Michael Levitt's Blog, page 74

6 Hacks For Quick-Starting A Business

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When a business idea strikes, you often want to get on with it as fast as you can. After all, you want to be ahead of the curve, selling products to market before anyone else does.

But how do you actually move ahead with a business idea quickly and execute it? That’s the million-dollar question. Fortunately, here we present some answers. Check out these hacks to get your business off the ground in record time. 

Ask People For Advice, And Then Put Them To Work

Ask people in the know on how to start a business quickly and then get them to do the work they suggest for you (paying them, of course). This way, you can combine the interview with the briefing, without having to do the two separately. You’re checking that somebody knows what they’re talking about and then you’re giving them a task that you want them to complete. It couldn’t be simpler. 

Get Contract Workers Involved

Hiring full time employees is a massive pain in the backside. There are so many regulations and forms to fill in. It can take months before somebody is ready to start work. 

The trick here is to bypass the regular payroll system and just use contract workers. This way, you can scale your operations how you like, without having to deal with any of the usual HR headaches. Any contractors you use are simply service providers. 

Get Your Registration Done In Record Time

Don’t apply for company registration services yourself. That’s a waste of your time. Instead, just get company formation services to do it for you. These professionals will submit all the required proposals and documentation on your behalf, leaving you with nothing that you need to do. 

Find A Cofounder 

Making rapid progress in business is all about leveraging as many people as you possibly can. That’s why so many startups have cofounders. Steve Jobs, for instance, worked Steve Wozniaki to the bone. But it was eventually worth it for both of them. 

Find Somebody Who Pushes You

You also want a partner to be somebody who pushes you to go beyond what you thought was possible. Many company directors will take a sympathetic approach to management, telling employees that they have done their best. But the most aggressive always push for more because they know that many people often have more to give. It’s just a question of unlocking it. 

As the founder, you need somebody who does this for you. It could be a business partner, a mentor or just somebody you hire for the firm. In short, anybody who is passionate about the brand. 

Ignore The Money

Try not to focus on the money when starting a business quickly. Instead, think about the long-term value it offers customers and why it’s going to pay dividends in the future. Avoid scrimping and savings. Just go on an all-out search for the perfect product that your customers will absolutely love and appreciate. Once word gets out, profitability will improve quite naturally.

What Are the Different Types of Wholesalers?

Purchasing from wholesalers is one of the best ways for companies to optimize their finances and their inventories. Wholesalers can supply bulk items at favorable prices since they receive them from vendors at a discounted price. On top of exploring tips for buying wholesale for your business, get familiar with what the different types of wholesalers are to ensure you purchase from the one that’s right for your operations.

Merchant Wholesalers

Merchant wholesalers buy, claim ownership, store, and handle products in large sums. They resell these products to retail store owners or even other wholesalers in smaller quantities. Common merchant wholesaler jobs include distributor, assembler, importer, exporter, and more.

We can further break down this type of wholesaler into full-service merchant wholesalers and limited-service merchant wholesalers.

Full-service wholesalers: Full-service wholesaler businesses take care of every process from beginning to end. They don’t need additional parties to support or complete wholesale operations.

Limited-service wholesalers: These types of businesses provide different levels of service, typically homing in on a specific function, such as inventory management, sales, product delivery, etc.

Agents, Brokers, and Commission Merchants

Agents, brokers, and commission merchant wholesalers function similarly to merchant wholesalers in that they purchase from producers to resell to smaller companies. The main difference is that agents, brokers, and commission merchants don’t take ownership or title to the products. They negotiate sales on behalf of their manufacturing clients.

Like most sales negotiators, these merchant wholesalers typically make a commission off sales and purchases. Vendors who can’t afford their own sales team often defer to agents, brokers, and commission merchant wholesalers to help sell their products.

Manufacturers’ Sales Branches

This is a specific type of wholesale representative. A manufacturer sales branch acts as a customer-facing store separate from the manufacturing plant. Some branches may buy and resell products from other manufacturers in their store, too.

