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, operational strategy, and incorporating 3D rendering company services to visualize and present real estate projects, which can help attract potential investors or buyers.
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.
https://www.strategydriven.com/wp-content/uploads/pexels-aleksejs-bergmanis-681368.jpg8541280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2023-02-14 19:00:092024-09-26 09:14:57Developing A Winning Strategy For Real Estate Entrepreneurs
As a startup, one of the big struggles you will face is how to get the word out about your brand. Brand recognition is a goal that all entrepreneurs aim to achieve, and there are many ways to go about it. While creative ad campaigns and clever marketing can make a difference, one of the best ways to establish your initial reputation is by being featured in the media.
But how do you get media coverage when you are just starting?
According to the United States Census Bureau,nearly 5.4 million new business applications were filed during the 2021 calendar year. That’s 5.4 million brands trying to make their mark, attract media attention, and build a reputation. So, how are you going to stand out?
Attracting media attention is a great opportunity, especially for startups. In this article, we are going to look at seven ways that you can engage journalists and media outlets, earn media coverage, and build a solid brand reputation with minimal or no budget:
Write a Press Release
Email a Unique and Customized Pitch
Introduce Yourself on Social Media
Contact Specific Journalists or Reporters by Phone
Pitch Media on Help a Reporter Out (HARO)
Attract Media Attention Using Content Marketing
Get Involved Locally
Write a Press Release
One of the most direct routes for reaching out to the media is to write a press release. Brands often use this technique to showcase major events or milestones in their business. An effective press release is short and sweet at approximately 400-600 words.
When you finish writing your press release, you can submit it to thousands of media outlets for consideration through PRWeb orPR Newswire.
Email a Unique and Customized Pitch
Rather than waiting for journalists and media organizations to find you and your startup, why not reach out and put yourself in their inbox? This approach is commonly done by pitching journalists and reporters through a carefully worded email. Unfortunately, one of the biggest mistakes business owners make when pitching is sending out a copy and paste pitch to everyone in the hopes that someone will pick it up. As a result, journalists get hundreds of these template-style pitches and often delete them.
Instead, take the time to write a unique pitch for each journalist. Before writing, take some time to read through the articles previously written by that journalist so that you better understand the topics they focus on and how they approach a story. This research will give you some insight to help you write a pitch highlighting why their audience wants to hear your story and how you can provide value.
Your email should share some context on who you are and why they should be interested in what you have to offer. At the same time, you want to keep your pitch concise and to the point. Be upfront about what you pitch and why the editor receiving your email should be interested in covering it. According toThe State of Journalism 2020, over 60% of journalists prefer to receive pitches no longer than three paragraphs.
Introduce Yourself on Social Media
Leveraging social media to reach the media is an underrated strategy. Too often, social media is seen only as a marketing tool, but it’s also a great campaign tool when you get creative.
To begin, write a clear and concise bio on each social media platform that you use. Then, when connecting with reporters, don’t just jump to pitching your brand as a story. Instead, use the platform as an opportunity to connect and engage with journalists and media personnel with whom you want to work.
Like building a relationship with a sales lead, connecting with reporters on social media starts with establishing a connection. You want to be proactive in getting to know them and building a relationship while introducing your new business and its purpose. Not only will this help you to get the attention of the media in the beginning, but it will also create working relationships that can help you in the future with new product launches, announcing brand events, and other newsworthy developments.
Contact Specific Journalists or Reporters by Phone
If there are certain media outlets or journalists that you want to work with, you may wish to make it a priority to reach out to them individually. Journalists and reporters receive email pitches and social media messages every day. A great way to make yourself stand out is to take the time to contact each of these individuals by phone.
First, list the journalists, reporters, and media outlets you consider the most important for sharing your brand’s story. Some factors include the publications that they write for, their location and their writing style. Next, find a phone number for each media contact on your list.
Finally, set aside a day to make some phone calls. Make sure each conversation is unique to the person you are contacting.
Pitch Media on Help a Reporter Out (HARO)
Another simple (and FREE) way to earn media attention is by pitching reporters on the Help A Reporter Out (HARO) website. Journalists working on a story in your industry will share a query explaining what information they need.
It could be an answer to a specific question or a quote for a piece they are writing. You can pitch the reporter if you see a query that you believe fits your expertise well. The goal is to help them know that you would be the right expert for their recent piece, earning free press coverage for you and your brand.
