Want to get the most out of your startup budget? Here is a brief guide to help you to put your funds to good use by knowing when to skimp and when to splurge.
When to skimp
Premises
Most companies don’t need physical premises in the beginning. Office-based work can typically be carried out from home. Retail stores can meanwhile begin life as online stores and market stalls. By not investing in separate premises, you could save huge costs such as rent/mortgage, energy bills, extra equipment, maintenance and property taxes. Once you’ve established a brand and a steady revenue, it could then be a sensible idea to upgrade your premises.
Employees
A lot of start-ups also don’t need a huge team of employees. You may find that you’re able to save money at first by hiring part-time staff or by outsourcing roles rather than hiring full time employees. You certainly don’t need to be hiring assistant managers in the beginning.
Marketing
Marketing is essential when launching a business, however you don’t need to pay a lot for it. In fact, a lot of initial marketing can be easily DIYed. When it comes to web design, consider creating your own site using a free website builder like WordPress – this could be all you need as a start-up. You can also do your own social media marketing and do your own networking without having to pay for professionals.
When to splurge
Market research
A lot of companies underspend on market research. Understanding your audience’s needs is vital as a startup and you should invest money into research strategies such as surveys and organised focus groups. This can help you to create a product/service that you know people are going to love.
Technology
As a startup, it can be a struggle to compete with more established companies. One way in which you can have the edge over these companies is by using the latest technology available – most established companies will still be using older tech out of convenience. It could be worth investing in start-up IT support to help you choose the best tech options. Cloud technology, analytics and smart technology are just three tech trends that are very hot at the moment and could be worth taking advantage of.
Insurance
A lot of business owners make mistakes in the beginning that can lead to lawsuits. Consider investing in a general business insurance scheme that will cover you in the event of a claim. Some insurance is compulsory such as employer’s liability insurance if you’re planning to employ staff. Don’t skimp on these compulsory schemes.
There are media reports aplenty on the damage being caused to the environment, so as a citizen of our beloved planet, it is your ethical responsibility to do your bit to protect the world we live in.
Still, if you are dragging your feet regards better green practices, know that by doing so, you will also benefit your business. While you shouldn’t need an incentive to be eco-minded, knowing that it makes perfect business sense might be the kick up the backside you need.
Going green will reduce company costs
Are you looking to maximise your business profits? Going green will help you to do so. By forming green habits, such as turning off appliances when they are not in use, you will save on your electricity bills. By digitizing your files with PaperSave, you will reduce paper and printing costs. By purchasing energy-efficient equipment, such as Energy-Star labelled printers and computers, you will cut down your utility bills. And by doing each of these things, you will then have a greater capacity to save money and spend more on items your business needs.
Going green will improve your reputation
A business can live or die based on its reputation, so if you want to avoid allegations of bad practice, be they slanderous or otherwise, know that by going green, you will turn the tide of public favor towards you. After all, would you do business with a company that was behaving unethically? We are imagining not, so consider your local community. By doing such things as using sustainable materials in your packaging and eliminating the waste you send to landfills, the public and your local media will have less reason to slam you. As a result of this, you might have more customers coming your way, especially when your nearest rivals are failing to show their green credentials.
Going green will improve employee morale
A happy employee is a productive employee, so by applying green principles to your business, you will impress those members of your staff who are keen to do their bit for the environment. And by using green initiatives, such as allowing for telecommuting, you will both cut down the commuter traffic on the roads, and improve your employee’s morale further by giving them the opportunity to work from home. It’s also worth noting that by going green, you are more likely to attract the best hires from the millennial workforce, as according to this engagement study, 64% of millennials take into account a company’s environmental commitments when they are deciding on where to work. Not only will this benefit your business, but it will give you a further foothold over your competitors in the cutthroat business world you operate in.
So, if you haven’t fully gone green within your business yet, perhaps now is the time to do so. With a reduction in business costs, an improved reputation, and happier and more productive employees, the benefits to your business are clear. It makes perfect business sense, and alongside the world-saving benefits too, you would be foolish not to take action soon.