Home Run Business? Here's How You Can Take A Stand

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Running a business from home is perfect since you can fit your working hours around other obligations like children, you're in command of your own schedule, and you don't even have to get dressed if you don't want to! While these benefits are fantastic, you must still work hard to ensure that you stand out from your rivals, which isn't always a simple process, especially if they've been doing it for longer than you. Do you want to be successful in your home business? Check out these tips on how to make your home-based business stand out.

Be present

There may be days when you tell yourself that you're going to take the day off work and spend it with the kids. While this is a perk you can take if you want to, it's equally vital to make sure you're available to your consumers when they need you. Customers will occasionally send you complaints, questions, and even gratitude, and if you don't reply quickly enough, you risk losing that valuable business. So, go out for the day with your kids or catch up with an old friend, but make sure that any mail arrives on your phone so you can reply quickly if necessary.

Don’t skimp on branding

It's important to define your company's brand and how you want to be seen in the world, and to get that message out as quickly as feasible. Consider large businesses like Nike and their well-known motto, "Just Do It." They've worked so hard on their branding that if you recite their famous statement, almost everyone understands who you're talking about. Of course, you won't achieve this level of success right immediately, but make sure you establish your brand and who you want to be as soon as possible.

Important factors like colours, fonts and tone of voice come into play here, and if you haven’t already, you should think about setting some brand guidelines to keep that consistency. You may be thinking about getting metallic prints for your business cards to make them look more professional? Just be sure to stay within the colours you’ve set for your brand guidelines and display your brand how you want it to be seen.

Make it easy for people to pay

There's nothing worse than a business that doesn't accept your chosen mode of payment in today's society, and this is something you should bear in mind with your own business. Nowadays, the majority of customers prefer to pay with a credit card, therefore if you don't have a card machine, you may be jeopardizing your business. Greater payment choices equals more customers. More customers equals a successful business.

Take to social media

Everyone nowadays uses the internet, and social media can make or break a business. Actively participating on social media and publishing content that will attract and engage your audience could lead to sale after sale. It takes a lot of time and effort to maintain a strong social media presence, but you can now utilize scheduling software like Crowdfire that not only publishes for you, but also recognizes when you upload new content to your website or blog and recommends posts for you.

Outsource help!

Running a business by yourself is time-consuming and, to be honest, tiring. You're working on a product or service one minute and interacting with a customer the next, let alone having time to consider your internet presence. Outsourcing comes into play in this situation. Hiring a virtual assistant to help you with odd jobs that aren't high on your priority list may relieve a lot of stress. You can post your job search on websites like Upwork and Fiverr and have people come to you! Outsourcing is also a fantastic method to obtain support when you need it rather than hiring someone full-time, which means you can get help when you need it at a lower cost.

Define your target audience

It's essential to know who your target audience is if you want to improve your social media game and sell your products/services more effectively. While it would be ideal to appeal to everyone, this is just not possible. If you narrow down who you're selling to, your branding, advertising, and social media will all come into place. Trying to appeal to a large audience may be confusing, so if you're trying to grow your business, it can be a good idea to have clear "niche" branding so that your customers aren't confused.

With these suggestions, standing apart with your home-based business isn't as difficult as you would think. Which suggestion did you find the most appealing, and which would you attempt first?

Climate Change: How It Impacts Your Business

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Running a business is an arduous task. You have to deal with suppliers, ensure your customer's preferences are met, and stay ahead of the competition.

In the modern world, businesses also have to grapple with climate change and its severe impacts. According to statistics, about 100 companies account for 71% of greenhouse gas emissions. The greenhouse gases are responsible for global warming that leads to a change in the weather patterns.

Due to this statistic, your business has a central role in ensuring that its operations are not detrimental to the environment. 

Whether you run a small business or a big business, your company is liable to experience the impacts of climate change. Whether through physical or social interruption, the effects of climate change can be devastating for your business.

Here's a look at some of the profound impacts:

Increased Cost of Investment

As a business, it is your legal obligation to manage your waste appropriately. Your business can produce waste in various forms; gases, liquid or solid.

