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Category: Business

  • Businesses that are No Longer Relevant

    Businesses that are No Longer Relevant

    It’s no secret that the world is changing. In recent decades especially, technology and the globalization of commerce has made several once well-known business brands completely irrelevant. It’s odd how fast it happens, but seemingly overnight big-name companies lose popularity as an increasing number of online options become available, or as larger, more successful organizations with a technology-first focus buy them out and change their structure. It’s tough to successfully own a commerce or user-focused business in today’s day and age. There are so many retail giants that drive down prices and take customers away from the little guys.

    The main reasons that these businesses were erased from our world view? They were unable to keep up with the drive to go online. When people can order anything they want with one click and have it show up to their front door with free 2-day shipping through any big-name stores like Amazon or Walmart, or when people can transfer money around the world with no added fees through startup online-only transfer services, it’s difficult for smaller companies without that same online presence to keep pace. Let’s look at this list of businesses that are no longer relevant, and why they’re no longer on the map.

    Polaroid

    You remember it – the camera that you could snap a picture with and be holding that same picture in a matter of seconds! Of course, polaroid has many more products in addition to their iconic polaroid camera, but that’s what they’re known for. In the early 2000’s-2010’s, Polaroid was at a critical juncture in their business lifecycle. Digital cameras were all the rage, and with companies like Nikon and Canon quickly developing cameras and digital photo products to meet the consumer demand, Polaroid couldn’t keep up by simply selling their iconic point-and-shoot print-out cameras.

    Polaroid is still around, and they did manage to salvage their brand in light of the digitalization of amateur and professional photography, but they aren’t as “big” as they once were. While their brand remains a household name, only true analog photography die-hards and artistic photographers still own and regularly use a Polaroid camera.

    Blockbuster

    Blockbuster was once the only place you could go to find movies and old TV shows if you wanted to rent them. There were other brands like Blockbuster – such as Family Video – but Blockbuster was the more popular location for video rental. However, in recent years, streaming has become the only way users access video rentals. There are countless streaming services available – from Netflix to Amazon Prime – and by the time Blockbuster stepped up to offer Blockbuster on Demand (a video streaming service), they were too late. Of course, it didn’t help their case any that everyone still views them as a video rental storefront, not a streaming service.

    MoneyGram

    MoneyGram has struggled financially in recent years, particularly after the 2007-2009 economic crash. However, things seemed to be looking up for them in the early 2010’s when they partnered with Walmart to provide a money transfer service. Unfortunately, this stroke of luck didn’t last long. MoneyGram and Walmart parted ways, leaving MoneyGram to compete with online-only money transfer services like TransferWise and CurrencyFair. These online transfer services and other services like them offer money transfer opportunities with the best exchange rates and low or no transfer fees. MoneyGram is struggling to keep up with this level of competition. Recently, Ant Financial has entered a bidding war to acquire MoneyGram. In a recent letter, Ant Financial stated that if this acquisition goes through, they’ll be diversifying MoneyGram’s services and steering away from a solely-remittance based offering platform. Not surprising, given the intense competition in the money transfer industry right now, and exchange rates that keep improving more and more.

    Loan Sharks

    Although loan sharks are still alive and kicking, they are no longer anywhere near the levels of profitability they have been. With tightening regulation over payday loans in the UK and the USA, the APR these companies can take has been vastly limited in comparison to the past. Additionally, with the rise of P2P funding and business loan companies, there is just more access to cheaper funding than what loan sharks offer.

    Tower Records

    Tower Records was once a massive music distribution chain with physical storefronts. They were incredibly popular, and were well-known for their massive inventory selection and their excellent prices. In 2006, Tower Records filed for bankruptcy and underwent a liquidation process. Although they still have an online store, they are nothing like they were in their glory days. Tower Records, like many companies that relied heavily on a physical store location, struggled to keep up with audio streaming services such as iTunes. The ability for customers to purchase music online only continued to expand, and Tower Records could no longer afford to maintain their physical presence.

    RadioShack

    RadioShack’s bankruptcy story is relatively recent – they just filed in 2015. Once known for being the everything-technical store that also sold bits and bobs like RC Airplanes, RadioShack served customers since 1921. However, in recent years, more and more people have been getting their tech accessories and gadgets from bigger stores like Best Buy, or ordering them directly from an online retailer such as Amazon.

    While it’s unfortunate that these businesses were put out by online-first companies, it’s not uncommon for the retail landscape to change over time. While these changes feel strange, in another 20 years things will be completely different than they are even now.