When you own a business, it can feel like you are in a never-ending cycle of waking, working, sleeping and little else. Seeing photos on Facebook and Instagram of entrepreneurs that have cracked some secret code and are working on the beach sipping coconut water… And yet, your reality seems a far cry from that? While no doubt there are plenty of people who have made that work for them, it isn’t the typical case. But you still need to look after yourself.
Stress can have a significant impact on your performance, and that will lead to a knock on effect and impact your business too.
Move
Sounds simple enough but when you run your own business, the chances are you are pretty stationary for most of your day. Unless you have a standing desk or one with a treadmill attached you’re probably not moving as much as you should. So, aim to get a daily walk of between 30 minutes to one hour in the morning before you start work for the day. Take the stairs instead of the lift, and perhaps even a bike. While you do your emails, you can cycle too. Don’t be tempting to be on your phone while walking, you might end up in a serious accident and need to look into a hit and run investigation.
Meditate
Yes, the big buzzword in self-care. But, only because it has been proven time and again to be fantastic for tackle stress levels, depression and helps you focus in other areas. If you haven’t ever meditated before, then you should start with something guided. The Headspace app has a range of free options and begins with a quick three minutes to help you get used to meditation. The calm app has a variety of options and various guided meditations to tackle work issues. In general, you should look to fit in at least ten minutes a day.
Disconnect
It is tempting to use your phone and computer on your downtime, but the chances are you will drift into working. Your brain naturally associates your work station, computer, and the phone you use for business calls – for business. Making time to disconnect from those is essential. Constant notifications, calls, emails, pings, rings, and blue light just isn’t great for us. Turn your phone notifications off, leave your computer off and read, write or walk. It is tempting always to stay available and networking, but the same business opportunities will be there in the morning, or on Monday.
Sleep
Oh, what a surprise that sleep in on a self-care list. Well, sleep is of course obviously, but quality sleep to the point of real rest and recharge is something else entirely. Dr. Steve Orma states that when we try to sleep, we are likely to sleep less. By focusing on trying to drift off, our brain stays awake to check if we have managed to go to sleep yet. So try to head to bed when you are tired, and not until. When you are in your room try not to do anything too exciting like watching telly or scroll Facebook. Instead, just lay down, take a few deep breaths and relax. It is often helpful to listen to calming music, rain or sleep stories.
Self-care isn’t all about bathing in bubbles and drinking some tasty fizz, it can be about small changes to improve our stress and sleep.
There is a lot of advice out there on how to get started running your own business and that’s fantastic. After all, despite the fact that the internet has made it easier than ever, starting your own business is still a pretty scary prospect and new business owners need all the support and guidance they can get. However, one problem with this is that it gives the impression that once your business is established then that’s it, you can just sit back and relax. Anyone who’s ever run a business can tell you that this is obviously not the case. The truth is that establishing your business is just the start of a much longer road. You’re going to need to start thinking about ways your business can grow and improve. With that in mind, here are some things that you may want to consider when the time comes to expand your business.
New products
The most obvious way that you can grow any kind of business is to diversify the kinds of products and services that it offers. When you first start any kind of business it’s always a good idea to keep your scope narrow but to do a small number of things incredibly well rather than trying to stretch yourself too thin. However, as your business grows and you have more resources to spare, it’s a good idea to start thinking about ways that you can connect with customers in different ways or products that connect to the core of your business in new ways.
A warehouse
As your range of products grows then there’s a chance that storage is going to become more and more of an issue. After all, there’s only so much space in your home to fill with your products and hiring out a storage space is an incredibly inefficient use of money. With all of that, a warehouse becomes a highly necessary part of any decent sized business. Of course, you then need to think about everything from inventory management to bringing in the right employees to keep it running.
Logistics
Among the many things you may want to bring in-house as your business grows, the transport of your products to vendors and customers should be at the top of your list. Of course, any kind of logistics brings with it a degree of challenge from vehicle maintenance to fleet risk management. One of the most important things is to start small. You don’t need an entire fleet of trucks right away.
