What Do You Need To Know As A First Time Business Owner?

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StrategyDriven Entrepreneurship Article |Starting a Business|What Do You Need To Know As A First Time Business Owner?Being a first time business owner is a transitional time in your life. You’re striking out on your own in a way you never have before, taking your career into your own hands, and placing a lot of responsibility on your own head. Frankly, it’s a lot easier to return to your old office as a subordinate, and do some of your best work toiling away for someone else!

But when you want to start a business, you don’t want easy. You don’t expect it, and you don’t prepare for it. You know it’s going to be a challenge to get up and running, and you know it’s going to be a fight to be recognised by your peers and customers alike. You know the chances of failing are greater than the chances of succeeding, and you’ve steeled yourself for any disappointments and criticism that come your way. And you already know there’s going to be a lot of those!

Which is why there’s some things out there you need to know. You want to go into starting a business with a clear head and a realistic vision. You want to give yourself the best chance to make a profit, and then continue to do so, without failing before you reach your fifth year.

It’s something a lot of people aren’t ready to do, but you’re not going to become just another small business statistic! With that in mind, here’s just a few of the most important things to always keep in the back of your head as you go on this journey.

How to Effectively Use Your Focus

Starting a business is going to require a lot of focus. You’re going to need to always keep your eye on the ball, and you’re going to need to keep to a strict schedule to make sure your grip on success is never slipping. Even just an hour longer in bed than usual means you can miss catching the worm.

If you’re going to start a company, your focus needs to be trained on multiple areas all at once. More importantly, you need to have the same kind of focus for each area, and to rarely treat any one as more of a priority than the other. For example, you need to be researching the market, constantly and extensively, whilst you continuously network with potential investors, walking into meetings with all the right facts and figures in your pocket.

One slip of your focus and you could give the wrong impression, or you could note down a gap in the market that doesn’t actually need filling, because you lacked the energy to read through your materials properly. Tasks like these need to happen concurrently. After all, if you can’t show an investor some real time figures over the need for your product in the market, they’re not going to be very interested in your product!

How to Be Concise in Your Communication

Communicating effectively is something you’ve got to learn to become an effective business owner and leader. You need to be charismatic and confident in all your correspondence, whether it be written or spoken, whether it be public or private, and you to always at least look like you know what you’re talking about!

And that’s done via keeping anything you say to a short and concise statement. A couple of sentences here and there, or only a minute or two to get your point across properly. And if you can hammer home the use of your business in the current economy in only 30 seconds or less, the more’s the better! When you can be short and sweet, you can be adaptable, and get your company message across even when just in conversation at a networking event.

In order to do this, you’re going to have to practice. You’re going to have to look in the mirror for a few minutes every day and speak to yourself; use this time to perfect your sales pitches, and to see how your body language and your expressions match up. You are your harshest critic, at the end of the day, and that means you’re the perfect judge here.

How You Can Use Your Vehicle

You’re just starting out in your business, and for the time being, you might just be classed as a self employed entrepreneur. You might not have your company up and running yet, and you might not know when you’re going to be able to register your business with your local government. It’s a bit of a grey area for you, and you’re not sure how to note it down on the records. But in the meantime, you’re not on anyone else’s payroll, and you might just still be churning out a profit.

So, not only do you need to be aware of your status as a worker for tax purposes, but also when it comes to the use of your car, which is the crux of this point. After all, you can’t claim gas money on your vehicle if it’s only used in a private manner, and the insurance policy you already have might not cover you under business purposes either.

Not to mention, it can be a bit of murky legal area as well. Being involved in a car accident is hard enough when you’re on the road for your own means, let alone if you’re driving to an investment meeting or a networking event. It can even be a lot more expensive depending on the type of car that’s involved with yours; for example, you might to need to fork out for a lawyer or service that’s knowledgeable in special laws regulating semi-trucks. Would you be able to manage that, and the repair or write off costs, based on your limited income in the time being?

Being a first time business owner can be quite daunting, but it’s something you’ll warm to. After all, it’s a time where you can prove what you’re capable of!

