The goWholesale Blog

Are you a workaholic?

January 21st, 2008

If you are starting a new business, chances are that you aren’t getting much sleep, much exercise, or much free time to do anything. This kind of dedication to the business is necessary and understandable in the start up years–even expected. Almost like earning your entrepreneur "stripes" or paying your dues. I mean, you’ll want to have some good stories for your grandchildren right?

But there comes a time when some people, for whatever reason, cross the line between hard work/dedication and slip into the "workaholic" zone. If you are single and childless and plan on staying that way for the rest of your life, then by all means, go for it. But if you are like most, you have a spouse and/or children (and if you don’t you’d probably like to have one or both someday) and will need to learn the importance of balancing your work life and your personal life. If you are struggling with this and feel like your personal life is suffering due to your addiction to your work then you may want to reevaluate your routine.

While some of you reading this may find this post amusing or even a bit ridiculous, for others, it is truly an issue. So for those of you who think you might be a compulsive worker here are a few questions straight from the Workaholics Anonymous webiste that may help you figure out if you are working too much:

Do you get more excited about your work than about family or anything else?
Are there times when you can charge through your work and other times when you can’t?
Do you take work with you to bed? On weekends? On vacation?
Is work the activity you like to do best and talk about most?
Do you work more than 40 hours a week?
Do you turn your hobbies into money-making ventures?
Do you take complete responsibility for the outcome of your work efforts?
Have your family or friends given up expecting you on time?
Do you take on extra work because you are concerned that it won’t otherwise get done?
Do you underestimate how long a project will take and then rush to complete it?
Do you believe that it is okay to work long hours if you love what you are doing?
Do you get impatient with people who have other priorities besides work?
Are you afraid that if you don’t work hard you will lose your job or be a failure?
Is the future a constant worry for you even when things are going very well?
Do you do things energetically and competitively including play?
Do you get irritated when people ask you to stop doing your work in order to do something else?
Have your long hours hurt your family or other relationships?
Do you think about your work while driving, falling asleep or when others are talking?
Do you work or read during meals?
Do you believe that more money will solve the other problems in your life?

If you answer "yes" to three or more of these questions you may be a workaholic. Please visit the Workaholics Anonymous website for more information.

If you don’t think you are a workaholic, but would still like some tips on maintaining a healthy work/life balance you might want to check out "Achieving a Work Life Balance Wherever You Work "

Oh, and Happy MLK Day!

Posted in General Discussion, Starting a Business | No Comments »

Management resource

January 18th, 2008

Okay, so you’ve got your idea, your business plan, your funding, your location and you’ve hired some employees–but wait! You’ve never managed anyone before! Where do you even start!?!

Well if you’ve got enough savvy to start your own business, it’s likely that management will come somewhat naturally to you. But no matter how well versed you are (or think you are) in dealing with people, there are undoubtedly going to be unforeseen issues that arise that you will not be prepared to handle.

Since this will likely be the case, I recommend you book mark a website called ManageSmarter . This website has it all. Articles, advice, tips, suggestions, etc. And it covers topics such as keeping your employees motivated, how to rev up your sales team, how to train your employees and also industry guides, expos and events, blogs and much more.

Hopefully it’ll end up being a useful tool in your "toolbox!"

Posted in Hiring and Human Resources, Starting a Business | No Comments »

SBA program for women biz owners drags on, incites protest

January 11th, 2008

What began as an effort to benefit businesses owned by women has turned into yet another headache for lawmakers. The Small Business Administration invested in extensive research to find out which types of women-owned businesses were being underrepresented when it comes to landing government contracts. They narrowed it down to four:

Nationally security and international affairs;
Coating, engraving, heat treating and allied activities;
Household and institutional furniture and kitchen cabinet manufacturing;
Motor vehicle dealers.

Essentially, the proposal would allow contractors to give preference to women-owned businesses in those four categories with the idea being that they would be giving preference to these most underrepresented groups thus increasing the number of contracts granted to women-owned businesses. But this is also where the controversy comes in.

Women who own businesses that do not fall into those four categories are saying that they already have enough trouble landing government contracts only to be further pigeonholed by this proposal (despite its good intentions). The efforts to level the playing field in fact are thrown even more out of balance by singling out specific groups.

On top of it all, this effort began 8 long years ago and it doesn’t appear to be coming to fruition any time soon.

What are your thoughts?

(Click here to read the full SBA proposal )

Posted in In the News, Starting a Business | 1 Comment »

Top 12 Books for Online Entrepreneurs

January 8th, 2008

New entrepreneurs know that the key to success is to educate themselves. Certainly other factors play into overall success, but just as you are taught the basics of math, science, history and English in school, you must arm yourself with the proper tools to build a strong foundation for your business and then continue that education in order to make sure your business achieves its full potential.

Cheap Revolution (a free resource site that aids start ups) posted this list of the Top 12 Books for entrepreneurs, which have been selected specifically for Internet start ups. Happy reading!

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

New Ebay Radio Site

January 3rd, 2008

WSRadio (the folks who produce the eBay Radio show) has recently launched a website called 50SellingTips.com , which has several audio tips from top eBay selling experts like Marsha Collier, Lynn Dralle, Mike Enos, and Skip McGrath. I thought it might be a good resource for some of you who either are thinking of selling on eBay, or who already do.

