Tag: Business

Advice For Starting Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you only trained to work for someone else, then chances are you’re unaware of many of the skills necessary to start a business. The world of entrepreneurship is a world all its own with it’s own nuances. The following contributed post is thus entitled, Advice For Starting Your Business.

* * *

Photo by rawpixel from Pixabay

Running a business can come with a number of issues that you are not familiar with before starting your company. At the end of the day, as a business owner your main priority will be your profit margins, but that doesn’t mean you should let the other things pass you by. Here is a look at some of the intricacies of running a company that might help you further down the line.

Starting Your Business

When starting your business, you need to ensure that a number of important details are ticked off your checklist. Firstly you must decide what your business name is going to be and under which of the four possible legal structures you are going to set up under. They are as follows:

● Sole Proprietor
● Partnership
● Limited Liability Company (LLC)
● Corporation

Once you are familiar with these types of structures and know which one is the right option for you, then it is time to start writing your business plan and opening a company bank account. However, before you open a bank account you should register your company with your government in order to get an identification number. It is vital that you follow the rules when it comes to registering your company because an incorrect registration or none at all will cause your business severe problems in the future.

In addition to making sure your company is registered, you should also start looking into and obtaining any permits that you require to start work. Once again these depend on your structure and type of business, so research your needs before pursuing permits. These might need to be obtained at a nation or federal level and a state level so be prepared for plenty of paperwork. The same applies to obtaining your business license which is a requirement in most cities.

Photo by geralt from Pixabay

Employees

Should you require them then the next logical step is to start hiring employees so that you can start production in your chosen field. There are several things to remember when hiring staff, many of them to do with tax and payments. Motivating your staff is one thing to consider in the future, but there is no greater demotivation than not being paid.

Once again there are a number of legal hoops for you to jump through, this time you only have to get these licenses if you intend on hiring staff, do make sure you are doing the right thing. You should also look into what your business can do at a local level when it comes to things like taxes and healthcare. There are usually many different types of initiatives on offer but you must find them for yourself, such as in the UK they offer a Construction Industry Scheme that assists contractors ensure the tax of their subcontractors is paid. There are similar schemes in other parts of the world and taking the time to find them will be a great assistant to you.

Starting A Restaurant: The Short Guide

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Food is something we all enjoy and if you have a niche in the restaurant business, you can make a lot of money. That said, there are certain important considerations for this class of business. The following contributed post is thus entitled, Starting A Restaurant: The Short Guide.

* * *

There are always guides out there about starting a business, and the steps are largely the same: write a business plan, get funding, market your business and open to the public. These are the core steps that every business in every industry needs to follow. When it comes to starting a restaurant, you have all of those steps plus more.

The way that we enjoy our meals out has changed massively in the last ten years. We want new cuisines and quirkier ways to eat it. From fine dining in restaurants with a dress code, to the delicious burgers from a street food van, customers want something new. If you have the right restaurant idea and the funding, then you can bring your service to the high street, but you need to consider your time, money, legalities and the commitment that is required to be successful in this industry.

After you have decided on your concept, gained your funding and started your market research, you next need to think about the premises that you need for your business idea. This is largely down to the fact that you need to fit in people, plus a kitchen area and commercial refrigeration installation alongside dishwashers, ovens and sinks. So, while you need to consider what your restaurant looks like from the outside, none of that is any good if you have no room for what you need where the customers won’t be allowed. Your premises has to meet the expectations of your customers, your staff, your energy consumption, your ability to provide good, well-cooked food and it has to be clean, too.

Image source


Once you have your location locked in, you need to go back to the start. Your funding has to cover everything from premises rental costs to the utilities that you pay out for. These are a huge contribution to rising business costs, and the running costs of the restaurant or food service truck are the biggest overheads for your business. Do your research properly into all of the various energy companies out there and make sure that you compare the prices across the board. You want to work well with your suppliers, and that includes your utilities suppliers, too.

