As a startup business, choosing your very first business premises is a crucial choice. Getting the right location and building for you can help jumpstart everything you have been working towards and put your key business plan into action.
While setting up your first business premises can be an exciting (albeit nerve-wracking) time, it’s important to plan ahead and be sure that you’re realistic about what you require.
Deciding to Buy or Rent
This is possibly the biggest question in terms of wants and needs and will primarily depend on your budget and position. As an entrepreneur, it may be that you don’t have the required funds to fall back on for making huge deposits in order to buy a property, so renting may be your only option. Or, it may be that you do have enough to either buy or rent, so you will need to weigh up the pros and cons fairly. Think about your long-term goal and the flexibility each option could afford you.
Stick to Your Budget
Always be very strict about what you can afford. If you’re viewing properties and find what you believe to be the perfect option but it’s far out of your budget, don’t try and stretch your funds and don’t risk getting into debt before you’ve even begun. You can always work up to a bigger or better property in the future, but for now, make sure you have a strict budget and stick to it.
Consider All Security Extras
When considering your business property, you should also factor extra necessities into your budget and planning, particularly in the realm of security measures. You will need to think about installing CCTV systems and relevant alarms, and professional suppliers and fitters like Jackson Fire can help you do that, as well as provide quotes ahead of time.
Think About Commutability
It’s naturally important to think about the building itself — and the interior of it. However, have you also considered its location regarding accessibility and commutability? Not only do you need to ensure that all employees can easily get to your business building, but if you’re planning on having a lot of visitors, whether consumers or otherwise, you need to ensure that your location is easy to get to.
Think about being close to transport links and in the thick of it where necessary. Or, if you do need to be a little more remote for the right building, at least provide car parking facilities and clear directions for visitors.
Think About the Company Growth
You should always be thinking about the future when developing your startup, and this includes the potential for growth. If your future plans see you growing your business in a way which won’t affect your physical premises, then you may be able to stick with your first choice long term. However, if your growth plans see you needing bigger premises to grow along with you, then factor that into your location plans.
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If you are looking for new startup ideas, you will probably be looking at growth industries like tech. But sometimes, the best opportunities are in the industries that nobody is really talking about. The chances are, you haven’t considered starting a mining business, and it may not seem that exciting, but you should definitely think about it because there are some great opportunities in the industry.
You could start your own mining company and dig for resources or you could look into areas, like mining equipment or consultancy. Materials are always in demand, and there is a lot of money to be made in the mining industry if you get it right. However, there are a lot of hurdles that you have to get over. If you are interested in starting your own mining business, here are a few important tips to consider before you break ground.
Do Your Research
If you don’t have any prior experience in the mining industry, you need to make sure that you do your research. Now is the time to learn how to network and start connecting with notable figures in the industry. If you already know anybody that is working in the industry, get in touch with them and find out about their business and some of the challenges that they have faced. If you are planning to start a mining company in another country, it’s important that you research the logistics of starting a business abroad. Unless you do your research, you will be out of your depth when you start your new business.
Prioritize Health And Safety
The mining industry is dangerous and, as an employer, it’s up to you to make sure that all of your employees are safe. If you do not prioritize health and safety, you will find yourself dealing with mining accident injury lawyers and you will have to pay out some big settlements. This could be enough to sink your business before you get off the ground, so it’s vital that you have all of the correct health and safety measures in place. Make sure that you invest in training for all new employees, and put on refresher courses every year so you can be sure that everybody is always following health and safety rules. It’s also important to keep up with maintenance on any equipment so it is always in good working order and safe for employees to use.
Hire Experienced Site Managers
When you are starting a mining business, you need to pay close attention to your hiring process and hire some experienced site managers. Take a strategic approach to hiring and be realistic about the areas of the business where your knowledge is lacking. If you can hire experienced site managers that you can trust with the day to day running of the mining operation itself, you can handle the business side of things.
The mining industry has a lot of great opportunities for entrepreneurs, but if you are planning to start your own mining business, it’s important to keep these things in mind.
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Once you’ve had that Eureka moment, your mind will be fully focused on growing those seeds of an idea into a fully grown business. As such, it’s only natural that you’ll want to take control of the entire venture. In reality, though, anyone wanting to turn their dreams into reality should accept that going it alone is rarely the best solution.
While it’s vital to analyze your personal credentials, there’s nothing wrong with seeking support along the business journey. In fact, this help can come from many different sources. Here are just seven that could prove to be crucial.
