Business Tips for Newbies

Author: Coach C

New Business: Location & Profitability

Preface

Profit

It goes without saying that evaluating the profitability of a business in a particular locality requires careful analysis and consideration of various factors. But what are those factors? We decided to throw the question to Matt of Limo Columbia (https://www.limocolumbia.com/), a well established and reputed business in the Baltimore Metropolitan Area.

According to Matt, while there is no foolproof method, following are some steps to help you evaluate business opportunities and determine their potential profitability in a specific area:

Market Research

Conduct thorough market research to understand the needs, preferences, and purchasing power of the local population. Identify gaps or underserved areas in the market where your business can fulfill a demand.

Competitive Analysis

Analyze the competition in the area. Identify existing businesses offering similar products or services and assess their strengths, weaknesses, pricing strategies, and customer base. Determine how your business can differentiate itself and provide added value.

Target Audience

Define your target audience and assess if there is a sufficient customer base in the locality to support your business. Consider demographics, consumer behavior, and purchasing power to understand if your target audience aligns with the local market.

Economic Factors

Evaluate the economic conditions and trends in the locality. Consider factors such as employment rates, average income levels, disposable income, and economic growth. A stable and growing economy often indicates potential for businesses to thrive.

Regulatory Environment

Understand the local regulations, permits, licenses, and zoning restrictions that may impact your business. Ensure compliance and assess any potential barriers or additional costs associated with operating in the locality.

Infrastructure and Accessibility

Evaluate the local infrastructure, transportation networks, and accessibility to determine if it supports the type of business you are considering. Consider factors like proximity to suppliers, customer accessibility, and logistics for efficient operations.

Local Support and Resources

Research the availability of business support services, networking opportunities, and resources in the area. Local chambers of commerce, business development organizations, and mentoring programs can provide valuable support and assistance.

Trends and Opportunities

Stay informed about emerging trends, technological advancements, and industry opportunities relevant to your business. Assess if the local market is receptive to these trends and if they align with your business concept.

Financial Analysis

Conduct a comprehensive financial analysis, including projected costs, revenue potential, profit margins, and break-even analysis. Consider factors such as overhead expenses, staffing costs, rent or lease prices, and expected sales volume to determine the financial viability of your business in the locality.

Consult Experts

Seek advice from professionals such as business consultants, industry experts, or local entrepreneurs who have experience in the area. Their insights and expertise can provide valuable guidance and help you make informed decisions.

Summary

Remember that evaluating the profitability of a business is not solely based on the locality but also on the uniqueness of your business idea, marketing strategies, operational efficiency, and your ability to adapt to changing market dynamics.

5 Reasons Why You Need to Hire an SEO Company

You might have heard or read online how SEO companies can be valuable to a business at any point of their growth. However, it’s understandable that you don’t want to risk your marketing budget if you don’t completely know where it’s going. Here are five reasons why you need to hire an SEO company to boost your business’s growth.

SEO Companies Take Care of Everything.

SEO companies are beyond search engine optimization. These companies encompass everything under the world of web marketing. They don’t only aim to promote a product or service your company is selling. It goes on a deeper level. Companies like Enchanted Marketing help build your company a good reputation for long-term marketing success.

  • Search Engine Optimization (SEO)
  • Website Creation
  • Content Creation
  • Social Media Marketing
  • Increased Sales
  • Lead Generation
  • Lead Tracking and Capture
  • AdWords Campaign

They Have the Skills and Years of Experience in the Field.

SEO companies are staffed with experts in the field. They have had years, sometimes decades, to work in the industry. Thus, they know exactly the ins-and-outs of online marketing. This is something you can’t achieve by just performing short and shallow research online. You are paying for their expertise and are guaranteed to see results.

They Cater to Businesses of All Sizes.

They tailor their services according to your company’s needs. Whether you have a small start-up or a booming business, they know how to create the best plan to achieve the best results. Moreover, because they are specialists in the field, they make sure to only use efficient strategies so you won’t waste your marketing budget in low-yield or ineffective tools.

They Provide Measurable Results and Reports.

When you’re spending good money to improve something, you want to see visible results. SEO companies like Enchanted Marketing give measurable progress and results. That way, you have a clear idea on where you are in terms of your marketing goals. Moreover, they know exactly how to measure and interpret analytics that will further benefit your marketing strategy in the future.

Hiring an SEO Company Allows You to Focus on Your Company.

Whether you are in the food, clothing, restaurant, wellness, or electronics business, chances are you have a close to zero idea on how SEO works. And if you do, you may not have all the time in the world to spare. After all, you have a business to run. That’s why hiring an SEO company is the best option. You’re delegating a task to one that knows how to do it best. Moreover, you get to focus on what you do best.  Enchanted Marketing is an SEO company based in Baltimore. They utilize online marketing strategies to make sure you’re getting the most of your marketing budget. They are results-driven and make sure you achieve your marketing goals as effectively as possible. From website and content creation to lead tracking and generation, they got you covered. Head on over to enchantedmarketing.org to request a free quote.

