Protecting Your Personal Finances When Starting a Tech Business

StrategyDriven Starting Your Business Article | Protecting Your Personal Finances When Starting a Tech BusinessAre you finally ready to build your dream of starting your own tech business? If so, you may be concerned about how your business will impact on the personal and family finances that you are responsible for. However, there are many ways that you can help to both protect your business and your family at the same time when starting your tech company, and this guide will provide an FAQ to help you.

How can you finance your business?

If you are thinking about starting your tech business, then you may be worried about how to get the right amount of capital if you do not have the full amount in personal savings. However, there are many ways to finance a business without dipping into your savings. These include finding funding from the government or a business awards scheme which can provide you with the funding that you need to research and produce your innovation.

You may also be able to find an angel investor through attending networking events or create a crowdfunding campaign where the public can help to contribute towards your business on websites such as Kickstarter. You should also look into getting loans from your friends and family as these will help to support you without the interest of bank loans.

How can you keep business and personal finances separate?

Many new businesswomen are concerned about their ability to both support their family and create their business from scratch, even though it is possible to do so. To keep your personal and business finance separate, you should create separate personal and business bank accounts, enabling you to keep track of your expenditure for both, know how much profit you are making in a glance, as well as how much money you have to re-invest into your business easily, and allow you to fill out tax returns quickly.

You should also set yourself a business budget and a personal salary to enable you to split your money into reinvestment and family funds and to ensure that you have enough money for both of your purposes. This will stop you from exceeding the amount of expenditure that you can afford. You should also consider employing a financial advisor who can help to separate your expenditure and advise you on how to manage your finances more effectively.

What should you do if you are struggling financially?

If you do find that you are struggling to manage your personal finances successfully, you should consider taking out a personal Quick Loan, such as those provided by Cash Lady between £100 and £2000. This can help you to deal with any unexpected expenses that you have at the same time as building up your business which you have failed to budget for, as well as helping you to balance your personal and business finances more effectively until you are able to manage these and repay the loan that you have taken out.

 

A Guide To Starting A Home Mechanic Business

StrategyDriven Starting Your Business Article | A Guide To Starting A Home Mechanic BusinessAnyone that knows their way around under the hood of a car and is looking for a rewarding way to earn money from home should consider starting their own mechanic business. You can be a self-employed mechanic and earn a good living working from the comfort of your own home and get to work on cars every day. People always need the services of a reliable mechanic so the work can be stable and being able to work from home gives you good work-life balance, and the ability to put yourself in control of your earnings. Read on for advice on becoming a self-employed mechanic.

Treat It Like A Business

Although you can operate out of your own garage, it is still important to treat this like a proper business and to go through all the proper channels. This will involve:

  • Carrying out market research
  • Writing a business plan
  • Securing funding
  • Registering as self-employed

Set Up Your Garage

Of course, in order to be a success, you will need to have a suitable work environment for working on cars. A few tips include:

  • Clearing out clutter
  • Investing in high-quality tools and equipment
  • Having a desk area for paperwork
  • Having a computer with internet access
  • Adequate lighting and ventilation
  • Having a first-aid kit

Insurance

You need to have the right protection in place before you commence business as otherwise, you could be putting your finances and home in jeopardy. Motor trade insurance is one of the most important types to arrange as this will provide cover for any car that you are looking after for professional purposes – you can get motor trade insurance from Tradex which will provide the cover that you need.

Running The Business

You will also need to consider the business side of the operation, such as accounting, invoicing, web presence, and marketing. These are all key areas which will need as much attention as the car repair work. You can either teach yourself how to handle these areas (which can be interesting and rewarding), or you could hire somebody to help you.

Building A Reputation

Developing a positive reputation is vital to success in this industry. This can be challenging when you first start out, but you can get early business by offering reduced rates to friends and family. You can then build a positive reputation by:

  • Encouraging word-of-mouth marketing
  • Using customer reviews on your website and social media
  • Partnering with relevant local businesses (like a car dealership)
  • Advertising online and offline

The information in this guide should give you the confidence and knowledge required to set up your own garage at home. There is the potential for great success as a self-employed mechanic once you start to develop a positive reputation, plus you have the benefit of being able to work from home which gives you a great work-life balance and allows you to handle any other large responsibilities that you have. Much like any business, it will require hard work and commitment, but it can also be highly rewarding.

