Work Instiute Business Magazine

Monday, March 6, 2017

Guest Post: How to Buy Used Luxury Watches Online

The internet and the technology that goes with it have lead to the developments in online shopping as we know it today. We can buy almost anything online, and that of course include used luxury watches. The sale of used luxury watches is big business and the competition among dealers is fierce.

So how does one choose a dealer if one wants to purchase a vintage or antique timepiece online?

You will find many websites claiming specialty in selling used luxury watches. Some specialisations are more general, while others are more specific, such as those specialising in only a particular brand, for example. There are others that satisfy what we would call a niche market. These include vintage watch dealers or antique watch specialists. Even though this is somewhat of a niche market there are a number of sellers trading on and off-line and the numbers increase everyday. So how does one choose a dealer if one wants to purchase a vintage or antique timepiece online?

Some people are sceptical about buying online because they are of the opinion that it is easier to verify the credibility of an on-site seller than that of an online one. This is not necessarily the case; the credibility of a business or a dealer is just as important whether they operate on or off-line. The serious online watch dealer is keen on delivering quality timepieces and excellent customer service, because they know that their viability will depend on this. As such you will find a number of reputable and honest vintage watch dealers online. However, not all will deliver the same quality standard or provide you with a memorable shopping experience. Here are some things to consider and look for when buying vintage used luxury watches online:

1. The refund policy outlined - are the terms reasonable? If a dealer does not accept returns, this is not the company you should want to do business with. Usually a dealer that is willing to accept a no quibble refund is one that is probably very confident in the quality product that they sell.

2. Have customers constantly complained? Look at the level of complaints, are you seeing many complaints about this business or many negative reviews? The reality is that no business will be able to please customers all of the time, but they should be able to satisfy a large majority of their customers more often not.

3. Ask questions about the used luxury watches, see how quick or how accurate the response is.

4. Can you readily identify the owners or managers of the business? You should be able to do this - look at the 'about us' page - the information should be there. The vintage watch dealer should be readily identifiable.

5. It also helps if the dealer, even though operating online, has an on-site base or office attached to a legitimate address.

6. Where payment is made online with the use of a credit card, especially when paying on the dealer's website, always look for 'https' at the beginning of the address, in the address bar, on the payment page. If this is not present, it would be advisable not to go through with the purchase. PayPal is however always a good option, whether you are connecting from the seller's website or not.

7. Is the dealer experienced? Especially where it concerns vintage used luxury watches you want to buy from someone who has experience and knows about used luxury watches.

Taking the above into consideration should help you in making a good vintage watch purchase - whether for purpose of a gift, for your own pleasure or as an investment. Happy shopping.

Thursday, March 2, 2017

Why Being Risk Averse Is Risky

Have you ever heard a business success story that did not involve risks? Entrepreneurs have to bet big to win big, and the tales of many breakthrough companies include a chapter in which the founder almost loses everything. The ones who find a way through the dark times end up seeing the largest returns. Those who are risk averse create the lowest ceiling for a new venture.

The importance of thinking big

Building a new product may require the use of materials not in mass production. Therefore, betting big on the concept may involve making a side bet on suppliers helping send your goods to market. Large corporations can afford to invest in other companies to help them grow, but entrepreneurs have to find a more creative solution.

The Tesla Motors creation story offers a few examples of how this dynamic works. Tesla CEO, Elon Musk, had to depend on foreign battery suppliers when starting his electric car company. Without assuming a high level of innovation and adequate production of elements out of his control (a risky proposition), the automaker could not put these vehicles on the road. When the company found success with the Model S, starting the company's own battery facility became possible. Now, Tesla has its sights set on the mainstream automobile market with its Giga battery factory.

Risk averse at its riskiest

According to The Wall Street Journal, avoiding risk was a key factor behind the slow economic recovery after The Great Recession and the downturn the United States experienced in 2001. Companies held onto cash reserves rather than investing in new employees and technology. Investment groups were equally sheepish about backing entrepreneurs who sought funding to start new projects. As a result, the pace of added jobs and localized business booms was slower than it had been during periods of economic strength.

Data collected after the recession also revealed that employees were taking fewer risks in the workplace. Rather than leaving a dead-end job to plunge into a more lucrative job market, many workers chose to stick with their jobs in the past decade. This trend seemed prudent in a time when many people lost their jobs, but it does not reflect the culture of optimism, in which risk takers increasingly find success. Betting small and winning in small increments has not been the approach of any success story.

Risks worth taking

Small business owners are right to be risk averse when their life savings are on the line and their family's future is at stake. Identifying which risks are worth taking is the key to winning these big bets. For example, if you have done the research and know your product can penetrate the market upon arrival, taking on debt is not as risky as it may seem in the moment.

