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7 Things To Think About Before Becoming An Entrepreneur

June 23rd, 2017 Posted in Entrepreneurship
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Starting a business is one of the most ginormous commitments anyone can ever hope to take on. Yes, it is worth it because not only is it exciting and rewarding, it is also yours. However, to prevent you from starting off on the wrong foot and then struggling to get into your stride thereafter, we have come up with a list of essential advice you should know about and carefully consider before you start your business.

  1. Research Is Key

Research everything you can and remember that there is no such thing as too much research. Research the competition, the marketplace, the technology, the marketing approaches, the economy, governmental policies, gaps in the markets and emerging trends. As an entrepreneur the more you can do the better.

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  1. Organisation Wins

There are so many variables, so many different aspects and challenges and things to do that it is absolutely crucial you get as organized as you can from the get go. Great ideas are great, so is passion and research, but without being organized, you will struggle. This also includes having a plan and sticking to it.

  1. Passion Helps

It isn’t the be all, but having a passion for what you do is what will help you get through the rough and, yes, there are going to be rough times. Things will go wrong, you hope will start to fade and you’ll ask yourself why you are doing this. Be able to answer that question.

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  1. Seek Help

Starting a business is not something you can do alone. Okay, it is, but you shouldn’t. There are too many plates to spin. That and the fact you aren’t an expert at everything, whether it be accountancy, finding and keeping your best staff or whatever. So find help. It’ll be the best thing you do.

  1. Know The Legalities

Never ever start a business without getting legal advice first. Too many people think that legal advice is there to help us when we get into trouble, but it isn’t. As Bovill Risk & Insurance Consultants will tell you, legal advice is there to prevent us from getting derailed legally. Knowing what professional indemnity insurance you need is key, having the right insurance to protect your employees is vital, and your board members. Legal advice helps long-term success.

  1. Better Credit Rating

Nothing is going to impact on your credit rating as much as starting a business will, that is why it is so important for you to do everything you can to improve it. Starting a debt will likely mean you get into debt and all sorts, and you’ll likely need to borrow money. Quite simply, your personal choices can have professional consequences because the better your credit rating the more you will be allowed to play with.

  1. Understand Your Audience

Knowing your audience and really getting under their skin is going to have a huge impact on your road to success. As such, do all you can to better understand them. Survey your demographic, find out their likes and dislikes, their spending habits, their hates and their wants. If you know what they are like as consumers, you can tailor your marketing and development toward them.

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Filling Up Your Free Time, And Your Wallet In The Meantime

June 12th, 2017 Posted in Entrepreneurship, Money Tips
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Time is money, and often, you won’t have enough of either. However, there are some ways to utilize the time, that you’re usually on the sofa playing PS4, to gain a little more cash flow and fill out your wallet (you could even buy a new one if yours is looking pretty tired). The following are some ideas how you earn some extra money when you’re out of the office, so those Yeezys might just become your next investment.

Use Your Camera

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Whether you use your iPhone camera, received a Canon PowerShot for Christmas, or you’re out every weekend with your drone; if you’ve got a talent for capturing incredible images, you can make money from doing so. You never know, your side hustle could become your full-time job, and you’ll never dread Monday mornings again. Start by setting up a dedicated Instagram account for your pictures, gain some interest, and build your followers; you’ll be able to gauge what pictures go down the best, and you’ll be able to develop your skills and individual style. If your front door doesn’t lead to a Swiss landscape of a mountain and lake; there’s no need to stress about it. Taking photos of your everyday environment, whether it’s a cityscape or a suburb, will give you a personal edge and your crowd will appreciate what you’re portraying.

Before you set up an online store for your work; offer to sell your popular posts as prints. You can print your photography as they’re ordered, and you won’t have to fork out a huge sum of money upfront (unless you’re getting hundreds of orders and it’s time to start thinking about quitting your job). Do a run of themed or limited edition pieces; people love to know that they own something rare, and it’ll tempt them to buy something over just liking your post. There are a ton of other ways to sell your photography skills too; for some more ideas, take a look here: https://photographyconcentrate.com/infographic-36-ways-to-make-money-as-a-photographer/.

Use Your Laptop

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Instead of watching Netflix when the weather is bad outside; you could think about getting online to earn some money instead. If your laptop or tablet is a permanent fixture on your body when you’re chilling, it could be the perfect route into getting paid. If you don’t mind filling in some surveys and answering questions about yourself, then you should read more into getting paid to do so; there a number of websites that will send your regular questionnaires and pay you cash or vouchers to complete them. You can grab a beer, sit back and earn some dollars as you type; sounds like a Thursday night well spent.

If you’re a talented writer or graphic designer; think about selling your skills outside of your workplace and setting yourself up as a part time freelancer. You could start small by seeking out any local businesses or independent online stores, and asking them if they need any content or branding help. If you keep your rates reasonable, you’ll be an appealing option for small companies who have less of a budget to spend. And, if there places you already go to, to shop or eat; you might just get a free meal or a regular discount on items, which will save you money.

