As a business owner, you live for the thrill of being your own boss and controlling your own destiny. And as a parent, you can’t help but wonder whether your …
Globalization is the process of worldwide efforts towards integrating world views, products, ideas, and other economic activity on an international scale. Developments in transportation, communications, and trade are major factors in globalization. Through this process, different aspects of a business can be spread throughout the world by outsourcing jobs and operations to other countries. The development of globalization has encouraged the reduction of tariffs, quotas, and trade regulation, allowing for a more free-trade market where money, jobs, information, and goods move across borders easily. Globalization affects and is affected by businesses and the environment. Management needs to be aware of global issues and how they will affect business overall. An Italian restaurant in Philadelphia is an example of a business that could be impacted by certain aspects of Globalization. In a culturally rich area with the ability to import goods, operations can easily be affected by economic, political, and social changes.
An example of a global issue that could impact business is tariffs. Tariffs are taxes on imports and exports. Having a current president who is not very big on free trade, tariffs are quite relevant in today’s business world. A business like an Italian restaurant relies heavily on free trade to ensure lower tariffs. For a small, private restaurant owner, it would be ideal to keep the establishment as authentic as possible for customers, which may require importing certain goods straight from Italy. If Italy were to raise tariffs, that could cause a decrease in the business’s profit margin by increasing costs of imported goods. This could result in the need to get rid of employees, which would ultimately cause a decline in production.
Exchange rates are an example of another global issue that would affect an Italian restaurant. Exchange rates let businesses determine how much of one currency can be exchanged for another. Italy’s form of currency is the euro. If the value of the euro were depreciated, it would make Italian exports cheaper, making it easier for an Italian restaurant to purchase authentic ingredients. By purchasing authentic ingredients, the restaurant would become more marketable and attract more customers.
The price of oil is another relevant factor of globalization that would negatively impact an Italian restaurant in Philadelphia. The cost of transportation fluctuates daily because of changing markets, economies, and crude oil costs. During the past few decades, oil prices have fluctuated substantially. When oil prices are on a decline, it encourages the importation of goods from foreign countries like Italy. Subsequently, if oil prices rise, this would make importing from Italy more expensive, which could cause management to seek local distributors. Overall, costs go up. Also, no longer offering authentic Italian ingredients could harm the reputation of the restaurant. Aside from importing, the increase in oil prices would be a disincentive to travel to the restaurant in Philadelphia for those who do not live in the area.
Immigration Is vital to the restaurant industry because many workers in food service are immigrants. The business community is in favor of immigration reform for obvious reasons. Immigrants work for lower wages which is attractive to restaurant managers. They do not require benefits for the most part and are generally hard workers. Our current political climate is not supportive of immigration. If our country were to enact harsher immigration laws, the restaurant could be forced to hire domestic workers at a higher cost.
Many advocates of globalization argue that it makes markets more competitive which causes companies to be more sensitive of consumers. Critics may argue that globalization encourages organizations to make some unethical decisions like exploiting people to labor pools that are not protected by fair pay and fair labor standards. Nonetheless, globalization has a significant effect on businesses. In the case of a very small, niche business, globalization may be more harmful than helpful. Although it aids in gathering items to increase the authenticity of the restaurant, globalization has created many more risk factors for a local firm that does not operate on a global scale. Globalization benefits the free-trade global economy that is supported by many businesses that have an Internet presence and cater to multiple nations; however, it poses a threat to the local food industry in many ways. The fluctuation in immigration influenced by the political climate, changes in trade regulations, and the ever-changing cost of transporting goods create a risk to operate on such a small scale. With many changes occurring in the United States and in the global economy, businesses must be ready and flexible enough to make changes.
Are you looking to become a guitar reseller or open a guitar store?
