Getting Started – Page 2 – Business Plus Baby

November 4, 2015

Succeeding with a start up from day one

It begins with a seed of an idea. You might start thinking about what it would be like to be your own boss. Or, you may already have a concept of what your company could be and what it would offer. Then comes the denial. You think: that could never be me. Let’s stop right there because how do you know you’re not suited to run a business? We can tell you who you need to be.

You need to be determined to succeed and ambitious with your goals. You can’t let the worry of failure stop you from trying. You need to have the drive to be successful, and you have to have a strong business sense. If you’re good at balancing a budget, you might have the ideal mindset. You also have to know that you can get people to follow you. That means you’ve got leadership skill and some level of charisma. Does this sound like you? Then you are already the perfect candidate to start a new business. But how do you make this out of reach dream a reality?

Decide What Your Business Is Going To Be

Congratulations, you’ve decided to become an entrepreneur. That in itself is a big step.We wouldn’t be surprised if day one involved quitting your job, celebrating and panicking. Can you really do this? Yes, you can, you just need to think about what your business is going to be. As we’ve said, you might already have this concept. Try to make it something bold and original. You might want to look at the current events in business. Try to think about what customers need that they are not being offered and that you can provide. Don’t be put off if you find your business idea is not as original and brand new as you’d hoped. The world is full of people and there is a good chance one has already thought of what you want to do. But, there’s nothing stopping you becoming a strong competition.

Get The Support You Need

You can’t run a business by yourself without support. You’re going to need two types, financial support and demand for your product or service. These are quite easy to obtain these days. Both can usually be found online. If you’re looking to find the demand for your business, you will be hunting out your target customer. They aren’t hidden and are often wandering around in plain site all over the web. You just have to bring them towards you and you can do this using social media. Set up your social profiles as business accounts. Start offering updates about the industry you’re going to join. Ask your followers what they want from a business and hint that you are starting your own. You can also set up a blog. A blog is a great way to build interest. You can write about topics related to your business and gain readers. Once your business is setup, you can use it as an independant marketing platform. That covers the demand but what about finances?

Even if you can, we don’t recommend setting up a business out of your own pocket. While this shows confidence, ultimately you could lose it all. You should only do this if you could lose the cash and still be financially secure. Instead, try to get help funding your business. If your company has commercial value, you might find success on sites like Kickstarter. You can use the demand you have already gained to fund your new business.

If you can’t do that, why not think about attending a trade show? You’ve got your idea and with a little marketing, you can make it come to life. If you think it is fresh and innovative, you should catch the eye of some investors. But you need to be prepared to show them how they could profit from your company. Use that business mindset we talked about to show how your company could grow in the next five years. You need to sell your idea as a product and make them desperate to buy.

The marketing is important because trade shows are competitive. If you can’t make a splash, you will come back empty handed. When that happens, it can be disheartening. But don’t give up. You can always consider taking out a private business loan. These loans do have big interest rates, so you have to be careful you know what you’re borrowing and whether you can pay it back.

Once you’ve got the money and demand, you’ll have everything you need to make your business success. Within a year, you could be one of the biggest companies in your industry. Good luck.

October 29, 2015

Are you the type of person who could run a business?

It’s a dream that many people share. We all hope for the day where we have become successful enough to be running our own business. In the past, running your own business meant that you either inherited the job or you worked your way up from the bottom. But now, it’s easy to set up a start-up company and shortly you will be the head of a new business. It doesn’t take a lot at all. A few investments, a couple workers a website and bam! You now own a new company.

But even though it is fairly easy, that doesn’t mean that everyone can do it or even should be able to. A lot of people will find starting their company a difficult venture. You need certain personality traits and at least some skill. Here are what we believe are the key factors you need to be your own boss.

Continue reading “Are you the type of person who could run a business?”

October 24, 2015October 23, 2015

Must read advice for anyone starting a manufacturing business

There are many great small business ideas out there, one of which is to start a manufacturing company. The manufacturing industry can be vast and scary so here’s some advice to help you get started:

Pick Something To Manufacture

Manufacturing businesses don’t make everything they can think of; that would be silly. They usually make a specific thing, or a few things for a specific industry. For example, some companies will focus on making parts to cars. Whereas others may make parts for mobile phones. Your task is to pick something that your business can manufacture. Think about an industry that is thriving and needs parts to be made. If you can think of something that’s in high demand, you increase your chances of business success.

Think About The Equipment/Resources You’ll Need

A manufacturing business is one that makes stuff; we’ve already established that. But, you’re going to need equipment and resources to help you manufacture stuff. You can’t make things entirely from hand. If you want to start a manufacturing business, you have to bear in mind all the equipment you’ll need. I’m talking about heavy machinery to help you put things together. You may need conveyor belts to move parts along. Some manufacturing businesses need sandblasting rooms to clean tough materials. You’ll even need things like forklift trucks or lifts to carry heavy items. All of these things will cost you money. Think about whether or not you can afford to purchase all this equipment before you commit to starting your business. If it all costs too much, then back away before you lose any money.

Start Off Small

There’s no point starting your business and immediately trying to compete with the big boys. It would be like turning up to a Formula 1 race in a go-kart, you wouldn’t stand a chance. Instead, your business should be focused on smaller things. You should work on manufacturing items for businesses in your area or your country. Supply parts and items for other small businesses to get you off the ground. If you start off small, you’ll slowly be able to work your way to the top.

