The COVID-19 novel coronavirus has changed life as we once knew it for virtually everyone across the planet. Billions of people globally have had their lives turned upside-down, with COVID-19 failing to spare individuals from any background, location, or class in society.
Businesses have also been hard-hit by COVID-19, with small independent and large multinational firms alike having to close their doors for good. But, some firms have escaped relatively unscathed from the devastation brought by this global pandemic.
If you’re looking to embrace the entrepreneurial spirit from within you, it’s likely you want to start a business that is most likely to survive such global pandemics like COVID-19. With that in mind, here are five examples of startup business sectors you need to consider:
1. Vehicle Maintenance
When countries impose strong lockdown curfews on their citizens, only businesses deemed “essential” are allowed to operate as normal. Vehicle maintenance garages are one such example and have seen no decline in trade despite the current COVID-19 pandemic.
Vehicles used by key workers and emergency services still need to function as intended. Those repair workshops are crucial at keeping a nation’s network of supplies and essential services working as it should.
2. IT Services
Technology is another necessity in today’s modern world. It has proven a welcome boon when coordinating COVID-19 care and support for communities across the globe. And it’s still going to be around long after the coronavirus pandemic becomes a distant memory.
IT consulting and support services companies offer a variety of solutions for residential and corporate users alike. They are one of the few sectors virtually unaffected by COVID-19. IT services encompass sectors ranging from cloud computing through to content streaming.
3. Delivery Services
Logistics play a vital role in the functioning and development of any nation’s infrastructure. Without delivery services in place, businesses wouldn’t have the resources they need to provide their products and services.
During the peak of COVID-19 in many countries, particular attention got focused on delivery services. Especially ones that could transport much-needed items such as medicine to healthcare centers, and groceries to individuals self-isolating due to COVID-19 symptoms.
4. Insurance
It might surprise you to learn that the insurance industry as a whole is least affected by the COVID-19 pandemic. Despite the economic chaos that the coronavirus has brought most nations, it’s still “business as usual” for insurers.
For a start, workers at insurance companies can mostly continue providing services remotely from home. That’s thanks, in part, to the digitization of insurance products. Another reason is due to the continued requirement for consumer and corporate protection against risks.
5. Pharmaceuticals
One sector to consider that is both unaffected by COVID-19 and economic recessions is the pharmaceutical industry. Irrespective of what’s going on in the world, people (and animals) still need medicine to treat illnesses and diseases.
When talking about the pharmaceutical industry, there’s not just the production of medicine. Related sectors such as research and development are also largely unaffected by the COVID-19 crisis.
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Running a restaurant is hard work. It’s not simply a case of cooking up some food, serving it up to customers, and earning a profit. Many different elements need to be considered. This includes everything from managing a front of house team to the logistics of regularly ordering fresh ingredients.
With so much going on, it can be challenging to find the time to actually market the restaurant.
However, adequate promotion is an essential component for your restaurant – particularly if you’re a newcomer to the market. Established, award-winning eateries can get by on their reputation alone, but beginners have to fight for every customer.
If you’re struggling to get people through the door to sample your food, here are five methods to attract more customers to your restaurant.
Place your restaurant details online
As a starting point, ensure your essential restaurant details can easily be found online. This should begin with both a Google My Business and Facebook page, where you can feature details such as the restaurant’s location and opening times.
If someone is undecided about visiting your restaurant, there’s one way to ensure they turn up as a paying customer: offering an enticement of some sort.
What can this enticement be, exactly? Well, for one example, it could be an offer where a customer buys one meal and receives another for free. It might be 20% off the total bill or a significant reduction on a set menu.
People love to feel like they’re getting a deal, and this is an effective way of giving them that feeling.
Use PPC advertising
If your restaurant is in a bustling city with a plethora of restaurant options available, it can be challenging to gain any visibility via local SEO means. There is, however, one way of having your restaurant show up in local search results: PPC.
