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The Costs Of Running A Trade Business

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StrategyDriven Managing Your Finances Article | The Costs Of Running A Trade Business

Thinking of starting a business as a tradesperson? Trade businesses include the likes of plumbing, electrics, roofing, tiling, landscaping and window cleaning. They can be a popular business venture for those that have the skills – and they can be relatively inexpensive to start up compared to many other types of business. However, there are still costs that need to be budgeted for if you’re going to start a trade business. Below are some of the costs to consider when running a trade business.

Tools

Perhaps the most important cost to consider is acquiring tools. Pretty much every trade from pest control to tree surgery requires tools. Certain trades are likely to require more expensive tools than others – for example, a decent piano tuning kit can be bought for less than $20, while a decent commercial carpet cleaning machine will cost over $1000 to buy.

Buying used tools could be a way to save money. When it comes to specialist tools that you may only need for one-off jobs, it may make more financial sense to hire them. You can also lease tools, which can be cheaper upfront than buying, but potentially more expensive in the long run.

To work out exactly how much you need to spend on tools, make a list of all the tools you need. Then compare prices online to work out exactly how much all of these tools will cost. If you need to take out a loan, this will help you to know exactly how much to borrow.

Supplies/parts

On top of your tools, there will be ongoing supplies or parts that you’ll need to buy. These will likely vary from job to job and are something you should factor in when it comes to quoting a price.

The internet is one of the best places to look for niche supplies like boiler auxiliary equipment or pressure washing chemicals. More general supplies and parts may be possible to buy from a local store, although you may still find that you access greater discounts online. Some suppliers may even be able to offer loyalty discounts or bulk discounts for supplies and could be worth sticking with.

Travel

You also need to consider the cost of travelling to your clients. This will typically involve owning or leasing a vehicle. Some tradespeople simply use their personal vehicle. However, if your personal vehicle is too small for your tools or not business appropriate, you may have to consider acquiring a new vehicle (a separate vehicle could also give you the option to invest in branded vinyl wrapping).

Each job you do will cost you money in fuel, which is also important to budget for. Many trade companies will only serve customers in a certain area so as not to spend too much time or money travelling to clients. Of course, if your trade is very niche, you may have no option but to cover a larger area in order to source enough customers.

Licensing/certification

Some trades do not require you to have any licensing or certification. In other cases, licensing or certification may be compulsory. It’s worth looking into the regulations of your state to see what the case is.

Most companies need a business license, which can cost between $50 and $550 depending on the state and profession. Certification fees are likely to vary depending on where you obtain them from – in some cases, there may be multiple certification courses that you can take. Some may also have to be regularly renewed, which is something to budget into your running costs.


Insurance

In many cases, it is not mandatory to take out insurance as a tradesperson. An exception is if you hire employees, in which case you are obliged to take out worker’s compensation. You will also need auto insurance for your commercial vehicle.

Other types of insurance may be highly recommended depending on the trade. Public liability insurance is something that most trade businesses should consider taking out. This insurance scheme can help to pay out compensation if a member of the public is injured or their property is damaged as a result of your work. You could also consider insuring your tools against damage and loss.

It is worth taking the time to shop around for insurance as it could save you a lot of money. Some insurers may offer specialist policies catered to the risks of your specific trade. There are also trade business insurance packages that you can take out that combine multiple policies for a discounted price.

Marketing

Marketing is essential for attracting business. You will need to invest some money regularly into marketing if you want to generate customers and grow.

A website is the most basic marketing necessity. You can build a website yourself, or hire someone to build it for you. A DIY website is the cheapest option – nowadays there are drag-and-drop website builders you can use that don’t require any programming knowledge.

There are so many other types of marketing that you can spend money on including social media marketing, SEO, PPC ads, business cards and flyers. It’s worth experimenting with different forms of marketing to see what works. You can hire marketing agencies to help handle marketing for you – in such cases, make sure to shop around to get the best rates.

Tax

Every business has to pay tax on its earnings. You will need to file a tax return each year, which will need to be accurately calculated. You can do this yourself or you can hire an accountant (the latter can save you a lot of time and hassle, but is an extra expense to budget for). At the very least, you should try to invest in accounting software to help make bookkeeping easier.

A benefit of being self-employed is that you get to claim expenses, which can result in tax reductions. This includes all the costs listed above. This is why it’s important to record every expense, so that you can accurately deduct the necessary amount of tax each year.

What Is The Best Insurance For Your Small Package Shipments?

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If you have high hopes for entrepreneurial business success then you’re probably thinking of how you could do this. There are so many business ideas out there, and what do you see yourself doing? For many people they’ll opt to sell products. This could be wholesale items, handmade, and the list could go on and on.

If you’re starting a business, you’ll also want to think about the logistics of it, such as shipping. This can include getting insurance from third parties such as www.secursus.com. But before you begin all that, how do you determine the best insurance for shipping packages? How can you feel confident in your choice if it’s something you’re unfamiliar with? Here is everything you need to know!