  • 7 Unique Business Ideas To Inspire You This 2017

    7 Unique Business Ideas To Inspire You This 2017

    The world has gone digital – we’re living in an age where people have become comfortably dependent on the World Wide Web. It seems like the trend today is the idea of convenience – giving consumers what they want, when they want it. The number of small businesses being set up continues to grow on a steady upward pace.

    Because of the exceedingly diverse variety of business ideas that are out in the market today, coming up with something unique is quite challenging. You think you have this awesome idea, but it turns out, it’s already been thought out by somebody else. The key is identifying a service you want to offer to the market, something that you know will be your niche. Think about what type of business you ‘really’ want to do. That way, you don’t need to forcibly do things because you’re obliged to.

    We’ve listed 7 unique business ideas that will get you going for the remaining half of 2017. Check out our list to see which one fits your profile.

    1. Animal companion app.

    The general idea is finding people a companion. In this case, it’s not human. You can create an app that lets people adopt a pet cat (since a lot of people love cats). Leave them with options that like what type of cat they want, including fur color, breed, age, etc. If a customer decides to adopt, you can meet them up to give them their new friend.

    2. Hacks.

    Hacks are intended to make your life easier, whatever task you’re doing. If you have certain useful expertise that you can teach or share, you can try turning this into a business venture. If you’re a polyglot, you can give your followers tips on how to learn a certain language faster. The key is having ample knowledge about what you’re doing because people will know if you’re a fluke.

    3. Classy johns.

    Portable toilets are not really new since we see them everywhere during outdoor events. The main problem with this is that they get pretty gross after a couple of uses. Set yourself apart by offering classy johns that are clean and great smelling, precisely what people need when they go to the toilet.

    4. Personality Training.

    Since a lot of people admittedly have a hard time building self-confidence, you can go into that genre. You can start by teaching the basics: communication and socialization skills, because these fields are where most people struggle on. To keep yourself updated, you always need to be on the loop with what’s hot and trending by acquiring new abilities.

    5. Packed items for solo travelers.

    If you shop your items solo, you understand how things can sometimes get really exhausting. You need to buy one of everything, making sure you don’t forget the essentials. If you had the option to just get everything in one shot, you’d take it, right? You can do a business that offers service concentrated on solo packaged products. From toiletries to food, your possibilities are endless.

    6. Office space for sharing.

    Because technology permits people to work remotely nowadays, you can actually lease or rent your space to workers on a ‘shared usage’ basis. There are some remote employees who prefer to work outside their houses who would be more than happy to take advantage of your offer.

    7. Learning ‘chunks’.

    By letting customers choose what topic they want to study and when they want to do it, you’re offering flexibility. Say a neophyte wants to learn using online accounting software; he’ll be able to do it after a few helpful tutorials from your website.

  • 7 Biggest Myths Business Owners Believe About Using Copyrighted Material

    7 Biggest Myths Business Owners Believe About Using Copyrighted Material

    Understanding copyright law can be a daunting task. It can be confusing for business owners but the costs of copyright infringement can be quite high. You can be asked to pay a huge fine for using someone’s intellectual property without asking them. There is a heavy penalty for copyright infringement.

    You might have great idea and you might want to protect your work and safeguard it. Here are the 7 biggest myths business owners believe about using copyrighted material that can help you plan:

    1. I can use small amount of copyrighted material without a problem.

    There is no safe percentage or portion of work that can be copied without permission. Using even a few seconds of songs or few lines of text without prior permission can be termed as copyright infringement. And for this the person involved in copyright infringement can be heavily penalized.

    2. I can copyright my idea.

    Copyright protects original works of authorship in a tangible medium of expression. Books, music, software etc. are capable of protection by a copyright. Ideas are not copyright-able since they are not original works of authorship and are intangible. Descriptions can, however, be copyrighted.

    3. Since I’m not making money off the material, it’s fair use.

    Fair use is a defense to a claim of copyright infringement. This is a myth that can at times be true but only on case-by-case basis. Parody of a song is an example of fair use. There are certain factors that determine whether or not the use is fair use. The effect of use of copyright on its market is an important factor.

    4. I can copyright my business name/logo/slogan.

    Trademark and copyright are used interchangeably by many entrepreneurs but they may be wrong in doing so. Trademark is a word, phase or logo that identifies the source of a product or service. It is designed to prevent the customers from being confused as to the source of the service or product.

