starting your own business

The Top Tips When Setting Up Your Own Australian Business

It can be very daunting thinking about setting up your own business and doing everything all by yourself. Some tips to know before setting up your own business.

It can be very daunting thinking about setting up your own business and getting out there and doing everything all by yourself. It is quite comforting to know that if you work in a standard 9-to-5 job every single day then you can be assured that your salary will be in your bank account at the end of every week or at the end of every month. You will however find that you never have enough money to live the life that you want to have and you can be sure that if you continue working for someone else, then you’re never going to be able to reap the benefits of being self-employed and owning your own Australian business.

If you have decided to take the plunge and set up your own business then you are to be congratulated for that and I wish you every success. There are certain things however that you need to put into place to protect yourself and to protect your business and one thing that should be at the top of your list is making sure that you have construction works insurance if you are to be involved in this particular sector. Nobody knows what is going to happen tomorrow never mind next week and no matter how hard you try to follow all safety protocols, something will happen that is out of your control and so this is why it is always best to have the right insurance in place. The following are just some other top tips that you need to know about when setting up your own business.

Always be prepared

You need to understand that it is going to take a little while for your business to establish itself and so you need to have patience and you need to put in as many hours as possible to make it work. It will only be the first couple of years and then after that, as long as you follow start-up compliance, you can hopefully hire another individual who will do most of the work for you.

Be properly organised

This is advice that applies to both working on-site and also making sure that you keep a record of everything that you do when it comes to the finances of your new business. You need to know exactly where all of your money is going and when money is coming in to fund the business and hopefully create profits.

Deal with the setbacks

You can’t just give up every single time that a barrier is put in front of you and so it is inevitable that you’re going to experience some setbacks and you need to try to keep yourself motivated at all times and certainly do not give up. You will learn from any disappointments that you experience and you will become a stronger person because of them.

Make sure that you surround yourself with all of the necessary tools that you need to be able to carry out your business and this is when insurance becomes incredibly important. Never put your safety at risk even if it means that you can make more money and your safety and the safety of your business should always be your number one priority.

Crafting the Perfect Yogurt Venture – A Guide to Starting Your Own Yogurt Business

With the right knowledge and plan, starting your own yogurt business can be a smooth and successful venture.

Yogurt is a delicious and healthy treat that has been consumed for thousands of years. It is no wonder that the yogurt industry is booming and continues to grow with each passing day. With the right knowledge and plan, starting your own yogurt business can be a smooth and successful venture. This blog will explore the key steps to crafting the perfect yogurt venture and everything you need to get started.

The Right Tools

Before diving into the planning and marketing of your yogurt business, it is essential to ensure that you have the right tools to get the job done effectively. Industrial static mixers are a crucial tool in the yogurt-making process. These mixers help to homogenize the mixture of milk, yogurt starter cultures, and other additives by blending them together thoroughly. Having the right industrial static mixer will help you to produce high-quality yogurt that your customers will love.

The Importance of Research

Before venturing into the world of entrepreneurship and starting a yogurt business, it is essential to do your research. You should take the time to understand the market trends, the competition, and the potential target audience. Start by conducting market research to gauge the demand for yogurt in your area and assess the level of competition. By gaining a clear understanding of the market, you can develop a business plan that will help you to stand out from the competition and cater to your target audience.

Perfecting Your Recipe

A key component of your yogurt business is perfecting your recipe. Experiment with different milk sources, cultures, and additives to develop a unique and irresistible flavor that will keep customers coming back for more. Be sure to test and adjust your recipe until you achieve the perfect balance of sweetness, tartness, and creaminess. Remember to keep in mind any dietary restrictions or preferences when developing your recipe, such as using alternative milk sources like soy or almond.

Branding and Marketing Strategies

Now that you have the perfect yogurt recipe, it is time to develop your brand and market it to the world. Your branding should encompass your company’s mission, values, and unique selling proposition. Develop a website, social media presence, and advertising strategies to create brand awareness and drive sales. Consider partnering with local businesses and attending community events to connect with potential customers and build brand loyalty.

Finding the Right Location

Finally, the location of your yogurt business is crucial to its success. Consider factors such as foot traffic, visibility, and accessibility when selecting your storefront. A central location with ample parking and easy accessibility will attract more customers and increase your visibility. Consider the aesthetics of your storefront to create an inviting and comfortable ambiance for your patrons.

Starting a yogurt business requires hard work, dedication, and attention to detail. By following these key steps, you can craft the perfect yogurt venture and succeed in the thriving yogurt industry. Remember to conduct thorough research, perfect your recipe, develop a strong branding and marketing strategy, and select the perfect location. With these elements in place, you will be on your way to a successful and satisfying yogurt business venture.

A Quick and Easy Guide for Brand New Business Owners

Starting and running your own business is no small feat. Here are some tips and tricks to get you started on the path to success.

Starting and running your own business is no small feat. It takes hard work, dedication, and an eye for detail. But if you’re willing to put in the effort, you can be a successful business owner. Here are some tips and tricks to get you started on the path to success.

Find Your Niche

Before you can become a great business owner, you need to know what kind of business you want to run. The best way to do this is to identify your niche. This means finding something that sets you apart from other businesses in your field and gives customers a reason to choose you over everyone else. It could be something as simple as offering better customer service or having more knowledgeable staff members. Once you’ve identified your niche, use it to your advantage by showcasing it through marketing campaigns and word-of-mouth advertising.

Once you’ve identified your niche, the next step is to research it thoroughly. Take some time to evaluate the competition and find out what other businesses in your field are doing right. Look for areas of improvement and unique selling points that will help you stand out from the crowd. Consider how you can differentiate yourself by offering something different or better than your competitors. This will give you an edge and make it easier to attract customers to your business. Additionally, research the best ways to market and promote your business in order to reach a wider audience. With the right tactics, you’ll be able to grow your customer base quickly and effectively.

Set Clear Goals and Objectives

The next step in being a successful business owner is setting clear goals and objectives. This means identifying what it is that you want to achieve in terms of revenue, profit, customer satisfaction, etc., as well as how you will measure your progress towards those goals. Without clearly defined goals and objectives, it’s easy to lose focus or become overwhelmed with all the tasks at hand. Setting concrete goals will help keep you organized and motivated as you strive towards success.

