Author Archives: Kelly

How Desperate Are You To Stay In Business? 7 Financial Steps For Success

8 out of 10 businesses fail.90% of businesses fail.1 in 3 businesses never make it past year 3.The numbers may differ depending on what you read or listen to, but over and over we are bombarded with the same message of doom and gloom.If the experts are to be believed, it begs the question why anyone would even consider working for themselves. However in my opinion the better question would be:What are the ones who survive or become successful doing that the others are not?What they all have in common is an understanding of how controlling the money is vital to their success. Whether they do it themselves or hire someone to manage it, it has to be done.I get that the financial aspect is the least sexy of the business areas you have to deal with. Sales & marketing yields customers. You get to be creative, social and innovative.The operations side allows you to show the people who have bought from you, just how good you are at delivering on your sales promises. This is the doing part.And then last but most definitely not least, you have the financial controls. This is the exact antithesis of the sales and marketing. This is about attention to detail, analysis, and number crunching. These are commonly the very skills that so many entrepreneurs shy away from.

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But here is the kicker. The best way to know how well your sales and marketing and your operations skills are performing, is to analyse the money.The money doesn’t lie. In fact it shines a light so fierce, this alone can be a reason entrepreneurs shy away from the money management. They would rather not face the reality of a situation. They concentrate on sales and servicing and hope the money will sort itself out.This last belief does hold water, but it is essential to know on an ongoing basis whether you are on track or you are about to be horribly derailed.This fitness checklist is a quick reference for checking your financial health as you go.Financial planning (why, what, how)Why you are doing it? To buy nice things, help the needy, make your family proud. Only a few people actually work purely for the sake of it. What do you need to make it happen and how will you go about it?Inflows versus outflow To be financially fit, you need to bring more money in and spend less and you will be left with surplus to pay yourself more and have enough left over to invest in growing your business.Team Successful entrepreneurs always have a financial team of some sort. It could be just you and your accountant. At the other end of the scale you could have a bookkeeper; accountant, financial advisor, business coach, solicitor, and of course, you.Number crunch every month This is imperative. If this is not done, the decisions you make will be little more than guesswork. Despite this over well over 60% of business owners rely on gut instinct or their bank balance to determine how well they are doing. And guess how many go bust in the first 3 years? Well over 60%. Coincidence?Evaluate progress Once you start to understand & use your reports each month you will become addicted to the information they give you because they will set the basis for your future decisions. Not to mention alert you to any problems. Work on amber alerts not red ones.Shape up and strengthen

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This is the part of the process that will either make or break your business. It is no good having the information at your fingertips and not making the right decisions.When you sit with your accountant, financial adviser, marketing person, business coach, or similar professional; you would be able to concentrate on strategy and problem solving. Rather than waste time gathering information to create reports that you never do anything with.Saving versus spending As employees we were conditioned to pay all our bills first and only then save with what is left. The trouble is, after money has been directed at covering expenses there is often not enough for anything else. Including taxes or paying yourself. There are many techniques to combat this cycle, but a simplest one is:Aim to spend only 70% or less of money collected each month. If this means you battle to keep on top of expenditure, then what better incentive do you need to get your revenue and profit levels up?Remember 1 in 3 businesses do not make it to their third anniversary due to a lack of cash.So don’t be a statistic.

What Has Changed Recently With Options?

A Logical Way to Trade Binary Options In the twenty first century, creating a good investment strategy is incredibly important. The truth is that if you are not investing, it will be difficult for you to become financially independent. It’s worth stating, of course, that investing isn’t easy. There are dozens of different investment strategies to look at, and each one is unique in some way. It’s up to you to choose a strategy that meets your unique demands. Some people like to trade stocks, while others will be more interested in bonds. If you really like to trade, though, your best option may be to look at options. Many people appreciate options because they’re relatively easy to use. It’s important to choose a broker before you actually begin trading options. There are many things that you’ll need to think about when you’re choosing a broker. Before you do a nothing else, you’ll want to consider the platform. As you may know, trading options should actually be fairly simple. This means that you need an intuitive and logical platform. The next step in the process is to think about the country that you are going to be trading from. As you may imagine, the United States actually has unique rules. This means that you’ll need to use a broker that accepts US traders. By doing your research, you can find a binary options platform that meets your needs.
The Beginners Guide To Funds (Chapter 1)
As a general rule of thumb, you should not work with the first binary options broker that you encounter. A much better idea is to make a list. By looking at multiple brokers, you’ll improve your odds of finding one that meets your demands. As you are comparing your options, you’ll want to think about the commission. You will usually need to pay a small fee for every trade that you place. You will want this fee to be relatively manageable. If you’re someone who likes to invest, you owe it to yourself to look at binary options trading.
The Beginners Guide To Funds (Finding The Starting Point)
In the twenty first century, binary options are incredibly popular. Every day, millions of traders invest in options. What sets binary options apart is that they are relatively easy to trade. At the end of the day, a binary option is essentially a yes or no proposition. Trading options involves specifying a particular instrument. While options trading is relatively simple, it can also be risky. If you do not know what you are doing, it will be difficult for you to grow your capital. Never forget that you need to talk to work with a US-based options broker if you want to make sound decisions.

Smart Ideas: Experts Revisited

Delegating Taxation Concerns to a Trusted CPA A certified public accountant, commonly known as CPA is an accounting specialist who successfully graduated in the field and make it through the national boards of accountants. There are plenty men and women who took and received an educational degree in accounting but not all are licensed accountants due to that fact that they did not took or passed the exam and some other qualifying requirements. Generally, the national exams for CPA are difficult pass, so when a person is regarded as CPA, he or she must have a sharp mind and great skill on the field. Despite the fact that successfully completing the requirements of CPA like the board exam can be a determining element of expertise, knowledge, and authenticity, actual experience in the industry is still quite vital. Well-experienced Certified Public Accountants have come across with a great deal of troubles in their job and perhaps resolved it properly. From time to time, troubles on finances and accounting are not entirely shown in textbooks and publications, but experience could test every ability and knowledge in accounting. Other CPA’s opt to take other courses to strengthen their knowledge and credibility in their field. Some will take a course in business management to build up their knowledge on business enterprises or corporate community, while others would take up law and specialize on taxation law to boost their skills and competencies on financial legal matters.
What No One Knows About Accountants

