Category: Business/Entrepreneurship

The Benefits Of Using A Translation Service For Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Not all business is done domestically and with our world being now more connected, language barriers have to be crossed. In order to that, a translation service might be very helpful. The following contributed post is entitled, The Benefits Of Using A Translation Service For Your Business.

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In 2015 the Internet was used by nearly half the world’s population; that’s a lot of different languages.

Reaching global markets with ease is one of the great innovations of the Internet, and while this has been a net gain for companies worldwide, it has raised new challenges, namely, how to communicate.

At one time, English was thought to be the global language. While it is still used predominantly for business purposes, more and more languages are being integrated as the Internet matures. Users of the Internet have come to expect a seamless experience of their technology, whether it be on mobile devices, desktop interfaces, or tablet computers; they expect the layout and languages to be in their recognizable formats.

This is where businesses with global reach can hugely benefit from a professional translation service, one can be accessed on this page.

Localization, as it has become known, is not just about translating the language on webpages, which can be done by a freelancer. It is the process of optimizing your graphics, your brand, and any multimedia components to be in-line with what consumers expect in different cultures. A modern translating service will also be a localization expert with experience in the target culture, target markets, and technology preferences. They will have worked with similar brands in the past, giving businesses confidence that their brands will launch without lost revenue or reputation.

Partnering with professionals is a popular trend in 2020, with an increasing number of companies recognizing the benefits of working with one integrated agency instead of a selection of freelancers; read more here. Ask any company who works with IT professionals, and they will tell you this is the most reliable approach. Don’t think of it as outsourcing; these days, collaboration is a more useful ‘big idea.’ Companies are interested in working with agencies who understand their corporate culture and business goals, who are dedicated to their products and services, and able to build long-lasting relationships.

When it comes to launching brands globally, a professional translation company is always the best choice, since they can profile the brand more holistically and maintain consistency across all platforms.

Additionally, a translation service can keep costs down by utilizing translation memory tools. These are different from machine translation tools such as google translate that can be inconsistent despite improvements in accuracy in recent years. Professional services are more likely to use software that identifies keywords and phrases then store them in a database for future use; human translators are then able to accelerate the process of translating using this remembered data.

This means a translating service can ensure a higher level of detail and consistency across a project; they can work faster and with more confidence, improving overall costs, and turn around times. Get more information here.

So when looking around for an excellent translation service, remember you are not just searching for someone who can translate your website into the target language, what you need is a localization expert with experience in the target culture. Find the agency and build a lasting relationship; it is a strategy proven to reduce headaches and increase revenues.

Keeping Your Business Agile

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner, you want your business to be able to agile and to be able to adjust. Doing so will increase its chances of survival in circumstance like the current Covid-19. The following contributed post is entitled, Keeping Your Business Agile.

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The COVID-19 pandemic has taught us a lot of things about a lot of things. It’s shown us which governments step up to the plate in times of crisis, and which do not. It’s reminded us how something as simple as washing our hands regularly can save lives. And it’s proven an emphatic reminder to many businesses just how ill-prepared they are for crisis, even though they’ve enjoyed robust turnovers and healthy profit margins for many years. In times of fair weather, we can lose our introspection. We can fall back on old familiar processes and lose the urge to change them. After all, if it ain’t broke, why would you want to fix it? The problem is that when a crisis comes along like a huge market shift, a disruptive technological revolution or a worldwide pandemic, complacency can mean death for businesses. Look no further than Blockbuster video for a reminder that crises come in all shapes and sizes.

Image by Yogendra Singh via Pexels

Businesses need to be agile in order to counter the changing nature of the challenges it faces. In an era where technology is changing with alarming speed, and consumer habits are changing in kind, it shouldn’t take a global pandemic to encourage us to shed weight, make our operations leaner and make our businesses more agile.

Here are some ways in which you can restore your business’ agility…

Don’t be afraid to outsource

You’re the best there is at what you do. But don’t mistake that for being the best at everything. When it comes to your digital infrastructure, for instance, doing everything yourself can make you unnecessary unwieldy and sluggish. Investing in managed IT and Computer Support Services, however, can not only make it easier to adapt to changing technological environments, it can help you to put out little fires faster and minimize potentially crippling downtime.