Emissions are among the leading contributors to climate change due to the toxic gases affecting the ozone layer. In addition, businesses rely on fossil fuels to produce energy for their operations. The burning of fossil fuels is known to result in the accumulation of Carbon dioxide, which leads to the warming of the earth.

With emissions on the rise, your business will have to adapt emission control technologies to curb the effect. Unfortunately, these investments are costly more often than not and are difficult for cash-starved firms to implement.

More so, implementing these technologies in most countries is a legal obligation.

Tough Working Conditions

One of the profound impacts of climate change is extreme heat events. Some countries tend to experience more extended periods of extreme heat during the day and fewer cooling-off hours during the night.

Extreme heat conditions can result in an unbearable work environment affecting the health and wellbeing of your employees

. As a business owner, you need to create a comfortable working environment for your employees. A way to counter the extreme heat is the installation of air conditioners to control temperature. Use of digital tools, according to Dee Agarwal, can help promote your staff’s well-being.

As a result, your cost of investment goes high.

Change in Production Pattern

The change of weather patterns can significantly impact your business. For example, if your business relies on farm produce, your yields can be affected, resulting in low production of goods.

Climate change also influences your customer preferences, thereby affecting demand. For instance, due to extreme heat, your customers will prefer goods or services that can provide cooling. In such a circumstance, products such as furnaces will be in low demand.

Public Perception

In this millennial era, your business's image is equivalent to its brand equity. So creating a company that is sustainable and environmentally conscious can appeal to your target audience.

Embracing the 'going green' mantra can translate to profitability and higher outputs for your business.

Impact on Environment

With climate change leading to unpredictable weather, it can highly impact your business' location and structure. Countries likely to experience extreme weather events such as tsunamis adopt different construction materials for their structures.

More so, setting up your business at the seashore can be concerning due to the possible rise of sea levels. You may have to consider other locations less prone to weather-related events.

Finally, climate change effects are widespread. They tend to impact every individual and a business owner; you must take the right step in mitigating this force.

Smart Advice for Renovating Your Business Premises

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Renovating the interior of your business premises can deliver multiple advantages. Maybe it's time to modernize your business or things are just looking a little bit worn down. You might want to put your brand's mark on a new building or make some changes that will improve productivity. Whatever your reasons for renovating your business premises, there are a few things you will want to think about. If it's a big project, you need to be organised to get everything completed without too much trouble. Here are some of the things that you will need to keep in mind to make it go smoothly.

Get the Right Professionals for the Job

Bringing in the right team to complete your renovation is vital if you want the project to go well. There are general commercial or industrial renovation services that could be suited, but there are also specific needs that you might want to think about. If you're putting in a new concrete floor, an interior flatwork contractor will help you with this specialized job. There could be some particularly complicated tasks that need to be completed. For these, you'll need contractors with the correct knowledge and experience, as well as any necessary licensing.

Be Careful with Your Budget

Your budget is likely to be a significant sticking point when you're renovating your business premises. You can't spend too much if you want the renovation to be worth it. Before any work begins, be sure to spend time researching and planning your budget. It's important to have a realistic idea of how much you can afford and how much your renovation is going to cost. It's also smart to account for unexpected costs. It's likely you will end up going over budget, so accounting for that from the beginning makes sense.

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Plan for Minimal Disruption

Renovating your business premises often means that your business will be disrupted in some way. The work might mean some activities have to halt or need to be moved to another location. They could disturb staff or customers if your business remains open. Try to keep any disruption to a minimum, even if it might mean changing the way that your business works or even closing temporarily. You might have some of your staff working from home, if possible, or perhaps you could carry out the work in stages so it's contained to one area at a time.

Keep It Safe

Safety is a must when carrying out the renovation of business premises. You need to keep your employees safe, as well as any customers or visitors who might be on your premises. Passing members of the public may also need to be protected from any work taking place, including preventing anyone from getting onto the premises without permission. Make sure that safety is a key concern when planning your renovation project so that everyone is protected throughout the process.

When you're renovating your business premises, plan it well before you get started and ensure there's a good project manager on your side.

