Hotspot Television is a new and unique content provider of global news, music, television, film, and travel.  The television station is a platform for international entertainers, production companies, and international businesses wishing to increase their exposure in the U.S. market.  It has entered the online community as a promoter of entertaining international content, but behind the scenes it is a powerhouse for garnering distribution deals for its content providers through their strategic licensing format.

      What makes Hotspot special is that it simultaneously acts as a licensing firm, financial strategist for online tech companies, business consultant company, and content developer.  The company is only an entertainment station on the outside so as to attract new online consumers interested in global factual entertainment, however, on the inside, you will find a business that owns a patent pending ecommerce model that stretches the prominence of its content and brings market recognition to its content providers who may be newcomers on the entertainment or world business scene. 

     Right now, advertisers are clamoring to advertise on Hotspot’s station format before it even completes its station configuration because Hotspot is the first of its kind to offer a special strategy for obtaining consumer interest in posted advertisements as audiences view the international entertainment being showcased.  Hotspot’s entertainment keeps the consumers captivated as their advertiser’s postings receive recognition.  Many in the online television sector do not have a business model that balances their entertainment with their ad funding in a way that does not detract its audiences from the core content-entertainment.  The mixture of core content with advertisement is produced so seamlessly that advertisers still keep consumer recognition on their posting as the consumer stays captivated on the entertainment.  So many websites fail to keep its audiences interested in the advertising content on their sites because they cannot balance their core content with their ads appropriately.  Too much information on a site detracts a consumer away from the site’s core messages and ultimately, their advertiser’s content.  The popular adsense scheme on many sites fail to give recognition to an advertiser because of the brief time and space each advertiser receives on their saturated ad box. 

    Hotspot’s unique content, simultaneous business services, and their special ability to increase their content provider’s exposure on their site and within the U.S. market, all make Hotspot Television better than any of its competitors out there.  There estimated audience reach will be 1 million or more in their first year due to their patent pending strategies and marketing ingenious.  Could this be a new kind of youtube for the international aficionado?  Time will tell, but we are sure it will tell success for the Hotspot global entertainment brand.

Small Business Administration (SBA) statistics show that 1/3 of all new businesses fail after two years, and 56% fail after 4 years.  While there are many reasons for a small business to fail, there are 10 mistakes which are common to most of them.  This article briefly examines, and proposes solutions to, each of them so you won’t be next.

1. Not Enough Cash. Most businesses fail because they lack enough cash at first and, as a result, take on excessive debt.  Before you set off on your adventure, make sure that you have sufficient cash to operate for the next 12 months, using your worst case scenario. Then, pay careful and daily attention to your finances; carefully record cash inflow and outflow.  Make sure you are familiar with accounting principles.  No need to become a CPA or even take an accounting class.  Widely available and very affordable software packages, such as Quicken, make it easy to be your own bookkeeper.  Of course, if you can afford it, the services of an accountant who has extensive small business expertise is the still best solution.

2. Spending Too Much, Too Early. Cash on hand is King!  This needs to be the Golden Rule for start-ups and small businesses.  Many entrepreneurs and small business owners have a fundamental misconception of how business operates. As a result, many spend their seed money, or start-up capital, before revenues start rolling in.  Best is to seek the advice of veterans who can act as your conscience, without the emotional involvement, before making a big financial commitment.  Seek out people within and outside your network who have been there.  SCORE and SBA are probably the best, and free, available resources.  Of course, if you are using an expert you can expect to pay a fee.

3. No Rainy Day Cash. When the going gets tough…small businesses fail! In part, that’s because most start-ups and small businesses fail to set aside cash reserves which can be tapped when the market sours; there are unexpected (and impossible to anticipate…do your homework)  cost increases; raw material price increases, if you are a producer, etc.  Make sure you set aside enough cash (again, cash is King!) to stay in business when sales slow down due to market and/or seasonal trends.

4. Growing Too Big, Too Fast. Ah, the sweet taste of success! Let’s get more!!!  Too many owners grow too quickly without really determining whether they should, or even whether they can afford it.  They want to add a location and/or add employees, or buy more equipment (often the latest gadget with all the bells and whistles, not necessarily simply what is functional).  Business owners get into trouble when they fail to perform a financial and market analysis.  To avoid this fate, start with realistic goals (often your worst case scenario) and allow yourself to grow as needs, analysis and financial ability, not gut instinct, dictate.  Let your present level of revenue, not the most optimistic financial projections dictate when and whom you hire; when and where to expand; and when to purchase or lease new equipment.