Shorten the communications cycle

As businesses get bigger, communications between teams can become needlessly complex. Multichannel environments can make communications harder to keep track of and reference for future conversations and strategy meetings. Make your communications more efficient, both in terms of channels and in terms of content and you’ll avoid ambiguity and miscommunications while also streamlining your response to crises of all kinds.

Stay aware of what’s going on around you

Your business doesn’t exist in a vacuum. While it’s understandable and admirable that you’d want to keep your attention firmly on your own work, you should always maintain an awareness of what’s going on inside and outside of your industry. Every book, every newspaper, every blog post, it all helps to weave a tapestry that can help you make better informed decisions and react decisively to market change. This means carrying out market research and competitor analysis regularly. It means A/B testing your digital marketing materials, and it means keeping both hands on the proverbial wheel at all times.

If the recent months have taught us anything, it’s that there’s no such thing as being too agile, and that businesses that can’t adapt quickly and decisively to crises can suffer fatally.

4 Key Advantages of Digital Marketing Over Traditional Tools

Three key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In our new digital age, technology has revolutionized business and commerce. If you haven’t started making use of the digital tools at your disposal, you should consider it. The following guest post is entitled, 4 Key Advantages of Digital Marketing Over Traditional Tools.

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The digital age signals the turn of the modern business era. With many available technologies, you will not be able to see companies that do not run in some form of online network. The rise of the digital age provides all business owners with a lot of benefits. However, it might be at the expense of traditional marketing strategies. The old form of marketing continues to be relevant in today’s market, but there is no denying that the flexibility of digital tools allows them to have higher demand.

Here are some of the advantages they have over traditional marketing strategies:

Lead Generation

If you are running a business, you know how important it is to gather the attention of your target market. However, it might be difficult to do that if people want to see the things they will buy in a store on online platforms first. They might not be aware of what specific items they must purchase, which is why they rely on search engines.

Getting SEO writers for your company will help you create content, which would convince potential customers to try your products. For that, you can hire an SEO outsourcing company for your business needs.

Social Media Presence

Social media is where most people interact for personal reasons. However, businesses realize that the potential of such online platforms is huge. You will be able to reach a lot of people in social media, which rapidly multiplies how much interest you are receiving.

If you can create a social media presence, you will be able to make a profit for your company. You can utilize business pages and ads on social media platforms. Your customer service strategies can also have a place there. You can start contests, provide discounts, and share announcements on social media, which makes it a must-have digital tool for business marketing teams.

Website Utilization

A retail store will likely be synonymous with business. However, the digital age provides a whole new dimension to sales. You no longer need to have a physical store.

If you can start a business website, you can build a foundation for your company. Small businesses often use websites to help them perform their operations at home, making it a more convenient and less expensive choice. You will have to hire a trusted website designer for your goals to make it a worthy investment. If you can utilize a website for your business, you will be able to let potential customers find relevant data about what you can offer.

Online Processes

In the digital age, customers are looking to add convenience to their shopping needs. Traditional tools often convince people to come to a business’ store to check products. With the help of online processes, customers will only have to click and wait until they get what they bought. Deliveries might still be a part of traditional tools, but online purchases help give it a whole new meaning. Customers will be able to get what they want while they are at home. If you can provide them with that option, they will constantly rely on your business’ products.

Traditional marketing tools are crucial to every business. However, you will find that digital tools can carry most small companies to the profit numbers they want to achieve.

Essentials Every Business Should Have in Their Company Cars

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Some businesses use company cars. If you business uses them, there some basics you need in your cars. The following contributed post is entitled, Essentials Every Business Should Have in Their Company Cars.

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Photo Source

Company cars can be a great investment for any business to make. At the end of the day, your employees will often have to get from one place to another. This can vary according to your business’ field of specialism. Some may need to attend meetings with clients. Some may have to visit different sites. Whatever they need to do, a company vehicle can prevent delays that are so common with public transport. This not only helps them to do their job as expected, but it can also help to maintain your business’ reputation. Now, there’s plenty of help out there when it comes to choosing a company car. But what about once you’ve got one? Very few talk about how you can combat problems that you may experience with a company car. Here are a few essentials that you should make sure are present in your company car at all times!

