Due to the current financial situation many who have found themselves out of work or on short time and unable to make ends meet are considering working for themselves.

These days many small businesses are started as a hobby or sideline while the owners are employed elsewhere, this gives the owner the opportunity to test the water and decide whether their idea is a viable proposition.

Over the last year we have seen an increase in the number of people who do not have the security of full or part time employment, who have what they think is a viable idea for a new business but are struggling to find finance while they test the water.

With the recent hike in gold prices we have even been asked by some of these budding entrepreneurs ‘Should I sell my gold to finance this business?’

Of course this is a question that only the person asking can answer, but for those with a ‘brilliant idea’ who have no other options we offer the following advice.

While gold has increased in value through the financial crisis companies that buy gold are in business to make a profit too. So do not expect to be offered the retail value of your gold collection or you will be disappointed.

The price that we, the public, pay for a piece of jewellery is probably three times the actual cost of the product itself, so if you paid £300 for a gold ring the real value of that ring is only £100.

Bear in mind also that the scrap value, which is what you are being paid, could be much less than the real cost of the item. This is not a rip off, simply how business works.

Also take into consideration that sentiment counts for nothing when trying to raise money and that wedding ring that your grandmother left you may have high sentimental value to you, but not to the buyer.

While we are on the subject of heirlooms always consider carefully before selling of items of sentimental value, it may come back to haunt you.

In our opinion if you really believe in the business that you want to create and selling your gold is the only way that you can get it off the ground, by all means go for it, but first take into consideration the points made in this post.

Quite often borrowing can throw up any number of these little pieces of jargon and it can be helpful to know well in advance of making any applications for a small business loan, credit card, overdraft or any other facility what these all mean and how they may impact you.

One of the terms most frequently applied to such business banking options is APR – and while many may have seen those three letters appear neatly next to any number of advertisements and at the bottom of many a financial form they may not have a full understanding of what they relate to.

The phrase APR stands for Annual Percentage Rate and is a tool that is used to calculate interest levels for all sorts of lending. It is also useful to small business account holders as it allows them to compare the cost of different loans. If the APR is high, then in most cases this means your repayments will be high. However, there may be other charges and fees that apply to the loan or credit card that are not included in the APR – but that does not mean it should be treated any less importantly.

So, entrepreneurs may think to themselves ‘well, that’s easy, all I have to do is grab the package with the lowest APR and I’ll be sorted’. But unfortunately, administration costs, legal fees and early repayment penalties are all things that should be taken into consideration. In addition, particularly low figures for the rate may not be available to you and may depend on how your credit history shapes up in the check the bank makes.

Those looking to take advantage of the various options available to them through Lloyds TSB business banking may at this point be wondering ’so what are the options available?’ and the answer is – plenty. The bank has base-rate linked loans that fluctuate in line with the figures set by the Bank of England, but fixed-rate options are available for amounts ranging up to £100,000 – meaning the applicant is well aware of what they will have to pay back and by when. In terms of plastic, the Lloyds TSB business credit card offers a typical APR of 18.2% variable and has an interest-free period of up to 45 days on new purchases if the user pays the balance in full and on time each month.

The problem I found is that my several years of experience gave me the confidence to know I could deliver the services I offered, and my general ability to ‘get the job done’ assured me I could manage my own time.  But what I didn’t cater for is my lack of experience and knowledge of how to run small business and to use my business plan as a guide and management tool.

I pretty much learnt the hard way, and spent more time and energy on writing and rewriting my business plan than I had intended. Seeking expert advice would have allowed for me to have a well-oiled business plan in much less time.

In the current economic climate, though there have been UK Government statements to the contrary, the majority of banks and investors are still more reluctant to lend money to small businesses than they were 24 months ago.  So if you are looking to setup a new company or your business needs to move to the next level of growth, then I recommend getting professional advice to help with your business plan.

There are hundreds of companies offering help to UK businesses right now, and you will be able to get a good price for a quality service.  Remember, they’re in a recession too!

What you require is a custom business plan written by or with business experts who understand your individual requirements.

You may consider writing a good business plan is something you can undertake yourself, and you may be right.  But in business, time is money; and in many cases the cost of employing someone else’s time works out cheaper when you take into consideration your own hourly rate.  Something many self-employed business people tend not to do!