Finding Parallels Between Businesses and Life
Certified Public Accountants may give several types of services, but mainly are about financial setup, financial recordings, financial legitimacy, and other associated field on finances. In this content, we are going to deal with one significant service that a CPA can properly perform i.e., taxation concerns. Important financial transactions generally occur in businesses and corporations. Even private professionals like the physicians do this often. But due of very busy schedules and massive amount of things to do regularly, it would be a good idea to assign the duties to reliable and experienced specialists. Due to the fact that corporations handle finances, there is absolutely no way that taxes will not be set as top priority. Every business should be able to manage their responsibilities on taxes because failure to do it will lead to negative legal consequences. Now, the CPA whom you hire can help you in organization, documentation, and reporting finances, as well as prepare your tax bills. This professional will know every demands and make it a point that your taxes are settled by the due date, hence releasing you from huge penalty charges and other severe legality effects. In addition to that, the CPA can act as your tax adviser to solve any tax issues in your company.

A Quick Overlook of Help – Your Cheatsheet

Lowering Your Student Loan Payments When you are looking for jobs online, you are going to notice that many of them are looking for people that have gotten a college degree. This is why millions of high school graduates decide to apply for college upon graduation. But, college can be extremely expensive as you have to have money to pay for books, housing, and tuition. Many people do not have a family that are able to give them help to pay for college expenses. In order to pay for college, many students choose to take out student loans to cover the costs. But, having a large amount of student loan debt can be a burden, many people are not able to pay them all back. But, there is a student loan consolidation and forgiveness program that can make it much easier for you to pay for your student loans. With the student loan consolidation and forgiveness program, you are going to be able to consolidate all of your loans into one single monthly payment. You are going to have several options to pay back this loan when you choose the student loan consolidation and forgiveness program. Many people choose the standard repayment where you pay a set monthly payment for the life of the loan. There is also a graduated payment where your monthly contribution goes up every two years for the life of your loan. But, with student loan consolidation and forgiveness you are also going to have payment options that lower the amount in total you end up paying. There is the income contingent payment plan where your monthly payment is based off of your income, family size, loan amount, and your interest rate. There is also an income based option that only looks at your family size and income to determine your monthly payment. These options make it so some people do not have to pay anything each month.
What You Should Know About Help This Year
Another payment option for the student loan consolidation and forgiveness program is called pay as you go. With this payment plan your monthly payment is going to be based on ten percent of your monthly discretionary income. After you have been making these payments for twenty years, the remainder of your balance and interest will be forgiven.
Lessons Learned About Services
When you have a large amount of student loan debt, you are going to have options to make paying for it much easier. With the student loan consolidation and forgiveness program, you are going to have a way to lower your monthly payment and get out of debt sooner. You are going to want to do some research on the different payment options so you can find the one that fits your situation the best.

Why not learn more about Services?

Knowledge on New Business Start Ups

Planning process takes up the bulk of any successful business. Being one’s own boss is a dream that appeals to many. Some situations may force others to kill their quest of becoming their own boss. This might not be as a result of lack of persistence but a deficiency in the proper way to approach the situation. This ultimately brings out the need for a business plan as it routes out the path you will be taking in the business life.

There is need to enroll in some form of training. Acquired information on a certain venture will make your operations very simple to undertake. It is possible for persons to pick out hints of misinformation so being the aspect of being knowledgeable should be upheld. For continuous growth of your business you may want to invest in a good website. It can help you build a customer base that you may never access otherwise. The authority that you may interested in establishing must be well defined. They may include self employment, partnership form of business or any other permitted alternatives.

Acquiring assistance is a good way to go .This may be inform of financial or operational activities. You may source for funds from different financers to get money that will help start off and sustain your business. A well built website may involve intervention from a reputable web designer. The inclusion of relevant stake holders may be useful to the venture. Using them may be the biggest investment that you will ever make for your business and will result into positive outcomes later on.

Settling on a particular business idea should be done in a short time. Service providing business make up the most affordable ventures to start as they need a few resources . Individuals are encouraged to maintain the flexibility factor that will allow for features to be fashioned in a way that they can suit the everchanging trends. The option of product based ventures involves familiarizing oneself with the products and being alert to the needs of market to be able to make modifications if need be.

Being acquitted with the governing laws surrounding the venture you are in is critical. It will help you save money that would otherwise be spent on lengthy court proceedings. Following the rules set aside to guide the operations of the business you are embarking on will ensure a pleasant flow of your operations. It will go a long way In establishing a trust factor in your consumers. This will in the long run pay off by extensive ordering of your services or products.

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The 10 Most Unanswered Questions about Regulations

A Closer Look at Financial and Securities Regulations After the stock market crash that occurred in 1929, the government has paid close attention to the financial services industry, particular the securities exchange markets. The regulations in question govern all transactions in which financial assets known as securities are exchanged. Regulating the exchange of securities can be difficult for a number of reasons. Mainly this is due to the fact that the definition of what a security actually is, or what financial assets qualify as securities, varies according to the jurisdiction. These securities regulations exist at the federal, state and local level, and the jurisdictions change as you go from one regulatory body to another. Most Americans have at least some involvement in the securities exchanges, particularly in the form of pension investments usually in mutual funds. For this reason, it should be noted that regulation of financial investments and securities is important for all of us. In the financial collapse of 2008-2009, it has been found that a lack of regulation and responsible oversight contributed directly to the market crash and the loss of billions of dollars by pension holders who were heavily invested in derivative trading. If your retirement plan is heavily invested in securities, it is important to ensure that you gain some understanding of the securities regulations that are there to protect your portfolio from losses. In most cases securities regulations are matters of federal law. The federal organization that implements and enforces federal securities regulations is the Securities Exchange Commission. However, specialized financial products, like derivatives and and futures, are regulated by the CFTC or Commodity Futures Trading Commission. All brokers, dealers, brokerage firms and professionals in the securities exchange industry are registered with the SEC.
3 Financing Tips from Someone With Experience
Some investors make the case that so much federal oversight is not necessary given the existence of organizations like FINRA and the NASD, that are the securities industry’s self regulating organizations. Many observers, like Professor Chris Brummer of Georgetown, have written extensively about the involvement of disruptive technologies in the process of regulating securities exchanges. Anyone who is interested in finding out more about financial and securities regulations, including information about Professor Chris Brummer, should take a moment to search the Internet for information concerning financial regulatory bodies.
Smart Tips For Uncovering Securities
The best way to learn about financial and securities regulations is to take a moment to read informative articles by experts like Professor Chris Brummer. Financial and securities regulations at all levels, including the federal, state and self-regulating organizations, are designed to protect investors from incurring crippling financial losses. All you need to do to find out more about securities and other financial assets and products, all you have to do is search the Internet for financial and securities regulation information.

