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Developing A Winning Strategy For Real Estate Entrepreneurs

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StrategyDriven Entrepreneurship Article | Developing A Winning Strategy For Real Estate Entrepreneurs

For the ambitious entrepreneur looking for a great idea, have you ever considered real estate? 

From rental properties to flipping homes, there are many options you can explore in the real estate industry. In addition, real estate offers a hedge against inflation as the value of properties has historically outperformed inflation rates. 

Become Knowledgeable About The Market

Understanding the opportunities and risks of an investment opportunity and whether there is an entrepreneurial opportunity for you requires studying the market. 

One way to get as broad an understanding as possible is to take some courses on the subject. When diving into an investment or startup, you need to be both knowledgeable and wise.

Knowledge would be increased by studying and taking some educational courses like a wholesale real estate course that would teach you about the ins and outs of the wholesaling industry.

Gaining wisdom takes time and experience, so partnering with a professional that has been working in the market for some time will help you leapfrog the fact that you don’t have years of experience and gain those insights that only time provides. 

Develop a Business Plan

Before you take the plunge into real estate business ownership, it is vital to have a well-defined business plan. 

To start up successfully, your business plan should include factors like financial goals and operational strategy, as well as information on potential customers and competitors. 

In addition, potential investors may require some aspects of your plan – such as cash flow statements – for evaluation purposes.

Secure Funding

Most businesses require some initial investment or loan to get off the ground. 

Startups in real estate will likely require more capital than other businesses due to their high overhead costs, including purchasing property, hiring staff, and maintenance expenses. 

Seek startup funds from traditional lending sources or private foundations that offer grant funding for new businesses in the field.

Find Property Suppliers

In order to get started with rental operating or flipping houses, it is essential that you find reliable suppliers who can provide you with quality properties at reasonable prices. 

Make sure that your suppliers have strong track records and excellent customer service so that they are easy to work with when something goes wrong with a transaction or property purchase down the road.

Procurement & Licensing

To stay compliant with all applicable laws and regulations, ensure your business is correctly licensed by obtaining any necessary permits or registrations required under local law. 

You should also develop clear strategies for purchasing properties efficiently, so that price haggling becomes manageable during busy days at the office where time is limited for negotiating contracts and reforming deals at close range.

Rental Operations/Property Management Services

If you plan to rent out properties, it is vital to have a well-defined system for managing tenants and collecting rent. 

This includes setting up a payment system, developing policies for late payments, and ensuring that all necessary repairs are completed promptly. 

Consider hiring a property management company to handle the day-to-day operations of your rental business.

Wholesaling 

A unique way to make decent profits without the risk or capital needed in traditional real estate is a newer strategy known as wholesaling. When you wholesale real estate, you agree to a purchasing agreement with a motivated seller. 

They agree to allow you to resell the contract to a secondary buyer at a markup. 

By brokering the deal between a buyer and seller, you make a profit based on the original selling price and the price at which the transaction was executed without ever taking physical custody of the property. 

This contract-flipping strategy lowers your financial risk and can be a way to make a quick profit. 

Flipping Houses

Flipping houses is a great way to make money in real estate. 

To be successful, you will need to have a keen eye for spotting potential deals and the ability to assess the value of a property quickly. 

You should also develop relationships with contractors who can help you with renovations and repairs to get properties ready for sale as quickly as possible.

No matter which type of real estate business you decide to pursue, it is essential to have a well-defined plan and the necessary resources to make your venture successful so that you can turn your real estate dreams into reality.

Why Accounting in Business is Important

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StrategyDriven Managing Your Finances Article | Why Accounting in Business is ImportantAccounting is a crucial part of any business. From local startups to global conglomerates like Google and Amazon, accountants are inseparable from a company’s success.

Accounting is a measurement and communication process that supplies critical financial data to various users, including investors. It helps to establish credibility with these external users, enabling them to make informed decisions about investing or lending money.

Profitability

In business, profitability is defined as the income generated by a company from sales of products or services. It also includes the expenses that are incurred in running the business.