Things to consider before starting a business

Setting up a new business demands a number of hurdles to overcome. And no business ever came into being overnight. An entrepreneur is one who sacrifices his time to meet up with the teeming challenges of starting a new business.

business laptop

Todd Rhoad, managing director of BT Consulting and partner with Peachtree Recovery Services Inc. commented that when planning to set up a business, the very first thing is to be ready for the demands required.

To ensure you are fully ready before launching, Business News Daily sourced these expert suggestions from business veterans.

Conduct your research

To be among the industry captains, you have to possess a good understanding of the industry. This is independent of how innovative your idea might seem. Ian Wright, owner of British Business Energy emphasized the need to be aware of competitors.

Another key consideration is that of your target market. This would be the rationale behind your decision making. Your customers are your only opportunity to make profits.

Providing just what your customers demand is important, says Sonia F. Lakhany, an attorney at Lakhany law. This helps you better understand your customer’s purchase behaviour and would save you from some trial and error method in the long run

Attend to Legal matters.

Mason Cole, a business attorney pointed out that choosing a legal structure for your business is one of the very first steps towards launching out. The popular structure is the limited-liability Company (LLC) because it is flexible and secures partner from any personal liability. It would provide all legal requirements from tax to employment for the operation of the company.

Also, the business needs to be properly registered with the government before an operation.

Count the financial cost.

Only few who start a business have enough money to properly launch.

As an entrepreneur, you would have to explore options to finance your business.

Some of these options include; family and friends, angel investors and venture capitalist and lastly banks and small businesses association.

Mac Prosser, small business expert hinted that an entrepreneur would have to finance his or her personal life through their savings because of the possibility of incurring debt on the business.

Seek advice, Employ help.

The path towards launching a business should not be a one-man affair. You will need to employ someone’s technical skill or service to increase your chances of success. Ben Walker, CEO of Transcription Outsourcing offered a great advice to business owners to have a mentor or a coach.

Also, the role of an accountant from the start cannot be overemphasized. An individual can’t afford to run directly every aspect of the business. Most importantly, the business finances should not be taken with levity.

President and Founder of Little Bird Publicity, Sarah Burningham shared her experience. She recounted that she had a full-time employment as she planned to start her own business in 2019. She, however, had everything set in order before she launched out. One of such important step that secured her business survival and success was getting an accountant to manage the company’s finance.

Interior Design Elements

interior design

It is safe to say that interior design originated from architecture. It is an art and a science that aims to create a functional space to suit your purpose for the room or building being worked on. It is about bringing new experiences as you interact with the spaces at your workplace, home, public places, etc. Interior designers nowadays are teaming up with engineers, contractors, architects, dealers, among others. Many companies are providing the services and elements needed for interior decor such as metal fabrication, colors, lighting, furniture, and much more.

For instance, we found clients of Annapolis Railings & Stairs were really pleased because the principal of the company has an art background and has come up with some very creative ideas for them that really made their home or business stand out.

Interior design specializes in residential or commercial designs. Residential designs focus on private residences and are unique to the needs and wants of the clients. It may involve working on the project from the get-go or remodel an already existing structure. This category strives to produce an outcome that matches the client’s expectations or higher. Commercial designs, on the other hand, are sub-divided into many more categories. Examples are;

  • Corporate for office designs
  • Retail for stores, malls, showrooms, etc.
  • Healthcare for hospitals, dental clinics, assisted living facilities, etc.
  • Government offices and institutions
  • Hospitality and recreation for hotels, bars, etc.

Elements of Interior Design

Metal

Contemporary designs require a lot of metal finishes to rooms such as kitchens, bathrooms, or even the stairs. Nickel, chrome, and stainless steel are some of the popular metals used to achieve that perfect finish. Your kitchen curb appeal will be enhanced if you choose stainless steel for some of your furniture or appliances. Metal finishes also blend well with artwork, lamps, shelves, etc., adds that uniform style to the other rooms.

Color

Color has become a common choice for modern styles and designs. Color may vary depending on the furniture, upholstery, draperies, artwork, lighting, available in the room. Neutral colors on walls such as pure white, brown shades, and cream are some examples of colors that work great with bold colored sofas, pillows, etc. Brighter colors, on the other hand, work better with dull colored furniture and upholstery. The key purpose is simplicity so that your space looks organized rather than cluttered and confusing.