Businesses: 10 Mistakes that Most People Make

Quality Services Offered by an Accountant to Your Business It is not easy to run a business successfully. You have to deal with a lot of things including the finances and staff. Although you may be able to do all these things by yourself, they’ll take a lot of your time and you’ll have to sleep for very few hours in order to meet your targets. The last thing you want to do is to deal finances when you are suffering from fatigue. This is why you need professional accountants to help you manage your finances properly and get your business running smoothly. You can decide to hire a full-time company accountant or you can choose to only hire on a part-time basis when you need a certain task done. Whichever way, you have to get an accountant who is specialized in exactly what you need. When you make the right choice, you can be sure the account will deliver exactly what you need. This article will guide you through some of the services that you will get by hiring an accountant. One of the most essential functions of any business is bookkeeping and it covers many tasks including recording financial transactions, preparing financial statements, keeping sales ledgers, and maintaining journals. The way finances are managed is crucial to business operations. Getting a good bookkeeper is the first step towards ensuring proper financial management.
The Art of Mastering Accountants
Employees are a crucial part of the business and should be paid when it is due. With an accountant, you have a professional who works exceptionally hard to prepare pay slips and include wages, deductions, and tax information. This process is tiresome and the accountant will have eased a big burden off your shoulder. If there is any query regarding the salary, your accountant will help you handle it as well as prepare financial statements and payroll taxes.
What Do You Know About Experts
It is not easy to deal with finances especially when you aren’t sure which one is to be taxed and which is to be exempted. You wouldn’t be worried about such things when you have an accountant in your company. He or she will be responsible for determining tax cuts as well as file all the tax information. The auditor will also do financial audits and help determine the financial future of the business. The only way you can get quality services from an accountant is to choose one who is qualified at what he or she does. Do your research and background checks on the accountant including the previous work he or she has conducted. It is only when you are satisfied with their portfolio that you can proceed to hire their services.

History of Travel & Tourism

2000 years Before Christ, in India and Mesopotamia

Travel for trade was an important feature since the beginning of civilization. The port at Lothal was an important center of trade between the Indus valley civilization and the Sumerian civilization.

600 BC and thereafter

The earliest form of leisure tourism can be traced as far back as the Babylonian and Egyptian empires. A museum of historical antiquities was open to the public in Babylon. The Egyptians held many religious festivals that attracted the devout and many people who thronged to cities to see famous works of arts and buildings.

In India, as elsewhere, kings traveled for empire building. The Brahmins and the common people traveled for religious purposes. Thousand of Brahmins and the common folk thronged Sarnath and Sravasti to be blessed by the inscrutable smile of the Enlightened One-the Buddha.

500 BC, the Greek civilization

The Greek tourists traveled to sites of healing gods. The Greeks also enjoyed their religious festivals that increasingly became a pursuit of pleasure, and in particular, sport. Athens had become an important site for travelers visiting the major sights such as the Parthenon. Inns were established in large towns and seaports to provide for travelers' needs. Courtesans were the principal entertainment offered.

This era also saw the birth of travel writing. Herodotus was the worlds' first travel writer. Guidancebooks also made their appearance in the fourth century covering destinations such as Athens, Sparta and Troy. Advertisements in the way of signs directing people to inns are also known in this period.

The Roman Empire

With no foreign boundaries between England and Syria, and with safe seas from piracy due to Roman patrols, the conditions favoring travel had arrived. First class roads coupled with staging inns (precursors of modern motels) promoted the growth of travel. Romans traveled to Sicily, Greece, Rhodes, Troy and Egypt. From 300 AD travel to the Holy Land also became very popular. The Romans introduced their guidebooks (itineraria), listing hotels with symbols to identify quality.

Second homes were built by the rich near Rome, employed primarily during springtime social season. The most fashionable resorts were found around Bay of Naples. Naples attracted the retired and the intellectuals, Cumae attracted the fashionable while Baiae attracted the down market tourist, becoming noted for its rowdiness, drunkness and all-night singing.

Travel and Tourism were to never attain a similar status until the modern times.

In the Middle Ages

Travel became difficult and dangerous as people traveled for business or for a sense of obligation and duty.

Adventurers bought fame and fortune through travel. The Europeans tried to discover a sea route to India for trade purposes and in this fashion discovered America and explored parts of Africa. Strolling players and minstrels made their living by performing as they traveled. Missionaries, saints, etc. Traveled to spread the sacred word.

Leisure travel in India was introduced by the Mughals. The Mughal kings built luxurious palaces and enchanting gardens at places of natural and scenic beauty (for example Jehangir traveled to Kashmir drawn by its beauty.

Travel for empire building and pilgrimage was a regular feature.

The Grand Tour

From the early seventeenth century, a new form of tourism was developed as a direct outlet of the Renaissance. Under the reign of Elizabeth 1, young men seeking positions at court were encouraged to travel to continent to finish their education. Later, it became customary for education of gentleman to be completed by a 'Grand Tour' accompanied by a tutor and lasting for three or more years. While ostensibly educational, the pleasure seeking men traveled to enjoy life and culture of Paris, Venice or Florence. By the end of eighteen century, the custom had become institutionalized in the gentry. Gradually pleasure travel displaced educational travel. The advent of Napoleonic wars inhibited travel for around 30 years and led to the decline of the custom of the Grand Tour.

The development of the spas

The spas grew in popularity in the seventeenth century in Britain and a little later in the European Continent as awareness about the therapeutic qualities of mineral water increased. Taking the cure in the spa quickly acquired the nature of a status symbol. The resorts changed in character as pleasure became the motivation of visits. They became an important center of social life for the high society.

In the nineteenth century they were gradually replaced by the seaside resort.

