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Hub You - How To Avoid The Legal Pitfalls
Variety in your marketing mix will pay off every time and every smart marketing executive knows this. You cannot just advertised in one place and you need to consider promotional events and public relations as well. Many small businesses when they first start out want to advertise to get the customers in the front door and they may have the Chamber of Commerce mixer grand opening and then do some newspaper ads.They do this for a while and no one shows up and they can't understand why their marketing is not working why is no one come into my store.“We have the greatest products and the best service and I've told everyone and even put huge ads in the newspaper week after week and still only a few customers trickle in what is going a on; why is my company failing.”Well into simple really, y
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A co
Many salespeople believe that between Thanksgiving and January 2nd people stop buying and become preoccupied with celebrating and eating. Quite the contrary! People are more in a buying spirit than at any other time of the year. It doesn’t matter whether you sell computers, real estate, automobiles, widgets, office furniture or anything else, the world doesn’t grind to a halt just because it is the holiday season. Have you been operating under the belief that you are going to sell less or nothing at all during this period of time? If so you may be setting yourself up for failure.There is a psychological principle that states – you get what you focus on and expect. If you are not familial with the Pygmalian Effect I suggest you check it out. To save you some time it is basically what I have just sai
Partnerships
A partnership is formed when two or more parties form to start a business, sharing the workload and investing capital to get things going. It is always wise to have a written partnership agreement and get it checked by a solicitor. If you do not have a proper agreement and it all goes wrong, the partnership will be covered by the Partnership Act 1890, whose provisions may not always seem fair.
For example, under it partners can withdraw without giving notice. This could mean they insist on the immediate return of their capital and the business may be forced to close down as a result. If you do not however, have an agreement you may be liable for all sorts of costs and you have no legal standing. It is very important to make sure all of your agreements are legal and will withstand in a court of law.
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A co
When purchasing a franchise beware of the hidden pitfalls. The unfortunate story of two Bakers Delight Franchisees and their fate with one of Australia’s largest a seemingly best franchises. If you are considering purchasing a franchise this is a must read.Franchisees Story 1Andrew Austin: Franchisee 12 yearsI Purchased Bakers Delight Rozelle NSW from Bakers Delight Holdings for $ 320,000 with a verbal conformation that the profit was around $80,000 per year which seemed fair at the time. We went into the business earlier then we expected due to them not having a operator to run the business, and a promise from Bakers Delight that the paperwork on the profits would be passed on to us from head office in Melbourne (we ended up with no figures on the profits.). From the first day of busine
For example, under it partners can withdraw without giving notice. This could mean they insist on the immediate return of their capital and the business may be forced to close down as a result. If you do not however, have an agreement you may be liable for all sorts of costs and you have no legal standing. It is very important to make sure all of your agreements are legal and will withstand in a court of law.
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A co
When is the last time you looked at your business plan? No matter the size of your business, you need a functional business plan. One common misperception with business owners is that the business plan must be very long, and torturous to create – this is not true!I recommend having a business plan for a finite period of time, like a budget. If you were writing your first plan right now, start with just the rest of this year. You may find that’s not long enough, so change the finish date to whatever you want. You get to decide and make it the way you want, and you can change it when it’s needed. It won’t work as a tool if it doesn’t fit your personality and your business.You will probably find that you have a longer vision than just 1 year or so, so I suggest you also create an LTP (long-t
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A co
The secret lies in learning how to grow your business effectively. There are several strategies you can use to grow your business, but they fall under four general categories.1. Attract more new customers (Reach) 2. Increase the average sales amount (Average Check) 3. Make your customers buy from you more often (Frequency) 4. Hold on to your customers for life (Retention)I believe small businesses focus to much of their efforts on issues that have nothing to do with these four strategies. It is very easy to act with knee jerk activities to the issue dujour. The key is to do go through the proper planning process, and then choose the area that needs to be focused on. Today you may decide to focus on new customers but a year from now you may need to change your focus. This is
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A co
Commodity broking is big business in New Orleans. You need to choose what kind of commodities you will specialize in, and what kind of commodities you will trade in. You also need to follow all local licensing laws, and rules and regulations related to trading.Starting Commodities Brokerage Business:Here are some things to consider when starting a commodities brokerage business in New Orleans.1. Type: You need to choose whether you will deal in future commissions or introductory arrangements. Future commission brokers take orders for buying or selling futures in return for a fee from the customers. A clearing future commission brokerage has large capital deposits. Non-clearing brokerage in turn deals with clearing brokerage on behalf of customers. An introducing broker delegates operatio
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A contract will include four key components: Consideration, an obligation to pay or a promise to provide something in return for something of value. Certainty, the contract must clearly state what is expected of all parties. The intention to be legally bound and an offer and an acceptance. However, contracts can be oral and it isn't always clear when one has been made.
Confirm every agreement in writing so everyone knows where they stand. What is the brief? Who will pay? When? How much? Are expenses included? What are the acceptance criteria? Who will own copyright? It is important that all aspects are covered and that there are no grey areas.
Make Sure all Employees Have a Contract
It is very important to have a contract of employment in place from day one for all employees. Make sure that all new employees are entitled to work in this country, or you could face heavy penalties. The contracts act to protect both parties.
Know your Employment Laws
Employment laws in this country are very precise on what you can and cannot do. Before you fire someone, make them redundant or change their terms and conditions of employment, take legal advice. If you don't, you could find yourself open to claims for unfair dismissal, discrimination or breach of contract. Also warn employees that discrimination, sexual harassment and other illegal acts will not be tol
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