Enterprise 101: Basic Tips for Newbie Businessowners

StrategyDriven Entrepreneurship Article |Tips for Newbie Business Owners|Enterprise 101: Basic Tips for Newbie BusinessownersThe previous couple of years has been hard for businesses and countless small enterprises have had to close due to the economic strain. However, this doesn’t mean the entrepreneurial spirit of Americans has decreased; it’s quite the opposite.

According to information released by the United States Census Bureau, Americans filed as many as 5.4 million business applications in 2021 alone. There are plenty of lucrative opportunities waiting for the determined and clever entrepreneur, you just need to get started on the right footing.

Below are a handful of tips if you are a beginner business owner still brainstorming your first enterprise. Use them to ensure your enterprise takes off the right way.

1. Find Your Interest

While many people will tell you to look for the most lucrative idea there is and pursue it, this is only good for short-term motivation. You cannot force enthusiasm and genuine interest is a powerful motivator for entrepreneurs. For example, your research may indicate there is a burgeoning opportunity for aftermarket Caterpillar components.

But if you aren’t truly passionate about this opportunity, the odds are you won’t pursue it as well and only face setbacks. Your enthusiasm and interest are key assets when you are beginning a business. For starters, if you are interested or passionate about a given field, you probably already know a lot about it, meaning you have a solid foundation.

Don’t forget to take interest into the equation because you’ll be surprised how much more invested you’ll be in your new business.

2. Identify a Market

After you’ve determined which field or enterprise you’re passionate about, you must identify the market you can sell goods and services to. The term “market” is often thrown around when talking about businesses, but it’s a huge term that has plenty of nuances.

A market is not a monolithic thing that you can target by itself. In fact, you need to determine smaller segments in any market. This is called a niche market and it’s essential you identify your business’s niche market. This is because it’s much more effective for your business to tailor-fit itself to suit the sensibilities and interests of a very small segment of the population than trying to go with universal appeal.

3. Secure Funding

After you’ve determined your interests and successfully narrowed down which markets you want to pursue, you can now look for appropriate funding. Starting a business, even one out of your own garage or bedroom, requires capital. This represents money and resources you need to get production of goods or services started.

The most common method for securing funding is through taking out business loans. But there are other possibilities. If you have enough resources or savings, you could try to personally finance your enterprise. However, this puts your own finances in peril is highly discouraged.

You could also look for possible investors who could give you the capital you need in exchange for a cut off your profits. Determine which method of financing is the most appropriate for your situation and pursue it.

4. Look for Partners

If you are new to the world of business, you will probably need some form of guidance and a more experienced partner will be an indispensable asset. Partners come in many forms in the world of business.

For example, there are silent partners who only get a share of the profits but do not have a say in the active management of the business.

If you feel you’re at sea with the more complicated portions of running an enterprise, you will want to find a partner who can give you the advice you need. Or you can hire more experienced people to bed the chief executive officer of the business. This allows you to retain ownership and highest decision-making powers while leaving the business at the hands of a more experienced individual.

5. Plan for Expansion

Finally, always plan for expansion, no matter how humble your business’s origins. For example, you could begin a business by distressing jeans. Although you could make a few hundred bucks doing this, you can always dream bigger.

Determine what your market wants aside from distressed jeans. Calculate how much capital you’ll need to expand your business. What materials and equipment will you require to double production? Will you need to find more investors if you want to open a second location? What sort of timeline are you looking at for your eventual expansion?

Always plan for these things to ensure your business has an upward trajectory rather than remaining stale.

Starting a new business requires bravery, determination and planning. These tips will help you make sure your new business has everything it needs to get off the ground successfully.

If You Want To Grow Your Business, You Have Got To Be Careful

StrategyDriven Entrepreneurship Article |Grow Your Business|If You Want To Grow Your Business, You Have Got To Be CarefulIf you want to grow your business, you have got to be careful. There are a number of things that have to work together properly in order for an expansion to ever be successful, and if you are not willing to work for this to happen, then the expansion is going to fail. Do you even know how to start expanding your business? It’s a good thing that you have found this article either way, because down below we’re going to be looking at some of the important pieces of information that you need to know and consider if you want to expand your business. Keep reading down below if you would like to find out more.

It’s Expensive

The first thing that you need to know is that growing your business is extremely expensive in some cases. You are going to need to hire new people, you may need to hire a company like Modular Genius in order to get some new office spaces built, and you are going to have to spend more money on advertising. It’s an expensive feat to take on, but if your business is ready for it then it’s going to pay off.

You need to be sure that your business is ready though, otherwise this is just going to be a super expensive lesson that you will learn. Set aside some money for the expansion, but don’t go over budget if you can avoid it as this will start impacting other areas of your business if you do.

Is The Demand There?

Do you actually have the demand to warrant growing your business? If the answer is no then there is no need to do this and you should stop your plans right now. If the answer is yes, then you need to do your research first into who is buying from you the most, where are most of the sales coming from and so on. You need this information to be able to expand your business properly as this will tell you where the target areas are, and where you should be focusing. We promise that if you take the time to understand the demand and cater to it, the expansion is going to go a lot smoother than if you don’t.

What Do You Need?

Finally, you have got to think about what you need as a business in order to expand. Coming up with a plan is really the only way to do this in an organized fashion. Once you have this plan in place of the things you need and how to achieve them, you can start getting things going.

We hope that you have found this article helpful, and now see some of the things that you are going to need to think about if you are going to be growing your business. We know that this is important for all business owners at some point down the line, but it is better to slow down and let things work naturally rather than trying to force something that is not needed. We wish you the very best of luck.

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 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.


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.