The sun, sand and sea resorts

The sea water became associated with health benefits. The earliest visitors there before drank it and did not bathe in it. By the early eighty century, small fishing resorts sprung up in England for visitors who drank and immersed themselves in sea water. With the overcrowding of inland spas, the new sea side resorts grew in popularity. The introduction of steamboat services in 19th century introduced more resorts in the circuit. The seaside resort gradually became a social meeting point

Role of the industrial revolution in promoting travel in the west

The rapid urbanization due to industrialization led to mass immigration in cities. These people were lured into travel to escape their environment to places of natural beauty, often to the countryside they had come from change of routine from a physically and psychologically stressful jobs to a leisurely pace in countryside.

Highlights of travel in the nineteenth century

· Advent of railway initially catalysed business travel and later leisure travel. Gradually special trains were chartered to only take leisure travel to their destinations.

· Package tours organized by entrepreneurs such as Thomas Cook.

· The European countries indulged in a lot of business travel often to their colonies to buy raw material and sell finished goods.

· The invention of photography acted as a status-enhancing tool and promoted overseas travel.

· The formation of first hotel chains; Pioneered by the railway companies who established great railway terminus hotels.

· Seaside resorts began to develop different images as for day-trippers, elite, for gambling.

· Other types of destinations-ski resorts, hill stations, mountaineering spots etc.

· The technological development in steelships promoted travel between North America and Europe.

· The Suez Canal opened direct sea routes to India and the Far East.

· The cult of the guide followed the development of photography.

 

Tourism in the Twentieth Century

The First World War wave first hand experience of countries and aroused a sense of curiosity about international travel amongst less well off sector for the first time. The large scale of migration to the US mean a lot of travel across the Atlantic. Private motoring began to encourage domestic travel in Europe and the west. The sea side resort became annual family holiday destination in Britain and increased in popularity in other countries of the west. Hotels proliferated in these destinations.

The birth of air travel and after

The wars increased interest in international travel. This interest was given the shape of mass tourism by the aviation industry. The surge of aircraft and growth of private airlines aided the expansion of air travel. The aircraft had become comfortable, faster and steadily cheaper for overseas travel. With the introduction of Boeing 707 jet in 1958, the age of air travel for the masses had arrived. The beginning of chartered flights boosted the package tour market and led to the establishment of organized mass tourism. The Boeing 747, a 400 seat craft, bought the cost of travel down sharply. The seaside resorts in the Mediterranean, North Africa and the Caribbean were the initial hot spots of mass tourism.

A corresponding growth in hotel industry led to the establishment of world-wide chains. Tourism also began to diversify as people began to flock alternative destinations in the 70s. Nepal and India received a throng of tourists lured by Hare Krishna movement and transcendental meditation. The beginning of individual travel in a significant volume only occurred in the 80s. Air travel also led to a continuous growth in business travel especially with the emergence of the MNCs.

The Stages of US Airline Deregulation

I. Regulation

Although US airline deregulation was initially envisioned as leading to an increased number of carriers whose divergent service concepts, market segments, fleets, and route structures would have produced new competition, stimulated traffic, and lowered fares, it almost came full cycle and only resolved in Virtual monopoly. Three distinct stages occurred during its evolution.

The regulation itself tracks its origin to 1938 when Congress adopted the Civil Aeronautics Act. Its resultant five-member Civil Aeronautics Board (CAB), formed two years later in 1940, regulated fares, authorized routes, awarded subsidies, and approved interline agreements, among other functions.

"Regulation, by definition, substitutes the jurisprudence of the regulator for that of the marketplace," according to Elizabeth E. Bailey, David R. Graham, and Daniel P. Kaplan in their book, Deregulating the Airlines (The MIT Press, 1985, P. 96).

So regulated had the environment been, in fact, that an airline often had to resort to the purchase of another carrier just to obtain its route authority. Delta Air Lines, for example, long interested in providing nonstop service between New York and Florida, continuously petitioned the CAB for the rights. But the regulatory agency felt that Northeast, a small local service carrier often plagued by low traffic, financial loss, and bad weather because of its route system, needed the lucrative Florida route's revenue potential to boost it back to health and granted it the authority instead .

Undaunted, Delta extremely satisfied to acquiring the regional carrier and subsequently received approval for the merger on April 24, 1972. But these extremes would have shortly no longer be needed.

A glimpse of the future could already be had in California and Texas. Devoid of jurisdiction over local air transportation, the CAB could either exercise fare nor route authority over intrastate airlines and these carriers, usually offering high-frequency, single-class, no-frills service at half the fares the regulated "trunk" airlines were forced To charge, consistently recorded both profit and traffic growth.

Air California and PSA Pacific Southwest Airlines, for example, operating in the Los Angeles-San Francisco market, saw annual traffic figures increase from 1.5 million passengers in 1960 to 3.2 million in 1965. Texas-based Southwest Airlines simply provided low-fare service between Dallas and Houston and other Texas points. These airlines demonstrated that true deregulation could yield fares accessible to average-income passengers, provide greater airline and service concept choice, and pilot traffic.

Passengers and government alike increasingly decreed regulation during the mid-1970s, citing the examples set by Air California, PSA, Southwest, and other intrastate airlines as demonstrable proof that deregulation could produce mutual airline- and passenger-benefit. At least that was the theory.

Ultima conceding to reason and democratic rule, President Jimmy Carter signed the Airline Deregulation Act on October 28, 1978, in the process eliminating the need for CAB approval of route entry and exit and reducing most of the current fare restrictions. Even those would have been eliminated when the Civil Aeronautics Board, in its now famous "sunset," was disbanded in 1985.

At the time of the event, eleven then-designated "trunk" carriers collectively controlled 87.2 percent of the domestic revenue passenger miles (RPMs), while 12 regionals, 258 commuters, five supplementary, and four intrastates provided the balance of the RPM distribution. Which would still ply the skies when deregulation's dust settled?

II. Deregulation

Stage One: New Generation Airlines:

Like the California and Texas intrastate airlines, an increasing number of nontraditional, deregulation-spawned carriers initially infiltrated the US market. The first of these, Midway Airlines, was the first to receive certification after the passage of the Airline Deregulation Act and the first to actually inaugurate service, in 1979.

