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In business, finance

When Would I Use an EIN?

Author RosselPosted on Leave a comment

An Employer Identification Number or EIN is a requirement for many businesses. This unique, nine-digit number is used by employers, corporations, sole proprietors, partnerships, estates of decedents, trusts, non-profit associations, certain individuals, government agencies, as well as other business entities. Your EIN must be entered on all documents sent to the Social Security Administration or SSA and the Internal Revenue Service or IRS. When applying for an EIN at the IRS-EIN tax id website, you may check EIN status anytime online.

Tasks Requiring an EIN

An EIN is required for numerous important business tasks. In addition to using it for your annual taxes, your EIN is required when you open a business bank account, hiring employees, applying for credit in the name of your business, applying for permits and licenses, forming a Keogh plan, and more.

Even if your business or organization does not require an EIN, it can be beneficial to apply for this number. One benefit is the privacy it provides. It can be dangerous using your Social Security number on documents handled by your organization. Not only are you put at risk, your company is as well. You never know when or where an identity thief will show up.

Fast, Safe and Secure

Several ways are available for you to apply for an EIN including mail, fax, phone, and online. The fastest and easiest way is online at the IRS-EIN-Tax-ID website. Their simplified forms reduce confusion and time when reading and filling out forms. To obtain an EIN, there are just three simple steps. Choose the type of entity for which you are applying for, and submit the application. Knowledgeable and friendly Govt Assist agents are ready and able to assist you through the process. After the application is submitted to the IRS, your EIN is securely delivered to your email within 24 hours.

Image courtesy of Pexels

In business

Creating Word-Of-Mouth Opportunities For Your Retail Store

Author RosselPosted on Leave a comment

There are many different advertising techniques to use to promote your retail store, depending on the type of store you run, and specially if it is a small business. If you want to know how to make your store stand out from the crowd, simply follow this list by www.tuprojects.com of how to create successful opportunities for you retail store by word-of-mouth.

Word of mouth advertising is one of
the most successful ways of getting
new customers into your store.

Choose The Right Way Promote Through Word Of Mouth

There are four ways to promote through word of mouth. These include experimental, positive, consequential, and intentional.

Experimental word of mouth is the most common form, used up to 50-80% of the time. It works by appealing to a customer’s direct experience with a particular product or service.

Positive word of mouth is the most effective, as it can generate brand loyalty and an increase in sales.

Consequential word of mouth is used through marketing campaigns, where consumers are exposed to traditional marketing campaigns and messages about the publicised brand. This creates a positive impact on advertisement, and can generate a higher campaign reach.

Intentional word of mouth is a less used form where marketers use celebrity endorsements to boost sales. This method might seem the ideal approach, however, its effects are difficult to measure.

Provide Incentives And Encourage In-Store Discussion

It is important to make a list of your product or services strongest attributes and compare it against customer feedback. Write down five to ten of your most frequent customers and create a pitch that would interest them in promoting your retail store through word of mouth.

Provide incentives, such as gift certificates or movie tickets that your customers can earn by helping to generate more business. Think about sparking an in-store conversation about product displays or videos, and engage in discourse about the merits of a brand against
another. Encourage your customers to share their ideas, as they will be more likely to talk about their experience in the store with others, creating a word of mouth opportunity for the business.

Make Sure Your Customers Can Easily Contact You

This might seem like the last thing you would think of when creating word of mouth opportunities for your retail store, but poor communication will drive your customers away instead of attracting them. Make sure you have someone available to answer the phone to ask any questions, make sure your website has clear contact details that are easy to find on your website, and try not to rely on your voicemail to pick up messages. Potential customers often begin over the phone, and if they have a positive conversation with you, they will most likely tell their friends about your good customer services.

Word of mouth advertising is one of the most successful ways of getting new customers into your store. People are more likely to visit your store if others back up your testimonials, and will continue to buy your products if you chose the right way to promote.

Image Credit:
Photstock -FreeDigitalPhotos.Net

In business

Time to Start Your Own Business? 4 Franchise Opportunities for Parents with Young Kids In Australia

Author RosselPosted on Leave a comment

When you’re raising a young family, it’s difficult to strike a balance between the long hours required by the sanitised office existence; you either make enough to get by comfortably and rarely see the kids, or earn a meagre sum and enjoy a dynamic home life. Franchises are fast becoming the new business plan for many parents just like you, seeking the money spinning without the familial sacrifice, but with so many franchises available on today’s market, it’s difficult to pick which one suits your lifestyle.

franchise opportunities
Hog’s Breath Café

If keeping it local is important to you, Hoggies (as its casually known) is 100% Australian owned steakhouse chain, delivering meals bubbling with taste and passion, as franchise owners espouse the family friendly atmosphere of relaxed fun surrounded by funky furnishings. Though food service and hospitality is not for everyone, franchisees need to invest in the customer, keeping service excellence at the centre of everything they do. What can you expect? A blistering pace and an extremely interactive environment. This is the perfect business for parents with teenage children.

Civic Video

Ever dreamed of owning your own video store (or is that DVD/Blu-Ray shop now)? In the age of online streaming and rental machines, the video shop still manages to thrive, suggesting that the movies is still an experience to be savoured; this is particularly good news for a supposed dying industry, as people still flock to the bricks and mortar hire outlets to entertain their family (and minimise repeat runs of the latest My Little Pony animated flick). A Civic Video franchise will give you the stability you need, secure a livelihood and create a micro family within your business, as small staff numbers help you to build a lasting rapport.

