The goWholesale Blog

Balancing Your Day Job and Your Business

December 12th, 2007

One of the hardest things to do when starting a business of your own is to juggle your day job and your new business. Obviously you want to start being your own boss as soon as you can, but realistically speaking you will have a little while at least before you can leave your current job.

Juggling your existing day job and your new business is difficult, but there are ways to do it without jeopardizing your position with your existing employer too much.

Be upfront only where necessary
Depending on the contract you have with your current employer, you may not have to disclose anything about your new business until you hand in your notice. However, many firms have a policy where they assume ownership of anything created at their place of business.

So, if you’re creating spreadsheets or graphics for your new company on your lunch break, your employer could ask you to give up the rights to them. You might also be liable for dismissal, for misuse of company property.

Use vacation time
If your new business is one that has trade shows you’d like to attend, use any vacation time you have to do this. Very few trade shows operate over the weekends these days, so use whatever time you can to attend them. Besides, using your vacation time is a lot less likely to raise eyebrows than the need to take sick days, especially if there’s any inkling of what you’re off work for.

Keep it simple
The worst you can do when trying to juggle your day job with your business is to try and bite off more than you can chew. Not only will this seriously impair the chance of success with your new business, but there’s also a good chance that it will affect the ability to do your current job.

If you’re too tired for work that your performance is dropping, or your concentration is lower than normal, you may soon find yourself up in front of the boss. Continue to perform poorly due to tiredness from combining your day job and your business venture and you may just find yourself out of work altogether.

Knowing when to quit your day job
Of course, the main reason for starting your own business is to be able to quit your existing job and work full-time for yourself. However, unless you’ve properly planned for this moment, you’ll more than likely fail. Don’t be too eager - make sure the time is exactly right.

This means having enough capital to justify quitting your job. Because you’ve been used to having a steady income from your existing job, it can be quite a culture shock when you realize that safety net has gone. So make sure that any extra money you have, and can afford to spare, goes into preparing you for working without a guaranteed income for a while. This will ensure that you don’t join the other 95% of small businesses that fail in the first year.

Although it can be tough, it is possible to juggle your day job and your business - and with a bit of luck, it may be sooner rather than later that you don’t have to juggle at all.

Posted in Starting a Business | No Comments »

Congratulations to Joe, our iPod nano winner!

December 11th, 2007

iPod nano

Joe responded to our survey question "What is your best tip for using the web to find products for your business?" with:

"I use various search engines and directories to source products, but my favorite way to source products is to ask other webmasters for good sources. I stick to the webmaster forums rather than ebay or a retailers forum, because the webmasters will have the same kind of requirements (no hassle dropshipping, easy online ordering) that I have."

Thank you for participating and check back for more giveaway opportunities!

Posted in Announcements | 1 Comment »

Finding and Qualifying Potential Business Partners

December 11th, 2007

As the internet business environment continues to grow there will be more and more opportunities for business ownership. Many of these online businesses are legitimate and can be excellent opportunities for someone wishing to have their own business. However, there are also many opportunities for business ownership online that are scams.

How do I know if this opportunity is "the one"

Chances are you received some advice when you were younger that will help you analyze if this opportunity is "the one" not. Remember when your mom or dad told you if something sounds too good to be true, it probably is? Well, that advice holds true for business opportunities. There is no free lunch, money doesn’t grow on trees or spontaneously happen with a few clicks of a mouse.

That said there are some tremendous online business opportunities that can allow you to get into business for yourself. There will be work involved, probably a lot of work, but if the type of work is something you enjoy the chances are it won’t seem like that much work.

Potential Internet Businesses or Low Cost Start Ups

Freelance Web Designer, Contract Accountant, eBay Business, Discount Sales Outlet, Graphic Design, Contract Paralegal Service, Personal Chef, Financial Planner, Life Coach, and many, many more.

I know this guy who says……

We all have a friend who knows what the next great thing is going to be and just needs some money or talent and time from you to make it big time. It can be difficult to know if the opportunity that is presenting itself is "the one" or is just another failed get rich quick scheme. If Bill Hewlett or Dave Packard would have asked you to invest some money or come work for them for little salary but lots of stock would you have done it? What about the friend you have who asked you to open a coffee stand on the corner 15 years ago and buy some stock in a company that was going to sell coffee? Starbucks, what kind of company is that?

Is the business legitimate?

What kind of product or service is the business providing? Is it something that people can use that will add value to them in some way? What are the prospects that this business will be around in 10 years? Can I see myself doing this in 10 years? Why does this interest me other than the chance to make some money? Is anyone else proving this product or service yet? Is there room in the market for another player?

Is the person who is recruiting you or your money reputable?

Who do they know that are currently doing what they are proposing? Do they have any references to support their claims and validate their experience? How much up front money is required? What will the upfront investment be used for? Are you at a place in your life where you can afford the risk financially? Personally? Professionally?

Trust Your Gut

Although there isn’t a lot of scientific data to back up that feeling you have about something, learn to trust yourself. If the opportunity seems to be feasible, study it and the data you uncover will answer the ultimate question as to whether this is "the one" for you or not. Ask the above questions and make a list of positives and negatives and see how the list stacks up. Remember to be optimistic, planning for the worst case, and hoping for the best case.

