high prices for the goods you need or the middlemen for getting these goods for you, then what you need to do is start importing goods yourself. While it is generally better for a new business to purchase goods domestically for a little while, if you have an established business, it is a better option to import them yourself.

You need to know that the wholesale price that you are getting is not what you are actually paying for an item. This price usually includes all the costs involved in the entire importing process, from import duties to insurance expenses. You also need to be aware that the shipping will take time. So if you need some goods by a certain time, make sure you order at least two months in advance. There are a lot of reasons why your shipment may be delayed, so be prepared and plan accordingly.

Also, make sure you take care of the legalities involved in importing goods. You need to be aware of the laws of all the countries involved, including your own.

Get a Customs Broker

If you do not know how and where to start importing goods for your business, it is better to get a customs broker. They will help you through the entire process, including legal processes, customs duties, insurance issues and other activities required for importing goods. It's better to pay a customs broker than to be completely clueless about what you are doing.

At first, importing goods on your own may seem complicated, but by following the steps above you will find that your business will save money in the long run.

Things You Should Know Before Starting An eBiz

If you have a small business, then you should definitely have a website.  In fact, some of the most successful businesses are E-commerce sites.  However, there are some important factors that you should consider before starting an eBiz.

Start Small

Most people are eager to plunge into ebiz and invest all their money into building an elaborate website and procuring products.  However, this is not really the smartest way to go, unless you have an infallible business plan.

First, you will have to purchase large quantities of goods in order to get substantial wholesale discounts; you will have to pay huge shipping charges and storage charges.  If you are just starting out and your business is new, you can easily get in over your head.

One of the best ways to reduce the chances of making costly mistakes is to start small. Initially, it is best not to invest large amounts of money. Instead, invest in less expensive goods and learn the ropes first.  Begin with a small investment, and as you make profits re-invest that amount back into the business, and so on.

Conduct Market Research, Test Your Results

As you progress, you will find out where you are making profits, and which goods are selling the most. Some experts recommend the ‘funnel theory' to find a niche for your product or service. Start with a broad range of products and services. From there, by conducting market research, you can funnel downwards, getting increasingly smaller, until at the other end of the funnel, you end up with a small number of products that you can actually make profits from.

Try Ebay

Selling on eBay is one of the best ways for beginners to learn the ropes of online business. There are many reasons for starting out this way. It is easy, inexpensive, and fast. There is already built-in traffic, and the people viewing your goods and services are doing so because they are looking for that kind of product. And, it is the best way to get exposure to the nitty-gritty of doing business online.

Starting an online business takes careful thought and planning; by doing your homework first, you will ensure that your business will be successful.

Tips for Setting up Your Home Office

If you decide to work from home, the first thing you have to do is to set up a home office. This is more than a notion (as I quickly found out!).  A lot of thinking and decision-making is involved in creating an effective and efficient home office.

Finding a Suitable Location in Your Home: You can set up your home office in a secluded corner of your basement; or, if there is enough space, then a spare bedroom will also work very well. You shouldn't be as concerned with the size as with the functionality of the office. You should be able to operate efficiently within the space.

Outlets for the Computer: Take into account what equipment you will need in your office. Also, keep in mind that your computer will need an outlet for the monitor, CPU, printer, scanner, speakers (sometimes), and other additional equipment that you may have.

Electricity and Lighting: Good lighting is necessary for your home office. Since you will spend a lot of time in your office, a poorly lit one will result in eyestrain. Prolonged strain on the eyes could even lead to severe problems with eyesight.

Ventilation: The computer and its accessories need to breathe so that they work properly. It is very important to always keep the fan clean and dust free. If there isn't proper ventilation, the computer and its accessories could overheat and stop working — you could even lose your all your files as a result.

Telephone Connection and Access: A telephone is not just used to answer and make calls in your office; it is also used to connect your modem to the Internet. You could also have a separate telephone line only for your office use.  A separate telephone line for the office enables you to keep track of the expenses made by the business on phone calls for tax purposes. Your office telephone line should be used by your clients to contact you directly during working hours.

Setting up a functional and efficient home office is the first step to a successful business — follow the tips above and you're well on your way.