    5. I tried to find the author/photographer, but couldn’t, so I can go ahead and use the work.

    There are no possible solutions to this problem and it can be a frustrating problem. It has confused and created tension for many people. There is no guidance or law for this but to use the material, you should be sure to perform a risk/benefit analysis.

    6. Someone else posted an infringing image on my website, so I’m not liable.

    You might be liable for that. The Digital Millennium Copyright Act (DMCA) offers a safe harbor for owners whose websites contain infringed material posted by a third party. They can post DMCA notice on their website and take down procedure on the website’s T&C.

    7. The woman in the photo ain’t a celebrity. Therefore, I can use her picture

    Wrong. All individuals have a right to publicity and they have the right to protect their name, voice, image whether or not they are famous or not. The law provides statutory damages for violating an individual’s rights for commercial use.

    This article has been contributed by Simmi Setia, Content Writer at LegalRaasta.com

  • How Does Beacon Resources Stay Ahead of Job-Search Engines?

    How Does Beacon Resources Stay Ahead of Job-Search Engines?

    In today’s job market, any company that posts a job opening online is almost guaranteed to get an avalanche of resumes in response. Then the work begins to sort through an individual’s job experience, skills and references to determine which candidates to interview. If you’ve made a typo, highlighted the wrong skills or made one of a hundred different missteps in applying for the job, you may not make the first cut.

    Recruiting is Our Business

    Beacon Resources is one of the top finance recruitment agencies Orange County employers use to avoid what has become a labor-intensive process to fill a job opening. We use several different tools to meet the needs of job candidates, including the ones noted here.

    Recruiting Experts

    Our recruiters are expert in matching applicants with firms. They have deep knowledge of the local job market and are highly skilled in recruiting methods. Many of our recruiters have worked in the accounting and finance industry, and they know first-hand what it takes to succeed there.

    Relationships

    We have built and nurtured professional, long-term relationships with a great number of financial and accounting firms throughout Orange County and surrounding areas. We value these relationships, and we work hard to fulfill the expectations of both our business clients and job candidates.

    Personal Service

    Our recruiters provide one-on-one service. We’ll meet with you to learn more about your skills and career goals. We also want to know more about your personality and what makes you tick. Our goal is finding both you and our business clients a perfect fit.

    The Right Candidates for the Right Jobs

    At Beacon Resources, we excel at placing the right candidates in the right work environment, and we take great pride in doing it. Do you need help transitioning to a new position or finding a first job? Submit your resume today through this online form. Our finance recruiters will get the ball rolling.

  • Explore the Key Benefits of Hiring a Virtual Office!

    Explore the Key Benefits of Hiring a Virtual Office!

    If you own a startup or a small business, you would always be finding out ways to cut down your costs. Isn’t it? After all saving every penny is essential in order to make a better future.

    Businesses with a small budget have to think twice before investing their money. And the biggest thing for them to worry is the rent of the office, which is not always financially feasible for them to pay. This is where business virtual office comes into play!

    Wondering, how the virtual office can handle the business process the same way the professional offices handle? Or what are the reasons that have made small businesses opt for virtual offices? For answers to your queries, you need to stay tuned with me and continue with the reading of this post.

    Virtual offices provide small businesses a professional address without having being paid for the rent. This address can be used by the businesses for their contact us. Good news, isn’t it? Indeed, it is! After all, keeping expenses to minimum is the prime objective of small businesses.

    Besides the benefits of cutting down the cost, there are few more benefits of this office, which are discussed below –

    Professional Address

    The prime benefit of these offices is procuring of professional address, which can be used by businesses on their contact us page and emails. All in all, it helps them build a bridge between them and their customers.

    Cut Down the Cost of Commute

    Another benefit of these offices is that you need not require visiting the office daily; instead, you can carry out your business work from your comfort zone. This helps reduce the cost of fuel that is required for reaching the office location.

    Reduced Hassle

    Reducing the need to reach the office location not only helps in cutting down the cost of fuel, but it also reduces the hassle of the entrepreneur.

    Get Meeting Rooms on Demand

    Want a conference room to hold a meeting with your team? Want to arrange a client meeting? Or holding a presentation? No matter for what purpose you need the conference room, you can avail it at any point of time and pay for the time you have occupied the space for the meeting.

