Business Term Definition - Business Opportunity

A business opportunity is defined as being an investment made into a potentially profitable venture that is billed as an all-inclusive package. Many states regulate business opportunities, with each state listing different requirements for a legitimate business opportunity to meet, such as:

• A business opportunity enables a buyer to start a business by selling or leasing them a product, service or equipment;


• The fee paid to begin the business opportunity must exceed $500;


• The seller guarantees a higher selling price for the product or service than the buyer paid, so as to ensure demand; and


• The seller will buy back any unused product from the buyer if there is no opportunity to sell the product to the end consumer.

Think Twice

Before buying that latest and greatest organizer, or that
really cute pencil caddy, think twice. Will this purchase
increase my income or promote my business better? Get a
handle on frivolous business expenditures and you’ll see
a larger bottom line!

Tips on Trademarks

If you’re using a trademark or service mark, be sure to:

*Capitalize the first letter.
*State on your packaging and/or advertising that your company owns the mark.
*If you’ve registered the mark, use an R with a circle around it to indicate this.
*If you’ve registered the mark only within your state or not at all, use the letters TM for trademark or SM service mark to indicate your ownership.
*Enforce your rights by notifying other businesses or the media if they’re improperly using your mark.

Remember Your Why

When starting to question your abilities, when re-thinking
your decision to continue your business, when hitting "brick
walls" in your business--remember your "why".

Why did you get started in your business?
Why did you choose this particular business?

When you go back to your original "why", the passion fire
is re-kindled and will give you a new sense of excitement
to keep going, to find new ways of doing business, and to
overcome obstacles that may come up.

Work Hours

If your children’s schedules do not allow you to set regular work hours, try alternating between work and play.

*For each 15 minutes on the phone, spend 15-30 minutes playing a game or reading a story with your children.
*Set up your "To-Do" list the night before and take advantage of small pockets of time while the children are otherwise occupied.
*Make work into a game: folding socks can be a "matching game", filing papers can be a "sorting game".

Build Credibility

Trying to figure out how to build credibility around your product or service? Don’t just talk about your products, be a walking advertisement!
Do you sell cosmetics? Use them (and learn how to use them properly!)
Do you sell nutritional supplements? Use them (and share your personal results.)
Do you sell children’s products? Give them to your own children and as gifts.

When people SEE you stand behind your products, they’ll believe.

Invest in Yourself

Need a new way to invest in your business? Invest in yourself.
You are your business’ top resource. By reading business and
industry-related books, attending seminars and trainings, and
networking with others (in and outside your industry) you will build
your knowledge base. You will be more open to new ideas (and
more likely to be exposed to new ideas) when you stay educated.

General Records Retention Guideline

Audit Reports: Forever
Bank Deposit Slips: 6 Years
Bank Statements: 6 Years
Canceled Checks: 3 Years
Current Contracts and Leases: Life of Contract, plus 3 Years
Housing Records: As long as you own the home, plus 3 Years. (Includes home improvements, additions, expenses involved in selling/buying home)
Insurance Records: Forever
Investment Records: 6 Years after sale of investment. Discard monthly statements once you receive annual summary that reflects yearly activity.
IRA Contributions: Forever
Legal Correspondence: (Marriage Certificates, Death Certificates, Divorce Papers, etc.): Forever
Real Estate Records: Forever
Receipts for Appliances, Computer Equipment, etc: Life of Asset, plus 3 Years
Tax Returns and Supporting Documentation: Forever
Warranties/Guaranties: Life of the Product

Be On Time

A very important key to quality customer service is to always BE ON TIME!
Whether it’s for an appointment, a phone call, or an inquiry response. Your customers will appreciate being treated with respect and not being inconvenienced.

Virtual Assistant

Virtual Assistant

If you are a sole proprietor or a small business owner who does not need (or have the budget for) a full or part-time employee to handle administrative tasks, you may want to consider hiring a Virtual Assistant. A Virtual Assistant (or VA) can handle some of your administrative tasks such as appointment follow up, preparing and sending out mailings, and other tasks that take you away from your core duties.

Clean your room!

Clean off your desk at the end of every day. Piles create clutter and can hinder good customer service. If a customer calls with a question about an order, it is much easier and faster if you simply have to pull out that customer’s folder from an alphabetical file, or a pending orders folder from a work file.

When your desk is in order, you can handle tasks quickly and efficiently thus saving lots of valuable time.

Family Bulletin Board

When juggling family and business, sometimes keeping it all together is a challenge.

Create a "Family Center" in your home--preferably in a central location that everyone visits often such as the kitchen.

Your family center should include:

*a calendar: a large one with large squares to write in
*colored pens: for each family member to mark his or her activities
*important phone numbers: soccer coaches, schools, babysitters, carpools, etc
*message pads or wipe-off board: for leaving notes
*message pads: for each family member to retrieve phone messages

You can add or change things as your family needs.

