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Starting your own small business is a significant feat and an accomplishment to be proud of at the end of the day. It’s your chance to follow your professional dreams and offer solutions and products your customers will appreciate.
You likely have a lot on your mind when you’re first getting up and running. However, you must focus your energy on the most critical aspects if you want to stay in business and be prosperous over the long-term. There are a few tips that are going to help you get off to the right start so that you can give yourself a real fighting chance to succeed.
Set up Your Office Space
Now that you’re officially a new small business, you’re going to want to choose a prime location for your company. Search office space in the area and figure out what will be most suitable for you and what you’re selling. Consider your plans for growth and expansion and how much room you’ll need for hiring on employees and workers at your company. Take the time to make your new office space attractive and appealing so that clients and employees feel welcome and comfortable at your company.
Increase Your Online Presence
You can also get your new small business off to the right start by finding ways to increase your online presence. The Internet and technology are the way of the world right now, and you need to be present so that your target audience can find you. Consider working with a professional agency such as https://bcwebdesignlondon.co.uk/ that specialises in services such as web design and development and social media. Having an SEO strategy and running online advertisements will help you to grow your business and secure loyal customers.
Take Care of Yourself
Being in charge of a new small business is a lot of hard work and effort. As the boss and leader, it would help if you had a lot of natural energy and are healthy and capable of doing your job well. Therefore, get your business off to the right start by practising work-life balance and taking good care of yourself. Some ways to do this include exercising daily, eating healthy foods, and getting plenty of sleep each night.
Commit to Delivering Exceptional Customer Service
Your small business will take off in the right direction when you’re able to secure and retain customers over time. You must commit to delivering exceptional customer service and show your appreciation for those who are doing business with you. Train your employees so each person understands the importance of this initiative and can successfully handle all different types of customer issues and complaints.
Your business will be off to an excellent start when you put these tips into play at your workplace. Be sure to track your progress with each objective so you can quickly see what changes are working the best for you. Don’t be afraid to flex and tweak your approach as you go so you can achieve the results you desire in the end.
Hiring employees is a big decision. Not only do you have to consider the responsibility but also the numerous costs that come with it. While many employers budget for the wages that they will be giving their employees, other expenses can sometimes be overlooked. Here are just some of the hidden costs that come with hiring employees and how you can make these costs more affordable.
All employers are required to take out employer’s liability insurance. This protects you if an employee falls ill or is injured as a result of your work, helping to cover any costs that may be the result of this.
Liability insurance rates can vary. It’s worth taking your time to compare rates – try out sites like RhinoTradeInsurance.com that specialise in low-cost insurance. You may also be able to lower your rates by investing in strong health and safety measures or by raising your deductible.
You may need to invest in extra equipment for your employees to use. If you work in a private office and are hiring a personal assistant to work with you, consider whether you need to buy a desk and computer. In sectors like retail, you may want to consider uniforms, while health and safety equipment could be important if you run a construction company.
Spend your time shopping around for such equipment. Used equipment could be cheaper, but you need to be sure that it’s good quality – offering employees poor quality equipment could make them feel less valued.
There are certain employee benefits that are compulsory to pay out as an employer. This includes holiday pay, sick pay, overtime, maternity pay and a pension contribution. Make sure that you can afford all of these costs.
Some companies may also offer added benefits such as private health insurance, a company car or bonuses. These added benefits could help to attract employees and could reduce employee turnover, potentially making them worth the extra cost.
To calculate and manage all of these expenses, it could be worth investing in HR software or hiring someone to handle all of these costs. This itself could be another cost to consider. Fortunately, there are lots of cheap software options out there including these free programs at FinancesOnline.com. There are also lots of payroll accountants out there that you can hire cheaply.
It could also be worth considering the recruitment costs. You may have to pay to post job adverts on certain listing sites. If you’re hiring a recruitment company to help you, this will also be a big added cost to factor in.
With your first employees, you may want to save money by doing some DIY recruitment. There are lots of free places to post job adverts – you could strategically find locations to put up posters or use social media.
If you have a passion for cooking, love creating new recipes, and feeding the people you love, then you have probably considered starting a food business from home a few times. So if you can’t help but to bake bread, and your idea of joy is to find new ways to season chicken to perfection, then it might just be time to start doing what you love.
If you have a few recipes from your relatives, or you have your heritage as a source of inspiration, those niches are things that can be shared and sold to great effect. Many people like the idea that recipes, and the people that created them, can carry on through the years with hundreds (and potentially more) people delighting in the taste.
Selling homecooked food isn’t always easy, and sometimes you are going to have to do a lot of research to get it just right.
But when you have the food, the business formula, and the drive – there will be very little to stop you.
