Business Investments in North Carolina
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North Carolina is one of the most business friendly states in United States. It has been received the top rating for any US state to have the best business climate in 2007. At a time when many business processes are being outsourced to some other countries for reducing the production cost and thereby creating a better and competitive pricing structure, creating a suitable and attractive business climate is absolutely necessary for attracting quality business and industrial investment to any state.
The state government of North Carolina should be lauded for their efforts for attracting investments to the state. They specifically have two schemes, which cater well for the business growth of North Carolina. One North Carolina Fund was launched in 2001. So far it has been successful in creating more than 17000 job opportunities and also in romping over two million dollars of business investment to the state. There is another scheme called Job Development Investment Grant (JDIG), which has been set up for providing annual grants to worthy and suitable business and industrial projects. This scheme was started in 2003. Every year 25 such grants are provided. The grants are provided to the business firms, which are strategically important and look to be on the winning path. So far JDIG has been successful in attracting business worth $1.9 billion and in turn creating over 10000 job opportunities.
Some of the big companies that have invested in the state of North Carolina are GlaxoSmithKline, Boon Edam Tomsed Inc., and Dole Food Company. These companies have invested quite huge sums. Their willingness to invest is a glittering evidence for the business friendly environment in North Carolina. In other words, the co-operation and interest shown by the state government to attract investment have been appreciated by the companies.
The Governor of the state, Michael Easley says the government adopts simple plans that can be executed easily for attracting the business organizations. He says, “Our interest has been the simple strategy of improving education and reducing the cost of doing business.” His statement clearly emphasizes two traditional strengths of North Carolina that make the state highly attractive destination for many business organizations. There is an abundant pool of highly talented and educated people, from whom a company can hire any number of suitable employees. But the cutting of cost is no longer a feasible option when competing with international business destinations in this era of outsourcing and globalization.
So the state officials realize this hard and unalterable fact and focus more on the creative a talent pool of the highest quality. Also the government is offering several forms of tax sops and reductions for the companies that are willing to invest in the state.
By: Ian Pennington
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Business Partnerships: Negatives and Positives
An individual diving into business ownership is a risk. An individual has to deal with all of the decision making regarding hiring and finances. Furthermore, individual business owners also have to attempt to overcome their weaknesses and present them as strengths.
Due to the difficult decision making needed and the incredible amount of skill involved in owning your own business a lot of people like to involve themselves in partnerships but just like any other relationship, business partnerships have negatives and positives.
1. One positive of a partnership is an increased amount of contacts.
2. Another positive is that one persons strengths can make up for another ones weaknesses.
3. An additional positive is that having financing coming from multiple sources is a great asset to any business.
4. Partnerships also allows for more ideas to develop. Two heads are better than one when it comes to creating ideas and problem solving.
Below are some negatives involved with business partnerships.
1. The profits have to be split. With a partner you are automatically giving up a percentage of income to someone else.
2. Another negative can be disagreements. Disagreements about different aspects of how a business should be run can lead to turmoil between partners.
If you are considering starting a business with a partner, review this article to make sure it is the right thing to do.
By: Andre Bias
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Laminated Business Cards – Outstanding Features
Business cards are your most valuable and readily accessible tools in terms of marketing yourself and your business. That is why it is only fitting to spend money on the finest and most creative laminated business cards.
Make laminated business cards for your workforce and ask them to hand the cards out to whoever they meet – friends, acquaintances, a stranger on the street…the list goes on. You should take note of the fact that anyone you and your workforce meet is a prospective client! Having this kind of mindset will take your business’s employee-client relationship to the next level.
Your business card should act as your mini-business ad. Make it very unique and interesting in terms of fonts, color, and execution of message. Incorporating the logo of your company and your company name is not enough. You should also include all pertinent details.
It is extremely important that you remember to write more than five words of description about your business. By doing so, your prospective clients can particularly remember your company and what its principal nature is about. Additionally, business card deals are two-way streets. If you provide someone with your laminated business card and request his/her card in return, you will be provided with written details of that person’s business which would help you keep him or her in mind.
Since laminated business cards are very essential and functional, always be sure that they include relevant details about your company or business, such as: your name, company name, mailing and e-mail addresses, website, telephone and fax numbers, and all other data which you consider important to your company.
Do not request laminated business cards that are glossy because if you give them out, people will not be able to scribble their remarks about you on the card. Moreover, do not create atypical, double-sized, or folding cards because they look self-centered, and there may be problems on placing them in typical size cardholders. If this is the case, people will more likely dispose of them rather than keep them. Lastly, do not create cards that are made of plastic because their edges are sharp and can cause cuts.
Most of the business cards today are tinier than usual and use smaller-type fonts. This is something that you should not conform with because the last thing you want to do is damage the eyesight of the client reading your business card.
You want these people to be able to read the contents of your card. What you need to do is keep the most important details – your name and contact number – in larger fonts than the rest of the text in the card. Also, if you’re a big spender, you might take into account using raised ink for printing and letting an expert design your business cards.
Whatever you’re planning to do with your laminated business cards, always remember that they should be attention-grabbers. Through them, your business should be noticed and more likely to be “engraved” in people’s minds.
By: David Faulkner
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Doing Business in China
China is the only fastest major growing nation with an average annual GDP growth rate of at least 10%. In 2007, China was ranked 1st by current account balance of USD 262.2 billion dollars (9% of GDP).
China’s rapid development of its economy is no threat to any other country but an important opportunity for other countries to come into China and expand and expose their market internationally. China’s globalisation is becoming “the place to be” for exposure to multinational companies and organizations.
