My business assignment was to create a fictional ad. I made this using Canva.com (an awesome website). Please note that this is a fictional ad and any reference to real services/places is completely unintended and coincidental.
*This is a completely fictional ad. All references to real services/places is completely unintended and coincidental.
The world of business is a huge world. It can really be anything you want. Without business, we wouldn’t have anything. From the business deal between a farmer and a grocery store for the milk you buy, to a website you got from a graphic designer, all areas involve some form of business.
Over the last few weeks, my business class has gone over several business opportunities. From service-based businesses such as car-washing to being an insurance agent, to online business opportunities such as copy-writing, blogging, graphic design and publishing, the possibilities are endless, really.
It is very hard to choose just one of them as something I would like to do, but I have picked two that kind of go together. These are photography and videography. Continue reading “Business Opportunities”
Cash accounting is the simplest form of accounting and is typically used by small, sole proprietorship businesses. With cash accounting, all expenses, income, etc… gets recorded whenever the cash (or form of payment) transfers hands.
For businesses with over $5 million in revenue, corporations, and inventory-based businesses, accrual accounting is better to use. Accrual accounting notes the expense/income at the time the transaction occurs. For example, if the company sells a TV for $600 in May, but doesn’t receive the payment till the next month, through accrual accounting, their books will show a $600 revenue for May, even though the payment wasn’t received till June. With cash accounting, the books would have recorded an income of $600 in June, and nothing in May.
Especially when the company is based on inventory, accrual accounting is preferred. If you have a small service-based company, it’s just fine to record the revenue at the time the customer pays for the service. However, if you have 2,000 TVs sitting there, and 1,300 of them sold, but won’t be payed till next month, you want the revenue of those 1,300 TVs to be recorded as that month’s income, not the next’s.
Therefore it depends on the type and size of the business as to which type of accounting to use.
Harry Browne’s secret to selling anything is “Find out what the customer wants and help him get it.” In this way you are actually selling something they want rather than forcing it upon them. Who wants an obnoxious, in-your-face salesman telling you about something utterly irrelevant to your life anyway? There are five steps, according to Harry Browne, that help you to make a successful sale.
#1: Discover what the customer wants. You must find out what he wants. Maybe you’re not selling something he wants, in which case, don’t waste your time. Sell to someone who wants what you have to offer.
#2: Summarize the motivation. Once you know what the customer wants, find out why he wants it. Does he want a new car because his old one broke? Because his child needs one? Because he simply desires another car? Then summarize this in a sentence, telling him, to make sure that you know exactly what he wants and why. Continue reading “Harry Browne’s 5 Steps”
What is a franchise? Well, some of the most popular ones, and most common, are fast food places, such as McDonald’s and Wendy’s. Other’s such as Lowe’s, Best Buy, Target and Costco sell home goods and such.
All the above stores have one thing in common: each store is part of a larger franchise that has many “sub-stores”. So, whether it’s located in Kansas, or here in Montana, Target has the same logo, the same red letters, the same products.
You can decide to start a franchise branch. Let’s say you decide to open a new Lowe’s in your city. You then talk to Lowe’s, the corporation, and they help you. You don’t have any risk at all, because they help you plan your location, Continue reading “Franchise vs. Independent”
My assignment was to write about how the three areas of business relate to a business in my town. I am instead going to write about how the three areas apply to my own business.
For all of you out there who may not know what my business is, I make jewelry and sell it. I have been making jewelry since I was eight, but never really got to sell it because what I called pretty back then was not exactly someone else’s version of “pretty.” Anyway, about six months ago, I started a website for selling my jewelry and I would also sell at my local farmer’s market. It has been going fairly well, but I need to expand. I am working on getting my jewelry into stores and doing more online marketing. So, this is my website, www.myriamswesternjewelry.com, and I also have Pinterest (please, follow and share!), www.pinterest.com/mtgirl16.
Well, now back to the business at hand. Continue reading “The 3 Areas of Business”