The Art of Asking Questions

When coaching team members (or anyone for that matter) the key is to help them find their own answers.
By asking open-ended questions (not yes/no questions) you will allow the individual to find the answer that is already within himself.
When a person finds an answer or solves a problem herself, she is more likely to remember it and apply it.

Accounting System

An Accounting System refers to the entire process of keeping track of all a business´ financial transactions and financial controls. Some basic elements of an accounting system include the Payables and Receivables systems, Inventory Tracking, Payroll, and Sales.

Develop a System

When developing a system for keeping your books, remember to keep it simple, otherwise you`ll spend more time minding your books than minding your business. For a small business, a simple spreadsheet can be set up to record your sales/income, your expenses (be sure to categorize these!), and your inventory if you have it. There are many off-the-shelf software packages that you can simply install and begin using without much customization. Often these programs are designed to grow as your business grows and are usually compatible with other programs you may be using for other parts of your business, such as contacts, planners, and other databases.

Babysitting Co-op

There are some times that you just need some peace and
quiet to get your work done. Network with other home-
working parents and arrange to trade babysitting services.
One afternoon a week you take her child(ren) and one afternoon
a week she takes yours. Your kids will make new friends and
have some fun playtime and you’ll get work done, errands,
or just some quiet time.

Criminal Checking

Criminal Records Checking- In order to protect your business from liability you may need to do a criminal background check on employees who will
*be bonded because of access to money or valuables
*carry a weapon
*drive a company vehicle
*have access to drugs or explosives
*have access to master keys
*have a great deal of contact with the public, patients, or children
*be filling a position that requires a criminal record check under state law

Balanced Goals

Set goals for all aspects of your life to keep your life in balance. If all of your goals focus on your business, the rest of your life may get neglected (family, relationships, personal and spiritual growth). Keeping all facets of your life growing and moving forward is what keeps life exciting and fulfilling.

Positive vs Negative

If you are unsure about how you will come across to others when you are talking to someone about joining your business team, think of these distinctions:

Are you being pushy...or encouraging?
nosy...or caring?
talking "at" people...or asking questions?
manipulative...or informative?
convincing...or inviting?

Your attitude and motive will come through to your prospective team members.

(Concepts taken from Ilene Meckley’s book "Sharing and Caring-the key to taking your business up, up and away")

Preventing Embezzlement

There are four basic things that you can do in implementing an internal system of controls:
Screen applicants before they are hired.
Periodically examine canceled checks to see if there is anything unusual.
Take precautions in preparing payroll: have more than one person prepare it, have several different people prepare it, or oversee it yourself.
Have two people sign off on checks, preferably in front of each other.

Delegate

How do you know if an employee or team member is ready
for more responsibility? Give it to her! A team works
together. You do not have to "do it all"-delegate. Start
out with small tasks. As these are completed, assign more
difficult ones. You’ll not only lighten your load, but you’ll
build confidence and ability in your team members as well.

Sales Taxes

As a seller, you are generally responsible for seeing that the taxes are paid to the state(s) you in which you do business. If your business involves taxable sales of property or services, you should be prepared to handle the following obligations:
*Registration - the first thing you should do is to secure sales permits for each of your business sites.
*Collections - because you usually collect sales taxes from your purchasers, you’ll have to account for your sales taxes with each taxable sale.
*You will also need to know when you don’t need to collect because purchasers have asserted valid claims for exemptions (as with tax-exempt organizations)
*Payments and returns - once you’ve collected the tax, you then need to remit the taxes with the appropriate returns to the appropriate tax agencies.

Phone Call Frenzy

Do you find that you just can’t seem to get around to
picking up the phone and making those all-important calls?
Too many interruptions: the kids, the housework, appointments.

Plan your calling the night before and be ready to utilize
every pocket of time during the day. Each evening, make a
list of the people you’d like to call tomorrow. Write the
name, phone number, and brief reason for calling. Keep
this list next to your phone during the day. When you see
that you have 5 minutes, pick up the phone and call the next
person on the list. That evening, move the uncalled names
to the next day’s list, add a few new names and you’re ready
for your next day.

What Is A Patent?

A patent is a protective right given by a government organization to the first creator of a unique and brand new invention, usually covering a twenty-year span of exclusivity. Inventors must apply for a patent, which can be a lengthy and costly process, and each patent must be applied for in different countries should the inventor choose to protect the idea in more than one country.

Ambitious Business Quote

"Like most business people, I want every aspect of my business to be perfect. I know that this goal is unachievable, but it is nevertheless what I strive to achieve." - Bob Parsons, founder of GoDaddy Software, Inc.

Reduce Phone Time

Do you often get caught up in a long phone conversation
when all you needed to do was answer a quick question?
Try making these types of quick calls after-hours when you’re
more likely to get voice mail. Leave your quick answer
and get on with your life.