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Preparing To Start A New Business: Things To Think About

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There aren’t many people who don’t daydream about becoming their own boss. However, the percentage of those who do daydream about and those who actually do it is a lot lower. What is it about becoming our own boss that stops us from following our dreams and turning a dream into a reality?

For many people, it is the fear of the unknown. Not knowing if you are making the right decision can be the tipping point for many people. Another hurdle is money and, dare we say it; self-belief can be a huge factor in starting your own business. If you don’t believe in what you are selling, then it goes without saying that no one else will either.

Removing all the obstacles you place in front of yourself is the first step to starting your journey to becoming your own boss.

Business plan

Every new start-up and trading business needs a business plan. Why? Well, for starters to steer you in the right direction to making a success for your new venture. Knowing what you want from your company, where it is going and where it could potentially go will give you something to aim for and make sure you deliver what is required to make your company successful.

What exactly does a business plan comprise of?

Essentially it is a detailed list of the projected journey of the company to help you steer it in the right direction. What the plan involves can be different depending on your trajectory and what you are offering, but the following will help you to form a plan and know where to start. 

  • What are you selling?
  • Who is your customer base?
  • What percentage profit can you expect to make in the first year? 
  • What is your initial outlay cost to get up and running?
  • Is there scope to expand in your sector?
  • Do you have a USP? (Unique Selling Point)
  • How do you plan to find and attract customers?
  • Why will your customers stay with your company?
  • How do you plan to evolve the company and expand?
  • Are there ways you can adapt what you do and offer more services/different products?
  • Where do you see the company in 5 years?
  • How do you plan to get your company to that point in 5 years?

A thorough and detailed plan will help you for many years to come, not just for their initial starting period.

Know yourself

And know what you want to do and how you plan to get there. Building a new company for the wrong reasons will never work out well and may end up leaving you in a worse place than you were before you started. With as many as 50% of businesses failing in the first five years, knowing how to succeed and being willing to do what it takes will help you stand the test of time if you are genuinely doing it for the right reasons. 

Combine your goals with your personal drive and perseverance and make sure that you are fully committed to making it a success. Simply starting a new business because you dislike working for other people or you think it is a get rich quick scheme will no doubt be your undoing if this is why you are starting a new business.

Financial outlay

Do you need money to get the company up and running? If so, you need to know precisely what you need and how much money you will need before you start looking for loans or financial backers. Some companies will be able to start up on a very small or even no budget at all. Other companies will need to look at purchasing stock, finding premises, and making sure they have everything they need to run their company successfully.

Warehouses, industrial sheds, offices, and tech for employees don’t come cheap, so factoring them into your budget is essential before you start looking for finance options.

Is there a market for what you are selling?

Who is your ideal customer? How are you going to sell them? If there is no market for your service or product, chances are you may struggle to find suitable buyers or to get people’s attention.

Being able to identify a gap in the market and fill it will help you to attract the right customer for your company. You need to demonstrate a willingness to be able to adapt to meet the demands of a changing market and satisfy the consumer needs as and when they change. Diversifying is something that will help your company stay heads and shoulders above the rest and keep you relevant and able to fulfil your client’s needs as they change.

Having a unique selling point will mean you are offering people something they aren’t getting elsewhere or may not even realize they need. Identify a gap in the market and strive to fill it before someone else does. A great way to do this is by asking current or potential clients what they are looking for and what would make their lives easier. Then, you can adapt what you do to meet this demand.

Insurance

An important part of starting your business is knowing that you’re doing all that you can to protect yourself in case of an emergency. This means, of course, getting insurance. Whether it’s contents insurance for your office or insurance for tradies, the more protection you have the better. For more information, you can visit Tradies365.com.au here.

Keep an eye on the competition

Always know what they are doing and make sure you are competing on the same playing field. Copying them may seem dishonest but staying ahead of the market is essential for your company to survive, so make it your business to know new and emerging trends within your sector. Keep on top of client demands and know exactly who your competitors are and what they are offering.

Make sure to stick to your company’s values and integrate any new ideas, ways of working, or new products/services as and when demand calls for it and emulate the success of your competition for yourself.

Starting off on the right foot with a solid plan in place will give you a better head start when it comes to starting up your business.

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

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5 Ways To Find New Clients For Your Business

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If you’re looking for ways to find new clients for your business but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re a new business or you’ve been in operation for years, you need to be sure you’re regularly approaching new clients that could be interested in your business. Luckily, there are lots of ways for you to do exactly that. From attending events to speaking with local businesses, you may be surprised at the things that you can do. With that in mind, here are 5 ways to find new clients for your business: 

Attend Events And Conferences (Both Online And Off)

One of the best ways to find new clietns is to attend events and conferences within your business. With everyone there to network, you will be able to speak to people when they’re open to discussing their needs as a business. Face-to-face conversation goes a long way in sales and with that, events are the perfect too. 

With the COVID-19 curently affecting the events industry negatively, online events are also a great way to meet potential clients. Although networking may be a little harder, you still have lots of opportunity to meet new clients. For a guide to events during the COVID-19 pandemic, you can visit this site here. 

Speak With Local Businesses

If you have lots of businesses in your local area and you think that they could be a potential client for your business, get out there and speak to them. Whether this means sending them an email or picking up the phone, you may be surprised at how far a quick conversation can go. 

