Start-Up Business

8 Smart Tips for Starting A Small Business

By Ashutosh Jha → Tuesday, July 5, 2022

Starting up your enterprise is usually a learn-as-you-go process. And with the shrewder decisions you make at the beginning, the higher the chances your business has to succeed.

If you’re a new businessman, you may start with a small business. And if you’re planning to start a small business, these starting small business tips will help you start a profitable business. Once you have started the business, later you can work on it and make the business profitable.

There are many profitable niches in which you can start a business. You can follow this guide for the most profitable niches to get started.

Best Tips for Starting a Small Business

You can try using the following 8 tips if you feel you have an entrepreneurial spirit. Give some time to your business and see it making new heights every day.

1. Absorb everything

Start-up business investors Max Funding say, “Always be a sponge when it comes to matters concerning your entrepreneurial objectives.” They suggest, “press your listeners to provide an honest opinion of what they think. The views you get collectively from your peers can act as a reflection of how the market will react. “

Don’t shrug off advice coming from veteran business owners and experts. These guys know what will and what won’t work first-hand. Shrewd entrepreneurs make a point of learning from the mistakes others in the field have made.

2. Address excuses

The truth is that being an entrepreneur is pretty scary. In most instances, greenhorn business owners stand to lose a lot with little to no insight as to whether they will succeed. It’s only natural to worry about the risks that come with owning a business. However, excuses will merely be mitigating you from achieving your goals. If you’re serious about starting up a business, then you need to look over some of the reasons you think you can’t and discard them from your thought process. Find a fix for the problem instead of letting it hold you back.

3. Please keep it simple

As a novice business owner, try starting small and narrowing down your focus. Learn how to best evaluate your business concept. Come up with a simple, quality good or service. An ideal business should meet promises made to consumers as well as exceed expectations.

Cut down on unnecessary things watering down your offerings and are costing you money. If your business is just starting up, you don’t require all the whistles and bells like a giant corporation. It will be much easier adding to your business as it continues to grow.

4. Count the costs

When you begin formulating your business idea, adding up how much it costs is crucial. To launch and operate, you will have to factor in the necessary business expenses. Other costs to bear in mind include rent, location, marketing, supplies, and more.

Once you get a hold of all of your expenses, begin making a business budget. First, you may need to get outside capital to help in making ends meet, such as a small business loan. Before placing your money in a startup, consider all your options.

5. Earn while you build

If you are thinking about starting up a small business, don’t think about quitting your day job just yet. Establishing a successful business venture is a process. Take the stage to build up your business as you transition slowly from employee to entrepreneur.

It will take a while to earn a steady income as an up-and-coming business owner. Hold on to your nine-to-five job, and during your off hours/days, work on your business. This will assist in drawing in some interest during the difficult first stages. Once you have sustained a healthy cash inflow from your business, that’s when you can quit and start focusing on your business full time.

6. Speak up about your business

Not knowing how to sell is one major challenge the majority of business owners face. When you’re new at this business thing, it can be overseeing sharing your ideas with the rest of the world. Don’t worry about what other people may think concerning your business. It can be challenging to make money in the event you are unable to convince consumers to buy products from you and help support your business. So if you’re not outgoing, you will have to fake it until you make it. You really can’t afford to be shy if you want your business to succeed.

7. Understand the legal requirements for establishing a small business

Starting up a new business can be exciting. Laws, on the other hand, are not. You are required to understand the regulations that come with starting a new business. You stand a chance of facing steep penalties by not following government guidelines and regulations. You will be required to follow the rules in an array of things from the accounting system to the legal structure. Other responsibilities include taking care of business-specific tax liabilities, registering your business with the state, and hiring workers following employer laws.

8. Have an equal amount of passion and wisdom

Passion will help you in moving forward, but having the information will steer you in the right direction. Learn about the potential of your business, research the market, and talk to your target audience. Contact professionals that can assist you with other parts of the company, like lawyers and financial advisors.

As your business begins coming together, let your passion and mind drive you forward. Apart from all of these, having a space and a suitable space is very much required for the business. You may rent an apartment or a co-working space as well. If you are staring in New Jersey, I would recommend checking jersey city apartments for rent for a great deal.

Start-Up Business

This Is How Ambitious Startups Become Giants In Their Niche

By Ashutosh Jha → Wednesday, June 9, 2021

Some economists believe COVID and the post-COVID era represent the golden age for startups. New businesses and enterprises are sprouting everywhere like never before. Business owners and entrepreneurs are ecstatic to make their mark on the world. The pandemic lock downs have indirectly contributed to this shift. This is an age of innovation and technology.

 

Startups are hoping to challenge the supremacy of established corporations. But any business wishing to become a giant cannot do so without fulfilling certain criteria, especially having a significant online presence.

The road to success and untold riches is not easy for startups. According to a report by StartupBritain.com, almost 660,000 startups register in the UK every year. However, 20% of all these businesses fail within their first year, and 60% fail within three years of registration. More state can be found below-

 

Image source: Fortunly

These numbers are worrying, but they should not burden the startups as long as they fulfill certain unspoken requirements.