Writing a good business plan, one that is written in such a way to appeal to investors and banks, as much as be a monthly guide for you to follow, is a specialist area.  But remember, a good business plan is for life.   Once you have a business plan for the next 12 months or so, you need to continually update it.  So many small businesses start in business with a well thought out, well written business plan for the next 12 – 36 months, only to find they haven’t considered it to be a rolling business plan.  And when they reach the end of their initial business plan they are faced with a blank page!

So, consider your business plan to be a plan for life and if you’re serious about generating online business success, consult with business plan experts and use their time to allow you to concentrate on the business success.

To help start the year off on the right path, here is some free internet marketing advice to help you get and stay ahead of your business competitors.

Free Advice Free Offers
Entice your website and blog visitors by offering special incentives; and there’s no better way to grab someone’s attention than to include the word FREE!

Offer free advice, free postage, free information.  Things you know your competitors are charging their customers for.  Be honest, and traffic will grow.

Search Engine Optimisation is vital to your business success in 2009

You need to constantly market your business online.  Keep regularly updating your website and business blog. Fresh content keeps both the search engines and potential customers interested and aware of your products and services.

Set up regular Google Alerts for your company name and any products and services with recognisable or trademarked names.  This way you can monitor what is being written about your business, good or bad!

Similarly, www.IceRocket.com & www.Serph.com are websites that allow you to track who is publishing copy that may affect you, your name and your business.

SEO (Search Engine Optimisation)
An ongoing SEO (Search Engine Optimisation) program is vital in 2009.  Don’t think a one-off ‘makeover’ is going to be enough.  The search engines are looking for your website and blog to continually add relevance, authority and good quality in-bound links.

Furthermore, once you start to receive high ranking for popular keywords, your competitors will also be attempting to leapfrog you in the rankings.

Target Potential Customers
Always target Google, and continue to use Google as a focus, for all your SEM (Search Engine Marketing) but never forget there is a target audience waiting for you on other search engines and directories such as Yahoo, MSN, DMOZ, AllTheWeb, Ask, Alta Vista and AOL, to name a few.

The Internet is global but don’t forget local business is as important, and in some cases easier to convert. Local search strategies should include geo-targeted paid search and natural search engine optimisation campaigns. Geo-targeted keywords restrict campaigns to consumers in specific areas where your company is looking to improve its reputation and increase sales. Include ‘landing pages’ that are specific to campaigns and promote single products and services to increase conversion rates.

Website Traffic Analysis
All focused internet marketing and website development activity will need to be analysed if you are to maximise the results.  The more information you can gather using website traffic analysis, the better.  Many traffic analysis software programs are free.  But many of these programs offer very little in the way of useful information.

We offer clients a free website stats program by AWstats but employ a much more powerful tool for serious in depth analytics.

Internet Marketing Plan
Finally, it is very important to have an internet marketing plan that you can  refer to, whether you undertake the work yourself or outsource to an internet marketing consultancy such as Buzzin Fly.

An internet marketing plan should set out the aims and goals of the program.  I also recommend a quarterly meeting that should discuss the program and provide results and recommendations for the next quarter.

2009 is going to be a difficult year for many companies, especially small businesses and SMEs.  But if you are looking for more revenue consider an internet marketing strategy as an  essential part of your marketing budget spend.

As early as the mid-1990s I was taking part in meetings and presentations with a company called MAGEX who was attempting to sell their idea and ultimately their software, to the music industry.  The software allowed someone to legally buy an mp3 and download the file to a specific computer.  The track would not play on another device and therefore once bought, could not be copied or shared.

This concept had its limitations but the main essence was to get the record industry to stop wasting their time and money fighting illegal downloading of music, and concentrate on how best the music industry could embrace the Internet and the phenomemnon of peer-to-peer sharing sites such as Napster.

Remember, this was a time long before MySpace, YouTube and other social networking sites.

Universal, Sony and BMG were among representatives at those meetings who simply couldn’t see past how much money they were losing, and not what they could gain, and moreover, didn’t want to consider what would happen to them in the future.

I beleive what I witnessed in the space of one year or so, was successful businessmen not wanting to step outside of their comfort zone.

The result was that the music industry chose to ignore the changing patterns of music consumption; and only recently, ten years later, are they embracing the Internet through social media websites and free downloads; a lead that was given to them by small independent labels and artists who, if truth be known, need the money more than they do!

