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Your Business Website: How To Do It Right (Part 2 of 2)

June 18, 2012 by CarlosV Leave a Comment

In the previous article on this series, I mentioned about some of the benefits your business can derive by having a website. You can reap those benefits if you know how to do it right.

However, not all entrepreneurs are technology savvy. Some of them have only a basic understanding of the Internet technology and how to take advantage of this. If you belong to this group, you need not worry. This website is created for business owners just like you who want to learn how to utilize the Internet and related technologies and who don’t want to be bothered by the lesser important details.

It’s true that technology is getting more and more complicated as it advances forward. On the other hand, companies that offer high-tech products and services to their clients are also striving to make it as simple to use and possible for users to be able to adopt and take full advantage of the features and benefits. I’m not sure if you have observed it, but most tech products that thrive in the marketplace are those that are also the most user-friendly even your non-techie grandma can use. Building a basic website is about the same: it’s becoming simpler than ever. Given the right tools and with proper guidance, you can be up to speed in no time.

I believe that there are only three primary skills you need to have for you to be able to utilize these Internet-related technologies into your business. These skills are the following:

  1. Using Email.
  2. Using Desktop Applications.
  3. Ability to Read English.

That’s it. Once you have developed those skills, you are in a position to follow what we are about to show you here. That is, how to develop your business website and how to do it right.

Note: You don’t have to do the actual website building yourself. You can hire other professionals to do it for you or you can buy those off-the-shelf packages. I believe that as a business owner, you should only focus on the core competencies of your business, and leave the nitty-gritty stuff to other people.

So ready? Read the rest of the topic.

What You Need To Get Started

The first two items are a little bit technical, but they are easy to understand. It’s important to remember that you should be the one to buy, control and manage these two important resources. We’ll have more of that in other articles, but right now you all you need is a short introduction to know what they are. The third item is the simplest and easiest to understand.

1. A domain name. It’s the one that appears on the Browser’s Address box as http://www.yourdomain.com. This is your online identity, your address in cyberspace, your single most important online resource.

It’s your name. How good does it sound?

Like your business name, your domain name should also be sticky: Easy to remember and hard to forget.

2. A Web Hosting Account. Remember disk drives, USD flash drive and DVDs? They are digital devices that you primarily use to store files. A web hosting account is a lot like those file storage devices, but it’s actually a whole lot of package which includes, a database server, web server, lot of software, and more. You access it over the Internet and located in a place called the data center, which your web host provider maintains. When it comes to web hosting, you need to get it from a reliable company. You can’t afford a down time.

3. Text, Graphics, Audios and Videos. From your visitors’ point of view, these are the stuff that they see, read or hear. Once assembled together, it’s the doorway to your online business. It’s your chance to make an impression. Make every page count.

Web Pages That Count

Business Website Guide

Your Online Business: Do It Right The First Time

Your actual website should contain as many text and informative articles as possible. But for a start, the following pages should be considered as essential:

  • Home Page – When people visit you from your URL, say www.yourbusiness.com, the home page is very page that they see. Otherwise called as the main page, it should provide links to the most important pages on the website.
  • About – This section should have the essential info about your business or your organization. Highlight the following: Company Background and History, Management Team, Vision and Mission Statement, etc.
  • Products And Services – What do you have to offer? Put them here and make this module very accessible from the main navigation.
  • Contact – Put your contact information here. Email Address or Contact Form, Physical Office Address with Map, Phone and Fax numbers are among the most important information visitors will be looking for.
  • Blog – Blogging is not just for kids who are ranting about everything there is to rant. It’s an effective way of giving your faceless company some form of personality. Here’s a two-way communication medium between you and the customer.

Common Sense Web Design Tips

In closing, I’d like to share two timeless web design tips that you can implement anytime.

First, keep it simple. Make it easy for your visitors to navigate your contents. The website is not a showcase of the graphical abilities of the designer. It is a means of delivering your message across. Your important pages should be accessible from any page of your website. Remember to put your audience first. Give them what they are looking. Your website is not for you to visit every day. It’s for your visitors so they can do business with you. Observe that the most popular websites also have the simplest designs.

Finally, make it fast. Avoid fancy graphics and flash animations like you would a contagious disease. I know and I regret it that most website owners love to have kinds of flashy stuff. Do you really think your visitors are there on your website so they can be entertained by your flash animations and to watch your photos? Think about it.

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Filed Under: Business How-To, Going Online, Tech On Business Tagged With: Online Business, Website

Your Business Website: How To Do It Right (Part 1 of 2)

June 15, 2012 by CarlosV 2 Comments

During the Internet Boom one of the most hard-to-forget marketing pitches I’ve ever come across went like this: “If your business is not in the Internet, your business will soon be out of business.” The message, of course, is over-exaggerated, but it is an invitation for businesses to go online and claim their respective spot in virtual space by putting up a website. Essentially, the message is saying, “get your website now before the competitor gets there first.”

build a website or online business

Building a website can be fun.