I can tell you from experience that selling guitars is a fun and rewarding business to pursue. I love meeting musicians, helping to spread the music, and frankly, I just love being around guitars. Here are a few things to keep in mind if you’re learning how to sell guitars:
The first thing to keep in mind when selling anything in large quantities is business licensing and taxes. First, make sure you keep a record of everything you’ve sold. When it comes time to pay taxes, you’ll need to know the exact nature of the business you’ve done. One of the biggest worries with a start-up reselling business is getting audited by the IRS. In the event of an audit, the more information you can provide the better. As you begin to make a modest profit from reselling, make sure to set money aside for taxes. In many states, the buyer is required to pay sales tax for each transaction, and it’s the seller’s responsibility to set this money aside at the time of the transaction.
You will also need to obtain a business license. These are easy to acquire in most states for a small fee. In many states, a reseller business license will come with a Reseller Permit, with which one is able to purchase in bulk without having to pay a state sales tax. If you start selling a lot of guitars, such as more than 5 per month, then you should seriously consider obtaining a business license. Along with helping your business to be more accountable, it often earns you special rights and tax breaks that will help your business grow.
Finding Your Niche
There are many ways to sell guitars. Websites like Craigslist and eBay are great places to sell guitars, but they often have plenty of competition. Depending on where you’re located, Craigslist might be a great way to spread the word locally. There are many people who are good at repairing, modifying, or parting out guitars (taking them apart and selling the parts separately). Your “niche” will depend partially on your location, but mainly it will depend on your passion. If you love talking to people in a private setting, Craigslist might be your best bet. If you love tinkering with and parting out guitars, you could consider selling parts on eBay, or to a local music shop. If you love the idea of opening up a storefront, or augmenting one you may already own with some quality guitars, maybe you’re meant to be a guitar salesman. If you don’t know which method will work best for you, it can never hurt to try things out. You’ll never know if you don’t try!
Opening a Guitar Store
Opening a guitar store can be a huge challenge, but it can also be very rewarding. With the recent interest in the internet and online retail, many guitar shops are going out of business. Guitar Center and Musician’s Friend, two of the top guitar stores in the country, have grown so large that it’s often nearly impossible to compete with them directly. That doesn’t mean that it’s not possible. When opening a guitar store, make sure you’re offering a completely unique service. Whether your store has the perfect location, selection, staff, or pricing, it’s imperative that your store has the perfect something. We are living in troubling economic times, but that doesn’t mean that stores are closing for no reason. It simply means that, as the times change and technology evolves, so does the public demand for services. One must look at their business and be able to clearly see the areas in which they excel. Find out what makes (or could make) your guitar store great, and keep it up. Publicize your specialty, let everyone know what it is you do and why you’re the best for them.
As I said before, there are many ways to sell guitars. One of the best things you can do when creating your guitar business is to think outside the box and be creative. With enough creativity, you can create a whole new way to do business and thus create a whole new market. Regardless of the state of the economy, consumers will always pay for something great, something they believe in. Your customers are people, and they get excited about new things. People love having fun, and they love watching things improve and being a part of the future. It’s important to realize that your ideal guitar business model might be something that’s never been done before, but also something that there’s a huge demand for. Write a list of all the ways that you could sell guitars, then keep going, keep writing. No idea is too crazy. Creative businesses are the way of the future, and there’s nothing stopping you from creating the top guitar business in the world.
Shop for Discount/Wholesale Guitars in Bulk
You may have a pretty good idea of what your guitar business will look like and how you will start it up. Now you need the product, and you need it at the right price. How do the big guitar companies do it? Sometimes they have invested millions of dollars in their relationships with major manufacturers, ensuring that they get the best exclusive deal on all the goods. Most of the time, they just have a smart business model. It’s easy to get tons of musical equipment to sell, you just have to follow some strict rules, and pay top dollar. Many stores sell new, name brand equipment, and make 0% profit. The new equipment is just a way to get people in the door, and all of the profit is made from selling used equipment. This is just an example, but you should keep in mind that some products are made to attract customers, while others are made to give you the profits you’re looking for.