Posted in Announcements, E-Commerce and E-Business, Generating More Sales, Starting a Business | No Comments »

Determining if Your Business Can be Run from Home

December 28th, 2007

There is a new boom in the workforce today, and it involves a huge number of people choosing to work from home rather than in a separate setting. Obviously working from your home, and running a business from your home has its advantages (chief among which are tax write-offs for items that you would pay for in the normal course of doing business); but is it really a feasible option for you?

In this article, we will take a look at some ways to determine if running a business from your home is a realistic option.

First Look at the Red Tape!

It might come as a bit of a surprise, but the home is no longer a private castle. There are dozens of laws and regulations which may limit your ability to use your home as a base for your business. Your first steps in finding out how you may be limited will usually be when you go to apply for a business license; right away, you will be asked a few questions that may cause you to realize your home based business endeavor might be more involved than you first thought.

Some limitations on running a business from home, as far as regulations go, include stipulations on how many clients or customers can physically be in your home at once, and rules regarding construction of exits and space within the home and so on.

These are particularly important when you are involved in a sales endeavor.

Next, Look At Your Space Needs

Another limiting factor for many entrepreneurs looking to move their businesses into the home is the amount of space available. If you have a business which requires you to keep a certain amount of stock on hand, for example, you will want to make sure that you have the space to keep it stored not only out of the way, but safely. If you have a family, you will want a section of your house set aside so that they cannot accidentally interfere with business operations.

And of course, you will want to make sure that you have adequate room for staffing needs in your home based business.

Finally, Look At You Customer Flow

There really is no point in running a home based business if you can’t attract clients or customers who will take a look at what you have to offer. Brick and mortar stores are located outside of homes because that is where they are most likely to be found; although online shopping is increasing in popularity. For example, 75% of people still buy from a store they see while they are out around town.

Of course, if you have a web-based business, the idea of a brick and mortar storefront is fairly superfluous.

So in the end, the decision to run your business from home can be reached after a solid analysis of the regulations, the space you have and the space you need, and your ability to reach customers. If all of these factors are conducive to running your business from home, then it is time to make the transition!

Posted in Starting a Business | No Comments »

Achieving a Work Life Balance Wherever You Work

December 27th, 2007

Work life balance is a term often used, but a term that is often misunderstood. People change careers due to burnout, stress, and pressure. "I want to improve my work life balance" you hear them say, and then you watch the activity schedule they are on continue to go round and round and even speed up in some cases. Working from home can be a great option depending on the career or business you are in, but beware, you can have the tendency to work even more when you are your own boss.

Maybe it isn’t the job that is the problem

If someone you love and respect has uttered the "w" word (workaholic) to you, take a good look in the mirror and see if you resemble that definition. While nobody likes to think they work too much, there are worse character flaws to possess. It can be easy to blame the workload, the pressure, or the stress of the job, but often times we cause much of that stress ourselves.

It’s ok to like your work

There is nothing wrong with liking your job, in fact that is a real plus and most successful people do enjoy what they do. A lot of entrepreneurial type people start their own businesses because they are capable, driven to succeed, and are not afraid to work hard. Many times a great deal of effort is required for success, and if you don’t do it the project or deadline doesn’t get completed.

If you are your own boss, make sure you are efficient. Ensure you are taking advantage of tools and systems that will make you more efficient, but be careful these tools don’t take you over!

You may have your work life out of balance if one or more of the following are true:

* You use your electronic device at the movies or at dinner when on a "date"
* You bring work in the car to review at stoplights or when stuck in traffic
* The hours you work exceed 60
* Saturday mornings are the best time for you to "get ahead" on your work
* You check and use your electronic device in the restroom

There are many ways to improve personal efficiencies, but don’t confuse efficiency with overworking. When your electronic device becomes an electronic leash, it’s time to think about your work life balance.

Owning your own business and working from home can be great advantages that help work life balance. They also can make you work harder and have a more difficult time stopping work. Even if you have a home office the temptation to work all the time is there - catch up on a quick project here or there, make a couple calls, check email and find out there is a crisis you have to deal with, the list could go on and on.

Set boundaries on your work hours and electronic device time

Whether you work at the office, or if home is your office, make office hours and stick to them. There is always a crisis, a must do, or a critical task. Set some boundaries for yourself and stick to them. If you work from home, make sure your family knows your hours and honor those hours.

If you have an electronic device, have hours where you turn it off or make it quiet. Most models have a quiet hours option that is easy to program in. Take some time every day to "unplug". In the long run you will be more efficient if you can keep your life outside of work in balance with your work life.

Posted in Starting a Business | No Comments »

Alternative Marketing for Start Ups

December 27th, 2007

If you are a budding business, you know that in order to be successful, you must think creatively. One of the areas of your business that lends itself perfectly to this is marketing. After all, it is by nature creativity oriented/driven. This article from the Hyper Passionate Entrepreneurs blog should help get the juices flowing!