Here’s my take: The part where it says, “being out of business if you’re not online”, that’s not true at all. From the period covering of the dot-coms-turned-dot-gones to the when everyone was talking about Web 2.0 (whatever that means) and until now when mobile apps are the “in things”, there are businesses which never had an online presence. Quite surprisingly here in the Philippines, a good number of these businesses are doing just fine and some are remarkably thriving even without having their own websites. What I’m trying to say is, if you are a business owner, you don’t have to jump to the Internet-bandwagon. In fact you should NOT get a website under the following circumstances:

  1. If it’s not essential to the operations of your business
  2. If it can’t bring in the money to your business.
  3. If you can’t do it right.

I can’t help you with the first item. You have to figure it out for yourself.

NegosyoBuilder.com is here to help you with the second item. So I’d like to invite you to subscribe to our email list (thanks to Google Feedburner) or like us on Facebook or connect with us on Google+.

This article is intended to address the third item. When it comes to your online business, your attitude should be: “Do it right, OR don’t do it at all.”

Read the rest of the material if you want to have a business website and do it right.

The Benefits of Having A Website

First, let’s put things in proper order. It’s always good to have an attitude that goes like this: “A website? What’s in it for my business?

It’s good that you ask. But, you should also ask why you are in business in the first place.

Here’s how your business benefits by taking your dose of online multi-vitamins:

1. It’s good for your image. Your website serves as an electronic equivalent of your printed brochures and people can view them anytime, anywhere. It means you are keeping up with times and you are at pace with technology. It reinforces your reputation and enhances your credibility.

2. It makes you visible. A business is no good if your customers and clients can’t find you. Having a website is like passing out your business card to several people. And since most website visitors come to a website through search engines, it would be good if you rank high in Web search results.

3. It communicates your message. A website can be a powerful and cost-effective communication tool. You can send out updates, good news, special promotions, product introductions, and similar information to your target audience.

4. It’s a feedback tool. You can hear from your customers and how they feel about your business.

5. It makes you money. Depending on how good you are at turning site visitors into paying customers, your website indeed can positively affect your bottom-line. If you believe that your business can make you rich, your website only makes it a little bit easier.

We’re only talking about a simple website here. Bear in mind that not all websites are created equal. Some have a lot of advanced features like those e-commerce websites that accept online payments, or those from the banks that allow you to perform Internet Banking 24/7.

Stay tuned for part 2 where we discuss main ingredients you need to prepare so you can have a killer website.

Update: Part 2 of this series of articles is now ready. Click here to read it.

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Filed Under: Business How-To, Going Online, Tech On Business Tagged With: Online Business, Website

PayPal For Business: What Every Entrepreneur In The Philippines Should Know

June 13, 2012 by CarlosV 11 Comments

If you are a Filipino Entrepreneur and you want to learn about PayPal and how essential it is in our business, you have come to the right place.

Let me introduce to you… PayPal Philippines. This article is presented in a form of Question-And-Answer, where I ask myself, and then I answer my own question. 🙂

Ready? Here we go.

What Is PayPal?

Quite simply, PayPal is an online payment solution that allows you to securely send and receive money over the Internet. You can think of it as a virtual Credit Card machine that sits next to the point-of-sale terminal, but minus the cute cashier and without the actual card swiping action. The widespread acceptance of PayPay all over the world makes it advantageous if you have a global operation or your business is operating 24/7.

Naturally, it fits well with businesses that have their own websites. But having a website is not even necessary for you to receive money. All you ever need to accept online payment via PayPal is an email address – not a website. That is, you can simply direct your paying client or customer to your account on the PayPal.com website and PayPal will take care of the rest.

Of course, there are other alternative online payment solutions available like 2Checkout, Authorize.net, iTransact and Google Checkout. But the primary advantage of PayPal is that it has a large number of user-base worldwide. It is available in more than 190 countries around the globe. And it is very popular here in the Philippines, particularly to the young generation of Internet users. Moreover, it has gained the respect of top calibre online businesses and it is the preferred method of payment on EBay.

Can I Accept Credit Card Payments with My PayPal Account?

PayPal is meant for that kind of business transaction.

It is a payment gateway that allows you to accept online payments from people using their credit cards, debit cards or their own PayPal Accounts.

What Are the Benefits of Using PayPal?