PPC, aka pay-per-click, is a way of placing an advert for your restaurant above organic results in search results. Mostly, if you use Google Ads, your restaurant will appear first in any relevant local searches. For more information, Made by Factory, one of the leading PPC management agencies around, can provide all the help you could need.
Ask for reviews
Reviews are often the lifeblood for any small business. Positive reviews for your restaurant will help illustrate the quality of your food and service. The more glowing reviews you receive, the more potential customers will believe your eatery is the real deal.
As a result, don’t be shy in asking previous patrons to leave a review if they were happy with their visit.
Don’t avoid traditional marketing techniques
Yes, the above tips primarily focus on digital marketing. However, you should never avoid traditional marketing techniques. Leaflets are an excellent method for supplying potential customers with details about your restaurant. Another example would be to run a print ad in a local newspaper.
https://www.strategydriven.com/wp-content/uploads/photography-of-couple-holding-hands-842546-scaled.jpg16382560StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-06-20 11:00:022020-06-20 18:35:215 Methods to Attract More Customers to Your Restaurant
If you are planning to take the CPA exam, you are probably very aware of exam courses. In fact, most experts agree that taking the CPA exam without taking one of these courses is a lot like having someone blindfold you, turn you around several times, then having you throw a dart at a dartboard and expecting to hit the target. You might accomplish your mission, but it would be excruciatingly difficult to do. That’s why taking a CPA prep course, whether in-person or online, is so important.
If you have done any homework on these exam reviews, the chances are good that you have already discovered that there are many of them. The following six questions will help you select the one that is right for you, or at least get you headed in the right direction.
1. Are there any virtual CPA exam review classes? As many review courses as there are, not all of them are created equal. Some are given online, while others are in-person. Some are a combination of both. Some are better than others. Be sure you pick the format that works best for you and your schedule.
2. Is there an instructor available to speak with? As great as online courses are, there is no substitute for being able to interact with a real human. Ask if you have this option available.
3. How long will a candidate have access to the materials, and can their access be extended if the person runs out of time? Most CPA exam reviews are goldmines of materials, but these are of little good if after you complete the course you have no access to them.
4. What is the total cost of the course, and are there discounts available? CPA exam review courses aren’t cheap. In fact, some are as expensive as a used car, so unless you have someone bankrolling you, you will need to come up with the money for those fees. Make sure you know what that price tag is and whether you can handle it. Be sure to ask if they offer discounts and if you qualify for them.
5. What is the policy about students who fail a part or parts of the exam? Can a candidate retake that part of the review course? Some review courses offer students who don’t pass legs of the exam the opportunity to take those portions of the course again. Make sure the course you select offers this.
6. Can a person get updates as they are released, and is there a cost for this? Most CPA review courses are good about keeping their materials up to date. Make sure that the course you elect to take is one of them. Otherwise, all you will be learning is information that is out of date and won’t help you pass the exam a bit.
These questions should give you a start. Most CPA review courses have this information and much more on their websites, but if you can’t find it, or have other questions, be sure to ask. You have a right to know what you are paying for as well as to make sure that the course lives up to your expectations. Helping you to pass the CPA exam is not only their most important job, it’s their only job.
https://www.strategydriven.com/wp-content/uploads/man-in-black-holding-phone-618613-1-scaled.jpg17712560StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-06-19 17:00:592020-06-19 21:48:50On the Hunt for the Best CPA Review Course out There? 6 Questions You Need to Ask Before Making the Decision
Facebook ads! They whisper promises of high revenue and ROI until they cost too much. People spend up to thousands of dollars on Facebook ads hoping for the best results, but there is usually more at play on how much to spend on Facebook ads.
In 2019, Facebook ad spend reached $25.56 billion, which was a 107% increase from 2016. As a business, you obviously want to try out Facebook ads for yourself, but the question is, how much should you spend on them?
One of the best things about Facebook ads is that it doesn’t matter how big or small your budget is, and you can spend as little as $1 a day and still get results. However, this strategy doesn’t work for everyone, so we’ll help you figure out how much to spend on Facebook ads for your business.