Posted in Marketing Your Business, Starting a Business | No Comments »

New Years Resolutions For Your Business

December 26th, 2007

With the holidays upon us, it is time to start thinking about how you can become a better person for the New Year. Resolutions don’t just have to be personal, though; if you are a business owner, it can be a great time to set some goals that will help your business thrive and grow for another year.

Here are some ideas for increasing your business for 2008.

* I will be more diligent with my record keeping! The number one reason why businesses don’t earn as much as they could is due to poor record keeping. The smaller the business, the more true this is. This New Year’s Eve, why not try committing yourself to a better record keeping program?

Decide to set aside one day of the week in which you will go through your receipts, both sales and business purchases, and ensure they are all recorded and filed.

* I will seek out more efficient marketing opportunities. Marketing can be a real make-or-break area for every business. Not only do you want to make sure that your marketing is reaching as large an audience as possible, but you also want to make sure that that advertising is translating into sales.

Take a look at what your marketing efforts are costing you as a percentage when measured against your sales (that should be easy enough, because you’re keeping good records now, right?!); if it’s over 20%, look for better ways to market your products and services.

* I will provide my customers with the best service possible. We are all guilty of getting a little bit lazy when it comes to customer satisfaction. After all, the products are delivered at a fair price, so what else needs to be done? Well, you should always make the extra effort to satisfy your valuable clients and customers.

After all, they are what enable you to carry on with your business. Often this can be as simple as biting your tongue and trying to fulfill even the pushiest client’s requests.

* I will take some time off! When you are running a business, it can seem like you have to be there all the time or things might go wrong - and this is even more pronounced if you are the sole employee. Still, we all need a break.

Make sure you take at least two weeks off in a row from your work; the first week is just to get yourself out of the work mindset. You will find that you will come back much more prepared to meet the demands of your business.

This New Year’s, make sure to include some resolutions that will help your business become even more prosperous in 2008. Start with our suggestions above, and then tailor some of your own, unique to your situation.

Posted in Starting a Business | No Comments »

Factors to Consider When Choosing a Franchise to Buy

December 24th, 2007

When you want to go into business for yourself, but aren’t quite sure you want to start from scratch and you can’t find an existing business that fits what you’re looking for, you might consider franchise ownership.

Purchasing a franchise involves paying an initial fee and then a percentage of profits to a franchisor. In return for your investment, you gain the use of the company’s trademark, ongoing support from the franchisor and the use the franchisor’s systems and methods of doing business including logistics, purchasing power, IT systems, and more.

Buying a franchise has several advantages over starting a business from scratch. You are buying a proven system of operation and will get training in how to use it.

Advantages of Buying a Franchise

* You are buying turnkey operation, a plug and play business
* Standardized products and systems come with the franchise
* Most franchises have standardized financial and accounting systems
* Collective buying power with all the franchisees pooling together
* Training and consulting available
* National and local advertising programs
* Most franchise corporations have ongoing research and development
* Financial assistance is available through some franchises
* You will be provided an operations manual
* Sales and marketing assistance come with your franchise fee and may include some advertising as well

Franchising is not for everyone. If you have an independent spirit and do not like to be told what to do, be careful of entering into a franchise. If you like to create and color outside the lines, a franchise may not be a good fit for you, so really check out operating policies and procedures to see what freedoms you are afforded in running your business.

Things to be aware of when buying a franchise

* Loss of control - you will need to do things as the franchise indicates
* You are entering into a binding contract
* The franchisor’s problems become your problems

Franchises are designed to help people who are new to business set up shop and run a business, and it can be very exciting. Don’t let your emotions dictate your decisions, factor the positives and negatives and make a good assessment of the best decision for you based on your situation.

Purchasing a franchise can cost as little as $3,000 and as much as $50,000, depending on the business type. There also is usually an ongoing charge or percentage of the profits, known as a royalty fee. These are variable and the amount will depend on the franchise ownership. These costs are in addition to the many other business costs you will have such as:

* Facility/Location
* Equipment
* Signs
* Opening Inventory
* Working Capital
* Advertising Fees

According to the FTC’s Franchise Rule, put into effect October 21, 1979, franchisors are required to provide a full disclosure of the information a prospective franchisee needs in order to make a rational decision about whether or not to purchase the franchise. The timeline for the disclosure is the first personal contact and must end at least 10 days prior to any money changing hands.

The purpose of the rule is to have a cooling off period so the buyer has time to rationally think about the options before them without any high pressure sales tactics. You can visit the FTC’s Franchise and Business website to find out more about the Franchise Rule.

Franchises can be a very rewarding purchase and an excellent investment if you are of the right personality and purchase the right type of franchise. As always, make sure you consult with your accountant and attorney prior to entering into any agreements regarding your business.

Posted in Starting a Business | No Comments »

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The goWholesale Blog

Are you a workaholic?

Management resource

SBA program for women biz owners drags on, incites protest

Top 12 Books for Online Entrepreneurs

New Ebay Radio Site

Determining if Your Business Can be Run from Home

Achieving a Work Life Balance Wherever You Work

Alternative Marketing for Start Ups

New Years Resolutions For Your Business

Factors to Consider When Choosing a Franchise to Buy

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