An efficient food service business needs the right equipment, and we’ve already mentioned refrigeration installation, but you also have to think about the smaller apparatus that will keep your business going. You need to start researching suppliers of this equipment when you are setting out your budgets for your finances, because without the right budget in mind, you have no idea which suppliers will work for you. Customer service has to be a hugely deciding factor in choosing your suppliers. You need to know that you can work closely with them and that your restaurant is a priority for them.

Starting a restaurant isn’t going to be something that is easy, but it’s going to be so worth it if you manage to keep on top of it.

Warehouse Fixes That Will Wow Your Employees

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. A key component of many businesses is its warehouse operations. An optimally functioning warehouse can make or break a business and there are several keys to running an efficient facility for your employees. The following contributed post thus entitled, Warehouse Fixes That Will Wow Your Employees.

* * *

Image Source

When business owners are looking for ways to improve and upgrade their company, most of them are mainly concerned with their office. It’s true that the office is a very important part of the business overall, but there is one other equally critical area that is so very easily overlooked – the warehouse. Every company that has a warehouse will find that it is an essential part of their operations, and ensuring that it is streamlined can really help with the company’s overall efficiency.

So, do you think that it is time you took a look at your warehouse and considered how you might be able to improve it? Here are a few ideas that you may want to consider.

Automate Processes

One of the first things that you might want to think about is automating some of the warehouses that take place in the warehouse. This can make the workload a lot more manageable for all of the employees who work there. For instance, you might want to use software that can automate the delivery notification process. So, when a customer orders something online, a quick notification will be sent to the warehouse to let everyone know that they can start the whole shipment process.

Make The Layout More Efficient

It might also be a good idea to reconsider the whole layout of your warehouse. A poorly organized warehouse can quickly become a pain to work in, and it can reduce the overall efficiency of your staff. So, make sure the layout is an easy one to work in and doesn’t promote any disorganization. It’s also necessary to try to reduce hazards by improving the layout as much as possible.

Give It A Face Lift

Do you remember when the last time you updated your warehouse was? If it hasn’t been for a while, then it could be due a bit of a facelift. You might want to install a new concrete countertop onto a workstation and it might also be time to replace any flooring that looks past its best. Keeping all of the warehouse in good working order will ensure that it stays a lot safer for a few more years to come. It can also be a much more pleasant working environment for all of your staff.

Improve Staff Training

Don’t forget that it is also essential that each of your employees gets sufficient training throughout the year. This is even the case for all your employees who are based in the warehouse. Ideally, they need at least one training session each year. However, all of the most successful companies ensure that their staff are well trained with various courses throughout the year. This ensures that they can always carry out their job to the best of their abilities and that they are up to date with all the modern warehouse practices.

If you follow all of these tips, then you should find that your warehouse processes greatly improve, and this can help you turn over a larger profit.

4 Smart Ways to Grow Your Dental Practice

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you’ve trained in Dentistry, eventually you may want to start your own dental practice. You will invariably be competing with other dental practices in your area and will equip yourself to best do so. The following contributed post is therefore entitled, 4 Smart Ways to Grow Your Dental Practice.

* * *

Of all the businesses to have, a dental practice is a pretty smart one: people are always going to want to look after their teeth! However, it is true that there’s rarely only one dentist in town, and that the costs of running the business can be high. As such, it’s important that you’re always looking for ways to grow your practice. The more people there are that come through the door, the more teeth you’ll see, the more profits you’ll have. Below, we take a look at four clever ways you can begin to grow your practice.

Source: Pexels.com

Refine Your Marketing

Marketing your practice by dropping leaflets through the doors of the local houses will be a good start, but it shouldn’t end there. This is an approach that many businesses take, but it’s not enough – when there’s competition, simply telling people that you’re there won’t give them enough of an incentive to switch to your practice. Instead, get more sophisticated. Advertisements on the radio can be cost-effective, and if you don’t yet have a company blog, start now. It’ll boost your Google rankings and also give you a bigger platform to showcase why you’re so great.

