Apollo Business Centers

Grow your business, not your overhead!

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The Benefits of 24-Hour Answering Service

Just about every business today needs every competitive advantage it can get, and every tool available to help with its success. This is especially true for small businesses and those run out of a person’s home, and these can truly benefit from a 24-hour answering service. It’s easy to dismiss the need for a 24-hour answering service for your company if it’s small or you’re self-employed, and if you assume that a voicemail on your cell phone is enough for you.

But fewer people want to listen to voice mail greetings and prompts, deal with repeated password and PIN entries and leave voice messages, when they are making calls on their mobile phones.

Customers who need your product or service are important contributors to company growth. Missing their call is not an option. A live answering service is a reliable way to make sure every incoming call is answered and every customer is given prompt customer service. You need a phone service that fits your company dynamics. A live answering service will handle your incoming calls that you otherwise would not be able to answer. A live telephone answering service can be so much more than just telephone agents taking your calls in a distant call center. That’s one of their expected duties, but today’s answering solutions have moved well past that simple definition and can now perform a multitude of useful tasks, just falling short of making your early morning coffee. Costs have tumbled too, and the quality of customer service has risen significantly, which is always a welcome direction as far as both matters are concerned.

Our answering service for small businesses allows businesses to keep their costs low without losing touch with their customers.

http://www.abcvirtualoffices.com/

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Virtual offices versus Traditional brick and mortar offices

The success of the virtual office in recent years has been quite remarkable and many companies are changing from the traditional office set up to a non-traditional one. Businesses are run in different styles, people have different preferences and so each business is likely to have a favored style of an office set up. However, in order to make informed choices as to which kind of office setup business owners should best use, it is necessary to have a deeper understanding of how the two styles of office management work. Both office concepts have different advantages and suit special circumstances.

Location

The traditional brick and mortar office is located at a central physical address and every morning employees have to report to the office, take up their positions and get to work. In the evening, the office usually closed and everyone is dismissed. A virtual office, on the other hand, is located online and may be operated from anywhere. Taking advantage of a virtual office service provider means that you can get potentially prodigious address at a fraction of the cost of having your own premises. Here, employees work from their homes, deliver work online and follow everything else regarding the office from their remote locations.

Working Hours

The traditional office setting implicates that employees report to work at a set time and leave at another specified time. For many businesses, it is usually 8 am to 5 pm. The employees are expected to have finished the work that was assigned to them within this period of time. This a sharp distinction to the virtual office setting where the employee has a personal customized working schedule. As long as the work is submitted within the period of time as specified by the employer employees are able to set their own working hours. They can work during the day and engage in other activities other than work, and this would worry the employer the least.  As employees are able to prioritize their working hours and produce quality at their best available times, this will result in higher productivity.

Information

Traditional brick and mortar offices keep their information and data in physical files that are kept on shelves in the office. In virtual office settings, in comparison, the information is stored as data files in the online office systems (usually backed up with hard drives) and made accessible to those people who are authorized. It is therefore easier to access information in a virtual set up.

Clients

In the traditional office set up, clients and business partners have to come to the office to sign up papers and to discus face to face with their other partners to agree on several things. In a virtual office, the clients mainly engage in conversations with their service providers and business partners through technology systems such as email and telephone. Their queries are responded to by the relevant subdivision and responses sent to them within shorter periods of time. People do not need to travel to any locations to discuss anything and do not have to show up at offices to finalize deals.

The use of a virtual office is not a universal panacea but there are many good reasons why they really make sense for many kinds of business. Please feel free to contact us for more information about our different virtual office and business service packages!

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If you have a headache from doing the calculations for your start up, you’re not alone. Many entrepreneurs are unaware of the extent that high overhead costs can influence their initial spending capital. Utilities, employee salaries, and acquiring office space and furniture are more expensive than one may expect. In the traditional office setting, it’s normal to spend at least 20-30% of your initial capital on the basic elements that would make a business run smoothly. Once you start generating income, factoring in maintenance costs and other expenses and you can see that your profit is already significantly lower than what you set your sights on. These days though, it is possible to cut down up to half of office expenses just by simply creating a virtual office space and maintaining it from your own home or on the road.

The concept of a virtual office space is a very good solution to the problem of creating a professional and reliable business image that can attract customers of a specific market. Its success lies on the simplicity and effectiveness of the service, and is really beneficial for businesses that are still in the stages of development or companies that are already established and looking for ways to improve business strategy.