Expenses can include salaries, utilities, rent, and other items a business needs. A company might not generate profits if it had insufficient funds to pay these costs.

Profitability is a critical metric in business as it allows a company to determine its success and future growth. It also helps investors understand how well their investments are paying off.

There are many ways to increase a business’s ability and overall growth. A common practice is to decrease sunk cost, which occurs when a company spends money on unprofitable projects.

Liquidity

Liquidity is your company’s ability to pay its bills quickly. It’s a financial metric that accountants and investors look at when deciding whether to lend you money or invest in your business.

Liquid assets are cash, securities, receivables, and other financial assets that can be converted into cash within a short period, like a day or two. Intangible assets, such as buildings or equipment, are less liquid and can take longer to convert into cash.

When a business has too much liquidity risk, it might not be able to cover its short-term bills or liabilities and will need to restructure, sell assets, file for bankruptcy, or go out of business. Low liquidity also makes it harder to pay employ employees, order inventory, and pay recurring monthly bills like rent.


Taxes

Taxes are levied on goods and services by governments. These taxes serve various purposes, from providing revenue to aiding the development of the economy.

Some taxes, such as sales and value-added taxes (VAT), are applied at the retail level, while others, such as excises, are levied at a more administrative and bookkeeping pre-retail stage. Whether direct or indirect, all governments need income, but the challenge is to carefully choose the level of tax rates and the tax base.

As businesses become more extensive, tax accounting becomes more important. As a result, companies are more likely to have more taxable assets and liabilities. Additionally, businesses that rely on quarterly taxes must meet specific deadlines and reporting requirements to stay compliant.

Payroll

Payroll is another accounting process that businesses use to pay their employees for work performed. It includes tracking hours worked, calculating pay, and distributing checks to employees on payday.

It also involves deductions for local and federal taxes, social security, unemployment insurance, and employee benefits. Therefore, businesses need to track their expenses related to payroll accurately and ensure that they are acting under current tax laws.

A reliable payroll team helps increase employee satisfaction by paying their dues regularly and on time. This boosts employee loyalty and makes them want to continue working for the company.

Payroll also includes bonuses and other incentives for employees that encourage them to perform better. These incentives show employees their worth in a small business and motivate them to do their best.

3 Essential Steps for Success for New Restaurant Owners

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StrategyDriven Entrepreneurship Article | 3 Essential Steps for Success for New Restaurant Owners

The first year is the most critical one for any new restaurant, and if you make mistakes during that time, there is a strong chance that you will put your business in a financial hole that it can never get out of. This is why you need to take your time before you start one and know as much as you can about the restaurant landscape in your area. You may also have to dispel some ideas you have about the restaurant business so you can avoid mistakes. Here are some of the essential steps for new entrepreneurs in the restaurant business.

Increase Foot Traffic with Efficient Signage

Big restaurant chains take a lot of time choosing their colour scheme and signage, and there’s a good chance that restaurants like McDonald’s would not be as successful as they are today without theirs. This is why you need to learn what makes good shop signage and make sure that yours is as eye-catching as possible.

This is not something that should be glossed over as an unimportant detail. Just spending a little bit more time and money on signage could make a world of difference in your foot traffic and it could even affect the way the quality of your food is assessed, so take your time and pick signage that will attract the attention of passers-by and help you establish a brand.

Keep it Small

If you are thinking of opening a huge sit-down restaurant as a first venture, you should reconsider the idea. Big restaurants cost a lot more to manage, and you will need to make a lot more sales to stay afloat. Not only that, but bigger restaurants have a lower cap on the number of clients they can serve and will never be able to beat the volume of a smaller takeaway. So, take the glamour factor out and focus on sales and low overheads first.

Another thing you have to be careful with is to not go overboard with the menu. Restaurants like Five Guys only have a handful of choices, and it is one of the major reasons for their success. This allows them to streamline their inventory, buy what they need in bulk, and avoid waste. There are also very few advantages to having an unnecessarily long menu as most of your sales will come from a couple of items. This is why you need to concentrate on your specialities and only try adding a few menu items later if you feel like it needs more variety.