Once you have set your goals and objectives, it is important to keep track of them. This means regularly reviewing and assessing your progress. Set up a tracking system to help you identify areas of improvement, which will allow you to adjust and refine your strategies as necessary in order to reach the ultimate goal. Additionally, it’s important to set short-term goals so that you can measure your progress and stay on track. Celebrating each milestone along the way will help keep you motivated and help you focus on the end goal. Keeping track of your goals and objectives is essential for successful business ownership.

Stay Organized

Organization is key when running a successful business; being organized helps save time by making it easier to find things when needed and ensures tasks are completed efficiently. A great way to stay organized is by creating systems for different areas of the business such as customer service, inventory management, financials, payroll, so that there is consistency across all processes within the company.

Using tools such as project management software or task management apps can help streamline operations even further by helping keep track of tasks and deadlines without having to manually do everything yourself. Additionally, set up checklists for each process within the company and track tasks using an online calendar. Finally, make sure to regularly review and assess your progress towards goals, and adjust strategies as needed. By staying organized and on top of things, you can ensure your business runs like a well-oiled machine.

Market Your Business

Marketing your business is one of the most important things you can do as a business owner because it’s what drives customers to your door! There are many different ways you can market your business including traditional advertising like TV or radio spots or print ads in newspapers or magazines; digital marketing such as SEO or social media campaigns; and public relations activities like press releases or speaking engagements at conferences or events. Whichever methods you choose to use for marketing, make sure they align with your brand identity so that customers recognize who they’re dealing with when they come across any advertising materials from your company.

If advertising isn’t quite our forte, for small business owners, hiring a marketing manager can be a great way to take their business to the next level. A marketing manager can help create and implement effective strategies to reach new customers and maximize sales. They will have an in-depth understanding of digital media, social media trends, advertising platforms, and more. Additionally, they will be able to provide insights into customer behavior and preferences, as well as develop targeted campaigns. By hiring a marketing manager, small business owners can have peace of mind knowing that their marketing strategies are in the hands of an experienced professional who is dedicated to helping them reach their goals.

Develop a Customer-Focused Strategy

No matter what type of business you run, having a customer-focused strategy is essential for success. Take some time to think about who your customers are and what they need from your product or service. Developing a strategy tailored specifically to them will help ensure that their experience with your business is positive from start to finish. Consider creating surveys or asking customers directly for feedback so that you can continuously refine your strategy over time.

Having great customer service is a key component of running any successful business. When customers have a positive experience with your company, they are more likely to come back and recommend it to others. By creating personalized experiences for customers and providing excellent customer service, you can foster long-term relationships that will keep them coming back again and again. Making sure your staff is friendly, informative, and helpful will show customers that you care about their experience and are invested in helping them find the best solution. Additionally, providing quality customer service should go beyond simply solving a customer’s problem but also include follow-up emails or calls to ensure they are satisfied with your product or service.

Create Systems for Efficiency

As any successful business owner knows, creating systems for efficiency is key for scaling up operations as time goes on. This could mean anything from automating administrative tasks such as billing or payroll processing to streamlining communication between departments or stakeholders within the organization. The more efficient your processes are, the more productive your team can be—leading to greater success down the line.

Encouraging staff to be efficient as well can be done in many different ways, such as offering incentives or rewards for meeting goals and deadlines. If possible, provide training opportunities to help employees develop new skills that will increase their effectiveness on the job. Additionally, create a positive work environment by rewarding performance and recognizing hard work. Make sure that everyone understands the importance of efficiency and is aware of the processes in place to make their lives easier. Showing that you value your staff’s time and efforts will go a long way towards making them feel appreciated, which can lead to greater productivity.

Finally, ensure clear communication between management and employees so everyone knows what is expected of them in terms of performance. Regularly checking in with staff to make sure they’re on track and offering solutions or suggestions for improvement can help ensure that everyone is working towards common goals. With the right systems in place and a culture of efficiency, you can create an environment where everyone is working together towards success.

The journey to becoming a successful business owner is no easy task, but with the right strategies and a little hard work you can get there. From finding your niche to creating systems for efficiency, these tips will help ensure that your business runs as smoothly and successfully as possible.

Being a great business owner requires hard work and dedication but it can be incredibly rewarding when done right! Start by setting clear goals and objectives so that you have something tangible to work towards every day; then develop a customer-focused strategy so that clients feel valued; finally foster efficiency in your workforce so that operations run smoothly even when workloads increase over time. All these steps combined will set you up on the path towards becoming a successful business owner.

8-step guide to starting your own clothing business

It’s exhausting, but it’s satisfactory once you have your first run of samples and sales to customers. Follow these guidelines to start an apparel line.

It’s exhausting, but once you have your first run of samples and sales to customers, it is a great feeling of satisfaction. Follow our nine-step guidelines to start an apparel line.

How to begin with your very own line of clothing

You’re just beginning the journey, and the list of tasks can be overwhelming. But, if you’re considering the best way to start your clothing line at home or even have your workshop, we’ve got you covered—nine points to consider.

Decide on your niche

Beginning a business like JCPenney and Zetpo in the field of clothing is a personal experience. You’re likely to be a creative individual with something unique in this fast-paced business. You’ve likely noticed a need in the marketplace or have an idea for a particular customer.

Whatever the reason you’re looking to start your own business, you must establish your focus right from the beginning. Are you seeking information on launching a fitness clothing company or a line of sportswear, for instance? On the other hand, you may be thinking of creating an audience for a specific product, such as the world-renowned Fred Perry shirt.

It could be the specific style you’re thinking about in your clothing line, like the simple and design-focused kids’ products offered through the lifestyle brand Scandiborn or clothing for men that is a nod to your style.

Create your budget or business plan

If it’s just an idea for a shoestring, and you’re testing your thoughts on a smaller scale, you may not require a full-on business plan to start. However, when your ideas take off, you’ll want to scale up quickly, so it’s logical to have a basic sketch in your background.

The most frequently asked question is, “how much will it cost to start a clothing business? It’s a common question, and even though it’s feasible to start with just a few hundred bucks but it’s a higher likelihood that it will cost thousands. Based on The Make it British, fifty percent of companies launched with more than PS15,000 for their brands in the UK.

Making the budget…

In the beginning, it is best to stick with a straightforward approach. Starting with one design you like, can make (or purchase), and have had great reviews on could be more effective than launching with an extensive catalog of items.

