Category: Start-Ups

5 Things to Consider When Starting a Family Business

Starting a business is one of the most rewarding things you can ever do. Beyond simply being a solid investment, running a business builds character, boosts confidence, and offers a chance to do a lot of good for the community and the world as a whole. And some see it as a perfect opportunity to build something for their family. Family businesses have been a staple of local communities across the western world for generations. They build lasting relationships and are full of charm and character. For anyone looking to create something that they can run with their family, there are a few things to take into consideration.

 

The Idea

The most important part of any business is the idea. Before you do anything else you need to know what you want your business to actually be. This is also one of the more fun stages of company development. Here you can really stretch your creative muscles as a family and decide what sort of business you all want to be a part of. Some of the more common family businesses include craft stores, restaurants, and cafes or perhaps something more obscure like artisan watchmaking.

 

Start-up Capital

The sad truth of our culture is that everything is run on money. You could have the greatest idea in the world for your business, it won’t mean anything without some serious start-up capital to back it up. There are many ways to go about getting this, be it through a loan from your bank or simply saving up, but it is something you need to consider and look into before you start doing anything. And make sure you are staying smart when it comes to money. Do not borrow beyond your means or go through any illicit channels.

 

Inheritance

This one is something that a lot of people in family businesses seem to overlook. Inheritance plans need to be in place way before you even open to the public. And this is for a number of reasons. The main one being, if you died, it needs to be clear who is going to inherit the company. But there are situations where you could be declared unfit to work or placed in a state of coma in which case the inheritance information would be vital. Places like inheritancelaw are perfect for making sure everything is sorted and above board.

 

Community

The key aspect of a family business is the community it is placed within. If you are at the center of a major city then chances are your small family business is going to fail when it is competing with massive name-brand corporations. Small, family-run companies often tend to do better when placed in smaller town environments. In these settings, it is more common that everyone knows each other. This is going to work to your advantage as people are more likely to spend their money at a shop if they have a good relationship with the owner. This leads neatly into the last point.

 

Relationships

This covers both your relationships with your customers and your family. Depending on who is going to be working at the restaurant, you will want to set up your marketing and décor in accordance. A husband and wife duo will suit a nice, romantic atmosphere better. A father-son team will suit welcoming, vibrant colors. Consult some marketing experts and find out what is going to work best for you.

Keeping on the good side of your customers is always a positive. If you build strong relationships with them you will guarantee they will return but also find they act as free marketing for your venture.

How the Advent of the Internet has Changes the Business World

Particularly in the last decade the internet has come around as one of the most used developments in computer and mobile technology ever. These days everything runs with some form of internet connection in order to make our lives efficient and easy, the requirement of a solid internet connection has never been greater as the tech giants roll out more and more products. In this internet age, you may be experiencing some great changes in your business, from more and more tech appliances to video call boardroom meetings, you will find that there isn’t much that can escape the need for the internet.

 

A classic business setting used to consist of a group of offices and a handful of computers and phones, nowadays you will find technological feats like virtual meeting spaces, cloud data storage as opposed to a classic filing cabinet and wall to wall internet coverage. Some argue that the old ways are better than these new technological improvements and others greet it with open arms. Below are a few instances that you may notice becoming more advanced in your business.

 

Filing

Your business is likely to house a variety of important documents that need to be stored safely and securely as well as be organized for efficiency in the workplace. You may have noticed a decline in the amount of physical filing that goes on around your offices, instead of many businesses are turning to online data storage which provides an unlimited amount of space in a secure and recoverable cloud. Some prefer to stick with physical documentation because by transferring online you open your business up to the threat of online crime and being hacked and your files being leaked.

Meetings

Gone are the days of traveling long distances in order to meet with a business associate or conduct a meeting with your team, virtual board meetings are commonly used now with services such as Zoom and Skype allowing video calling in groups. Simply arrange the call and instead of having to be physically present people from around the world can chat in one group call. This not only makes meetings much more efficient but widens the range to the number of people you can talk to. Without the need for physical presence you can speak to any overseas contacts you may have with ease.

Computers

Businesses have used computers for a very long time, they provide research and networking solutions and are great tools in any business situation. However the computers that were available ten years ago have drastically changed to what we now have access to. With improved processing speeds and new functions being included in the recent releases, offices are now equipped with high-quality professional-grade devices that can provide a great deal of help in the business environment. Although these technological advances are great, a downside would be that the need for an upgrade is much more frequent.

 

Phones

Like computers, phones are essential in an office situation in order to communicate with staff and business associates. Although many would say that the older models are absolutely fine in terms of functionality many businesses have been upgraded with newer models with some companies going as far as providing employees with their own smartphone. These steps may seem drastic but they do make life easier in the business setting in terms of having a virtual, organized contact book and better connection to make calls overseas. Much like the effect of improving computer systems, phone upgrades broaden the range of the people you are able to contact.

 

Customer Interaction

Your interactions with customers as a business can make or break your rate of success, it has been a business mantra to value customer service and to ensure customers have a positive experience with you and your business. Nowadays as opposed to actual physical interaction you will be communicating with customers over social media or your webpage. It is important to remember that although the platform has changed you must still interact with customers professionally and ensure their needs are met just as well as if you were directly speaking to them.