StrategyDriven Risk Management Article | What Is The Best Insurance For Your Small Package Shipments?

Why should a business owner buy small packages insurance?

Some people might think that it is not worth buying because they only have a few personal belongings that are worth protecting. Package Insurance is one type of insurance that covers packages and shipments up to a certain value. It provides coverage for the shipment against loss or damage in transit and for the goods within the shipment against loss or damage during storage and transport. This type of insurance can help you out in the event that something does happen and you need to replace your items quickly; a lot of business owners need it.

What factors impact the cost of shipping insurance?

An insurance company will charge a different amount for shipping insurance than the one charged by a carrier. The price difference is based on the company’s risk assessment. Some factors that impact the cost of shipping insurance are:

  • The type of goods being shipped
  • The size and weight of the goods
  • The type of service used to ship the goods
  • Whether or not there is a contract between the buyer and seller

If you’re starting out, there may be a chance that it could be expensive. However, you’ll need to keep your options option and look into different providers.


What does small package insurance cover?

As a business owner who creates and sells products, there is always a chance that during transit something could happen to the package. It could get lost, stolen, or even possibly face some type of damage, It’s clearly not ideal, either. This is why small package insurance is needed for business owners. You won’t have to worry about losing money, and you will still be able to keep solid relationships with customers and clients. It’s going to be up to the insurance company and what they’re planning to offer.

The most common types of small package policies include:

  • Insurance on items valued under $500
  • Insurance on items valued between $500 and $1,000
  • Insurance on items valued between $1,000 and $2,000
  • Insurance on items valued between $2,000 and $5,000

However, keep in mind that it will still vary and this is merely an estimate.

Are there any extra fees?

The most common of these is a broker or destination fee, which usually applies to shipments sent by certain logistic companies like FedEx. These charges vary depending on the size of your shipment and your location. If you are shipping something from one company to another company, you might need to pay a broker fee for each shipment as well as a destination fee for each endpoint. It’s all just going to heavily depend.

Social Media Marketing: Staying Ahead in the Industry

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StrategyDriven Online Marketing and Website Development Article, Social Media Marketing: Staying Ahead in the IndustryStaying on top of the ever-changing social media landscape is vital to staying relevant and competitive. As platforms continue to optimize their content presentation and update their posting rules, keeping up with the latest trends is essential to remain relevant and reach the right users. In addition, monitoring your competitors’ social media profiles is necessary to keep current with your market and engage with your audience.

Retargeting

Retargeting works across many channels, such as social media and search engines. It analyzes your previous traffic and identifies your conversion goals. Then, it displays ads to past visitors and reminds them of your products and services. By targeting past visitors, you can ensure they return to your site and make a purchase.

Retargeting is a powerful marketing tool that can turn window shoppers into paying customers. It serves ads to people who show interest in your product through their website visits or social media clicks. It’s a proven technique marketers like Drive Social Media have used for years to connect with their audience. Retargeting campaigns can be set up with minimum effort, but they are most effective when well-optimized and analyzed.

You must tailor the driving campaign to your unique audience to get the most out of retargeting. It should also reflect your overall marketing strategy. This means constant testing and refinement to ensure your campaigns are relevant and practical. The more you learn about your audience, the better your results will be.

Keep track of All Your Posts on Every Channel

When doing social media marketing, it is essential to keep track of your posts. This is how you will know whether your content is generating interest and if it is reaching its intended audience. In addition, this information can help you improve your social media marketing strategy.

You must follow your competitor’s accounts to ensure you post pertinent content on the appropriate channels. You can get this done for you by your marketing company. For example, consider the Drive Social Media company. You can see your competitor’s posts, advertisements, and sophisticated tactics as a result of their work. In addition, you can use applications like Likealyzer, SEMrush, and BuzzSumo. Businesses frequently use engagement analytics to gauge their social media success, but these measures do not provide a complete picture.


Creating Video Content

Video is one of the best ways to boost your social media marketing strategy. It has several advantages, including an increased view-through rate. It can also be more engaging for viewers. Short videos can be more enticing than longer ones, especially on social media channels. In addition, you can add graphics to your videos to add to their appeal.

Aside from being highly informative, videos also help boost SEO. Therefore, you should embed them in relevant website pages. For example, if you are promoting a product, you should embed a product video on your homepage.

Similarly, if you are creating a FAQ page, you should also add a video there.

Monitoring Your Competitors’ Social Media Profiles

One of the best ways to keep your business ahead of competitors is to watch their social media profiles. You can use social listening tools to focus on specific shapes and gather information about their content. Industry blogs are also helpful in gathering information about the products and services of your competitors. Relevant data will help you make informed decisions about the most effective ways to promote your product or service.

To get started, sign in to your account and navigate to the Reports tab on the right side of the screen. From here, you can select Run Report from the drop-down menu. You can then choose from various report options, including competitor analysis. You can add up to four competitor profiles and run a comparison report.