Attract Media Attention Using Content Marketing
The Content Marketing Institutedefines content marketing as “a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.” When discussing content marketing, the audience in question is usually an audience of potential clients you hope to attract. However, that’s not the only opportunity to use content marketing to your advantage.
Create content that will showcase your knowledge and expertise to attract the media’s attention when covering topics related to your industry. You win the attention you’re seeking by positioning yourself as an expert in your field.
What content can you create to showcase your competence? This content includes written, video, and audio content such as blog posts, newsletters, emails, and social media posts. Create high-quality content answering common questions or solving problems within your industry. You will come to mind as an expert when journalists work on a piece related to your profession.
Get Involved Locally
Is your startup a locally based business? Pay careful attention to any events that may be occurring in your area that would attract media attention while also aligning with your brand. For example, if you want to build rapport and trust with your clients (and potential clients), you may wish to speak at a local convention or industry event.
Speaking to an audience in your niche helps you to showcase your knowledge and expertise. If you are more focused on introducing your brand to the community and local media, try volunteering with your staff at a local charitable event. You can showcase how many of you are present from your company by having staff wear company swag or brand colors. And once you manage to build that initial connection, don’t stop. Send simple gestures of appreciation such as thank you cards to let your audience feel that your brand is human. People love brands that connect with them on a personal level.
If you want to make a splash in your community, why not plan your event? Designing your event will ensure the connection between the event and your company is clear and your involvement is noticed. At the same time, you can make a difference and build a reputation that will showcase your startup in the best light possible.
By focusing on these seven strategies, you can position your startup in a way that will attract journalists and media organizations.
This approach will help you build a brand reputation, highlight your expertise, and begin to establish notoriety in your industry. It’s an investment today that will continue to pay off for years down the road.
https://www.strategydriven.com/wp-content/uploads/pexels-brett-jordan-10607624.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2023-02-14 12:00:342023-02-14 11:47:037 Ways to Ensure Your Startup Gets the Media Attention It Deserves
Accounting 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.
https://www.strategydriven.com/wp-content/uploads/pexels-andrea-piacquadio-3791130.jpeg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2023-02-13 20:30:042023-02-13 20:30:04Why Accounting in Business is Important
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.
https://www.strategydriven.com/wp-content/uploads/pexels-marcus-herzberg-1058277.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2023-02-07 13:00:192023-02-07 12:04:113 Essential Steps for Success for New Restaurant Owners
Product management is a high-demand job prospect, with immense growth and lucrative income potential. Not surprisingly, more and more young professionals are keen to explore it to get a career head start. Likewise, seasoned ones are also ready to switch roles to reach the next level. But the field is still nascent, and the role of a product manager may differ from organization to organization. So you may need some guidance as a beginner in the niche, even if you are an experienced professional. Here is the best career advice for aspiring product managers.
Understand the Responsibilities
You may come from a software development, business, or even arts background to start a career as a product manager. But you must understand the responsibilities of the role to prepare for it. Typically, you will need to determine customer needs, define product vision, develop its road map, and work with the product development team. You will also need to collaborate with a cross-functional team as a part of your role within your organization.
Develop Your Skills
Another tip is to develop your skills according to the product you need to manage and the organization you work for. Hard skills like a clear understanding of programming, UX, and content creation give you a good start. Likewise, you must work on soft skills such as good communication, critical thinking, and flexibility to achieve success in the role. The skills may differ organization-wise, so be ready to learn as you go.
Dig Deep Into Financial Prospects
Once you understand your responsibilities and develop the necessary skills, you are all set to dive in. But you must dig deep into the financial prospects before embarking on a job search. Start by researching the entry level product manager salary in the specific niche or market you want to target. You can also consider your skills and experience if planning a career switch. Knowing the numbers puts you in a better place to negotiate the salary for your first job in the role and later.
Survey the Job Landscape
Although the demand in the product management domain is high, you must survey to job landscape to know about the opportunities and competition. Check the options to decide on a perfect fit according to your skills, experience, and preferences. Also, understand the competition in the landscape as it enables you to prepare to beat the competitors and land the best opportunities.