Founded three years earlier by Irwing Tague, a former Hughes Airwest executive, Midway inaugurated low-fare, high-frequency, no-frills "Rainbow Jet" service in November of that year from Chicago's underutilized Midway Airport-which was once the city's only airfield Until O'Hare was built and which Midway hoped to resurrect the same way Southwest had at Dallas's Love Field – with five single-class, 86-passenger, former TWA DC-9-10s, initially to Cleveland, Detroit, and Kansas City . Its low fare structure fostered rapid growth and it strategically jumped to penetrate the Chicago market without attracting O'Hare competition from the established carriers.

But, having been employed by Midway, the author can attest that it quickly learned three vital lessons, which indicated that it would have to remain tremendously flexible in order to survive under competing competitive market conditions:

Although it served a secondary Chicago-area airport, it first and foremost still competed in the Chicago market.

Secondly, once the employee airlines lowered their fares, its load factors declined.

Finally, the high-density, low-fare strategy, which had become the principle characteristics of deregulation-spawned upstarts, was ineffective when an airline attempted to cater to a specific market segment, such as the higher yield business one, where increased comfort and Service were expected.

Resultantly, Midway modified its strategy by introducing a conservative cream-colored construction; Single-class, four-abreast business cabin seating with increased legroom; Additional carry-on luggage space; And upgraded, complimentary-wine in-flight service in exchange for higher than Rainbow Jet fares, but those which were still below the major carriers' unrestricted coach tariffs.

The newly implemented strategy, dubbed "Midway Metrolink," significantly reduced the number of seats per aircraft. While its DC-9-10s and -30s had respectably accommodated 86 and 115 passengers, for example, they were reconfigured for only 60 and 84 under the new Metrolink strategy.

Almost successful, it sparked explosive growth, from an initial 56,040 passengers in 1979 to almost 1.2 million in 1983.

Capitol Air, another deregulation-transformed carrier of which the author had equally been part, also experienced initial, rapid expansion. Formed in 1946 as Capitol Airways, it had completed domestic charter service with Curtiss C-46 Commandos and DC-4s, ever acquiring larger L-049 Constellations, and by 1950 became the fifth largest US supplement carrier after World Airways, Overseas National (ONA ), Trans International (TIA), and Universal. It acquired the first of what was to become one of the largest used-Super Constellation fleets in January of 1960, historically operating 17 L-749s, L-1049Gs, and L-1049Hs during the 14-year period from 1955 to 1968.

Redesignated Capitol International Airways, the charter airline took delivery of its first pure-jet in September of 1963, a DC-8-30, and subsequently operated four versions of the McDonnell-Douglas design, inclusive of the -30, -50, 61, and 63 series, which replaced the Lockheed Constellation as the workhorse of its fleet.

Receiving scheduled authority in September of 1978, Capitol inaugurated New York-Brussels service on May 5 of the following year and a second, Chicago / Boston-Brussels transatlantic sector on June 19. Like PSA and Southwest, Capitol Air, a former supplementary carrier, Was not regulated by the CAB and there before conducted its own "deregulation experiment" by sublimating proven charter economies of single-class, high-density, low unrestricted and even standby fares to scheduled service in order to attain low seat-mile costs and profitability.

The planned concept, branded "Sky Saver Service," consistently attested capacity-exceeding demand and sparked considered fleet and route system expansion. Operating six DC-8-6s, five DC-8-63s, and five DC-10-10s to seven US domestic, three Caribbean, and three European destinations from a New York-JFK hub by 1982, it attracted an ever-increasing Passenger base: 611,400 passengers in 1980, 1,150,000 in 1981, and 1,824,000 in 1982.

Passengers, unaware of deregulation-molded carriers who low fares could only attain profitability with used aircraft, high-density seating, and lower-wage nonunion employees, often voiced criticism about Capitol Air's non-interline policy and refusal to provide meals and hotel rooms during Delays and compensation during missed, other-airline connections. Neverheless, its fares in the New York-Los Angeles market ranged from an unrestricted $ 149 based upon a round-trip purchase to a one-way $ 189, while the majors' unrestricted tariffs in the market hovered at the $ 450 mark. As a result, Capitol Air's load factors exceeded 90 percent.

By September of 1981 ten new carriers received operating certificates and inaugurated service.

"The first effects of deregulation were dramatic," wrote Anthony Sampson in Empires of the Sky: The Politics, Contests, and Cartels of World Airlines (Random House, 1984, p. 136). "A new breed of air entrepreneurs saw the chance to expand small companies or to establish 'instant airlines' which could undercut fares on local routes; they could dispense with much of the superstructure and bureaucracy of the big airlines and could use their flexibility to hit The giants at their weakest points where they could make quick returns. "

Four types of airline types emerged and searched considering initial impact on the traditionally regulated airline industry.

The first were the deregulation-spawned upstarts, such as Air Atlanta, Air Florida, Air One, Altair, America West, Best, Carnival, Empire, Florida Express, Frontier Horizon, Jet America, Midway, Midwest Express, MGM Grand Air, Morris Air, Muse Air, New York Air, Northeastern International, Pacific East Air, Pacific Express, PEOPLExpress, Presidential, Reno Air, SunJet International, The Hawaii Express, and ValuJet.

The second were the deregulation-matured local service carriers, including Allegheny, Frontier, Hughes Airwest, North Central, Ozark, Piedmont, Southern, and Texas International, which quickly outgrew their former, regulation-imposed geographic concentrations.

The third, the boundary-crossing intrastate airlines, encompassed companies such as Air California (later AirCal), Alaska, Aloha, Hawaiian, PSA, Southwest, and Wien Air Alaska.

The fourth were the deregulation-transformed charters, such as Capitol Air, Trans International (later Transamerica), and World Airways.

Although some of these carriers, particularly Air One and MGM Grand Air, targeted very specific market niches by offering premium seating and service, the vast majority, whether spawned, raised, or matured by deregulative parenting, attained (or attempted to attain) profitability by Means of several core operating characteristics, including, of course, low, unrestricted fares, single-hub, short- to medium-range route systems, high-density seating, limited onboard service, lower wage nonunion work forces, and medium-range, Medium-capacity trijets, such as the 727, and short-range, low-capacity twinjets, such as the BAC-111, the DC-9, the 737, and the F.28.