Review Your Reviews

Running a business isn’t like having a microphone and waiting for people to hear what you’re saying. It’s a conversation. From time to time – hopefully often – your customers are going to give you feedback. What you do with that information can have a big impact on the future success of your venture. You can either ignore it, or you can listen seriously to what they’re saying, and incorporate some of their views into your plans. Your patients might just tell you exactly the direction you should be going, if you give them a chance.

A Second Location

You’ll have invested a lot of time and energy into your practice, but what if your location begins to hold you back a little? Opening a second location can breathe a lot of life into your venture, and open up your services to a whole new section of the neighborhood. Of course, there will be money considerations to factor in, so you may want to consider getting help with a loan. Remember to bring a lot of fanfare when you open. If there’s a buzz surrounding your new location, you’ll get a wave of new customers. Local newspapers will likely be interested in covering the story.

Offer More Hours

Some dental practices make a fundamental error: they only make themselves open for business during the usual working week hours, when, well, everyone is working. Now, people aren’t going to neglect their teeth forever, but they might put it off and visit less if they have to take time off work to do so. So why not make it easier for them to visit you? You could stay open late one evening during the week, or open on a Saturday once a month. Not everybody will have the flexibility to get to the dentist during your regular hours!

Forever Local: Remembering Your Roots In Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Most businesses once they grow, need to change geographic locations. It’s important though not to completely leave your location of origin and leave some of your operations there. The following contributed post is thus entitled, Forever Local: Remembering Your Roots In Business.

* * *

(Image Source)

When a business finds success and begins to grow, it is very rare that they will remain in the same place that they started. In the pursuit of better opportunities, employees, and even property, companies will move far and wide when they are becoming something larger. Of course, though, the place your venture originally called home shouldn’t lose its importance simply because you’ve moved on. The people in this area helped to drive your early years, and this makes it worth working to give something back.

One of the very best ways to achieve this goal is by keeping a portion of your business where it started. While this could cost more or prevent you from accessing certain services, it will provide the locals with jobs which they could be in dire need of. It will stimulate the economy, giving other small businesses the chance to flourish, while also making public services, like education, just a little bit better. Not a lot of people consider the impact a single business can have. In reality, though, an organisation like this can drive a town by simply doing its job, making this a great way to contribute without making a special effort. As time goes on, the importance of this sort of act will become far more clear.

Of course, though, it may not be feasible for you to remain in your home area, especially once your company becomes too large. In this case, you won’t be out of options to help you to give back, but you will have to be a little more active in your approach. Most cities and towns will have their own sports teams, schools, and other efforts which don’t get enough support. By sponsoring these groups, you can provide much-needed resources to people who would otherwise simply have to live without. This may seem like a small gesture, but it can have a real impact on a place, bringing people together and opening the doors for greater inclusivity.

Life isn’t always easy, and a lot of places around the world are feeling the impact of climate change, at the moment. With homes being destroyed, people finding themselves displaced, and help hard to come by, natural disasters can have a devastating effect on your local area. Cane Bay Partners make a great example in this sort of case, supporting their home Island, St. Croix, by providing aid. People often need all sorts of help in times like this, ranging from food and water to medical care. When you have a business behind you, you have the chance to provide far more than an individual can.

With this in mind, you should be feeling inspired to go back to your roots a little bit with your business. Of course, while this is a great way to show your appreciation, it is always down to you to choose whether or not you’d like to do this. Not a lot of people have the chance to give back like this, making this a great opportunity.

Ways That Taking Your Business Digital Can Save Time And Money

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In our current digital age, many tools are now used to conduct business and commerce. Not adapting and incorporating these new methods could ultimately cost you time and money. How do you not lose your competitive advantage? The following contributed post is entitled, Ways That Taking Your Business Digital Can Save Time And Money.

