Archives for September 2019

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Running your own business can be one of the greatest joys in life, but starting a business is no easy endeavor. Moreover, in order to turn your ideas for a new business into reality you must follow some essential steps, such as the ones we bring you here. This will ensure a smooth start and a stable foundation for the growth of your business.

Devise a Business Plan

Creating a comprehensive business plan needs to
be among the first of the essential steps you will make, if not the very first
step. A good business plan helps you better define your business, products, and
services. It also helps you outline your goals and operating procedures, as
well as outsmart your competition.

In addition, should your company need funding from a traditional loan or venture capitalists, a business plan will certainly be required. There is no way around it, so bear that in mind.

Also, ensure that your business plan includes a marketing strategy. Your marketing will make people aware of what you are selling and how they can find and contact you. It doesn’t matter if you have awesome products or services if no one has heard of you.

If you believe that you may not be fully capable of devising this crucial plan, do not shy away from seeking help. Look for a company that offers consulting services to help you with this important process, as this truly is an essential step.

Therefore, if you need to, hire a business plan advisor. This investment will surely pay off. Sometimes entrepreneurs have big plans that are not so easy to realize. However, with the help of a good advisor, you will be set on a good path toward growth.

Plan Your Finances Well

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Another of the essential steps for starting a
new business is to plan your finances.

To be precise, you will need to think about how
to cover ongoing expenses before you start making a profit. Therefore, it would
be smart to devise a spreadsheet that estimates the operating costs of your
business.

Think of costs such as:

• licenses and permits
• legal fees
• equipment
• branding
• market research
• inventory

Also, it‘s an essential step to include the costs that will keep your business running during the first 12 months:

• rent
• utilities
• production
• salaries

When you add up these numbers, you will get a better understanding of what your initial investment needs to look like. That is, how much money you need to start your business. This is an absolutely essential step.

Once you determine this number, think about how
you can fund your business. You could look for loans, grants, investors, or
crowdfunding. Another good option to get the business off the ground is
bootstrapping.

Bootstrapping means that you use as little
capital as necessary to start your business. It is also possible to combine the
ways mentioned above with this one if that will better suit your needs.

All in all, work through the options and create
a plan for setting up the capital you need for the starting days.

Never Underestimate Marketing—an Essential Step

Some entrepreneurs believe it’s not an essential step to invest effort or money in marketing strategies when starting their business.

And even though it’s easy to see why they think so, they are mistaken. On the contrary, it would be wise for you to start with your marketing efforts as soon as possible, especially if those efforts don’t require you to hire experts or splash out.

You may wonder why marketing is one of the
essential steps, especially during the initial stages of your business.

Well, first of all, marketing is an essential step because it allows you to effectively engage potential customers. Pushing your offers, interacting with audiences on social media, creating a newsletter—all of that matters.

Marketing at this stage will also help you greatly when it comes to building a relationship with customers and building your online presence, another essential step.

Once you become a fairly familiar brand, you
will probably have to bring in experts who will do all the marketing for you.

They will help you realize how important it is to personalize email outreach, utilize SMS marketing, and other advanced methods and tools that will help you generate leads and boost sales.

RELATED ARTICLE: SMS MARKETING: STAYING COMPLIANT

Look for Employees Who Bring Value

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When you’re starting a business, you can’t really consider spending a lot of money on hot shot employees who have lots of experience to be one of the essential steps of starting a new business. While they may be proven experts in the industry, hiring them would likely blow your budget out of the water.

Instead, one of your essential steps will most be looking for rising talent. For example, you could turn to online job markets.

Before you dismiss this idea out of hand, hear us out, because many creative people who come from the corporate world leave that same world to release their creative energy. That is, they get tired of the corporate lifestyle and look for other ways to earn money while they go on to live life as they choose, even if they might earn a little less.

These individuals who eschew the corporate dress code to have a better life are called freelancers. They are self-employed contractors you can hire to work for you, especially in the beginning.

RELATED ARTICLE: USING FREELANCERS IN A SMALL BUSINESS: THE PROS AND CONS

They are usually not too expensive, they are more flexible, and they possess skill-specific qualities. So, that may be the perfect solution in the beginning. In fact, turning to such workers could be one of the essential steps for starting your business.

Sometimes it’s even cheaper to invest in
training the freelancers instead of bringing in already trained individuals to
work full-time for you. There are many companies out there that offer training
and consulting services that can make these workers even better.

For example, if you have to rely on Microsoft SharePoint for team collaboration, and your team of remote workers can’t find their way with this software, you could look for SharePoint consulting services to help you help them.

Instead of investing more money and paying all
the fees for full-time workers, you could hire great remote workers and train
them. And if this doesn’t suit your business, you can mix even in the
beginning.

For example, you can employ a few full-time workers and a couple of freelancers. It all depends on what kind of tasks they need to do. While hiring a staff is certainly one of your essential steps, this doesn’t have to be something that breaks your budget.

Setting Up Your Office Is an Essential Step

Finally, think well about your office. Setting up your place of business is certainly an essential step for your business operations. It doesn’t matter if it’s a home office, a shared space, a private office space, or a retail location.