Careers That Involve Being Outside

If you need sunshine to feel entirely like yourself, it can be torture to work at a desk job under fluorescent lighting all day. Thankfully, those who yearn to leave the confines of the four walls can seek out careers that involve being outside. Read along to see if any of these satiate your thirst for the great outdoors.

Dog Walker

Dog walking is not the most lucrative job available. However, there are few jobs with a more pleasant description. The time you spend walking a dog around the neighborhood is some of the most pleasant you’ll experience all day. Imagine if those wandering trips—with only your thoughts and a friendly face to keep you company—made up the bulk of your working hours.

Wildland Firefighter

Now, if you are interested in a career that’s as exciting as dog walking is laid-back, perhaps wildland firefighting is for you. Wildland firefighters, often lauded as heroes for their work protecting vulnerable areas, face challenges in their work both on and off shift. However, those who can take the heat enjoy a profession known for its camaraderie, excitement, and, at just under $50,000 a year, a fair compensation.

Archaeologist

If uncovering the mysteries of the human species sounds like a worthwhile way to spend your life, you might be the perfect candidate to become an archaeologist. With duties that involve researching, surveying sites, excavating, and analyzing ancient artifacts, there is no telling what an archeologist will see each time they go to the dig site. With compensation of just under $60,000 a year, this exciting, mentally stimulating field has inspired the interest and envy of more than a few Indian Jones fans.

Park Forest Ranger

There is something intrinsically peaceful about being a forest park ranger. While the duties of the job require rangers to enforce the regulations of the area, clean up campgrounds, and correct fire hazards, they spend a good portion of their day listening to the sounds of breezes through the leaves or spotting small animals scurry about. They earn an average annual pay that goes just above $35,000, but of all the careers that involve being outside, this one brings you closest to the natural world.

Commercial Fisher

Some people just feel compelled to journey out to sea. If you are the sort who needs the salty, clean air of the ocean in your hair, a career as a commercial fisher may be right for you. It can be dangerous battling the ocean, but that is just part of the adventure. If the boat does well, a fisher can expect a little under $30,000 annually.

Become A True Expert In Your Field

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If you are looking to try and improve your ability to run your business, you will find it very helpful to become more of an expert in the field in which your business is based in. This will lead to you having more of an idea about how to approach a wide range of situations in your day-to-day work life. It will also mean that your colleagues and employees have more cause to respect you. In general, you’ll just get a lot more done, and more efficiently. So let’s take a look at how you can become a true expert in your field - whatever your field might be.

Educate Yourself

The first and last thing you will need to do continually is to educate yourself, gaining more and more knowledge and understanding of all aspects of your field. There are many ways to do this, and which avenue you pursue will depend on how much knowledge you already have, how much time you have spare, and a variety of other factors similar to this. You might pursue a doctorate degree online, attend a local course, or simply read up on a number of books dedicated to your field. However you do it, more knowledge is always going to help.

Share Ideas

You will always learn more and get further ahead by working in close collaboration with people, rather than operating entirely on your own. The simple act of sharing ideas with other people in your field will help you to understand more and more about the field. You should never assume that you know more than others - very often, even those far below you in the chain will have ideas that you might not have thought of, particularly as they are often approaching it from a fresh outsider’s perspective. So share and share alike, and you will notice a huge improvement.

Practice Your Skills

It’s not enough simply to know a lot and to share ideas with people. You also need to give yourself an opportunity to really practice and hone your skills. The more that you are practising and using your skills, the sooner and more strongly they will develop. Use every opportunity you have to practice in this way, and if necessary make up new opportunities as well. The more that you do so, the sooner you will become a true expert, one who is admired by all in your field.

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Think Differently

Finally, remember the old adage about thinking outside of the box. This really is something that can help you to improve how you approach all aspects of operating within your field, so it’s something that you should not overlook if you can at all help it. By thinking differently, you are going to find that you can come up with unique solutions which you might not have otherwise thought about, and that can really help you to make a difference in your field. Ultimately, you need to have the freedom to approach things in whatever way you like.

