Category Archives: Business

Small Businesses Plays it Big for Economic Growth

Big or small income doesn’t matter as long as it sustains economic growth. Small businesses are seen to be generating small income but they are important ingredients in making the economy strong and stable. They’re the first choice of shoppers because they’re cheaper and provides good customer service. But their biggest contribution is local employment. Opening of small businesses means opening the door for new job opportunities. In addition, they pay taxes necessary to increase the government’s revenue.

Boosting of local employment is the biggest advantage of having small businesses in the area. Increase of job opportunities influence the community’s living standard and future income.  Employees that are living in the area will become your best advertisements and representatives. When your employees knows how to treat your customers well then it will help your business expand its target market in your area.

Don’t underestimate small ventures in your area. The money being paid to local agencies is used to accomplish projects. Small business like a store for the best dog food brand or a hairdressing salon generates income good for the economy. This kind of business will attract more pet lovers looking for the best dog food for dogs with skin allergies and other stuff for their pets. It’s odd and rare but with good service it’s an opportunity to be profitable.

Businesses play a bigger role in increasing the local funding by paying their tax honestly and timely. Paying of income tax helps government projects in your local community.  Property and employment tax contributes to the improvement of  local schools and hospitals. Helping some local projects in the community  will build a bridge between people and politics. The yearly reporting of sales tax revenue is done by the government to forecast for the next year’s budget. Local business with good financial standing helps in making a positive estimate on revenues.

Loyal customers go where their trusted business stands. Creating a loyal base clientèle will help the sustainability of the business. Loyal clients stay with their  trusted brand even in the midst of catastrophe. When disasters attack, big businesses will slow down but small businesses stay strong sustaining the community and the economy.

How Spotify Can Help Save The Dying Industry Of Music

Spotify, a desktop music payer and mobile application, gives registered users immediate access to their library which contains millions of songs. It has been founded on April 2006 by Daniel Ek with Martin Lorentzon, his fellow Swedish entrepreneur. Together, they formed this application to obtain a single objective: to create an online platform that allows users to access their vast catalog and create a legal substitute to piracy and hopefully improve on the music industry.

Both creators admitted that they are obsessed with music and they want to improve everybody’s music experience. They do not only target the immediate consumers, but this app is also for artists and producers to have an enjoyable experience in the business.

Currently, because of Spotify, users are able to listen to music they haven’t yet before. Though, they have instantaneous access also to the music library, some songs have a premium value and would require payment. Though many people have the mentality of not wanting to pay for music, Spotify has changed that and users are more than willing to pay since for a small price, they are able to redefine and renew their love for music.

Spotify also improves the music industry because users support artists more. It would give a positive boost to the industry since consumers will be more willing to attend to concerts or other events. It would dramatically improve sales say for example, 2Chainz, Kendrick Lamar, or Blake Shelton tickets.

This music app has also featured success stories for starting rock bands that only had a few Facebook and Twitter pre-Spotify. Then, they were featured and the unexpected exposure has proven to be a great help for their emerging careers. It gave them new fans and boosted their digital album sales.

Spotify has been thought to be a game-changer in the music industry. Some even consider it as a beacon of hope since the problem on massive piracy kills the industry little by little. It aids it by making the people rekindle their love for songs and melodies. Lastly, more than serving millions of their consumers, they keep the best interest of artists in their minds and extend big help to them to further their careers.

Tips to Consider in Establishing a Dumpster Business

Establishing a business takes a lot of time and effort. A person who wants to have a successful business venture should have the following qualities:

  • Management skills
  • Perseverance
  • Determination
  • Advance thinking
  • Multitasking skills
  • Soft skills
  • Communication skills
  • Professionalism

With a lot of people who are looking for good investments today, it seems like we are running out of new ideas on what to choose.  Coffee shops, online stores, Internet cafés, restaurants, and bars are just few of the most popular businesses established for the past few years. The owners of these establishments are more likely concerned with the needs of the public during the modern days. But how about the things we have always needed? Repair shops, barber shops, and dumpster services are some examples.

More about Dumpster Service Business

Starting a dumpster service business is not that easy. You need to be aware of the different state laws you should obey for the benefit of everyone. One common example is collecting trash that is considered as a biohazard. If you do not have the full knowledge about the business’ pros and cons, there is no guarantee your business will last that long.

Here are some useful tips for people who want to put up a dumpster service business:

  • Decide on the business scope. What are types of dumpster service you would like to offer?

Now that you have decided, it is time to purchase the things you need for the operation. First is the truck. If you only have a small amount of money on hand, purchasing 1-2 trucks is enough for a start. Dumpsters are very important because this will be the storage of the trash you’re about to collect. There are different dumpster sizes you can choose from: 5 yard, 10 yard, 20 yards, to 40 yards. Dumpster sizes will depend on how long you would like to keep those trashes and how much you would like to accommodate.

The Impact of the Economy in Sustaining a Furniture Business

The state of the economy affects the feasibility and profitability of a furniture business. Furniture is considered a discretionary product rather than a necessity. When the economy is good or in the upswing, consumers tend to invest heavily on furniture because they have the money to buy this optional item. In a recession, consumers will place their money more on basic necessities such as food instead of indulging in a new product they can easily do without.

A furniture business, or any business for that matter needs to benefit from a strong economy and survive a weak economy to remain profitable or at the least, feasible. When the economy is on an upswing, the purchasing power of consumers increase. A weak economy on the other hand is characterized with low purchasing power brought about by high rates of unemployment.

The economy always creates winners and losers. As a business owner, you cannot simply sit back and wait for the economy to improve. Doing this will make your road to bankruptcy faster. You need to take a proactive approach and make innovation, standing out from the competition and marketing your products in a new way, your main business goals.