Of course, you shouldn’t be in too much of a hurry to grow your business. Just because things are going well doesn’t mean that the time has immediately come to change things up. If you try to grow your business too quickly then there’s a chance that it could well collapse under its own weight as you struggle to deal with the increased pressure that comes with a larger business. Whenever you’re trying to grow your business the most important thing to remember is that the growth should always be sustainable.
Launching a business is a massive step to take, and one that you cannot afford to mess up no matter what you do. The launch of your business is going to set the tone for the rest of your business’ life on the market, or at least for the next couple of years and that is why you need to be careful. In this article, we are going to be looking at some of the things that you can do to ensure that you have a successful business launch. Keep reading to find out more.
An Amazing Event
The first thing that you need is an amazing event. There are many event planning companies around who can provide you with the top quality service that your new business is going to need. Planning an event is no easy task, especially when it is on the scale that you are going to need your event to be. Without this, people are not going to know that your company is launching, they might not know your name or anything about the business which is always bad news. You want people to be talking about your launch event for weeks before it happens, and weeks after. This is only going to happen if you hire the best to assist you here.
Hosting a launch event can be difficult, but with the right kind of help you can pull it off easily. Just make sure that you do everything your planner says, and the whole night will go off without a hitch!
A Service People Want
If you are going to be launching a business, you need to make sure that you are offering a service the people want. Either that or a service that they need. Without this incentive, people are not going to bother with your business in the first place, and this is going to harm you greatly. You need to have done your market research before you came into the industry to make sure that what you are offering is something that people are going to go for. It is not a hard task to find the gaps in the market as long as you are willing to invest the time into getting this information.
Marketing Madness
The final thing that we are going to look at is marketing. You one hundred percent need to make sure that you are heavily marketing your event. Whether you decide to hire a professional to help you or go it alone is completely up to you, but do make sure that you are employing a whole range of marketing strategies. For example, ensure that both online and offline methods are being used. Otherwise, you are going to miss out key groups of people that you want to see your business. However, you also need to make sure that your marketing is steered towards the right kind of demographic, or you might lose customers this way as well. That is why you should think about having someone on your side who has been through this before.
We hope that you have found this article helpful, and will follow these business launch tips!
When it comes to business, we can often need all the help we can get. As an entrepreneur, it can be so tempting to want to do everything yourself. The idea that someone else could take control away from you means that you don’t have the capacity to accept that it might thrive instead of fail. But, all good businesses need people to help make their businesses more of a success. Often we can be influenced by people, whether online or in their presence, and it can be a positive thing. Here are some of the ways you can be influenced.
Influenced by family
When it comes to business, it can be difficult to not be influenced by your family members. Sometimes you are influenced because you work in the family business, or that your mother or father has seen you as a prodigy to them, the person that will step into their shoes. A little like Belinda Stronach, for example. Family businesses or having them be a big influence in your business can be hard to handle, but sometimes there can be some solid advice and decent past experience to acknowledge. You might also be influenced by parents who are desperate for you to want to be better than them, and more of a success. It can happen, but you need ot remember to choose your own path.
Influenced by social media
Your business can be heavily influenced by social media, especially if you take notice of what your competitors are up to. You may notice that they share things in a different way. Or that they try and do things differently to you, and so you want to capitalise on that. You might also be influenced by people who are not in your line of work, but just happen to do social media marketing well. There is a lot of positives that you can take from it, but you might also need to remember that you don’t want to be sucked in or to copy other content.
Influenced by peers in your business niche
Heading to networking events can be really good for you and your business, but you also run the risk of it being something where you feel pressured by your peers. Everyone will always talk a good game. They will always big themselves up and talk positively about themselves and their business, and you could be easily sucked in by this. This is when you are influenced, but perhaps not in the best possible way.
Influenced by past experiences
Finally, there is no denying that you may be influenced by your past experiences. These are the things that can help you to make better and wiser choices in the future. They are also the things that can help you to be more aware about the steps you do need to take. Never regret your past and the experiences that you have and use them as lessons to learn for the future.
Let’s hope this help you to be more aware of the influences you have for you and your business.
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