A virtual office space doesn't necessarily mean that it's physically non-existent. In fact, it is a space in a highly desirable location, like Beverly Hills, that is leased for a reasonable amount and has the same features as a regular office. The difference however is that a normal office space is usually abuzz with people and equipment, while a virtual workplace contains minimal equipment and is used primarily as a business address to send and receive letters to and from the company.

The advantage of a virtual office space when you're just starting out is the type of image it can help you project to your potential customers. Whatever others may say, it is important that you have a dedicated phone number that can be traced to a physical location other than your own home. This assures potential customers that the business is really legitimate and will remove doubts in their minds about investing or purchasing your products and services.

If you are interested in a virtual office space to lower down your costs and increase your profit, ABC Virtual offers many accommodations and different packages to suit any businesses needs.

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Virtual Offices Providing a Competative Edge

Many attorneys come out of law school and do not join a large law firm.  In fact, 68% of all attorneys in private practice in the U.S. are sole practitioners or in firms with ten or fewer attorneys.  These small practices, along with accountants, entrepreneurs, and other startup companies are always looking for that competitive edge that will help grow their business into something renowned and distinguished.  One of the biggest obstacles these small businesses have to overcome is the need for bringing in new clients all of the time while still maintaining the needs of all current clients.  All of the time spent talking to potential clients on the phone and in meetings trying to sell yourself is time that will not be billable.  Larger firms have a lot less time that is not billable because of the full-time office staff that help with mundane details like scheduling and routine questions and allow the lawyers to spend more time in the courtroom and maintaining current client’s needs.  All of that time spent by the attorneys is billable, resulting in a higher revenue stream while not losing and potential clients.  As opposed to a sole practitioner, who needs to spend a lot of time on both the maintenance and the recruiting, so one of those crucial aspects of a growing business is going to suffer, if not both. 

One very helpful solution for those sole practitioners and entrepreneurs is a virtual office.  Virtual offices provide these small businesses with the appearance and the functionality of a large, fully staffed firm.  A virtual secretary alone would be able to handle all incoming phone calls, answering questions any current or potential client may have, leaving much more of the attorney’s time to take care of clients in a way that only he or she can.  Also, virtual offices can provide you with a physical conference room in a big building, charging you hourly for a meeting room or an office, while giving the client the impression of a very successful and credible business person.  This is a great alternative to paying for a full time office because being a sole practitioner, you can pay for the space you rarely need on a by-need basis.  No wasted money, no wasted space.  This is a very efficient alternative to staffing a full-time receptionist, with whom comes a bunch of paperwork and training hours and other turnover costs.  The virtual receptionist and virtual assistants will greatly increase the efficiency of the money you are saving and the time you are saving.

All of this new technology is allowing small startups of many kinds to have a competitive edge over other small businesses, and even the larger ones.  The virtual office allows these startups to only pay for the exact office amenities that they need nothing more and nothing less.  If all you need is a conference room once a week in a big fancy building for 6 hours, that will be all you pay for.  You don’t have to pay for that spot for the other days it would be sitting there with nothing in it.  If all you need is the receptionist to handle calls, that is what you will pay for and that is what you will get.  The virtual office service providers will use that space for its other businesses and they will all be getting the same conveniences.  The advantage the virtual office provides these startups with has converted many small businesses to do it.   This will all continue and the numbers of startup companies will continue to grow, as is the vision of Cameron Hassid, the founder of www.ABCVirtualOffices.com. Saving time, saving money.  What more could a startup ask for?

[abcvirtual-blog]

Offices Headed in the Direction of Extinction

People respond differently to the idea of working full time from home.  Some find it to be the dream, wishing they could get paid while still in their pajamas and being the head of a major startup company.  Others believe it will detract from the professionalism and be increasingly hard to manage.  Both parties have a fair point. 

It would prove to be much more efficient if you could avoid your hour and a half long commute one way (3 hours a day) and put that time toward completing actual work.  That is 15 hours a week that would be saved, almost two full work days.  Teleworking obviously provides many advantages to the employee, the main ones being the convenience factors. People who already work from home say they have increased productivity because of their ability to focus without those office distractions. There would also be more flexibility to alter your schedule for the demand of different occasions.