The Chinese business culture is very unique. Chinese like to talk about “guanxi” (relationships), and “mian-zi” (to give face).
• “Guanxi” means relationship, any form of relationship. Once “guanxi” is established, it means constant cooperation and support is exchanged with one another. Basically, it goes as far as exchanging favours on a regular basis. The Chinese believe that by knowing how to make the right “guanxi”, it minimizes the risks, frustrations and disappointments of doing business in China.
• “Mianzi” means to give face. If you “give face” to someone, you respect that one person, and you will not do anything to embarrass them. If you don’t “give face” it means you don’t respect them, hence, they should no longer be in any association with you. It can be as absurd as not accepting a cigarette, meaning you don’t “give face” and thus you don’t respect them.
Developing Relationships (Guanxi)
Once you have developed a mutual relationship and cooperation with a Chinese businessman, it literally means you will support each other. “Guanxi” and “mianzi” are very important in China, not only with networking and doing business, but also in everyday life. PRC Study can help you establish and open up your “guanxi” in China, as well as teach you the morality of “mianzi”, and various aspects about doing business in China.
Basic Understanding of Mandarin Chinese
When doing business in China, foreigners often come across the same problems over and over again. The language barriers between English and Mandarin Chinese are completely diverse. Even if you hire a translator, would it not be better if you have some understanding of the Chinese language to ensure that the translator is at least translating what you are really trying to say? Therefore, it is really recommended that those doing business in China have at least a basic understanding of the Mandarin Chinese language.
Chinese Business Protocol
As for business ethics, men or women should never wear bright suits (to the Chinese it seems very inappropriate), and must develop good “guanxi” and give a lot of “mianzi” to show trust, appreciation, honor, and cooperation.
Starting Up a Business in China
To start up a business in China takes anywhere from one month up to 1 year, depending on the type of business one wants to start. There are 13 procedures to go through till you finish setting up a business. To start up a business, you must be obtaining the following items below before you can open your business to the public:
• A notice of Pre-Approval of the Company Name
• Opening a preliminary bank account
• A registration certificate “Business License of Enterprise Legal Person” with SAIC or local equivalent,
• Approval of making the company seal from the police department
• Organisation Code Certificate issued by the Quality and Technology Supervision Bureau
• Register with the local statistics bureau
• Register for both the state and local tax with the tax bureau
• Open a formal bank account
• Apply for authorisation to print or purchase financial invoices/receipts
• Purchase uniform invoices
• File for recruitment registration with local Career Service Center
• Register with Social Welfare
By: Amit Salkar
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Business for Sale in Toronto, Ontario
Many business owners looking to list a business for sale in Toronto deal with somewhat of a paradox.  The city of Toronto, Ontario is a bustling metropolis, filled with opportunity and it attracts numerous immigrant investors every year. Yet some owners looking to sell a business state that they have trouble selling their small businesses in Toronto – Canada’s largest city. This article will explore some of the reasons why company owners may list a business for sale in Toronto and have trouble finding a buyer.
There are consequences to not dealing with a professional
Listing a business for sale in Toronto is an entirely different process than selling a piece of real estate. Yet, some business owners looking to sell still choose to deal with salespeople that sell real estate. The consequences can be that the business sales process goes awry and business for sale don’t attract the right Toronto buyers and the companies languish on the market. If you are looking to sell your company (especially in a city as competitive as Toronto) then choose to deal with the professional that can properly assist you.
The business for sale is not priced properly
If you are looking to sell a small business, it is critical that you go to market with it being properly priced. This is especially true if you’re in Toronto. Selling a business in Toronto is not an easy task. True, there are many immigrant investors that are attracted to the GTA and there are plenty of buyers – but there are plenty of sellers too. Finding the right buyer for your business for sale Toronto is difficult enough so don’t make the take even more difficult by overpricing the business. Owners that list their business too high generally don’t attract as many buyers as they could and the business gets ‘market stale’. If you want to sell your business and attract qualified buyers from around the city, work with a professional that can assist you in the business sales process.
Please, report all your earnings!
Many small business owners in Toronto make the common (and highly unadvisable) mistake of not claiming some or all of their cash earnings from their companies. There are many businesses for sale in Toronto where the owners have done this and believe that they have ‘saved’. Besides this being a very big ‘no-no’ from CCRA, there is another cost involved to the small business seller. Generally, small businesses are valued based on a multiple of earnings. If ‘cash’ earnings of a small business are not reported then the business valuation is then that much smaller. So, if a business owner believes he or she is saving in income taxes avoided, the truth is that they’ve made their business valuation that much tougher to justify. As well, business buyers generally get a big ‘red flag’ when they encounter a business for sale that has an undeclared ‘cash’ component to it. They are much more difficult to get financing for (if at all). Honesty truly is the best policy.
Perhaps Toronto buyers are willing… but are they able?
Often, a potential business buyer will embark on a search for a business for sale in Toronto without the right forethought into the process… and what type of business they would like to own. For instance, there are many restaurants, laundromats, gas stations and retail establishments for sale and a potential pool of buyers for these types of businesses. The trouble is, are these potential buyers truly ready to own a dry cleaner or a printing shop? To paraphrase an old saying, “the will is there, but not the skillâ€. This is a common occurrence in Toronto where a large group of new investors and business buyers want to “go into business†but truly aren’t prepared for the challenges this involved. The point is, if you want to sell your Toronto business it is important to properly qualify the buyer. Most people believe that this is merely a financial exercise but a professional business brokers will tell you otherwise.
By: Anne Brown
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Business for Sale in Toronto, Hamilton and surrounding areas in southern Ontario, Canada. We are a full service business brokerage here to help you buy or sell a business.