Ben and Jerry’s

Our first international contender, legitimate Ben and Jerry’s franchise opportunities are growing in metro and surburban areas, as their creamy concoctions hit Australian shores with a vengeance. Imagine growing up in an ice-cream shop, sampling a kaleidoscope of flavours while Mum and Dad work alongside possible new allies… Who wouldn’t want that childhood? Friendly and fun, B and J is the ideal franchise choice for budding business owners looking to make a cost savvy splash. There will ALWAYS be a place for ice-cream.

Kip McGrath

It’s not very often you’ll stumble across a combined business opportunity and the chance to make a difference in somebody’s life. If you love children and communicate well with other parents, an educational option might be just what you’re looking for. No food service here, just the pleasure of shaping future generations to be smart, independent thinkers, helping them overcome the issues they experience in the current primary and secondary systems. Learning is for life.

Franchises are just like any business; you are directly responsible for the outcomes of your staff and daily takings, though you are also supported by a larger structure, with many procedures and training regiments set out. Jump on the franchise bandwagon today and make a change for the better.

Image Credit:
Artur84 – FreeDigitalPhotos.Net

In business

5 Tips for Budding Mumpreneurs

Author RosselPosted on Leave a comment

mumpreneurIn today’s world, it is becoming increasingly common for women to raise a family and run a business at the same time. The ability to run a business from home via the Internet has made this much easier than in the past. Let’s take a look at some tips that can help women who want to become successful mumpreneurs:

1. Be realistic about your time

People who run their own business always have many plans and every intention of seeing them through. However, you will need to consider exactly how many hours per day that you will realistically be able to devote to your business. If you are required to pick your children up from school every day, then usher them to soccer or football practice, these things can seriously eat into your day. It is impossible to effectively run a full-time business when you are only working on it part-time. It is important to figure out your limitations before you start your business.

2. Be realistic about your idea

Necessity is truly the mother of invention. Many great ideas have originated from a need. However, if you have an idea that you think might be the next hot product or service, there are some things you need to think about. You will need to consider the cost of bringing your product to market. Do some research into the marketing and production costs of your item. How much will you have to charge for your invention in order for you to make a profit? You will need to decide if your product or service is valuable enough for people to pay the price that you will need to charge for it. Also you need to consider the scope of your operation and whether running the business from home is realistic. There are a number of options to rent office space in Melbourne that may work out more beneficial if your business idea isn’t suitable to a home headquarters.

3. What is unique about your service or product?

In order for your business to succeed, you will need to find a way to make your service or product stand out from other products on the market. Your service or product does not necessarily have to be new or innovative. However, you need to offer it in a way that is different than anybody else. This will help you to create some buzz around your business. This is called finding your unique selling point. It is critical to any business that is just beginning.

4. Research your service or product

You need to determine if the public has a current need for the service or product that you are going to offer. Will there be a demand for it? Family and friends may not always give you an honest answer, so talk to complete strangers on online business forums. Get their input on your idea. Use the constructive criticism they give you to help you decide if you should move forward, do some revisions or completely scrap your idea.

5. Manufacturing

Contact as many suppliers as you can. Doing some price comparisons can eventually save you a lot if you go into production. You should also get referrals from people who are already in business. The online business forums are a great place to network and find out this information.

Image Credit:
Ambro – FreeDigitalPhotos.Net

In business

Finding Your Own Office Space and Setting up Productive Office Hours

Author RosselPosted on Leave a comment

Owning your own office space is exciting, but first you need to find the perfect space in order to make this happen. It’s possible to lease Austin office space and get your work done every single day of the week. It will be liberating knowing you have your own space to work and that you can come and go as you please. Now that you have your own space, how do you stay organized and set work hours? It’s easy really, but it does take being disciplined.

Set Office Hours

Just like going to a job for a company, set up your own office hours as a contractor and freelancer and stick with them. Do you prefer to get up early and head to work at seven AM? Roll out of bed and stay in the office from seven to four PM depending on what you need to accomplish on the particular day. The great thing about having your own company is that you can be flexible with your office hours, but not too flexible. It’s easy to take too much time off and get nothing done! So stay on task and create office hours that you will stick with.

Make Time for Breaks to Maintain Productivity

Just like an employer allows a half an hour lunch and fifteen minute breaks, you should do the same. You will get burned out if you don’t allow yourself time to stretch and rejuvenate. If your office is located near a few restaurants, why not take a half an hour break or so and sit back and enjoy a delicious meal? The meal will be just enough to pull you through the last couple of hours of work and you’ll most likely be even more productive. This way you will also love your job more because you are rewarding yourself well.

Take Vacation Occasionally!

Once you’ve gotten your office hours down and are taking breaks to maintain sanity, you most definitely deserve a vacation every once in a while! Sure, starting your own business is a lot of work, but if you continue to work on going for a few years or more without a vacation, you will get tired of what you do. Reward yourself well if money allows and you will enjoy coming back to your own business. Plus, clients should understand if they really value your work.

Enjoy time in your own office and all of the privileges that come with it. However, remember to set office hours, make time for breaks and vacations, and you’ll have a successful business in no time. Plus, having your own space will be a wonderful way to get things done and succeed in all that you do!

Sierra is a freelance writer and owner of Paige One. She works at home but really wants her own office space. Since she desires to have her very own office space, consulting with www.austintenantadvisors.com is a great option for her.