These are the most prominent requirements a startup requires to succeed and eventually challenge the giants in their niche;

Appropriate Online Presence

As stated above, this is the digital age. Every business needs a website to establish legitimacy, but startups need it even more. Today’s customers almost always check out a company’s website before making any significant purchases. Additionally, a website allows you to reach a vast customer base and have your brand recognized. You can analyses key metrics to judge what the people want and shift your business model accordingly.

You can either learn to promote your website by yourself or secure small business SEO packages with a professional who knows what they are doing. Regardless, you need proper optimization to ensure your website becomes visible among millions of other sites.

A Strong Economic Foundation

No business can succeed on shaky finances. Cash flow is essential for survival in the business world. You need funds to pay your bills, employees, contractors, mortgage, insurance, etc. A lack of finances is the chief reason why most startups fail. It would help if you found ways to minimize costs, at least in the beginning. Digitize the whole cash flow and use accounting software to ensure everything is accounted for.

Good Business Planning

Planning and sticking to that plan is the key to success for startups. You cannot afford to launch your business with unclear goals – it is suicidal in today’s technological landscape. To avoid this pitfall, you must thoroughly research your niche. Investigate everything from the suppliers to the taxes. Ensure your vision is realistic and profitable.

Proper Marketing Strategy

Its always challenging for startups to find the best marketing strategy for their promotion. No business can hope to realize its full potential and gain a sizeable following without it. Today’s tech provides many avenues of marketing. Startups need to create innovative ads that capture their target audience’s interest.

 

Your business model must be user friendly and intuitive enough to anticipate client demands. A unique marketing strategy will allow your startup to appear distinctive from the faceless giant corporations and start dipping into their slice of profits.

Launching a startup is easy; making it successful is hard. However, as long as you exploit every advantage the digital age gives you, your venture will become a success.

Start-Up Business

Starting a Business in Singapore - A Complete Guide to Costs Involved

By Ashutosh Jha → Tuesday, August 11, 2020

Thinking of starting a business in Asia? If so, Singapore is a perfect choice. It features low taxes, government support, and quality infrastructure. However, without relevant guidance and support, Singapore company registration can be challenging. Below is a complete guide on how to start a business in Singapore plus the cost.

Starting A Business in Singapore - Steps

Company Registration

Singapore company registration is the first and most important step before starting your operations. Every aspect of your business has to be registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The national agency expects you to report your company name, the board of directors, and business activity type, among other vital details.

In this country, no company name matches another. For instance, if the core nouns of your company name match an existing one, adding a word like incorporation won’t make it unique. So find a unique word combination. Your legal business name and its trading name can, however, be different. Ensure that the trading name doesn’t have trademark or copyright issues.

When starting a business, chances are you already have an idea of how you’ll be running your operations. ACRA requires you to choose and present an SSIC code. It specifies your field of services.

For a complete registration process, you must assemble and submit your team of shareholders and directors. If you are foreign, Law doesn’t allow you to have more than 50 shareholders. You can have as many directors as you wish, but one or more must be local.

Once your registration procedure is successful, you can start hiring employees and obtaining the required business permits. To make work easier, seek advice on how to register a company in Singapore from a reputable and reliable incorporation service provider.

Permits, Office and Employees

It’s illegal to run a business in Singapore without the necessary permits. You have to follow all rules and regulations set up by the government. Research widely to gather information on the licenses related to your business. The process is extensive, but you can alleviate it by involving business experts. Incorporation and accounting service providers will guide you through the entire process.

Set up your business office in a strategic location. Unlike other countries, opening an office in Singapore is easy. The government has profoundly invested in business parks in different parts of the country. These parks can be an ideal space for your startup.

Prepare a reliable team of employees early enough who will help your run your business smoothly. If you are a foreigner, you can hire some staff from your country after procuring valid work passes for them. Familiarize yourself with the responsibilities of a Singaporean employer to avoid a clash with the government. For instance, you are supposed to offer your employees medical insurance coverage, rest days, and medical leaves.

Finances and Accounting

Prepare a budget to have an idea of how much money you will need to start your business. Preparing a list of everything required is the right place to start. Investing in company registration fees, property leases, enter pass, permits and insurance might be mandatory.

Consider your business operation cost for the next 1 to 2 years. The operation cost includes employee salaries, rent, salary, and travel expenses, among others. Plan your finances wisely to cover all aspects related to starting and running your company.

Choosing an ideal accounting system guarantees business success and growth. Luckily in Singapore, there are numerous third-party accounting service providers. Invest in these accounting services when your business is small to boost its growth and maximize profits. When your business grows, your workforce might be in a better position to prepare a budget, do market research, and set prices and rates.

Double taxation is not a cause for alarm when starting a business in Singapore. The government has made a deal with many countries on its avoidance. Singapore also provides unilateral tax credit with other nations. Ensure that you file relevant taxes on time to avoid penalties and tax debt. You can hire tax consultants to handle the burden professionally and on time.