Taking Your Business to the Next Level in 2 Simple Steps

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StrategyDriven Entrepreneurship Article |Grow Your Business|Taking Your Business to the Next Level in 2 Simple StepsNow your business is well and truly past its stage of inception, you’re probably wondering what you can do to step it up a notch. You don’t want your company to flounder as a startup for the rest of time; you want to see it grow and prosper. In this instance, it’s important to note the fact that businesses do not grow on their own — they need their owners to steer them in the right direction. This means, then, that if you want your business to be a leading force in its market, it’s down to you to do something about it.

Here’s how you can take your business to the next level in two simple steps:

Make the most out of SEO

SEO might be a difficult concept to get your head around, and you may even feel a little intimidated by it at first, especially if you’re not particularly adept when it comes to online marketing, but it’s probably not as complex as you think it is. It’s just a measurable and repeatable process that sends signals to search engines. Still confused? Quite simply, the SEO process involves:

  • Ranking your website as high possible;
  • Reaching more customers;
  • Generating more leads;
  • Making more money;
  • Taking your business to the next level.

It really is that simple. If you do find yourself unable to grasp the concept of SEO, however, be sure to turn to a professional that knows their way around this industry, such as the SEO Company Birmingham dlzDigital. Their industry expertise will be sure to get your website the exposure and traffic it needs to see you earn more money from your online exploits. With all this extra cash, it will then be a lot easier for you to take your business to the next level.

Hire with due diligence

When it comes to the task of hiring new workers, if you take careful and reasonable steps throughout the whole process, you will be sure to avoid committing the worst offense a business can commit: employing a bad egg. These kind of lazy, unmotivated workers will do nothing but waste your business’s time, money, and resources. If you were to allow this to happen too often, you would stand no chance whatsoever of being able to take your business to the next level, as your business would always be dragged down by poor work and missed deadlines.

In order to hire with the utmost due diligence, you should:

  • Never make impulsive decisions… take a breather, weigh up your options, and then go ahead and decide
  • Ask your current employees who they would like to see you hire
  • Always value candidates that are committed to their career and the industry as a whole
  • Test for analytical skills during the interview process
  • Give interns a go — they might be diamonds in the rough, but if you dedicate your time and effort to them, they will be willing to repay the favor

If you’re serious about taking your business to the next level, you have to be willing to put the two top tips listed above into practice.

Succeeding In The Food Industry

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StrategyDriven Entrepreneurship Article |Food Industry| Succeeding In The Food IndustryIf you are thinking of setting up some kind of a business within the food industry, there are many different kinds of business which that might be, and many things it might entail. The truth is that the food industry is one of those areas of business which has its own kind of regulations and so on which you need to pay homage to, and that you can’t simply ignore. If you are hoping to make sure that you can succeed in the food industry, then that is going to mean that you are able to know what you need to do and why, which is something that takes a while to get to the bottom of. The fact is that succeeding in the food industry requires you pay attention to a few key things, and in this article we are going to look at what those key things might be. As long as you are aware of the following, success for your business can’t be too far behind.

Getting Your Niche

Just as with many other kinds of business, you are going to need to decide on a niche if you hope for your food business to do well. However, this can actually be much harder than you might think, and it’s the kind of process which can take a long time to perfect too. It might however be that the niche is obvious and presents itself to you easily, based on the fact that you know exactly what kind of food you will be serving, establishment you will be running, clientele you will be serving, or whatever else it might be. These easy ways into your niche are absolutely valuable, as are any steps you can take to ensure that you are going to get there more quickly. However you do it, having a good sense of your niche is essential if you hope to succeed, so make sure that you do this early on.

