A lot of people think that running a business from home is a stress-free venture. If you are an accomplished business owner then this might be the case, but if you are new to the world of running a company then things won’t be so simple. If you follow these steps properly then you can make sure that your home start-up is as successful as an office-based equivalent.
Insure Yourself from the Get-Go
When you start a business from home, you still have to make sure that you check your insurance policy. You may need to take out some additional cover if you decide to conduct any kind of business activity within your household. This is not expensive, but it will help you out if you ever find yourself in some legal trouble. If you want to help yourself even more then it may be worth trying to contact a 24/7 bail bonds service. If your business requires a client to enter your property, then you may need to take out public liability insurance. This isn’t expensive at all, but it could help you to come out on top.
Some might see having an accountant as a superfluous expenditure but at the end of the day, the amount of money you could make by simply listening to their advice will probably outweigh the fees that they charge. A competent accountant can tell you the costs which you can offset as a business and this can save you a huge amount of money with your tax bill at the end of the year.
Remove Any Distractions that Could Impede your Progress
The amount of work that you put into your business will ultimately determine success for the future. For this reason, it is very important that you are using your working hours to actually work. If you feel as though you are always distracted, then this won’t be doing you any favours at all. Working from home requires a great deal of motivation so turn off everything that might distract you and have as much enthusiasm as you can when getting things done.
Utilise Tech as Much as you Can
The most overlooked hurdle that those who work from home need to deal with is having problems with equipment. You probably won’t have the money required to invest a great deal in your business and you won’t have the tech that big companies have either. If you want to help yourself here, then you need to make sure that your broadband package is at least average. You also need to make sure that you do everything you can to install programs which help you with your work process. If you don’t then you may find that you end up falling behind and this is the last thing that you need. Remember that every time you buy something to help you with your company, you are freeing up money which you can then claim back on tax so at the end of the day, it’s worth trying to spend a bit extra so you can really boost your success.
First impressions are important in business. If your business premises doesn’t look attractive, it could steer potential customers away rather than enticing them in. This matters most with shops and restaurants, but it can also impact offices and other commercial buildings too. To ensure that your business premises is creating the right impressions, here are just some of the factors that you should consider.
Consider the location
Good premises needs to be in a good location. If the local neighbourhood is dirty or derelict, it could have an impact on the way in which clients perceive your business.
If you’re opening a shop or restaurant, this could be something important to consider. When it comes to offices and factories, it may not matter much if you don’t regularly invite clients to your premises – if you need to hold meetings, it may be possible to outsource meeting space elsewhere or find a coffee bar to host a meeting from.
Fix up visible damage
A run-down building could suggest a run-down business. Make sure that any visible damage is repaired before it gets too noticeable.
Cracked windows and peeling paint could be things to consider on the exterior. As for the interior, replace any damaged carpets and get rid of any broken furniture or equipment. Don’t forget about your premises car park – if the concrete is cracked, there are companies like https://www.keflatwork.com/concrete-repair-replacement/ that can fix it. You could find that such repairs have a dramatic impact on your company’s reputation, as well as your own productivity.
Keep it clean
On top of keeping your premises well maintained, it’s also important that it’s clean. Cobwebs, thick layers of dust and dirty windows will suggest that you don’t care about your business.
Hiring contract cleaners is an easy way to keep on top of cleaning. An annual deep clean may also be necessary.
Use clear signage
Clear signage can help shops and restaurants to stand out on the street.For other businesses, clear signage may still be important for helping clients to find your premises.
Plants are a great way of sprucing up any business premises. They can add a sense of life to a building that might otherwise look drab.
This could include hanging baskets outside your entrance or potted plants inside your premises. Just make sure that you water these plants regularly – dead plants will not create a good first impression.
When making your premises more welcoming, make sure not to compromise security. Features such as security lighting and security cameras can help to ward off would-be intruders. You should also be careful of putting valuables on display during non-opening hours.
The internet has allowed businesses to connect with customers in ways that were never possible before. However, it is not the only impactful way to reach out to potential customers. There are many forms of traditional marketing that are still effective. Here are just 4 offline marketing strategies that still work.
Event marketing
Event marketing can be a great way of reaching out to certain customers. When securing large sales, it can often be worth hosting a sales conference – this can be an opportunity to present your product to a crowd of potential buyers, answering any questions they may have and potentially demonstrating your product. Trade fairs can also be an effective form of event marketing – such events are great for gaining exposure and generating leads.
Events can allow you to appeal to all the senses. They offer a physical experience that can help to make your brand more memorable. They can be expensive to organize however – it’s worth hiring a professional event planning company to help.
Print marketing
Print marketing includes the likes of flyers, posters, business cards and brochures. While many businesses have switched to emails due to the reduced costs and reduced time involved when sending them, there are still times when print can be a more successful option. In fact, print media tends to have a much higher success rate than emails when it comes to generating leads.
There are direct mail printing and marketing services out there that can produce and mail print media for you – this can save you time and money. Like any form of marketing, print media is most effective when strategically targeted at the right places. For instance, rather than handing out flyers to random people on the street, consider posting them to targeted homes and leaving them in specific places where your key consumer is likely to be found.
Radio advertisement
Many people still listen to the radio. By investing in radio advertisements, you could reach out to many potential customers.
A radio advert needs to be memorable (a lot of people listen to radio in the car and aren’t able to make notes) so you may want to pay a company to come up with a catchy jingle. Many local radio stations accept adverts of all forms. You may pay more for having your advert aired during a certain time of the day.
