When & what do I pay myself for my online business?

May 5th, 2015

Linking Depositing MoneyWhen you are first starting an online business, it may not be enough to start paying yourself a salary. When your are a start-up, you have to keep costs in mind, that your business needs to pay for first so you aren’t constantly digging a hole & keeping your business in debt. Other services that help boost your ecommerce business, are helpful down the line as well that have costs associated with it. So, when you first start-up, you may be saving up for these services instead of paying yourself.

It is important to keep overhead expenses down in the early stages of your business and ask yourself, how much compensation can your business really afford? You may have to make sacrifices and you don’t want to pay out of pocket. So your business needs to be self-sustainable before you can even begin to consider paying yourself.

What do I pay myself if my business is self-sustaining?
If your business is making enough money to pay for the services to make it run, and you have considered the costs of services that you would like in the future, then you have some choices for compensation.

Pay yourself when you can…
Be reasonable and flexible and only take a small percentage of what your company can afford.  Otherwise you may put your company in an unrealistic or unsustainable situation.

Pay yourself the industry standard…
Your company is operating in the real world, so you should only pay salaries that are realistic. That means at or near industry standards. You can talk to other start up CEO’s and get a gauge to what they pay themselves or what they paid themselves when they first started their online business. You can also check sites like http://www.salary.com for compensation information for your industry, location and job description.

Postpone Payment…
Once you have decided what fair compensation is, you can postpone payment on your books, so when your company starts reaching a good financial level, you can start the payback. This is important for accounting. It gives you fair credit for the time you have spent, but it does postpone money that you can spend on your own needs.

Pay yourself more later…
This is a sensible, reasonable, common-sense solution. It shows smart management & dedication to your company for the long run. I have met many a new start up CEO’s, and they would pay themselves one dollar a month as their salary during the initial start up phase. So it shows that they were taking a salary for the books, but would put the remainder as a “loan” or payback for accounting.

Deciding what to pay yourself also sets the standard for your company. If you decide in the future to take on investors or hire employees, what you pay yourself will reflect how you run your business, and effect your employees salaries as well. Especially for employees that are there with you at the start, and continue to help or completely run your business for you after a time. Compensating fairly, shows good business sense. So keep your hand out of the cookie jar, and count calories instead!

What does Drew Barrymore and WBI have in common?

April 6th, 2015

homebusinessmag32015Home Business Magazine’s March 2015 issue! That’s right! WorldwideBrands.com was featured in the Home Business Magazine’s March 2015 issue along with Drew Barrymore! The lovely Drew Barrymore has an article talking about motherhood, business, marriage and gives life advice, and we were featured as one of the Top 50 Home Business Opportunities!

Home Business Magazine is published every other month and is loaded with content to help you start-up and succeed in a home-based business.

We have subscribed to them for years, and we were honored to be chosen as one of the Top 50 business opportunities!

Check out Home Business Magazine today! You can read the online version of this issue on their website now or click to subscribe to get  print versions.

Find out why we are considered a top business opportunity by visiting our main site now!

 

 

 

New and improved Directory! It is SIMPLER…

January 22nd, 2015

Have you seen a preview of our new Directory? No? Check it out HERE!

The newly released Directory is FASTER, SIMPLER & SMARTER to use than before! I explained how it is faster in a previous blog post, now I’m explaining SIMPLER.

We now have a UNIVERSAL search bar! Type what you want into the search bar! So, not only can you search for product or brand names, but now you can also search by supplier location (street address, city, state, country), supplier name, contact rep name and more!

Want to see suppliers that ship worldwide? Type worldwide into the search bar! Yep! That’s available too!

Find suppliers in many different ways and all under one main search bar!

We have had the request for browsing by category, so we have included that as well. Just click on a category of interest, and you can browse the results alphabetically or by newest added if you have already visited that area and just want to see the new suppliers in that category.

The category browse is always on the left side of the Directory. So you can access these sections at any time while browsing.

