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Lone Entrepreneur To Business Empire – Vital Things To Remember

StrategyDriven Entrepreneurship Article |Business Empire|Lone Entrepreneur To Business Empire - Vital Things To RememberThere is no shame in starting small in the world of entrepreneurship. Indeed, some of the most iconic business people of the 20th and 21st centuries have begun their empires in the garage or dorm room with little more than a dream and a prayer. However, effective and profitable expansion is far more than increasing demand for the products or services you offer. Indeed, getting from lone entrepreneur to empire leader can be tricky. Unless you follow the suggestions in the post below!

Don’t expand too fast

One of the biggest mistakes that happen around expansion, is when things go too quickly. The problem with going from a one-person organization to a larger one is that all aspects of your business need to be able to effectively scale with you, including your website, supply chain, manufacturing process, logistics, and admin to name a few!

Unfortunately, unless you carefully account for this as part of your expansion process, it can easily fall apart, something that means you are left with an increased demand for your products that is unmet, and the damage that this can do to your coffers and reputation.

With this in mind, choosing systems, and provisions that are designed to be flexible and easily scalable is vital. Also, swapping to automation for things like admin, and stock orders can help you keep up with demand, as you expand while also keeping your costs low.

Do offer products and services that make efficient use of your time

One of the most vital things to remember as you make the transition from lone entrepreneur to business empire leader is that your time is precious. Indeed, it will have a literal monetary value, and to expand you need to find ways of making the most money with the limited time you have.

Of course, how you may do this will differ depending on the sector in which you are operating. For example, a graphic designer may translate from working directly on projects for clients to offering content, constantly and advice for other designers looking to go freelance, something that could be more profitable over the long term.

Similarly, instead of working with single clients, a personal trainer may get a Group Exercise Certification so they can teach large classes together at once. Thereby increasing their income massively, while still using up only an hour slot.

Don’t forget your expertise is always valuable to someone

Last of all, if you want to transform from a lone entrepreneur to the founder of an empire, you need to remember that the most valuable asset you have is your knowledge and expertise.

Indeed, there are many ways that you can leverage this to expand your business. From going into consulting where you can command a higher fee, to offering products such as e-books and video tutorials on specific topics. You can even use your expertise to help with your marketing efforts. After all, content is still king and you can bring plenty of prospects to the table by offering them valuable information they can get anywhere else. Which along with the other suggestions above can help you build your successful business empire.

Growing Your Business – Finding New Business Premises

StrategyDriven Managing Your Business Article |Business Premises|Growing Your Business – Finding New Business PremisesTo grow your business, you need to focus on expansion, and part of expansion involves finding new business premises. Business premises often need to be larger and better than what you have now to make it worth your while, and they often need to offer you and your business the potential to grow. Space is important as you want to be able to offer new products and you want to increase the ranges and lines of everything you currently offer. Whether this is new services within a large space or new products. Bigger is often better when it comes to business premises, but what else should you be looking for in addition to size?

What Do You Need Out of a New Business Premises?

So, what exactly must your new business premises have? When you are looking at new premises, you need to think about the usable area, the location, and the storage on offer. Some premises offer you the frontage or location that you need, but they do not offer the storage space that you require, and for this, you need StorageArea.com. As storage area is just as important as location, it is important that this key area is not overlooked. You need to get a big enough location for your growing business for the next few years; anything too small will just be a waste of time and energy.

How Healthy is Your Budget?

How much can you afford monthly and annually? Your budget will ultimately determine what type of premises you can get and in what location. So, what is your budget, and what allowances or expenses does it include? Larger premises will cost more to heat, light, and use daily, so it is important that you factor these costs into your budget. Underestimating costs at any stage can leave you tight at the end of the month or chasing your tail which will ultimately end up distracting you aware from running your business.

How Important is the Location?

Do you need new premises simply for storage, or do you need somewhere that paying clients and customers can visit? Out-of-town locations are often larger in size and cheaper, but if most of your physical customers are in town, then it will be a waste of time. Similarly, if you simply need storage or warehousing for your business, then having a location that is fit for customers to visit is a waste of time and other resources. With any premises, you will want to consider the parking on offer. Some units and locations come with marked-out parking spaces, and some places come with parking lots. If you are having deliveries regularly, will off-road parking benefit your business? If you are located down a narrow street, and you are constantly having large and irregular deliveries or loads; then you will soon find the local community or area you are in will begin to make complaints which is not conducive to business growth and expansion. Therefore, before you commit or sign any leases think carefully about the location you want to go for and why.

8 Things Every Small Business Needs To Consider When Expanding

StrategyDriven Strategic Planning Article |Small Business|8 Things Every Small Business Needs To Consider When ExpandingExpanding your business can be a daunting time as a small business owner or entrepreneur but at the same time, it can also be very exciting. The fact that you’re even considering some form of business expansion must mean business is going well, and that you’re doing something right. However, there are many things to consider when taking your small business to the next level, especially if you don’t have any prior experience with business expansion. Luckily, it’s far from impossible and today we’ve put together a guide on things that every small business owner needs to consider before expanding.