Lighting

Lighting works best by illuminating the design of the room. It brings about different hues through the fixtures, floor lamps, pendants, etc. You may decide to keep things exciting and get a variety of colors for different rooms. A plain room can be greatly enhanced by good lighting.

Texture

This refers to the fabrics that you choose for your room. For a more natural setting, consider silk, wool, linen, or crushed velvet. Area rugs, overstuffed pillows, furniture upholstery, linen wallpapers and many others accentuate the metal finishes. If you are aiming for a clean, modern, and stylish look, keep away from complicated patterns.

How to Run an Efficient Meeting

board room

The lifeblood of a company or any organization is meetings. It is where decisions are made; strategies are formulated, responsibilities are assigned, problems are solved, etc. Efficient meetings are therefore necessary to achieve the set objectives of a company. However, a very few number of people, if any, are excited about meetings. More often than not, people feel that meetings are a big waste of time which should not be the case.

Here are some tips to help run you run efficient meetings that will increase productivity and help with your company’s growth.

Organize the meeting

Set a time, date, place, tech support, etc. beforehand. Does the space set enable efficient communication? Consider the temperatures, the seating arrangement, the refreshments, etc. If possible, organize a rehearsal for the technical equipment before the meeting. Also, have a tech support contact on the dial before the meeting, just in case you experience a glitch. It will save you on time.

Give copies of the agenda to the attendees before you begin

Send this before the meeting to get feedback and possible suggestions for the meeting. The agenda should clearly stipulate the goals and objectives of the meeting, the speakers, and the amount of time required to address each issue. It also helps everyone on board to stick to the meeting’s objective.

Operate on a strict schedule

Avoid rehashing the discussion covered by the team if certain members come in late. State a specified time for ending the meeting. Arrange the agenda in the order of importance so that in case time runs out, pressing agendas will already be covered. The rest can be postponed to the meetings that will follow.

Establish some rules

These rules form a code of conduct on the behavior and responsibility of every team member. Conversation courtesy, interruptions, participations, etc., are some examples of what the rules may be centered on. A quick reminder and review of the rules should be done in future meetings as well.

Assign roles to the attendees

Seek volunteers for certain roles in meetings. It builds cohesion and helps the moderator to achieve the aim of the meeting. For instance, timekeepers, facilitators, recorder, etc.

Summarize the meeting and assign roles

The attendees should be clear on their responsibilities at the close of the meeting. Each of them should understand their action task completely.

Do a follow-up

After the meeting, follow up with a memo or minutes to the attendees on what was covered during the meeting. It should include the responsibilities given to each team member; this gives clarity of the tasks assigned to each member. It helps to eliminate any misunderstandings and confusion that may have arose in the meeting for some of the team members.

Helpful Tips for Renting a Limousine

It is no doubt that limousines are associated with a rich and glamorous lifestyle. Celebrities, sports stars, politicians, etc., are often assumed to be behind those sleek tinted windows. Surprisingly, according to Limo Columbia (http://www.limocolumbia.com/) they make up only a small percentage of the people who use limos for their chauffeur services from time to time. Some of the services provided by the limos include;

  • Weddings
  • Holidays and entertainment
  • Airport transfer
  • Corporate events
  • Honeymoon
  • Prom
  • Sporting events
Wedding Limousine
Wedding Limousine

Tips for Hiring a Limo Service

Early Reservations

Start searching early and book early especially for big events. Some people book 12-18 months in advance for weddings and some, a few months before prom. If you wait too long there won’t be any limousines left to rent for prom. After you’ve arrived at a decision, get confirmation from the company in writing and call a week before the event to ensure that the plans are still in place.

Proper Planning

If you have ideas that you would like put in action for your imagined experience, let the company know in advance; maybe some specific drinks you’d like, stop overs you plan on taking in the course of the ride or a specific route you’d like to use. This way, the company knows how to meet your needs and at an agreed price.

Information the Company might need

Before you get in touch with the company, ensure you have the below information with you.

  • Number of people
  • Type of occasion
  • Type of limo
  • Your budget

Benefits of a Limo Service

Value for your money

They involve comfort and various luxury amenities.

Professional service

The companies have qualified chauffeurs, licenses to operate and insurance as commercial businesses.

Reliability

Most companies operate on a 24 hour, 365 days schedule. This makes it very convenient for you whenever you need the service.

Safety

Certified companies are credible, and so your security and safety are assured.

The Dangers of Growing Your Company Too Quickly

cash flow for business growth

Dangers of Growing Too Quickly

Growth in business is exciting for any entrepreneur. It is a measure of all the hard work and sacrifices culminating into something concrete. It also does the economy some good, so in general, it is a positive thing. However, that is not to say that there aren’t any downsides to business growth. You may be tempted to think that because you made it past the start up stage, you are safe. On the contrary, fast growth companies have their fair share of challenges which may blow out of proportion if not dealt with correctly. They include;

Financial Misunderstandings

Cash flow is pretty easy to follow when you are dealing with a small business. When the numbers start to get bigger and bigger, it can be hard to keep track of your financials. Lack of proper financial insight for your business may interfere with the management of it.