A Business Partner
The likes of Mark Zuckerberg, Larry Page, and Steve Jobs all had business partners. Frankly, if that pathway was good enough for them, it’s good enough for you too. As they say, two heads are better than one, and a business partner can be your greatest asset en route to the top.
A business partner can be a friend, a former colleague, or a new acquaintance. In truth, the key is that they have the skills, passion, and traits to complement your natural talents. It may even be possible to team up with an entrepreneur that has already gained success in this field. In this case, they can become a mentor as well as a partner. In some cases, you may have many partners.
Together, your dream team will build the foundations of success.
Financial Backers
Every startup requires funding, even if the versatility of the modern business world does reduce the costs. Financing the venture from your personal savings is an option, but won’t be open to many. Moreover, it will cause serious problems if you misjudge the costs involved.
Financial backing can come from private investors. However, an increasing number of entrepreneurs are now turning to crowdfunding instead. This allows you to raise funds by gaining a little support from lots of people. In addition to raising funds, it can be a great way for startups to start establishing their client base. This can help them make a far stronger start in business.
The other option, of course, is to look at traditional bank lenders.
On-Site Staff
Building a strong team of employees is one of the most significant challenges facing any modern business owner. Many hands make light work. Their productivity is what will essentially drive the business towards the desired destination. Do not get this wrong.
Recruiting the best senior staff members should be at the top of your agenda. These manager interview questions will prove to be very effective during the process. Once you have the right personnel in those crucial roles, you can be sure that junior staff will perform far better too. The team ethic truly counts for everything. A happy team is a better team. Simple.
When consistency and motivation levels are high, your startup will reap the rewards.
Remote Workers & Contractors
In addition to your permanent on-site staff, your business can benefit greatly from taking on remote workers. Aside from making the staffing budget work harder, it reduces the need for extra space and equipment. This is particularly useful when filling roles that can be completed autonomously as it lets you focus more energy on the main team. This can aid productivity too.
Modern tech has enabled businesses to completely overhaul their approach to productivity. Whether it’s admin or accounting, HR or customer care, several tools can help. Cloud computing, smartphone messaging Apps, and project management systems are all very useful.
Contractors offer a great solution too, particularly for temporary positions.
Outsourced Services
While the majority of your work is likely to be handled by employees and contractors, there is another option. Outsourcing parts of the operation to companies rather than individuals can work wonders too. Especially when you need continued support.
Finding a suitable IT management company can be very beneficial for the venture. Likewise, physical security via CCTV management or security guard companies can help the company. By having these external business matters under control, you can focus on the core principles of the venture to unlock its full potential. Distractions are the last thing you need.
Not all businesses are your competition. Team up with the right ones for greater success.
Customers
Winning new customers is naturally a priority at all times. However, your existing clients can also be used to leverage success in the world of marketing. The power of recommendation is greater than any other strategy or technique. Learning to embrace it can change everything.
Encouraging customers to spread the word can be achieved in several ways. The use of testimonials is one that can influence virtually anyone that encounters your brand. Affiliate schemes support the business further as users refer their friends and family to your products and services. The ROIs gained from this technique are huge.
Furthermore, it improves the way existing customers view your business.
Other Businesses
A mentioned, only a small percentage of businesses are considered to be direct competition. Teaming up with some of the others can aid the venture in a range of situations. Now is the perfect time to make those winning connections at networking events or through their contact details and social media. Taking a proactive approach in this arena can truly change everything.
Advanced partnerships can include stocking their items, sharing facilities, or working together. If it’s good enough for major car companies, your small business can certainly embrace it. When done well, it can spearhead far greater levels of efficiency.
At the basic end of the scale, gaining backlinks from other websites will boost your SEO strategy and online visibility.
The Final Word
The truth of the matter is that successful businesses rely on people rather than products. By now, you should see that going it alone will limit your hopes of success. Besides, you cannot possibly be wrapped up in the business 24/7. By knowing that others have the venture moving in the right direction, your dreams will soon become a reality.
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If you’re thinking of starting your own business at home but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re starting a business as a result of COVID-19 or you’ve had a business idea in mind for years, you need to be sure you’re doing all you can to make your first year a success. Whilst it may be overwhelming at first, there are lots of tips and tricks you can pick up to ensure you’re doing your best. From determining your target audience to creating a routine that you easily can work to each day, the more you’re doing to help your business succeed the better. With that in mind, here are 10 top tips for starting your own business at home:
Consider What Your Business Is Going To Do And How You’re Going To Make Money
One of the first things you need to do when it comes to starting your own business is to think about what your business is going to be doing and how you’re going to be making a profit from it. Although it may seem obvious, people often forget about this stage of their business plan.