* * *

Saving money is the goal of many businesses, especially smaller companies still looking to find their feet. Digital solutions can give your business a boost and help you to save time and money, freeing up both to focus on the more strategic side of your business. If you’re not making the most of digital technology for your business, take a look at some of the following ways that taking your business digital can help.

Image Credit: Unsplash under Creative Commons

Cloud working reduces clutter and commitment to an office

With cloud computing solutions, you can take your business anywhere, allowing you to easily work in any location. Cloud computing also helps you to work with employees in remote locations, making it easier to hire freelancers to help you carry out different business functions. Take a look at cloud storage solutions that will benefit your business and provide it with extra security at a low cost.

Turn your HR digital

Managing HR functions can be difficult, and with more importance being placed on personal data protection than ever before, you need to implement systems that will keep data secure and make HR easier to manage. The ServiceNow HR module is a useful tool for businesses that will make managing cases simple and makes it easier for employees to access vital information. Digital transformation can be a tricky process, but with the right system, the process becomes much simpler.

Embrace digital marketing

Traditional marketing methods are becoming more and more expensive. Television and press ads can be a large expense for businesses, with a shorter exposure period. Digital marketing, however, provides you with several possibilities to engage with audiences, at a much lower cost. With digital marketing, you can create campaigns easily according to your own budget, helping your business to save money.

Save on your travel costs

Traveling to meet clients, colleagues and conferences can soon eat into your budget, but it doesn’t have to. Using video conferencing services can change the way you do business, helping you to have face to face meetings without having to spend time or money traveling. The quality available from video conferences is amazing compared to what it was even a few years ago, helping to make communication easier for your business.

Use online project management tools for better productivity

Managing projects is easier than ever thanks to online project management tools. Manage deadlines, assign tasks, collaborate and more to help your projects run more smoothly. Project management tools are great for businesses of all sizes, and can boost productivity across your teams.

While there are benefits and dangers associated with technology, there’s no doubt that it can save time and money for your business. By exploring the different tools and applications that exist, you can find some excellent solutions for your business. Take advantage of free trials to help you choose the right digital solutions for your company, and let digital transform the way you work.

Freshen Up Your Business By Taking To The Road

The first principle of my blog is Creating Ecosystems of Success, and two key focuses are Financial Literacy/Money and Business/Entrepreneurship. Sometimes a change of environment can be very valuable for the creative process. The same is true for developing your business. In some instances going on the road can lead to growth. The following contributed post is thus entitled, Freshen Up Your Business By Taking To The Road.

* * *

Sometimes it feels like inspiration is all around, but at others, it feels frustratingly elusive. But if you want to continue to develop your business, then you need to be a source of innovation and ideas. While there are things you can do to feed your creative side when you’re in the office, a better idea may be to take to the road. It’s never been easier to leave the office behind and work somewhere else for a while! And you might just find that you’re returning with a chest full of ideas.

Source: Pexels.com

Where to Go?

First thing’s first: where do you want to go? In this day and age, all you need is a place with an internet connection, which you’ll find more or less everywhere you would realistically travel to. Finding the right place will depend on what you’re hoping to achieve while you’re away. If you want to be inspired by what others are doing, then choose a city. If you want to work on a solo project, then a cabin out in nature would be a good choice. If you simply want a change of scene that allows you to work and relax, then a beach destination would be right.

What You’ll Need

Of course, you can’t just turn up and get down to work. When you’re in the office, you have all the resources, documents, and employees you need to work efficiently; when you’re in unknown lands, these won’t be as readily accessible. But with the right tools, you can make it seem like you’re in the office. Work with a company that offers cloud hosting services, and you’ll be able to access your important documents from wherever you are. It goes without saying that a reliable, secure laptop is also essential, as is choosing a place with internet fast enough to work efficiently.