Affordability

One of the first things you have to consider is how much expanding nationally and internationally will cost your company. It comes with a variety of costs to conduct your operations overseas, from commercial space to travel, customs, shipping, and production. These expenses range considerably across countries and international regions, as well as unique expenditures that apply only to international expansion.

You don’t want to face unforeseen cash flow problems, so it’s a good idea to build a list of all the expenses to ensure that they balance with the future income and profits you will earn. If expanding your business financially seems like a good idea, then with the right planning it might prove quite successful.

But if it appears that costs, including start-up costs, would take years to recover, it makes more sense to concentrate your resources on local expansion or diversify your products/services instead of entering the international market. Sometimes starting smaller and gradually working your way up proves to be a smarter financial option with business expansion.

Employment regulations and tax laws

When it comes to taxes and employment, various countries and regions have different regulations. For example, through OSHA, the US has stringent regulations on employee safety, while other nations may have relaxed laws regulating workers’ safety. And, it isn’t always that easy. For example, Mexico has a variety of different entities that control employee safety, each with its own laws that are often inconsistent.

You also need to think about other laws when it comes to health and welfare benefits. It is now more important than ever for employers of all sizes that sponsor group health and welfare benefits, to have a formal plan document (ERISA Section 402) and Summary Plan Description (“SPD”) (ERISA Section 102). To remain compliant, all employers must also issue various required notices to employees. For these health and welfare benefits, you will need valid Compliant Wrap Documents to ensure you’re abiding by the law.

You can not afford to disregard these legal rules, since they affect everything from the recruitment and selection of employees in each country to the proper filing of your tax returns. You will need to remember how your home country handles internationally earned money, as this could have a direct effect on earnings. When planning an expansion, minimise risk and look at these regulations earlier instead of later. The sooner the procedure regulations reach the decision, the better.

Brand consistency

If you’re expanding your business overseas, there’s a large chance that your brand is brand new and will have little or no recognition. Your brand consistency is important, but you also need to think about how your brand will appear in foreign languages. What might mean something great in your native language might not in another and therefore could directly affect sales of your product. Take the time to conduct thorough research on how your brand is going to appear internationally to those that might not have heard of your brand before.

This doesn’t, however, mean that you need to change your branding. It simply means that you may have to tweak the wording or names of your products to suit the new audience. You should continue to try and keep your branding as consistent as you would normally, as changing it could directly affect sales in other areas. Keeping your brand as recognisable as possible is imperative.

Marketing efforts

Clearly, your marketing efforts have been pretty good so far, especially if you’re planning on expanding your business. Much like with your brand consistency, you need to adapt the marketing strategies and messaging to match standards (and laws) in different countries while expanding internationally. Language is an obvious factor, but success can be greatly affected by the deeper sense of messaging across some cultures. There’s a rule in marketing: think internationally, behave locally, which translates into a single brand that adapts advertising to suit distinctive aspects of the culture. Also, hiring a local marketing company allows locals to put the brand in the best light.

StrategyDriven Strategic Planning Article |Small Business|8 Things Every Small Business Needs To Consider When ExpandingDon’t leave existing customers behind

It’s important not to forget the customers that have helped your business this far, and this is often forgotten by expanding businesses. If they now turn away from you, expanding might end up being an expensive catastrophe. While an expansion is a great time to make a fresh start with your business, don’t do so at the expense of the people that helped you get to where you are today.

It will always go down badly with some people if you implement some kind of change into your company. There is no such thing as the perfect plan, but to make your expansion a success, you can’t let this fear stop you from introducing the improvements you need. Strike a balance between your new market being pursued and your current one being preserved.

A great way of keeping your existing customers involved in your business expansion is by rewarding them for their loyalty. You could send a mass email out to your customers providing them with a small discount on their next purchase. Not only will it show that you’re thankful for their custom, but it will help drive more sales to your business. Noone can resist a discount!

What are your competitors doing?

No matter what kind of industry you’re in, you’ll always have competitors. Even if you’re not physically at war with them, the simple fact is that it’s your business against theirs. What are they doing right? Who are they targeting? What are their marketing efforts like? Have they expanded overseas? Is there anything you could use as inspiration for your expansion? There’s nothing wrong with keeping a close eye on your competitors to better your own business.

Business collaborations

Businesses collaborate to help expand their market and of course, make more profit. Therefore, if you’re trying to transition out of the small business category, collaborating with another business could really help boost your visibility, especially if you’re teaming up with an already-established international business. Approach businesses that you could see yourself working with, and make sure you have an idea or two in mind! For example, if you’re a smart home technology distributor, you could approach events organisers with the intent of letting them use your technology at their events. Be creative!