RELATED ARTICLE: WORK AT HOME? SHOULD YOU BUY OR RENT?

In the beginning, the office can either result
in a lot of costs that hurt your business or it can make the whole operation
more versatile. So, think about your location, equipment, and overall setup.

Then ensure that your business location works
for the type of business you will be doing. When you determine the things
mentioned above, you will easily decide on the setup of your office and its
location.

Also, in the beginning, it is much wiser to
lease commercial space if necessary. And once you start turning a profit, you
could move into a bigger office when the organization starts growing.
Eventually, if all works well, you could look into buying office space.

However, for a start, consider it one of your
essential steps to carefully determine the location and type of your business
to align with your budget and support your ideas for your business.

Follow These Essential Steps When Starting Your Business

You’ve been thinking and planning your new business for quite some time. So when you do get started, be sure to follow these essential steps. You’ll have a smoother start and greater success in the long run.

The post Essential Steps for Starting a Business appeared first on Business Opportunities.

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Owning a car fleet for your business is a huge asset to your company. However, it can also present some serious and costly risks. 

You cannot completely eliminate the risk of accidents and other issues associated with your business’s car fleet. However, you can make efforts on your end to reduce the risk of these incidents. Therefore, make it your priority to take the necessary actions to protect your business and your employees if you haven’t already. 

1. Get Full Insurance Coverage 

One of the easiest ways to limit the risks associated with your car fleet is ensuring that you have full insurance coverage on each and every vehicle. Therefore, in addition to commercial vehicle insurance, you should consider increasing your liability limits, uninsured motorist coverage, and comprehensive coverage. This will protect you in the case of an accident as well as theft or other types of vehicle damage.

RELATED ARTICLE: HOW TO FIND THE BEST CAR INSURANCE

2. Establish a Car Fleet Safety Program

One way to help ensure that employees follow your safety initiatives is to implement a formal car fleet safety program. Then educate all employees and let them know you expect them to uphold these policies. This can hold everyone accountable and help keep safety at top of mind. 

You may also want to remind employees of legal obligations. For example, drivers should never text while driving, and they should take all required rest breaks. Additionally, be sure to restrict employees’ driving hours. All of these can help prevent accidents on the job. 

3. Make Sure Your Team Has the Right Equipment 

There are several ways that the right equipment can help reduce risk to your car fleet, including: 

• Install cargo holders to keep items in place during transit so they do not obstruct the driver’s view or harm them 
• Provide hand trucks to bear the weight of heavy items that might otherwise cause injuries if carried long distances
• Use truck dash cams to record what’s happening on the road. These recordings can be used in legal claims 

RELATED ARTICLE: THE WISDOM OF ACCESSORIES FOR BUSINESS FLEET VEHICLES

Further, each of your vehicles should be stocked with the same equipment.  

4. Provide Training 

Driver safety training empowers your employees with the skills they need. This enables them to do their part to mitigate the risks of their job. Drivers should be trained on the proper operations of fleet cars as well as safe driving techniques. You’ll also want to make sure your employees know how to use their dash cams and any other equipment required for their job.  

5. Don’t Overschedule Drivers 

Excessive driving can lead to tired drivers. When drivers become too tired to drive, they are less aware. This makes them more prone to making mistakes, like failing to stop in time. These incidents can lead to expensive vehicle damage. Additionally, they can result in serious injuries for the driver as well as pedestrians and other drivers.

So make sure you adhere to driver scheduling requirements, even during the busiest times of the year. 

6. Stay on Top of Maintenance with Your Car Fleet

Maintaining the vehicles in your business’s car fleet is essential. Worn tires or brakes can seriously affect the operation of vehicles and increase the risk of accidents. To keep track of maintenance and ensure that it’s kept up, keep records of all work done on each car. Additionally, professional inspections should be performed on a regular basis. 

Also, you may want to educate yourself about the standards for upkeep on the type of vehicles you use in your car fleet. 

7. Hire Carefully

A significant factor in the potential for accidents is the driver. So do your due diligence to make sure you’re hiring responsible, safe drivers. Performing a background check on any potential hires can give you insight into their driving and criminal record. In the end, good hiring practices can save you a lot of headaches.

RELATED ARTICLE: BEST PRACTICES FOR HIRING NEW EMPLOYEES

8. Implement a Rewards Program for Safe Drivers

Many companies that operate car fleets have established a rewards program centered around safe driving. This gives drivers incentives to follow your fleet safety policies. Further, it shows your appreciation for employees who help make your business the best it can be.

A safe driver rewards program is a good investment and doesn’t have to cost your business a lot of money. Consider the interests of your employees when you’re planning what to give. However, a reward can be something as simple as a gift card. 

RELATED ARTICLE: 5 POTENTIALLY LUCRATIVE INVESTMENT OPPORTUNITIES

Reduce Risk for Your Company‘s Car Fleet and Save

Take the right steps to reduce the risk associated with operating a car fleet for your business. This will protect your company from liability and save you money on repairs, legal fees, and more. In short, implementing these best practices can only benefit your business and your employees in the long run. 

The post How to Avoid Risk with Your Business’s Car Fleet appeared first on Business Opportunities.

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