Starting a business from home can feel like a huge undertaking, but there are so many positive aspects that it can often be the ideal choice. You don’t need to have work experience, and you won’t need a background in a professional kitchen, retail, or even manufacturing food products. In fact, you can learn much of what you need marketing-wise and about starting and running a business free and online.
You get to be as wild and creative with your recipes and fusions as you like. Adding interesting twists and flavours to classic recipes, substituting different ingredients that might not be available in the country you are living in, can add interests and sparks of taste. You can introduce as many different dishes as you like.
The same creativity can be applied to things like your packaging, and creating something but beautiful, as food labels are a legal requirement, you can still make them nice to look at and on-brand – while adhering to the law.
Many businesses worry about their marketing. How will people hear about them? Well, when the food is good, people talk about it. Not only that, but as a business, we are blessed with the age of user-generated content. This means the people enjoying your food are free to take photos and share them with their friends and family. This type of marketing is a very low effort from you, all you need to do is cook your amazing food.
If you have a niche, you can talk about what makes your product unique or special. Or create dishes that aren’t common on menus, and people like to try.
Always gather feedback and act on it so that you can provide the best experience for your customers.
The idea of selling food products is something that is very straightforward, and most people can understand and tackle the model with ease. In fact, some food businesses don’t have a business plan when they first start out – because they make it, and then sell it.
But it will depend on how well your products sell as to when you will need to dedicate yourself to it fulltime.
There are some innovative ways to sell your goods now, though. Dried goods can be delivered in boxes, or even posted. Food delivery is more common than ever before too. So there are some exciting things that can be tested too.
But in general, food will be developed, cooked, and sold.
One of the best things about starting a business from home is that you are free to create your own hours. But more than that, when it comes to food, there are some peak times that you can maximize your income. The rest of the time can be spent researching, sourcing, and preparing the food. If you tend to sell breakfast style items, then you still have the option to sell every morning or extend the hours to provide an all-day breakfast option.
Even if you choose to ‘wing it’ eventually, you are going to want to have a plan that you can refer back to. This plan will help you stay on track. You will need to do some research into your target market, this will help you solidify your brand and how you are going to communicate with people.
Think about what makes your product unique and attractive to buyers, and think about where you are likely to sell your products too. And when it comes to things like delivery, you will need to factor that into the costs too.
These are just a few of the perks and considerations when you are thinking about launching a home-based food business. There is so much more to explore, so give yourself plenty of time to do so.
- Location: you want your new shop floor to be in the best place for footfall as well as being the only shop in your industry insight. That said, it makes sense to rent your new space on the high street or in a retail park. If you’re going for a retail park, make sure you’re the only shop selling what you sell. Otherwise, you’re better off looking elsewhere.
- Customer Access: is your new shop accessible to customers? Or is it a mile down the road from the car park, nowhere near a bus stop and impossible for wheelchairs and prams to manage? The more accessible your shop is, the more customers can shop with you. It also gives your brand a fantastic reputation.
- Flooring and Fixtures: what kind of flooring are you going to need? Is this already laid down, or are you going to have to factor that into your budget? If you’re laying floors, it’s essential to seek out proper retail floors and not just any old floor. Retail floors are designed to accommodate long hours of use and are easy to clean. Don’t forget to check what fittings and fixtures your new premises have too, and source what you need from an expert provider.
- Timing: timing is everything in business; that’s well-known. But it is also crucial when looking to buy or rent new premises. Pay attention to property prices and anything that might affect those like politics or other concerns. It’s also worth keeping an eye on the local area’s shopping trends.
- Marketing opportunities: what opportunities are there to market? Do you get access to a billboard? Do you have a blank wall facing a road you could put your own billboard on? Scout around when you’re viewing properties for any marketing What other businesses are nearby? Could any of them become a customer of yours? What kind of staff do they employ? If you sell beauty products and your neighbour’s shop is mainly staffed by women, you will have your target market right next door every day. That kind of opportunity is too good to lose!
- Staff parking: where are your staff going to park? You don’t want employees struggling to park and being late for work, but likewise, do you really want them taking up customer parking space? Is there a bus or train station nearby for anyone commuting in? You could look at other things relating to your staff when you visit properties: is there a small shop for lunch and drinks, is the location accessible to many across a wide area?
There are lots of things to consider when you’re looking for your next branch location, but tick some of these off, and you’re bound to get the best new property.
If you are thinking about starting up your first small business, you are going to have to make sure that you are as prepared as possible for everything that is in store. This is not necessarily going to be easy, as it is something that you’ll find you have to work on in order to get to the bottom of it, but it is necessary nonetheless. One thing you’ll have to consider is what you are going to need to do in order to ensure that your small business can really survive as long as you would hope, and that is something that we are going to look at in this article. As long as your small business has these things, it should survive much more effectively than if it didn’t.