You may not feel like you want to sit and work on your laptop when you’re not at work, and that’s understandable. Consider an online auction site, like eBay, and start selling the items that have been hanging in your closet for months, and that you’re unlikely ever to wear or use again. Not only will you be earning more cash; you’ll be making room in your home for all the new stuff that you’ll be able to afford.

Use Your Style

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If you’re the type of person that’s constantly being complimented on your outfits, sneaker choices, and the hats you wear, you can turn your excellent taste and style into an income. Taking regular images and blogging about them, or uploading them to Instagram, will provide a platform for you to show what you’re wearing and how you’re styling your garments. When people respond positively to what you’re doing, it’s a sign to keep going so that you’ll build up a loyal and ever-increasing following. Check out the 50 best men’s style Instagram accounts for some inspiration.

The more popularity you gain, the more notice brands and companies will take of you; this is when you’ll be sent free items to share and wear, and be paid to advertise through your chosen channels. It seems like a pretty sweet deal when all you have to do to get paid is get dressed each morning.

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4 Ways The Internet Can Solve Your Cash Problems

June 12th, 2017 Posted in Entrepreneurship, Money Tips
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If the internet has done one thing it has ramped up our accessibility to extra cash, and who doesn’t want or need a little bit of extra cash. After all, we tend to be one dollar short of our bills at the end of each month for the simple fact that we all live to our means.

The reasons why we may want to make a little bit extra are almost infinite. It could be that we want to pay down debts before we get stung hard by the interest rates, perhaps an injury is keeping you out of work, your emergency fund was suddenly hit by a car maintenance job, or you want to put that little bit more into your retirement fund.

Whatever it is, we have done the due diligence for you and come up with the best ways to make money online and help you make that little bit more:

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Survey Taking

More and more people are using the increased demand for data to their advantage, namely by making money in their spare time. Seriously, the world has gone absolutely nuts for data, and businesses will do anything to better understand the average consumer, which is where you come in and, more crucially, where this list of paid surveys comes in. All you have to do is tick some boxes or answer questions, maybe even test a product or two and, voila, you can earn a little bit of extra money to go toward your debt repayments or whatever you are using it for. Simple and effective.

No-Risk Betting

It’s also called matched betting, and it is arguably the easiest way to make substantial money (without robbing a bank or a friend’s ISA). The way it works is relatively simple: you take advantage of those free bets you always see being offered by betting shops and then ‘matching’ them at an exchange. That’s what makes it risk-free. Twice over. Not only are you betting for free, you are also betting for and against a certain outcome. Big money to be made once you get the hang of it and, yes, it is totally legally before you ask.

You might also want to check out Betulator

Just Search The Web

Sometimes the simplest ideas are the best, and that certainly seems to be the case with Qmee’s idea, which has made making a little bit of extra money online almost as easy as breathing air. All you do is install the Qmee add-on to your web browser and then browse the web as you would normally. You just conduct a search and every so often, what will happen is, a sponsored result may appear with a cash reward attached to it. If you’re interested, well, click and collect. Yes, the rewards may be tiny, but for doing nothing new that’s a good deal, as is the fact you can cash out whenever. Yup. no minimum amount needed.

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Test Sites

So you know your way around the web, huh? Well, why not turn this into a nice little money spinner (maybe even go pro with it) and browse the web full-time. You think we’re joking, don’t you? We’re not, and UserTesting will support us. This is a new type of platform and what it does is allows people to review websites, loads of websites. It takes about 20 minutes to do a review and, in return, you’ll get $10 dropped into your PayPal account. That’s it. Simple.

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Family finance: moving your home business to an office

May 3rd, 2017 Posted in Entrepreneurship
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Starting a home business is a dream come true for the most people, especially when you include your family into starting a business together. As a matter of fact, running a business from the comfort of your home allows flexibility and an opportunity to save money by doing business tasks yourself, without having to hire employees or having to get an office space.

However, once your business starts to grow and expand beyond the possibility of operating from home, the question of moving your home business to an office will emerge. Moving a business from your home to an office means sacrificing flexibility and certain liberties, but it only sounds more frightening than it actually is. After all, your business has achieved a level of success and you must allow it to grow further. Here are a few tips on how to move your home business to an office.

Determine the reasons for moving

Running a business from your home is a perfect situation, so why would anyone want to move out in the first place? Home conditions are best suited for startups or small business in their early stages of development. Simply put, when there is not enough business to go about and you can do almost everything from home. However, once your business starts to grow, you will have to weigh your options carefully about whether staying at home is possible or not.