It’s helpful to have a set amount in your mind and determine how you’ll spend your money and what you’re trying to accomplish. Make sure to leave room for flexibility – you may need to be aware of the cost of particular materials, for instance, or even manufacturing costs, but having the initial budget in your mind will allow you to make the right decisions for the first sale.

Organize your business

Even without an entire company plan, these rules apply when planning your startup. For example, you may be planning to purchase a sewing machine and immediately get to work and get started, but it’s a time and commitment of resources.

If you’re putting in effort and have ambitions to achieve in the coming years, write down on paper how your business will develop and include plans and suggestions for:

Who’s in charge?

Even if you’re the only one running the company, are there any other important people you’ll be able to count on? For instance, a graphic accountant, or designer, who can assist you in setting up a space, storage, and so on?

Your product catalogs

It could be a single most sought-after item, or you may have many items. Make sure you are aware of your list and consider how you’ll manufacture and keep in stock and keep things and also the specific packaging requirements.

Create your designs

For any business dealing in clothing, an exciting phase is developing the product. Even if all you have is an idea for a design concept for a single product, at this point, begin to sketch it out onto paper or a screen as a sketch. Once you’re finished, you can turn graphics into solid digital drawings. Programs such as Adobe Illustrator can do many of the tasks for you.

Once you’ve completed your sketches, you’ll have to plan your ‘tech pack”, which is the most important information you’ll provide to the manufacturer. It should include the details of your product and technical specifications, from the design and measurements to the materials and other accessories or specifications.

Make your brand

You’re likely to be creative if you’re a fashion or clothing professional. And this will put you well when it comes to designing a brand for your clothing startup.

Choose a trademark that is appealing to the people you want to target. For example, you could select a name for your brand based on your target group’s age range, like Fish & Kids. And when your store is stocked with exclusive designs of yours, you can always choose your name as your company’s name (just like Tommy Hilfiger and Hugo Boss).

Your logo will form an integral part of your company’s brand. As a result, you may incorporate the logo into designs or display it prominently across your social media platforms.

Begin manufacturing

Re-visit your design process and put everything in place. Then, it’s time to introduce your design to the manufacturer. This is when you’ll find the individual (or team) who will create your concepts and transform them into realization.

To begin looking for an ideal manufacturer, reach out to the contacts you have and discover the priorities you have set for yourself. For example, are you looking for artisanal craftsmanship? Trying to find a commercial provider with a focus on speed and reliability? Manufacturing is an essential aspect of every clothing company, regardless of size. So, spend some time searching for, talking to, and making a list of possible suppliers.

Check out your product

Do you want to use the designs from your sample run? Marketing them can be a great opportunity to try your product without committing to the entire run. Market trade spaces, fairs for schools, and online platforms such as Facebook Marketplace are excellent locations to begin making notes and soliciting your customers regularly to give feedback on your product and whatever else they’re seeking.

You’ll likely find that your stage of conducting market research stage continues since you’ll constantly be creating new items to add to your portfolio and working out what is popular and the ones that aren’t so popular.

Scale up

You’ve done it. Your clothing business has been launched. You’ve had your first sale, and you’re removing the wrinkles. Scaling could be on your radar as a determined company owner with plans for new products or more orders.

Spend time reflecting on how your business is progressing before taking any significant next actions. Keeping things modest and easy for the first few seasons is beneficial. You will need to understand the actual realities of production efficiency of supply chains and satisfaction before taking on the next task.

Starting Your Own Business? How to Choose the Right Entity

Starting your own business can be a very rewarding experience, but it can also be very difficult.

Starting your own business can be a very rewarding experience, but it can also be very difficult. Choosing the correct entity type is one of the essential decisions you will make when starting a business. There are various types of entities to choose from, each with its own benefits and drawbacks. Here are some things to consider while selecting the correct entity for your new business.

Tax Treatment

Different sorts of entities are subject to additional tax requirements. C corporations, for example, are taxed separately from their owners, whereas S firms pass through corporate revenue to shareholders, who are then taxed on their tax returns. LLCs may be taxed as C companies or S corporations. A qualified attorney, such as Boynton Waldron Doleac Woodman & Scott P.A., will assist you in determining the appropriate tax treatment for your company.

Liability Protection

The level of liability protection provided by various entity kinds might vary significantly. Sole proprietorships and partnerships, for example, give relatively minimal personal liability protection to their owners, whereas C corporations and LLCs provide far more complete protection. If you are concerned about being personally liable for your company’s debts and liabilities, you should incorporate a C corporation or an LLC.

Compliance Requirements

Compliance standards for various company entities might also differ significantly. C corporations, for example, must hold annual shareholder meetings and record full corporate minutes, whereas LLCs are not. Depending on your preferences, one entity type may better suit your needs than another.

Funding Options

Decision Time

Making decisions is part of running a business. Some are insignificant, while others might make or destroy your organization. Choose an entity that will allow you to make decisions without worrying about potential legal ramifications down the road.

Selecting the appropriate corporate entity type can be complicated, and there is no “one size fits all” answer. Consultation with an expert business attorney is the most excellent method to ensure that you make the proper option for your company. Utilize the knowledge of professionals who can assist you in determining the best entity type for your business and ensuring that all required documentation is done correctly.

The five questions everyone needs to ask themselves before starting their own business

From admin duties to self-check-ins, here are some of the most important things to get squared away.

Starting your own business is always an exciting moment. For many people, this is the point at which it feels like you have taken control of your own destiny, setting out on the path of what you really want to do without anyone standing in your way or trying to dictate the way you do things. It can be a tremendous moment of self-affirmation, of seeing that you have the skills and the fortitude it takes to make your own way with your own ideas.

However, before you get started there are several things that you will need to make sure you’ve taken care of. From admin duties to self-check-ins, here are some of the most important things to get squared away.

Are You Ready For This?

Before you embark on the journey of self-employment and/or business ownership, it’s really important that you are clear that you are doing this for the right reasons and that you are pursuing a business that is both something that you have the skillset for and something that you are passionate about. If you’ve got the skills but not the passion, then it’s going to be a long hard slog through the challenges that will inevitably arise.