How Much Should I Budget for Facebook Ads?
There isn’t an absolute answer to this question because so many things are at play. You have to consider the exact costs of the click-through-rate, cost-per-click, cost-per-1,000 impressions, and cost-per-action.
When showing your ads, Facebook considers two things; positive and relevant experience for customers, and value for you as the advertiser and how your ads reach your target audience. You get to reach the people who are receptive to your ads, and users get to see ads they are interested in.
Essentially, this means advertisers with the highest monetary bids win. It means that the advertisers with the best value come out on top, so what you need more than a high budget is valuable adverts.
Factors That Determine How Much to Spend on Facebook Ads
There are several factors at play here. You need to consider them to come to a decision about how much to spend on Facebook ads.
Consider Your Bid and How Much You Need to Show Your Ad
Once you create a Facebook ad for your business, you’ll be joining a huge pool of advertisers, some of whom are your competitors. You’ll be competing with multiple businesses for the ad spaces available, and your bid amount will determine how interested you are in getting that spot.
The higher your bid is, the higher the chances of getting that ad space and having your ad shown to your target market. You can set your bids manually, or automatically. Manual bids involve setting a maximum amount of money you want to spend on your ads, and you’ll enter bids depending on how much they are worth to you.
The thing about bidding manually is if you bid too low, you may not get the kind of exposure you’re looking for. You still get what you pay for, even on Facebook ads. When you choose automatic bids, Facebook will decide the bid amount for you and use the entire bid budget to maximize your results.
Consider the Ad Quality and How Interested Your Target Audience Will Be
Facebook determines the relevance and quality of an ad, depending on how it performs. It considers both positive and negative feedback. Positive feedback in terms of video views, clicks, or app installs and negative in terms of the number of people that clicked on the “I don’t want to see this ad” option.
They provide a Relevance Score for all ads, and if yours is high, they show your ad more times than those with a low relevance score. Even better, you’ll get to pay less and reach more people in your target market.
Consider Estimated Action Rates
Estimated action rates refer to how likely people are to react to your business ads. Are the people who come across your ad likely to click on it? Facebook makes a determination based on the past actions of your target market and how many times they have clicked on similar ads and purchased products or signed to the services advertised.
Your Target Market
How many people are you targeting? Your target market and the number of people you’re trying to reach will essentially impact how much you spend on Facebook ads.
Your competitors are fighting the same battle and trying to reach the same people, and the more competitors you have vying for the same audience, the higher the cost will be to reach them. Beyond that, the age, location, languages, interests, and behaviors of your target audience may influence your advertising costs.
What Time of the Year Is It?
Certain peak times of the year, more advertisers vie for the same ad spaces, and during such times, the advertising costs rise as well. Some of these times include holidays such as Thanksgiving, Cyber Monday, Black Friday, Christmas, and New Year’s Day.
Where Your Advertisements Appear
The Facebook ecosystem is huge, and placement will also determine how much you pay for your ads. Your ads could appear in Facebook’s desktop News Feed, Facebook’s desktop right column, Messenger, Audience Network, Instagram’s mobile News Feed, or Facebook’s mobile News Feed. So, determine which location your target audience is likely to be while making a choice.
What Your Adverts Are Optimized For
Optimization for ad delivery could determine who gets to see your ads. For instance, if you were to optimize your Facebook ads for lawyers for clicks, Facebook will show them to people who are more likely to click on them. This will profoundly influence how much to spend on Facebook ads because any action taken will affect your Relevance Score.
Additional Extras
Alongside paying for your adverts to be posted, it’s also important to consider the cost of getting adverts made in the first place. Tools like Creatopy banner maker make it incredibly easy to get started with a beautiful advert banner, all without having to pay the price for a graphic designer.
Using options like this is great for businesses that would rather spend time than money. Of course, though, there’s nothing wrong with paying someone to do the work if you are short on time.