Use Online Platforms That Help You Find Leads

Although you may not be aware of this, there are lots of online platforms that allow your to find leads. Whether you’re searching through online tenders or looking a job listning boards for freelancers, you can find a lot of your clients simply by searching the right site. For more information when it comes to online tenders, you can visit etenders here. 

Invest In A Sales Team

By investing in a sales team, you’re investing in people who can help your business make more money. It may be a scary investment to start with but by the time they start bringing new clients on board, it will be worth it. For a guide to building a sales team, you can visit this site here. 

Use Social Media To Advertise

Social media is a great way to market your business and in turn, it can bring you more clients. Although it takes a lot of work and dedication, it’s definitely worth it. 

With lots of great tips and tricks to bear in mind, you can be sure you’re doing all that you can to find new clients for your business. What else could you do? Did we miss anything off of the list? Let us know your thoughts and ideas in the comments section below. 

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Tips For Organizing A Successful Business Event

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It doesn’t matter your industry or the nature of your business. There will likely be a time when you’ll want to throw a business event of some sort.

It’s essential that you review the following tips before you get started planning so that all goes over smoothly. You can rest assured that your event will be a success when you start planning early and map out your tasks and set deadlines for each to-do. Remember to have fun with this project and to make a note of what didn’t go over well so you can make changes the next time around.

Assign A Planning Team

Events can give your business the competitive edge it needs to succeed. It takes a team to plan a successful business event. There’s a lot that needs to get done so avoid trying to do all the work yourself. Put one person in charge of the event, so you know who to turn to for questions and to get an update on the progress you’re making. Make sure you sit down and talk about who’s doing what so there’s no overlap.

Set A Budget

Another tip for organizing a successful business event is to set a budget and to do so right away. It’ll be helpful to know how much money you have to work with before you start to sign contracts and put down deposits. A budget will help guide your decisions and ensure you don’t spend too much. Keep your budget handy throughout the planning process so you can refer to it when you’re completing your tasks.

Choose the Right Location

Your event will be much more of a success when you pick a prime location to hold it. You must have the right size venue and ensure it fits your theme. Tour spaces and see your options before making a choice. Once you have a venue, consider hiring First Traffic Management to ensure your guests get to your event safely. Let them handle the logistics and any permits so you can focus on being a good host.

Get the Invites Out Early

Your event isn’t going to go over very well if there are no attendees. Therefore, once you secure a date, time, and location, then you should send out the invitations right away. You want to have an idea of how many guests you can expect and for the invitees to put the event on their calendars and save the date. Create a marketing plan to help drum up excitement and get the word out about your business event.

Discuss On-Site Roles & Responsibilities

The night of the event is just as important as the preparation and planning leading up to it. You’re going to want to have a staff of people who can help ensure all goes over seamlessly when it’s show time. Get your staff together and discuss roles and responsibilities so each person knows what they’re in charge of and can be useful at your business event. Talk about logistics and ensuring everyone involved has a job to do and knows how to answer any questions the guests may have.

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How to Give Your Business a Competitive Edge

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Due to the current financial climate, it is more critical than ever before for companies to stand out against their competition. The damage caused to the economy by COVID-19 has led to job losses and business closures. Figures from the U.S. Bureau of Economic Analysis (BEA) show that real gross domestic product (GDP) decreased at an annual rate of 5.0% in Q1 2020 and then dropped to 31.7% in Q2 2020. While you may not be able to control the events that caused the economic downturn, you can take steps to ensure that your business has the best chance of success and survival in these challenging times. One crucial way to protect your business for the longterm is to find ways to give your company a competitive edge. 

A competitive edge enables your business to become a major competitor in your industry and differentiates your company from the many similar businesses operating in your sector. You need your business to be the one that consumers think of first, when they have a need for the products and services that you offer, and you want them to keep coming back time and again. The question is, how do you develop a competitive edge? Read on to find out:

Differentiate Your Company From the Competition

The phrase USP or unique selling proposition is one that you would hear bandied around a lot in marketing departments in the past. Nowadays, the term USP is so well worn that it is practically overlooked. However, the importance of finding a way of differentiating your business from your competitors is a lot more than mere marketing jargon; it is an essential tool to ensure that your business stands out from the crowd for all the right reasons.

Ask yourself, ‘what makes my business different from the many others out there?’ Then use this to your advantage by communicating it to your customers.

Spot Opportunities

Being the first in your industry to capitalize on an innovative new trend or idea is an excellent way to edge your way ahead of the competition. To spot these opportunities, you need to be on the lookout for ideas and inspiration. A perfect way to spot opportunities that your competitors may have missed it to keep up with news from around the world by reading the international press, for example, israelnationalnews.com. Keeping up with international news will enable you to spot potential markets for your products and services and to capitalize on these opportunities.

Offer Exceptional Service

While there are many ways that you develop a competitive edge for your business, it is vital that you don’t neglect the basics. Offering exceptional customer service is crucial for keeping a step ahead of your competitors. Many consumers become frustrated when a business attempts to attract new customers while neglecting existing customers. Ensuring that both returning and new customers are offered the same level of outstanding customer service is sure to give you a significant edge over the competition.

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