Remember, the buck stops with you when you’re self-employed, so if you can’t motivate yourself with how much you love what you do, you might not make it through the first few months. It’s also important to be brutally honest about the skills that you have. There are a lot of areas to cover when you’re setting out on a solo journey like this, and if there are any areas where you don’t feel like you’re fully equipped, it may well be worth bringing someone else on board. However, we’ll come back to that later…

Have You Done Your Market Research?

It’s one thing to have a great idea, but it’s quite another to make sure that there’s enough demand for it out there. Whether you’re setting up your own copywriting firm, opening your own store or starting your own legal practice, it’s always important to make sure you have a good idea of what else is already out there by doing your market research. Not only will this help you to decide whether entering into this marketplace is a viable business option, it could also help to identify potential gaps in the market that you can exploit.

Are You Comfortable Looking After The Business Finances?

If you’re going into business as an independent financial advisor, then you might be able to skip this section. For everyone else, you’re going to have to get up to speed pretty quickly on everything from taxes to expenses. If you’re employing anyone, you’re going to need to make sure that their payroll information is all squared away too. You’re also going to need to budget for and manage your expenses.

If you’re at all unsure about this, then it will make sense to bring on an expert. For example, did you know that a solo defined benefit plan can help you save on taxes while you’re contributing to your pension? Saber Pension specializes in helping self-employed business owners reduce their taxes while making retirement contributions, and they will always go the extra mile for their clients.

Do You Need A Business Plan?

Now, this one may not be applicable to everyone, but if you’re looking for people to invest in your business, then you’re going to need to show that you’ve done your homework. You’re going to need to be able to break down the structure of your business from top to bottom, the finances that you already have in place, and the financial projections for the year ahead.

Your market research will also be a crucial cornerstone of your business plan, as investors are going to want to see that they are backing the right horse. You are also going to need to demonstrate to anyone who is thinking about putting money into your business that you have a plan to attract customers, which brings us to…

Do You Know How To Reach Your Audience/Customers?

Over the course of the last year, the online marketplace has become vastly more competitive. Big businesses and local stores have all turned their attention away from the high street and the mall to try and maximize business, and if you’re just starting out, you are going to be battling for the same customers and clients with people who have a lot more resources than you do.

As a result, it’s going to be absolutely vital that you know where to look in order to drive business. Are you targeting the right social media channels? Are you maximizing your existing contacts to leverage their potential connections? Is your website both welcoming and informative? Remember, engagement is particularly important when you’re just starting out, so make sure that you can be easily reached.

4 Resources to utilize for advice before you start your career as an entrepreneur

There are a variety of resources available to help you better understand your role as an entrepreneur so that you can set yourself up for long-term success.

When starting your own business, it can sometimes seem as though you’re headed out on your own into the vast wilderness. The good news, though, is that this isn’t the case at all. There are a variety of resources available to help you better understand your role as an entrepreneur so that you can set yourself up for long-term success.

Other Business Leaders

Believe it or not, many business leaders like to talk about themselves. One of the best things you can do, then, is to get established business leaders talking about how they found success. Typically, there will be plenty of wisdom to be found in these conversations that you can apply to your own business. Plus, you may be able to build relationships that can benefit you in the future.

Books and Literature

To understand how to operate successfully in the present, it’s important to understand how the present business climate developed out of successful businesses in the past. One way to do that is to read historical novels about business that document the rise and fall of some of the country’s most well-known companies in both fictional and non-fictional settings. By learning how other real and fictitious entrepreneurs were able to use their limited resources to build empires, you’ll gain some tools that you can use in your own pursuits.

Conferences

Attending a business conference is a great way to gain insight into running a business while also networking with other entrepreneurs. The talks given at conferences often feature-wise leaders in business who can offer great insight into what to do and what not to do as you move forward. Plus, there’s nothing like a conference atmosphere to get you pumped about the direction you’ve chosen for your life.

Similar Businesses

Even if you have a unique idea for your business, it’s likely that your business will operate in a space alongside other businesses. Therefore, it’s a good idea to study these other businesses to help find your own recipe for success. You can think through what you like and dislike about these businesses, what the pinch points seem to be, and what you would do to improve upon the business model. You can then apply these findings to your own business to make it as good as possible right from the start.

Even if you have excellent business acumen, there’s still more that you can learn. Therefore, it’s important to take the time to be a student of business before launching out on your own. Since learning costs very little, you can simply see this time of preparation as an investment with potentially spectacular returns.

Increase in Indian startups as Blue-collar workers enter the startup ecosystem

Due to the ongoing pandemic, many have been prompted by job loss and reverse migration. To cope up with the loss, many of blue-and-grey collared workers have started their own business in tier II and tier III cities. This has increased the number of startups catering to the new segment which is backed by Y Combinator and Sequoia Capital.

Apna which is a recruitment platform for the grey and blue-collar jobs, Lokal which is a hyperlocal news and classifieds platform, Aiisma which is a data marketplace app and ReadyAssist which is roadside assistance startup are all included.

Their aim is to upskill and reskill the newbies of micropreneurs across some states such as Telangana, Karnataka, Andhra Pradesh, and Tamil Nadu. They hope to become the helping hand for the new breed entrepreneurs to understand business dynamics, soft skills like marketing and communication as well as community and distribution networks.

Apna has approximately 60 skill-based vertical groups or communities that assist workers such as plumbers or electricians who wish to start their own business as well as help them to learn about various market opportunities after setting up the business.

Pune-based Kishore Patra, 36, who worked in a company for about 20 years. He recently lost his job after the closure of the company. Patra slowly took a turn towards business. It also included the one which dealt with eco-friendly pencils wherein it used Apna to hire around 200 people for the business from February. To the Apna peer groups, the skills and jovial personality of people that Patra had, made him an influencer which inspired to launch his own YouTube channel, ApnaBizPandit.

“On the app, inter-vertical skills are quite common, which otherwise is difficult to see in the real world as these people do not cross paths. This helps these informal workers expand their services and assist each other to provide business leads, share their challenges and communicate,” said the head of Apna, Nirmit Parikh. Apna has received funding of nearly $2 million from Sequoia Capital and Lightspeed Venture Capital.

To build their distribution networks, micro-entrepreneurs use the hyperlocal news and classifieds platform, Lokal. In November 2019, Lokal has raised $3 million in seed funding from Y Combinator and others. Lokal is currently available in Telugu, Tamil, and Hindi.