Hire Well

Staffing issues are one of the greatest struggles for restaurants, and if you can’t manage to find employees who will be loyal, efficient, and trustworthy, you will have trouble in this industry. If you are thinking of doing the hiring on your own, you should consider working with a third-party team instead. A good team will be able to help you find great talent fast, form them, and help with other things like payroll. All of this will simplify your operation, allow you to retain more of your employees, and help you focus on what matters.

All of these tips should increase your chances of making a profit in your first year as a restaurant owner. Take the time to look into them in detail and consider speaking with a consultant before you start so you can avoid pitfalls and build your business on a solid foundation.

Three Ways to Improve Your Personal Brand Skills as an Entrepreneur

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StrategyDriven Entrepreneurship Article | Three Ways to Improve Your Personal Brand Skills as an Entrepreneur

There is no doubting the fact that personal branding has become huge over the past few years and is only set to grow in popularity over the next few months.

With social media becoming an acceptable (and arguably necessary) place for entrepreneurs to be seen, neglecting to build a personal brand is a rank disadvantage.

Why?

Because people buy from people. While having a strong business brand is crucial, the personal brand of the owner or CEO is equally as powerful. Just look at any mega-successful brand over the past few years.

Whether it is Elon Musk with Tesla, SpaceX, and now Twitter, Michael Saylor with MicroStrategy, Whitney Wolfe Herd with Bumble or Stephen Bartlett with Flight Story, strong brands have strong founders.

Therefore, you need to tell your story and cultivate a personal brand.

How?

Well, it is not the work of a moment and requires you to build a digital marketing skillset and the ability to write online (unless you want to hire a ghostwriter).

However, it is entirely possible and a task that is made easier the longer you stick at it.

To help, here are some actionable tips you can use to improve your personal branding skills as an entrepreneur:

Enroll in a digital marketing course

Before you start posting online or considering what you want to say, you should ensure your foundational marketing knowledge is in place.

Depending on what your existing knowledge base is, this may require you to either brush up on some specific social media skills or join a digital marketing online course at an online business school.

Doing this will put you in the best possible position to grow your personal brand.

After all, there is nothing worse than starting a social media account or appearing on podcasts and it doing your corporate brand damage rather than improving it. By sharpening your digital marketing skills, you will minimize the chances of a misstep.

Start posting on one social media platform

The best place to start building your personal brand is on social media. The reason for this is obvious – it is where people go to share their personal stories, connect with others and cultivate a network.

However, with a plethora of platforms to choose from, it can be tempting to start multiple accounts and post on loads of different social media platforms. Although logic would suggest this increases your chances of gaining followers, the opposite is true.

You need to start building your following on one single platform, because it will mean your content is tailored towards it and you can develop a concentrated community.

For entrepreneurs, Twitter or Linkedin are usually seen as your strongest choices.

Share personal stories and valuable tips

Finally, you need to open up.

It can seem counterintuitive to share personal (or even embarrassing) information in public online as an entrepreneur, but it will attract people to you and make you seem more relatable.

By sharing these stories, your brand will become more human and spark an emotional connection in your audience. You could share your challenges when building a business, private stories that relate to your business, or share tips for other entrepreneurs.

11 Strategies to Expand Your Service Offerings in 2023

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StrategyDriven Marketing and Sales Article | 11 Strategies to Expand Your Service Offerings in 2023

Are you an entrepreneur, start-up head, or business owner looking for an edge in 2023? If so, there are plenty of ways to increase your service offerings and create an even greater impact. With the right strategies and tools, you can quickly expand what you offer to customers – making it easier for them to rely on your services.

This blog post will explore strategies to boost your competitiveness in the market while growing your business exponentially.

From offering unique customized services to continuously innovating, these actionable tactics will assist entrepreneurs in staying ahead of the competition.

Let’s dive into it:

1. Conduct Market Research

The first step in expanding your service offerings is understanding your target market. By conducting market research, you can identify your target audience’s stated and unstated needs and wants. The derived information can then be used to inform your service expansion decisions.

Not sure where to start with market research? Try surveying your current customers or conducting focus groups. Once you understand your target market well, you can create services that align with their needs and wants, making them more likely to be successful.