If you’re unsure, the best thing to do is write down all of the products and services you’re thinking of offering, focussing on the value each of them will bring to the customer. Once you have done that, you will be able to think about a price point. If it helps, you may want to consider looking at your competitors and what they’re doing. When it comes to doing your first competitor analysis, you may want to do a little bit of research first.
Write A Detailed Description Of Your Target Audience
In order to create a business that is going to succeed, you need to think about who your target audience is. Whilst it may take some time, you need to ask yourself as many different questions as you can in order to create the perfect customer avatar.
Questions you may want to consider asking yourself include:
How old are they
Are they male or female?
Where do they live?
What do they do for a living?
What do they like to watch on TV?
Where do they like to shop?
Do they have any children?
What hobbies do they have?
What social media platforms do they use the most?
How often do they get paid?
What are their pain points?
Once you have asked as many different questions as you possibly can, you will be able to create an image of what your ideal customer should look like. This will make it much easier to market your product in the future.
Create A Comfortable Space For You To Work That Is Free Of Distractions
Working from home is incredibly difficult as you associate your home with being able to relax. Whilst you’re allowed to relax in your own home, you also need to ensure you have a specific space that is dedicated to working. Whether that’s a home office or a desk in your living room, knowing that you have a comfortable space that is free of distractions will help keep you motivated when you’re struggling to concentrate. For tips and tricks when it comes to creating a working space that motivates you, you can visit this site here.
Make Sure You’re Working To A Routine
Similar to the point above, you need to ensure you’re sticking to a working routine. Whether that means starting at the same time every day or ensuring you have an hour-long lunch break, you’re going to find you get much more done if you have a routine.
Do As Much Research As You Can When It Comes To Running A Business
If you have never run your own business before, you need to be sure you’re doing as much research as you possibly can in advance. From following successful entrepreneurs on social media to reading as much information as possible, the more you know about running your own business the better. If you’re struggling, you may want to consider taking a course to help improve your knowledge.
Set Up An Email And Caller System To Deal With Enquiries
Although you may not get many enquiries, to begin with, you need to ensure you have a way in which people can contact you if they’re interested in your products or services. The best way to do this, of course, is to give them ways to email or call you.
When it comes to setting up a phone number, you may want to consider using an auto dialer at first. This means that you will be able to continue using your personal number whilst you make outbound calls. This makes you seem like a much bigger business, which certainly helps when it comes to professionalism. For more information, you can visit Call Cowboy here.
Put As Much As You Can Into Your Marketing Efforts To Begin With
One of the best things you can do for your new business is to ensure you’re putting as much as you can into your marketing efforts for the first few months. If you’re starting a business where no one knows your name, you need to do as much as you can to increase your brand visibility. A great way to do this is to use paid ads on social media. Not only will this help build a customer base, but it will also help when it comes to growing your social media following.
Consider Outsourcing To Professionals For Certain Roles Within Your Business
One of the best ways to ensure you’re able to focus on the important aspects of running your business is to outsource work to professionals. Whether that means you’re outsourcing a role that you have no experience of or you’re simply freeing up your time to work on business development, bringing external people into your business is something you should look to do as soon as you possibly can. Although it can be expensive, they will more than pay for themselves when you’re able to grow your business exponentially.
Here are a number of different jobs you can outsource if you need to:
Your monthly or yearly accounts and tax return
The management of your social media channels
Content writing for your blog and your website
Public relations to help your business be seen
Virtual assistance to help with the running of your business
Although it can be hard to let go of certain aspects of your business, outsourcing is a great opportunity for business owners. For more benefits to outsourcing as an entrepreneur, you can visit this site here.
Set Yourself Goals And Targets That Are SMART
Setting yourself goals is another great way to ensure your first year is a success as it gives you something to work towards. When setting these goals, you need to ensure that they’re SMART. This means setting goals that are specific, measurable, achievable, realistic and time-based.
Make Sure You Have A Back-Up Plan In Place
Finally, you always need to be sure you have a backup plan in place. After all, you never know what could happen.
Although it can be hard to set up your own business, the tips and tricks above will help you have the best possible start. What will you be doing first? Do you think we missed anything off of the list? Let us know your thoughts and ideas in the comments section below.
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It is only natural to worry about failure when starting a business. However, don’t let the fear stand in the way of what could be a profitable company, which could potentially change your life.