An executive said, “Through Lokal Ganesh who is a small-time seller from Warangal found delivery personnel to ship 1,500 hearing aid devices to others and his community.” The executive added, “We have helped facilitate the sale of vegetables, homemade ornaments, and even a goat in Tamil Nadu.”

Most of the sellers are new to the business world and all infrastructural challenges and that’s where Lokal comes into the picture. “Many of them are private employees who have started selling essentials as they have not been paid salaries during the lockdown. More than 90% of local MSMEs have been adversely affected. Local beauty parlours and saloons are now selling and delivery beauty packages to sustain their income,” said co-founder of Lokal, Jani Pasha.

A Better Boss from Day 1: 5 Tips for first-time business owners

Starting your own business is as exciting as it is nerve-wracking.

Starting your own business is as exciting as it is nerve-wracking. It’s easy to get swept up in anxiety and let worry take over. But your mindset should stay focused and centered. The more balanced you are, the more flexible you’ll remain, and being open and receptive to change is everything for a successful entrepreneur. As you embark on this exciting next chapter of your career, here are five tips to help you be the best boss to your new employees.

Lead by Example

You have standards for those who work for you, and you should live up to them. Show up on time, be respectful, always be honest, and don’t do anything you wouldn’t want one of your own employees to do. The karmic nature of leadership is far less mystical than psychological. People emulate what they aspire to be, so showing up as the best version of yourself every day is the strongest way to motivate others without needing to say a word.

Invest in Your Professional Development

Being a good boss and cultivating leadership skills takes time and effort. Even those who are born with a natural talent for guiding others don’t become a top-tier boss without plenty of experience. Attend an entrepreneur summit, networking events, and workshops in your area to continually grow and become an even better boss.

Keep Communication Open

An open-door policy shows your employees that you consider them equals regardless of your different roles within the company. A business can’t thrive when its employees are in competition with one another or feel afraid to voice their opinions.

In the early days of a business, it’s crucial that there is an all-hands-on-deck sense of camaraderie. You’ll need your employees’ feedback to help identify weaknesses and potential problems, develop solutions and implement strategies while minimizing loss.

Observe and Respond

Pay attention to how your employees perform and give them genuine feedback. But don’t assume an intimidating position of authority that makes them feel judged and scrutinized. Instead, work alongside them whenever you can, getting to know their personalities and unique approach to their job.

Match every criticism with a compliment, and strive to find more of the latter. A positive attitude inspires people and helps them build upon their strengths. It also makes it easier to accept negative feedback and see it as a chance to learn and grow.

Develop a Unique Hiring Process

Your company’s hiring process is the best way to ensure you bring on candidates who are not only qualified for the job but also compatible with you and your existing team. Chemistry is a real thing, and you can’t hire people based on criteria alone. You have to get a feel for who they are, how they communicate and whether they are able to help bring your business’s vision to life while shaping its culture.

While it may not seem like something you need to focus a great deal on, professional development has far-reaching effects in your personal life, too. Good leadership skills include communication, empathy, and self-discipline. The qualities you cultivate on your journey will equip you to become a more well-rounded, thoughtful, and capable human being in and outside of the workplace.

12 questions you need to ask yourself before starting your own business

While contemplating whether or not to start your own business, ask yourself these questions.

A lot of people with great ideas venture into the world of entrepreneurship with the motive of making profits. However, setting up your own business isn’t an easy task as you need to look after a lot of things which might seem very new to you.

While contemplating whether or not to start your own business, ask yourself the following questions:

1. Why should I introduce this product into a market?

If you cannot answer this question successfully, it clearly means that your product is either not new or not enough to suffice the current problems of society. If you can answer this question without hesitating, go ahead and answer the rest as well.

2. How will my product/service help the society or any other stakeholders?

This is a crucial question which needs to be answered because the whole point of entrepreneurship is that you spot a problem and create a new solution. You need to make sure that your product/service affects your stakeholders for the better.

Related Post: 8 attributes of successful entrepreneurs

3. What is the end goal of your business?

If you don’t have a mission and vision for your business, the whole thing could result in a failure. You need to have a goal besides profits which you want to achieve through the business you are setting up.

4. Which groups you need to target as your audience?

You can’t go around assuming that all people are your customers. You need to identify a proper target group for your product and focus on them more than other groups. You could also have secondary and tertiary target groups.

5. When are you likely to break even?

Break-even is a point where the total revenue earned is equal to the total cost incurred. This question is crucial because most businesses take about 6 quarters to break even. Also, this is the first question your potential investors will ask you because no one likes investing in a business which isn’t profitable.

6 What is your product’s USP?

USP is a unique selling proposition and it distinguishes your product from other competing products already available in the market. If you can clearly point out what is unique in your product and why it will work with your target group, go ahead with your idea.

7. What convinces you that customers are ready for your product?

Your product might be solving a problem and unique, but customers still might not want to buy it. In that case, you need to speak to some members of your target group and do basic research to see if introducing your idea into the market makes sense.

8. Who are your competitors?

As a businessman, you should be aware of your competition in the market and learn from their strong points. Based on the present competition, you can mould your product or service to make it look more appealing to your target audience.

9. How and what will you price your product?

Pricing is a very sensitive and important part of a business. You need to identify which strategy you would use for maximum market share. You could opt for sales maximisation or profit maximisation depending upon the nature of your product.

10. What channels of sales and distribution would you employ?

You also need to figure out the medium of sales and distribution you would want to employ for your product. It could be an e-commerce based product/service or sold through personal selling. You also need to figure out where your product would be available.

Related Post: 12 powerful lessons for new entrepreneurs

11. How much capital would you need to set up the business initially?

You need to be sure about how much capital you would require to set up your business in terms of rent, labour, raw material etc. Calculate the cost of fixed and variable inputs for a better understanding.

12. What are the risks you might be facing?

Every business has its own risks. You need to figure out the risks of your own business and try and minimise them.

How to start a freelance business and keep your day job: 10 steps

A comprehensive guide to starting a successful side business before you make your startup dream a full-time reality.

You want to start a business. You need to start a business. But you’re not quite ready to quit your job and take the plunge.

Don’t feel bad – here’s one reason you should feel that way.

Fortunately, there’s a great alternative: starting your own business while keeping your day job.