PayPal For Business in the Philippines

Power Your Online Business with PayPal

Aside from the ones already mentioned above, here are the reasons why you should use PayPal:

  1. PayPal is very secure. Their website says Paypal “uses the latest anti-fraud technology.”
  2. PayPal hides your financial information. If you have ever used your credit card to purchase online, you remember that they require you to provide at least three things: your card number, your name, and the Card Security Code. That exposes you to a potential credit card fraud especially if the website saves your financial data in its database. With PayPal, you only provide your PayPal credentials using your email address and your account password, nothing more.
  3. PayPal for Money Transfers. You can use it for money transfers and remittances to the Philippines, within the country, or anywhere in the world.
  4. Paypal supports multiple currencies. PayPal has a built-in Forex System that allows you to do business transactions using multiple currencies including our very own Philippine Peso and the ever mighty and universally accepted US Dollar.

What Is PayPal Account For Business?

There are three types of PayPal accounts, namely: Personal, Premier and Business.

If you are to use PayPal for business transactions, it is only appropriate to get the Business Account since it has special features that are not available on the simple Personal Account (individual shopper) or Premier Account (individual, non-business, occasional seller).

I Want To Set Up A PayPal Account. What Are The Requirements?

There are four things you need to have.

  1. An Email Address. Make sure you are using this one for business only. You don’t want to mess this up with your personal email account, newsletter subscriptions and things like that.
  2. A Bank Account. It can either be a Savings Account or a Checking Account (sometime called Current Account) preferably in the local Philippine Currency and in name of the business. This is needed so you can withdraw your money from PayPal and deposit it to your bank account. I would recommend getting one where Internet Banking is allowed.
  3. PayPal Bank Code. This is a Numerical Code assigned by PayPal to identify your bank. You can get this one from your bank or from this website. (See further explanation below.)
  4. A Credit Card or Debit Card. Get this one from a credit card company or check out with your favourite bank. I recommend that you use a credit card here. That would provide an added security on your part.

Special Note: A lot of local bankers in the Philippine are not even aware of PayPal. Don’t be surprised if they give you a blank stare when you ask about setting up a PayPal Account using your account with them.

The easiest way to tell if PayPal has a tie-up with a particular bank in the Philippines is to check its respective Bank Code from this URL:

http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html

That is the official website of eBay Philippines; PayPal is an eBay Company. That is the most reliable source there is. Don’t ever get it from any other websites.

I Want To Sign Up Now, Tell Me How

Remember to sign up for a Business Account. Click here to reach the sign up page from the website.

Alternatively, you can click on the image shown below.

Sign up for PayPal and start accepting credit card payments instantly.

Again, it’s for your business so get the Business Account.

If you should first try to get an account for personal use, I would recommend that you sign up for the Premier Account instead of the Personal Account. Who knows? You might have some stuff you want to sell personally so you can test your new-found PayPal Powers. 🙂

This article is intended to provide you with the essential information about PayPal as it relates to your business. As an entrepreneur, this is one of those important things you have to be aware of.

Hopefully, this article gets you up to speed already with PayPal.

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Filed Under: Going Online, Tech On Business Tagged With: Credit Card, Online Payments, Payment Gateway, PayPal, PayPal Bank Codes, PayPal Philippines

The 3 Business Entry Options

June 12, 2012 by CarlosV 2 Comments

Are you thinking of starting a business in the Philippines? Do you know where or how to start?

Today, there are so many business opportunities available from almost any type of industry in the Philippines that it’s easy to lose focus on what’s really important.

So you want to be in the food business? You say you love to cook. And they say Filipinos love to eat. From Jollibee and McDonalds to those little food carts you see in the malls, there’s no end to the number of franchise operations available in the market. That’s just for the food industry. There a couple more: water refilling, ink refills, schools, laundry shops, salon and spa, and many more… you name it.

In any of these lines of businesses you can either venture on your business starting from scratch, or take over an existing business, or buy a franchise from established brands. These are basically the three options available to you. Let’s discuss each one in the succeeding paragraphs.

1. Start From Scratch

A lot of businesses are started this way. That is, the founders came up with the business idea, setup the plans, raised the necessary funds and so on.

The new business venture is typically unknown in the market. And naturally, it is still struggling to carve a name for itself.

From ideation to launch and then finally running the operations, all these entail a lot of hard work for the owners and his team. It’s even more tough especially if the venture is trying to break into a market dominated by well-known brands.

On the positive side, unlike buying an existing business, which is discussed next, the owners can take comfort in the fact that there is no negative history to overcome. That is, there’s no bad press to haunt you down.

And unlike a franchised operation, which will be discussed later also, you can be creative in the way you deal with the changes in the market conditions by offering discounts and incentives as you see fit, without getting an approval from the parent company (the franchisor).

If you have done your homework well, you have probably identified the weaknesses of your competitors. You can even exploit those areas where they fail to satisfy their clients and customers.