Quality Furniture

Regardless of the state of the economy, consumers always look to buy top quality furniture. The usual impulse purchase pricing strategy is no longer working as much as it used to be. Consumers today take their time and think hard before making a purchase, instead of purchasing on impulse. Consumers consult more with family and friends and rely more on the internet to be able to make educated buying decisions. The economy has changed decision making of consumers. Furniture buyers today are more aware, making them wiser consumers who always look for quality. Consumers give more premium on value for money instead of low prices as those offered at:

Furniture with Universal Design

During a weak economy, consumers invest on furniture they can use for a long time. Consumers choose furniture whose design will allow them to live with it for the rest of their lives. Furniture is often a big investment and choosing one with a universal design will never go out of fashion. Furniture with universal designs are purchased more to satisfy a need instead of a desire. When the economy is strong, however, some consumers buy trendy furniture, even if they know they will only be of good use for a short period of time. This is often a result of impulse purchases.

Furniture and Global Markets

Most furniture businesses rely on the local economy for survival and profitability. With the widespread use of the internet, furniture retailers and manufacturers can now easily penetrate global markets. Some furniture businesses use this marketing strategy on the onset. Some have started taking this option when the local economy weakens. The furniture business has a lot of distribution options, other than the local market. The global market is a huge market waiting to be tapped. There are a lot of foreign economies that are stronger than its local counterpart.

The Music Business in the Digital Age

musicFor most music fans all over the world, the music industry might be just the artists and their hit songs. In truth, there is more behind the music industry than meets the eye. There is no denying that artistic aspect of music, where the artist can express himself in lyrics and song. However, the serious musician who intends to carve a niche for himself in the music industry and make a career out of it has to deal with the business side of making music.

Technology has drastically altered the music business because of the proliferation of websites that allow users to stream or download music directly to their personal computers or mobile devices like the iPod and smartphone. Hence, an increasing number of consumers prefer to purchase music online. In the United States, the sales figures of digital music have exceeded that of compact discs and vinyl records.

Advancement in technology does not necessary translate to more income for artists though. For some, it may mean less profit.  Today, a user can watch free music videos on YouTube. There are also internet radio stations that allow users to customize and listen to their preferred music genre of artists. Music streaming can also be done for free on some sites. In the past, artists earned a few dollars for every disc sold as royalty. With digital music, royalties only amount to cents for every download.

Compact discs offer an avenue for artists to earn more. An independent artist who is not signed with any record label can keep all sales profits. However, being with a label has the advantage in terms of song promotion and audience reach. The artist’s share for each sale is determined by the terms in a contract agreed upon by a musician and the record label. The more popular the artist is, the bigger his share of the profits.

Currently, the most profitable option for musicians is touring. Revenues from concert tours can earn a band or a musician hundreds of thousands of dollars per night, depending on ticket sales as well as the sales of merchandise. To illustrate, if country pop sensation Florida Georgia Line sells ten thousand tickets at $30 each, revenues would amount to $300,000. Granting that they get 25% of ticket sales, then the band’s earnings is $75,000. Estimating merchandise profits to be $3 per concertgoer, this would be an additional $30,000. In total, the profits generated are more than $100,000, just for a single night in a Florida Georgia Line tour.

The digital age has made consumption of music more convenient and less expensive for people. Musicians and artists, however, need to adapt to these changes in order to stay relevant and to continue providing their fans with the kind of music that they want.

Top 5 Tips to Avoid Filing for Bankruptcy

Filing for bankruptcy seems to be the ultimate solution for an individual or business to gain control over or get rid of debts. Whatever circumstances might have caused this financial position, stop moping. Instead, put things in the right perspective because there are strategic ways to recover and to start all over again. Bankruptcy puts anyone in a difficult situation to rebuild and start all over again because it greatly affects your credit standing and employment. Instead of losing hope, you can use these tips to help you get on the right track again and avoid filing for bankruptcy.

  1. Minimize Debt Accumulation. Bankruptcy is most likely to hit you if you have more debts than your capacity to pay. Avoid accumulating debts by paying old ones before getting new loans. Consider liquidating some minor assets or non-core parts of the business to pay your expenses. Downgrade your spending and look for things that have no current use to you but worth selling at a good amount.
  2. Keep Track of Your Financial Record. Use your financial record to put a leash on your expenses. It is a record that shows your monthly expenses and earnings, and a reference that clearly indicates whether you’re earning or losing money. Keep an eye on your spending mode with debt reduction as your goal. Reduce unnecessary expenses and become a wise spender.
  3. Be Honest with Your Creditors. Instead of avoiding your creditors, talk with them about your financial position and show your records to convince them of your efforts to settle your debts. All your creditors will appreciate your honesty and sincerity so find out if they are amenable to reducing rates and slacken terms to help you pay your debts. The last thing creditors want is for you to file for bankruptcy since they have much more to lose.
  4. Consolidate Your Debts. Debt consolidation is the process of taking up a single low-interest loan to pay all your debts. Combining all your debts saves you the trouble of dealing with individual creditors and negotiating at various terms. By consolidating your debts, you only make a monthly payment at lower interest rates.
  5. Be Economical. Check your lifestyle to see if you’re spending more money beyond your means. Use your credit cards more wisely since one of the main causes of bankruptcy is uncontrolled spending. Reduce your expenses to the essentials and make it a habit to purchase only what you need. Grab every opportunity to save, and use the money to pay off your debts.

Analyzing and understanding the causes of your financial trouble can help you choose your options and the best solution to settle your debts and avoid bankruptcy. Filing for bankruptcy is a major decision that can harm you and your creditors. There are ways so you can reverse the adverse effects of bankruptcy. Focus on getting up on your feet. Use these strategies to get started. It may be rough sailing at the start, but attaining sound personal or business finances is possible.

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