The following is a guest post from Ryan Robinson, an entrepreneur and marketer who teaches people how to create meaningful self-employed careers. (His online courses “The Launch While Working Formula” and “Writing a Winning Freelance Proposal” can teach you how to start and grow your own business while working a full-time job.)

Here’s Ryan:

Of all the side businesses you can effectively grow while keeping your day job, freelancing is one of the most feasible. At its core, you’re essentially using your skills – the tasks and abilities you’ve already mastered – to take on contract work and augment your income. One more skill that you need to master is how to write proposals. What’s more, it’s attractive for many reasons beyond just the money.

But, before getting started with your freelance business, you need to get very clear on why you want to freelance in the first place. Once you have your goals in mind, how you use your limited amount of time will greatly determine your level of success with freelancing.

1. Define Your Goals.

Without clearly defined, easily measurable goals, you’re going to have a very difficult time getting to where you want to go.

Is freelancing a path to just earning extra income on the side of your day job?
Do you eventually want to become a full-time freelancer because of the lifestyle benefits of being your own boss?
Are you looking to use freelancing as a steppingstone to eventually achieving a different goal entirely?

Regardless of what your ultimate goal is, you need to make it abundantly clear. Take the time to understand why you’re considering starting a freelance business, and make sure it’s the right move in your progression toward achieving your bigger-picture goal.

Let’s say your bigger-picture goal is to become a fully self-employed freelancer. You’ll set your own hours, decide whom you want to work with, and call all the shots in your business. Now, how do you get there?

You know that you’ll need to get your freelance income up to a sustainable, healthy level that allows you to eventually quit your day job without stress about where your next paycheck is going to come from. Because I’ve quit my day job too early in the past, my personal rule is that I must reach a side income of at least 75 percent of what my salaried job pays me, before even considering quitting to pursue my side business full time.

Starting with your freelance income target, based on your living expenses, risk tolerance, and realistic expectations on how long your savings can sustain you, now you can back into a rough idea of how many clients you’ll need (and what you’ll have to charge them), before making it to the point where you’ll be able to leave your day job to freelance full time.

2. Find a Profitable Niche.

Let’s assume you’re a graphic designer by trade, or you’ve at least been building your skills with Adobe Illustrator and Photoshop in your free time. Clearly, there are a lot of competitors in your industry who will be willing to charge much lower rates than you, no matter what you do. There are people from all around the world with lower costs of living who will always be willing to accept lesser-paid gigs than you. Get over the idea of trying to compete on price as a freelancer, right now.

It’s not worth racing other people to the bottom, especially when sites like Fiverr and Upwork already have countless options for low-priced freelancers. Side note: I recommend not ever listing your services on either of those sites, unless you absolutely need to (after striking out trying everything in this post).

By taking the time to find a profitable niche for your freelance business, you’re actively seeking out an industry and type of client that value quality. When you’re in a space that competes on quality, you’ll completely change the ways that you sell your services. You’ll be competing on value, not price.

Instead of taking any graphic design project that comes your way, choose to concentrate solely on infographic design for startup blogs, or e-book layouts for enterprise tech companies. Choose an area that genuinely interests you, and focus on becoming the best designer in that narrow space.

Once you’ve made yourself invaluable within your niche, you’ll have a platform by which you can expand your freelance business in any direction you’d like.

3. Identify Your Target Clients.

Attracting the right types of clients for your freelance business is just as important as finding a profitable niche.

As you’re getting started, it’s fine to take a bit more of a shotgun approach to landing a few gigs. Make some initial assumptions about whom you want to work with and target them first. After working with a few of them, you’ll develop a very clear sense of whether to continue pursuing similar clients.

In my freelance business, I’ve honed my target client profile over time to matching only two very specific types of businesses: high-growth tech startups and business influencers with well-established personal brands. The primary reasons I’ve narrowed the focus of my freelance business this far are because I work best with these types of (very similar) clients, and they run in similar circles that lead to frequent referrals. I’m building my reputation within my niche.

This is a difficult decision to make at first, because it means turning away a lot of business. However, the process of narrowing your target clients to those you work with best will help you achieve much better results in the long run. Once you have a few clients that are willing to advocate for you, the momentum will really pick up.

Going back to our focus of competing on value, not price, everything you do in regard to starting your freelance business – especially when you have a very limited amount of free time – needs to point back to your ability to deliver the highest-quality results for your clients. As one of my freelance idols, Paul Jarvis, so eloquently put it over on the CreativeLive blog, “make your clients so happy & successful that they become your sales force.”

Your goal is to build your authority and eventually be seen as the go-to resource for a specific type of client. By appealing so well to a narrow (well-selected) niche, your target clients will have a very quick path to deciding that you’re the best person to help them with their projects. This, above all else, is the path to charging premium rates without anyone batting an eye at the first prices you throw out.

To determine the best types of target clients for your freelance business, ask yourself these three questions:

Which businesses will find my services useful?
Which businesses can afford to pay the prices I’ll need to charge, in order to get to my income goal?
Who are the decision makers within these businesses, and what can I learn about their demographics and interests? Can I find a way to connect with them on a personal level?

My target clients – smaller startup teams and founders with personal brands – can instantly relate to me because of my personal affinity to startups. Because my portfolio work is directly applicable to what they do, they also start out with much more confidence that I’ll be able to drive similar results for their business, too.

4. Set Strategic Prices for Your Services.

I’ve spoken a lot about setting the right prices for your freelance business. I even architected an infographic over on CreativeLive that walks you through the process of setting your freelance hourly rate.

From a pure numbers perspective, this calculator from MotiveApp is as good as it gets for determining what your hourly rate needs to be, in order to meet your income goals and expense levels. It’s a great tool for double-checking that you’re charging enough to afford the lifestyle you want to live, but I recommend determining your pricing strategy with a very different progression in mind. Remember, you need to price yourself on the basis of the value you deliver – not on the basis of what your competitors are charging.

Don’t allow anyone else to dictate the terms by which you define your value. That’s not what freelancing is about.

In this post on his blog, Neil Patel chronicles many of the lessons he learned while running an SEO consulting business. A lesson that stood out for me is that the more you charge, the less clients complain. Because Patel very astutely selected target clients that have big budgets, he knows that they’re much more willing to spend money – in order to make that money back through investing in your services. Smaller clients, on the other hand, often don’t have as much money to play with, and thus can’t sustain much in terms of losses when projects don’t deliver big returns.