How to Make Your Office a Green Working Space

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Sustainability, eco-friendly, environmentally friendly, we have all heard these phrases. They are buzzwords all over the globe right now, and business owners must take these ideas to heart. If a business falls behind in the green agenda and does not take global warming issues seriously, it risks damaging its reputation. Ultimately this can cause a loss in revenue. Some companies have been known to spend millions on becoming more green. However, for small and medium business owners, it doesn’t have to be so expensive. Going green in the office space is a great way to show your employees and visitors, such as investors, that you are socially responsible and happy to help with the green drive. Here are a few ways you can make your office space more green:

Add Office Plants

There are many reasons why adding plants to the office environment can be advantageous. First off, visually, it looks like a nicer place to work, and may sway talent your way. Plants are a great natural way to improve the air quality of the office. They can remove harsh chemicals such as benzene as well as carbon dioxide. This is a great way to keep your staff and yourself healthy. This means that if you use an electronic air purifier, you may be able to minimize its use. Plants can also keep the temperature in the office down, so you don’t need to use that air conditioning unit as much. Additionally, plants can increase the productivity of the employees as plants have a calming effect. So adding plants is a win-win for all involved.

Recycling Points

If your business does not already have separate bins for all the recycling items, such as cardboard, paper, and plastics, then you really should invest in recycling bins. This is an easy enough initiative to implement and won’t take people long before they get the hang of using them.

Maximize Natural Light

Natural light reduces your reliance on lighting and light can be increased into the office in many simple ways. First, position mirrors on walls so that can rebound the light across the office. By doing this you will also have the added benefit of making space feel larger, so it feels less claustrophobic for your employees. Go for light-colored paint on the walls with a glossy finish to increase the light rebounding effect. Add skylights where possible. You can swap doors for ones with windows to increase the flow of light around the building. The more light you have in the office, the less your electricity bill will be.

Save Water

Saving water is becoming a more and more pressing issue om modern society. Every business and individual must take this fact to heart. As a business owner, you should lead by example and have a conversation with your team and see if anyone has any idea on how they can save water. By hosting this conversation, you are making the team aware that water is an issue. In the office, you can change all your taps to water-efficient ones that restrict water flow in the kitchen and bathrooms. You can also install a dual flush toilet system and advise staff on how to use them. You can purchase more water-friendly dishwashers and ensure that they are only used once full. You should ensure that any water leaks are fixed as a matter of priority. It may also be an idea to use Polymaster Tanks which are more sustainable and reduce greenhouse gasses. In regards to air conditioning, ensure these are switched off when you go home. Also, if at all possible, use fans instead.

Use Eco-friendly Suppliers 

Take a look at the suppliers you use regularly and see if there is any scope to swap for more eco-friendly ones. This could be especially easy when it comes to your stationery supplier. Instead of your staff using a disposable pen, perhaps it would be better to use refillable ones, or even pencils, meaning less waste goes to landfill.  

Solar-Panels

Don’t waste the free space on your roof, have a look at installing solar panels. The outlay may cost you a bit, but you will save on electricity in the long run. You may even be able to sell some electricity back to the grid as you will be a micro-generator. Also, having solar panels on the roof gives your business that eco-friendly and sustainable look. Anyone who passes by can see this. Going green is a positive change and one that no one can argue with.  

Factors To Consider When Starting Your Own Business

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Most people dream of establishing their own companies. However, only very few newly created companies manage to celebrate the ten-year mark. Unfortunately, close to 50% of small businesses close down even before their fifth year. Several factors contribute to their closure; thus, you must consider certain things when starting your own business.

Apart from the desire to start a business, you need to know how much money you require, the number of hours you must put in, and the kind of patience you need to have, among others. To help with your new venture, here are the things to consider.

Your Business Idea

All businesses start with an idea, and it should be something workable. Mostly you should go for something that no one else is offering for your business to succeed and stand out. 

It would help if you considered getting external help from experts since they’re aware of the current trends and demand. Basically, if your idea doesn’t solve someone else’s problem, then chances are it won’t work. Listen to people’s frustrations, including yours, then attend to them.