Breakdown Cover

Technically, you don’t store breakdown cover in your company car. But it’s a good idea to have some. If the vehicle breaks down or experiences problems, they can simply call your company’s breakdown cover provider and be back on the road as soon as possible. It’s a good investment to make.

Jump Leads

Sometimes the battery in a vehicle will die. Perhaps lights have been left on. Maybe the engine’s been running too long. Sometimes people just can’t figure out why the battery’s gone. Regardless of the reason, jump leads and a helpful passerby can help to get the vehicle running again!

A Spare Tyre

Every car should have a spare tyre on board. Flats can happen at any time. There’s glass and debris present on many roads and a flat can prove extremely dangerous. Having a spare tyre on hand can allow an employee or a breakdown assistant to replace a punctured tyre and, again, have the car up and running again in next to no time.

Snatch Straps

Driving in a muddy area? Or near ditches? Hopefully, you don’t find your company car stuck anywhere. But if this does occur, heavy-duty snatch straps can allow a tow truck to get the car out of its sticky situation quickly.

A First Aid Kit

First aid kits are always useful. Whether that’s for a small issue, such as a cut, or a much bigger issue that requires more serious first aid to be carried out. You can purchase ready-made kits with all the basic equipment a first aid kit needs already packed up in them.

A Warning Triangle

Should the car break down, it’s a good idea to have a warning triangle on board that can be placed metres behind to alert other road users that they are approaching an incident where the car may be blocking a road.

All of these additions can come in extremely useful in any road situation that you or your employees may encounter when using the company vehicles. So, invest in them and make sure to have them in your company car at all times!

Cloud Computing Technology: Why Your Business Needs It

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In our new digital age, the cloud has become a major piece for many businesses. Learning to maximize its usage is key to any business that wants to survive as the years go on. The following guest post is entitled, Cloud Computing Technology: Why Your Business Needs It.

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Over 83 percent of business workloads will be done on the cloud by 2020, according to a recent report by infrastructure monitoring firm LogicMonitor. Despite concerns with security and implementation, cloud adoption continues to grow, as the industry is projected to earn 17 percent more in 2020 compared to last year.

A lot of articles and experts that talk about the importance of technology in business cite cloud computing is the future. This is because it has a wide variety of cost, collaboration, and efficiency benefits to companies, especially small and medium-sized ones.

How does the platform work and what are its benefits to your company?

What is Cloud Computing?

Cloud computing involves using applications and storage on the internet instead of your computer’s hard drive or office servers. Think of it as renting computing capacity from an outside provider.

It comes in three categories:

• Infrastructure as a Service (IaaS) – This involves renting the servers, virtualization, and other network hardware and software of your provider to create software based on your chosen platform.
• Platform as a Service (PaaS) – PaaS has everything that IaaS has, but with development and business intelligence tools built-in. All you need to do is to develop your enterprise software.
• Software as a Service (SaaS) – Here, the provider hosts applications on its servers and makes it available for customers to use immediately. This includes applications you probably already use in your business, like Salesforce, Google G Suite, MailChimp, and more. For small businesses, it’s best to stick with SaaS since all you need to do is learn and use the software instead of developing it yourself.

Benefits of Cloud Computing

Cloud computing usage continues to grow, and it’s because of the following advantages:

• Work Anywhere, Anytime – Cloud applications can be used on any device with a browser and an internet connection. Some providers even provide mobile apps. As such, you can check on your company’s productivity or even get some work done from anywhere you are in the world.
• Better Collaboration – Gone are the days of passing files manually either through hard copies or email. Cloud applications, like Google Docs, Sheets, and Slides offer collaboration tools that let you and your team edit and comment on the same live document. This provides one source of truth instead of multiple revised files.
• Scalability – Cloud providers often have a pay-as-you-go model, which means you only pay for the resources you use. If your company is still starting out, you can get a basic subscription that provides usage for a few users. As you expand, you can scale up your subscription to accommodate more employees. Because you don’t need to install any kind of software or hardware, the modifications to your plan happen immediately.