Don’t Forget About Marketing

A manufacturing business is a business like any other. With that being said, you need to market it as you would any other business. This means making sure you have a company website set up and designed professionally. A professional website can make your business seem a lot more experienced that it is. Plus, it’s a place for you to promote your company online. You can show people exactly what you manufacture. I’d even recommend you put together a short promo video for your site. The video could tell people about your business and show them around your premises, so they see where and how things are made. I think this is a very clever marketing tactic for a manufacturing business. It gives you a chance to show off and let people see what sets you apart from the others out there. Plus, it shows you aren’t afraid to show people what goes on behind the scenes. Consumers will trust you more.

October 13, 2015

The truth about running a small business

As any seasoned small business owner will tell you, it can be a tough life running your own business. Having to take full responsibility for every aspect of the business, day in day out, requires a huge amount of hard work, patience and determination.

I have nothing but admiration for the many small businesses that serve us so well, producing a quality of products and services that match and often exceed that of many of their much larger competitors.

There is a tendency however to assume that most small businesses are financially successful and that their owners enjoy high incomes and a better lifestyle – but this is far from the truth.

I constantly hear of businesses struggling with low incomes and poor cash flow, where their owners are working long hours, feeling under constant pressure, with little time to relax and spend time with their family.

I found it interesting how so many books have been written on how to become an entrepreneur or how to get rich quick but the fact is that most small-business owners are not that ambitious – rather they are just looking for a better deal.

Most people who start out in business have very little, if any, formal training. It’s therefore perhaps not so surprising that many small business owners struggle as they do. In fact most business owners learn the hard way, by trial and error. A great deal of trial and a lot of errors and sometimes those errors can be very painful and costly.

It’s small wonder then that a very high proportion of all business start-ups will fail within the first few years. This is because the owners have to learn quickly what they need to do to survive and if they don’t they pay the ultimate price.

Those that do survive the early years often find themselves constantly struggling to keep going and feel a deep despair as nothing ever seems to improve.

Please believe me when I tell you there truly is a better way! It really is possible to get a better deal for you and your business and you can do this by taking a series of gentle bite-size steps. This easy-to-apply approach means that it doesn’t matter how busy you are, you can start making progress with your business right now.

Be in no doubt that it is possible for you to strengthen your business, improve your earnings and, perhaps most important of all, get a life!

You don’t need to be a financial whizz or a marketing Guru to take your business on to another level. Just getting the basics right can make a huge difference. We’re not talking about working harder or longer hours here – this is about working more effectively, focusing on getting what you want from your business and avoiding distractions.

Before you begin working on your business though you must give yourself a little breathing space and in order to do this you need to start by working on yourself. If you can develop just a few basic skills for improving the way you do what you do, you can then start moving gently towards that better deal.

By Ian Marshall, author of The Savvy Guide to Kick-Starting Your Small Business

October 2, 2015October 2, 2015

6 things to remember when buying a franchise

Setting up as a franchise is almost a no-brainer for the budding entrepreneur who wants returns without the risk. Some of the biggest names on the high street operate under the franchise model, and if you were running one yourself, that’d mean a ready-made customer base that recognises and actively looks for the brand.

Out goes the uncertainty associated with starting a business from the ground up, and in comes the assurance of a business model that has already been proven many times over. From established enterprises like McDonald’s and Subway to up-and-coming opportunities such as a Phoenix e-cig franchise, there’s an operation to suit your particular corner of the market.

But before you hand over your start-up cash, make sure you ask the right questions. All too often wannabe tycoons rush into business on a whim, often only on the basis of liking a particular brand. That’s not going to help you hit the ground running, so make sure you get compelling answers to these six questions.

1 How much capital is required?
Some franchise prices cover everything from premises to initial stock to refitting a store.
Yet others will only get you the right to trade under a particular name, with all other costs footed by you. Make sure you know what your first outlay will include so there aren’t any bank account-collapsing surprises two weeks before opening day.

Take care when assessing how best to raise your capital. While you may think that re-mortgaging your home is the best way to a raise large lump sum, bank-lending packages, worth up to 70 per cent of the franchise cost, could be a more secure option (see ThisisMoney.co.uk for more). You don’t want the security of your home riding on the success or failure of your new venture.

2 Is there demand for this business?
Along with your financial position, this should be the first point to consider. When weighing up whether to go into business (and not just as a franchisee), you need to make sure that business is wanted by consumers – and that demand will continue. When researching a franchise’s viability, a detailed SWOT (strengths, weaknesses, opportunities, threats) analysis should be carried out. If you require a business loan, it’ll be among the first things a bank asks for.

3 What are you signing up to?
Just because you recognise the name, you shouldn’t assume the company you’re buying into plays fair. Run your contract past a solicitor with experience of small business start-ups before signing.

4 What support is on offer?
As well as a good grounding in the product or service you’re signing up to sell, you should also get access to detailed market information and sales data compiled by the franchisor. This will help you develop your business plan. Find out what sort of marketing and training support will be available.

5 Is there a selection criteria?
Are you the right fit for the franchisor? Some companies will ask that any new franchisee has experience of their sector, or has a certain level of training beforehand.

6 What are your chances of success?
This is where your investigative abilities should come to the fore. If you’re looking to take over an already established franchise, find out how it’s doing. Is the existing franchisee still happy? How’s the rest of the team? What do customers think of the place? Have any competitors recently appeared? If you’re starting afresh, see if you can speak with an existing franchisee to get the lay of the land.

Business advice site StartUpDonut.co.uk has more tips for budding franchisees here.