How Much to Spend on Facebook Ads: A Guide
As much as you want to consider how much to spend on Facebook ads, you should also consider your ROI, both financial and social. All these factors come into play when determining how much you should spend on Facebook ads and what you want to achieve.
If you like our post and would like to read more informative articles, please check out our blog section.
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Many entrepreneurs are used to working from home or working remotely, but if you’ve developed your brand and built your business substantially enough to move into the property market, you’ll want to find the perfect premises that work for you.
Finding your first physical building or office space to contain your business can be a daunting (and costly) step, but it should also be an exciting time that allows you to concentrate on moving your business forward.
Here are four tips for finding the right premises.
1. Choose to Buy or Lease
This is going to be an important first step, as it’s going to impact you financially. There are pros and cons to both options, and a lot of it is going to depend on your initial budget. As an entrepreneur, it might be that you simply don’t have an upfront deposit to buy a property, however much you would like to. Renting can be a much more flexible option for entrepreneurs, as you don’t need as much money upfront and you have the flexibility to leave the contract and find alternative premises when your business grows or changes in the future.
Of course, buying can be a great investment if you’re looking to make money from a property, and it also allows you more freedom to make any desired changes to the building.
2. Think Carefully About Your Location
For certain businesses, location is everything. If you are a physical store or if you are going to have consumers or clients visiting your property on a regular basis, being stationed in a location that is easily accessible will be a must. You should think about being close to public transport links, busy towns, and city centers.
If your business doesn’t depend on external visitors, you still need to think about commutability for your employees. If your property is quite remote and some of your employees do not drive, it is going to be difficult for them.
3. Consider Any Renovation Work
You may find the perfect property, but it may take a little extra to make it the most suitable for your budget. Renovation work can be factored in, if you have the means and budget for it.
With buying, you have more freedom for renovation, but renting may also be flexible if the landlord is happy for you to take care of the renovations yourself. Always remember to get professional guidance on large jobs, such as reroofing from Lidoran.
4. Stick to Your Requirements
Know in advance what you require from a building and stick to it. Don’t compromise on requirements, as the daily workings of your business will suffer in the long run. You need to think about:
Finding a property is all about preparation and budgeting in advance. Knowing what you need ahead of time will ensure that you can then price-match your requirements with what you have, and make a more informed decision regarding affordable properties and whether you buy or lease them.
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Startup Ideas: 5 Sectors Unaffected By COVID-19
/in Starting Your Business/by StrategyDrivenBusinesses have also been hard-hit by COVID-19, with small independent and large multinational firms alike having to close their doors for good. But, some firms have escaped relatively unscathed from the devastation brought by this global pandemic.
If you’re looking to embrace the entrepreneurial spirit from within you, it’s likely you want to start a business that is most likely to survive such global pandemics like COVID-19. With that in mind, here are five examples of startup business sectors you need to consider:
1. Vehicle Maintenance
When countries impose strong lockdown curfews on their citizens, only businesses deemed “essential” are allowed to operate as normal. Vehicle maintenance garages are one such example and have seen no decline in trade despite the current COVID-19 pandemic.
Vehicles used by key workers and emergency services still need to function as intended. Those repair workshops are crucial at keeping a nation’s network of supplies and essential services working as it should.
2. IT Services
Technology is another necessity in today’s modern world. It has proven a welcome boon when coordinating COVID-19 care and support for communities across the globe. And it’s still going to be around long after the coronavirus pandemic becomes a distant memory.
IT consulting and support services companies offer a variety of solutions for residential and corporate users alike. They are one of the few sectors virtually unaffected by COVID-19. IT services encompass sectors ranging from cloud computing through to content streaming.
3. Delivery Services
Logistics play a vital role in the functioning and development of any nation’s infrastructure. Without delivery services in place, businesses wouldn’t have the resources they need to provide their products and services.
During the peak of COVID-19 in many countries, particular attention got focused on delivery services. Especially ones that could transport much-needed items such as medicine to healthcare centers, and groceries to individuals self-isolating due to COVID-19 symptoms.