Promote your Business

When you are done with the basics, it’s high time you think of promoting your business. Develop a website and create content that promotes the goods and services you offer. Upload positive and genuine reviews from customers on your website and other social media platforms.

Invest in media coverage and provide sufficient information related to your company. Remember to remain active on your social media pages so that more people can trust your business.

Before starting a business, you should prepare a business plan to transform the concept into reality. A well-formulated plan highlights everything that you need and the cost involved. You also need a rough idea of the profits you expect to generate from the business before you start the registration process.

Also, if you're working with some consultants make sure to erase data you don't need or make sure the data is not exposed to anyone.

Legal matters involved can be complicated. The good news is that you can acquire company incorporation services Singapore from a reputable firm when you feel overwhelmed.

Start-Up Business

5 Benefits of an Answering Service for Your Startup

By Ashutosh Jha → Saturday, April 27, 2019

Are you trying to do everything you can to streamline your startup business? You have to in today’s competitive marketplace.

Over 50% of startups fail within the first four years. That’s why you need to look for ways to save money and increase productivity on a daily basis.

Many small businesses have started turning to an answering service to take care of incoming calls. If this is a new concept for you, keep reading. We’re going over five ways it can benefit you.

1. A Professional Persona

As a startup, you need to create an effective business reputation right out of the gate. This means sounding professional on the phone and providing timely, effective service.

This is hard to do with only one admin assistant amidst a hectic workspace. If this is your current setup, you risk missing calls, making errors, and coming across as unprofessional.

When working with a phone service, you’ll get dedicated professionals answering every call. They can adhere to your brand’s voice and provide high-quality service to every caller.

2. Concentrate on Your Business

Managing a startup is more than a full-time job. You can’t worry about answering the phone while attending to daily business operations.

Passing the job over to a phone service will allow you and your staff to concentrate on generating new business, improving your product, and enhancing your infrastructure.

A professional service can even handle order fulfillment to ease some of the stress put on your staff.

3. Lead Generation

Collecting new leads is essential for the growth of any startup. While you probably have sales reps that do this, getting extra help can’t hurt.

If a potential customer calls a business, the experience they have on the phone has a big impact on whether they become a customer. An answering service can help drive new business in this regard.

Some answering companies will even educate themselves on your product and brand to try to upsell current customers.

4. Avoid Errors

You can’t afford to miss calls from important clients or forget to call someone back. With your in-house team answering the phone, this is bound to happen.

A phone service acts as a virtual assistant. They can take messages, set calendar events, and ensure you get reminders when necessary.

Services like Receivr base their entire operation on taking over the receptionist duties from companies. This is a perfect situation for startups.

5. Cost-Effectiveness

When you work with a call service, you eliminate the need for a receptionist or admin assistant. This is an entire salary you can avoid paying.

You won’t pay anywhere close to the amount you’d pay an in-house employee. Plus, you can find answering plans that suit your present needs and scale when the time comes.

Let an Answering Service Work for You

A successful startup takes work, dedication, and a savvy business sense. Instead of handling all incoming calls to your office yourself, turn the job over to an answering service.

Consider the benefits discussed above and make the switch now.

Check out our blog for more business tips and information for entrepreneurs.

Start-Up Business

7 Tips to Create the Best Office Break Room Possible

By Ashutosh Jha → Monday, March 4, 2019

What's your business' greatest asset? If you're thinking in terms of profit or investment profile--you couldn't be more wrong.

Your best asset is your employees, but how many of us truly treat them that way? You might mean to, but you aren't following through.

One way to show them you care is to update your office break room. Here's how to do it.

7 Tips to create best office break room

What does your break room look like right now? Maybe it has a fridge, a sink, a bad coffee maker, and a plastic table and chairs?

That was fine twenty years ago--but not now. Learn how to make it much better below.

1. Offer GOOD Coffee

We've all been in the office break room with one old Mr. Coffee machine that brews weak, stale coffee. The room always smells like semi-burnt grounds and whoever gets the end of the pot gets to crunch on some coffee grounds.

That's no way to treat your employees. At the very least you should get a new coffee maker--of which there are many kinds. Most offices have some sort of pod-coffee machine, but those are bad for the environment.

So bad, the creator of the Keurig has written apology letters. The best thing to do is to invest in an easy-to-operate espresso machine along with your new drip coffee maker.

Want to provide other kitchen type gadgets in your break room? Check out these reviews.

2. Have a Comfy Corner

It doesn't have to be the actual corner of the room, but your employees deserve somewhere comfy to sit down. It's rumored that Google, the perceived champion of break rooms, has nap pods where their employees can take a power nap.

If you're not into people sleeping on the job, a comfy couch should be fine. Give them somewhere to sit and sip their coffee and scroll on their phone on their break.

You can find loveseats that will fit most semi-small break room spaces.

3. Think About Exercise

A lot of people never think about movement in the workplace. But sitting all day is the new smoking--it's going to kill you.