All achieved high load factors, generated tremendous traffic in existing and emerging markets, and created considered competition.

"In this respect," wrote Barbara Sturken Peterson and James Glab in their book, Rapid Descent: Deregulation and the Shakeout in the Airlines (Simon and Schuster, 1994, p. 307), "deregulation worked like a charm."

Stage Two: Monopoly:

Although the established, traditionally regulated major carriers temporarily lowered their fares in selected high deregulation airline-concentrated markets in order to retain their passenger bases, the established airlines, long nurtured and protected by regulation, were not structured for profitable operation with them. Yet even in those cases where they managed to eliminate competition from the market, another low-fare upstart seemed waiting in the wings to fill the void.

The incumbent carriers were then faced with the choice of relinquishing painstakingly developed markets or dwindle financial resources to retain passengers until they themselves slipped into bankruptcy. It quickly became apparent that the deregulation-sparked fare reductions would have become permanent elements of the "new" unregulated airline industry and the major carriers historically discovered that they had to fundamentally structure themselves or succumb to the new breed of airlines. Almost every aspect of their operations would, in the end, be transformed.

The first aspect targeted was the route system. Traditionally comprised of point-to-point, nonstop service, which had its origins in 1940 and 1950 CAB route authorizations, these route systems actually contained no inherent "system" at all, and consistent instead of unbalanced geographic implications that asserted in lost revenue to Other carriers and inefficient, uneconomical use of existing fleets. What was really needed was a centralized "collecting point" for self-feed.

Because of bilateral agreements, European carriers actually operated the first "hubs," channeling passengers from, say, Copenhagen to Athens by means of an intermediate connecting point such as Dusseldorf. Any passenger flying either the Copenhagen-Dusseldorf or Athens-Dusseldorf sector could theoretically transfer to any of the airline's outward-radiating flight spokes, vastly increasing the number of markets potential served. These European capital hubs also demonstrated increased aircraft utilization, improved traffic flow, a larger market base than traditional point-to-point service relying only on origin-and-destination traffic could have supported, and retention of the connecting passenger.

"Although passengers prefer frequent nonstop service, such service can be quite costly," according to Bailey, Graham, and Kaplan (p. 74). "Airlines that face strong incentives to establish hub-and-spoke operations … By combining passengers with different origins and destinations, a carrier can increase the average number of passengers per flight and thenby reduce costs. Carrier take advantage of the economies of scale in aircraft. At the same time a hub-and-spok operation provides more convenient service for travelers in less heavily trafficked markets. "

The first US hub had its origins in the 1940s when the government, trying to develop the south, awarded Delta some profitable, long-range routes in exchange for its agreement to serve several small communities from Atlanta.

"All of these routes became the 'spokes' leading into a Delta 'hub' at Atlanta," said Peterson and Glab (p. 120). "With it came the compelling benefit of passenger retention."

Allegheny, formerly a Pittsburgh-based local service carrier without a distinct long-range development plan, recorded considering successful success on its eastern and mid-Atlantic state route network, which had progressively "evolved" because of its Pennsylvania funneling point. Increasing the balance of its predominately business and small community route system with longer-range sectors to leisure-oriented destinies, it was further able to nurture this evolution and by 1978 73 percent of its passengers connected. By 1981 this figure rose to 89 percent-meaning that 89 percent of those flying to Philadelphia and Pittsburgh were not flying to Philadelphia and Pittsburgh.

The Delta and Allegheny hubs were only the beginning of the phenomenon, since the concept did more than create airline concentration in a particular city. Instead, it resisted in an extreme monopolistic strangulation that precluded any competition.

At four of the major US hubs (Atlanta, Chicago-O'Hare, Dallas-Ft. Worth, and Denver), for example, "the two largest carriers have simply squeezed out or have made it virtually impossible for other airlines to expand and Gain market share, "wrote Julius Maldutis in Airline Competition at the 50 Largest US Airports since Deregulation (Salomon Brothers, Inc., 1987, p. 4).

In Atlanta, where both Delta and Eastern once had hubs, the possibility of any significant third-carrier competition was eliminated. In 1978, for instance, Delta's and Eastern's hub traffic percentages were respectively 49.65- and 39.17-percent, while nine years later these figures had increased to 52.51- and 42.24-percent.

Analysis of the 50 largest airports (which represented 81.1 percent of US scheduled passenger enplanements) indicated that only ten of these airports could have been considered less than highly concentrated. On the other hand, 40 (or 80 percent) of the airports had excessive amounts of concentration. The ten most concentrated airports had one airline that had more than 66-percent market share of passenger enplanements.

In St. Louis, where both TWA and Ozark operated hubs, the former enjoyed a 39.06- percent market share, while the latter had a 20.21-percent of it in 1978. In 1986 these corresponding figures were significantly increased to 63.16 and 19.68 percent. The following year, after TWA acquired Ozark, its only other significant competitor, it parlayed this share into 82.34 percent with nine other US domestic airlines sharing the remaining 17.66 percent. An airline computer listing, reflecting all carriers operating between New York's three major airports and St. Louis. Louis on December 1, 1995, disclosed 27 flights on this day. Not one of them was operated by a carrier other than TWA! This was power.

Similarly, deregulation-matured Piedmont, which only captured a 10.19-percent market share in Charlotte, North Carolina, in 1977, parlayed this into a monopolistic 87.87-percent a decade later after having established a hub there. The same transformation occurred in Pittsburgh with Allegheny / USAir / US Airways-43.65 percent in 1977 and 82.83 percent in 1987.

"Since a large proportion of city-pair markets can not support convenient nonstop service, hub-and-spoke operations have proved to be the dominant strategy of air carriers since deregulation," wrote Bailey, Graham, and Kaplan (p. 196). "There has been a significant shift away from the regulatory vision of linear systems and toward sunbursts of routes."

Aside from the hubbing concept, the major carriers experienced several other fundamental changes. Aircraft, for example, were reconfigured for higher-density-and, in some cases, single-class-seating, while business cabins augmented first class and coach sections on selected routes; First class cabins were later replaced by those of business class in a trend-following pattern sparked by some special-niche deregulation airlines.