If you want to improve and save on your business processes, try to look for ways to take them to the cloud. Apart from freeing up your office space of large stacks of servers, it provides you with flexible, scalable, and collaborative applications that can increase the productivity, quality, and efficiency of your work. As long as you have a trustworthy and experienced cloud computing provider, your business is sure to enjoy these benefits and more.

How COVID-19 Is Affecting Garages

Three of the focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. The Coronavirus/COVID-19 Crisis/Pandemic has caused a lot of changes to numerous business sectors. One sector that has been severely impact by people social distancing due to COVID-19 is the auto repair garage business. The following contributed post is entitled, How COVID-19 Is Affecting Garages.

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COVID-19 is changing the way we interact with vehicles. Cars are an essential part of everyday life. In a normal situation, your car would be the preferred mean of transport to get to work. As more and more companies are moving their business into the digital sphere, the commute to work has been temporarily transformed, except for essential workers. Nevertheless, people still rely on their vehicles to support them in their everyday trips. From grocery shopping to necessary doctor appointments or helping vulnerable relatives, the car makes it possible to stay connected and alive during the pandemic.

Unfortunately, essential repairs and services are being interrupted as a direct consequence of the quarantine. For garages, COVID-19 creates an impossible dilemma. How do you keep people safe on the road when you can’t get the parts you need?

Pixabay – CC0 License

Social distancing means remote solutions
When most businesses are going remote, there’s a practical argument for garages to do the same. Unfortunately, as most manufacturers have stopped activities worldwide, mechanics and garage owners find it impossible to get essential automotive parts for repair and servicing. However, they can jump on the digital bandwagon to teach their customers how to perform essential maintenance on their vehicles. It is crucial to remind customers how to look after their vehicles at a challenging time, such as now. Cars that are left untouched for several days or weeks will face difficulties restarting. The battery could go flat; the brake pads could rust, etc. Basic maintenance tutorials during the quarantine can make a difference!

Many businesses are facing monetary issues
Most small-town garages are independently owned. For them, a loss of income could put their survival at risk. When you consider the costs of a lease, insurance plan, and basic business maintenance, many small companies have to find ways of borrowing money to survive. While commercial loans are typically available to businesses, banks and other money lenders may not be willing to take the risk. Consequently, garage owners need to think outside the box. Joining a credit union and taking a secured loan against an asset are some of the most popular options.

Businesses have to face unfair complaints
Unfortunately, garages still face demands for last-minute repair works. Clients who have postponed repairs or services before the lockdown are now in a rush to get their car road-safe. But, as it can be difficult to secure car parts, garages have to focus on the repair works they can make. As such, it’s not uncommon to face complaints when a vehicle is not fixed to the owner’s expectations. Automotive defense attorney William Ferreira is the first to warn mechanics and garage owners against unnecessary activities during the pandemic. Clients have to understand the risks related to the supply situation.

Post quarantine is going to be worse than the holiday rush
As soon as it is safe to go back to normal life, garages are likely to face a rush of clients. Cars that have been left unmaintained during the crisis will need servicing and repairs. Preparing your business to meet the rush will make a difference. Small garages need to start planning to face demands as quickly as possible.

In those difficult times, car specialists need to get creative to support their community safely. From offering online tips and tricks for everyday maintenance to explaining to your customers why you can’t provide full repair services, maintaining positive communication with your audience could help save your garage business.

Discover The Ways To Make Your Online Marketing Magnificent

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. With today’s world being highly digital, it’s important maximize your online marketing so that it’s as efficient as possible. The following contributed post is entitled, Discover The Ways To Make Your Online Marketing Magnificent.

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Each day, the only world is getting more competitive and this is true regardless of the business sector or industry that you are part of. If you are operating in the e-commerce sector then there will be hundreds of thousands of other sites that are selling the exact same or similar products to you. So, you’ll need to make sure that you are choosing the right price point and you definitely have to ensure that you have a USP. A USP is a unique selling point and is a key feature of your business that is going to help you stand out. This could be anything from rapid delivery times to exclusive offers. Of course, you have to go beyond the USP because you also need to make sure that you have fantastic marketing for your company as well.

Marketing will ensure that your business is noticed in the first place and that’s never going to be a complete guarantee. You’ll need to work to ensure that people take notice of your business brand and pay attention to what you can offer on the market. So, let’s explore some of the ways to ensure that your marketing campaign does stand out the right way.