2. Offer Customized Services

Customized services are an incredible way to stand out from the competition. By offering customized services, you can cater to the specific needs of your customers. Not only does this make your customers feel valued, but it can also boost your revenue. The key to creating successful customized services is to get to know your customers, understand their specific needs, and create services that align with those needs.

For instance, if you’re running an event management company, ensure to account for the needs of varying audience members. You might have to get wheelchair accessible portable bathroom rental if your audience consists of individuals with disabilities or special needs. Likewise, your event menu should cater to vegan food alongside the usual items.

Customization and personalization are crucial components in ensuring the success of any service organization.

3. Identify Your Unique Value Proposition

A unique value proposition differentiates you and sets you apart from your competitors. It’s the thing that makes your business special. By determining your unique value proposition, you can create services that align with it and make you stand out in the marketplace.

Remember, your unique value proposition is not just about what you do but also how you do it. It’s about the unique benefits that your services offer that others can’t match.

4. Leverage Technology

Technology is constantly evolving, and several techniques and methods can be utilized to expand your service offerings. For example, you can utilize virtual reality to create virtual tours of your services or use automation to streamline certain processes.

Using technology, you can offer services that set you apart from your competitors and make your business more efficient. Don’t hesitate to think outside the box. Given the rapid advancements in technology, a plethora of options awaits you.


5. Partner with Other Businesses

Partnering with other businesses is a proven strategy to expand your service offerings. Not only can you combine your expertise to offer new services, but you can also reach new audiences by tapping into your partner’s customer base.

Look for businesses that complement your services, not compete with them. And remember, a good partnership is a two-way street – make sure you are also offering value to your partner.

6. Expand Your Service Area

Expanding your service area allows you to reach new customers and increase revenue strategically. Expanding your service area allows you to tap into new markets and offer services to a wider customer base.

But remember, expanding your service area doesn’t just mean physically expanding; it can also mean expanding your reach by promoting your services to new groups of people or in new ways.

7. Utilize Social Media and Online Marketing

Social media and online marketing are powerful tools that can help you reach a broader audience. By devising a social media strategy and utilizing online marketing techniques, you can promote your new services and reach new customers.

Remember, social media and online marketing are not just about promoting your services but also about building relationships and creating a community around your brand.

8. Continuously Innovate

To expand your service offerings, you must stay on top of industry trends and continuously innovate. For this purpose, you must stay up-to-date with new technologies and experiment with novel ideas.

You can create new services that set you apart from the competition by continuously innovating. Innovation doesn’t have to be about creating something completely new. It can also mean finding new ways to improve your current services.

9. Keep an Eye on the competition

Most importantly, keep an eye on your industry competition. By understanding what your competitors are up to, you can identify gaps in the market and create new services that fill those gaps.

But don’t just focus on imitating your competitors – use that information to find new opportunities and develop something unique. Remember, the goal is not to be like your competitors; it’s to be better.

10. Invest in Employee Training and Development

Investing in employee training and development is crucial to expanding your service offerings. By providing your employees with the necessary skills and knowledge, they will be better equipped to provide new and improved services.

Ultimately, such employee investments can lead to increased productivity, improved customer satisfaction, and higher revenue generation. Training and development programs can also improve employee morale and retention, which is beneficial for your business.

11. Focus on Customer Service

Customer service (CRM) plays a crucial role in the service sector. Focusing on customer service is essential to expanding your service offerings. If your customers are happy with the service they receive, they’re more likely to return and recommend your business to others.

Additionally, by regularly soliciting customer feedback, you can identify areas for improvement and create new services that cater to the specific needs of your customers. Always remember that customer service is not just about solving problems or answering queries; it’s also about creating a positive customer experience.

Conclusion

Expanding your service offerings in 2023 can be a game-changer for your business. By implementing the right strategies, you can create new revenue streams and tap into new audiences. So, start implementing these strategies today and witness their positive impact on your business. Be creative, don’t be afraid to take risks, and think outside the box. Remember that sometimes the best opportunities come from the unexpected.