Alternative forms of financing, like using Kabbage to secure a loan, are worth your attention, as well. Whether you take on a loan or dive into the world of crowdfunding, this may be the financial boost you need to get that business idea off the ground. Sometimes, considering what you stand to win is more important than dwelling on what you stand to lose.

Being risk averse is a necessary trait for smart business owners. However, you cannot let your company be held back by a fear of all risks. Use these tips to know when to pick your battles and push your company to new heights.

Wednesday, February 22, 2017

Signs Your Business Is Ready To Expand

Starting a business might be more difficult than you first imagined but it might also become more successful than you thought. With the right mix of planning, skill, and hard work, you could find that you need to expand your business in order to maximize its potential. Here are some signs that growth is the next step for your company.

The business runs itself

Have you noticed yourself stressing out less about the fate of your company? When consulting with your manager or other employees, does it seem like they have everything under control? These are signs that you’ve done an excellent job starting and running your company and suggest that you’re ready for a bigger challenge, i.e., expansion. Could you handle running two or three locations as opposed to one? Perhaps you’re ready to take on more accounts (keeping in mind that each of these endeavors might require adding new staff.) If you feel ready for the challenge, it might be time to take the leap.

The competition has already done it

By expanding or encroaching on your customer base, your business competitors sometimes force your hand. Their success or failure could provide insight into what expansion might look like for your company. Use social media reviews and other types of research to determine how they have fared since opening up new locations. If you find mostly glowing reviews or positive comments it could mean you’ve been beaten to the punch. Rather than conceding defeat and regretting the missed opportunity, look for key takeaways that you can use when planning and executing your own expansion perhaps into a different region.

You have more tricks up your sleeve

Sometimes, growth means diversifying rather than duplicating your original model. For example, restaurateurs with popular desserts could consider opening a location where only desserts are served.To this point, your brand is more than the products and services you offer, so if you do choose to expand, you have a core group of customers to steer toward your next venture. This gives you a tremendous advantage and puts you in a great position compared to companies just starting out. Succeeding in business means using your leverage and having a loyal group of clients proves invaluable because you don’t need to sell them on your company; you only need to sell them on something new from a company they already love.

Picking the right time to expand can be tricky and it’s important to have access to all of the business services you need to make it happen, including financing, online marketing, and human resources. Once you’re ready, grow your business the right way.

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4 Tips for Improving Business Cash Flow

Invoice Factoring -When it comes to business costs, one of the main things that you will have to determine is whether or not a certain type of cost is actually worth paying. Invoice factoring, also known as invoice financing, is definitely a cost that’s worth adding to your outgoings as it can have a great effect on your company’s cash flow and enable your business to stay afloat and even develop and grow despite clients and customers who don’t always pay their invoices when you need them to. Invoice factoring works like this – if you have a client who still hasn’t paid what they owe, you can ‘sell’ their debt to the factoring company, who will then pay you a large percentage of the total amount, keeping a percentage back for security. Once your client makes their payment, the factoring company will give you the rest of the money, minus a small fee for their services which many business owners will agree is worth it.
Ask Nicely - If you’ve noticed that your clients seem to be struggling paying their invoices on time, it could well be the way that you’ve worded the request for payment that’s to blame. It may seem small and insignificant, but research has shown over and over again that simply asking nicely – i.e., putting ‘please’, ‘thank you’, and ‘have a nice day!’ etc. on your invoices can actually prompt your clients to pay faster, simply by being friendly and polite to them. So, next time you’re writing out an invoice, don’t forget to politely thank your client for choosing your services – and of course, for their prompt payment!
Offer Incentives - Making payments is something that none of us like to do, and your clients probably feel the same way about this. Even people who’ve managed to amass a lot of wealth don’t often like parting with their money, so it’s a good idea to keep this in mind when designing your invoices and determine how you can encourage your clients to part with their money in a manner that’s a little more speedy. For example, cash incentives, such as offering them a discount for paying before a certain date or even offering them a free gift in their next order, can definitely turn up the heat and get your clients opening their wallet.
Use Online Invoices - Not only are online invoices much easier to keep track of for your own accounting and tax purposes, they can also have a huge effect on how quickly you get paid. If you send a paper invoice, you’re already losing time as you’ll need to wait for it to arrive in the post and be opened before the client then has to take the money to the bank and transfer it or make the payment in the way you have instructed them to on their invoice. On the other hand, using online invoicing services can make things much easier for everybody, as this will not only allow your client to receive the invoice in mere seconds of your sending it to them, they’ll also be able to easily pay you online, meaning that you could receive the money within a matter of minutes if they are at their desk. And, thanks to mobile technology, they may not even have to be at their desk at all to make the payment there and then.