 

The Perfect Implementation of Ideas to Boost Your Startup Ventures

StrategyDriven Starting Your Business Article | The Perfect Implementation of Ideas to Boost Your Startup Ventures
 
When we talk about initiating a start-up, there are two thoughts that one must always keep in mind. On one hand the year on year improvement in your business venture tends to make your company look great and a tad bit different than the rest; on the other hand, these changes aren’t necessarily something that will generate you the revenue you’re looking for.

In this apparent case what can one do to boost their revenue and also maintain the integrity of their startup? Well the answer to that is quite simple really. If you think about boosting the revenue in your business venture, almost everything you need to know is available online. By simply going through the U.S Federal Reserves of the year 2018, you can estimate and drag out some facts about what the consumer desires from a starting business. But if you’re a little bit busy to search through thousands of pages just to find the right services to implement in your start-up we have got your back.

Here are a few ideas that satisfy both the consumers and the business venture in terms of revenue and good quality for you to adapt.

Provide Consumers with More Data Control

Due to the recent events revolving around data manipulation done by a wide range of apps. Consumers have become more aware of the situation and are constantly seeking a place where they have to provide less information to acquire the best services.

But one can’t just operate a business without figuring out a thing or two about their consumers? This is where you would have to think about creating some exciting content that gets the consumers engaged. By creating certain engaging quiz games, give away, themed-polls or even holiday guides for everyone. You engage the consumer’s attention, and if they wish to utilize these services, then they’ll easily provide you with the consent you need to use their data. Making them feel in control of their personal info and you getting the necessary information you require to boost your business.

StrategyDriven Starting Your Business Article | The Perfect Implementation of Ideas to Boost Your Startup VenturesPersonalize Things the Way a Consumer Desires

In the recent survey conducted by epsilon in the year 2018, it was confirmed that consumers prefers brands that offer them with an opportunity to personalize the commodities they want to purchase. Now, personalization can take any form to intrigue the consumers and for a newly founded start-up that’s looking to make waves in the current market. This is the perfect idea for them to incorporate in their business proposal.

Let’s analyze the personalization of coupons done by Dunkin Donuts as an example. In the previous year, Dunkin Donuts was falling behind on sales as compared to the Krispy Cream. In an effort to make their business boost up; they presented the consumers with an opportunity to personalize their own coupon to purchase any product from their mobile app, resulting in an increase of almost 3.2 percent of overall sales increasing the revenue.

Confirming the fact that coupon and discount codes are the right way to boost your revenue from time to time. Since then many website like Group on, retail me not and top vouchers code has had a massive increase in traffic. Because they provide the best deals and discounts on a plethora of products circulating in the market.

Providing the Right Subscription Service

Another attempt to increase the revenue in a newly found business venture is to provide the right subscription service to a consumer, why you may ask? Well, subscription service is a way to get the consumer hooked on your product. By easily taking their personal information after them giving your proper consent. You can match your services according to their needs, providing them with a place to purchase their desirable items and catering the needs which they require in a single platform.

Don’t be Socially Irresponsible with Your Clients

Corporate Social Responsibility has been capturing a ton of attention for quite some years now. But 2018 was the stepping stone for this agenda to come in to being. When the CEO of Black Rock, introduced that they’ll be updating their services that will cater the need of the consumers more likely than the sponsors. It was soon after that Mark Zuckerberg the Founder of Facebook announced that they would also be tweaking their algorithms. To provide more posts from family and friends to appear on top of the feed than any other advertisement placements.

Hence gaining the trust of their viable users and providing them a platform that truly cares about them rather than money. Due to this effort both the companies profited a ton with new users coming towards their website and using it more often. Making this statement true that being socially irresponsible with your clients is definitely a no, when aiming to increase revenue.

Starting a new business venture isn’t always a fun ordeal for everyone, but at some point you’ll start to understand the reason. That all of the difficulty one is facing right now will reward them a bountiful amount at the end.

So, go ahead entrepreneurs; plan your start-ups. But keep one thing in mind that not all investments are able to fulfill your expectations. Sometimes you’ll lose some and sometimes you’ll win some, but even when you’re losing just keep your hopes up high and always try to incorporate new ideas into your venture from time to time.


About the Author

StrategyDriven Expert Contributor | Catriona JasicaCatriona Jasica

I love to analyze things and to write about them. Just love reading books, traveling and movies which is basically my ultimate inspiration for writing different kinds of blogs. I find all these things very interesting and always eager to share my views with other people. You can find my other blogs at Top Vouchers Code.

