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Starting And Running Your Own Restaurant

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Do you want to get started in the hospitality services or cafeteria food services? Whether you’re operating out of a catering van or you’re running a restaurant, it’s a dream a lot of people can afford to do nowadays; years of family recipes being passed down through the generations and you’ve got yourself a time honored tradition that people love to indulge in. If you think it’s time to make money off Grandma’s mashed potatoes, here’s a couple of tips on getting started in the food business.

Make Sure You Love to Cook

Running a restaurant means you need to know your craft and know it well. If you don’t like the ins and outs of cutting up a chicken or frying off your vegetables without getting them brown, and you know inside you’re not willing to learn, this maybe isn’t for you. Of course you can bring in talented chefs and let them go to town with their skills, but if it’s a family run business you need to be personally invested.

Similarly, if you’re not invested in what you do, it’s very unlikely you’re going to be able to grow in the potential you should. You’re less likely to be on the lookout for opportunities, and you can more easily get bogged down.

Find a Good Place to Start

Location is everything in the food business, especially when you’re running a themed restaurant. You need to be able to attract people to your business and have free advertising from your shop front. Thankfully people like to eat, so this usually works in your favor.

Individual growth is also important for an ever growing market sector. Shop around for somewhere affordable that you know you can do something with. You may need to expand a seating or kitchen area at the end of the day, when you’ve drawn in enough customers and got yourself a good following. Plan for this from the beginning and you won’t be able to disappoint yourself or your clientele.

Know Where to Find the Parts

If anything goes wrong in your kitchen, you’re going to want to know what you can do to quickly replace any faults. The cooking area is your livelihood, so if that goes down, so does business! Don’t let yourself panic by doing a little preparation before you get yourself up and running; planning ahead is always the best way forward.

Let’s run through a quick example: for your cooking vats, or any part of your system that takes away waste oil and water, your waste storage systems are a very important part of your working life. Look into something like Simplex Pipeline Strainers when these stop doing their jobs and you notice a difference in the cooking ability of your oil.

Whilst food is serious, restaurants are lovely businesses to start and run, as you’re making good food for a mostly appreciative customer base. It just makes it all the sweeter if you can specialise on your local culture and climate as well.

4 Guidelines for Starting Your Own Business

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StrategyDriven Starting Your Business Article | 4 Guidelines for Starting Your Own BusinessStarting your own business is a complex process that requires careful planning and important financial decisions. Here are a few steps to guide you through your journey and help get your business off the ground.

Reanalyze Your Idea

If you’re interested in starting your own business, you probably already have an idea of what you want to market. However, you’ll need to reanalyze your idea to ensure that it’ll offer something original to the public. Asking yourself questions such as, “Is there a need for this product?” and “Is this product innovative?” will help you determine whether your idea has the capacity to succeed.

Create a Business Plan

Once you’ve decided that your idea has what it takes, you’ll need to draft a business plan to take your business to the next level. Your business plan serves as a roadmap that details the various stages of development, ranging from start-up to eventual advancement. Mapping out your business plan can be a complicated process, so don’t be afraid to reach out for help if you need it. A business coach near me can identify your business’ strengths and weaknesses, instill a sense of professional confidence and ultimately help you reach your goals.

Create a Financial Plan

Starting a business requires an initial investment before you can make a profit. Some of the costs you’ll have to cover include insurance, licenses, rent and utilities. One of the main reasons why small businesses fail early on is because they run out of money before earning a profit. Therefore, creating a financial plan can help you map out how much money you’ll need to launch your business and ensure that you have enough to keep things running smoothly for at least the first year.

Choose a Business Structure

There are four main types of business structures: sole proprietorship, partnership, corporation and limited liability company. A sole proprietorship is the most popular structure, in which you are the only person who owns and runs your business. In contrast, a partnership consists of two or more individuals. A corporation is owned by its shareholders, not individuals, and you won’t be personally held liable for your business’ debts. A limited liability company is similar to a corporation in terms of its protections, but it allows for similar tax benefits as a partnership. It’s important to educate yourself on the various business structures to ensure that you choose the best one for your business.

If your business doesn’t achieve success as quickly as you’d like, don’t be disheartened. Although starting your own business can seem overwhelming at first, following these steps will help you on the path to success.

How to Start Your Own Small Business

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StrategyDriven Starting Your Business Article |Small Business|How to Start Your Own Small BusinessIf you have dreamed about being an entrepreneur and starting your own small business, the process may be easier than you imagined. Since you are not opening a large or medium business, the steps to create your business are much more manageable. You do not have to deal with stock, public trading, large demands for capital, or complex tax or legal issues. Here is what you need to know about taking on this endeavor.