Set Long-term Goals
Starting a career as a product manager sets you on the right path, but you cannot stop chasing growth from here. The best piece of advice is to plan long-term goals in the role, as it is likely to get bigger and better. More and more companies will need experts to boost sales and drive customer retention. You can make the most of the opportunity by setting goals, planning a roadmap, and defining milestones.
Becoming a product manager is an excellent career choice, but you must plan your growth route to maximize growth. Follow these tried and tested tips from experts to get a good start and grow from here.
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Developing A Winning Strategy For Real Estate Entrepreneurs
/in Entrepreneurship/by StrategyDrivenFor 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, operational strategy, and incorporating 3D rendering company services to visualize and present real estate projects, which can help attract potential investors or buyers.
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.
7 Ways to Ensure Your Startup Gets the Media Attention It Deserves
/in Online Marketing and Website Development/by StrategyDrivenAs a startup, one of the big struggles you will face is how to get the word out about your brand. Brand recognition is a goal that all entrepreneurs aim to achieve, and there are many ways to go about it. While creative ad campaigns and clever marketing can make a difference, one of the best ways to establish your initial reputation is by being featured in the media.
But how do you get media coverage when you are just starting?
According to the United States Census Bureau, nearly 5.4 million new business applications were filed during the 2021 calendar year. That’s 5.4 million brands trying to make their mark, attract media attention, and build a reputation. So, how are you going to stand out?
Attracting media attention is a great opportunity, especially for startups. In this article, we are going to look at seven ways that you can engage journalists and media outlets, earn media coverage, and build a solid brand reputation with minimal or no budget:
Write a Press Release
One of the most direct routes for reaching out to the media is to write a press release. Brands often use this technique to showcase major events or milestones in their business. An effective press release is short and sweet at approximately 400-600 words.
When you finish writing your press release, you can submit it to thousands of media outlets for consideration through PRWeb or PR Newswire.
Email a Unique and Customized Pitch
Rather than waiting for journalists and media organizations to find you and your startup, why not reach out and put yourself in their inbox? This approach is commonly done by pitching journalists and reporters through a carefully worded email. Unfortunately, one of the biggest mistakes business owners make when pitching is sending out a copy and paste pitch to everyone in the hopes that someone will pick it up. As a result, journalists get hundreds of these template-style pitches and often delete them.
Instead, take the time to write a unique pitch for each journalist. Before writing, take some time to read through the articles previously written by that journalist so that you better understand the topics they focus on and how they approach a story. This research will give you some insight to help you write a pitch highlighting why their audience wants to hear your story and how you can provide value.
Your email should share some context on who you are and why they should be interested in what you have to offer. At the same time, you want to keep your pitch concise and to the point. Be upfront about what you pitch and why the editor receiving your email should be interested in covering it. According to The State of Journalism 2020, over 60% of journalists prefer to receive pitches no longer than three paragraphs.
Introduce Yourself on Social Media
Leveraging social media to reach the media is an underrated strategy. Too often, social media is seen only as a marketing tool, but it’s also a great campaign tool when you get creative.
To begin, write a clear and concise bio on each social media platform that you use. Then, when connecting with reporters, don’t just jump to pitching your brand as a story. Instead, use the platform as an opportunity to connect and engage with journalists and media personnel with whom you want to work.
Like building a relationship with a sales lead, connecting with reporters on social media starts with establishing a connection. You want to be proactive in getting to know them and building a relationship while introducing your new business and its purpose. Not only will this help you to get the attention of the media in the beginning, but it will also create working relationships that can help you in the future with new product launches, announcing brand events, and other newsworthy developments.
Contact Specific Journalists or Reporters by Phone
If there are certain media outlets or journalists that you want to work with, you may wish to make it a priority to reach out to them individually. Journalists and reporters receive email pitches and social media messages every day. A great way to make yourself stand out is to take the time to contact each of these individuals by phone.
First, list the journalists, reporters, and media outlets you consider the most important for sharing your brand’s story. Some factors include the publications that they write for, their location and their writing style. Next, find a phone number for each media contact on your list.
Finally, set aside a day to make some phone calls. Make sure each conversation is unique to the person you are contacting.
Pitch Media on Help a Reporter Out (HARO)
Another simple (and FREE) way to earn media attention is by pitching reporters on the Help A Reporter Out (HARO) website. Journalists working on a story in your industry will share a query explaining what information they need.