There’s no such thing as prices that are too high. Your prices may be too high (or too low) for the types of clients you’re targeting, but if you do your homework when deciding whom to pitch your services to, you’ll be selling exactly what your clients need – for a price they can justify.

For my freelance content marketing services, I write well-researched, in-depth blog content for my clients. Most of my content is in the range of 1,500 to 2,500 words per piece, and designed to rank well in organic search results, which is extremely valuable for most businesses. Because my work extends beyond just writing, and into strategic distribution and driving traffic after the content publishes, I add a lot more value for my clients than any other “writer” can bring to the table. Back when I decided to start a business, I knew that I wanted to target premium clients that would pay more for that extra value.

They’re going to hire someone to help with their projects, so it’s just a matter of showing them you’re the right person to help. Price becomes a secondary concern, if they’re already convinced that you’re the best person for the job. It’s business and they’ll make it work, or it wasn’t meant to be.

5. Build a High-Quality Portfolio Website.

Because I’m such a huge advocate of creating a powerful online presence to support a freelance business, I brought in an expert, Laurence Bradford, to share all of the essential elements to building a freelance portfolio that wins you high-value clients.

As a starting point, let’s understand what the purpose of having a portfolio website is. It’s often the first impression a potential client will have of you, your style, your work, and the past clients (or companies) you’ve worked with. You need to effectively communicate the services you offer, and who they’re for. Beyond that, you need to sell why you’re the best person for this type of work–for the clients you want to work with.

Straight from Laurence, here’s what every freelance portfolio needs to do to be truly effective at selling your services:

Communicate your specialty and display examples of your work.
List your contact information and show off your personality.
Highlight your relevant skills, education, and accomplishments.
Display testimonials (even if they’re from co-workers or former bosses when you’re just getting started).
Have regular updates that show your evolution, new clients, and latest work.

As you’re developing your portfolio site, find other freelancers within your space and get some inspiration from them. Uncover how they’re positioning themselves and communicating their value propositions, and formulate how to start a freelance business your way.

6. Create Examples of What You Can Deliver (on Your Portfolio Site).

You want your website to serve as a destination to demonstrate your expertise. With that in mind, one of the best ways to show you’re in the know within your space is by regularly publishing new content, images, or videos (depending upon the content medium you work in) that will impress your target clients. Once you have an understanding of what your clients need, go out and create examples of that exact type of content – as if you had been hired to produce it – for your website.

There’s no better way to sell your services than to already show your clients that you can create what they need. What’s more, it will make their projects that much easier when you have a library of related work to pull from for inspiration.

My website is a living example of this. At least once per month, I make a point of publishing a very thorough, 4,000-word-plus blog post on a topic related to starting and growing a profitable side business, the theme of everything on my site.

It’s no coincidence that I choose to work with clients that have a target market similar that of my audience for my personal blog. All a potential client needs to do, to get a feel for how I’d be able to work with it and its audience, is check out a couple of my posts to see how much engagement they get and pick up on my conversational style.

If you’re a web designer, your portfolio site should be meticulously curated since everything about it is a representation of what you’ll be able to build for your clients. If you’re a writer like me, then your blog posts need to speak to the quality of work you’ll create for anyone you work with. For designers, the same thing goes–make sure the images you feature on your site are representative of the style you want to create for your future clients.

7. Thoughtfully Choose Your First Clients.

Because you have a very limited amount of time to source new clients (and actually do the work for them), you need to get the most out of the clients you do bring on. Both from a financial and portfolio-building standpoint. Your limited number of clients and correlating portfolio pieces will represent how you’re perceived by other potential clients moving forward.

That makes everyone you choose to work with, or highlight on your website, a crucial decision – especially in the beginning. Obviously, you don’t want to overthink it and go into decision paralysis, but spend a minute or two thinking through whether a potential client will help you get where you want to go.

Right now, I have only two clients for my freelance business. It’s not for lack of work requests that come in, but rather because I’ve chosen to allocate my limited amount of freelance time to these two clients that are most aligned with the future clients I want to work with.

8. Mention Potential Clients in Your Content.

You’re going to have a hard time making a name for yourself within your niche if nobody knows you exist. That’s why, within every piece of content I create on my blog, I regularly mention the brands, companies, and individuals I see myself potentially working with one day. Even if I’m not quite ready to take on new clients, or not qualified to go after such huge deals, it’s never too early to start building goodwill and get your name in front of the right people at your target companies.

Look ahead at the content you plan on creating for your website over the coming weeks, and keep a running list of the companies you want to feature when possible. Then, once you publish something that mentions some of them, take a few minutes to reach out and let those companies know about it.

Almost every time I do this, the people I email respond very quickly with thanks. They’ll usually share the content through their company social channels, and they won’t forget it.

Most of the time, you’ll be leading with a cold email to someone you’ve never spoken to, but this push outside of your comfort zone is healthy.

Here are the essential elements of a meaningful cold email, and below is my personal template.

Research the best contact person.
Perfect your subject line for the recipient.
Keep your ask short.
Sell your strengths.
Always include a call-to-action.

Here’s my personal cold email template for giving potential clients a heads-up when I publish something that mentions them.

Hey, First Name,

I’ve been using (and loving) [Company/Product] for many years, and always recommend it to others when [relevant use case].

I wanted to give you a heads-up that I featured [Company/Product] as a resource in my post about the 79 Essential Tools for Starting an Online Business and the post is starting to take off. Hoping it’ll send some traffic and new users your way.

Would you mind taking a look at the post when you have a chance to make sure I’m giving a great description of the benefits of [Company/Product] and linking to the best destination for you? I’m happy to make some quick edits before I syndicate a version of the post to OurOwnStartup.com.

Ryan

You’ll notice that I ask them within my email to take an action. The action is in their best interest, since I just want them to confirm whether or not I’m describing them as best as possible. Almost everyone I send this email replies with either a thumbs-up or a quick edit request.

Regardless, what’s most important is that I’ve now established a connection with them, based on value I’ve already provided. The relationship is now there, which brings us to perfecting your selling abilities.

9. Learn How to Pitch Yourself.

No matter how skilled you are at your craft, you need to be able to communicate those strengths and convert your conversations into paying clients.