Working With Manufacturers
If you plan on selling refurbished guitars, sometimes it’s a great idea to supplement your inventory with new guitars directly from the manufacturers. Sometimes these guitars can be very difficult to acquire, and even more difficult to make a profit from, but they can definitely help get you some foot traffic (or internet traffic). Most manufacturers are more than willing to let you sell their products, assuming you follow their strict guidelines. For example, most will require you to have a storefront (which can’t be too close to another authorized dealer), sell a certain amount of guitars per month, purchase a large amount of their products up front (often you will not be able to choose which guitars to purchase), and charge no less than the price they determine. For a small business, it can be rough. But if you know what you’re getting into, working with manufacturers can be a great way to increase your business. If someone buys a new guitar from you, they’re more likely to come back for another. If someone walks in your door to buy a new guitar, they might be open to getting a refurbished one instead. The more business the better, as long as you can meet all the requirements.
As a blogger or Internet entrepreneur, you need traffic. If you are unfamiliar with the term, it simply means people going to your website or blog. Just like all of the people you encounter in their vehicles when you are driving to work constitute real world vehicular traffic, everyone surfing the web at any given time is a part of Internet traffic.
There are two ways to get traffic to your site.
- 1) You pay for traffic.
- 2) You get traffic for free.
Paid traffic is a smart part of a serious online entrepreneur’s marketing plan. You control every aspect of traffic when you pay for it. Ad campaigns with Google, YouTube, Amazon and Facebook make it possible to laser-target your advertising to the exact demographics you want to reach.
However, paid traffic can cost you a lot of money, delivering little to no results, if you don’t know what you are doing.
Even if you do eventually develop a successful paid traffic marketing plan, it doesn’t happen overnight. You have to pump a lot of revenue into buying traffic each and every day, spend your time and testing and retesting, and there are no guarantees that you will get the results you’re looking for.
The “Sexiest” Thing About Free Traffic
If you think the reference to free traffic as being “sexy” is a little overboard, you are incorrect. Free traffic is beautiful, sexy, attractive and desirable. Why is this so? The answer is simple… because it’s FREE!
In many cases this doesn’t just mean being free financially. A lot of methods you are about to learn require a little bit of your time on the front end, but then they just continue to deliver free, targeted traffic to your site or blog with little to no upkeep on your part.
Other methods will require regular input by you, but since your financial outlay is zero, and the Internet never sleeps, you can employ these free traffic methods anytime of the night or day, whenever you have a few minutes or hours of spare time.
Some of the free traffic sources are:
Start Building a List
You absolutely, positively must be building a list. This is true if your business is off-line or on, and technology makes it easy to do so when you have a blog or website. To build your list you need a freebie – Lists of resources work well here. A short PDF that answers one big problem your audience has is another winner.
Social media can provide a lot of free traffic. However, there are so many worthwhile social media websites out there, you have to be careful not to spend the bulk of your time chasing this low-converting traffic. Regardless what social media “gurus” will tell you, the return on your time investment trying to get people from Facebook, Twitter, Pinterest and LinkedIn back to your website to join your list is not very high.
People go to social media sites to hang out. They are socializing. Make sure you approach them in a social manner. Don’t ever attempt to sell on Facebook or the other social media sites.
The Best Times to Post on Social Media
HubSpot studied tens of thousands of posts and updates on Facebook, LinkedIn, Twitter and other social media sites. They discovered the best possible times for you to engage your audience. Those times are listed below (as of June 2016).
- 3 o’clock to 4:00 PM on Wednesdays
- 1 o’clock to 4:00 PM on Thursdays and Fridays
- Noon to 1 o’clock PM on Saturdays and Sundays
- Noon to 3:00 PM on Mondays through Fridays
- 5 o’clock to 6:00 PM on Wednesdays
- 7:30 o’clock to 8:30 o’clock a.m., noon, and 5 o’clock to 6:00 PM on Tuesdays, Wednesdays and Thursdays
- 10 o’clock to 11:00 o’clock AM on Tuesdays
- Evening hours every day
- 2 o’clock to 4:00 o’clock AM every day
- 5:00 PM on Fridays
- 8 o’clock to 11:00 o’clock PM on Saturdays
Anytime between Monday and Thursday, avoiding 3:00 o’clock to 4:00 o’clock PM
* Understand that multiple factors will influence whether your content is shared, liked, commented on and develops engagement. However, if you stick to the times just mentioned, you give yourself the best possible chance of driving a lot of free traffic to your blog or website.
