Welcome to the Small Biz Pro Blog!!

The Small Biz Pro blog has moved

the-small-biz-pro blog — Sat, 24 Oct 2009 19:36:00 GMT

The-Small-Biz-Pro blog is now located at: http://thesmallbizpro.blogspot.com

Thank you!

Unusual jobs to earn extra money

the-small-biz-pro blog — Sat, 17 Oct 2009 14:05:00 GMT

For those seeking jobs that are a little non-traditional and unusual, but needed in many areas, here are some suggestions for you. These positions often pay in cash and can help to supplement unemployment income. Warning to all: Not reporting income from work on your taxes is not recommended by the the-small-biz-pro and runs the risk of IRS audits.

Here is a list of possibilites - please feel free to add more!

- Dog Walker
- Elder care, helper or babysitter (note: any positions involving specific medical care typically requires state licensing).
- Baby sitter - even adults can do this and are often more desirable. Be prepared with references.
- Day care - same as above and states tend to have limits on the number of children under care at any one time without a business license.
- Errand runner - do those errands that others just don't have time for
- Handyman - can you use a hammer and screwdriver? Know some basics of home repair? Any advanced projects may require specialized training and insurance. Again, be prepared with references.
- Pizza delivery - have a car? This job is local and always in demand.
- Store shelf stocker - many large companies (e.g. Kraft) use independents to stock certain target market stores.
- Storage unit buyer - self-storage companies regularly have auctions of storage lockers in default. You end up buying all contents of a locker, site unseen, and can end up with junk or a bonanza of value. Many of these items can be taken to consignment stores or sold on E-Bay.

As always, with any of the above, insurance and regulations may apply state to state. Do your homework!

A.J.

Social Networking for Small Business

the-small-biz-pro blog — Sat, 17 Oct 2009 00:56:00 GMT

Are social networking outlets valuable for more than just social contact? A recent article - http://news.bbc.co.uk/2/hi/business/8273667.stm - on BBC's web site thinks so.

According to the author, Claire Prentice, Facebook and Twitter have become a 'virtual marketing lifeline' for small businesses struggling during this recessionary period.

Smaller companies often have limited funds for elaborate marketing campaigns and depend on word-of-mouth for promoting their products and growing their customer base. In support, Prentice cites specific customers that are using Twitter and Facebook as a "virtual focus group, a bulletin board, a marketing campaign, and a branding exercise rolled into one."

Some businesses use social networks for more than just marketing. Appointment filling, surveys, promotions, and discounts are mentioned as additional advantages. Keeping in touch with customers, ability to react and offer rapid changes, and an additional 'personal touch' are considered valuable additions to customer service.

The author also points out dangers inherent in social networking. The potential for loss of control over an advertising message by opening a dialogue with customers is a significant concern. Some information systems experts suggest limiting social networking use to conversation and avoiding advertising. Another concern is saturation. The fine line between useful information and an overload of electronic hype is often blurred and easily crossed.

Social sites have arrived and are used frequently, if not continuously, and provide a wonderful opportunity to promote a brand or to gain a loyal following. These bonuses may be ultimately offset by a lack of content control and anonymity. Caveat emptor.

A.J.

50 Best Cities to Launch a Business

the-small-biz-pro blog — Thu, 15 Oct 2009 18:42:00 GMT

I read an interesting article today about the best cities to launch a small business. Jointly researched by Fortune Small Business and the Kauffman Foundation, factors including growing economies, stable housing markets, low crime, and inexpensive labor were considered.

The top 10 cities listed were: Oklahoma City, Pittsburgh, Raleigh, Houston, Hartford, CT, Washington DC, Charlotte, Austin, New York City, and Baltimore.

Glancing over the imbedded map on this web site - http://money.cnn.com/smallbusiness/best_places_launch/2009/index.html - one can immediately see a bias toward the central south and north eastern areas of the country. Notable exclusions from the list included the west coast states (CA, WA, OR, NV) and population growth states such as Arizona and Florida.

The 'rust best' states fared poorly as well with no cities mentioned in Indiana, Michigan, or Ohio. Illinois had only Peoria and Wisconsin landed only Madison in the top 50. Colorado, Georgia and Idaho had no cities in the top 50.

Small business launches tend to be cyclical along with housing costs, population growth and crime rates. If one is considering jumping into the small business arena, research is key to understanding where a target market exists and is trending upward.

Food for thought...

A.J.