However, with all of the benefits come significant complications.  Employees working remotely will not have the constant, nearby support from colleagues and managers.  Workers can begin to feel less involved and not as substantial to the team.  Also, the lack of a clear distinction between a workplace and a home can wear down employees as they have trouble escaping their jobs.  All of the technology that is allowing them to work remotely in the first place creates a constant connection to work that is hard to escape.  These virtual offices are so convenient, they become almost too convenient.  Some strategies to avoid these negative repercussions include building strong relationships with teleworkers, having strong connections among teleworkers themselves to collaborate on ideas and strategies for remote working, and even creating some kind of reward system to sustain the individual initiative and motivation to complete tasks without a manager nearby.

Despite your stand on whether or not working from a virtual office is a viable option, a recent study shows the number of people working remotely has almost doubles in the past decade.  While the number is getting higher, a little over two percent of workers currently take part in the method.  A small percentage now, but with the increasing number of people deviating from the traditional practices, and the growing number of startups (especially in Los Angeles, California), the demand for virtual offices will rise.  Notably, this vision is held by Cameron Hassid, the founder ABC Virtual Offices.  Whether it will eventually completely take over the traditional office, or just become a huge integrated part of how we do business remains to be seen; but it is certainly aiming in that direction.

[abcvirtual-blog]

5 Things You'll Need to Start a Business!

1. Time

Having sufficient time is one of the biggest stumbling blocks for many people who want to start their own business. One of the most important skills you need when balancing a day job with running a small side business is good time management skills. Learning to prioritize tasks is difficult, but if you fail to do so, you may end up alienating customers and vendors that you need to work with. Learn to take care of jobs that must be done immediately as soon as possible, and delay doing the projects that you know can wait.

Prioritizing business tasks is key, but it doesn’t stop there. Prioritize personal tasks as well to make sure you can carve out sufficient time in your busy day to devote to your startup.

2. Money

Starting a business requires cash (or credit) up front, and buying an existing business often requires a large lump sum payment. Unfortunately, many people want to start a business precisely because they don’t have any money. This can lead such unprepared entrepreneurs to bury themselves in debt.

It’s simply a fact that your business will need capital, and while investing more money in a business can’t guarantee its success, you can pretty much guarantee the failure of a business that doesn’t have enough. To avoid this situation, thoroughly assess how much you need to start your business and maintain operations. Then, treat that as your baseline, knowing that you will likely encounter several unexpected expenses along the way.

A few basic business expenses include:

Business cards

A website

Advertising designs

Accounting software

Mailing supplies and postage

A credit card processor account

3. Patience

Drive and ambition aren’t enough – sometimes the early bird gets the worm, and other times slow and steady wins the race. Be patient, and don’t fall prey to these common misconceptions:

Don’t Expect to Turn a Profit Immediately. Many people get discouraged when they end each day with less money than they started with, even if they made sales. It takes time and a certain volume of sales to see forward progress, and there will always be days that are slow. Be aware of your monthly “nut” – i.e., the amount you need to clear in order to break even – and make that your goal, not cash in your pocket at the end of every day. When a business is getting off the ground, it can take a while before the profit reaches or exceeds the fixed monthly costs you incur to run it.

Expect Mistakes. I’m still kicking myself for things I did wrong in the early days of my first business. But while those mistakes cost me money, I learned from them, and I have used that knowledge to prevent similar events from occurring again. Mistakes can be valuable experiences.

Realize That You Can’t Make Everyone Happy. Unfortunately, the customer is not always right, but you can’t let it get you down. For example, if you let one credit card chargeback ruin your day, you may lose other sales because you can’t focus on your job or provide good customer service. Research your industry and market to get a sense of what the customer expects and what types of issues you may run into. When you encounter difficult customers, learn from the experience, and don’t take it personally.

Some Tasks Are Monotonous. Patience is key even for people who get into a business based on a hobby they love. Many people who turn a hobby into a business really enjoy the day-to-day work, but despise the rest of the work that running a business entails, such as accounting, doing taxes, advertising, and managing staff. You don’t have to enjoy filing quarterly taxes, but you do have to accept that doing the unglamorous and boring tasks is what makes running the business possible.

4. Research

An idea doesn’t need to be unique to be profitable – as long as there’s sufficient demand for your product. In fact, a unique idea won’t necessarily translate into big sales. There’s often a reason nobody sells a product like yours, and that reason may be that nobody wants one.

However, researching and developing your business idea is only the first step – you need to do additional research to find out how to make your idea a reality.

