4 Things You Must Consider Before Starting a Company

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StrategyDriven Entrepreneurship ArticleStarting a company will never be easy, especially if you are new to the business scene. There are several aspects to consider before beginning which can make things easier from the start. Have a solid idea, but know you may have to bend this to fit obstacles that come your way and you have the right mindset to begin. Friends, family and colleagues will all tell you different things about starting a company, the best people to listen to if you want advice is professionals. Before this, have these things sorted and you will find the transition to becoming a successful company owner a lot smoother.

Understand the Law

This is the boring bit, but unfortunately is such a huge part of owning your own company. If you are lucky enough to already have a law degree then you are pretty much sorted. If you aren’t that lucky (which most of us aren’t!) then the next step is some research. You need to know what regulations your company needs to follow, what taxes will need to be paid and any licenses you may need to have to run your company. There are professionals that can help you when starting your business if you are unsure, such as lawyers and accountants.

Check Your Company Name is Available

This seems like such an obvious step, but can be forgotten within all the legalities and plans you need to consider. The last thing you want is to start a business to find somebody already owns it, after you have put the time and effort into establishing your name and company. An internet search is not enough, as although you cannot find the name on the internet, somebody could have trademarked the name or it is a closed business- this means you are still breaching the law. CFS International Formations offer a trademark search on their website for those interested in offshore company formation.

Be Careful with Money

Knowing how much to put in a company is hard. You can over and under-spend very easily. You need to have the money, and know how much is going to go into your company before starting, as it can be very hard on you and your family. There are things that you will need for your company to be successful depending on what it is offering, and some things you may want to offer, that may have to take a back burner until you are more successful.

Perhaps purchasing adverts is something needed early on, rather than offering customers incentives to join your company, even if that was your original plan. A part-time job could be an option when first starting out, if your company isn’t taking up all of your time whilst it is still finding its feet. If you find spending money in the right places hard, there are many apps that can be used to keep track of your money and help you visualise what you have to spend.

Are You Ready to Begin?

Starting your own company does take a lot of time, effort and cash. Even if it is your dream and you have your idea and you want to get started right now, you need to know you are in the right place to do so. Many people start a business too fast and for this reason, life gets in the way and they may not succeed. Are you in a place where you can give up most of your time to your new company? If something is happening in your personal life, it may be best to sort this out first before venturing into this new adventure. Life will always throw obstacles at us, but we know best when we can cope and with how much. Do not take on so much it overcomes you.

You also need to be aware of money. When thinking about the money you have to put in to your company, your personal life needs to be taken into account also. Have you worked out how much your living costs, transport, rent and any of other bills may take out of your budget? If you cannot afford to live, your company may need to take a time out until you’ve saved up the appropriate amount to look after yourself too.

There are many people out there that can help you when starting your own business, but getting these 4 steps in place before you consult them, can save you a lot of time and money. The most important thing to consider when starting a business is you. You need a good understanding of the legal side, enough money behind you to still have a personal life and the knowledge that starting your own company is going to be stressful and hard, but extremely rewarding.

Photo by Andrew Neel on Unsplash

Cut The Costs of Your Business Without Cutting Corners

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In business, being able to keep costs as low as possible is key to get the maximum return for your business. But what many businesses get confused with, is the fact that cutting costs doesn’t have to jeopardise jobs or quality in your business or product. If you think honestly about how to resolve the business’ insufficiencies, then it can really make a difference. So here are some good ways to reduce costs at work, without having to reduce quality. Because in the long-run, if quality is reduced, it is going to affect your bottom line after all.

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Reduce Overhead Costs

If you have reduced costs of where you work from, then it can make a big difference. Your office and employees can cost you a lot of money. So could you arrange a rota where half work from home on certain days and then swap on other days? When you need a smaller office space, or don’t need an office at all, it can make a massive difference. You could also look to outsource or always hire remote employees from now on. Those are both ways to cut down costs, but still get the job done to a good quality.

Outsource

Along similar lines, outsourcing is a great way to cut down costs but still get some exceptional work done. The reason being, you get experts in their fields working as freelancers. They will dedicate their time to your project to get it done and then that is it until you might need them again. So it makes things cheaper than having a full-time employee. It also helps to work to timelines, which is helping to still delivery a top quality product or business to your customers and clients. Look at your current tem, though, to see where their existing skills lay. If you have someone that is quite capable to achieve the same task, then it could be cheaper for them to do it. It all depends on what people are already able to do.

Avoid Company Cars

Company cars can be a massive expense for the business, particularly when it come to tax. So if your business involves a lot of driving to see clients, then using your own car and expensing the cost of the fuel can be a cheaper way to go. It can also work out cheaper to lease cars, from somewhere like Flex Fleet, for instance. When you only need cars or trucks for a set amount of time, then it means you only pay for what you use, rather than it taking a chunk of money out of the business.