My entire course on winning freelance clients is dedicated to the topic of how to find, convince, and convert new clients for your freelance business – by using carefully strategized proposals and reach-out tactics.

Here are the basics of crafting an effective freelance proposal that lands you clients:

Make a strong entrance with an elevator pitch email that already provides immense value and shows you’ve done your homework.
Sell your strengths.
Anticipate and answer any questions that may come up.
Lean on relevant work samples and past projects to demonstrate your expertise.
Use a visually appealing layout for your proposal.

10. Don’t Mix Your Day Job Priorities With Freelance Work.

Above all else, it’s important to remember that your day job (and sole source of reliable income) is your No. 1 priority.

Don’t do anything to jeopardize your full-time employment, as you still need it to sustain you while you grow your freelance business on the side. My in-depth post on how to avoid getting fired (and sued) when starting a side business is definitely worth a read as you get started with your freelance career.

There are a lot of no-nos:

Breaching any contracts or agreements you’ve signed with your employer.
Doing freelance work during company time (seriously: do not do this).
Using company resources, computers, or online tools within your freelance work.
And much more.

Related Post: How to trim down the startup cost

How to get over excuses for not starting your own business

The world is full of two types of people; doers and talkers. Doers do. Talkers make excuses.

How long have you wanted to start your own business?

A few months? A year or two? More than a decade?

The world is full of two types of people; doers and talkers. Doers do. Talkers make excuses. If you have thought seriously about starting your own business but keep putting it off, this article will help you stop “talking” and get “doing”.

Below are five common reasons why people put off starting a business — and the information you need so you can move past these excuses and get on with achieving your dream and starting your own business.

Excuse 1: I’m Stumped For An Idea

I used to find this excuse for not starting your own business jaw-dropping when I heard it because business ideas are all around you and it’s not that hard to recognize business opportunities with a little practice.

And there are now reams of business idea lists available. Browse through the possibilities and you’re sure to find ideas that interest you.

But I’ve discovered that when people say this, what they actually mean is that they don’t know how to pick out a good business idea and they’re worried about pouring their time and money into a bad one. If this is your true excuse for not starting your own business, I have two words for you: business plan.

Many people assume that the main reason for writing a business plan is to try to get funding, whether applying for a small business loan or trying to persuade investors to invest.

But it’s not. The main reason for writing a business plan is to test the feasibility of your business idea.

“the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.”

So stop fretting about whether or not a business idea is a good one. Pick one that appeals to you and use the business plan to find out whether or not it’s a good business idea.

Excuse 2: I Can’t Decide Whether To Buy An Existing Business Or Starting My Own Business

Cut the Gordian knot of this dilemma by doing a little self-examination — and examining the competition.

First, about you. Running a small business is a lifestyle as well as a way of making money. So you have to spend some time thinking about what kind of person you are and what you’re prepared to do and won’t do.

For instance, think you’d like to start a bakery? Are you willing to get up every morning at 3 a.m. and get baking? Because if you’re not, this is not the small business for you.

Think you’d like to start your own business by buying a franchise? Franchises can be lucrative but franchisees typically get to make almost no decisions about the operation of the business and have to follow a lot of rules — which might defeat the whole purpose of starting your own business.

Second, about the competition. One of the biggest mistakes people who start businesses make is just doing what they want to do. In other words, just starting a business of some kind “because they’ve always wanted to do it” without bothering to do even the most basic market research.

Starting a doughnut shop next to a Tim Horton’s, for instance. Or opening a computer sales and services store when there’s already four of them in an area with 50,000 people.

Unfortunately, I could go on and on. But those small businesses don’t. So whatever your idea for starting your own business, start with a competitive analysis to find out what your real choices are. Then, if you really really want to start a computer business or a doughnut shop and you don’t want to move and the market is saturated, your only reasonable choice is to buy an existing business or not do it.

Excuse 3: I Need To Do Some (More) Research

Research is good. In fact, a large part of writing a business plan is doing research.

And doing market research and keeping up with what the competition is doing are activities you’ll keep doing throughout the life of your business.

But when it comes to starting your own business, there comes a point when the research you’re doing isn’t advancing your knowledge; it’s just comforting you, providing you with the illusion that you’re working towards the goal of starting your own business when really all you’re doing is putting it off.

Repeat after me; “I can’t know everything.” No matter how much research you do, you will never be able to examine every variable and eliminate all the risk of starting your own business. At some point, having done your due diligence, you will have to step off the edge in the dark and discover for yourself whether it’s a cliff or just a little curb.

Excuse 4: I Don’t Have the Money

Okay. But that doesn’t mean you can’t get the money to start a business from someone else. While it’s true that the main source of money for starting a business is owners’ own money, there are a great many sources of fundraising and Small Business Loans available in this country.

Excuse 5: I Just Keep Putting It Off

The thing about procrastination is that it’s often a symptom of some underlying problem.

One of the main reasons people procrastinate is feeling overwhelmed, a perfectly logical feeling when it comes to starting your own business. Starting a business is a big thing and no matter what kind of business you start, there are all kinds of details that need to be thought about and attended to.

The trick to stopping feeling overwhelmed by a big task is to make it manageable by breaking it into smaller tasks. So think of starting your own business as a series of steps, not as one huge thing that you have to do.

Another common reason that people procrastinate is fear. I think this paralyzing, I-just-can’t-force-myself-to-do-it fear is especially common with life-changing events such as starting a business. And unfortunately, it doesn’t matter that you really, really want to do it; you’re still fearful.

Browse, read, and then, as the Nike slogan has it, ‘Just Do It’. Starting your own business can be one of the most rewarding things you ever do, and if you want to do it, now’s the time.

Author: Susan Ward
Susan Ward is a business writer and experienced business person; she and her partner run Cypress Technologies, an IT consulting business, providing services such as software and database development.

She has also run her own business as a computer/software instructor.

Susan has been in business and writing about business since the late 1990’s. Her work has been published on a variety of websites, in magazines, and used as teaching guides by various school districts. A trained workshop and course presenter, Susan has designed and presented courses ranging from software training through website promotion.

Susan has won a Small Business Influencer Award in 2011, 2012, 2013 and 2014.

Susan holds a B.Ed. (Secondary) and a M.Ed. from the University of British Columbia and taught Business Education and English for years. She is a member of various business-related organizations.