Do You Need Retail Space? Can you sell your product or service online, or do you need a physical retail location? If so, you may want to rent booth space at farmers’ markets, craft fairs, antique stores, or festivals. This is a low-cost and low-risk approach, as well as a great way to get feedback from real people regarding your product and what you could change or add to make it more appealing.

Do You Need a Website? Almost every business needs a website (as well as a social media presence), but if you want to name your business something for which a good domain name is not available, you might want to rethink how unique the name should be. If the website is integral to your business, you need to budget a significant amount of money to create something that is attractive and fully functional.

Do You Need Licenses, Insurance, or Permits? At the very least, you probably need a business license to operate – and if you have a physical location and inventory, you also need insurance. You may need additional types of insurance to protect yourself against liability from your customers, and whether you need professional licensing or other permits depends on the nature of your operation and the laws in your state.

How Will You Obtain and Store Your Product? Whether you plan to purchase items wholesale to sell, or create products yourself, you need to budget for needed materials and designate sufficient space to store necessary inventory and raw materials.

How Will Customers Discover Your Product? Advertising is absolutely crucial for a new business, especially if you don’t have a retail location. Create an advertising plan and get quotes for the costs of various advertising venues. Don’t assume people will flock to your business just because you offer a great product – but don’t count on tons of sales due to an advertising campaign either. Response rates on many forms of advertising are 2% or below, so be patient while building brand recognition.

How Will Customers Buy and Receive Your Product? If you have a website, you need to apply for a merchant account with a company such as Authorize.net in order to accept credit cards. You should also have a business credit card and a bank account for your business to keep funds and expenses separate from your personal money. Determine how you plan to ship merchandise, as well as the most cost-effective method. You should also consider the cost of insurance, the cost packaging materials, and the time-frame your customers expect to receive the items.

How Will You Initially Fund Business Expenses? If you start a business with only enough startup funds to run it for a month or two, you are practically guaranteeing that it will fail. There are some businesses you can start on a shoestring budget, but most require venture capital, angel investors, or money procured via a service like Kickstarter. Most investors want to see that you have money on the line as well – this ensures that you will be especially motivated to run the business well so you won’t lose the funds you’ve invested. Many people charge business expenses to a credit card, but if you must use a credit card, it’s best to open an account specifically for your business.

How Much Will It All Cost? It’s very important not only to find out what you need, but to find out how much it costs in total. Money is the lifeblood of every business, and knowing how much various tasks or options cost can help you determine what is doable and what is not.

5. Plan

Creating a basic business plan can be tedious, but it is very important, especially if you seek financial backing from investors or a bank. It’s also a great litmus test of sorts to see if you’re really interested in running a business – if you can’t take the time to write a basic business plan, even if it’s just a single page, you probably are not prepared to undertake the running of a real business.

[abcvirtual-blog]

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Essential knowledge from the good people at Visual.ly. Happy Weekend, everyone —a nd don’t check your email until Monday, unless, of course, Magic E-Beans are involved.

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Seven Ways Solopreneurs Can Grow a Home Business

Home-based businesses with a sole owner can only grow so much, right? Wrong.

With a little creativity you can keep expanding your home business, without hiring employees or renting an office. Here are seven tips for increasing revenue at your home business while keeping it a one-person show:

1. Use technology. From scheduling newsletters and social-media dispatches to issuing blog-post notifications via email, automate as much as possible. Collaboration tools such as Citrix Systems software can also help you readily pass off or work in the same document with colleagues and consultants without having to send giant email attachments or deal with a courier service. Additionally, video conferencing or call forwarding technology can do wonders for helping your little company appear much bigger -- and more professional.