It could be an answer to a specific question or a quote for a piece they are writing. You can pitch the reporter if you see a query that you believe fits your expertise well. The goal is to help them know that you would be the right expert for their recent piece, earning free press coverage for you and your brand.
Attract Media Attention Using Content Marketing
The Content Marketing Institute defines content marketing as “a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.” When discussing content marketing, the audience in question is usually an audience of potential clients you hope to attract. However, that’s not the only opportunity to use content marketing to your advantage.
Create content that will showcase your knowledge and expertise to attract the media’s attention when covering topics related to your industry. You win the attention you’re seeking by positioning yourself as an expert in your field.
What content can you create to showcase your competence? This content includes written, video, and audio content such as blog posts, newsletters, emails, and social media posts. Create high-quality content answering common questions or solving problems within your industry. You will come to mind as an expert when journalists work on a piece related to your profession.
Get Involved Locally
Is your startup a locally based business? Pay careful attention to any events that may be occurring in your area that would attract media attention while also aligning with your brand. For example, if you want to build rapport and trust with your clients (and potential clients), you may wish to speak at a local convention or industry event.
Speaking to an audience in your niche helps you to showcase your knowledge and expertise. If you are more focused on introducing your brand to the community and local media, try volunteering with your staff at a local charitable event. You can showcase how many of you are present from your company by having staff wear company swag or brand colors. And once you manage to build that initial connection, don’t stop. Send simple gestures of appreciation such as thank you cards to let your audience feel that your brand is human. People love brands that connect with them on a personal level.
If you want to make a splash in your community, why not plan your event? Designing your event will ensure the connection between the event and your company is clear and your involvement is noticed. At the same time, you can make a difference and build a reputation that will showcase your startup in the best light possible.
By focusing on these seven strategies, you can position your startup in a way that will attract journalists and media organizations.
This approach will help you build a brand reputation, highlight your expertise, and begin to establish notoriety in your industry. It’s an investment today that will continue to pay off for years down the road.
Why Accounting in Business is Important
/in Managing Your Finances/by StrategyDrivenAccounting 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
/in Entrepreneurship/by StrategyDrivenThe 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.
Best Career Advice For Aspiring Product Managers
/in Professional Development/by StrategyDrivenProduct management is a high-demand job prospect, with immense growth and lucrative income potential. Not surprisingly, more and more young professionals are keen to explore it to get a career head start. Likewise, seasoned ones are also ready to switch roles to reach the next level. But the field is still nascent, and the role of a product manager may differ from organization to organization. So you may need some guidance as a beginner in the niche, even if you are an experienced professional. Here is the best career advice for aspiring product managers.
Understand the Responsibilities
You may come from a software development, business, or even arts background to start a career as a product manager. But you must understand the responsibilities of the role to prepare for it. Typically, you will need to determine customer needs, define product vision, develop its road map, and work with the product development team. You will also need to collaborate with a cross-functional team as a part of your role within your organization.
Develop Your Skills
Another tip is to develop your skills according to the product you need to manage and the organization you work for. Hard skills like a clear understanding of programming, UX, and content creation give you a good start. Likewise, you must work on soft skills such as good communication, critical thinking, and flexibility to achieve success in the role. The skills may differ organization-wise, so be ready to learn as you go.
Dig Deep Into Financial Prospects
Once you understand your responsibilities and develop the necessary skills, you are all set to dive in. But you must dig deep into the financial prospects before embarking on a job search. Start by researching the entry level product manager salary in the specific niche or market you want to target. You can also consider your skills and experience if planning a career switch. Knowing the numbers puts you in a better place to negotiate the salary for your first job in the role and later.
Survey the Job Landscape
Although the demand in the product management domain is high, you must survey to job landscape to know about the opportunities and competition. Check the options to decide on a perfect fit according to your skills, experience, and preferences. Also, understand the competition in the landscape as it enables you to prepare to beat the competitors and land the best opportunities.
Set Long-term Goals
Starting a career as a product manager sets you on the right path, but you cannot stop chasing growth from here. The best piece of advice is to plan long-term goals in the role, as it is likely to get bigger and better. More and more companies will need experts to boost sales and drive customer retention. You can make the most of the opportunity by setting goals, planning a roadmap, and defining milestones.
Becoming a product manager is an excellent career choice, but you must plan your growth route to maximize growth. Follow these tried and tested tips from experts to get a good start and grow from here.