Business Transactions

What is the difference between Ralph Lauren and Jenny Craig? Yes, one is a clothing and accessories line and the other centers on nutrition and weight loss. But more importantly, Ralph Lauren diversified its income stream by using licenses; Jenny Craig did so through franchises. With proper planning, small businesses can use licenses and franchises […]

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Many thanks to Matt Bacak for pointing out two important aspects of evaluating a business partnership opportunity — things that many entrepreneurs overlook: First, If you are looking to establish a business partnership or seeking out a business opportunity, we all know how important it is to look at how much money you are going […]

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Post image for Have Your Collections Policy Ready

If you don’t want to get stiffed, know ahead of time how you plan to collect on overdue receivables. In any economy, there’s only one thing worse than not having work to do. That’s spending the time and effort to do the work . . . and still not getting paid. Frankly, I’d rather be sitting around […]

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Satisfied customers don’t grow on trees, ripe for the picking.  Yet without them, your company is doomed.  Most businesses models rely on repeat customers, customer referrals, or at least, the credibility of satisfied customer testimonials.  If you want your business to succeed and grow, it must attract and satisfy customers. Repeatedly. Seems pretty straightforward, but […]

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Naomi’s t-shirt business, Chic Couture, has blossomed, and her inventory has outgrown all possible nooks and crannies in her studio apartment. Ned writes website copy for corporate clients, and, with gym socks all over the floor, there’s no way he want to meet with them in his studio apartment. Noreen wants to start a dance […]

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The first time it happened, I was shocked.  (Okay–naïve too, but shocked).  “What did I do wrong?” I wondered. “Wasn’t the client happy with the service I provided? After all, I swooped in, saved the day, and got them their pound of flesh. What’s going on?” It happened to me several times despite my best […]

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Moving from home office to commercial space is a big leap in the life of a small business. The obligations you take on in a commercial lease can become your largest single monthly expense…and your largest single exposure to risk. Patricia found this out the hard way. Her fragrance and cosmetics business was growing. As […]

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Post image for Doing Business with Nonprofits: Part 2

There’s more to doing business with your nonprofit organization than just the disclosure required for “interested transactions” and avoiding a conflict of interest when making decisions on the organization’s behalf. As a board member, your status is similar to a trustee. The organization’s money is not yours to spend as you please. You are a […]

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Post image for Doing Business with a Nonprofit Organization When You’re on the Board

A common suggestion for effective networking is “Get involved.” So we join organizations and nonprofit groups with the hope that, as we serve in a leadership capacity, we are also piquing the interest of others who might want to use our services–or be willing to refer us to others who do. When the opportunity does […]

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Picture this: You’re sitting at your favorite watering hole with a gal pal (or guy friend) and are totally charged because you came up with an a-m-a-z-i-n-g new idea for a product. So amazing you cannot believe it. It fills a void in the market, it’s easy to ramp up, your brain is already brimming […]

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