Pricing Procedures for Retail

PRICING PROCEDURES FOR RETAIL When your company purchases and sells a product, the revenues derived from sales of the product will directly affect the success of your business. Though pricing strategy and computations can be complex, the basic rules of pricing are straightforward. Prices must cover all costs. See SCORE Brief 4.05, Profit and Loss (P&L) Statement. The most effective way to retain or improve the profit margin is to reduce fixed and variable costs, and adjust price as necessary. Prices may need to be … 
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Incorporation In Ohio

INCORPORATION IN OHIO The corporation laws of Ohio are prescribed by statute in Title 17 of the Ohio Revised Code. In accordance with the statute, persons desiring to organize and operate as a corporation in Ohio must file certain documents granting the authority to operate as a corporation. This filing is done with the Ohio Secretary of State 180 E. Broad Street, Suite 103 Columbus, Ohio 43215 A good starting point is: Ohio 1st Stop: http://business.ohio.gov/starting/ The 1st Stop Business Connection is one of the … 
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Start-up Costs of Going into Business

Start-Up Costs of Going into Business When starting a business, you need to plan for your initial costs and understand their taxation. The following list includes typical amortizable start-up costs involved in starting a business. Pre-Opening Salaries and Wages – including instructors/trainees Prepaid Insurance Premiums – learn more at SCORE Business Brief 09.00 Inventory Legal and Accounting Fees Rent Deposits Utility Deposits Supplies Advertising and Promotions – brochures, business cards, flyers, newspaper ads, etc. Licenses – permits – inspections – learn more at SCORE Business … 
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Financial Questions & Answers for Every Small Business

  Finance issues that every business must be aware of. This is our third finance roundup of briefs. We are going to begin with Credit Score. CREDIT SCORE As the owner of your business your personal credit score is not something that can be ignored. Before discussing the credit score , let’s differentiate it from the credit report. The report estimates the credit worthiness of an individual, corporation, or even a country. It is not one number, as is the credit score. It is an … 
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Buying or Selling a Business

This brief roundup will give you the basics for buying or selling a business. Buying a Business It is a fair assumption that when an operating business is purchased, the intent of the buyer is to acquire a present or prospective profit generator – a known entity that will provide a reasonably predictive return on the investment. Buying a company is much like courtship. It is a process not known for rapid conclusions. Done correctly it is a long process that requires a great deal … 
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International Trade Resources

International Trade Resources:   Int’l Trade terms are called Incoterms. For a definition of terms, see: http://en.wikipedia.org/wiki/Incoterms Letter of Credit (Description) A Letter of Credit is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be transferred to the seller. A letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present to the bank with the … 
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So Just Who is Your Customer Anyways?

  Embarking on an entrepreneurial endeavor is no easy task. Figuring out who is your customer, who is going to buy your product or service can be even harder. At first thought you might think, “well everyone is a potential customer,” but is that really the case? Often times if you really reflect long and hard on the product and/or service you are offering to the world, you will start to see some clearly defined characteristics of what your customer looks like, acts like, and … 
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Four Biggest Myths about Websites

This brief explores the pros and cons of the Four biggest myths held by business owners about web sites.  I can’t do a web site myself. Yes you can by using a “site builder kit” like Wix.com Not if you want a site to perform custom functions. Kit sites either simply can’t be or are very poorly optimized for search engines. Web sites are expensive to develop. No they are not. They cost from $0 to $100 per month including development, hosting, and monthly maintenance. … 
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Selling a Business

Businesses are sold for all sorts of reasons. If you’re considering the sale of your business, ask yourself the following questions: What do you want for yourself, and for your employees, as conditions of the sale? Are there any family members that might be interested in continuing the business? Is there the possibility of an employee buyout? Do you want to work for the company after the sale? Are you ready to retire, or is there something else that you would like to do? Could … 
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Finance Your Business 2: Investors

There are four main types of investors for startup businesses: yourself, friends and family, angel investors, and venture capitalists. “Crowdfunding” is a way to cast a wider net for angel investors, and is described in Brief 05.10. Within these categories, an investor may be accredited or unaccredited. To be accredited, an investor must meet certain criteria on net worth and income. At this writing the requirements are on the order of $1m net worth and/or annual income of $200k. There’s an exemption from strict security … 
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