Pexels Source CCO License

Dynamic Design

You should ensure that your business does have a dynamic marketing design because this feels more immersive. In other words, key parts of your brand profile should be moving and versatile. You need to ensure that it feels like something that an audience can not only connect with but be a part of. One of the easiest ways to do this is by exploring video marketing. But again, it needs to be the right type of video marketing. You need to make sure that you are connecting with an audience and delivering something more than what they might imagine.

One of the ways to do this is to utilize the latest tech to create videos that are part of your marketing campaign. For instance, you can think about exploring sites like Dr Drone. Here, you’ll find plenty of information on the different drones available, some of which have steadying technology. This will be perfect for capturing video that will be suitable for marketing and designing unique ads for your business.

Semantic Marketing

You need to think about the tech that customers are using when they are accessing the online world. Today, that means putting more of a focus on voice control technology. This has become more popular in recent years and more accessible. So, for instance, you can easily find that the majority of people will have a smart system in their home. It could be anything from Alexa to the Siri on their iPhone. This means that they will be able to search online by asking questions and that completely transforms the way that you should be approaching website optimization. Ultimately, you need to think about how you can ensure that you are directly connecting with the queries that your audience has. The best way to do this is to research the type of questions that they are asking and then provide a direct answer. In doing so, you are far more likely to end up higher in the SERPs. This is due to the fact that you are going to be able to provide the high-value content that your customers are depending on and that Google wants to see on a website that reaches page one. You might even end up with your website being chosen as a featured snippet. This is going to push claims for your business through the roof.

Personalization

Finally, you should make sure that you are exploring some of the ways that are going to help you personalize your business brand. This is going to make it easier for people to connect with your company and understand exactly what you can offer. Some of the key examples will include injecting fun into your social media profiles. It’s important to engage with customers the right way through social media. This means that it should be about simply promoting your brand or your product. You need to help them feel like they are connected with people behind your company rather than just a brand name.

We hope this helps you understand some of the key ways that you can guarantee your marketing is going to stand out online. In doing so, you’ll be able to ensure that your business is not forgotten by the market and that you do get a high level of attention your business brand deserves.

Pexels Source CCO LIcense

Four Things To Think About Before Setting Up A Healthcare Business

Two key focuses of blog are Financial Literacy/Money and Business/Entrepreneurship. A sector of business that will never go away is the healthcare business. There are some important considerations to think about before setting this type of business up. The following contributed post is entitled, Four Things To Think About Before Setting Up A Healthcare Business.

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Are you looking to set up your own healthcare business? Although technology has made it easier to start an enterprise, starting up a health care company involves a lot more preparation than your average business. There is a multitude of things to remember, such as policies and procedures that need to be followed and funded.

In this article, we are going to look at some of the primary considerations to make when you think about starting your own healthcare company.

Image credit: Pixabay CC0 License

Do you have the right qualifications and experience?

In an ideal world, you will have plenty of experience working in the healthcare business. But, if you don’t, it is worth getting some. If you’re going to take a hands-on role, you are going to need to be as qualified and trained as possible; otherwise, you should always recruit professionals.

As well as the actual care experience and skills, you may also want to seek training in business management. Of course, if you are trained in a certain kind of health care, such as dentistry or sports massage, you are going to need different qualifications for that kind of business.

Do you have the budget for the infrastructure?

A healthcare business can be costly – you need all of the medical equipment and machinery, adequate staffing, and technology. Healthcare is one field where you cannot skimp on any of these things, as you could be putting your patients at risk. Healthcare IT Support will prevent any technical failures and keep your business up and running so that you can focus on the important thing: your patients.

Is there a need for your service?

Healthcare is almost always an in-demand service. However, before you pour all of your time, effort, and money into it, make sure it is needed in the location you are considering setting up in. If several other clinics or providers are offering the same thing in the area, you may want to reconsider.

Can you stay on top of the legalities?

Legalities are one of the most important things to be aware of when beginning a healthcare company. When you work with members of the public, you will be responsible for their health and treatment. This means that you will be expected to comply with a specific set of guidelines and regulations.