    Dedicated Receptionist Services

    Maintaining relationship with clients is crucial for the businesses whether small or big. As the business starts to expand, a host of customers is queued up in the line which often results in missing their calls, meeting their demands and more. This is where virtual office receptionist comes into the picture. They are at the beck and call for their customers, which help employers in running their business successfully.

    Increased Productivity

    Another benefit of these offices is increased productivity, which is the prime objective of all the businesses. Giving your employees a comfort zone to work helps put in their best efforts for the company, which likely impacts the productivity of the business in a good way.

    Improved Interaction with Customers

    With the help of virtual office that includes a dedicated virtual receptionist and many more employees, interaction with customers have smoothed. Consequently, helping the businesses to reach their targeted audience and increase their business visibility.

    Save Money

    Yes, you read it right! Virtual offices also help in saving money of the businesses as it reduces the cost of rent, bills, insurance, and maintenance.

    From the above provided information, you must have got an idea about the benefits of business virtual office. So, if you are running a small business or startup, you need to make smart decisions in order to benefit your business.

  • Attaining Optimal Fire Safety in the Workplace

    Attaining Optimal Fire Safety in the Workplace

    Fire is a potent and unpredictable element that poses a hazard to all types of businesses. It can cause immense damage to the company quarters, stock or equipment. Many small business fail to recuperate after a great fire. What’s worse, the life and well-being of employees and visitors is at stake as well. That’s why adhering to safety measures should be the responsibility of every person in the workplace.

    Vulnerable groups

    If you’re wondering whether your business is more susceptible to fire breakouts, these are some of the aspects you should pay attention to:

    • Use of heat processes
    • Storage of inflammable gases or liquid, as well as other combustible materials
    • Poor upkeep of electrical systems and related devices
    • Isolated groups of workers
    • Public access (arson risk)

    Fire Safety

    Legal requirements and duties

    For instance, the Australia’s Work Health and Safety Regulations include the variety of subjects that are standard for most countries. This involves the emergency plan, hazard prevention, storage of volatile substances and combustible materials, closed space conditions, sources of ignition and adequate firefighting devices, among other things. Naturally, there’s a number of duties that an employer has to take care of, such as building code and risk assessment.

    Fire detectors and alarms

    Dependable fire warning system is a mandatory element every serious firm should have installed in their office building. An effective alarm should be able to detect the fire quickly and immediately notify the occupants to run to safety. This sound should be loud enough for everyone to hear it from the most distant corners of the building, and known to all the workers. To prevent malfunction due to power cuts, connect the electrical system to an auxiliary power source.

    Fire exits

    The well-thought out and adequately labelled fire escape routes are a prerequisite for all public buildings and sites. First of all, you should include the means of exit in your emergency plan. All the workers must be notified about it and trained to use it, with additional poster-reminders placed in target spots around the premises.

    The exit signs should be appropriately illuminated and easy to identify. Last but not least, the exits must be designed to accommodate the number of people who are likely to use it and be placed on strategic locations that allow employees to get to safety in time.

    Special conditions

    We mustn’t forget about the workers with some type of disability, and their special needs in case of fire, so an individual evacuation plan must be put in place in cooperation with disabled employees.

    The covered types of disability include wheelchair users, people with impaired hearing or complete deafness, people with visual impairments and employees who struggle with anxiety or some other mental illness. In most cases, a co-worker should be assigned to assist them in emergency situations.

    Fire extinguishers

    Sometimes a fire breakout is relatively small and can be put out by prompt and adequate use of fire extinguishers. Make sure the apparatuses are functional, noticeable and evenly distributed throughout the office premises, especially near fire hazards. The workers should receive all the necessary information and proper training on its use. The presence of quality, reliable fire-fighting units can make a world of difference for local, small-scale accidents.

    Testing and maintenance

    To ensure the equipment and routes are ready for use and functional at all times, some maintenance and testing procedures have to be performed regularly. All exits and light signs should be checked, along with the alarms and other fire detecting tools. The fire-fighting gear should be tested and maintained by trained, experienced individuals.

    Good practices

    1. General advice: The workplace should be clean and tidy, ridden of combustible waste. The flammable sources and materials should be strictly controlled.

    2. A solid emergency plan is mandatory. Compile it with a help of local fire department trainers. Make the plan known to employees and organize regular drills.

    3. Perform safety check-ups at shutdown (windows, electricity, doors, dangerous chemicals and sources).

    Small number of companies manage to rise from the ashes after a great fire in their building quarters. That’s why it’s important to take the necessary fire precautions and keep your employees and your assets safe.