Connecting with Others

If you’re going to surround yourself with new people for a while, you may as well see what they have to say! If you’re in a large city, or a place with a large digital nomad presence, then you’ll have no trouble finding like-minded people. Consider working in a co-working space for a day, or take a look at sites like meetup.com – you’ll usually find events aimed at business owners in there.

Time to Unwind

While you’ll want to have your main focus on getting work done, don’t forget that you will have time to relax! We can get a bit frazzled when it comes to work, even when it’s going well, and it’s always worthwhile practicing relaxation – it’s just that it’s much easier when you’re in new surroundings, and you’re excited to do everything it has to offer.

Returning Back

You’ll hopefully return to the office refreshed and with a lot of new ideas to put into practice. Make sure you’ve made thorough notes while you’ve been away! Set aside some time in the first week to talk through the plans with your employees, and get down to work.

Updating The Appearance Of Your Online Business

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In today’s digital world, you online presence is your new store in many cases. As such, it’s important to periodically update you site so that it’s appealing your potential customers. The following contributed post is thus entitled, Updating The Appearance Of Your Online Business.

* * *

In the competitive world that is business, having an online business has really come to the forefront, and now many companies are opting to turn digital, to follow the trend of technology and the internet. So if you have an online business yourself, it’s important to keep updating it so that you remain ahead of your competition and grow your company. Here are a few tips to get you started!

Image Source

Reassess Your Goals

It’s something you don’t need to do online, but it’s important to bring your focus back to your goals for the business. Whether that’s long-term or short-term, it’s always good to come back to them and see if you might want to change them or create new ones. A lot can happen in the space of a few months, so it’s pretty easy to forget about your initial objectives.

And if you haven’t already, think about what you want to achieve a year or so down the line. Dream big and don’t be afraid to challenge yourself.

Give Your Website A Refresh

You should have a website for your online business, and if you don’t, then you really do need to get one. A website puts you on the map and gives you a little space in the big world wide web. This is the platform where you’ll probably attract new potential customers and clients, so it needs to be professional. Therefore, you want to give your site a refresh every now and again just like updating the interiors of your home. Apps like https://setapp.com/apps/typeface are great for changing up your font, and you should invest in a good template for your web page.

If you’re digital skills only stretch so far, there’s plenty of freelancers or companies out there who will be more than willing to keep your site looking top notch.

Get Social Media Savvy

If you’re not already, you should be spreading the word about your business through social media. A website is great but you want to reach the masses, and only social media platforms will have that. So it’s useful to have a profile on as many platforms as possible and start or continue to reach out to new customers, creating great campaigns that will sell your brand to those who need it.

Make Communication Easy

There’s nothing more frustrating than customers not being able to communicate with a business. Whether that’s finding a phone number, email or any form of contact details. And it’s so simple to do but a lot of online businesses will keep themselves anonymous, and this can put customers off. People like to see the face of a brand or organization, so don’t be afraid to open up communication fully because it’ll certainly benefit you in the long run.

It can certainly feel like a rat race in this ever-changing world, but with hard work and dedication, your online business can be just as successful as those that inspired you to start yours in the first place. So what are you waiting for?

The Things You Won’t Have Thought About With Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. The majority of businesses fail, and if you’ve never start one, there may be things that don’t know to look out for. What are they? The following contributed post is entitled, The Things You Won’t Have Thought About With Your Business.

* * *

Starting a business from scratch can often be a difficult thing to do. You work hard on your ideas, it becomes a labour of love as you put in all of the hours to make it a success. It can often be a goal and an achievement to actually start your business and to become a success. It can give you the flexibility of working and home life that you may have wanted when working in a standard nine to five job. But, have you through of everything when it comes to your business? There will always be improvements to make, avenues you can explore and things you can do. Here are some suggestions for the new year.

Image source

Is your website protected?

You may have spent a lot of time building your website, showcasing your information on social media and doing all you can to build your business from nothing, but is it protected? Your website could be the only thing you have as a method of doing business, and so protecting it from the likes of hackers or opportunists should be a high priority. This is when looking into network security management could be advantageous to you and your business. Enabling you to feel assured that your website and the information is guarded. Also things like passwords shouldn’t be changed regularly to keep things secure.