For instance, will your business require you to hire additional employees beside your family members and can you outsource those employees or will you need them to gather in one place. Will you have to have personal meetings with business associates or will video calls still suffice. Can your budget and current business growth handle the expense of moving to an office or will moving to an office actually help your business grow further and see a return on investment? These types of decisions will have to undergo careful planning and the best way to start is to consult with your family and examine all the options.

Understanding the costs

The big question, when it comes to moving a home business, is whether you should buy or lease a commercial real estate. The answer entirely depends on your budget and whether your business will continue to grow further or will it stay idle for a prolonged period of time.

Leasing or renting an office space is upfront cheaper at first, but staying under lease for too long and the expenses may surpass those of buying a real estate. However, leasing offers the opportunity to grow your business at a steady pace, while upfront costs of buying a real estate and maintaining it, will hinder your ability to grow your business.

For instance, buying a real estate for moving your home business will cost you a lot upfront. Will you be able to afford that money and tie it in a down payment for your mortgage, and even if you can afford it, wouldn’t it be better to spend that sum on growing your business instead?

When leasing property, you have to pay the landlords a security deposit that is equivalent to one month’s worth of rent. Also, if you use a broker, there is 10 percent fee based on yearly lease total, times the number of lease years for their services, as well as attorney fees for lease negotiation. Compared to down payment for mortgage and fees such as due-diligence fees and closing fees, the upfront leasing cost is considerably lower than those of buying a commercial real estate. On that note, there are three most common types of leases you should familiarize yourself with.

  • Net – Rent plus some or all of building costs such as utility, maintenance, taxes and so on.
  • Percentage – Monthly rent plus percentage of your monthly sales
  • Gross – All-inclusive rent meaning a landlord pays for maintenance, utilities, insurances etc. while tenant pays for monthly rent.

Once you understand the costs, you must find the right commercial property location that suits you best. After all, you should consider the distance of your office from your home, as well as rent prices that are lower on the outskirts than in central locations of your city or town.

Benefits of moving to an office

Moving your home business to an office will enable it to grow further. You can hire more employees and have personal meetings with clients and business acquaintances. Furthermore, you no longer have to mix business agenda with a harmony of life, and even if your family is involved in your business, a home is still a home.

Nevertheless, financial expenses should be planned carefully and even though moving a business to an office can get expensive, the increase in revenue after business growth will provide a return on investment.

When your business outgrows your home, moving it to an office is a good idea. From a monetary point of view, it may be a better investment to buy commercial property than to lease it in the long run. However, monetary standpoint isn’t always the determining factor. After all, you’d want to allow your business to grow first and have some flexibility before finding a more permanent residence for it. In the end, the choice comes down to you and your future business goals.

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Money Drains In Every Small Business

March 29th, 2017 Posted in Entrepreneurship
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Whether you are a business owner yourself or helping your children kick off their own startups, it’s important to understand that there is many different money drains that can have a significant impact on profits. It’s important to remember that the best way to boost your business profits is to plug up these money drains and cut costs – without affecting quality. With this in mind, let’s take a look at those biggest small business financial drains and explore what you can do to improve them.

Employee turnover

If your small business has a high employee turnover, you are wasting a lot of money. The hiring process is expensive – advertising for available positions; setting aside time and resources for checking resumes and holding interviews, and training up new staff all costs cold, hard cash. If you want to plug this particular gap, focus on training current employees, so they are up to speed, offer them a fantastic working environment, and ensure they are happy – it is a far more cost-efficient way of working than continually hiring new people.

Process inefficiencies

How tight are your business operations? While small businesses tend to be leaner and more flexible than their bigger competitors, many suffer from inefficient processes, which, ultimately, cost you a lot of money. It could be stumbling blocks in your marketing that mean you are focusing too much on cold prospects rather than warm ones. It might be that a particular team in your business is using programs or software that is far too complicated and cumbersome than needs be. As a business leader, you need to be proactive in finding these inefficiencies and productivity drains if you want to save money.

Contract issues

There is a huge range of issues that can occur with contracts – or the lack of contracts. You have to make sure that your contracts are as tight as possible, or the likelihood is that you will face problems in the future. As https://www.meadowbrookdirect.com/ points out, you could counteract any issues with contractors that break the law by looking at surety bonds. And you should also consider including indemnity clauses in every contract you make, whether with a customer, supplier, or employee.

Poor customer service

Treat a client well, and they will be more likely to come shopping again. Treat them poorly, however, and they will never come back – and, even worse, they will also tell up to ten of their associates about their experience. According to https://www.snapsurveys.com/, bad customer service is a huge money drain for small businesses, and if you want to survive – and thrive – you will need to have a long, hard look at your service provision if you want to turn things around. Don’t forget, finding new customers costs six times more than selling to new and old customers alike. That’s a lot of money that you won’t need to spend if you can provide first-class service each and every time.

As you can see, there are many areas of your business that can lose a considerable amount of money. Plugging those gaps is essential if you want to get your business finances in good shape.

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