2. Buy An Existing Business

In the Philippines, this is the business road less traveled… and for good reasons. Buying a business from someone else is very complicated and should be avoided by first-time entrepreneurs who can’t even interpret a financial statement.

Business Opportunities

Pick One: Start From Scratch, Buy A Business, Or Get A Franchise

However, buying an existing business at the right price also presents a lot of advantages, among them are the following:

  • It’s less work on your part. The start-up stage is one of the most challenging parts of a business operation. If the business has been in the market for quite some time, you are lucky for skipping this part. It’s like adopting a three-year-old kid. You skip the pregnancy part and you don’t even experience the painful process of delivering the baby from your tummy.
  • If the business is already profitable, that spares you from having sleepless nights.
  • You already have a list of established clients and vendors.
  • Machines, equipment and other tools necessary in the operation of the business would probably stay and you can use them right away.
  • You can learn some lessons from the experiences of former owner. That is, if he can provide you with honest information, stories and data.

But then again, this option should be approached with extra caution. There are a lot of factors to consider when taking this option. You have to know such things as Business Valuation, Financial Statement Analysis, and other similar skills.

3. Buy A Franchise

The International Franchise Association has defined franchising this way:

Franchising is a method of distributing products or services. At least two levels of people are involved in a franchise system: (1) the franchisor, who lends his trademark or trade name and a business system; and (2) the franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.

Essentially, you as a franchisee can run your own business and leverage on the resources and experiences of the parent company. No more re-inventing the wheel. This is far less risky that trying to start from scratch and venture on your own.

It’s been demonstrated by a number of studies that franchised businesses have much greater chances of success compared with businesses started from scratch.

So basically, when it comes to real business opportunities in the Philippines, you have three options available. Should you start from scratch, buy an existing business or get a franchise? Whatever your choice is, remember that success is never guaranteed. You still have to put in the required work, strategies and creativity in your business.

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Filed Under: Business Opportunities, You On Business Tagged With: Buying A Business, Franchising, Opportunities, Start-up

Accounting 101: Financial Statements Explained

June 8, 2012 by Karla 2 Comments

Whether you are already running a business or just planning to setup one, it is very important that you have at least a basic knowledge about the fundamentals of Accounting and Recordkeeping.

I don’t mean taking up a formal course in Financial Accounting or Bookkeeping, though it would help. There are a lot of resources available in the Internet and in your local book shops which can get you up to speed in acquiring the basic knowledge of Accounting. What’s best is you can learn this stuff on your own, at your own pace.

Strive to learn up to a point where you understand at least three things:

  • Whether your business is making a profit or not.
  • Why you are making a profit.
  • Which areas of the business are profitable, and which are not.

You don’t have to be an expert with the details, but you should be able to tell the health of your business by looking at the Financial Statements, determine the financial strength of your organization. By understanding the nature of financial statements you can also have an idea as to how well your business is doing with regards to profitability and creditworthiness.

Discussed below are the basic financial statements that any entrepreneur should learn about.

The Balance Sheet

The Balance Sheet gives you a snapshot of the financial condition of the business. It lists the company’s Assets, Liabilities, and Equity. Assets refer to the current resources that keep the company running. Liabilities are the debts of the company. And Equity represents how much your company is worth which can be computed by subtracting the Liabilities from the Assets.

There is a famous accounting equation, which is written as:

Assets – Liabilities = Equity

The Accounting Cycle

The Accounting Cycle

As you can see from the equation, if Assets are greater than Liabilities the resulting value of the Equity is positive. If that value is negative, the business is in trouble, financially.

Income Statement

Sometimes referred to as the Profit and Loss Statement, this report provides a summary of Income and Expenses of company during a given period (month, quarter or year). This will show the creditworthiness and profitability standing of the business. It demonstrates whether the business earned a profit (earning more than it is spending), or posted a loss.

Cash Flow Statement

In simple terms, a Cash Flow Statement is an accounting of the available cash, plus cash income minus cash disbursements, for a given period. This report helps you track where cash has been used, where and why it is short or in excess. It determines whether the company can meet its obligations or not.

This statement also provides all details pertaining to both inflow and outflow of cash in a specific period. It contains three sections that differ according to the type of activity within the different business transactions: they could be the cash flows from operating activities, investing activities, or with financing activities.

To sum it up: The Balance Sheet gives you value (think: Net Worth) of the business at a specific period in time. The Income Statement gives you the Net Profit of the company. And finally, the Cash Flow Statement provides the details about the incoming and outgoing cash of the company over a period of time.

Recommended Accounting System For Small Business

  • Quickbooks
  • Peactree Accounting

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Filed Under: Doing Business Tagged With: Accounting, Balance Sheet, Cash Flow, Cash Flow Statement, Financial Statements, Income Statement

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