5. Location, Location, Location. Too many retail owners are not savvy negotiators and sign what they think are “cheap” leases.  Consider all factors before signing on the dotted line.  For example: how many businesses like yours are located close by? Can cars easily move in and outof your parking lot? Are there enough parking spaces? Are you visible from the street? Is there sufficient foot traffic? And many, many more.  Make sure you speak to an attorney who is experienced in reviewing/negotiating leases for small businesses, as “hidden” clauses can, and will, hurt you.

6. Inexistent Internal Controls or Poor Execution of Existing Controls. Number 1 on my list is poor financial controls.  However, too many times I have experienced start-ups and small businesses with lack any type of work process necessary to ensure that things are done consistently.  Furthermore, small business owners and entrepreneurs generally lack the experience and skills to hire the right people, monitor their performances and deal with them when they don’t work out.  Training is another area which is generally and largely neglected.  Finally, customer service is inconsistent or non-existent. As a result, generally business owners end up working for the company, rather than the company working for them.  This makes it very difficult to succeed. So make sure to establish protocols for how each task is to be accomplished, train yourself and your employees to follow them, and make sure they are revised and updated frequentlyu (see #10).

7. Poor or No Business Plan. If you fail to plan, you’re planning to fail!  A well drafted business plan is your road map to success.  If nothing else, having to write a business plan forces you to think about the what, when, where, how and why (yes, why) of your business.  More importantly, it forces you to think about, and consider, your financial needs and resources.  There are a number of well-written books and software packages that can help you write a business plan.  There are also a number of companies and individuals, myself included, who can help you.  However, in the end, it would be best if you did it yourself.  If you do end outsourcing it, make sure you do the homework (i.e., market research, financial projections) or at least be deeply involved in the research.  At the very least, make sure you understand what someone else has done for you. Don’t be afraid to ask questions and challenge assumptions (remember what happens when we assume!).

8. Ineffective Marketing and Self-Promotion. People can’t buy what you have to offer if they don’t know it is available! Sounds logical? Yet, many small businesses fail to develop an effective marketing strategy, or set aside enough money to implement it.  While you can, and should, still use “old-time” media such as direct mail, ads in local newspapers, radio and TV (much cheaper than you might think if done locally), you should not forget electronic media such as websites, blogs, etc.  Of course, each of these medium has its proper place and which one(s) you use, when and how, should be carefully examined before committing.  A good source of information for those selling products is a book titled “The 4-hour Workweek” by Tim Ferriss (I get no residuals or fees to plug the book). which has a trove of ideas on how to test your marketing campaign inexpensively.  The number of advertising and promotional ideas is limitless, or rather limited by your own creativity and that of those around you.  Speak to as many successful small business owners as you can and ask what methods they used and then … think! Don’t do it just because they did.  Think whether you can afford it, and whether their ideas have a high probability of increasing your revenues.

9. What Competition? Loyalty is earned not bought. An existing customer who is willing to purchase your product or service again is your best customer.  Don’t lose him/her.  Make sure that your customer has a reason, or better yet multiple reasons, to continue doing business with you instead of your competition.  The best way to do is to establish a relationship with your customer.  People buy from people they like and trust.  Again, there are many excellent books on how to best do this.  Better yet, go to your competition and see what they do, how they act, etc.  You may learn what to do, and most likely will learn what not to do. Then go to your favorite store and think about what makes it special. Why you go there and not next door.

10. Failure to Accept, Nay Encourage, Change. My personal favorite.  “Nothing changes if nothing changes”, my grandmother used to say.  “Everything always changes”, my grandfather used to say.  They were both right.  And, if evolution has taught us anything, it is that those who don’t adapt … die.  Stay alert.  Recognize opportunities and remain flexible to adapt to changing times. Better yet, drive the changes.  This holds especially true for your work processes.  Constantly ask yourself and your employees, if you have any, what is working and what is not.  Always question how things are done and wonder how they could be improved,made cheaper, faster, more durable, more exciting, etc.

11. Bonus…Being Penny Wise and Pound Foolish. How many people do you know who refuse to spend money to make money? They rather spend $10 to make $1,000, then spend $1,000 to make $10),000. Same rate of return, but very different results. Too often small business owners refuse to seek and pay for the professional help they need because they fool themselves into believing they either know how to do it, or will figure it out.  Know where you lack experience and/or expertise and consider hring someone who does.

Best luck to all!

Copyright (c) 2009 Ajay Prasad

You have this superb idea of having a website of your own and you are eager to go to put those ideas into action. But as you get down to work for converting your idea in reality, the challenges involved in getting it done may overwhelm you and suck away half of the enthusiasm. Believe me setting up a business is no cakewalk even with years of experience.

Here is how to go ahead.