To set yourself up for success, you need to understand how to develop a strong business model and to avoid the potential pitfalls that could thwart your venture’s growth and profitability.
To kickstart your idea, here are 10 helpful points to help with starting a business that will succeed.
1. Find Your Passion
Never launch a business for the sole reason of making money. If an idea or industry doesn’t light a fire inside of you, then avoid it at all costs.
You will need to dedicate a significant amount of time and energy into building and maintaining a successful enterprise, so it’s critical to love what you do.
It is this passion that will help to push through setbacks, gain in-depth knowledge about the industry, and wake up every morning with the sole aim of growing your brand and acquiring new customers.
2. Gain Experience
A lack of experience could lead to a lack of success in your chosen industry. For example, if you have your heart set on opening your own restaurant, you must gain experience in the food industry.
You’ll need a solid understanding of the level of hard work, passion and commitment required to run a restaurant, as there is more to it than hiring a chef and marketing your venture.
Gaining experience will ultimately provide the tools you need to kickstart a successful restaurant or could prevent you from making a big mistake.
3. Earn a Business Degree
Aspiring entrepreneurs would be wise to earn a business degree, which will provide them with the in-depth knowledge and skills they need to run a small or large company.
There are now several superb degrees budding business owners can choose from. For example, you could embark on a Masters in Business Administration online, which will take 18 months to complete and you can customize the course to suit your needs. You could also study health management, operations management, global leadership, or supply chain & enterprise resource planning. It can prove invaluable for those hoping to start their own business in the near future.
4. Start Your Business While Employed
Don’t quit your day job because you have a great business idea. It could potentially take a long time until your new venture generates a profit.
A part or full-time job will keep money in your pocket while you’re developing your budding brand. Once your business considerably increases its profit margin, you should quit your career to focus on your new company.
5. Start Networking
You don’t need to wait until your business is officially up and running to start networking. Line up potential clients or customers by reaching out to individuals, brands and organizations. For instance, you can form connections via LinkedIn, ask professionals for advice, or attend local networking events or groups to develop strong relationships in your chosen industry.
6. Write a Strong Business Plan
A business plan will provide your new enterprise with a roadmap to success. It will provide your company with a direction, as you’ll need to set objectives, define strategies, and set targets to work towards. It can, therefore, prevent you from sinking your time and money into unnecessary areas of the business.
In addition to providing you with a sense of direction, the business plan can also help you communicate your vision to potential partners or investors, who could be integral to your company’s success.
Feature detailed information about your marketing strategies
Identify your target audience
Determine potential obstacles
Feature realistic goals
7. Turn to the Professionals
The prospect of performing every internal task yourself might seem a little daunting, which is why you’ll be happy to know you don’t need to go it alone when running a new business. For example, unless you have experience in bookkeeping or accounting, you could outsource a professional accountant or bookkeeper, who could save you more money than they could cost you.
You also must not cut corners when writing contracts either, which could lead to potential legal and financial issues in the future. If you don’t have a law degree, hire a lawyer to write up a contract for you. Never perform tasks you’re not qualified to do, as it could lead to your company’s downfall.
8. A Financial Investment
Think carefully about how you will fund your business. If you don’t have money in a savings account to rely on, don’t expect to walk into a bank to secure a loan, as most traditional lenders don’t like new ideas.
They also are often only willing to work with entrepreneurs with a proven track record in business.
Rather than skimping on different areas of your business, which can inhibit your growth and damage your brand, you should consider the following financial options:
Approaching potential investors
Saving money out of your own pocket
Crowdfunding
A business loan from a lender or loved one
Refer to your business plan to estimate exactly how much money you’ll need to get your new business off the ground.
9. Develop a Cohesive Brand Identity
Mixed messages, different color schemes and varying tones of voice can lead to a confusing brand, which will indicate a lack of professionalism and attention to detail.
Your website, social media profiles, brochures, flyers and print ads should feature a consistent voice and message, which will help you to develop a standout brand that will convince your target audience to become a customer.
10. Choose Your Team Wisely
When the time comes for you to hire your first employees, you must ensure you build your team wisely. Not only must they have the appropriate skills and qualifications for a role, but they also should have a positive, hard-working attitude and their personality should complement your desired company culture.
As a result, you can create a strong, productive and passionate team, who will help your brand to grow from strength to strength throughout the years.
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As a startup business, choosing your very first business premises is a crucial choice. Getting the right location and building for you can help jumpstart everything you have been working towards and put your key business plan into action.
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