For this reason, accountants are crucial; not only during tax time but also for the provision of this data that will keep you updated and better equipped to keep your business afloat.  Particularly, when you are growing quickly, your cash needs can outstrip the cash coming in. Even though the company is profitable on the books, it can run out of money and go bankrupt.

Staff challenges

Due to the increased workload that comes alongside growth, employees may feel overworked. This can cause a decline in their overall productivity. In certain cases, they may opt to jump ship, and it may become a revolving door of your trusted employees leaving as new ones come in. This will gradually erode the culture of your business not to mention the huge cost of time in hiring new employees.

Make time amidst all the vibrant activity to discuss the quality of life with your employees. It will give you a better understanding of how they feel about the work environment and possible solutions to better things going forward. Fast growth might mean that you need more people on board, which is not necessarily a bad thing. The hiring process, however, needs to be taken seriously to avoid compromise and maintain or increase the quality of your business staff.

Customer Disappointment

It is easy to manage a small client base and make sure all your clients are receiving satisfactory services or products. As your business grows, customer service tends to be thrown to the back burner by most businesses. It may be because you are understaffed or other ‘urgent priorities’ that you need to be looked into. A decline of quality in customer satisfaction or your products and services is one of the greatest risks for your business.

Positive feedback will, of course, guarantee repeat business and the reverse is also true for negative feedback. Monitor your feedback on a regular basis and have a strategy to deal with both the negative and the positive. It is a sure way of identifying what you are doing right and wrong in your business and for your customers.

Increase in Operational Costs

The rapid growth in demand for your products and services can be very overwhelming. It may interfere with your business plan, and you may not know how to manage the situation. You may need more employees sooner than you expected, you can’t manufacture products fast enough to meet demand, you don’t have a customer support system yet, etc. Most times, this may lead to a reduction in profits.

It is best to manage the ordering system to avoid over-promising customers. Sometimes it is okay to turn customers down rather than disappointing them. You can also talk to business owners before hand to have an idea of what to anticipate. This will help you formulate a plan to deal with these scenarios.

Growth is fantastic, but sustainable growth is way better. Statistics by the Bureau of Labor Statistics show that a half of the start ups barely make it past the five-year mark and a third of them stick around for at least ten years. If your business can handle these hurdles of expansion and growth, then chances are it will thrive.

What Should I Consider Before Opening More Locations?

When is the right time to expand your business to other locations? What are the things or factors to consider? These are important questions and points of concern for many entrepreneurs out there. Of course, every business aims at growing and expanding its operations as this comes with many benefits and advantages.

Some of the advantages of expanding your business to new locations include increased brand exposure, more sales and more revenue and profits. The success of your expansion will depend on several factors. It’s very important for every business that intends to open more locations to prepare well so as to avoid mistakes. Here are essential steps to guide you when opening more locations for your business.

Why do you think you should Expand?

Your starting point should be answering the question: why? There should be a clear reason as to why you’re planning to expand to other locations. That means you’ll need to come up with clear goals which will help you stay focused and motivated. Note that the transition can be quite challenging hence the need to know what you want regarding business goals.

Research

The first thing to do is to do your research. The fact that your business seems successful in its current location doesn’t necessarily mean you’ll succeed in other areas. Research, in this case, involves finding out more about the market in those areas. Is there an actual need for your service or product item? What competition will you face in the specific areas you’re targeting? If there’s competition, you need to come up with strategies on how to win clients.

How do you Plan to Maintain the Customer Experience?

You’ve been doing well at your current location, and everything has been working out well. The customer experience has largely contributed to your business success. Once you’ve researched the other locations, don’t forget to duplicate the same client experience at the new locations. Of course, this should be done in line with the unique needs of your target market. You may need to oversee the new sites until when you’re sure the desired customer experience has been achieved.

Do you have the right People in Place?

Many businesses move to new locations without the right staff positions in place. It’s not just about hiring managers for the new businesses but getting other staff positions, from the sales and marketing teams to those responsible for cleaning. Use the same proven workplace culture and systems to train and equip the new staff members on how to run the business in those new locations. Don’t forget you’re responsible for overseeing and providing leadership. Have the right people in place before making a move.

You should probably test the market in those new locations before fully committing to open them. It’s important that you see the response and reaction of the customers in those specific areas before opening your business fully there. This is referred to as testing. The feedback you get will help you plan and strategize well as you enter into that market.