Fuel-inefficient aircraft types were gradually replaced by new-generation designs and daily utilization increased-from 8.6 hours in 1971 to 10.3 hours in 1979. During the 1970s and early 1980s average aircraft size increased on long-range sectors, while during the late- 1980s the size increased in all categories. During the early 1990s pure-jet technology for the first time penetrated all markets-from the 50-passenger regional to the 500-passenger intercontinental.

Employment was also metamorphosed. According to Robert Crandall, former chairman and chief executive officer of American Airlines, "deregulation is substantially anti-labor … there has been a massive transfer of wealth from airline employees to airline passengers."

The deregulation-spawned airlines' fare reductions produced a lower revenue and profit base from which funding could be restructured into traditionally high employment salaries and benefit packages, thus necessitating increased employee productivity, cross-utilization, part-time, nonunion, profit-sharing measures . In some cases, employment was actually provided by contracted ground service companies in order to reduce benefit compensation. The author was involved in the initial ground service company experiment at JFK International Airport between Triangle Aviation Services and Royal Jordanian Airlines.

"A relatively new, but quickly developing concept, the service company provides the personnel on a contractual basis to the particular carrier for which a certain amount per daily turn-around is assessed, according to Airport-Based Airline Careers (Hicksville, New York, 1995, p. 9). "The service company then hires the personnel, conducts the training programs (if any), and determines the hourly wage and benefit package."

Having worn Royal Jordanian's uniform and provided all ground operations functions, I often felt "made in the middle," simultaneously trying to please both the passenger and the airline. After all, they were both my customer, revealing the concept's inherent conflict.

Reduced airline employment wages and benefits actually trace their origins to Crandall himself who devised a plan to reduce employment costs with a "B-scale" payment scheme that initially offered lower salaries to newly-hired employees and required them to accrue greater longevity before they could Attain the higher "A-scale" levels.

"American (itself) was poised to increase dramatically in size, and it had a strong incentive to so," said Peterson and Glab (p. 136). "The more it expanded, the more workers it would hire-all at lower B-scale wages-and the more its average costs would drop."

According to Bailey, Graham, and Kaplan in their work, Deregulating the Airlines, regulation created above-industry standard monetary and benefit compensation. "It is now clear that inflexible work rules and higher than competitive pay flourished during regulation." Airline employees appear to have benefited substantively from CAB's protective regulation. " (P. 197)

Yet another deregulation-sparked necessity was the increasing reliance on automation. American Airlines, again led by Crandall, created the first computerized airline reservation system, SABRE, which was immediately followed by United's Apollo System. As powerful sales tools, these automated systems were purchased by travel agents who paid a paying fee to their owners for each booking made while smaller carriers had to negotiate for representation.

So sophisticated and multifaceted did these systems become that their information was progressively sublimated through each aspect of the airline's operation with their "reservation modes" providing reservations, itineraries, fares, hotel, tour, and ground transportation bookings, frequent flier mile tracking, and ticketing ; Their "departure control systems" (DCS) providing passenger check-in and boarding pass issuance; And their "controller modes" utilizing this information for aircraft weight and balance and load plan and load sheet generation.

It is only through these sophisticated airline reservation systems that carriers were able to implement "yield management" programs-that is, the determination of the optimized balance of passenger-attracting low fares and profit-generating high fares based upon seasonality, departure time, demand , Convenience, capacity, and competition to produce an absolutely profitable flight. An airline reservation system consultation, for instance, listed 27 separate fares between New York and Los Angeles on December 1, 1995 just with American Airlines, ranging from an unrestricted $ 1,741.82 one-way first class fare to a highly restricted $ 226.36 round-trip coach fare . The codes in the "Fare Basis" column, such as "KPE7HOLN," were accessed in order to reveal the restrictions attached to each – the printout of which spanned several pages!

Another fundamental change to the deregulated industry was both the structure of and relationship of the regional and commuter carriers to the majors. Because history is sometimes cyclic, the pattern once demonstrated by the local service airlines of abandoning small community, low-density routes when they admitted pure-jet aircraft once again occurred, but now with two primary differences: (1). The present-day regionals were never, by regulation, restricted to these routes, and (2). Although rapidly-expanding with pure-jet fleets of their own, they attempted to coexist, rather than compete, with the majors through code-share agreements in which their aircraft appeared in major-resembling liveries and their flights carried the affiliated airline's two-letter Codes.

Of the 300 destinations served by Delta during the latter part of 1995, for example, 85 of these were actually reached by one of its four "Delta Connection" code-share carriers, including Atlantic Southeast Airlines (ASA), Business Express, Comair, And Skywest-only the first of which had yet to acquire pure-jet equipment at that time. American outwardly purchased its own commuter-feed airlines and collectively designated them "American Eagle."

Neverheless, the major carriers' deregulation-necessitated restructuring was complete.

When TWA matched Capitol Air's unrestricted transcontinental coach fares, the former supplement recorded 30-passenger bookings on DC-8-61 aircraft otherwise able to accommodate 252 and cancelled its flights. In a similar situation, when established USAir's and upstart's PEOPLExpress's load factors were analyzed in the Buffalo-Newark market between August of 1981 and June of 1982, the latter consistently reported that there were at least 20 points lower.

"The data thus suggests that many consumers chose to travel on the carrier with the greater name recognition and amenities when the fare is the same," continued Bailey, Graham, and Kaplan (p. 106).

Competition extremely forcibly Capitol Air to realign its route system to include an increasing number of ethnic and un- and underserved markets until the majors also encroached on this territory and the carrier was left with little choice but to file for Chapter 11 bankruptcy protection, ceasing operations On November 25, 1984.

Midway equally encountered major-carrier opposition. Indeed, whatever strategy it implemented to define its optimum niche, it was always counteracted by the aggressive majors. Acquiring Air Florida in 1984, for example, it reconfigured its aircraft with dual-class seating, but riding on both sides of a seesaw, it soon swung back to the single-class concept and in November of 1989 once again to the dual-class One, by which time it operated an 82-strong fleet with its "Midway Connection" affiliation and carried 5.2 million year passengers.

But over-expansion and an attempt to replace Eastern at its Philadelphia hub during poor economic times in direct competition with USAir ruled in its own demise two years later, on November 13.