Manufacturing: 5 Ways To Boost Safety At Your Factory

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StrategyDriven Risk Management Article | Manufacturing: 5 Ways To Boost Safety At Your Factory

There is no denying that factory safety is crucial – whether you are running a textile business or a company that produces machinery in a factory.

The safety measures you put in place will depend on various factors, such as the nature of your business, the things you do, and the size of your premises.

That said, there are some ways to boost the safety of your industrial operation – irrespective of your business type. Whatever you manufacture, it’s worth knowing what you can do to improve your workplace safety.

Take a look at the following examples to give you some ideas and inspiration, as it’s likely you may not have implemented at least one of them at your premises:

1. Have A Robust Training Program

Did you know that one of the most common reasons for workplace accidents at manufacturing premises is due to inadequate training?

You are a responsible employer, and the safety of your workforce should be at the forefront of your mind. Therefore, you must ensure there is a robust training program in place for all employees to cover all aspects of safety and equipment operation related to their roles.

Moreover, you should block employees (such as new starters) from doing anything potentially dangerous until they’ve received the correct training for their jobs.

2. Periodically Upgrade Manufacturing Equipment

All equipment used in manufacturing processes will undeniably have a limited lifespan – irrespective of maintenance schedules.

There will come a time when the tools and equipment you use become obsolete or not fit for purpose, and it’s at those times you must upgrade them to new ones.

The frequency of planned upgrades will depend on the tools and equipment used, and the recommended upgrade paths from equipment manufacturers or industry experts.


3. Enforce PPE

PPE or Personal Protective Equipment is a must when working in a manufacturing environment – even if an employee’s role is merely to package newly produced goods.

Ensure that all employees have access to the PPE required for their roles and investigate processes where staff may need revised PPE for their work.

4. Have Thorough Regular Safety Checks

Regular safety checks of all manufacturing processes at your business must get conducted. Doing so will diminish the risk of accidents and injuries in the workplace and, of course, ensure optimal productivity.

If you feel such checks aren’t thorough enough, consider investing in some process safety training courses for key members of your workforce and create a robust safety check plan that everyone can follow with ease.

5. Ensure All Emergency Exits Are Clear

One final point to consider for your manufacturing business is to ensure that all emergency exits are clear at all times.

It might seem like an obvious statement to make, but some companies become complacent in this respect, and the results can be potentially devastating.

Ensure that all employees are aware of the importance of keeping emergency exits clear, and conduct checks of those exits several times each day for added peace of mind.

5 Steps To Entrepreneurial Business Success

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Being an entrepreneur is hard work. It’s a 24/7 job that requires dedication, determination, and a whole lot of caffeine. But it’s also incredibly rewarding, both personally and professionally. If you’re thinking about starting your own business or already running one and looking for ways to increase your chances of success, read on for five tips that can help you achieve your goals.

StrategyDriven Entrepreneurship Article | 5 Steps To Entrepreneurial Business Success

1. Know Your Audience

One of the most important aspects of any business is understanding who your target market is. Who are you trying to reach with your product or service? What needs or wants do they have that you can provide? Once you’ve identified your target market, you can start developing marketing strategies that will resonate with them. Additionally, you should always keep your target market in mind when making business decisions, from pricing to product development.

2. Develop A Strong Brand

Your brand is more than just your logo or slogan; it’s the overall image that you want to project to the world. What values do you want to be associated with your business? How do you want potential customers to feel when they think of your company? Answering these questions can help you develop a strong brand identity that will appeal to your target market.

3. Ensure You’re Insured

No matter how big or small your business is, it’s important to have the proper insurance coverage in place. This will protect you financially in the event of an accident, injury, or damage to your property. For example, entrepreneurs operating in the rideshare or food delivery industry, such as Uber, Uber Eats, Lyft, or Grubhub, should get rideshare car insurance to ensure that their vehicles are insured in the event of an accident. Therefore, it is wise for entrepreneurs to speak with an insurance agent to determine what type of coverage is right for their business.


4. Build A Sales Funnel

A sales funnel is the process potential customers go through as they move from awareness of your product or service to becoming paying customers. The more effectively you can guide prospects through your funnel, the more likely you are to make a sale. There are many different ways to build a sales funnel, so it’s important to find one that will work for your business and your target market.

5. Focus On Customer Retention

Acquiring new customers is important, but retaining existing ones is just as vital to the success of any business. It costs far less to keep an existing customer than it does to acquire a new one, so it’s important to focus on strategies that will keep people coming back. Creating loyalty programs, offering great customer service, and continuously improving your products or services are all excellent ways to ensure that your customers remain happy and engaged with your business.

Conclusion

If you’re an entrepreneur or if you’re thinking about starting a business, use these five tips to give yourself the best chance at success. Being an entrepreneur requires hard work and dedication, but it can be an incredibly rewarding experience.