StrategyDriven Entrepreneurship Article |Food Industry| Succeeding In The Food IndustryResearching

In order to know whether that will work out, however, you are going to need to think about research. Most of the time, you need to look into ensuring that you are going to be able to make enough money and that your business can survive, and that requires a lot of research early on before you do anything. This research is something that comes more easily to some people than to others, and if you are not the kind of person to whom it comes easily, you will want to make sure that you are going to find some help to give you whatever assistance might be necessary for this. The research should ideally indicate what it is that you hope to do with your business, who is likely to respond as a customer and a client, or even a partner, and what kind of profits you can expect in your first quarter or first year. Then there is the research based around the food itself, for which you might need a whole team complete with lab and deuterium, to ensure that your food safety is going to be up to scratch. The more research you do, and the more time you give yourself to do so, the more likely it is that you will be able to make this work out as well as you can.

Planning It Out

All businesses require some degree of planning or another, and you need to make sure that you are planning your business as well as you can if you hope to make it work out well. Planning your business means that you have to have a clear sense in mind of where it is going and why, along with what you hope to get out of it, and how long you think it will take to do so. A plan should be detailed and clear, and there should be no concerns or possibilities of it having two meanings. You should make sure that you go over it and over it until you have determined exactly what is going to happen, along with a backup plan for various steps along the way too. If you can do that, you will find that you are much more likely to succeed, and that you will be making everything so much easier for yourself too. There is never anything wrong with wanting it to be easier, so this is a great reason to get planning early on.

Customer-Driven

Good food businesses are always customer-driven. Whether you are running a restaurant, a fast food truck, or creating cookbooks, you can be sure that you are going to need to think first and foremost about what the customer wants and why they want it. You need to make sure that they are going to get exactly what they expect, and that they won’t be disappointed. That means much more than ensuring the quality of the food. It also means being aware of the kind of price that they can expect to pay, and ensuring that you keep that as fair as possible. Then there is the customer services side of things, which is important in all businesses, and especially in food businesses where the customer really is king. Make sure that you are focused on achieving all this, and you will absolutely find that it helps your business to succeed.

StrategyDriven Entrepreneurship Article |Food Industry| Succeeding In The Food Industry


Legality

There is a lot of regulation surrounding food, and you need to make sure that you are keeping within the law at all times if you want your business to be successful and to be allowed to carry on at all. Ensuring this is a simple matter of getting hold of the regulations that you need to pay attention to and making sure that you build those things into your working culture. Do that, and you will be able to remain legal at all times, thereby keeping yourself free of any concerns over legal issues and ensuring that you are doing everything in an above-board kind of way.

Common Financial Problems Start-Ups Face And How to Solve Them

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StrategyDriven Managing Your Finances Article | Entrepreneurship | Business Financial Problems | Common Financial Problems Start-Ups Face And How to Solve ThemAs an entrepreneur managing a start-up business, there are many common financial issues which businesses have to face. From start-up capital to a lack of investment, there are many potential aspects which can become mismanaged. However, although it may not be possible to avoid these issues, there are ways that you can solve them to maintain your financial security for the future and ensure that your business is least affected as possible.

1. Bad Credit Scores

One of the greatest stumbling blocks for entrepreneurs looking to start up a business is their credit score. A bad credit score can make it increasingly difficult to get loans to increase the funding for your business, among other important aspects. However, a bad credit score is not permanent, and there are procedures that you can follow to increase your credit score, such as bad credit loans. Taking out small personal installment loans for your personal finances and paying it back on time will mean you can increase your credit score and show potential investors that you can manage repayments on a routine basis. Therefore, when you look for funding your business using a loan, you will have an easier time to get one.

2. Lack of Funding

A lack of funding can also be a big hindrance to potential start-ups. Many entrepreneurs look to their own savings accounts to fund their businesses, and you can build up your funds in terms of this by saving a little every month and by choosing a savings account with a good interest rate. If this fails, you should consider getting a personal loan off a friend or family member, as this will be easier to repay and will not affect your credit score. However, if this is not possible, there are many schemes and funds which can help you to increase your fundings, such as government small business funding as well as grants and awards run by investors from large businesses.

3. Invoicing Issues

Another common problem for start-ups is the problem of invoicing. Writing and organizing invoices can become a large issue if your clients are not paying on time or if you have not organized your invoices efficiently to ensure that you know when you are being paid. To solve this problem, you should agree with your clients when you will be paid and create a clause on your invoice, which states this. Not only this, but you should not be afraid to contact your clients via email to follow up on these payments and ensure that you are paid by the expected time.

