The online business model comes with many advantages. Particularly, if you are trying to run a successful company and be there for your family. You can run an online business from the comfort of your home. That means you’ll be there when your kids come home from school and still get the income for a great quality of life. In fact, the benefits are so attractive you might be thinking about adopting the online business model yourself.
The first step is to get rid of your business office. You can also sell most of the equipment and the furniture that you’ve bought. You see? Already, you’re saving money and making some of what you spent back. Instead of an office, the home base for your company will be, your home. You’ll be able to run your company from there with no issues at all by the time we’ve finished.
If you’re worried about looking like a home company, there’s an easy fix. You can use a virtual office. A virtual office is an address where you can have your mail sent. It can also appear on your business website as the official address of your company. No one outside of your business needs to know that your company is run from the spare room in your home. The appearance and perception of your company will not be altered. You can even get a virtual number. When customers call you up, it can seem like they are contacting one of the main offices in London.
Setting Up Your Site
Your business site is the real, digital heart of your office now. If you don’t have a business website yet, it’s time for you to set one up. You can work with a web designer to do this. Remember, it’s worth getting a professional service here. Your website is now going to be the first impression clients receive of your company. You want them to see it and immediately have the desire to buy from your company. With the right design, that’s exactly what’s going to happen.
You also need to make sure that customers find your website online. The trick here is to hire a great SEO team. SEO services will ensure that your business is found by people who want to buy your products. Don’t worry about the cost either. You’ll find the price of online marketing is a lot less than the promotional costs you’ve grown accustomed to.
Keep In Contact
Lastly, unless you’re a solopreneur, you will have workers and employees in your business. Now, they won’t be working in the same place as you. Instead, they might be working from their homes, a separate office or a new company. It all depends on your specific business model, but you need to keep connected to them. There are easy ways to do this, and one of the best is through social media. That way, you can keep in contact at no extra cost. You might also want to set up a cloud server to ensure your company is still fast and efficient.
That’s all there is to it. Follow this advice and you will have successfully adopted the online business model. We’re sure you’ll find it incredibly profitable.
The day has finally arrived! Months of planning and budgeting are finally about to pay off because you’re starting The Great Kitchen Remodel Project. It’s exciting, but it’s also the most difficult part because your kitchen, the heart of your home, is going to be out of action for a couple of weeks or maybe even longer. If you have a young family it’s particularly tough, so how do you get through this bottleneck? It’s easy (ish) if you follow these tips.
Find a kitchen-substitute
You can’t eat out all the time, as this will become tiresome and unbelievably expensive. You also need to prepare snacks, school lunches and maybe even pour the odd glass of wine. Choose a suitable spot – it could be a corner of the garage, or a spare bedroom that doesn’t get much use – and deck it out with folding tables and chairs, a kettle and some storage boxes. Hey, it’s something! This temporary kitchen should be as far away from the construction site as possible; maybe you should order some notices from My Safety Sign to remind everyone that there’s no real floor in there right now…
Park your fancy cooking gear for a while
You’re not going to be making Totoro-themed bento or a crab soufflé while you remodel – it’s just not happening. Think about the utensils that you can’t do without and put everything else away. Yes it hurts, but it’s not forever.
Think about small appliances
If you have a slow cooker, or an electric griddle, you can still get creative. Think about what you can do with your slow cooker and reframe the experience as an adventure.
Invest in a mini-fridge and chest freezer – someone may be able to lend them to you – or look on Craigslist. These scaled-down appliances can go in your temporary kitchen.
Think about how you’ll wash up
You may have to use the bathtub, or a picnic cooler with hot water and dish-soap. You could even press the garden hose into service. A big help is disposable plates and cutlery. As long as they’re biodegradable you shouldn’t feel too guilty.
Use your outdoor grill
Your outdoor grill can do most of the things your oven can; and you’re having an adventure, remember? Get the corncobs on the grill, slap on a few steaks, crack open the shop-bought potato salad and have some fun. Try out some old-fashioned recipes like skillet pies and s’mores.
Disclaimer: this might not work so well in November…
Keep a snack box
Peanut butter and crackers, instant noodles, canned meats and stews, dried fruit – they all fill a gap and if you get home and you can’t face washing up in the paddling pool and firing up the grill again, well, it’s food.
Get out of Dodge
If you’re able to, why not get away for a few days. You could go on holiday, visit relatives, or schedule that business trip. Most people, knowing you’re remodelling, will be glad to treat you with some real home-cooked food.
Get some perspective
It’s a few weeks of chaos and inconvenience for years of kitchen comfort. If you plan ahead – a week of barbecues, then a week at Aunt Ada’s, then a week of slow cooker meals – you can turn it into an adventure and maybe even come up with your new signature dish.
Evidence is starting to emerge that new businesses aren’t as dynamic as they once were. Recently, a Brookings Institute report tracked new startups to find out how many were successful. They found that while startups continued to be formed in large numbers, far fewer were actually making it. The news seemed to throw a spanner in the works of today’s startup culture. We like to think that we live in the age of enterprise and entrepreneurship. But it turns out, entrepreneurs are having a seriously tough time out there.