Find some way to encourage movement in your break room.

Maybe you can install one of those really slow treadmills with a laptop desk on top. If you don't have room for that, how about one of those mini-trampolines? Those are great to get you breathing hard, fast.

Some cool break rooms (again, Google) have rock climbing walls--the short kind that only needs pads, on their walls.

If anything, invest in this yoga wheel or a foam roller so that employees can stretch out their compressed backs.

You may want to ask employees to sign a release waiver if you choose any of the more intense movement methods.

4. Provide Snacks

When you do your office supply order, did you know you can also order snacks? Most office companies have prepackaged bulk snacks in their inventory.

It's worth the fifty or so dollars per order to provide your employees with snacks and a blood sugar boost. Look for something that's semi-healthy, though there may not be a ton of options.

Little packets of nuts are a good choice, along with granola bars, and dried fruit. Try to stay away from chips, cookies, and things filled with sugar.

Your employees will get an initial boost, but they'll get hit by a sugar crash and it'll bring down their productivity.

5. Provide Entertainment

You know what's easy and small break room friendly? A magnetic-dart dartboard that your employees can play with on their breaks.

If you have a bigger space, what about a ping pong or foosball table? You want to think about entertainment that's not them staring at another screen--like a regular TV.

Checkers, short games like Jenga, or connect four all work too.

6. Encourage Downtime

The average employee takes, what, one long break and maybe one short one in an eight hour day?

That's not a system that's working well. Studies show that employees are only productive for about three out of eight hours. That's less than a 50% productivity rate.

This study wasn't in offices with "lazy" workers. People just need more in their day than four hours staring at a screen at a time.

So once you spend all this money on your breakroom, encourage your employees to use it. You can actually make breaks mandatory--or a strong suggestion. Every two hours your employees take a ten or fifteen-minute break.

It sounds like a lot of time to pay them to do nothing--but think about that statistic. If you're paying them for 3/8 hours, you're losing a lot more money.

A fifteen-minute break four times a day only equals one hour, and they'll get way more done. Wouldn't you rather pay for one hour of downtime than the five you're doing already?

Let your employees know that breaks should be away from their computers. Encourage them to get up and walk around. Play in the break room and get some coffee.

You'd be surprised at how much a quick change of scenery every so often changes their output and their moods.

7. Install . . . Yourself?

That's right. You, the boss (or whatever your managerial title) should make yourself present in the break room. The more accessible you are to your team, the better the communication will be.

Good bosses aren't bosses--they're leaders. And a leader is someone that interacts and sees themselves as a part of their followers.

It sounds cheesy, but you'll build more relationships and find that people start casually asking you questions. If anything, it'll reduce the number of emails you get--and that's something everyone can enjoy.

Ready, Set, Break!

So now that you have this awesome office break room, make the most of it! Take the time to enjoy it and encourage your employees to do the same.

Looking for new employees to add to your now-feeling-valued team? Ask them these questions. 

Start-Up Business

Everything You Need to Know About Coworking Spaces

By Ashutosh Jha → Thursday, February 28, 2019

Two-thirds of managers who allow their employees to telecommute have reported that those employees who work remotely are more productive overall than those who work in the office. And with the number of telecommuting employees growing rapidly (115% in the last 10 years!) it's no wonder that a variety of spaces are popping up for remote working.

When you think of the typical remote employee or freelancer the picture that probably pops into your head is of a person chilling at their local Starbucks with their laptop and headphones. But there are so many more options!

Coworking spaces have been popping up more and more recently and offer a great alternative to the tired, old options working from your kitchen table or the local coffee shop.

Read on to discover why coworking spaces are way better than working out of your home or a coffee shop.

What Is Coworking?

Across the globe, 70 percent of people work remotely at least one day per week. And those people are often searching for the perfect place to do their remote work.

Coworking is about building a community out of those remote workers who are all working for different companies or employers but who are still searching for the community of an office space. Coworking spaces seek to foster an environment where people who are working for different employers or who are self-employed can share equipment, ideas, and knowledge.

Coworking is about creating a better place to work and a better way of working. Coworking spaces are community centers and they're about bringing together people who share values and beliefs but who all work for different employers.

When working with people who you feel bonded to it improves productivity and quality of work. Because a happy employee is a better employee.

Put simply, culture is a huge draw of coworking spaces.

What Are Coworking Spaces Like?

Another draw of coworking spaces is the flexibility of the office space. You can work at anything from a traditional desk to open-seating large tables, to private meeting rooms and more. Coworking spaces are shared workspaces that offer office space for those who want to escape the isolation of working alone at a coffee shop or at home.

Coworking spaces offer so much more than just office space though. As mentioned above, they offer community. And often the space is designed to allow you to take advantage of that community.

With a growing rise in coworking spaces around the globe, many are seeking to remain competitive by offering more than just desks and private meeting rooms. they offer coffee bars, ping pong tables, hammocks for naps... And so much more!

Coworking office spaces are about allowing you to create your ideal office environment while still getting work done.