2. Outsource. These days, freelance marketplaces such as Elance and vWorker.com make it easy -- and relatively inexpensive -- to find contractors for a wide variety of roles, from accountants to virtual secretaries. There's no law that says you have to make official, full-time hires to grow. Increasingly, I'm encountering high-revenue, fast-growing companies that have few, if any, official staffers and are driving growth entirely through contract labor.   3. Watch for opportunities. Entrepreneurs' prime advantage over big companies is the ability to be nimble and shift gears quickly if a new opportunity emerges that might lead to more business. That's what home-based franchisor Patricia Beckman did when she saw a need for a standardized virtual-assistant chain. Now her VA business, Cybertary, has 25 franchisees and is growing.   4. Treat your business like a business. Don't neglect the back-office end of your business. For instance, consider using an online invoice system such as FreshBooks or Intuit's Bill Manager. Being able to systematically track your payments and expenses will not only save you time, it's also more professional in the eyes of customers or clients. Keep regular business hours so clients can rely on you.   5. Invest for growth. Yes, being home based can help reduce overhead, but you still need to put money into the business to keep it thriving. After all, you've got to spend money to make money, remember? And that's true no matter where your business is based.   6. Don't forget your plan. Know your goals for the business and keep your focus on the steps you need to take to achieve those goals. Beckman recommends keeping your business plan nearby and referring to it often. And as plans change, update it.   7. Get out there. Some solopreneurs use being home-based as an excuse to never meet with clients in person. That's a mistake. Get out of that home-office cave -- you can build stronger bonds with clients in face-to-face meetings. Attend networking events to keep growing your rolodex and gain exposure to new ideas.

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10 Tips for Setting Up a Virtual Office

Invest in a laptop: The single most important tool for a freelancer, a laptop enables you to bring your work wherever you go. I’ve been known to work during piano lessons, in the waiting room at my dentist’s office, at my in laws’, the library, the coffee shop and anywhere else I need to be.

Have some sort of instant messaging system in place: Though I do use the phone to talk to my clients, most of my conversations take place via Skype. I primarily use the instant messaging service, but I’ve also been known to rock the headset and use the voice service as well. Premium Skype only costs a few dollars a month. Instant messaging doesn’t clog up email when there’s a lot of back and forth and allows you to have  live conversation. It’s also good for talking with other freelancers and sharing ideas.

Enlist the aid of a calendar tool: Outlook and Google Calendar rock. I love how Outlook pings me when I need a reminder and Google Calendar emails all of my scheduled tasks for the day. Staying organized and meeting deadlines is one of the most important rules for any freelancer. Calendar tools are a must for all virtual offices.

Keep track of invoices and payments: Whether you buy software such as Quickbooks or use an online service such as FreshBooks, you’ll need to keep track of the business end. Accounting software or apps allow you to compare hours worked vs. money earned, notice trends, monitor invoices and outgoing money and make sure everything is paid up in a timely manner.

Keep regular business hours: You’ll be able to focus better when you allot specific blocks of time each day for work. This also shows friends and family you’re serious about work, and also prevents clients from calling at all hours of the day and night. For some reason many people associate freelance as being available all the time, set limits by keeping regular business hours.

Invest in high speed Internet: Whether you specialize in writing for the web or your preference is for print or business writing, a high speed Internet connection with WiFi is a must. High speed is more expensive but it’s worth it as dial up takes too long to effectively resarch or communicate with clients.

Don’t worry about furniture….yet: With the exception of a decent chair, the fancy office furniture can wait. I have my own office, but my husband and I share a long folding table to use as a desk. I also have an old bookshelf and a second hand filing cabinet. Don’t go bankrupt searching out the furniture or those office module things. Invest in a good chair and provide an office space with plenty of elbow room, but don’t buy the mahogany desk until after you hit the big time.

Consider childcare: Even if you can’t do it every day, consider hiring a babysitter or helper for the days when you have conferece calls, teleconferences or need to work in peace and quiet. Many clients know you’ll have children at home, but they don’t want to hear them – or you interacting with them – during important calls. They want to feel as if thier project is your only prioirty.

Find your quiet place: Try and set up your office in a quiet spot. If you’re on a busy road, the front of the house means traffic noise. If kids are playing in the family room, you might want to work on the opposite end of the house. Noise is distracting and keeps you from focusing on the task at hand.

Keep your virtual office as far from the kitchen and TV as possible: The television and the refrigerator also distract. If someone is watching television, you might be inclined to join him if you can hear what is on. Also, if you hear someone in the kitchen making something good to eat, it’ll get you thinking about food. The kitchen and the television are two of a freelance writers biggest distractions (Internet is the first). If you can choose a spot for your virtual office, set up as far from distraction as possible

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[abcvirtual-blog]

Women Are Less Willing to Be Funny at Work, Says Report

When Jennifer Michelsen, co-founder of Gunnar Optiks, met with a consumer electronics company in New York, she walked into a room full of men. In her office, she is known as a jokester, but here, “I told some jokes that got no response whatsoever: no emotion, just blank stares,” she says. Her co-founder and the company’s president, both men, tried to ease the awkward moments.