Added to this mix is the interesting fact that venture capitalists and investments banks have never had more money to lend. In theory, there should be plenty of cash sloshing about for new startups to use. It just seems as if something is sapping entrepreneurs of their productivity and drive. Many place the blame on the sheer cost and barriers today to starting a business. Regulation and compliance costs are enormous. But so too are the time it takes to set up a business, as well as labor costs.
Costs for small businesses are traditionally broken up into key, distinct areas. There’s the cost of actually selling the good. This includes things like packing, shipping, paying for inventory and warehousing. Then there are professional fees. These include the cost of establishing a corporate structure, paying for trademarks and so on. Wages and employee benefits also take up a significant chunk of the business income, as do payroll taxes. Then there are sales and marketing and administrative costs, and the cost of technology.
Traditionally, firms performed all these functions themselves. The option of getting somebody else to do it for you just wasn’t there. But today, these costly functions can be passed over to another business for a lower overall cost. By the way, this isn’t just theoretical. Practically every large business today outsources some function to an external company. It might surprise you to learn that most companies don’t do their own audits or their own accounts. Some don’t even do their own packing or their own marketing. And that’s why you don’t have to go it alone in business. Almost every function that is not strategic to your business can be passed on to somebody else. Does that sound like a recipe for reducing costs? You bet it does.
So the question becomes, what can you outsource? And, if you can outsource it, should you? Let’s take a look.
Manufacturing
Manufacturing is one of the most capital-intensive industries on the planet. That means that it’s incredibly expensive to set up your own manufacturing facility. For lean startups, it’s just not an option. So what should startups do? In the US, the trend is now to get manufacturing outfits overseas to do the manufacturing for you. Remember, there’s already a well-oiled global supply chain in place. So if you go down this route, you can expect good commercial availability. Manufacturing work will probably be carried out in China, or some other East Asian country. And it’ll be delivered to you fast.
By Mixabest (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
You can also look for options closer to home if you don’t want to deal internationally. Remember, US manufacturing is on the rise and automation is bringing factories back to the US mainland. So there are now more opportunities for SMEs to avoid costly international negotiations.
Finance And Fractional CFOs
Go back 20 years, and you couldn’t find a single company without a chief financial officer. The CFO was a full-time employee, responsible for all the financial matters at the enterprise. But here’s the problem: most smaller companies didn’t actually need a full-time CFO. They would have been okay with hiring a part-time CFO to do their accounts when they were required. The problem, however, was getting a CFO who didn’t mind working only a few hours a week.
It’s this issue that has become the driving force behind the trend towards the “fractional” CFO. Now companies can benefit from the services of a highly trained CFO. But they don’t have to pay them a full-time salary. They just pay them for the CFO services that they need. CFOs, therefore, are no longer as bound to individual companies as they once were. They’re branching out and working with many businesses, saving lots of money in the process.
Startups and small companies are also saving by replacing people with software. No longer are finance departments staffed by teams of accountants. Now a simple software tool will do. And we’re not just talking Quickbooks here either. Now there are platforms available that fully integrate payment into the accounting solution. Apps like Wave allow you to link merchant payment services with your business account and accounting software.
Packaging And Shipping
Packaging and shipping might sound like a simple process, but it’s not. There’s a lot of complexity involved in taking orders from customers, finding what they want and then shipping it to the right address. For most companies, packaging and shipping are just a byproduct of their processes. They’re not the primary focus on their business. And yet, packaging and shipping can become a nightmare for those who do not have the technical know-how.
This is where fulfillment services come in handy. Here an external company comes into your business and organizes packing and shipping for you. They’ll work alongside you, providing you with the knowledge you need to meet customer needs. The expertise of fulfillment companies is often vast once they’ve worked with clients with many different needs. And their experience of picking, packing, and shipping is often just the tip of the iceberg. Often, these companies can improve the way your business stores products and organize its warehousing.
Technology: Computing As A Service
Go into any older business, and you’ll find legacy computer systems. There will be old-fashioned, fixed computers, servers and physical networks in the office. But if you’ve been to a startup recently, you’ll notice a big difference. Where are all the big, bulky computers? Where are the servers for that matter? And why aren’t there legions of technicians working to keep the network alive?
Modern startups don’t bother with all these extras they don’t need. Most just carry a laptop, or even a tablet, depending on what they need. The reason they can do this is because of distributive computing, otherwise known as the cloud. Rather than having to build services at the location of their office, new businesses can just stream services over the internet. Need a CRM service? No problem. Just hook your computer up to the web, and grab one of the many CRM cloud packages out there on the web. Want a Software-as-a-Service platform only previously available to medium sized firms? Now you can, thanks to streaming services. And you don’t have to pay through the nose for them like you did in the past.
Right now, small businesses are leveraging cloud apps and generating incredible value. Apps, like InsightSquared, are enabling companies to collect real-time data on their performance. GetFeedback is another app where businesses can gather feedback on the quality of their customer service. Geopointe helps companies expand overseas by managing new territories and shipping routes. You can even have your own custom cloud app developed if you feel your business would benefit.