Who Uses Coworking Spaces?

Freelancers love coworking spaces. It gives them the ability to do their work on their own terms, set their own hours, and still get the community that happy employees thrive on.

Remote employees also love coworking spaces. It gives them the sense of an office space without actually having to go into the office of their employer. And the best part? They can choose the office vibe they want by picking the coworking space that's right for them.

But you know who loves coworking spaces even more than freelancers and remote employees? Start-ups.

Coworking spaces give start-ups a place to bring their employees together without having to pay for a full private office space of their own. Offering desks, private meeting rooms, and phone booths - coworking spaces give start-ups everything they need for an office feel without the major costs.

Additionally, using a coworking space allows members of the start-up to interact with others who work in the space - giving them the chance to meet new people, possibly find new employees, and maybe get new ideas.

This is actually something that can be beneficial to everyone who works in a coworking space - whether they're a freelancer, a remote employee, or a start-up employee. Coworking spaces give members the chance to network with those who work next to them. Meaning that you can build a network without ever having to step foot in a traditional office.

What About the Cost?

While a coworking space - renting a desk or private meeting room, for example - is certainly less expensive than renting out an entire private office space, it can sometimes become cost prohibitive for individuals.

First, the good news.

Coworking spaces allow you to rent out only what you need. They're flexible in terms of what they offer and how you can pay for it. There are various membership models that include options for daily fees or monthly fees. And costs vary based on whether you use a shared desk or want a dedicated one.

So, the good news is that you have options and can work with the space to find a membership model that works for your budget.

But the bad news is that in major cities like New York, Chicago or LA, costs can sometimes be upward of $500 per month for space in a coworking office. And while there are certainly options for cheaper coworking spaces - check out this post by KettleSpace, for example - this often means that the coworking space comes with fewer amenities.

But, more good news! There are still cost-effective coworking space options in most places - even major cities - which means that while you may not have a ping pong table, you will have the option of combatting the isolation and loneliness of working by yourself in your home office. You can still get the community of a coworking space.

The Brass Tacks

Here's the skinny: Coworking spaces offer a lot of great amenities and perks.

They offer a variety of office space options, like dedicated desks and meeting rooms. They offer fun options for when you need a break, like ping pong tables and meditation rooms. And they offer the chance to skip the isolation and work next to people who share your values and work ethics.

And while coworking spaces can be expensive, there are enough of them out there than you are almost guaranteed to find one that fits your budget.

Curious about other alternative ways of working? Check out our blog for ideas and explanations.

Start-Up Business

Not as Confusing as it Sounds: What Is a Virtual Office Space?

By Ashutosh Jha → Monday, February 25, 2019

Across the globe, 70 percent of people work their jobs remotely at least one of the days in the week.

Yep - that's a lot of remote work, and remote work requires software, efficiency, self-starters, and more to effectively run. And that's where a virtual office space comes into play.

If you're asking yourself, what is a virtual office space? Then you've come to the right place.

What is Virtual Office Space?

The answer to the question "what is virtual office space" is initially simple. It's an office where people who are remote workers can come together to work. But what's beyond that?

No, the space that they're working out of isn't actually virtual, where you put on a 3D headset and work with your coworkers from your couch while thinking you're out and about in the office (although, maybe that's next in virtual office technology.)

A virtual office is a brick and mortar office space with communal working areas. Most virtual offices also have rooms available for rent where you can go to conduct business with clients. When you have a virtual office at your disposal, it gives people a place to meet instead of a noisy coffee shop.

4 Benefits of Virtual Office Space

So, what's the point of a virtual office, and why do you need one? If you're considering getting a virtual office space for your business, there's a few pros and cons to consider.

#1 You Want to Stay Private

Maybe you're actually operating your business out of your home. More and more people are turning to this option, as overhead costs can kill a business that's struggling or just starting up.

But if you want to meet with a customer, that means that you're going to have to give them your home address. Because you might not want customers showing up at your house, a virtual office could be the perfect solution.

When people are browsing your website and looking for a location, not having an address might be a turnoff as well. But you don't want to list your home address online.

Listing the address of your virtual office will make you appear more reputable, and also feel safe knowing that your home address isn't floating around the internet.

#2 It Stays Permanent

When you're a remote company, you're probably moving around a lot. Perhaps your business travels, or you're expanding and currently uncertain of the location that you might end up in.

You don't want to have to keep changing your business address and going through unnecessary paperwork. Customers might also get confused if they notice multiple address changes, especially if they're trying to mail something.

Keep an air of permanence when you're able to use a virtual office address for your business.

#3 Maintain Professionalism

You know your company is professional even though you're a remote company. But customers are the ones that you have to convince.

If they see an address that looks like a residential area, suspicion might be aroused. Having a virtual office address will put their mind at ease.

If you want to call a business meeting, you also likely don't want to do it in your house or in a coffee shop. When you have a virtual office at your disposal, you'll be able to have a professional meeting in a real meeting room, without having to clean up, set up, or worry about where you're going.