Steps to Starting Your Own Small Business

You can quickly launch your business after completing these steps:

Business Planning

Every business should have a business plan. This is the foundation of your request for outside funding. However, even if you do not require funding from a bank or other financial institution, a business plan can be helpful in creating a roadmap on how to operate and grow your business.

Funding Your Business

You may need some initial capital to start your small business, such as to pay for inventory, equipment, staff, and other needs. You may have several options to fund your business, such as:

  • Using personal funds
  • Asking friends and family to invest
  • Using crowdfunding
  • Borrowing from a bank or other financial institution
  • Seeking out investors

You will want to consider the funds you need to initially start your business, as well as your capital needs for the future. You don’t want to make an initial ask for funds and then have to return to ask for more shortly later.

Pick a Business Location

The location you choose for your business can have a dramatic impact on the potential success – or lack thereof – of your business. The business location you choose can affect your revenue, legal requirements, and taxes. Additionally, if you choose a bad location that is associated with past problems or legal issues, this can negatively impact the community’s perception of your business.

Use appropriate tools to get an address report about locations that you are considering. This can help you to be informed about the location and any potential issues with it.

Select Your Business Structure

The legal structure you select for your business will impact important aspects of your business, including requirements on how to register your business, your potential personal liability, and the amount you pay in taxes. Common types of legal structures for small businesses include:

  • Sole proprietorship – This is the simplest structure to have and if you do not choose any other structure, this will be the default classification for your business. With a sole proprietorship, you do not have any protection from personal liability and your business income is taxed at your individual rate.
  • Partnership – A partnership involves two or more people who are in business together. It is possible to limit personal liability with certain types of partnerships.
  • Limited liability company – A limited liability company has the same types of legal protections as a corporation but provides tax benefits of a partnership.
  • Corporation – A corporation is a separate legal entity from the individual owners. It can own property, pay taxes, enter into contracts, assume liability, and make and defend against legal claims in its own name. Corporations provide protection against personal liability.

You will want to choose the business structure that best suits the needs of your business, now and in the future.

Register Your Business

You will want to register your business to make it legal and to establish a brand for it. You will likely need to register with the government, potentially with the federal, state, and local government. Corporations must file articles of incorporation that identify the business name, its purpose, the legal structure, and other pertinent information.

If you hire employees, you will need an Employer Identification Number.

Acquire Legal Permits and Licenses

You may also be required to obtain various legal permits and licenses to legally operate your business. These vary by your state, location, industry, and other factors. Some trades require you to maintain a professional license. You may also need a permit before you collect sales tax from customers.

Purchase Insurance

Keep yourself protected by purchasing a general business insurance policy. You may also inquire about other types of insurance that may be able to protect you, such as errors and omissions insurance. A competent insurance broker should be able to inform you of your options.

Seek Out Additional Resources

Fortunately, there are many places that you can turn to for assistance and information. The Small Business Administration offers a wealth of information, including many free resources. Many states also have other organizations that provide assistance to small businesses and can help with everything from market research to financial planning. You can also check with the agency where you must register your business for additional assistance.

Conclusion

By following the steps above, you can soon be on your way to starting your own small business and becoming your own boss. Good luck!

About the Author

StrategyDriven Expert Contributor | Ben HartwigBen is a Web Operations Executive at InfoTracer who takes a wide view from the whole system. He authors guides by sharing the best practices and does it the right way!

Start Your Own Business Online

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StrategyDriven Starting Your Business Article | Start Your Own Business Online

To be or not to be is not a question anymore.

Either you “be” on digital platforms or prepare for the closure of your venture.

Running an online business is the need of the hour. Given how a pandemic could shake the entire corporate world’s roots, we can no longer be sure of what comes next. Online business is the safest option to ensure financial security.

The best part?

It gives you the freedom to make money from anywhere in the world. It doesn’t always have to be a tangible product. You can even sell your skills, talent, and educational expertise online. According to Fundera statistics, global ecommerce sales might hit $4.8 trillion by 2021. As for providing services over the Internet, those numbers are on the rise too.

Don’t fret if you are one of the noobs. You can follow a proven set of steps to ensure success when initiating in the online business world.

Here is how it goes:

Find a need and fulfill it

Most people start by looking at a product they are strong at. Instead of analyzing the market, their aim is to come up with a flawless product structure.

Remember, you need to solve a specific problem faced by the people. Plus, ensure there are potential customers for it. Look at how your idea could help people differently.

For example, Google improved the online search process. Netflix provides on-demand streaming media, and Uber is trying to improve the on-demand car service. Although your product or service may not be a must-have, you could still find a way to repurpose it and resolve a dire need.

The Dropbox co-founder Drew Houston speaks highly of such entrepreneurs when he says that the happiest and most successful people he knows don’t just love what they do; they’re obsessed with solving a significant problem, something that matters to them.