Is it time to expand?

Sometimes you can be guilty of just sailing on by, but this could be a mistake for your business. Is it time to expand? Have you thought about some of the ways you can do it? You could be missing a revenue opportunity simply by not taking the plunge to add to your product or service range. Expansion could also mean moving from working in your home to a business location. Which could potentially open up more opportunities to you as a business.

Are you taking customer service seriously?

A business needs customers, there is no hiding from that. But do you take care of the customers that you have? Is customer service a priority for your business? If it isn’t it should be. If a customer has a great experience with a business, they are more likely to use them again or tell people about it. If they don’t get good service you may not see them again. It is that simple. Look at ways that you can enhance your customer service. It could be keeping regular contact with them or just offering loyalty discounts for repeat purchases our referrals.

Are you the local hero for your business?

Finally, are you the local hero for your business? Most people are wanting to support small and local businesses these days and the truth is, you may not even have competition. This is something that should be a focus for all businesses in the new year. Getting involved in local events, sponsoring and getting a name for themselves in the local vicinity. It could present to you a whole new customer base that you may not have had before.

Let’s hope these tips have you moving your business forward in the new year.

Why You Should Be Outsourcing Jobs In Your Small Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship, and a key piece of the latter is ‘Outsourcing’. No matter what type of business you’re trying to build, if your operations continue to grow, they will expand to the point where you can no longer do everything yourself. Outsourcing thus becomes key. The following contributed post is thus entitled, Why You Should Be Outsourcing Jobs In Your Small Business.

* * *

Small business owners can sometimes feel like they are wearing a lot of hats, and are doing the jobs of several people. While it may be just about manageable, to begin with, a point will arise where you just cannot do it all – not effectively, anyway – and then, it is time to look at giving some of the tasks so you can focus on building and growing your business.

Technology has made it an awful lot easier to outsource work. Instead of having to pay someone to travel into your place of work and be there physically to carry out the tasks, you can employ someone to do it from just about anywhere in the world. Even though you might have to lay out money to pay them, you’ll more than likely find that in the long term, it helps you to increase revenue and productivity.

Photo credit

Some roles and tasks that you may consider outsourcing include:

Marketing
Content creation
Search engine optimisation (SEO)
Web designers
Custom software development
Bookkeeping and accounts
Payroll
IT Support
Photography
Graphic Design
Social Media

It can be all too tempting to outsource all the work that you don’t want to do, and while this isn’t always a bad thing, it is important to remember that sometimes, there are some core jobs that you have to do to keep your business running efficiently. The idea of outsourcing is to get someone else doing the jobs that you either can’t do or the jobs that take you away from other vital roles within the business. These tasks come under two categories:

Highly skilled/specialised jobs: these are the ones that you just aren’t qualified or don’t know what to do. This could be dealing with legal and financial issues or technology-based ones.

Repetitive jobs: This may include inputting data, making phone calls and setting up meetings and appointments and paying invoices.

Quite often, the people who do these tasks work on a freelance/contractor basis, so wouldn’t need paying a fixed salary. This benefits you because you can pay them as and when you need them. However, it does also mean that there may be times when they are unavailable, and you will need to find someone else, who doesn’t necessarily know your business as well.

Finding the right contractor or freelancer can be difficult, to begin with. A good starting point is within your own network – ask fellow business owners if they can recommend anyone. You can also turn to online networking sites, such as Twitter or LinkedIn to ask for recommendations and screen any potential candidates. There are also websites such as People Per Hour and Upwork, which allow people to pitch for jobs and upload CVs and portfolios. You can also see if they have worked with other people through the platform and their rating.

When you outsource tasks, it gives you the chance to focus your time, attention and resources on what your company needs to grow and develop.