The money is always going to be something that you need to think about if you want to make sure your business is going to survive. Not merely that you have enough of it, although that is clearly important too, but also that you are divvying it out in the way that you would find useful. Good budgeting is something that takes a lot of practice, but it is vital, and it is something that you are going to want to work on from the start. Think about what you are going to have to spend and when, and ensure that you have a plan in place for making it happen. This should be perfectly doable, but it does take a lot of preparation in many cases.
If you don’t have a good marketing strategy, you can’t expect your business to pick up new clients and customers along the way, and that means that it is simply not going to last as you would hope it to. For that reason, you are going to want to think about what you can do to ensure your marketing is effective, and one of the best ways to do that is to simply hire the professionals to do it for you. With digital marketing agency, Herdl for instance, you are going to find that your digital marketing takes care of itself, and that is certainly a good thing for the future of your business. The more effectively you manage to keep all this in order, the stronger your business is going to be.
The Right Staff
When you first start employing people, you will often feel as though this is the real start of the business’ lifespan. Employing people is exciting, but you do need to make sure that you are doing it right, as otherwise you might end up with people who are not ideal for your business in general. Finding the right staff can take time, but as long as you have a rigorous recruitment process and you really know what you are looking for, you will find it a lot easier. So bear that in mind, and start looking, and you should find the people you need.
Planning your retirement as early on as you can ensure success – if you leave things to chance, then there’s every chance that things won’t turn out like you may have visualized, and life could become a little difficult. Below, we’ll mention 7 things you need to think about to plan your retirement properly now. It doesn’t matter how young you think you are, the sooner you start to plan, the better. Take a look and get started:
What Sort Of Lifestyle Would You Like To Lead?
Think about the kind of lifestyle you would like to lead. Do you want to go on cruises and treat your grandchildren? Do you want to live a modest life? The more luxury you plan on enjoying during retirement, the more money you will undoubtedly need. Having more is always better than having less regardless, so figure out the amount you will need, write it down, and come up with a plan to work towards it now.
Will you live in the same house you live in now? Do you want to live abroad and buy a condo? Make sure you consider where you want to be and where you picture your life during your retirement years. Your plans might change at some point, so consider whether this is likely. If it is, then you’ll want to make sure you have enough money for every eventuality.
How Can You Start Working Towards Your Financial Goals Now?
There are going to be plenty of ways you can start working towards your financial goals now. You can start taking baby steps, but the sooner you start, the better. You could start by:
- Opening a high-interest savings account
- Making small investments
- Looking into property investments
- Improving your credit rating
- Paying off debts
- Finding streams of passive income
Research the above options and see what you can do. It might seem overwhelming to you right now, but as long as you take your time and take one step at a time, you’ll be heading in the right direction. Don’t let fear paralyze you!
Do You Think You Will Need Help?
There is a possibility that you may need help in your old age. People don’t usually like to consider this, but it could happen. You may need to hire people to make lunch for you, clean, and put you to bed if you’re not too mobile. The best thing you can do is start taking care of yourself now to avoid this, but you never quite know what the future holds. Having extra cash for something like this can help.
Can You Clear Your Debts ASAP?
Clearing your debts as soon as possible means you’ll avoid paying extortionate interest rates and that you’ll have more money to put towards your retirement fund. It’s always a good idea to pay these off first, as interest rates are usually sky high – you can then focus on putting money into your retirement fund and watch that build up. If you can aggressively pay off your debts, do that sooner rather than later.
How Will You Protect Your Loved Ones?
Figuring out how you’re going to protect your loved ones may also be important to you. What if you are no longer there to help them? Health and life insurance can be good options if you’re worried about how they will cope. The earlier on you get them, the cheaper they tend to be. Just make sure you compare policies and ensure they are right for you. Always check the small print, too.
How Can You Improve Your Overall Financial Wellbeing?
As well as looking at ways to put money into your retirement fund, you should always look for ways to improve your financial wellbeing. Looking at your budget/finances every month or so will ensure you don’t let things slide or become complacent. Can you reduce your spending and stop lifestyle inflation in any way? Can you cancel some subscriptions and come up with alternatives? Avoid lifestyle inflation at all costs – it seems like the natural thing to do as you get older and make more money, but that money should be going towards retirement plans. Keeping things modest and simple will go a long way to helping you in future.
What else are you thinking about as you plan for retirement? Planning as early as possible is key to making sure you can live the future you want. Leave your thoughts below!
As a business owner, you have a constant need to deliver the best to your customers and clients. It’s an instinct to give the ultimate version of your product or service.
Whether it’s the world of e-commerce outsourcing can sometimes be the wisest option possible. We’re going to be taking a look at a few of the benefits of outsourcing for you here and now, to help you understand precisely why it’s such a good idea.
In this video, I discuss the benefits of outsourcing