Jokes made by female senior professionals are often perceived as “contrived, defensive, or just mean,” says a new report by linguistics expert Judith Baxter, head of English at Aston University’s School of Language & Social Sciences in the U.K. Baxter conducted her research at seven large companies and examined 14 team meetings, of which half were led by senior-level men and half by senior-level women.

Women often resort to self-deprecating humor, with 70 percent of female senior professionals joking about themselves in a somewhat negative light, shows Baxter’s research, as reported in the Telegraph. Still, this didn’t seem to earn chuckles: More than 80 percent of women’s jokes were met with silence. Meanwhile, 90 percent of jokes made by men were greeted with immediate laughter or approval. As a result, men were three times more likely to joke while leading a meeting.

“Men are using [humor] as a leadership tool, to ensure that they are part of the leadership tribe. The use of humor reinforces membership, whereas women don’t have access to the range of humor men do,” Baxter says. “If they use the jocular abuse that men use, that would be viewed negatively.”

Michael Kerr, a motivational speaker and expert on humor in the workplace, says this is due in part to how men and women are socialized. “I know with my own surveys, and other research I’ve read, that both sexes tend to agree that men in general are the ‘funnier sex,’” he says in an e-mail interview. “What seems to be a consistent theme is that men are more likely to be humor creators, whereas women tend to appreciate the humor more and laugh more easily than men do.”

Even a psychology study published in 2011 by the University of California at San Diego concluded that men were slightly funnier than women. The late Christopher Hitchens might have considered this a vindication of his 2007 polemic “Why Women Aren’t Funny.”

John Morreall, president of Humorworks in Williamsburg, Va., says traditional men’s humor tends to mock and humiliate and uses jokes with punchlines, while traditional women’s humor expresses support and solidarity and uses true stories without a kicker. Men defined comedy and workplace humor for years. “As [women] increase power in the business world, there’s a clash between women’s humor and men’s humor,” he says. “Women have this tough act because they are using a medium that is usually a male game.”

Not only are women newer to the funny-at-work craft, but audiences also tend to favor men. “Women laugh at men’s humor more than men will laugh at women’s humor,” says Morreall. “And men will expect women to laugh at their humor, but not initiate it.”

In addition to being a social lubricant, humor relieves stress and increases mental flexibility and creativity, says Morreall. Still, self-deprecating humor—traditionally women’s humor—is actually best at work, he says, as it’s not threatening, and no one actually thinks less of a person for it.

Morreall refers to a joke former New York Governor Mario Cuomo told in which his wife advised him before a talk not to try to be clever, or witty, or intellectual, but to just be himself. It was well received. Could a woman tell the same joke about just “being herself”? Unless she is high-powered, “there might be some conflict there,” he says. “Women put themselves down more than men. It would seem like an expression of a lack of confidence.”

[abcvirtual-blog]

Are You Buying a Job or a Profitable Business?

If the current owner is working in the business but not taking any compensation, come up with a reasonable compensation figure and deduct that amount from the profit the business is reporting. If the profit disappears after that adjustment, “you’re buying a job. If you’re competent and have a good résumé, you can probably find a job without paying anybody,” says Joe Knight, co-owner of the Business Literacy Institute and co-author of Financial Intelligence.

Bill Hettinger, principal at the Institute for Finance & Entrepreneurship and author of Finance Without Fear, agrees: “If the business cannot afford to pay the staff, including the owner, and produce a profit, it’s not a profitable business. Without some changes, there won’t be a return on the investment.”

It could be that the current owner is running the business as an investment and is taking no compensation because she’s not working there. In that case, determine how profit numbers will be affected if you plan to work in the company and pay yourself.

If you find that the current owner is working in the business but not taking any compensation, ask her how she makes a living, Hettinger suggests: “You might find out the owner has another job or is being supported by a spouse. You might find out the business is for sale because it is continually losing money and the owner wants to get out. Perhaps it was just a hobby business to begin with and making a profit was secondary.”

Still interested? Do a deep dive into the company’s books, going back five years if possible and using audited financials, if they are available. Pay particular attention to the profit and loss statement, comparing the company’s gross margins, operating margins, and net margins with industry benchmarks, Hettinger says. He uses industry data available through New York University’s Stern School of Business.