Passion, coupled with innovative problem-solving, could beat all obstacles blocking your digital journey!

Write a stellar copy

It doesn’t matter if you have a food business, a construction company, or even a photography studio. Every venture needs and compelling copy to make the desired mark upon its prospects. A good composition will motivate, encourage, and convince your audience to interact with your business.

Essentially, a copy refers to the marketing text found on leaflets, flyers, and billboards. In the case of an online business, it is the content found on your website aiming to understand the emotional impetus behind any purchase. There is also smaller stuff like social media posts and product descriptions, which require incredible copywriting.

Hence, it is imperative to invest in a good copywriter to improve your overall brand image. Your customers won’t consider the magnitude of your operations when going through your website. It is how you string your professional insight into compelling words that can leave a lasting impact on them.

This is one reason why 64% of the B2B marketers outsource their demanding copy needs.

Unlike other paid marketing campaigns, a good copy will continue to promote your online business for a prolonged time.

Use search engines to drive traffic

Online visitors today are using search engines more than ever before. According to the Internet Live Stats, Google processes 40 000 search queries every second on average. This translates to 3.5 million searches per day.

Considering the intense competition online, new business owners must implement a scalable search engine strategy.

Working on SEO and SEM could be your best shot. SEO is a powerful way to drive evergreen traffic atop the funnel. Meanwhile, SEM refers to using paid advertisements that pop up on the search engine results page. Advertisers bid on the keywords entered by the users of Bing or Google when looking for a specific product/service.

Ideally, seeking assistance from local SEO specialists could be your first step when starting your online business covering a certain vicinity. For example, you could get help from a Seattle SEO expert to devise your online marketing campaign if you are a startup in Seattle.

They could help you gain insight into optimizing your website or starting a pay-per-click advertising campaign. The former involves attracting organic traffic to your portal. Meanwhile, the latter (PPC) consists of showing ads instantly on the search engine’s first page. Besides getting you an instant traffic flow, PPC ads will allow you to discover your best and highest converting keywords.

Verdict – Stay in the information loop to maintain relevance

One of the main ingredients to ensure your success in virtual paradigms is – constant upgrading.

If you are planning to kickstart an online business, make sure it fits the current trends. From website design to customer satisfaction – everything has to fall in line with the industrial standards. Each time you feel like you’re drawing apart from the prevalent ideas, work hard to up your game.

We hope you’ll sneak up the search grid and stay there!

About the Author

Evie Harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

Find her on Twitter:@iamevieharrison. Learn more about Evie at about.me/iamevieharrison.

Starting A Small Construction Business

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Being handy with tools can provide more benefits than simply keeping your home in good repair. Using your skills and experience to develop your own construction business can provide a source of income that allows you to be your own boss and set your own hours. Even though your future business is small, it requires careful planning and organization to increase the chances of success. Like other types of small businesses, small construction companies must follow regulations and work hard to earn a customer’s trust.

StrategyDriven Starting Your Business Article | Starting A Small Construction Business

Plan well

Write a plan for your business. Known as a business plan, this written document provides a roadmap to get your business started. Include your goals and outline the methods you will use to achieve those goals. It includes sections that deal with the financial aspects of your business, the intended clientele, the necessary tools, the equipment, and supplies, as well as the advertising plans. Print your business plan on paper to present it formally.

Apply for a loan to obtain any necessary financing for your new company. Take your formal business plan with you to present to the banker. Talk about your reasons for starting a construction business, including why you think you will be successful. Talk about your loan options, including interest rates and terms.

Check regulations

You may need to be part of a union, so look for information on how to acquire a construction license or membership. Look for services in your area, how to apply for a business license, register your business name, and pay licensing and certification fees. Request a company identification number through the Internal Revenue Service. Contact a surety company to request one.

Take an inventory of tools and equipment. Bring any tools or equipment you have to repair, in case they need it. Buy the items you need to complete basic construction tasks, such as ladders, saws, carpenters’ levels, drills, and bits. Do you need any specialist tools and products, such as ptfe tubing or corrugated pipes?

Advertise your new construction company in various media to attract customers. Advertise discounts to your first customers in a business. Notify your friends, neighbors, and family of your new company. Ask them to spread the word to their friends and co-workers. Personal recommendations can encourage homeowners to go inside their homes for construction work. It would help if you came up with a strategy on how to advertise your construction company. You may want to start a website that contains information about your company and how different they are from other contractors. You can also use traditional advertising methods such as printing business cards, flyers, and brochures – make sure you include a reference to your website.

Starting a construction business can be profitable and exciting, but it does take work. The risk of failure can be carefully minimized by considering a). where you will receive funds b). what you will do when accidents occur c). who you will hire to help you d). how you will bid on projects, and e) how to find your customers.