Preparation is key

Nothing bad has ever come from preparation for something, and the same goes for your business. Detailed research into the marketplace you are planning to enter should be involved in your preparation, along with product testing (if applicable) and marketing research.

Ultimately, the last thing you should be doing when it comes to expanding your business is rushing into things. Take the time to make sure it’s the right decision financially and lawfully and you’ll find that things begin to fall into place. After all, Rome wasn’t built in a day and neither will your business expansion.

The Foundations Of Business Growth

StrategyDriven Online Marketing and Website Development Article |Business Growth|The Foundations Of Business GrowthTrying to expand your business during a global pandemic may seem like madness. However, you are an entrepreneur and you don’t want to rest on your laurels. Your ambition means that you want your startup to be able to compete with the already established industry rivals and you are eager for your venture to have a global presence. However, when the world is on more of a go-slow, people are less likely to part with their cash, and the economic markets have plummeted, it can be a challenge to see how you can grow your business. Follow this guide to the foundations of business growth.

StrategyDriven Online Marketing and Website Development Article |Business Growth|The Foundations Of Business GrowthWebsite

Your online presence will really come into its own as more people stay at home and spend more time on the Internet. Online shopping was always a factor of the millennial market but now all demographics are partaking. If you are a retailer, you need to morph your business model into an online venture. The website that you produce is crucial to attract your potential market. Rather than opt for a flashy all singing all dancing website, you need to focus more time on your SEO. If you don’t know your keyword from your meta tag, you need to consider outsourcing your web design to a WordPress developer who can create a site that will emulate your brand and your ethos while appearing high up the Google search rankings. Make every section of your site within three clicks and easy to navigate to hold a potential customer’s interest. Overhaul your website and you could find your customer base growing.

Social Media

Facebook, Twitter and Instagram are the perfect vehicles for online marketing when considering your business. However, you also need to hone your social media platforms to grow your business. If you want more followers, you need to post meaningful and relevant content on a daily basis. The Twitter feed that you craft is the ideal way to communicate directly with your clientele. If a potential customer has a query, they will tweet you. This comment will be in the public domain so it is crucial that you respond promptly. Use an informal and chatty tone. The corporate hard sell doesn’t work anymore. The better the content that you post, the more shareable it becomes, thus increasing your follower numbers and global presence.

Trade Shows

If you can attend a trade show, get registered. These amazing events provide you with a readymade footfall of individuals who are eager to source your services. Go to a niche and industry specific event. By utilizing your pitch effectively, you can show off your wares, products and services. Place branded banners across your stall and encourage people to take a look at your products in action. Enthuse with your ideas and business acumen, and have some on-the-day deals that potential buyers can’t refuse. Ensure that you create an email list and follow up any leads on your return to the home office. With any luck, your clientele will grow.

These foundations of business growth will enable your venture to thrive and not merely survive during this pandemic.

How to Prepare Your Business for International Expansion

StrategyDriven Managing Your Business Article | How to Prepare Your Business for International ExpansionInternational expansion can be a big step for any business, no matter its size. It can bring plenty of benefits to a company – a whole new array of potential customers and the opportunity to operate in a less saturated market. However, it does come with risks – expanding is expensive and you’ll be operating in unfamiliar territory. What can you do to prepare for international expansion?

Market Research

Before you begin to think about expanding overseas, you need to understand the new area, and who you’re selling to. Market research is a vital tool for success. You need to have a firm knowledge of the country’s culture, how your customers think, and if your brand would succeed there. To get a firm understanding of the region you’re aiming to expand in, you need to spend some time there. For example, if you’re hoping to operate in the States, you can stay in a serviced apartment in New York to help guide your research and develop your understanding of the market.

Understand Your Capabilities

You need to assess whether international expansion is the right step for your business at this current time. You need to ensure the company is strong and secure in its current market. Venturing abroad won’t help if the business is already struggling. How are your finances? Review your budget and make sure you can afford to invest in international expansion. Expanding your business should help its success, not further hinder its funds. You also need to assess your company’s infrastructure and whether it would work abroad.

Delivering Goods

When it comes to shipping packages you need to understand a variety of global regulations. These can differ from country to country, so you need to ensure your packages are labelled properly depending on when they’re being shipped. Plus, take into account shipping times as well. You want to ensure effective delivery service and customer satisfaction in whichever country you’re operating in. Research courier systems and see which ones could benefit your business the most.

Right Team

Take due diligence with selecting your team members. Whether you’re intending on opening an office abroad or hiring remote workers – spend plenty of time considering who is right for the role. Hiring within the international market comes with pros and cons. You have got access to people who know the culture but potentially lack experience and vice-versa. There is a solution to this. Research countries that have a lot of professionals within your line of work, then you can hire new staff with ease. Your team will have a drastic impact on future success so don’t rush your decisions.

International expansion offers incredible opportunities for a growing business, but it is not a decision that should be taken lightly. Do everything you can to ensure your company is prepared. Have you had any experience with international expansion in the past?