PLANNING:

Be thorough. Even though you know what you want, write it out. Keep a notepad and a pen by your side to note down important ideas, information. Make a list of the tasks for each day and cross them out when done. This is the most satisfying time

- Why an I doing it? (Money, success, to make friend, to share information)
- Where to begin? (Totally online?)
- How to do it? (Myself or some vendor)
- What is the best way to do it? (Translates to reading and gaining a lot of knowledge)
- Why Do You Need a Website?

Small established local businesses always ask this question.

It’s a well established fact that customers, especially in the US, check products online before entering a store to make a purchase. Small businesses or relatively unknown businesses can benefit out of this.

Web usage in US is huge. An average surfer spends 38 hours per month from his home and visits an amazing 65 domains every month. So he is not just replying to emails, he is searching or browsing. And that’s where your business comes in.

125 Million Websites Out There, Do You Stand A Chance?

Of course you do have a chance and you can get your share of the online business. Just do all the things correctly. Analyze your business and client behaviors and plan accordingly.

BUT make sure your website stands out either in product, offer or search engines.

Niche websites have a greater chance of doing well. If you have a remarkable business idea, create a demand for your product through the internet. Let people talk about it.

If you have a general business about which you think nothing is remarkable, concentrate on local search engine, local press and local offers. You will be amazed at the results.

What Type Of Website Should You Have?

Generally, business websites can be divided into two categories:

- Ecommerce and – Service websites.

- Ecommerce websites have a list of products along with a shopping cart and online credit card purchasing that allows a visitor to visit the site, browse the products and complete purchase.

Service websites just list their services along with additional information and a contact mail or number.

Do a lot of research on what you want your website to be. Conduct a thorough research of customer behavior for your related product. Talk to experts, ask on forums. Do a market analysis that identifies the internet market size for your product or service. Only then, you can come to a conclusion about the type of website you need.

You’ll have the following options:

1. An information site (a type of article site, or an ezine?)
2. An e-commerce site
3. A combination of both?
4. A service site with call to action
5. Info cum service site?
6. Just a blog
7. A forum
8. These issues will help determine the orientation and budget of your website.

So get you notepad and pens out…

Economic Development Board (EDB) is expanding its efforts to attract global businesses to establish their headquarters in Singapore. As reported in The Business Times on 9 December 2009, EDB will broaden its strategy of focusing on the traditional G3 multinational companies and work to lure innovators and entrepreneurs from Asian countries to use Singapore as home base for their businesses. The strategy is really to “ensure a more diversified and robust range of industry sectors,” said Mr Yip, chairman of EDB.

Singapore is no longer just the gateway to Western markets. It also provides links to many important markets within Asia. EDB plans to capitalize on the economic growth in India and China — and Singapore’s existing ties with them — to encourage Asian companies looking to compete internationally to use Singapore’s unique position to help them cultivate a global presence by moving here.

Asian businesses such as those in China and India have reached a level of maturity and are now ready to reach out to the markets worldwide. Many of these businesses are asking how to tap into the global market. Given its unique position, Singapore provides one the most attractive marketplaces for any company looking to expand globally. There are over 7,000 MNCs in Singapore, including many from India and China. China’s sportswear giant Li-Ning and miniature acoustic components maker AAC, for example, have chosen to set up their international headquarters in Singapore.

Singapore has a remarkable business infrastructure. Its wealth-management sector is second only to Switzerland, and Singapore is the fourth largest foreign exchange trading centre in the world. Singapore’s stable environment and business-friendly approach have it ranked No. 1 in the world in ease of doing business and No. 2 in protecting investors, according to the World Bank Group’s annual rankings for 2009 and 2010.

Mr Yip told The Business Times: ‘Other than access to a global and regional business network, Singapore also offers these companies the opportunity to hire international talent. If we can keep offering such value, we could see more of these up and coming Asian companies call Singapore home. And these could well be in the Fortune 500 in 10 to 20 years,’

Part of EDB’s strategy includes promoting Singapore’s livability. Building up the lifestyle offerings — such as the arts, fashion and sports — will help make Singapore more attractive to both international companies and talents.

Tags: Asian Business Singapore, Singapore Company Formation, Singapore Company Registration, Singapore Company Incorporation

Enterprise operators which have a UK account could take note of some recent reaction to the government’s pension plans.

Those companies with business accounts which are looking to compare savings on various pension schemes might be interested in research conducted by the Personal Accounts Delivery Authority (PADA).

It found that nine in ten UK firms are keen to get expert advice in order to ascertain the potential impact of the government’s pension reforms.

The changes – which are due to be introduced from 2012 under the Pensions Act 2008 – will mean that employers will be required to put eligible workers into a pension scheme under which they make minimum contributions.