Similarly, if you're trying to onboard an employee and have nowhere to meet them, they might feel a little skeptical about their potential job offer. Be able to have employee meetings, conferences, and any other type of business you might want to conduct when you have a permanent place to do it.

The bottom line is, when you have a place to conduct business, it will impress people. A remote company that still has a place to operate out of is a company taking businesses, customers, and employees into account.

#4 Never Miss a Thing

There is always someone who works for the virtual office itself available at the front to greet customers or clients. If you're not in the office and someone comes calling, you'll have someone working for you that can take a message that person might have.

This frees you up to be able to move about freely without having to worry about possibly missing an important message from a customer. You might also appear unprofessional if you're never able to be reached, and lost a potential sale or client's business.

#4 Cost

The one downside of a virtual office can be cost. If you're a remote company, you're cutting corners by not paying for the overhead of a large building.

You have to pay a fee to work in a virtual office, so make sure it's right for you. Luckily, there are many cost-effective virtual offices at your disposal. Because the remote world is becoming more and more viable, the need for virtual offices is also going up.

If you're looking for a virtual office in London, you need to look no further. BE offices have locations all over London with impressive accommodations and reasonable prices. Get your virtual office started within a matter of minutes, and have a place to meet your clients or simply go to work on your project.

Keep That Upward Motion

When someone asks you "what is a virtual office space," now you'll know. When you're a mostly remote company, it's important to look around and discover all of the options that your company might benefit from.

If a virtual office is right for you, that's just one step to growing your business. Let people know that you're official and reliable even though you don't have a brick and mortar location.

Once you've got the task of finding a virtual office out of the way, you can focus on your other marketing strategies. Check out some awesome resources for marketing in the 2019 year. Don't stop the momentum that you've got going, and see where this next step in your business can take you.

Start-Up Business

7 Factors to Consider While Starting Own Business

By Ashutosh Jha → Thursday, February 7, 2019

Starting your own business and becoming an entrepreneur is a great goal to have but it can also be a very time consuming and stressful process. You should know there’s a lot to think about and do as you look into starting your own business.

Avoid worrying about all that can go wrong and instead focus your efforts on doing all that’s in your power to make sure you reach your goals. Concentrate on the following elements and you’ll be more likely to succeed and feel confident as you head into the future. While there will be obstacles, try to overcome any mental blocks and let all the reasons you got into the business in the first place motivate you to keep going strong.

#1 Your Knowledge & Background

You’re going to want to think about your own skills, knowledge and educational background as you start your own business. You not only need to know the industry and business itself but also the ins and outs of your own product or service and have general business acumen and strong leadership abilities. If you’re busy trying to hold down a full-time job and make it on your own then consider brushing up on your skills through an online degree program. For example, if you’re currently an engineer or what to be one and open your own business then consider pursuing civil engineering degree online from Michigan Tech to help jumpstart your career.

#2 Creating A Business Plan

You’re also going to want to think about drafting a business plan as you begin to launch your own business. It’s not a wise idea to dive in blindly and hope for the best when it comes to being an entrepreneur. You want to know exactly what you have to offer currently and where you’ll be heading in the near and far future.


Be specific in your business plan and map out your goals and also how you’re going to go about reaching each one. This roadmap will come in handy for when you get busy down the road and are looking for guidance on how to best proceed.

#3 Hiring Staff

It’s a wise idea to start thinking about what resources you’ll need and positions you’ll want to fill as you open your doors. Although you may have done all the work yourself in the past, you’re going to want a team of highly skilled individuals behind you helping you to succeed if your plan is to start and grow your own business.

Also Read: 7 Cost Saving Ideas to Cut Down On Your Startup's Expenses

Take time to think through exactly who you’ll need working for you, what type of skills and personality types you’ll want to attract and how often you’ll be hiring and filling new seats. This is also a good time to begin thinking about shaping your company culture and determining what kind of business and environment you want to be running.

#4 The Customer

If there’s one group of people you want to make sure you have your sights set on right away it’s your customers. Think about what your ideal target audience looks like and what their purchasing habits are. As you start your own business, you’re going to want to have a solid idea about who you want to get your message in front of and you believe will be most interested in your products or services.

Do your homework and investigate who’s purchasing your offerings and seems to be attracted to your business the most. Engage with these individuals both online and offline and gather feedback from them about how you’re performing along the way. You’re going to want to make sure you’re set up to offer excellent customer service at all times, and address any customer complaints or questions in a timely fashion.

#5 Your Finances & Office Space

Starting a business isn’t a cheap endeavor and will require you to invest money in your career. Figure out how you’re going to get enough funds to get your business off the ground and running and keep it sustainable as time goes on. Speak with investors and other interested parties and make sure you get their commitment written down on paper before you march forward at full speed.

Also, it’s possible you’ve been working out of your basement or home as you’ve been coming up with your product or service idea. As you start your own business, you’re going to want to think about opening up a new location in a prime spot where your customers can easily shop. In addition, consider what products or services if any you want to offer online.