In late 2015 mobile searches passed desktop searches on the Internet. Experts say that now (in 2017) more than 60% of all web searches are on mobile devices. This means several things. First off, most people are searching from their smart phones. This display is tiny compared to your laptop, your desktop and even your tablet
Build A Mobile Application: Don’t worry; you don’t need to be a web designer or app developer. You can head over to Fiverr.com or UpWork and have a freelancer create a mobile application for your business inexpensively. This can be as simple as a checklist or list of resources, or some other helpful piece of information.
You are probably groaning at the 3 letter acronym SEO. In case you don’t know, that stands for search engine optimization. This means making your website, content and webpages attractive to Google and the other search engines. If you have fallen prey to so-called experts that promised to deliver search engine rankings by offering their SEO services, it is understood that search engine optimization is a topic you would like to avoid.
Guest blogging doesn’t provide the big traffic boost that it used to. However, it is still a great way to reach a large audience. Contact the owners of the biggest blogs relevant to your niche or market. Offer to write an original, high-value blog post for their site. In return you ask for a link back to your website.
Answer Questions on Q and A Websites
There are sites which allow web surfers to post questions about anything and everything. Online marketers like yourself answer those questions, and the question that gets the most positive feedback is chosen as the top answer.
Start a Podcast
This may seem daunting at first. However, all you really need to start a podcast is a decent microphone and a computer. Odds are you have a blog. There is a pretty good chance that your competitor has a website or blog as well. On the other hand, podcasts are few and far between, which makes them the perfect free traffic source that sets you apart from your competition.
If you’ve been thinking of opening a wedding invitation business, let me just say, “Do It!” It’s very easy to do and, depending on which way you decide to go with your business, the start up cost can be as little as a few hundred dollars.
There are three types of wedding invitation businesses. The first type, where you work as a manufacturer’s representative, is probably the least expensive in terms of start up costs, and also probably the easiest way to get into the business, especially if you’ve never had your own business before.
In this business model, you simply sell the manufacturer’s ready made cards, you act as their representative in your area. They provide you with samples and order forms, and there’s usually some type of training or support system in place to help you when you have questions. Although there may be some small investment required to get sample books from the manufacturers, you don’t have to invest in any stock or supplies with this method.
If you’ve never sold wedding invitations before, this is a good way to start. All the work is done for you. The invitations are already printed and packaged, the order forms are already created and the pricing is already set by the manufacturer. All you have to do is sell the invitations and you earn a commission for each sale from the manufacturer. This way, you can concentrate on learning how to run a business, and the ins and outs of selling wedding invitations, without investing any of your own money.
Another option you have is to sell Bespoke. These are invitations that you create yourself from card stock, pretty papers and embellishments like ribbons and pearls and flowers. This type of invitation business requires the largest investment of time and money, usually $1000 to $3000, but also has the largest profits because you can set your own prices. And if you’re the artistic type, you’re creations can command a very pretty penny. This business model, though, requires that you have more than a basic understanding of business because, since you’ll be making the invitations yourself, you’ll have to know how to control your costs and how much mark up to include in order to make your business run profitably.
The third type of wedding invitation business, which is the best method in my opinion, is the combined business. In this case, you sell sell pre-made blank wedding invitations and stationery, that you get from a supplier, and you finish it off on your home computer. With this method, you’re not working for a manufacturer, you’re purchasing the blank invitations from a supplier. The cards are already decorated on the outside, all you have to do is print inserts for the invitations and other assorted cards, and then put the inserts inside the invitations.