Professional Employer Organisations
Lastly, there are professional employer organizations. These companies help small businesses reduce the burden of their HR departments. They take over the cost of hiring, recruiting and even taxing employees that work at your business. All you need to do is go to the PEO and tell them what you want. And they’ll then go about finding the right candidate for the job.
Are you looking for new revenue opportunities for your business? If so, there are some relatively simple ways to increase the number of services your business provides. Below are some of the most effective ways to reach a wider, more diversified range of customers.
Outsource
It’s never been as easy as it is now to hire specialists who are able to complete all kinds of tasks. You may be a specialist in a certain area, but having the luxury of calling on people who are experts in other areas can greatly increase the number of services you provide. The internet and mobile technologies in particular, have made it much simpler for employers and outsourcers to meet and build successful business relationships.
Learn to Drive
If you can’t drive, you are limiting the number of business opportunities you can avail of. In some instances, it may be necessary to visit clients in person. If you don’t have access to a car and can’t drive, you may not be able to provide the quality of service your clients expect. To rectify this problem, you can find more information about mock driving tests and the Highway Code at websites like Top Tests.
Increase Your Knowledge and Skillset by Continually Training
The business world continues to evolve and change. This means you have to keep up with the latest developments in your industry and identify any potential future opportunities. Continually taking training courses when you have the time to do so is the best way to do this. A huge number of affordable and free online courses are available, so you don’t even have to leave your home or office to increase your knowledge and skill set.
Invest in Specialised Tools and Software
Some services require extremely expensive and specialised tools and software. However, not all businesses are willing to invest in these tools and software, which can leave a gap in the market for you. If you can afford to purchase them, you may be able to provide a valuable service other businesses can’t provide.
Find Out What Other Related Services You Could Provide
There may be a whole range of related services you could be providing to clients, but don’t realise they exist. Look at what other similar businesses to yours are doing and find out what additional services they provide. This exercise could be a real eye-opener and give you the inspiration to widen your horizons.
When you speak with existing clients, ask them if there are any other services you could provide, that they would be interested in. If there’s enough interest, you could eventually start providing this new service, which could be as popular as your current services.
It’s never been as easy as it is now to expand a business and provide additional services that are related to the core services you currently offer your clients. Each of the tips above has the potential to guarantee new revenue streams and uncover business opportunities you may not have known existed.
Setting up a business is a common go-to option for younger people in the UK, with around one in five of the 18-34 age group having a marketable idea. It’s especially important as this age group is three times as likely to be unemployed, so becoming self-employed or starting a company is a good idea.
Of course it won’t work out for everyone, but even so, the experience gained is invaluable. If you’re thinking about making your idea a reality, read on for some common sense tips that will help you along.
Learn from the mistakes of others
Every single successful entrepreneur has made more than a few mistakes – it’s why they’re successful now! Read about them, or follow them on social media to gain some insights.
Get hands-on experience
Learn about the sector you’re aiming at – spend some time on the bottom rung, learning how the business works at the grass roots level. If you can see where you could make improvements, you could be onto a winner.
Have a business plan
An idea doesn’t make a business by itself, you have to understand the nuts and bolts and to be able to create and meet targets. You need to incorporate overhead costs, like premises, and telecom providers. There are many utility providers that can help start-ups, like woav.co.uk, which provides internet and phone packages for SMEs. You need to pare your expenses down as far as you can, and aim to just break even for the first couple of years.
Find a mentor
There are several government-backed, free mentor services for small businesses and entrepreneurs. If you don’t fancy that, talk to friends and family members who have run businesses, even if they’re not in your sector.
Use support organisations
Contact Youth Business International, or Start-up Direct if you’re in or around London. You can also head to your local Chamber of Commerce for advice and signposting to other advisory bodies and resources.
Apply for grants
Again, as your Local Chamber of Commerce for advice on grant-awarding bodies – you may qualify because of your sector, your age, your postcode, or even the fact that you’ve been unemployed. It never hurts to ask!
Make a name for yourself
You’ll need a name that’s available – not just as a business name, but also as a domain name, a copyrighted name, a “trading as” name and one that’s not already registered at Companies House.
You can try a play on words, or use your own name – whatever makes it easy for customers to remember you and makes a statement about you and your enterprise.
Design your logo
A great logo – one that’s well-designed and “speaks” to your audience – is half the battle. You need a design that fits your sector and gets your personality and message across.
Shameless self-promotion
Yes, you’ll have to do your early promotion yourself, because PR companies are expensive and you’re bootstrapping, remember. Use social media, enter competitions, whatever you can think of and find to draw attention to yourself and get people talking to you.
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Are you looking for new revenue opportunities for your business? If so, there are some relatively simple ways to increase the number of services your business provides. Below are some of the most effective ways to reach a wider, more diversified range of customers.
Setting up a business is a common go-to option for younger people in the UK, with around one in five of the 18-34 age group having a marketable idea. It’s especially important as this age group is three times as likely to be unemployed, so becoming self-employed or starting a company is a good idea.