Talk To Suppliers

If your business involves working closely with suppliers, then make sure that you are doing just that. Your costs are going to affected by their costs. So talk to them regularly about how to improve systems as well as reduce the cost of things. It may be that they need a new piece of equipment to make something quicker and cheaper in the long-term. If so, you could help them towards it, for example. It is certainly worth having that conversation, though.

Business Events: Why You Need To Hold One!

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Event hosting is, without a doubt, one of the very best ways to promote a business, and yet, few businesses are taking advantage of this simple method of promotion. Companies from all manner of industries, from technology to beauty businesses, are hosting events, and are reaping the rewards from doing so.

A lot of small(er) business owners are under the common misconception that event hosting is something that is made for larger businesses. However, that isn’t necessarily the case – event hosting can be beneficial for businesses of all shapes and sizes.

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Arranging an event doesn’t require a huge budget, despite what you might have heard, so it’s a fantastic way of promoting your business regardless of its size and your budget. The events that you host don’t have to be overly lavish with hundreds of attendees, speakers, and lots of food and drink, they can be a more modest affair. Instead of hosting an event at your place of business, you can hire a venue, use event equipment rental, and outsource all of the other tasks that come with holding an event. The fact is that to be a success; an event doesn’t have to be expensive.

Now, onto the question of why you should host events in the first place. For a guide to all of the best benefits of event hosting, read on.

Brand exposure 

One of the major benefits of hosting business events is the brand exposure that comes with them. When you hold events, whether they are for other business owners or local people, they offer a fantastic opportunity to gain exposure within the local community. Your company’s name will be associated with the event that you host, promoting your business to a wider audience.

A more targeted audience 

The reason that business events can be such an effective method of increasing your customer base is because you have a more targeted audience to appeal to. The fact is that different event types attract different people, and the chances are that your business event will link to your business in some way, and will attract people with an interest in the industry that you are in. This gives you a more targeted audience to appeal to, and a better chance of boosting your customer base with relevant customers.

Chance to network 

Hosting a business event that appeals to both other business owners and the local community is a great chance to network. The fact is that these kinds of events not only allow you to get to know your customers and potential customers, but also other people within the local community who own and run businesses. You never know, one of these companies could end up being a good match for your business, and you may be able to forge a brand partnership because of it.

The fact is that hosting a business event is a great idea for a whole range of reasons, but especially because, if you take the time to plan it properly, it can be a fantastic way to network with other relevant people within the local community.

5 Ways to Enjoy Your Break Time during a Long Day of Work

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If you’re struggling through a hectic day at work, it’s likely that you’ll spend a lot of time dreaming about your next break. Taking regular breaks is a fantastic way to stay motivated and energized throughout the day. This is especially true if you’re using your break times effectively. When you’re planning your week ahead, make sure that you think about more than just the tasks that you want to complete. You should also consider how you’re going to get the most out of your free time. If you’re searching for inspiration, you’ll need to read on. Below are five ways to enjoy your break time, during a long day of work.

Socialize with Your Work Colleagues

Even if you already have a strong working relationship with your colleagues, it’s important that you use your break time to socialize with them. Add a drinks machine to your office space. This is a great way to get to know everybody on a more relaxed level. Investing time and effort into your work place friendships will ensure that you always have someone to turn to for support and advice. It will also set you apart as someone who can strike the perfect balance between friendliness and professionalism.

Put in Your Headphones

It might not be the most social of options, but putting in your headphones is an easy way to escape the outside world. If you’re dealing with a particularly stressful day at work, you might be desperate for a little time out. Why not listen to a humorous podcast or hum along to an uplifting tune? This is a simple yet effective way to lift your spirits.

Try Meditation

You could also deal with a stressful day by enjoying a spot of meditation. This practice will help you to clear your mind and control your breathing. Even if you’re surrounded by chaos, meditation will help you to stay strong and centered. It will also allow you to put your problems into perspective.

Enjoy Vaping

If you love to vape, your break time could be the perfect opportunity for you to indulge. Just make sure that you find a suitable area that you can escape to. You should also make sure that you’ve invested in the appropriate vaping equipment.

Download Interesting Apps

You should also consider downloading interesting apps onto your technological devices. This is a fantastic way for you to enjoy your few free minutes. You could download a range of games that don’t take too long to complete. Alternatively, you could download apps that provide you with motivational quotes, random facts, brain teasers, or riddles. The important thing is to find apps that you look forward to engaging with. It will be much easier to get through a boring meeting or a large pile of work if you’re genuinely looking forward to your break time.

The 6 Most Common Mistakes New Online Business Owners Make & How to Avoid Them

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StrategyDriven Entrepreneurship Article | The 6 Most Common Mistakes New Online Business Owners Make & How to Avoid Them

Growing an online business is as much about learning what we should be doing, as it is about learning what we should not be doing. It is important to have a solid plan in place with a trusty list of your ‘to-do’s which can be satisfyingly ticked off as you go along. However as you move forward with your new business it is also just as important to be aware of the things that you should avoid and the common pitfalls involved in starting an online business. Whilst the obstacles to starting an online business are low, the potential initial mistakes, that can affect the long-term success of a business can be high. Read on for our list of the six most common mistakes that new online business owners make and our tips on how to avoid them.