Startup Cost

Estimate how much you need for the entire process of bringing your business idea to life.  This estimate will guide you when acquiring equipment and other material if necessary. Depending on the business type and location, the total amount you’ll require will vary accordingly. For example, creating a manufacturing plant costs more since you need to have land or a building, set up the place, buy machinery and furniture. So, if you want to start a woodwork workshop, you will need to set money aside to purchase the best benchtop planer. 

Apart from the cost of establishing the business, you also need to consider the amount required to run the business. 

Competition

Research on your competitors and what they are doing, then come up with something different so that you can survive the market for long. However, if your business is a monopoly, you’ll enjoy all the benefits that come with it. 

Otherwise, the most important thing about starting a business is developing an excellent strategy to fill in the demand and supply gap.

Additionally, it would be helpful if you analyzed the competition and evaluate their strengths and weaknesses for strategic decision making.

Location Matters

Once you have your business idea, now it’s time to identify the most suitable location. If yours is a retail business, look for well-populated areas that are easily accessible. 

For a manufacturing business, you need a place that will help you save on money, electricity, taxes, water, and transportation. Also, areas with easy access to affordable workforce and raw materials will work in your favor. 

Even better, secure a location that will get you rebates and subsidies from the government. 

Conclusion

Yes, dreaming big is important when starting a business, but you need to also believe in the dream and work toward making it a reality. Then, with an excellent business strategy and considering the above factors, you should be ready to start.

Remember to work on your web presence as well. Today many businesses are benefiting from having an online audience. Set up a social media page and an online brochure. Enlist the help of professionals to help manage and run your online accounts.

Five Ways to Physically Market Your Business

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In the world of business, there are many ways to market a company. While online marketing methods have taken center stage and seem like they will be dominant for years to come, physical marketing is still a viable way to showcase your products and business.

Physical marketing, when combined with virtual marketing techniques, can have better results. Here are physical marketing techniques to try out. 

Physical Branding

Branded t-shirts, uniforms, pens, vehicles, books, food, and water bottles are just a few of the many products to use when marketing your business. When branding employees' uniforms or t-shirts, think of using heat transfer vinyl because it's more durable and can withstand harsh conditions. Physical branding can go well with:

Product placement in stores 

Corporate sponsorships 

Product demos for customers 

Staff uniforms 

Sporting events or programs

Logos, Posters, and Banners

A logo sets your business apart and is an excellent way to create a physical image. You can use the logo on gift items, on the products package, emails, and other forms of communications. Posters and banners also help with branding in high-traffic areas such as malls, roads, and food courts. 

To be effective, think about your products and pass the message across in a simple yet effective way. Make sure to use a design that easily connects to your business or products. Additionally, posters and banners are effective communication channels when holding an event or announcing a new product launch.

Create a Physical Event

Are you launching a new product, moving into a new space, or want to celebrate an achievement? Physical events are a great way to create awareness and have people engage with your brand.

Planning a physical event is more work than just hosting an online one; but it offers live interaction that builds communities, friendships, and credibility. When announcing the event, email customers or inform those who come to your shop. Also, make use of social media channels and any other platform you have. 

Attending Other Companies Events

Buying a stand at another company's event is a great way to get your product noticed by potential customers. The cost can be reasonable, and it gives you access to people who would never come to your store or office. It's also a great networking opportunity. 

To achieve the most with this marketing strategy, analyze the event, know the type of guests attending then design your products and messages to appeal to the audience. Such events are an excellent opportunity to showcase branded products and even offer giveaways such as branded pens, t-shirts, mugs, and stickers.

Free Promotional Products 

If you have a physical product that's easy to carry around, consider using it as your promotional material at events such as trade shows or conventions. Have your logo and contact information printed on the packaging or product so that the recipient always remembers where they got the gift from.

Branded products also work well with employee incentives or customer loyalty programs like stamp cards, where each purchase entitles the recipient to a free item.

As you will learn, physical marketing techniques are still highly effective and shouldn't be ignored even when you have an online marketing campaign.