Category Archives: business company

The Scentsy Company Business Success Story

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A group of about forty women were delighted to hear an entrepreneur success story at a recent “Women In Business,” luncheon in Layton, Utah. Two women who seemed like your next door neighbors, spoke about how they created a product that is now being sold by over 35,000 business consultants in the United States and bringing in revenues over $100 million annually.

Kara Egan and her sister-in-law Colette Gunnell, shared their story of creating a simple product that would bring many people pleasure. They created a wickless candle that was warmed by a low wattage light bulb. With many different scents for people they decided to name their company “Scentsy.”

Kara and her family were struggling financially because of her husband’s health problems. After watching an Oprah show on Millionaire Moms, Kara became determined that there must be something she could do to help her family. If regular people like the people she saw on the Oprah show can create products, then why couldn’t she do that too?

After watching a neighbor melt some of her old scented candles in an old potpourri burner, Kara got the idea to create scented flameless candles. She got on the phone with her sister-in-law and asked her if she would go into business with her. Colette said, YES!

Building your own company from scratch is not without challenges, but these two women conquered them with their determination and ingenuity. One important strategy they used was to make sure they knew about all the products currently available that were similar to theirs. They surveyed the market place and purchased any products that were similar to theirs. Repeatedly testing existing products and then creating a new product seemed to be the correct formula for their eventual success.

After manufacturing the products on their own and developing enough product for people to purchase, they started selling at local trade shows. It was at one of these trade shows that they met Orville Thompson and his wife Heidi. During one of the breaks at the long convention, Heidi took some of Scentsy bars home to share with her family. Her family and friends enjoyed them so much and that got Heidi’s husband’s attention.

Orville pictured this product becoming very popular. Kara and Colette allowed Orville to help them take their business to the next level. It was the contact that they made with Orville Thompson that began the transformation of their business from a local business to a nationwide business.

Orville and Heidi Thompson bought the entire company from Kara and Colette, who are now Scentsy consultants, on May 1, 2004. They decided to market the flameless candles through direct marketing which opened up a new team of sales people. The Scentsy products are manufactured in Meridian, Idaho where there are over 500 employees.

The two mothers, Kara and Colette, that created Scentsy are heroes to many women who strive to build successful businesses. Their determination, creativity and desire paid off for them as well has thousands of other Scentsy consultants. An entrepreneur’s dream come true. Congratulations!

Is your business services company insolvent

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Is my business services company insolvent, will be a question many small business owners will be asking themselves during this recession. It is crucial to understand this as it will affect your decision whether to take formal insolvency advice and hence the need to shut down a company.

The classic definitions of insolvency are that your assets are less than your liabilities or you cannot pay your debts as and when they fall due.

However there are a number of other factors which also give clues as to insolvency. I have produced a series of articles each dealing with some points to bear in mind. Taking the two tests above as our lead we have:-

1) The cash flow test; simply can the business pay its debts when they become due for payment. The most common example of this is a failure to pay PAYE and NIC to the Revenue on time each month. They always appear as a creditor in any liquidation. Similarly, if you have suppliers who grant you 30 days credit, are you pushing these repayments beyond 60 days.

2) The Balance Sheet test; or the do you owe more than you own test. This needs honest consideration as a cursory glance of balance sheet may indicate that it is solvent, but on closer inspection some items such as stock may be overstated or plant and machinery not written down correctly, and debtors and work in progress not readily collectable. Taking these into account it may be that the balance sheet looks very different.

3) The Legal processes test; The simple test here is whether the company is receiving letters before action, or even worse, writs or summonses. These legal actions may sometimes result from an oversight and can be simply paid, however if they are not and are repeated and not settled then this is an indication that cash is not readily available and action needs to be taken.

As directors you need to be wary of these as there are penalties for wrongful trading of up to 15 years disqualification as a director.

You have a number of options such as Creditors Voluntary Liquidation, Administration of Company Voluntary Arrangement.

If you are in any doubt whatsoever make sure you take professional advice.  We have helped many dozens of companies shut down in the last year. We can start and finish the process in as little as three weeks and in the interim help you re-start.

 

In Demand Deals for Internet

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Internet is now in demand and lots of people know its importance. If you have a computer at home, it is ideal to have an internet connection and manage to know the best provider that can help you out for fast access of connectivity. Most of us are aware of the use of computers and how internet is bringing lots of opportunities to the people. If you aspire to have an internet connection at home, it is useful to compare the offers available and find deals which are affordable for you. Some internet providers are offering cheap plans which are payable monthly and you can even claim for discounts. In terms of best provider of internet at United States, it is ideal to know about working with Verizon. Verizon’s high speed internet access is reliable to have around and getting verizon triple play promotion code is today ideal. Now, you can possibly compare offer base on range of packages and fast internet connectivity. All of these things are best to handle online and in no time, you can find the best which is in you. Have an affordable internet at home and Verizon is here to guide you in having one.