“Since the business is marginally profitable, chances are the margins are worse than the industry. The next step is to look at the individual line items to figure out why and make sure that correcting whatever you find is something that you are prepared to fix, and able to fix,” he says. You might want to have an accountant familiar with this type of company give you a hand evaluating the shortcomings and what it would take to overcome them, he notes.

If the numbers come out to your satisfaction, talk to the employees, find out whether the company has leased equipment or property and at what terms, do a realistic appraisal of the company’s assets, and look over the customer list, Knight advises. “The more you research the structure of the business, the customer base, the location, and the demographics, the better off you’ll be,” he says. “Make a list of everything you can think of that would affect the value of this business and try to answer every question that comes up, starting with why it is for sale.”

Small businesses are typically valued based on their Ebitda, or earnings before interest, taxes, depreciation, and amortization. “Small businesses sell for multiples of Ebitda, from three to four times Ebitda for manufacturing companies to as high as 10 for companies with exciting new technology and high growth potential. Retail would be more at the low end, particularly if there’s very limited potential for growth,” Knight says. Ask around to find out what multipliers are typically used in this industry.

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#6: The Debut of Bing! [Top 10 Moments from a Decade of All Things Digital] 

At D7 in 2009, Microsoft debuts its new search engine — and takes on Google in a major way. Of the quirky name, Microsoft CEO Steve Ballmer says, “We needed a name that says this is all about search.” Watch his interview with Walt Mossberg here.

[abcvirtual-blog]

U.S. Stocks Rise for Second Day

NEW YORK—U.S. stocks extended Monday's gains after a better-than-expected housing data and positive chatter about a coming European Union meeting outweighed a lowered euro-zone growth outlook and a credit downgrade of Japan.

The Dow Jones Industrial Average rose 54 points, or 0.4%, to 12558 in midday trade. The Standard & Poor's 500-stock index gained 8.9 points, or 0.7%, to 1326, and Nasdaq 100 stocks added 12.5 points, or 0.5%, to 2556.

Sales of previously owned homes in April increased at a higher rate than expected, adding to signs of the housing market's recovery from a near-six-year downturn. While manufacturing activity in the central Atlantic fell, employment in the region improved, according to a separate report from the Federal Reserve Bank of Richmond.

This week's stock-market advance comes on the heels of a string of three weekly losses in which the Dow fell 6.5%.

"This market has been leaned on quite a bit," said Mike Shea, managing partner with Direct Access Partners. "We were due for a pop."

Facebook FB -3.70% shares continued to fall, however, after a disappointing initial public offering on Friday and reports of underwriters cutting revenue estimates ahead of the social network's stock-market debut.

European markets were broadly higher. The Stoxx Europe 600 closed up 1.9%, as optimism ahead of Wednesday's European Union summit offset the Organization for Economic Cooperation and Development's lowered growth forecast for the euro zone.

European leaders will discuss measures to promote growth, support the region's banking sector and to ensure Greece remains in the euro zone. Also lifting spirits, French, Italian and Spanish leaders are trying to propose a euro zone-wide guarantee of bank deposits.

The OECD now sees euro-zone gross domestic product contracting 0.1% in 2012, compared with an earlier forecast for 0.2% growth. The 2013 outlook was cut to growth of 0.9% from 1.4%. The OECD also warned that the region's debt crisis could trigger a downward spiral if not addressed with the right policy action.

Asian markets advanced on the back of Monday's U.S. gains, and before Fitch Ratings downgraded Japan's sovereign rating after the close to single-A-plus and maintained a negative outlook. The ratings were previously double-A for the long-term foreign-currency rating and double-A-minus for the local currency issuer default rating.

Both Japan's Nikkei Stock Average and China's Shanghai Composite climbed 1.1%.

Crude-oil futures slipped 0.5% to $92.36 a barrel, while gold futures lost 0.2% to $1,585.50 an ounce. The U.S. dollar rallied against both the euro and the yen.

Shares of large banks rose in light of broader market strength, with J.P. Morgan Chase JPM +5.06% leading the pack. Even with that increase, the stock has slumped more than 15% since it announced an unexpected $2 billion trading loss earlier this month. Morgan Stanley, MS +2.96% Citigroup, C +3.52% Bank of America, BAC +3.29% and Goldman Sachs GS +2.28% also gained.

Urban Outfitters URBN +7.38% posted the biggest gains of any stock in the S&P 500 index, after the apparel retailer reported fiscal first-quarter earnings that exceeded expectations.