It can be a good idea to seek professional advice when starting up your healthcare business to ensure you comply with the rules and regulations to stay on the right side of the law. You will also want to make sure you have adequate insurance in place. That way, if anything does go wrong, you will be protected financially.

Setting up a healthcare agency is a lot more complicated than other types of businesses. The above are some of the main things you should consider before diving in. Make sure you do plenty of research and enlist legal professionals’ help to ensure you meet all necessary legalities.

Top 7 Profitable Industries To Start a Business in

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. There are numerous businesses-types that one can start but it’s also important to think about what the most profitable industries there are to start in. The following contributed post is entitled, Top 7 Profitable Industries To Start a Business in.

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Photo by Startup Stock Photos from Pexels

Are you thinking of starting a business? Then one of the first things that you should do is consider what industry you’re going to enter. And with so many to choose from, this process can be very daunting and one that you’re not fully certain of from the get-go.

To help guide you and give you some inspiration, here is a list of 7 profitable and extraordinary industries that you can start a business in this year:

1) Artificial Intelligence

This might sound like an obvious one, but it’s still worth a mention due to its potential. An industry that’s expected to grow to $125 billion by 2025, there’s no better time than now to discover the possibilities within it.

Whether you’re looking to introduce devices that consumers can use within the home (think Amazon’s Alexa) or technology that can be used by other businesses, the industry is on the brink of an explosion – so take advantage when you can. You will have to come from a tech background for this one, however.

2) Hydraulic Power

Fluid power is another very profitable industry to enter this year. An industry that’s applications are used in everyday life, from agriculture to irrigation, there is ample opportunity to expand within it.

Of course, for this type of industry, it’s a good idea to fully understand the ins and outs of hydraulic/pneumatic engineering i.e. what equipment you’ll need to invest in (such as https://tameson.com/solenoid-valve-types.html) and the science behind it. But once you have an in-depth understanding and the right employees beside you, you can quickly grow your business exponentially.

3) Accounting and Bookkeeping

This is an industry that’s incredibly profitable as it has jobs within it that are specialized (like the hydraulic industry). Every business needs accounting and bookkeeping – no matter what type of business they are running and their size.

And with on-going development and changes within financial legislation, it’s good to have professionals on hand to ensure that they are on the right path with your finances. Because of this, this industry is a great one to start a business in. Just ensure that you have the skills in mathematics, and when your business grows, skilled and motivated employees.

4) Real Estate

Real estate is an industry that’s continued to grow and thrive globally throughout the years. And with so many opportunities within it – whether that be real estate technology, online design services or a similar field, the scope for a new business is simply extraordinary. As technology continues to develop and the need for housing increases, it’s easy to see why this is such a fantastic industry to start a business within.

5) E-Commerce

With the rise in technology and more people utilizing the internet, the e-commerce industry has rapidly taken over the world. A safe bet for entrepreneurs looking to start a business, you’re able to easily sell what you want from the comfort of your home/office – meaning it’s great for entrepreneurs who are just entering it.

Plus, with sales in the global e-commerce market now over an incredible $2 trillion, it’s truly a booming industry that’s only expected to continue progressing.

6) Hospitality

As the global population grows, as will the need for hospitality businesses. With two sectors in particular booming – sustainable food providers and hotels, it opens up the possibilities for new businesses looking to enter the market and diversify what they have to offer.

As long as you keep up with the trends, adapt to developments in technology and listen to customer wants, there’s no reason why you can’t succeed within it.

7) Transportation

Yet another industry that’s adapting with the rapid advancements of technology, transportation is screaming out for growth and new talent. An industry that is relied upon by businesses and the general population daily, the demand within it is undeniable.

From ride-sharing to automatic cars, the future looks bright for this industry – making it an extraordinary one for entrepreneurs to enter.

Final Thoughts

So, there you go! Those are the top 7 profitable industries that you can start a business within. No matter which industry you choose, with the right knowledge, preparation, financing, employees, marketing and advertising, etc. you’ll be able to thrive in no time at all.

Even if it doesn’t happen right away, you have to be determined to succeed and showcase to potential customers why they should opt for your services over your competitors – a skill that’s possessed by only the most driven entrepreneurs.