Starting a Hotel Business: A Guide

StrategyDriven Starting Your Business Article |Hotel Business|Starting a Hotel Business: A GuideStarting and managing a hotel is a complex task which is not suited to every entrepreneur, but for some, it can be a lucrative and rewarding project with the opportunity for creativity alongside hospitality. A hotel business can be a stand-alone luxury villa, cottage or house, a large building with multiple rooms up to something more like a skyscraper with hundreds if not thousands of rooms. Regardless of the size of the venture, a hotel needs to be able to satisfy a variety of needs from catering to leisure as well as offering something unique so it can stand apart from its competitors.

Is the hotel business right for you?

On a day-to-day basis a hotel owner will be faced with a number of responsibilities ranging from hiring and managing staff, scheduling shifts, setting prices for rooms (including different rates for different days or seasons), paperwork, administration, financial management and continuing to research new ways to innovate and improve the hotel’s service. The hotel will also need to work with external service providers depending on the amenities on offer. For example, if the hotel has a pool, the owner may need to contract experienced water treatment specialists, or the hotel may need the services of a commercial laundry service for bedding and towels.

Many owners choose to hire a hotel manager to take on the everyday management of staff and looking after the guests.

The majority of people who start their own hotel business have some experience in the hospitality sector and are familiar with the potential problems they may run into. It’s also possible to study an MBA in hospitality management which equips people with essential business skills such as financial management and marketing.
Who is the target customer?

Broadly a hotel could target any traveler who needs a place to stay, but the most successful will target their offering to a specific demographic. This may be influenced by the location of the hotel. For example, if the hotel is in a rural setting, it could seek to attract couples or families looking for a relaxing and homely retreat. If the hotel is in the middle of a busy city center, it may be better suited to business professionals or groups. It could even offer conferencing facilities, which could be an additional revenue stream.

How much does it cost to start a hotel business?

Whether you are opening a large hotel with many hundreds of rooms or a smaller hotel with just a few rooms, you need to have a substantial amount of capital behind you to get things off the ground. The cost of the land and buildings will be substantial as will the furniture and equipment needed, but these will vary widely depending on the size of the venture, so it is almost impossible to estimate.

Is a hotel business a good investment for the future?

With newer platforms like Airbnb hitting the market, there is a concern that traditional hotels will drop in popularity. While there is an appeal for some travelers looking for a more ‘authentic’ or intimate travel experience, hotels still hold a lot of appeal for people who prefer don’t want to stay in the homes of strangers or with hosts which aren’t regulated by corporate structure.

How To Set Up A Successful Business From Home

StrategyDriven Starting Your Business Article |Running a Business from Home|How To Set Up A Successful Business From HomeRunning a successful business from home and enjoying the freedom to be your own boss is a dream for many people. Setting up a business is a challenge that takes plenty of hard work, time, and dedication, but for many people, it’s worth it. With this in mind, here are some key tips on how to set up a successful business from home.

Create a detailed business plan

Before you start any home business venture, it is crucial that you create a comprehensive plan outlining your business goals, along with a timeframe from reaching each specific goal. Doing so will help you stay organized, motivated, and keep you on track to achieve your business goals. Obviously, you want to push yourself, but at the same time, it is important to be realistic and set achievable goals, especially when it comes to financial forecasts. Take a look online for a useful step-by-step guide on how to write an effective business plan.

Take advantage of technology

Modern technology and the internet have opened up increasing opportunities for small business owners and freelancers. All businesses can now advertise their products and services to a worldwide audience on major selling platforms like Amazon and eBay. Freelancers can also now find numerous job opportunities online. For instance, you can find everything from graphic design projects to film and TV jobs online by searching on popular freelance sites and job boards. All businesses should also take advantage of the power of social media and focus on this when devising their marketing strategies. Social media offers every businesses the opportunity to connect with their target audience on a daily basis, grow brand awareness, and increase sales and revenue. Better yet, many social media platforms allow you to set up an account and post for free!

Get dressed every day

When working from home, it can be tempting to lie around in your pajamas all day and never leave the comfort of your bed. However, many studies have found that this is a far less productive way of working. There is no need to dress up in fancy designer outfits when you’re working from home, but showering and getting dressed as part of your morning routine is the best way to get your brain into work mode and increase your productivity levels. What’s more, dressing in professional clothing during your working hours will also help keep your work and personal life separate and notify people that you are working.

Have a separate office space

Similar to the above, it is vital to have a dedicated office space that you can go to every day to complete your work tasks. Again, this will ensure that you get into work mode each morning and should also help you remain productive and motivated throughout the day. Try to make sure that your office space appears professional and remove any distractions like televisions or mobile phones. This will help you remain focused on your work tasks.