In addition, the study showed that small firms are the most likely to want to seek the advice of accountants.

Roy Porter, head of intermediary distribution at PADA, stated: “As our research shows, accountants and other intermediaries will have an extremely important role to play in helping their clients. They also have a part in dispelling some of the myths around the reforms.”

Elsewhere, businesses with UK accounts might be intrigued by the recent comments of Michael Baxter, editor of Investment and Business News, who noted the government may have no option but to raise taxation rates for enterprises.

Firms will find the economic recovery to be slow and weak, it has been suggested.

Retail businesses hold concerns about this year’s start to trading, new research shows.

With figures from the Confederation of British Industry (CBI) showing more than a third (36 per cent) of such firms claiming sales in the year leading up to January have fallen, such negativity was attributed to the poor weather in recent weeks and the rise in VAT.

Just over a quarter (28 per cent) of retailers noted an increase in trading over the past 12 months.

And as Andy Clarke, chair of the CBI Distributive Trades Panel and chief operating officer for Asda, states that the 2010 recovery “is likely to be tentative and weak”, firms may want to consider their use of business accounts to help see them through such tough times.

Indeed, Paul Bassi, president of the Birmingham and Solihull Chamber of Commerce, recently told the Birmingham Post that conditions for firms will “remain tough”, comments that could cause them to seek competitive business bank accounts.

Mr Clarke goes on to claim that “consumers are still cautious about spending”, something which may affect their propensity to spend using credit cards and other personal finance products.

All of us are aware of the current economic situation we are dealing with in America. As we continue to see unsatisfying numbers and unsettling statistics we know that individuals as well as businesses are being affected negatively by these downward trends. The United States economy is slowly pulling itself back together, mending itself along the way. Until the U.S economy is fully restored, technology businesses need additional help and aid from the U.S government to remain in business.

The business technology industry is an essential element for all businesses, because it’s an effective way to create a healthy competitive environment in American business. As new technologies emerge, businesses must remain cutting-edge in order to decrease their likelihood of becoming stagnant. This sense of business evolution allows these businesses to change and easily adapt to their current surroundings. It’s also important to note that many technology businesses have substantial start-up and continual costs, mainly because research and development of new technologies can be very costly.

It isn’t surprising that many technology businesses need assistance from the government in times of economic decline. The federal government has taken action and has created economic stimulus funding that will help technology businesses survive the current economic situation. If you would like to review additional inform about what types of funding and which technology businesses are receiving aid from the federal government follow this link: http://www.masshightech.com/recovery.html.

Additional information can be found at the following link: Technology Business News

Many businesses spend a ton of money on internet marketing and are often dissatisfied with the results. Imagine spending a small – or large – fortune on a marketing plan with an advertising company and then have it fail miserably. Why put your company in a position where your marketing suffers? A successful local business depends on a well-planned and streamlined marketing strategy. A solid solution is to create at local business profiles on the internet that cost little and generate many leads. Efficient and productive search engine marketing will attract the desired clientele.

It is always a challenging task to market a small business. You have to compete with larger companies, companies who have been in the business for many years, and with other people who will do anything to obtain a client’s business. You need to stand apart from the others, demonstrate what your business can offer clients, and how you are different. Serving locally can be your advantage over these large companies that serve globally.

Management of a small business is difficult, as it largely depends on a shoestring budget. You don’t have a lot of money to spend, but you want your business to be a success. Also, professional practices and small businesses are based on the support of the local community. You need to serve local customers and have them use your services. However, proper use of local business directory resources on the Internet can pave the way for better and higher search engine rankings while providing support from the local community and potential customers. And this form of marketing is easily done on a small budget. Add your business to local business directories and start to serve the local clients while working on high search engine rankings that will help you serve outside your community soon.

One method to improve search engine rankings is article promotion. Articles containing the best local advertising tips meant for local businesses are different from web sites created for general business information. In these articles you can add active links to your website. It is best to have two separate links: one geared towards locality and the other for general business. The idea is to maximize business by driving significant traffic towards a web site. Only effective marketing leads generation can be the answer for a successful local business.

Web sites targeting local businesses should be search engine optimization (SEO) friendly. As a form of local advertising, search engine marketing is a gold mine for running locally operated businesses successfully. The technology is not complicated. Web sites offering competitive online solutions for marketing problems can enhance the profit margins of a local business by targeting the local population with local business categories. Best of all, you will be reaching the clients you want to reach – the ones who will use your services, who live within your community, and who will become your long term customers. By going local, you are maximizing opportunities in the area you want to target – right in your own backyard, so to speak.

