Connect with us

Business

Why Buy A Business, Rather Than Start One

Published

on

There are good and bad sides to buying a business and starting your own business from scratch. For lots of people, the positives of buying an established business outweigh the positives of starting a business. Here are the reasons why buying an existing business could be the right choice.

Easier To Secure Finance

All businesses will need finance. Unless you can fund your business yourself, you’ll need to secure financing from investors. Most lenders will be more willing to lend money to an established business that they can already see is doing well, rather than risk an unknown factor. 

Income From Day One

One of the downsides of starting a business is that most start-ups will go through an early stage where they don’t make much, if any, money. For some entrepreneurs, this stage can last for several years. 

During this stage, you will need to pay out for things like your premises, as well as equipment, installation of equipment, stock, materials, fixtures and fittings, legal and professional fees, a license, uniforms, and more. 

If you don’t have finance in place or another form of income, this stage can be very tough for a new business owner. If you buy a business, you can start earning from day one, and avoid this tricky period where you might be out of pocket.  

Established Brand

When you buy a business that already exists, you are also buying into a brand that is already known, recognizable, and has a track record. You get the business complete with all the trademarks, copyrights, and websites associated with it, as well as the business locations

This means that your business will already have customers, lenders, suppliers, and other contacts that are confident in the business already. 

Instant Customer Access

An existing business also has customers already, which can help you succeed straight away. You can use a range of strategies and marketing to build on the existing customer base, but won’t have to struggle to build a customer base from scratch. 

Established Network Of Contacts

When you start a business from scratch, a lot of your time and energy has to be put into building up a network of contacts. 

All businesses need to have supplier and marketing contacts, so buying an existing business that already has those contacts in place allows you to hit the ground running.

Like money lenders, suppliers and marketing companies are more likely to offer you more favourable terms if your business has been around for a while and they know it.  

Focus On Growing The Business

When an entrepreneur starts a new business, they will have to put a lot of their energy into getting their business off the ground. This takes a lot of time and can be very tiring. 

On the other hand, when you take over a business that is already established, you’ll be freer to focus on the areas of the business that most need your attention, aiding the growth of the business as a whole. 

Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

Continue Reading
Comments

Business

Do’s and Don’t’s of Firing People

Published

on

As a business leader one of the hardest things that you could do is fire an employee. Of course, it sounds like an easy thing to do if the employee is rightfully deserving of being fired, but it is a lot easier said than done. Is a decision that many managers actually lose a lot of sleep over, because it’s such a difficult undertaking. 

No matter what you do though, whether you are firing somebody because they are just not the right fit for your business, or you are dismissing an employee for gross misconduct, legal issues can arise that could do damage to your business. HR professionals across the country will tell you that there are many different ways of gracefully terminating an employee’s contract, but there are some do’s and don’ts that you could do to make it an easier process that can help you deal with it. Let’s take a look at a few of those below.

  • Do get everything in order before you fire them. From evidence as to the reason they are fired, to the paperwork for them to leave the business, get everything in order so that there are no loose ends. For a firing to go smoothly this needs to be prepared in advance. Before you terminate the employee, you need to be able to prevent any misunderstandings or even accusations of illegal activity going on. Follow the policies and procedures in place of your organization and if necessary, consult a lawyer. Secure computer files, make sure you pull together all in performance appraisals and written warnings as any other correspondence that you might need. You should also make sure that you have all of the payroll information in place so that you can reassure the person being fired that they will be paid according to the law.
  • Do choose a private space. Let’s be honest, nobody wants to be fired from their job. It leaves a bad taste, it’s nothing to be proud of, and it can be embarrassing for the employee. When you are dismissing somebody, you need to choose the right time and place and make sure that there are no eavesdroppers. It’s always a good idea to do it as early in the week as possible at the end of the day so that you minimize impact to your business. If an employee depends on the company or their colleagues to get home, it just makes good sense to ensure that they are not going to be left stranded.
  • Don’t fire somebody with an audience around. As we mentioned before, anybody in your business has a right to privacy. Doing it in front of an audience will be poor behavior on your part as an employer. It also won’t help people in the office to feel comforted by the idea that they may not be next. Use an official meeting space, as it’s a private and neutral location that is free from any disruption.
  • Don’t forget to toe the line. If you terminate an employee on parental or medical leave, or you terminate an employee who is pregnant, you are going to open yourself up to a lawsuit. Toe the line when it comes to the law and make sure that you are firing somebody with all of your ducks in a row in advance.

Terminating an employee’s contract is not easy, but sometimes it needs to be done.