Coronavirus and Your Business: Preventing Things From Going Bad

Three of the focuses of my blog are Current Events, Financial Literacy/Money and Business/Entrepreneurship. The Coronavirus has not only created a human health crisis, but also an economic crisis which business owner didn’t see coming. To be one of the businesses to survive this event and to continue generating profit, you’ll have to be very smart and vigilant. The following contributed post is entitled, Coronavirus and Your Business: Preventing Things From Going Bad.

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Image: https://www.pexels.com/photo/design-desk-display-eyewear-313690/

It doesn’t matter what your business sells, Covid-19 will have impacted upon it in some way or another. If you’re a smaller company especially it can be extremely difficult to navigate your way through what are essentially completely uncharted waters. Here are some things to bear in mind, and how you can prevent things from going bad.

Slowing profits
Most kinds of businesses will have highs and lows when it comes to their profits over the course of the year. This is normal and can depend on things like public holidays and celebrations. For example, retail businesses usually peak in profits around Christmas time and can often drop for a while in the new year once everyone is spent out. The current pandemic is of course affecting just about every business, if yours has slowed down then it’s a time to start being innovative and thinking outside of the box for ways to promote and boost your profits as much as you can over this time.

Negative press
Negative stories about you in the press can affect your business due to spoiled reputation, so be sure to think carefully before you respond. In more extreme cases, you might even want to seek legal help. Many companies have gained bad press over this time where they’ve inadvertently gone about things the wrong way with social distancing, letting staff members go, upping prices due to increased demand and a whole long list of other things. Once things have blown over you’ll need to rebuild your reputation and regain the approval of those who shop with you. Be sure to apologise, we’re living in unprecedented times and no one is going to get it right all the time. If you’ve slipped up or done the wrong thing, make it clear that you apologise for that and admit your mistake.

Poor service
Many businesses have now had to make the switch to selling online, and this can come with some problems. Due to social distancing restrictions, warehouses that dispatch items are working to less capacity meaning things are sent out slower. There’s more demand on the postal service and courier companies so your customer will receive their order later than they’d usually expect. You might also have less customer service staff available to deal with queries so overall, customers may feel as though they’re getting poor service. The best thing you can do is put a notice on your website explaining the situation, while at this point most people will be aware of these things it ensures that people are buying and knowing what to expect. If it’s going to take a number of weeks for them to get their order for example then they need to know this from the get go.

Illness
When someone is injured or becomes unwell as a result of your business it can spell disaster for your company. And right now, we’re dealing with a virus that no one knows too much about so bringing employees back to work too soon could lead to an outbreak that you’re then blamed for. Make sure you have all of the right insurances in place to protect your business, and seek legal advice on any matters that arise. Be sure to follow health and safety laws to the letter, for example social distancing guidelines state that people should remain two metres apart. You’ll need to make changes in your workplace to accommodate this.

Theft
There are a number of ways people can steal from your business. The first is criminals actively taking assets from you, such as shoplifters stealing items, or burglars breaking into offices or warehouses. You could also come up against cyber theft, or even fraud or theft from your own employees. Another thing to be aware of is competitors stealing your ideas, if you’re worried about this being a possibility then look into stealth mode startups. This enables you a chance to get set up and running and protect your assets so that your ideas aren’t taken by others. You’ll need to protect your business both online as well as in person, as well as keep certain ideas under wraps until you’ve got things like copyrighting or patents in place.

Becoming Obsolete
We live in an incredibly fast paced world, even when things are normal before the virus, here technology ever evolving meant that once thriving businesses are left in the dark ages within a couple of years. Now that things have changed dramatically (and will likely stay this way for the foreseeable future) you have to be careful that you’re not rendered obsolete. There are certain businesses that people can’t use in the normal way at the moment, if you fall into this category it’s important to think outside of the box. Could you teach what you do via online lectures and presentations? Could you switch things up to offer customers what they need right now?

Bankruptcy
Things can and do go wrong in business which can lead to your venture failing, and in the current economic climate with the pandemic this is happening to many businesses (particularly smaller and newer ventures). Consider loans and government grants to keep you going, but be aware this won’t always be possible. While it’s hard to deal with now, you will have learned a lot through your failures. That way, later down the line when you’re ready to get involved in business again, you can build upon this knowledge and experience.