Are you a member and love the new Directory? Tell us about it! Login to the Member Center, and on the bottom of the main page, click to leave a testimonial. We would LOVE to hear from you!

New and Improved Directory! It is Faster….

January 15th, 2015

laptop_researchBy now you have heard about our newly redesigned Directory of Certified Wholesalers! If you haven’t, check out the Preview Video!

The new design of the Directory has made it even FASTER than before! What does that mean?

Well, as you know, this isn’t just a static list of wholesalers like others provide. Our research team adds new suppliers to the Worldwide Brands Directory every business day of the year.

As you also know, we provide Instant Market Research analysis to our Members.  Well the Market Research section and the entire backend of the Directory of has been revamped.  What does this mean?  It means that Members will get results literally in a flash!

We separated the Directory search and the Market Research search. Why? Well, for two reasons..

1. You get supplier results quicker!
Since the market research has been separated, you now get to the supplier results quicker! For those that have already performed their Market Research and already KNOW what they want to sell, they will be able to bypass this section and get to the suppliers faster than ever!

2. You can perform proper Market Research!
When you search in the Directory for products & suppliers, you are using very general terms. Like; Coffee Cups, Desk Lamps, Toys and etc. These aren’t proper terms to use for Market Research!

When conducting market research, you need to use terms such as if someone was going to BUY the product. For example, if someone was looking to buy coffee cups, they typically have a certain style, color or theme in mind. So they will search for things like; I hate Monday Coffee Cups or Red Coffee Cups or China Coffee Cups and etc. They want to get search engine results that bring them closer to what they are looking for. Just like you do!

So not only is everything faster, but the Market Research has been separated to allow members to get a better understanding of how Market Research should be performed. We also have a great new user guide in that section! Just click any of the “need help click here” links on that page in the Directory!

The New Way to Find Dropshippers & Wholesalers!

January 13th, 2015

newdirectory_monitorSince 1999, we here at WorldwideBrands.com has remained the gold standard in delivering to online sellers simply the LARGEST Directory of Real, Trustworthy, Certified Dropshippers and Wholesalers that the marketplace has to offer.

Well here in 2015 the standard raised.

We have spent over a year creating a fully redesigned Directory, so now Worldwide Brands is better than ever!  Now access to the millions of products from Certified Suppliers is delivered in a platform that is:

FASTER – new technology provides results on products and suppliers in a flash.

SIMPLER – a new search bar feature allows full access to all areas of the Directory from a single location.

SMARTER – new research and notification functionality that does the work for you.

We are excited about the New Directory and have already received great feedback about it! We hope that all of our members enjoy the new platform and new tools that can be found inside!

Want to see a video about the New Directory and get a peek at what’s inside? Go HERE!

 

Happy Holidays 2014!

December 17th, 2014

happy holidays 2014 worldwidebrands.com

Happy Thanksgiving 2014!

November 24th, 2014

happy thanksgiving_2014

Holiday Marketing – Are You Ready?

October 22nd, 2014

linkin xmas tree-blog copyThe holidays always seem to arrive so quickly! Which is why we always talk about getting ready for the holidays in July. Because the next thing you know, there will be turkeys to stuff and presents to wrap! The holidays are a busy time for you personally, and they should be a busy time for your online store as well!

If you haven’t gotten your marketing setup and ready to go, then get to work! If you are using a dropshipper to supply your online store, take a look to see if they have any special deals for the holidays first! Then get to work on your marketing to the masses.

Here are a few ideas for you;

1. Cyber Monday: Cyber Monday is the online version of Black Friday. It is the day where many online stores offer great “Black Friday” type discounts and free shipping. You should always participate! There are Cyber Monday/Black Friday directories that you can put your offers on, as well as use email marketing series to your customers to ramp up for it, telling them about specials, discounts, items they may be interested in, and then finally emailing them the day before and then day of to remind them.

2. Free Shipping: Add value to the products in your store by providing Free Shipping this Holiday season. Free Shipping really encourages a customer to buy from you instead of a competitor, because a consumer is looking for a better deal. If they can save some money on shipping, they will definitely gravitate towards that!