#6 Future Growth

Although it may seem like you have a lot of time to think about the future, the truth is that it’s going to come up quickly and you always want to be prepared for the unexpected. Think positively that you’re going to succeed and start coming up with a plan for how you’ll grow at a steady rate and keep up with your competitors.

The reality is that the future isn’t that far off when you’re running your own business and trying to make predictions about how you’ll stay ahead of the curve and continue to innovate. Now is as good of a time as any to begin contemplating how you’re going to stay relevant overtime and meet the needs of your customers.

#7 Taking Care of Yourself

As you start your own business, think about how it’s going to affect your schedule and your health. The truth is that running a business if a full-time job and then some because all of the pressure is on your shoulders. You have to be ready to respond to issues or obstacles around the clock and not just during business hours.

It’s important to eat well, exercise and get plenty of sleep on a best firm mattress so you can function to the best of your ability each day. It’s a wise idea to brush up on your time management skills now and figure out a game plan for how you can practice work-life balance and manage a company.

Start-Up Business

7 Cost Saving Ideas to Cut Down On Your Startup's Expenses

By Ashutosh Jha → Thursday, January 24, 2019

Did you know that entrepreneurs worldwide launch over 100 million new businesses every year?

If you've got an idea for your own small business, you're probably eager to get the ball rolling. But before you take that leap, consider another impressive statistic: 90% of all startups will fail.

One of the main reasons so many businesses fail is because of cash flow problems. This is especially important at the beginning of the venture when too many people learn lessons in business the hard way.

What can you do to cut down on startup expenses and ensure yours is among the 10% of startup businesses that survive? Here are 7 expert cost-saving tips to remember when launching your startup.

1. Start with a Home Office

69% of small businesses start at home. Is this the smart route for your business model?

At first, you may only need a phone, computer, and Internet connection to launch your startup. Set yourself up with a desk and a comfortable office chair, and you have everything you need to get started.

This will result in significant cost savings over renting and furnishing any commercial office space. If you need to meet clients face-to-face, simply rent an executive suite for the day or week.

Then, as your business expands and generates reliable income, you can consider setting up a permanent physical office.

2. Outsource Instead of Hire

Hiring and maintaining a large staff may not be practical when you're first starting out. Full-time employees require insurance, pensions, and other "perks" that can quickly drain your resources.

You may be the only employee of your startup for quite some time, and that's okay. In today's super-connected world, there's no need to hire people for every little job your business needs.

Savvy business owners rely on outsourcing for things like web design, bookkeeping, and answering services. This keeps your initial costs down while ensuring you have what you need to keep your company moving forward.

3. Barter for Services

One of the best ways to cut costs in small business is to work a trade or bartering system. Not only does it save you money, but it helps you build good working relationships with other local businesses.

Let's say you're starting an online marketing company and your computer crashes. You contact Techville to do the repair work. Rather than paying for their service, offer to write a fresh marketing plan in exchange for the work they do on your computer.

Of course, bartering won't work for every situation, and some companies may not be open to the idea. But there's no harm in making the offer; it could save you a lot of money in the long run.

4. Buy Used Instead of New

We all love shiny new furniture, appliances, and gadgets -- but are they really necessary for your startup?

In many cases, you can cut those initial costs by buying used or refurbished equipment. Reach out to some established local businesses that may have older equipment they're willing to sell.

You might also look into leasing any vehicles or equipment you need rather than making a large upfront investment. This will leave more capital in your bank account -- where it's needed most.

5. Get Your Family Involved

Back in the "old days," people had large families so everyone could work on the family farm. Could the same principle be helpful for your startup and keep more money in the family?

If your spouse only works part-time, maybe they could devote 10 or 20 hours a week to helping you with bookkeeping, banking, or emails. If you have older teens in high school, could they work a few hours in the evenings or on the weekends?

What about that millennial living in the basement with a college degree and no job? This is the perfect chance to get him or her some valuable real-world work experience.

6. Consider Free Software

A major ongoing expense of many companies is all the software needed to run the business. Between bookkeeping software, word processors, and web hosting, this software can cost hundreds or even thousands of dollars every year.

The solution? Search for free software and use it until your business is firmly established.

Many free software programs are as good as the paid ones. Some traditional programs might be available for a free 30-day or 90-day trial. When your free trial is done, simply uninstall and reinstall the software from a different site.

The same goes for building your business website. In the beginning, a free template and web hosting site are probably all you need to launch your business. As it grows, you can consider hiring a web designer and switching to a self-hosted site.

7. Become a Skilled Negotiator

If you're not already a good communicator and negotiator, it's time to hone your skills.

Start with the vendors you regularly do business with. Can they offer you discounts if you buy in bulk or if you pay in full within a certain period of time? This can significantly increase your profit margin and help save on initial costs.

In some cases, you may also be able to defer payments rather than paying everything up front. The key is to communicate what you want (and what your business needs) and find a solution that works for both parties.