Useful Internet links for Making Money

the-small-biz-pro blog — Wed, 14 Oct 2009 22:06:00 GMT

We are constantly blasted with emails, instant messages, blogs, tweets, etc. promising quick money using various (and often questionable) schemes. I decided to do a little research and ran across the following articles that look a little more helpful and promising:

The first is an intelligent and well-received blog by Chris Brogan about 'Community and Social Media'. I suggest this is a good primer for those interested in the social networking phenom and what it entails. "What Human Business And the Social Web Are About" - http://shar.es/1xvR5

Another solid blog in a similar vein is Seth Godin's blog covering marketing, branding, networking and technology. His sage advice is well worth reading here: http://sethgodin.typepad.com/seths_blog/

A third site that fully covers small business issues is from S.C.O.R.E.org - a not-for-profit group that assists would-be entrepreneurs with advice and basic templates. The main site is located at: http://www.score.org/index.html and well worth checking out.

While none of these are get-rich quick sites with formulas for instant success, they each provide sound fundamental advice that will help in the shorter term and longer term.

A.J.

Money maker for those with time and skills

the-small-biz-pro blog — Tue, 13 Oct 2009 18:57:00 GMT

With the real estate meltdown of the past 18 months, hundreds of thousands of properties have been foreclosed or are in the process. This situation, while horrible for many, presents opportunity for others. Some homes - I've seen quite a few in the western suburbs of Chicago - have been abandoned and are in need of repair. These homes can be purchased either for a primary residence or as a rental property. If a rental property is desired, take a close look at what the 'market will bear' for rent rates and ensure adequate savings to cover the unexpected costs. A formal written lease is key here too with a listing of what is and is not permissible use of the property.

Many financial institutions are sitting on properties they want to eliminate from their books. Banks are not interested in owing, paying real estate taxes or dealing with the problems associated with home ownership. This pushes banks to make 'deals' in order to eliminate their headaches. Properties can be purchased for considerably less than market value at this time. The secret here is to do your homework. Work with a real estate agent that specializes in foreclosed or near foreclosure properties. Look into property auctions by counties, banks or government entities.

This money-making model is longer-term one and provides no guarantee of definite or predictable returns. This is another reason why research is so important: Research the community, the historical price trends, demographic changes in the area, the school systems and of course, if possible, the property itself. If you find a potential candidate, but can't view the property, ask neighbors about the previous owners and what they may know about the condition.

Remember that banks have tightened the lending process and a potential buyer will need to have a fairly clean credit record and probably a down payment to qualify for a loan on a rental property. Check with local banks, credit unions, and the Internet for current rates and conditions. A good site for this is www.bankrate.com.

A final note: It also helps to be handy with tools and be ready to put in plenty of 'sweat equity' time!

A.J.

Welcome

the-small-biz-pro blog — Wed, 09 Sep 2009 03:11:00 GMT

This blog is a continuation of the ongoing saga of the-small-biz-pro.com web site.

We, the founders, welcome you and your thoughts/comments/ideas and concerns. These pages are designed with you in mind and we will strive to create as rich an experience as possible.

Our home web site is the-small-biz-pro.com . Our content will be updated frequently - join the community in helping others through the business start up and operations process.

Molly, Caspar, BMac, and AJ

Hobby or a business? An IRS view.

the-small-biz-pro blog — Wed, 09 Sep 2009 03:00:00 GMT

Yesterday I wrote about several possible small business opportunities, many easily done and with little to no startup cost. One of these involved turning a hobby into a money-maker. Naturally, of course, there are potential tax implications from such a move. If one intends to mix business and pleasure, be aware of the IRS rules and regulations. The following are taken directly from the IRS small business site:

"In order to make this determination (hobby vs business), taxpayers should consider the following factors:

Does the time and effort put into the activity indicate an intention to make a profit?
Does the taxpayer depend on income from the activity?
If there are losses, are they due to circumstances beyond the taxpayer’s control or did they occur in the start-up phase of the business?
Has the taxpayer changed methods of operation to improve profitability?
Does the taxpayer or his/her advisors have the knowledge needed to carry on the activity as a successful business?
Has the taxpayer made a profit in similar activities in the past?
Does the activity make a profit in some years?
Can the taxpayer expect to make a profit in the future from the appreciation of assets used in the activity?

The IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years,including the current year — at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses."

The entire IRS opinion is available at this link: www.irs.gov/newsroom/article/0,,id=169490,00.html

Remember, always do your homework and don't cause trouble with the powers-that-be!

- AJ

Simple ideas for additional part-time income

the-small-biz-pro blog — Tue, 08 Sep 2009 00:13:00 GMT

Most of us would like to make more money - especially in these days and times. Or maybe we need to supplement a reduced family income or we're retired and want to do something interesting and profitable. Below is a list of relatively simple ideas for part-time income. Feel free to comment and add your own suggestions or success stories!

Home demonstrations/parties

Lia Sophia
Tastefully Simple
Pampered Chef
Tupperware
Avon
Adult novelties
Cash for gold
Usbourne Books

Free-lance writing

Magazines
Newspapers
Internet blogs

Crafts - perhaps you make a hobby of knitting, crochet, or needlepoint. Create interesting and inexpensive items that can be sold either via local craft shows or via a web site.