3. Get Creative: Creative marketing will give you a jump on your competitors, especially with so many online stores vying for the customers attention. If you have a humorous streak, get silly! It will grab people’s attention and if done right, will make a lasting impression.

4. Social Media:  Social Media Marketing is a valuable tool for any business. Done right, you can get people’s attention real fast and done better, they will share your marketing with others. This is where your creativity can really come into play. Contests, trivia, videos and more are all great things that you can do with your social marketing to get people talking about your upcoming holiday sales.

5. Gift Certificates or Gift Cards: Always make gift cards or gift certificates redeemable in your store available. I come across many online stores that I wish they had gift certificates for that hard to buy for person. You can create your own, or work with a service to make these an option in your store.

6. Help Your Customers Shop:  A clean organized store will always make it easier for someone to buy from you, but during the holiday season, you need to make it even easier. Have a gift buying area, set things sortable by price, provide an affordable gift section, separate things out for gifts for her, gifts for him and etc.

These are just 6 ideas that you can do for your Holiday Marketing this year. There are so many other great things you can do! So get your wheels turning and write up your marketing plan for the Holidays if you haven’t yet! Or maybe I mentioned something above that you have forgotten about. You still have time to fit ideas in!

Keep Calm and Get Your Dropship On!

September 11th, 2014

keep calm worldwidebrands.comEvery day more and more scams are popping up on the internet for starting a business, business in a box, fake wholesalers and more. Like the world needs more right?!?!

Unfortunately these scammers keep in business because so many people fall for their fake promises and flashy webpages. Don’t be an easy mark! All these scammers care about is taking your money. They bring you in at a low price point, and then you get swamped with phone call and email offers to spend more money or they just provide you with repeated stolen information from other sources.

You can always trust us here at WorldwideBrands.com. We have been in business since 1999 finding genuine sources & recommendations for our members. We have helped thousands of retailers find legitimate wholesale suppliers and dropshippers for their stores.

We keep our promises and provide new sources for our members on a daily basis in our continuously updated online WBI Certified Wholesaler Directory.

We aren’t in business to scam people. Our team works hard on our information and we have maintained a fantastic reputation on the internet for providing trusted sources. We don’t steal! We FIND all the suppliers on our own and do all of our own work.

Our service is a one time fee for lifetime access. We don’t require you to purchase anything else for our membership and we don’t flood you with phone calls or emails. We don’t like that stuff either!

So if you are getting barraged by scam offers and don’t know which way to turn, Keep Calm and Get Your Dropshp On with WorldwideBrands.com Certified Wholesalers!

Checking Out the Competition

August 22nd, 2014

checking out the competition

As a retailer, it is very important to check out your competition and stay on top of what they are doing. Understanding your competitors marketing strategies, product selection, customer support, policies, websites & pricing can be used to help you improve your sales.

First, you need to determine who your top competitors are. You may already know a few of them off hand while you were searching on the internet deciding what to sell. But if you don’t know, do a few search engine searches with the keywords you want to focus on to see who comes up on top.

Take a look at these competitors and ask yourself the following;

Websites:

Does this retailer have more than one website?

How is the general feel of the store? Is it easy to navigate?

Does the site look good? Would I buy from them?

 

Products:

Do they have more than one type of product or several?

Do they have clear pictures and detailed descriptions?

Are the products priced competitively?

Do they offer free shipping?

 

Customer Support:

Do they have a phone number clearly posted?

Do they offer live chat?

Do they have their email addresses posted?

 

Search Engines:

Where is this company located in the natural listings?

Are they using ads?

What do their ads say?

What keywords are they focusing on?

 

Social Marketing:

Are they on Facebook and post often?

Are they on Twitter and post often?

 

Other Marketing:Do they attend trade shows?

Do they also have a brick and mortar store?

Do they have a blog & post regularly?

 

You can chart these things out to analyze your competition and to narrow down your main competitors. Plus you can always get ideas on what you SHOULD be doing if they are dominating the search engines!