Opening a wedding invitation business that concentrates on selling the combined invitations is really the best way to go because you have very little initial investment, only the few blank cards that you want to start off carrying, and you get to set your own prices. While not quite as profitable as selling Bespoke, this method is more profitable than if you were a manufacturer’s agent.
Well, it’s back to school for almost everyone by now – and this means there’s a small window of opportunity for you to market to all the teachers in your local school district.
You may be wondering, “What opportunity might that be, Chris?”
Let me explain. I have just the right chiropractic marketing idea to help you out. Let’s make sure you finish 2010 strong and quite possibly help you, help more people and make more money this last quarter than you did in the previous three quarters of the year combined!! For some of you…this is a strong possibility (especially if you really struggled most of this year).
For the rest of you, this program I’m about to share with you could easily add an additional $10K-15K per month to your income!! How sweet is that?
So, what what chiropractic marketing strategy has a “small window of opportunity” and can easily make you and additional $10K-$15K per month additional income?
(Drum Roll Please)
…Teacher Appreciation Programs! Hosting a Teacher Appreciation Program in your local schools can literally turn your practice into a round-the-clock money making machine and allow you to make a huge difference in the health and wellbeing of the teachers in your school district.
You see, throughout the months of April and May this year we approached our local school districts and got permission to visit all the schools in our area. We talked with the different Principles at each school about hosting a Teacher Appreciation Program, where we would “pamper” the teachers for the day.
It was a hit!!!…a real Home Run!!..as a matter of fact, it was such a success that we talked with the schools again last week about providing the same program this year and we already have 5 schools scheduled…all within the next 30 days!
You see, originally back in April when we first approached the schools and explained the details of the program to the different Principles they all just “had to get us scheduled, immediately.”…I’ve never seen such open arms! It was Great!!!…and it was really easy.
So we decided to approach them again this year…especially since they loved us so much already.
We scheduled 17 New Patients at our first Teacher Appreciation Program last April, of which 15 got started with care!! Our second Teacher Appreciation Program netted even better results! We came into contact with 25 teachers, 21 scheduled appointments and 20 of those teachers started care in our office!!!
I just wish we would have thought of this idea sooner…we could have cleaned house all year long. lol
You see, most teachers have great insurance, so the chances of them starting care extremely high!!! Yes, you can expect high conversions rates when you host a program like this….plus the “quality” of the new patients is superb!
Just to give you an idea of what this translates too, I’ll share the exact numbers with you.
In our school district, the teachers all have a $1500 yearly max benefit. Their out of pocket cost in our office was $400 each.
The total we collected on each teacher was $1900.
If you take $1900 X the 35 teachers that got started with care…we made a cool $66,500 from just two Teacher Appreciation Programs…and that’s not including what we did from referral marketing and the other forms of marketing we do…yes, it was a good summer.
I share this with you not to make it all about making money, to brag, or to make it sound like I’m better than you (because I’m not)…and in no way shape or form am I even implying that. I share it with you because this is one marketing strategy that you cannot fail at!…and I want you to do one of these programs so you can be extremely profitable too!
However, there is an upside and a downside to a marketing strategy like this.
The Upside: The great thing about a chiropractic marketing strategy like this is that once you get into a school, you can go back to that school over and over again, all year long if you want to! Some schools have as many as 80-100 teachers (not including the staff)…and you’ll usually only be able to reach a maximum of 25 teachers per Appreciation Program…which means you can go back 2-3-4 times before you reach “ALL” the teachers. (and the schools will want you to come back because they won’t want any of their teachers to miss out…as a matter of fact, the teachers will actually beg the school principle to bring you back again)…and you can expect to schedule a least 80% of those teachers as patients.
The Downside: The downside is this…most schools will only allow 1 chiropractic office per district to do these programs…which means if you don’t jump on this immediately, some other chiropractor in your area will, and you’ll be left standing in the cold, wondering “Why didn’t I act sooner?”
This stuff works, it’s low cost, it’s highly profitable and it’s easy to do!