"Although these numerous strategies indicated a constant reassessment of its proper course, they also indicated the instability of market conditions in deregulated skies and the airline's determination to remain in them and its resilience to navigate them with a juxtaposition of service concepts, cabin configurations, seating Densities, and marketing strategies, "according to The McDonnell-Douglas DC-9 (Hicksville, New York, 1991, p. 59).

Capitol Air and Midway were only two examples of deregulation-matured carriers that succumbed to the radically restructured majors. Indeed, of the approximately 100 airlines that had been certified since the passage of the Airline Deregulation Act, only one, America West, was still in operation at the end of 1995.

"(The major airlines) implemented a strategy with which they could beat the lower-fare competition at its own game by aggressively expanding and charging comparable fares, despite high losses on certain routes, all in an effort to maintain-or, in some cases , To regain-market share … The major carriers mighty mighty and monopolistic by eliminating competition where it was encountered, "according to the Austrian Airlines Passenger Handling Manual-JFK (Hicksville, New York, 1990, pp. 10-11).

Stage Three: Megacarrier:

Airline expansion, once set in motion, seemed self-propelled and resisted inertia. Monopolies, by definition, know no boundaries. The logical next step was foreign market penetration.

Unlike US domestic growth, however, "it was a lot tougher for a US airline to gain access to a new foreign market than to a new domestic one, because international air services were still tightly regulated by bilateral agreements between the United States and foreign governments , "Wrote Peterson and Glab (p. 283). "… To win immediate operating rights to a foreign country, a US carrier had to buy the route authority from another US airline."

The phenomenon, it will be recalled, was a virtual repetition of the US domestic governmental structure prior to deregulation. Such a purchase in the latter case was usually only granted if the route-authorized airline was in financial difficulty and needed the revenue generated by the sale to remain viable.

Pan Am, particularly hammer by deregulation's effects, was forced to sell its lucrative Pacific division, along with aircraft and ground facilities, to United for $ 750 million to remain afloat. United, already then a large, financially sound airline, now had a global route network with proper domestic feed.

More important than the sale, however, was its far-reaching implications. "The United Airlines purchase of Pan Am's Pacific division was set to set off a domino effect," continued Peterson and Glab (p. 148) "Many airlines were alarmed at the new competition that they faced, especially Northwest, which is expected to the nation's largest airline Moving on its Pacific turf. Northwest knew it would need a substantially larger domestic network of its own, and the fastest way to get one would be through a merger. "

By the end of 1986 it had done just that, acquiring Republic, which itself had been formed by the North Central-Southern merger in 1979 and the secondary Hughes Airwest acquisition in 1980, and the strategy rewarded Northwest with monopolistic status at all of its hubs , Such as Minneapolis, with an 81.55-percent market share.

Delta, fearing it would be unable to compete with airlines of such magnitude, purchased Western Airlines for $ 860 million in September of 1986, in the process obtaining a coast-to-coast route structure and new hubs in Salt Lake City and Los Angeles.

The already described TWA-Ozark merger produced such a lock on St. Louis. Louis that it controlled three-quarters of all gates and was able to assess much higher fares in those markets where there was no competition.

In fact, these mergers only served to tighten a carrier's already almost unlenting grip on a particular hub. Deregulation-spawned Empire, for instance-a rapidly-expanding New York State Fokker F.28 Fellowship operator-adopted a Syracuse hub and recorded an initial 1979 market share of just.75 percent, but this exponentially increased to 27.36 percent in 1985 when Piedmont acquired the growing regional. Two years later, its market share climbed to 39.82 percent. However, when USAir in turn purchased Piedmont, the Syracuse hub lock skyrocketed to over 61 percent.

Perhaps the most encompassing (and disjointed) merger was that between PEOPLExpress and Continental, which itself had already been the result of an amalgamation between the original, pre-deregulation Continental, Texas International, and New York Air. PEOPLExpress had equally already absorbed Denver-based Frontier. Texas Air, owner of the new conglomerate, also acquired Eastern, but retained its separate identity.

All these mergers, consummated during the latter half of 1986, unequivocally produced the "megacarrier."

"Deregulation's theme, echoing Darwinian philosophy, clearly demonstrated itself to be 'survival of the fittest,' which, for the airlines, translated as 'survival of the largest,' according to the Austrian Airlines Passenger Service Manual-JFK (p. 10). "If the long-established major carriers… wished to survive and maintain the markets they had so carefully nurtured during regulation, they would somehow have to implement a strategy which would ensure that they would remain 'large.'"

The major airlines' fundamental restructuring, beginning with monopoly and ending with megacarrier, constituted that strategy, as carriers tracing their origins to the infantile days of aviation and bearing names virtually synonymous with the industry fell like a string of acquisition-induced dominoes. By 1995 only seven US megacarriers remained, including American, Continental, Delta, Northwest, TWA, United, and USAir, along with two significant majors-America West and Southwest-a few "niche" airlines, and the regional-commuters which were almost exclusively aligned with one of the megacarriers or majors through code-share agreements.

Even these names disappeared early in the 21st century. Like brides and grooms walking down a monopoly-destined aisle, Delta married Northwest, United took Continental as its lawfully wedded, American joined arms with US Airways, and Southwest tied the knot with AirTran.

III. Conclusion

Although the examples set by Air California, PSA, and Southwest had indicated that a deregulated environment would ultimately prove to be mutually advantageous to both the operating airline and the passenger, these experiments failed to approximate actual conditions, since the rest of the US airline industry was still regulated and these fledgling airlines had therefore been insulated from major-carrier competition. Lacking the authority, cost structure, and equipment, they had been unable to launch comparable service of their own.

The initial proliferation of small, low-fare, no-frills, non-unionized deregulation-spawned, -bred, and -transformed airlines provided tremendous airline-, fare-, and service concept-choice only until the major carriers implemented their fundamental route system, aircraft, employment, computerized reservation system, and regional airline affiliation restructuring, reversing the expansion phase into one of buyout, merger, bankruptcy, retrenchment, consolidation, monopoly, and, ultimately, megacarrier. The upstarts, having lacked the majors' name recognition, financial strength, frequent flier marketing tools, and size, invariably succumbed, leaving most of the original dominant airlines, although in greatly modified form, until even these surrendered to prevailing forces. US airline deregulation had thus come full cycle.

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