4. Insurance
It might surprise you to learn that the insurance industry as a whole is least affected by the COVID-19 pandemic. Despite the economic chaos that the coronavirus has brought most nations, it’s still “business as usual” for insurers.
For a start, workers at insurance companies can mostly continue providing services remotely from home. That’s thanks, in part, to the digitization of insurance products. Another reason is due to the continued requirement for consumer and corporate protection against risks.
5. Pharmaceuticals
One sector to consider that is both unaffected by COVID-19 and economic recessions is the pharmaceutical industry. Irrespective of what’s going on in the world, people (and animals) still need medicine to treat illnesses and diseases.
When talking about the pharmaceutical industry, there’s not just the production of medicine. Related sectors such as research and development are also largely unaffected by the COVID-19 crisis.
5 Methods to Attract More Customers to Your Restaurant
/in Online Marketing and Website Development/by StrategyDrivenWith so much going on, it can be challenging to find the time to actually market the restaurant.
However, adequate promotion is an essential component for your restaurant – particularly if you’re a newcomer to the market. Established, award-winning eateries can get by on their reputation alone, but beginners have to fight for every customer.
If you’re struggling to get people through the door to sample your food, here are five methods to attract more customers to your restaurant.
Place your restaurant details online
As a starting point, ensure your essential restaurant details can easily be found online. This should begin with both a Google My Business and Facebook page, where you can feature details such as the restaurant’s location and opening times.
Also, it’s highly recommended to create a dedicated website for your restaurant. This site can add further information, including your menu complete with prices and exclusive deals.
Speaking of deals…
Run a limited deal
If someone is undecided about visiting your restaurant, there’s one way to ensure they turn up as a paying customer: offering an enticement of some sort.
What can this enticement be, exactly? Well, for one example, it could be an offer where a customer buys one meal and receives another for free. It might be 20% off the total bill or a significant reduction on a set menu.
People love to feel like they’re getting a deal, and this is an effective way of giving them that feeling.
Use PPC advertising
If your restaurant is in a bustling city with a plethora of restaurant options available, it can be challenging to gain any visibility via local SEO means. There is, however, one way of having your restaurant show up in local search results: PPC.
PPC, aka pay-per-click, is a way of placing an advert for your restaurant above organic results in search results. Mostly, if you use Google Ads, your restaurant will appear first in any relevant local searches. For more information, Made by Factory, one of the leading PPC management agencies around, can provide all the help you could need.
Ask for reviews
Reviews are often the lifeblood for any small business. Positive reviews for your restaurant will help illustrate the quality of your food and service. The more glowing reviews you receive, the more potential customers will believe your eatery is the real deal.
As a result, don’t be shy in asking previous patrons to leave a review if they were happy with their visit.
Don’t avoid traditional marketing techniques
Yes, the above tips primarily focus on digital marketing. However, you should never avoid traditional marketing techniques. Leaflets are an excellent method for supplying potential customers with details about your restaurant. Another example would be to run a print ad in a local newspaper.
On the Hunt for the Best CPA Review Course out There? 6 Questions You Need to Ask Before Making the Decision
/in General/by StrategyDrivenIf you have done any homework on these exam reviews, the chances are good that you have already discovered that there are many of them. The following six questions will help you select the one that is right for you, or at least get you headed in the right direction.
1. Are there any virtual CPA exam review classes? As many review courses as there are, not all of them are created equal. Some are given online, while others are in-person. Some are a combination of both. Some are better than others. Be sure you pick the format that works best for you and your schedule.
2. Is there an instructor available to speak with? As great as online courses are, there is no substitute for being able to interact with a real human. Ask if you have this option available.
3. How long will a candidate have access to the materials, and can their access be extended if the person runs out of time? Most CPA exam reviews are goldmines of materials, but these are of little good if after you complete the course you have no access to them.