How does a small company become successful? It is such a provocative question that it prompted me to do some research. Despite the bad news we so often hear about businesses closing or moving, I found some encouraging news. After interviewing and working with many small companies, common trends began to emerge regarding what they did to be successful. There are a total of fourteen principles and the successful companies implement most, of not all of these principles: attitude, sales, business strategy, marketing, information technology, risk taking, process improvement, company culture, work-life balance, customer service, finance and budget, general advice, discipline and training.

Culture: Culture is defined as the “integrated pattern of human knowledge, belief and behavior that depends upon man’s capacity for learning and transmitting knowledge to succeeding generations.”

Culture is about attracting and hiring people who would be successful in the organization. It is about driving the behavior that makes the company successful.

Customer Service: Simplified defined, customer service is about taking care of the customers. Many companies integrate customer service into their culture through training and the design (and frequent redesign) of relevant business processes. In most cases, the business plan dictates how they provide customer service.

Attitude: You must have a positive attitude and accept 100 percent of the responsibility for the results of the business. When responsibility is accepted, action can be taken to make the necessary changes to accomplish the desired results. Then, when success is achieved, you are generous in giving credit to others within the organization. Without exception, the most successful business owners understand it is all about people: hiring and retaining the right people, eliminating ineffective people and providing the necessary resources for employees to master their tasks.

Business Strategy: A large complex strategy or business plan is not necessary. A simple one-page document will do, but it should be well thought out and well executed. A poorly crafted business plan that is well executed is far superior to a well-crafted business plan the sits on the shelf. It defines and drives the activities and behaviors of the entire organization. Without it, the business becomes a ship without a rudder; it simply can not be steered and goes in circles. A strategy should include a financial plan, marketing differentiators, and product strategy as well as employee retention.

Discipline: Discipline, or “staying the course,” then executing the strategy. Discipline is not overreacting to market changes, staying focused on your core markets and measuring success as defined in the strategy

Risk: Business owners are not afraid to take calculated risks with clear outcomes in mind. Most owners who take risk do so because they realize the need to change as the economic climates changes. Each knows it is disastrous not to embrace change.

Successful business leaders understand that being in business is about managing and responding to change. Companies that succeed embrace change and respond to challenges presented by the market, the competition or changes in general business conditions.

Financial Roadmap: An important attribute is the creation of a financial roadmap and budget and having the discipline to follow it. This plan reminds owners where and how to spend money, and it provides ways to measure progress or shortfalls. Finance is the cornerstone of good business plans.

Business Processes: Another frequently mentioned attribute of success is the streamlining of business processes. We call this creating predictability. This is probably the least understood attribute by small business owners. The intention here is to increase productivity and reduce costs while getting the same (or better) outcomes. Business processes are how things are done within a business. Every company has some processes; some are clearly defined, others are implicit. Successful businesses understood the need to continuously improve its business processes: to become more efficient and productive, and to respond to market changes faster while providing better service to customers.

Information Technology: technology is important, it is apparent that technology does not have to be complex or costly to be effective. Technology is probably the most important enabler for change that a company can introduce.

Marketing: Effective marketing performs different functions around unique selling environments. For example, business-to-consumer enterprises have completely different marketing needs than business-to-business companies. Having a good understanding of the pains your clients are experiencing and how your product and services stop that pain is critical to business success.

Sales: Every company’s approach to sales is different. Some depend on building referral partnerships and strategic alliances, and this is the extent of their sales process. Others aggressively attack the market with direct mail campaigns, cold calls and other forms of direct customer contact. The specific selling approach is usually defined by the marketing plan. Successful owners know that the concept of selling is a process that can be measured and improved, like all business processes. They talk about the importance of having a consistent, measurable and repeatable sales process, and they engage professional sales trainers (with flexibility to customize training to their selling environment) to help create consistency within their selling process.

Training can be defined as “to form by instruction, discipline, or drill and to teach to make fit, qualified, or proficient.” Because we live in world of continuous change, it is more important than ever to implement a culture of continuous learning. For many successful owners, continual investment in training is a major attribute identified. For training to be successful there must a direct link back to the business plan and an understanding of how training supports the successful implementation of the business strategy.

General Advice: Without exception, every business owner talked about how having trusted advisors is necessary for success. They know that they cannot know everything and searched out advisors they could trust. They preferred to pay for this advice because they were looking for someone who would challenge them, how them accountable, ask them important questions and introduce them to others when necessary.

There are three principles that every company needs to follow. If they follow these three principles they are forced to address the others: the business owner exhibited a positive attitude, the business created and implemented a sound business strategy and they had the discipline to they focused on the strategy.