A Weak Business Plan

It is all very well and good having a fantastic idea but if you don’t have a solid plan of attack then you could be on a backfoot before you’ve even gotten started. Whilst it’s not necessary to have a formal business plan, a plan of sorts is extremely necessary. In order to build an effective business plan you need to be considering the following: Who is is your target market and what do your customers look like? What is their ‘pain point’ and how will your product or service help them with their problem or issue? What are you selling and why would anyone be willing to pay for your service or product over your competitors? What makes your business different and how do you plan to position yourself to stand out alongside your competitors?

Alongside exploring the above questions you will also want to be thinking about the budget that you have available to you and how long that will last. You will want to be submerging yourself in a constant learning curve about how best to market yourself utilizing social media platforms and other avenues that will benefit your business. You will also need to be thinking about the details such as logistics, hiring staff, your accounting and your website content and strategy. You will realise that as your business develops so will your knowledge and understanding of all areas of business. You will essentially be ‘learning on the job’. However having at least a basic plan of the above will help you to avoid coming up against unexpected surprises and bumps within the initial first few months.

Becoming Obsessed with Detail

It is very natural to want everything to be perfect before we launch the fruits of our hard labour. We completely concur and agree that there are many things that need to be in place and fully functional before launch date. However becoming too hung up on the minute details of a new website has delayed many a business from launching and therefore has resulted in months of lost business revenue. You would be surprised how easy it is to fall into the routine of carefully analysing every last detail, tweaking, changing, moving, shifting, then changing it back to how it was in the first place. This process stalls the process of moving your business forward so try to be relaxed with the smaller details and keep modifying and playing with the details, as you go along in order to experiment with what works and what doesn’t.

Being a Bit Too ‘Old School’

Regardless of what generation we are from there is no denying that we are all now living in a digital age. For many of us that have been in business for a while and have different tried and tested ways of promoting and growing businesses it is easy to dismiss elements of modern technology and software as a ‘passing fad’. However there is so much technological support now available that will benefit your business that it is essential to be getting your head around the modern developments that will help you to grow your online company.

Regardless of what type of business you are planning, the bread and butter or the ‘first impression’ of your business, is going to be your website so this is always a good place to start whether you are focused on investing in software to prevent enterprise-level disasters with SEO alerts to ensure that your content is doing your business justice. Or perhaps your problem area is keeping on top of the finances in your business in which case you should be looking into the software and programmes available to support you in that area. There really is a whole world of wealth when it comes to the software, technology, apps and programmes available to you that will help you to grow your business to future and long-term success, so make sure you are taking advantage of it.

Not Focusing on Finances

One of the most common areas where businesses fail is through lack of proper financial planning. Many new online businesses fall foul of running out of money before they get to the point where they are making any and there is no other choice but to abandon the project. Therefore long-term financial projections are essential in order to plan out your time efficiently. Look into how much money you have in order to be able to run your business, how long that money will last whilst also factoring in a contingency budget that will cover you for unexpected costs and expenses along the way. Too often online business owners have to quickly try to pull funds together after realising that their budget is almost gone. By then it is probably already too late. So plan effectively in advance and keep your eye on your finances on a regular basis in order to avoid burning yourself out too quickly.

Lack of Confidence in Product or Undervaluing Your Service

It is very common for businesses in the initial months to want to just get the orders and the business rolling in and commonly that is to the detriment of a solid pricing structure. This is a big mistake however as lowering the price of your products or service is essentially devaluing your product and damaging your business. You should not be creating a business in the first place if you don’t believe in your product, so make sure that you are staying true to the proper pricing of what you are selling in order to build your business in a solid way.

Customer Service Focus as Secondary

As the sales come rolling in, a common mistake is to feel content that success is yours and that your job is done. However major value in your business is how you take care of your customers after their purchases. It is a dangerous mistake to see customer service as an afterthought for your business, as good customer service can be the make or break of any company. Living in the online age makes business easier in a lot of ways but it also makes the world of business pretty cut-throat too. Customers are savvier and more demanding than ever and if they are made to feel unimportant or unhappy, in any way, by a company, you will certainly know about it.

Dealing with customer service as a priority for your business means that you can look after your clients in a way that makes them feel valued and important to your company. That will keep them coming back and loyal to you and your business. Ignored requests, enquiries or complaints can, and very often do, lead to damaging public reviews that not only ensures they are never coming back to you again, but will also work as a huge deterrent to any new potential customers.

A good way to improve your customer support is to incorporate a Messenger chatbot. With SendPupulse you can build one even if you don’t have coding skills and it’s free.

Recognising the above mistakes and taking great strides to avoid them will go a long way in steering your business in the right direction and keeping it on track for long-term success.