4. What is the total cost of the course, and are there discounts available? CPA exam review courses aren’t cheap. In fact, some are as expensive as a used car, so unless you have someone bankrolling you, you will need to come up with the money for those fees. Make sure you know what that price tag is and whether you can handle it. Be sure to ask if they offer discounts and if you qualify for them.
5. What is the policy about students who fail a part or parts of the exam? Can a candidate retake that part of the review course? Some review courses offer students who don’t pass legs of the exam the opportunity to take those portions of the course again. Make sure the course you select offers this.
6. Can a person get updates as they are released, and is there a cost for this? Most CPA review courses are good about keeping their materials up to date. Make sure that the course you elect to take is one of them. Otherwise, all you will be learning is information that is out of date and won’t help you pass the exam a bit.
These questions should give you a start. Most CPA review courses have this information and much more on their websites, but if you can’t find it, or have other questions, be sure to ask. You have a right to know what you are paying for as well as to make sure that the course lives up to your expectations. Helping you to pass the CPA exam is not only their most important job, it’s their only job.
This Is How Much to Spend on Facebook Ads
/in Online Marketing and Website Development/by StrategyDrivenFacebook ads! They whisper promises of high revenue and ROI until they cost too much. People spend up to thousands of dollars on Facebook ads hoping for the best results, but there is usually more at play on how much to spend on Facebook ads.
In 2019, Facebook ad spend reached $25.56 billion, which was a 107% increase from 2016. As a business, you obviously want to try out Facebook ads for yourself, but the question is, how much should you spend on them?
One of the best things about Facebook ads is that it doesn’t matter how big or small your budget is, and you can spend as little as $1 a day and still get results. However, this strategy doesn’t work for everyone, so we’ll help you figure out how much to spend on Facebook ads for your business.
How Much Should I Budget for Facebook Ads?
There isn’t an absolute answer to this question because so many things are at play. You have to consider the exact costs of the click-through-rate, cost-per-click, cost-per-1,000 impressions, and cost-per-action.
When showing your ads, Facebook considers two things; positive and relevant experience for customers, and value for you as the advertiser and how your ads reach your target audience. You get to reach the people who are receptive to your ads, and users get to see ads they are interested in.
Essentially, this means advertisers with the highest monetary bids win. It means that the advertisers with the best value come out on top, so what you need more than a high budget is valuable adverts.
Factors That Determine How Much to Spend on Facebook Ads
There are several factors at play here. You need to consider them to come to a decision about how much to spend on Facebook ads.
Consider Your Bid and How Much You Need to Show Your Ad
Once you create a Facebook ad for your business, you’ll be joining a huge pool of advertisers, some of whom are your competitors. You’ll be competing with multiple businesses for the ad spaces available, and your bid amount will determine how interested you are in getting that spot.
The higher your bid is, the higher the chances of getting that ad space and having your ad shown to your target market. You can set your bids manually, or automatically. Manual bids involve setting a maximum amount of money you want to spend on your ads, and you’ll enter bids depending on how much they are worth to you.
The thing about bidding manually is if you bid too low, you may not get the kind of exposure you’re looking for. You still get what you pay for, even on Facebook ads. When you choose automatic bids, Facebook will decide the bid amount for you and use the entire bid budget to maximize your results.
Consider the Ad Quality and How Interested Your Target Audience Will Be
Facebook determines the relevance and quality of an ad, depending on how it performs. It considers both positive and negative feedback. Positive feedback in terms of video views, clicks, or app installs and negative in terms of the number of people that clicked on the “I don’t want to see this ad” option.
They provide a Relevance Score for all ads, and if yours is high, they show your ad more times than those with a low relevance score. Even better, you’ll get to pay less and reach more people in your target market.
Consider Estimated Action Rates
Estimated action rates refer to how likely people are to react to your business ads. Are the people who come across your ad likely to click on it? Facebook makes a determination based on the past actions of your target market and how many times they have clicked on similar ads and purchased products or signed to the services advertised.