I felt engaged to write this post after reading that Mick Jagger, lead singer with The Rolling Stones, has been invited to help the European Commission (EC) to draw up a report on e-commerce and online shopping.

Jagger will be part of a committee (including Steve Jobs of Apple) who will advise the EC on the issues surrounding the online shopping sector, including a particular focus on online selling and downloading of music through eCommerce websites.

Neelie Kroes, a European Union competition commissioner told the BBC that one of the points to be raised will be why it is not as easy to buy music files online as it is to have a CD shipped around Europe will be under investigation.

To tie this in with the purpose of this blog – how to generate online business success – the business lesson I learnt by way of my first-hand experience with MAGEX and the music industry in the 1990s was that if you are successful in business there are at least two reasons why you should look for change and not stagnation:

1. Success should breed more success – look for other ways to expand your business and increase your success further instead of allowing your competitors to gain the upperhand.

2. Every millionaire I have ever spoken to always has a story to tell of when they made a ‘make or break’ decision.  They NEVER tell the story of how they played safe and took no risks or that once becoming a millionaire they are not looking to increase theor wealth.

And if your business is a success you may want to reward yourself with a cruise holiday?

A good business plan

Whether you’re a thinker or a doer, behind all successful business ideas there’s a great business plan.

Your business success will rely heavily on managing your revenue source, knowing where and when to expect your break-even points and most importantly, by making your business plan a rolling plan and not a static one. To create a successful eCommerce business you need a well written business plan. But to continue managing the expected growth of your online success, your business plan needs to show your next 12 months, at all times.

One client I worked with at Buzzin’ Fly a few years ago, came to us after having a real nightmare with their eCommerce developers. After an initial meeting I explained that we would only work with them if they put their ideas into a business plan with time frames attached to their aims and goals. The meeting appeared to end rather abruptly though I was contacted again by the client two or three weeks later and we agreed to move forward as they had written a business plan.

They are now running a very successful online home furniture eCommerce website and agree, not only was the success of their online business due to writing a solid business plan, but also blamed the breakdown of relations with the previous web development company on the lack of focus and vision that only became clear when writing a business plan.

By setting regular aims and goals and monitoring your progress and results at all times, you will always be in control of your business success. Don’t leave anything that matters unchecked. Don’t leave anything down to luck. You will make your own luck by being in the right place at the right time. But that won’t be down to fate, luck or the stars. It will all be down to your business planning and your business growth control.

By being 100% in control of your business you will be more confident of your business success. eCommerce needs a good idea, a solid business plan and the right software and developers.

I will discuss software & developers in Better eCommerce Business Success #3

A recent survey stated that a visitor will spend an average of just 46 seconds on your website before moving on to the next site. (Source: Clickz.com)

The next website they visit could be one of your competitors, and they could have been your next client.

The current UK economy makes it difficult enough for small businesses to compete and survive, but the competition you will face online is going to be tenfold and so it is imperative that you consider the following advice & tips to guide you towards better online business success for you and your company.

The total number of registered domain names now stands at a staggering 60 million. Some of these domain names are owned by your business competitors. Only a fraction of these sites will have considered the following tips. This is your advantage.

The following series of advice will substantially increase your chances of achieving better eCommerce business success.

Know what your target audience want

Research your target audience, and then understand and consider their requirements. Be careful not to allow your idea of what is right to interfere and overshadow the wishes of your target audience. This may be your business but they are your customers. When people trot out the old saying, customers are always right I say, the customer is NOT always right but as long as the customer pays me, they can think what they want!

The internet is full of good ideas, but like the offline business world, it’s not always the original ideas that make good businesses. It’s the businesses that get the plan right!

Consider the global success of eBay. I remember being contacted by eBay wanting to place adverts on a music website in 1997, when they first opened a UK office eBay. At that time eBay was one of a few websites offering the peer-to-peer trading place concept. Ultimately eBay grew and quashed its competitors because it was easier to use and adapted to its targeted audience.

eCommerce helped eBay create the marketplace website but it was their adaptability, flexibility and end-user focus that ultimately led to their success.

Buzzin’ Fly is a successful website development and internet marketing company based in the UK. WE specialise in eCommerce solutions for small businesses and SME’s in the UK.

I am proud of the work that we do and the testimonials from satisfied customers that we receive.

To find out more go to Buzzin’ Fly.