4. Disorganized Accounting

Many businesses also suffer from disorganized accounting systems, which make it difficult to budget and file your tax return efficiently. To ensure that your accounting is succinct, clear, and updated, you should employ a professional accountant who can help you to clear your accounts and prepare for the end of the tax year. In these cases, you should also consider downloading a business finance app which can help you to track your expenditure, keep copies of receipts and help you to forecast your cash flow and budget in the future.

4 Ways to Make Your SME More Professional

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StrategyDriven Entrepreneurship Article | Professional Appearance | 4 Ways to Make Your SME More ProfessionalWhether you have a full-sized office and plethora of staff, or you’re still working from your bedroom and nothing more than a laptop, you want your business to look and feel as big as possible. Even if your social media marketing team is your tech-savvy niece and your warehouse manager is your spouse boxing up a product, there are still ways that you can make your business look and feel bigger than it is. If you’re looking to exude a more professional business persona, then here are some of the easiest and most cost-effective ways of adding that much-needed touch of professionalism to your SME.

Focus on the Digital

If you’re working from a small room, then your digital presence is going to be where you need to make the best first impression. Website design can get very complicated very quickly, so if you lack the skills, then it’s imperative that you source them. Whether that’s through friends or a professional will depend on your budget, but don’t make the mistake of thinking that a free template from WordPress of Wix is going to be enough.

While you may get a slick looking theme, you’ll be lumbered with a web address that ends with wordpress.com or wix.com.

This is not a professional look. It’s also increasingly vital that you have a presence on social media, but don’t panic about registering with them all. Stick to the two that are most relevant for your brand and sector. Make sure that you know how to conduct yourself professionally online, and remember that your digital marketing will be reliant on your ability to create engaging content.

Payments and Paperwork

Efficiency is the key to appearing to be larger and more professional. No matter how small your business might be, make sure that you use free online estimate templates when potential customers need a pricing quote and use similarly themed invoice templates as well. Not only does this make you look more professional, but it also makes it much easier to keep your paperwork in order, and that can help to increase productivity and reduce workflow interruptions.

You should also make it a priority to ensure that all quotes and invoices are sent promptly and that your bills are paid quickly as well.

Word of mouth can damage a business of any size, and a poor history of not paying your suppliers on time will only hinder your ability to perform. Use software to manage your accounts more easily, and make sure that you have a constantly updated calendar to ensure that you know when bills are expected so that you’re not hit by the unexpected.

Improve your Address

If you’re using a home office, then you need to make sure that your business is not negatively affected. Residential business addresses might not be the deciding factor that makes or breaks your venture, but it can have an impact. Ideally, you want a more established address, and there are a variety of options available.

The rise of the managed office space has been very positive for SMEs, and even if you only use the space on occasion, many now allow you to use their premises as your business address.

This is not only better for you in terms of first impressions; it also means that you will have somewhere professional to meet with prospective customers or suppliers. The majority of managed offices are based in cities, meaning that you also get the benefit of a city center address without the expense of your own dedicated office rental.

Dress the Part

It’s not just about wearing a suit and tie (not every SME is going to need that), it’s about presenting your brand to the outside world so that you make the best first impression. While this is vital for your website, it also extends to peripheral elements as well. If you pull up to meet with a prospective client in a suit and tie but in a car that spills rubbish onto the road when you open the door, then you have forever lost the chance to make a good first impression.

Make sure that you focus on the details. Phone calls need to be answered politely and professionally, and you might even consider hiring a remote, virtual receptionist to make your business seem even larger.

The key to appearing more professional is to know what customers are looking for from you. However, get the basics right in terms of first impressions, and you will instantly seem a more dynamic and professional business.

Running an SME can be fraught with challenges and stress, but the people that your business interacts with should never feel that you are struggling. It’s all about having the foundations in place. Get your professionalism looking bigger, brighter, and more on brand than your competitors, and you stand a much better chance of attracting the profits that you need to thrive.