The Best Cost-Saving Ideas: Now You Know

Some costs associated with startups are unavoidable. But knowing where and how to cut costs can make the difference between your company's success--or failure.

Put these cost-saving tips into practice when starting your business, and your company is sure to thrive.

Once you've got your startup underway, what's next? Check out our office ideas and upgrades to keep your staff happy and productive.

Start-Up Business

The Start-Up Costs You Need to Consider for Freelancing

By Ashutosh Jha → Thursday, October 4, 2018

Starting a freelancing career is a big step and not one to be taken lightly. It does offer some benefits, such as being your boss and setting your hours, etc., But it often comes with some significant downsides, such as a lack of consistency in gigs, no benefits, and more. Therefore, before you start your freelancing career, you need to look at the start-up costs.

Many of these might be obvious, but some aren’t, which is why anyone thinking about a career in freelancing needs to take a long in-depth, and hard look at the start-up costs. After all, most of the time there’s going to be some costs that you’ll overlook when thinking about it. That’s why we’ve collected some of the biggest start-up costs you need to be aware of before considering freelancing.

Outfitting Your Office

This one is probably the most obvious in terms of costs before attempting a career in freelancing. After all, how can you do freelance if you’ve got nothing to work with? While exactly what you need depends on what type of work you’re planning to do, such as designer, writer, blogger, etc. There are some things that every freelancer needs.

For example, you’re going to need a desk, office chair, and a computer, at a minimum. The chances are that you’ll also need a multi-function printer as well, for creating hard copies of invoices and receipts, as well as whatever else may come up. Setting up your office space is mandatory, as you’ll often be taking calls from clients, and some of these may be video calls. You’ll need to look professional for these, so the need for proper office space is undeniable.

If you don’t know what you need, think about what you had in your old office; most of the stuff you had there will be required in your freelance career. You may have taken most of these for granted, but once you become a freelancer, you realize just how important they were. This expenditure is probably one of the most significant start-up costs for freelancing, but in most cases, it’ll be a one-time investment.

Get the Software You Need

The kind of software depends on what kind of freelancer you’re looking to be in the future. After all, a designer’s needs are different than a writer’s. Here you will need to purchase these stuff on your own so that is definitely an extra cost since in the office you had access of these for free. You might have taken office supplies for granted in your old job, but they’re crucial for freelancing.

For writers, the software could be as simple as a copy of Microsoft Office, but for designers, it could mean a whole lot more, such as Photoshop, InDesign, Lightworks, and others. Bought in packages, they can be affordable enough, but it is indeed one of the major costs while doing settling your freelancing career. Because they’re important, they’re not something that you can put off while your freelance career develops. However, there is free software out there that you can use, such as Google Docs and Drive, which may help allay some of the initial costs of freelancing.

Some people might also want to consider a type of accounting software, in order to create professional invoices using several invoice template and manage all of their books, payments, and expenses. While this isn’t mandatory, but it could be extremely beneficial in the long run, especially when it comes to paying taxes.

You Could Have Higher Household Costs

Household costs definitely increase after you settled at home and start performing your tasks. These are costs that are going to exist no matter which stage of the freelancing you’re at. The exact amount is difficult to put a dollar figure on.

When you’re working in an office, it’s obvious that you’re not at home using electricity, heat, etc. However, once you’re working in a home office, you can expect that bills are going to increase noticeably, but it’s an unfortunate and unavoidable part of freelancing. Like was stated earlier, these are one of the hardest costs to predict, as it comes down to your usage of electricity, air conditioning, phone, etc.

There’s also the issue of spending more on food, as you’ll now be eating more of the food that you have at home.

Finance & Its Interest- A Major Cost

These costs might mean that you’ll need to take out some loans to purchase everything, even if it’s just a small one. After all, if you don’t have the money to start freelancing, you can’t start freelancing. For some people, a small business loan might be the best thing you can do to start your freelancing business. If you are looking to start small and don’t want to have too much financial burden than 24-hours emergency finance or personal loan would be a path to go.

Accountants

We mentioned accounting software already, but at some point, if you’re successful, you’re probably going to need to get an actual accountant. While accounting software can help put this off for a while, it’ll eat your time as a freelancer, and as someone who hasn’t done accounting for a living, you could end up making some costly mistakes.

Save some money and get a bookkeeper or an accountant. This employee may be a start-up cost, but it’s is going to be a major ongoing payment; it’s something that’ll end up becoming necessary, especially as your business grows. That’s why it’s imperative that you start saving for it as soon as possible. The accounting software will only get you so far, so the sooner you begin to save, the better.

Final Words

Freelancing is undoubtedly a way to get some peace of mind along with some handsome amount of money if you get to succeed at last. In the beginning, these costs seem a lot and might discourage anyone but believe or not, it is worth of risk. A successful freelancer does things that are hard to think of while doing a regular 9-6 Job with a monthly fixed payment.

Freelancing is the primary point of developing entrepreneurial skills. Think of it as an opportunity to pursue your dreams in the future.