Shares of Best Buy BBY +1.60% edged up after the consumer-electronics retailer reported fiscal first-quarter earnings and revenue that beat analyst expectations and affirmed its full-year outlook.

Express EXPR -25.31% shares plunged after the young-adult apparel retailer reported fiscal first-quarter earnings that fell shy of estimates and provided a downbeat second-quarter outlook.

[abcvirtual-blog]

How and Why your Start-Up should go Virtual!

Working virtually sounds like heaven to many startups. After all, not having a central office staffed with employees saves money on rent, utilities, parking, etc., freeing you to invest in research, development or marketing.

On the other hand, operating virtually is no panacea. Before you make the virtual leap, you need to figure out exactly what working virtually means to your business.

The concept of virtual work has many names, from telecommuting and teleworking to distributed companies and remote workers. And virtual companies can be structured in several ways:

1. Lead a distributed workforce, consisting of full- and part-time employees, independent contractors or some combination, all working out of their respective homes.

2. Operate out of an office space (either your own or shared). You allow your staff to split their time between working at the office and working at home.

3. Be the only actual employee of your company. When you need something done, you outsource it to freelancers and independent contractors.

Thanks to improvements in broadband and collaboration technology, the ranks of virtual workers are swelling. According to the latest (albeit a little dated) numbers from the Bureau of Labor Statistics, in 2010:

• 64.2% of self-employed and contract employees worked at home

• 25.8% of part-time employees worked from their homes.

Good for young and old companies

While it obviously makes sense for brand-new startups to begin virtually, the concept also works for existing startups that began life in more traditional offices. My own company - GrowBiz Media - did just that. We leased space for about 18 months before realizing we could save many thousands of dollars by working from our homes.

Even established businesses can benefit from virtual arrangements. Matthew Goldstein founded Idea Consulting about 12 years ago, but the company went virtual about seven months ago. The firm’s 53 freelancers and part-timers are now happily collaborating on a huge project, the EuraMedia 2012 summit, while scattered across the United States, the United Kingdom and Russia.

But Goldstein admits: “We are still making mistakes.” His biggest hurdle was finding high-quality virtual workers.“The majority of the people we found were not qualified and overcharged,” he explains.

Goldstein also found that, despite what the virtual job placement agencies he worked with (Odesk and Elance) promised, “There is very little accountability" when it comes to contractors. You may not be satisfied with the completed work, but since the placement companies get a commission, “they tend to always side with the contractor.”

So how can you make virtual work fly at your company?

“You must put in systems of accountability that replicate those of a brick and mortar office,” advises Goldstein. “There needs to be constant monitoring, incentives and penalties, and strict management.” Also key is finding the right technology to make your project work. “Collaborative sites like Basecamp are great for helping to engage workers and get them to collaborate,” says Goldstein.

Ask the Expert

Sara Sutton Fell, CEO and founder of FlexJobs, a website for flexible jobs, offers more tips for virtual startups:

• Plan ahead. If you want to take a physical business virtual, you first have to think about all the facets of your business and how you envision them continuing to run virtually. What will this change mean for outside stakeholders — clients and partners? How can you make sure the transition goes smoothly for everyone? Sometimes the best way to go virtual is gradually, transitioning existing staff to home offices [or adding contractors] in small increments, so that your clients and partners barely notice the changes.

• Think about the technologies (computers, software, services, phones, etc.) that are essential for working virtually. Security and usability are two big concerns for teleworkers. You want to make sure everyone can access important information securely and easily, using reliable technology. Sometimes [usually] your workers' home computers just won’t cut it. If possible, provide remote employees with a complete suite of required hardware, such as laptops, monitors, scanner/copiers, webcams, microphones and more. If you use independent contractors, don’t give them equipment, it can raise questions with the IRS.

• Consider communication services. When you’re managing a remote team, it’s vitally important to keep everyone communicating with each other. This helps keep people on task, reduces feelings of isolation and boosts engagement. Employing a wide range of collaboration tools like Yammer, instant messaging (IM), email, Join.Me and Skype can help keep everyone in the loop.

Technology isn’t everything. Schedule regular meetings (at least weekly). It’s also helpful to create channels and leave time for virtual water-cooler conversations to let the team connect and build camaraderie and trust informally.

No matter what you do, don’t expect an overnight transition. “Working virtually is not easy,“” Goldstein says, “and you must be ready to put aside at least three months to track people and test them out before you can count on truly developing a team.”