Residential and/or small business computer installation and repair. Provide rates at lower than the big players and market yourself to local communities. This idea may require business insurance to cover any losses or coincidental problems caused.

E-Bay selling. Do you have a collection of 'stuff' you want to get rid of? Or perhaps know others that want to sell their 'stuff'? Offer to take the pictures, put listings on E-Bay (either for a percentage of the selling price or a flat fee) and ship the products.

Teach a class in your field of expertise at a community college or for a local ongoing education (often offered by municipalities) program.

The point here is opportunity exists - even in difficult economic times - to find some kind of part-time work and make a little extra. Or, maybe get your retired husband/wife/significant other out of the house!

Luck!

- AJ

A Job Transition Journey

the-small-biz-pro blog — Sun, 06 Sep 2009 16:53:00 GMT

I was a Business Analyst my entire career until being laid off in January 2009. I had an interest in this career but did not have a passion. As I began a job search, I was encouraged to identify skills that would enable me to have a second career or be an entrepreneur. When originally thinking of these skills, I thought only of my long time Business Analyst skills and possibly marketing these skills as a consultant. I began a usual job search to continue my Business Analyst career with no responses after months of online application submissions. I also attended networking meetings, workshops, programs and seminars offered by the Arlington Heights Library, St Hubert’s Unemployed Ministry, Harper college, and IDES. Through these activities I began to expand my skill identification beyond traditional business skills to my passions. I have always been a life long volunteer as a Christian care/support giver, learner, and led an active/fit lifestyle. Could pursuing these passions empower me to reinvent myself and transition to a second career?

The question was answered with the assistance of a Harper College Career Stimulus program Career coach. During our meetings we identified these possible passion careers; college adjunct teacher, in home care companion (non medical), and personal trainer. We also defined a job search for each of these careers. I have been active in each search and through networking landed a part time job as an in home care companion. Because I have a passion for the job I now go to work excited and leave fulfilled. Also I am now considering blending two part time jobs I am passionate about in lieu of full time employment.

BMac

Can I fire myself?

the-small-biz-pro blog — Sun, 06 Sep 2009 02:26:00 GMT

If I am my own boss, can I still get fired?

One of the reasons a person may decide to go into business for themselves is to be independent of a structure imposed by a manager, boss, corporate policies, etc. The autonomy that is gained comes with challenges and more importantly,a high degree of risk. The first question to be addressed is “Do I have a product (goods or services) that a customer would spend money on?” A customer will spend money to solve a problem. What solution do I have to a problem and what value does it have? What is my product? Am I capable of taking on the responsibility of a business that delivers my product to customers?

There are a number of additional questions that must be answered:

Why do I want to be my own boss?

As an entrepreneur, am I capable of functioning outside the structure of an existing business?
Do I have the organizational skills to manage a business,or do I have the financial position to pay someone else to take on these responsibilities?
Will anyone else value the product that I want to bring to the market? (This can also include a service.)
If this activity is something I enjoy doing, will I still want to do it enough to clear a profit?
Do I have the financial resources to support a fledgling business long enough to become established?
Do I have the support system in place (family and friends) to meet the physical demands of time, energy and motivation that are necessary when starting and running a business?
Do I want to start a business that is my own creation, or should I look at a structured business such as a franchise where the format and business structure is already predetermined and there is a support system that I can turn to for assistance?
Will I be able to take an objective look at my business and business process and make the necessary changes that will lead to a successful business and a profit?
What is the market for my product and how will I connect with my market?
Can I generate repeat business from my customers and establish additional revenue flows?
Can my product (or service) be duplicated by additional employees so that my business can grow?
If “I am” the business, what is the maximum capacity of my business?
Is that enough to generate the desired revenue (profit) to be my only source of income?
Do I do this part time in addition to my previous job or does the new business become my only job?
Am I prepared to expand my business and meet the expanding demands of a bigger business model, or do I stay small?
Is my product something that will become obsolete (such as Beanie Babies) or can I adapt to a changing market?
Will my customers reject my product at a later date or find there is no longer a need for my goods or services?
Am I capable of accepting the role my customers play in determining the validity and value of my product?
If my product is no longer relevant or marketable, will I know when to close the business? Do I have an exit strategy for my business?
If my business is rejected by my customers do I look fora new market, a new product or additional lines to increase my revenue flow?
If I close my business, will I be prepared to develop a different business or do I return to the role of employee in another business?
If I am “fired” by my customers, will I know it and how will I react to that change?
These are just a few of the questions that must be addressed before considering becoming your own boss and going into business for yourself. Once the decision to start a business is made, the actual “mechanics”of the business such as a business plan, the structure of the business,financial plan, etc is the next phase of the planning your start up. There are many resources to turn to for the mechanics of a business. Only you can assess your capacity as an entrepreneur in building and sustaining a business. If you don’t try, you may never know the depth of your skills and capacity as an entrepreneur.

- Molly B.