Your Target Market
How many people are you targeting? Your target market and the number of people you’re trying to reach will essentially impact how much you spend on Facebook ads.
Your competitors are fighting the same battle and trying to reach the same people, and the more competitors you have vying for the same audience, the higher the cost will be to reach them. Beyond that, the age, location, languages, interests, and behaviors of your target audience may influence your advertising costs.
What Time of the Year Is It?
Certain peak times of the year, more advertisers vie for the same ad spaces, and during such times, the advertising costs rise as well. Some of these times include holidays such as Thanksgiving, Cyber Monday, Black Friday, Christmas, and New Year’s Day.
Where Your Advertisements Appear
The Facebook ecosystem is huge, and placement will also determine how much you pay for your ads. Your ads could appear in Facebook’s desktop News Feed, Facebook’s desktop right column, Messenger, Audience Network, Instagram’s mobile News Feed, or Facebook’s mobile News Feed. So, determine which location your target audience is likely to be while making a choice.
What Your Adverts Are Optimized For
Optimization for ad delivery could determine who gets to see your ads. For instance, if you were to optimize your Facebook ads for lawyers for clicks, Facebook will show them to people who are more likely to click on them. This will profoundly influence how much to spend on Facebook ads because any action taken will affect your Relevance Score.
Additional Extras
Alongside paying for your adverts to be posted, it’s also important to consider the cost of getting adverts made in the first place. Tools like Creatopy banner maker make it incredibly easy to get started with a beautiful advert banner, all without having to pay the price for a graphic designer.
Using options like this is great for businesses that would rather spend time than money. Of course, though, there’s nothing wrong with paying someone to do the work if you are short on time.
How Much to Spend on Facebook Ads: A Guide
As much as you want to consider how much to spend on Facebook ads, you should also consider your ROI, both financial and social. All these factors come into play when determining how much you should spend on Facebook ads and what you want to achieve.
If you like our post and would like to read more informative articles, please check out our blog section.
Choosing Your First Business Premises as an Entrepreneur: 4 Top Tips
/in Starting Your Business/by StrategyDrivenFinding your first physical building or office space to contain your business can be a daunting (and costly) step, but it should also be an exciting time that allows you to concentrate on moving your business forward.
Here are four tips for finding the right premises.
1. Choose to Buy or Lease
This is going to be an important first step, as it’s going to impact you financially. There are pros and cons to both options, and a lot of it is going to depend on your initial budget. As an entrepreneur, it might be that you simply don’t have an upfront deposit to buy a property, however much you would like to. Renting can be a much more flexible option for entrepreneurs, as you don’t need as much money upfront and you have the flexibility to leave the contract and find alternative premises when your business grows or changes in the future.
Of course, buying can be a great investment if you’re looking to make money from a property, and it also allows you more freedom to make any desired changes to the building.
2. Think Carefully About Your Location
For certain businesses, location is everything. If you are a physical store or if you are going to have consumers or clients visiting your property on a regular basis, being stationed in a location that is easily accessible will be a must. You should think about being close to public transport links, busy towns, and city centers.
If your business doesn’t depend on external visitors, you still need to think about commutability for your employees. If your property is quite remote and some of your employees do not drive, it is going to be difficult for them.
3. Consider Any Renovation Work
You may find the perfect property, but it may take a little extra to make it the most suitable for your budget. Renovation work can be factored in, if you have the means and budget for it.
With buying, you have more freedom for renovation, but renting may also be flexible if the landlord is happy for you to take care of the renovations yourself. Always remember to get professional guidance on large jobs, such as reroofing from Lidoran.
4. Stick to Your Requirements
Know in advance what you require from a building and stick to it. Don’t compromise on requirements, as the daily workings of your business will suffer in the long run. You need to think about:
Conclusion
Finding a property is all about preparation and budgeting in advance. Knowing what you need ahead of time will ensure that you can then price-match your requirements with what you have, and make a more informed decision regarding affordable properties and whether you buy or lease them.