Continue Reading

Business

Best Strategies to Create an Comfortable Atmosphere in Your Restaurant

Published

on

Creating an inviting and comfortable atmosphere in any restaurant is essential for success. Customers often form their first impression of the restaurant based on its ambiance, and if it isn’t pleasant or enjoyable, they are less likely to come back. It’s important to consider all aspects that can make up a positive dining experience — from the decor to the music playing in your establishment to the service you provide. Here are some strategies that will help you create an atmosphere that customers won’t forget.

Decor:

The key to creating a cozy environment is by designing decor that reflects your restaurant’s style and promotes relaxation. Think about what kind of mood you want customers to feel when they enter your restaurant — from the lighting to the art on the walls to the decorations that adorn your tables. Depending on the cuisine you serve and the atmosphere you want to create, consider investing in muted tones or warm colors for a calming effect or bright and vibrant shades for an energetic vibe.

Music:

The music playing in your restaurant can make all the difference. Too loud music can be overwhelming and uncomfortable, while music that’s too quiet won’t create an inviting atmosphere at all. Consider investing in a music player for restaurant so you can control what music is played and when it starts and stops. You should also consider whether you want to provide live or recorded music. Live music will usually give customers a sense of authenticity and provide them with something to enjoy during their meal, while pre-recorded songs can help set the background without being distracting.

Service:

Your service can be just as important as the ambiance in creating a memorable experience. Make sure your staff is well-trained, friendly, and attentive to guests’ needs. Ensure they understand your restaurant’s standards and expectations — from proper table setting etiquette to how glasses should be filled. Customers greatly appreciate being treated with respect and kindness, so make sure your waitstaff is not only efficient but also shows genuine care for their customer’s satisfaction.

Atmosphere:

Creating the perfect atmosphere requires more than just the decor, music, and service — it also includes small touches that will make your restaurant stand out. For instance, consider offering complimentary snacks or appetizers to customers while they wait for their meals to arrive. You can also provide warm towels after meals as a sign of endearment and appreciation. Additionally, choosing linens with exquisite patterns or using fresh flowers on each table will add even more charm to your restaurant’s atmosphere.

Continue Reading

Business

Turn Your Passion into a Career: How to Make Money Doing What You Love

Published

on

Many dreams of turning their hobby, passion, or creative outlet into a career. It’s a beautiful idea, but it can take time to figure out where to start. Here’s a guide on successfully turning your hobby into a career. 

Do Your Research 

Before you turn your hobby into a business, please research and find out what the industry looks like, your potential customers and their needs. Next, consider your strengths, skills, and knowledge and decide how to use them in this new venture. Finally, consider what makes you unique in the industry and how you can market yourself. 

Take A Strong Career Test

A Strong Career Test can help you identify your ideal job and the type of environment you would flourish in. In addition, knowing this information can give you an idea of what kind of business to start and whether it’s something you’d be passionate about.

Think About Finances and Legalities 

Once you have an idea of what you want to do, consider the financial aspect – are there any costs associated with getting started? What sort of budget will you need? Will there be any tax implications? It’s also essential to think about the legal side of things – if necessary, consult with a lawyer specializing in business law so that you understand all the regulations associated with starting up and protecting your intellectual property rights. 

Create a Business Plan 

Now that you have researched and considered the legalities and finances involved, create a business plan that outlines all this information. Make sure it includes short-term and long-term objectives to keep track of your progress over time. Be realistic when setting targets for yourself – don’t aim too high at first because this could set you up for failure if it doesn’t pan out. Also, consider whether or not there is potential for growth or expansion once your business gets off the ground. This may include marketing strategies such as social media campaigns or investing in advertising materials such as brochures or flyers. 

Start Networking 

Networking is essential when launching any new business; it’s about building relationships with people who may be interested in your offer. Start by reaching out to family, friends, and acquaintances who may already know about your business or service offering; they may even be willing to share it with others! Additionally, join online groups related to your area of expertise – these are great places for exchanging ideas with like-minded people and potentially finding potential customers/collaborators/mentors/partners, etc. Finally, attend events such as trade shows or conferences where relevant topics are discussed – these are ideal opportunities for making connections within the industry that could prove beneficial down the line! 

Turning your hobby into a career is no small task, but it can be approached thoughtfully and strategically! Please research the industry thoroughly before beginning to understand its nuances; familiarize yourself with the legalities of running a business; create a viable yet ambitious business plan; network extensively (both online & offline). And never give up! With dedication & hard work, anything is possible.

Continue Reading

Trending