Networking
Networking is a way of building connections. Some of these connections could be potential customers while others may be fellow business owners that are able to help promote your business. There are lots of ways to network offline including attending conferences, attending seminars and joining local business groups. You may even be able to build useful connections simply from attending social functions like weddings and parties (you never know where you’re going to find a potential customer).
The key to successful networking is not being afraid to approach people. Having business cards on you can also be useful if you need to exchange contact details.
A resignation letter from a top talent can be costly for a business. A 2017 report by the Employment Benefits News revealed that it could reach up to 33% of the person’s annual salary. The more senior the employee is, the more expensive it gets for the company.
The cost comes from many factors, including looking for replacements and eventually training them. During this period, one employee down means reduced productivity and efficiency for the entire team.
Although companies cannot keep anyone who pursues better opportunities, they can explore many options to decrease the likelihood. Here are three ways to hire and retain the best people:
1. Screen Employees Thoroughly
An underperforming, incompetent, and overall terrible employee is a liability for the company. It also demoralizes the entire team and reduces engagement and motivation. If you want to avoid having one, the screening process must already be thorough.
The HR department can consider the following ideas:
Spot the lies on the resume. Besides a smart interview technique, recruiters can work with a team that can perform back-door background checks.
Provide a personality test for applicants, such as the Adam Milo exam. The result will not be the only criterion for hiring, but it helps the business find the best fit among the candidates.
Use an applicant tracking system (ATS), which will immediately narrow down the choices by screening out candidates that didn’t meet the initial qualifications.
2. Improve Benefits
No doubt about it, salary matters to all employees. One reason employees lie on their resume is to have a shot at a higher pay grade someplace else. But talents these days also expect benefits. Many companies cannot provide what would truly count to them.
In a 2016 survey by HSRM, employees valued paid time off with a total satisfaction rating of 71%. In the Philippine setting, this translates to medical, vacation, maternity, and paternity leaves. Some businesses now offer a paid “holiday” on the employee’s birthday.
Next on the list is healthcare, which is understandable since medical care costs a lot of money. In the Philippines, a night in a private hospital can be worth over P2,000. A visit to a specialist might mean spending P500.
Other valuable benefits are:
Flexibility (e.g., ability to telecommute or work from home)
Pension or retirement plan
Family-friend benefits (e.g., scholarships or childcare)
Wellness program
3. Create a Conducive Work Environment
There are two ways to do it: design and reduction of workplace conflict. In a survey of 1,600 employees, over 55% of them valued air quality while half said they wanted a more comfortable light. Other factors essential to them are:
Water quality
Comfortable temperature
Connection to nature
Comfortable acoustics
Healthy food options
Tech offices of Google and Amazon became templates for other workplaces not only because they’re cool but also because they are employee-oriented. Google, for example, provides sleeping pods and cubicles, which are ideal for introvert workers. Amazon combined natural elements, with plants helping reduce stress levels.
Employers also need to reduce or avoid workplace conflict. Any tension can impact an employee’s mental well-being. As their stress increases, it can affect their performance and productivity. In a US survey, around 34% of employees take time off work because of burnout.
Amazing employees are the lifeblood of any business. While they will have the final say about their career, doing everything to keep them will be beneficial for the organization.
Wherever you look, if you ask about investments, you will probably be told to plow your money into stocks and shares. Think of bonds. Look at what you can do if you buy some cryptocurrency such as Bitcoin. However, there are many things you can invest in that you don’t need an in-depth knowledge of the financial markets.
There are many more substantial and tangible ways to invest your money. We are going to look at just a few of them in this article.
Shimmer and Shine
Gold is a fashionable option for people who want to buy something tangible that continues to hold value pretty well. Although it might look like precious metals are not too reliable in price, it just is not true. Apart from having the bonus of being something you can touch – which stocks and shares do not have, it can also be bought in smaller amounts if that is all that your budget allows for. It is also extremely liquid, so it can be exchanged for cash quickly if needed.
Diamonds and other precious gems are worth some investigation here as well. Some types of diamonds have a higher value than several other types of investments. There are a few ways you can invest in these beautiful gems, purchase them from a company that has loose diamonds instock, or purchase the shares of diamond mining companies, or invest in diamond funds. What makes diamonds different from gold is that, while gold can be measured and priced at the current rate, each diamond must be priced individually. It is an exciting investment, and once you know what makes a large or rare diamond, you will enjoy the thrill. Just be careful not to inadvertently invest in a blood diamond – mined in war zones in poor conditions with proceeds funding conflicts.
Bricks and mortar
For as long as there have been houses, there have been people who buy them, repair them and sell them on for a lot more than they have paid. If you like to get intensively involved in projects and either has a lot of time or a lot of money, you might want to flip houses and property. You can pick up a starter project at an auction, but do some property analysis because sometimes they come up with a lot more issues than the advertisement would imply. Every now and then, the prices of real estate surges, and when that happens, even the smallest of investment properties will see a healthy profit.
Collectables
This can be a little hit and miss – some will pay off, others won’t. Before you sink your cash into a collection, do your research to see if it will be worth it long term. This could be stamps, fine wine, art, or even toys.
Preferably, choose something that you already know a bit about or that you already have an interest in – it’s easier to learn about something that you love. Whenever you can make sure that you get verifiable evidence that the item you are considering buying has a certificate of authenticity with it – this will make it easier and more valuable when it comes to resale.
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