Posted in E-Commerce and E-Business, Starting a Business | No Comments »

The sales tax riddle…

December 10th, 2007

Regardless of what trade your business is in, one of the hardest things to get right is determining what sales tax you’re going to charge your customers. After all, you don’t want to charge too much sales tax and scare them away; yet at the same time, you can’t afford to charge them too little. Here are a few clues to help you get it right.

How to Determine Your Sales Tax Charges

Posted in Articles, Finance and Accounting, Generating More Sales | No Comments »

What’s all this about “bootstrapping?”

December 10th, 2007

Have you heard the term "bootstrapping" and always wondered what it was or how to do it? This article explains it all!

Bootstrapping Your Small Business

Posted in Articles, Finance and Accounting, Starting a Business | No Comments »

TODAY’S THE LAST DAY!!! Enter to win an iPod nano!!! (and for an Apple touch take the full Sourcing Survey)

December 10th, 2007

goWholesale is giving away an iPod nano just in time for the holidays!

We want to better understand how you use the internet to source products and services for your
business. The iPod Nano will go to the person who leaves a comment with the best tip for using the web to find products for their business.

Rules

Leave a comment below with your answer.
You may only enter this giveaway once. You can enter different giveaways, but you can only enter
this one once.
Contest is open to anyone in the 50 States, 18 or older.
Winners will be selected by The goWholesale Blog on December 11. The Apple Nano will be shipped shortly after.
Entries can be submitted until Monday, December 10th, 11:59PM EDT .

Good Luck! And check out goWholesale’s Sourcing Survey 2007 for an additional chance to
win an Apple touch!

Posted in Announcements, Product Sourcing | No Comments »

Here’s One For the Holidays!

December 7th, 2007

As the holiday season is one of the busiest for all retailers, it is also during this season (and particularly in the first few days after the holidays are over) that the risk of return fraud runs the highest. So how can your business avoid return fraud this holiday season? We’ve compiled a list that will help, whether your business is an online one or brick and mortar.

4 Easy Steps to Avoid Return Fraud This Holiday Season

Posted in Articles, E-Commerce and E-Business, Finance and Accounting, Generating More Sales | No Comments »

Free Business Seminars

December 7th, 2007

Free Business Seminars

Posted in Announcements, Articles, General Discussion, Product Sourcing, Starting a Business | No Comments »

How to Find Free Business Seminars

December 7th, 2007

If you’d like to expand your business knowledge by learning from successful business owners, executives and entrepreneurs, then attending a seminar is a perfect idea - especially when it’s free! Though finding a good free seminar may be tricky, they certainly do exist - both online and in your local community. While many free seminars are just a rouse to get you behind closed doors to tout a certain product or service, there are plenty of other seminars that are given simply to share business knowledge. Here are some terrific places to start your search. Chances are, you’ll find exactly what you’re looking for!

Free Online Business Webinars

WebEx.com - This site offers a ton of live and recorded webinars from industry experts like the American Marketing Association and Harvard Business School.
Website: http://www.webex.com/web-seminars/

CareerBuilder.com - They host a variety of business webinars that are full of insightful information. Of course, some are about hiring, but others like "Internet Trends" aren’t.
Website: http://www.careerbuilder.com/jobposter/events/webinar/?channel=ENT

Xerox - The document company has a full listing of in-depth webinars, from firewalls to IT. You’ll be amazed at how much non-copy-related information they have to share - all for free.
Website: http://www.xerox.com/go/xrx/template/Promotions.jsp?Xcntry=USA&Xlang=en_US&active=Active&promoID=Xerox_Webinars&view=MP6

Google search - If you are interested in a particular subject, say marketing, you can do a quick search on Google. Just type in "free marketing webinar" or "free marketing seminar" and see what comes up. Chances are, you’ll find plenty of insightful information.
Website: http://www.google.com/

Free Live Business Seminars

Chamber of Commerce - Start your local search here; many times they offer free seminars from successful local business owners. There might not be as many choices as an online seminar, but it will give you a chance to network with other local business professionals.

Library - The local library is often overlooked, but depending on the location, they can offer a wealth of informative business seminars. What’s great is that it is usually a small group that attends, giving you plenty of opportunities to ask questions and interact with both the speaker and other attendees.

Small Business Association - By contacting the SBA, you can find out if they will be hosting any seminars in your area in the near future. You can also go to their website, www.sba.org and do an online search as well.
Website: http://www.sba.org/
H & R Block - If you are interested in brushing up on your knowledge of taxes, H & R Block offers free seminars throughout the year. Don’t worry, there’s no hard sell at the end. They’re just letting you know that they’re the "tax guys" who are full of tax knowledge.
Website: http://www.hrblock.com/

So, brushing up on some business knowledge can be easy, fun and free - you just need to know where to look! Finding webinars to your liking is certainly easier, but then again, there’s nothing quite like attending a live seminar and hob-nobbing with other professionals. With plenty of options to choose from, you’ll have no trouble finding the seminars that are right for you and your growing business.

Posted in Starting a Business | No Comments »