 

IT Support

With all of the new technology being implemented into your workplace it is likely that you will have some trouble with it at some point or another. Technology is an extremely useful attribute, until it stops working which has meant in many businesses sourcing an IT support service. With so many new kinds of internet technology being used in day to day business life some businesses need managed IT services in order to limit the damage done by technology issues. Although new technology is a blessing, when it goes wrong if your business is too dependant it can have huge consequences, this is why it is important to have a physical contingency if things go south.

 

Advertising

With the huge dependence on the internet and social media that is around in today’s society it makes sense that advertising has shifted to an online platform too. Compared to the more physical advertising formats such as leaflets and billboards to today’s advertising which is conducted on an internet platform. Businesses use the popularity of social media in order to launch huge marketing campaigns that have the ability to reach millions of people around the world thanks to the power of social media.

The Best Business Tools for Start-Ups in 2020

Advertising

I would consider advertising to be a very important aspect for a start up business. Without advertising the public would not be able to see any products or services that you are offering, and what you charge for them. Advertising is also a great way to introduce your company to the world and gives a great opportunity to get valuable initial customer feedback on how your brand conveys itself and its message. Through advertising you are able to see any reactions to your start up business and should you encounter any issues or negative responses you are able to make modifications in the early stages of startup.

 

Webpages

A decent webpage is crucial to any start up business as this is the primary way that people can view your brand and business. Without spending the proper time and effort on a good webpage then users may choose to use an alternative company for what they need. At the end of the day your website may be the first impression of yourself and your business that is given to customers, if this first impression is not a good one then this can affect how successful you are initially and may also go onto spoil your reputation.

 

A Clear Message

For a company just starting out having a clear and distinct message and brand idea is a great way to gain custom. A distinct message and appeal is important as it adds to revenue, should a potential customer stumble upon any of your websites or advertising campaigns then a clear message allows them to make a swift decision as to whether they would like to purchase your products. Another way that having a clear message can boost your success is that it allows you to appeal to the specific demographic that would buy your produce.

Contacts

Another great tool for start up businesses would have to be a great set of contacts. By taking time and making the effort to collect as many contacts in the business world as you can, you are
able to build a rapport with as many people in the business world as you can. A great contacts list will come in handy at so many different times in your business life and it’s always at the time that you would least expect. Having many contacts and gaining a relationship with people in the business world means that you can get advice and help from people who know what they are talking about.

 

How to Start Your Own Removals Business

Starting any business can come with challenges and obstacles that you must overcome before you start operating effectively. There is a large gap in the market for removals businesses and with such a straightforward set up, if you’re looking to start your own business- removal may be worth looking into.

 

You first need to look at your own personal finances. Though setting up a removal companyis far cheaper than setting up many other businesses, it still comes with its own costs. You may want to try and apply for a loan to support your business, or even ask a family member for a small loan. This will depend largely on your own credit and history when it comes to expenses, so before you apply for anything you should really make an account of your financial position.

 

Obviously one of the most important components of having a removals company is having the correct vehicles. You should really look at your other local removals companies and see which vehicles they have on offer.  By doing this you can really look at the gaps in the market as local companies may not have a large variety of vehicle capacities.  An example of this comes with looking at several Mississauga moving companies, some only had vehicles equipped to deal with larger scale removals while others were only capable of doing small scale jobs.

 

You should also focus on gaining insurance that covers you completely. In the removal business you are likely to be moving objects with a lot of worth and you want to be covered if anything accidents were to happen as you don’t want to lose any of your own money.

 

You should also focus on branding. A lot of the moving that you will do in a removal business will be for residential homes. Because of this you will want to brand your business so that it appeals to a large audience, you don’t want to be promoting unsanitary vans when you’re moving someone’s treasured items.

 

Employing the right people should also be a priority when setting up your own removals business. Anyone can drive a removal van, but you should really find people that have experience in the industry and who you can trust to transport other people’s belongings. They should also be able to communicate well as they will have to have constant communication with customers, as well as listening to the customer’s instructions and meeting deadlines that they set.

Start a Business with Limited startup Capital

Starting a business is an extremely hard task however, when you lack capital the process is made even harder. My advice would be to value your contacts, when it comes to business who you know is extremely important as you may be able to receive valuable information and advice but the quality of this information can be totally dependent on the rapport you make with your contacts. Another factor to consider would be to not take on too much at a time when it comes to your business progress. I would argue that taking on more than your capital can account for can cause much more damage to your business as opposed to taking it slow and investing wisely.

Taking it slow and investing the money that you have towards gradually expanding your business would be a great way of getting started. For example, it would be a great idea

to focus money on starting up a physical platform for your customers to view and contact you regarding the services that you offer. Doing this is an important factor when starting a business as it allows for direct contact between you and the consumer and is a very professional way for both display and sale of any potential products that you may have.

Furthermore, another great way to start a business with limited capital would have to be for you to put significant money and effort into advertising. A good advertisement allows for people to see what your company does and what they offer and through word of mouth you can get a very large following very quickly. By producing advertising in the initial startup process you are able to give specific information and portray your companies message to the public as soon as possible.