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If you have a home business, how can you run it in an effective way, maximise your results and allow the enterprise to grow? Here are some tips on breaking through the barriers that could be holding your business back.
If you look at your business right now, who is involved in running it? What would happen if you took a day off, wanted a week away or were unexpectedly ill for several weeks? If you want to build a business income that your family can depend on it is important that the business does not just depend on you.
Do you ever feel the pressure of running your business is overwhelming? You can be required to cope with selecting new products or developing new services, pick and packing, promotion, marketing and accounts as well as being your own receptionist and tea lady.
There is a way to both make sure that your business can run without you AND ensure that the money continues to come in whether you are there or not:
Build a team for your business
Look at all the functions in your business. Make a list right now of all the things that you do. You might want to include:
When you’ve made your list, put a tick by the things that you like doing and feel that you are good at. Then look at the other areas. Which one would you be really pleased to get off your hands? Who could help you with this? You might need the help of a:
A virtual assistant can do many things for your business and different assistants have different areas of expertise. Some may be able to create emails and newsletters for you and upload items to your website. Others may offer call handling and be able to answer simple customer queries for you.
Or you might need someone local who can come in on an occasional and part time basis to help with packing and dispatch.
Having got this far, is there a little voice inside your head saying: “But my business can’t afford more help”? If so, push it aside for a moment or two. Think how much more effectively you could work on the tasks that you have a natural talent for if this one task or area of work was taken off your hands. Could you do more work to generate sales that would then pay for the support? Are there tasks that just aren’t getting done that are holding the business back? Getting extra specialist support could help you take the business to a new level.
Think about this over the next few days. Work out how much you would have to increase sales in order to pay for help – and conversely estimate how much sales are being held back because of the things you aren’t able to do or can’t do quickly and efficiently.
Build your network of support for your business and it can really allow your business to take off. Network on and offline and ask for recommendations to help you find your essential support people.
Be clear about the tasks you want to delegate. If you are nervous start by passing on small tasks and build up as your confidence grows. Develop ongoing relationships and set up systems that work and you will get to the stage where your business can succeed even when you aren’t there.
I have heard time and again that a business like mine needs a face. Well, the worrying thing is...whose face would it be? I guess it would have to be mine!
Now that I’m breaking even and orders are steadily increasing, I need to look at how I can promote the message that I want to shout about: about how amazing Mexican food is. I don’t want to preach about it, I just want to share recipes, mouth-watering ideas for creating food and drink to impress your friends, and a bit of the history and the nutritional properties.
And there is some absolutely fantastic news for the cuisine: UNESCO, the branch of the United Nations that is best known for its list of World Heritage Sites, has just awarded the Mexican cuisine the very prestigious status of “intangible cultural patrimony” along with Chinese cuisine. The French cuisine has been turned down twice.
The superior methods and ingredients used to prepare traditional food such as Mole sauce tamales and salsas are a sharp contrast with the processed cheese and sour cream-covered nachos and cardboard-like hard-shell tacos that many people outside the country typically confuse as Mexican food. I would love to inspire foodies to try a variety of new recipes and ingredients.
Not being such an internet whiz, I will need lots of advice to use the internet era to inspire the foodies who want to try new things. Your suggestions will be welcome.
You can find out more about Marcela on the new interactive business website www.inafishbowl.com
It’s a familiar criticism and one with which I have more than a measure of sympathy. Those nasty, greedy banks, eh? After all we’ve done for them, letting them off scot-free for the mess we’ve all ended up in, even bailing out some of the worst offenders with obscene amounts of taxpayers’ money.
And how do they repay our generosity? By not lending money to small and medium-sized enterprises (SMEs), that’s how. Well, there’s gratitude for you.
With many of the banks recently announcing huge profits, it could become difficult for some of them to continue to justify their ongoing reluctance to make credit more available to businesses – especially with mounting government criticism from Vince Cable and others. And then there are the bankers’ bonuses, of course. God forbid the day when these aren’t being paid.
Better access to credit at affordable prices could seriously ease the cashflow crises many SMEs regularly face, yet despite having direct experience of the serious strain lack of cash creates, why are so many SMEs so bad when it comes to paying their own suppliers on time?
As a freelance editor and writer, unfortunately, I speak with a lot of experience. And it’s not just the knock-on effects of having to wait for cash, as bad as these can be. It’s also the additional unpaid effort that must go into chasing money.
Not all of my customers are ‘bad payers’. There are a couple who realise that one-man-band freelances simply cannot afford to wait for their invoices to be paid. We must pay our bills and operating expenses and try to put food on the table like anyone else. Understanding customers are worth their weight in gold. These are the people you want to work for, the ones for whom you don’t mind going above and beyond the call of a purchase order form or commissioning note.
However, no matter how great the work you do or how much flexibility you show, there are other customers who use every delaying tactic in the book to get out of paying their bills on time, from pretending ‘X from accounts is on holiday at the moment’ and ‘Oh, I don’t remember receiving your invoice…’ to simply ignoring polite email reminders.
They know they can exploit the situation by ignoring timid ‘please pay within 30 days’ requests at the bottom of invoices, because – what are you going to do – charge them interest? What, at current rates? Good luck. Even if you are prepared to ask for interest (providing you’ve made this apparent in your terms and conditions), they’ll probably stop using you. After all, it’s a buyer’s market in most sectors at the moment and always has been.
In recent years, things seem to have become much worse. The ranks of the brass-neck late-payers – the sworn enemies of cash-strapped sole traders and micro businesses throughout the land – seem to be swelling. Delaying paying invoices, often to everyday self-employed people who need the money to survive and who themselves cannot get bank credit, seems to have gradually become ‘the way things are done’, a kind of malevolent current business convention.
In the post-Credit Crunch world, were it not for the millions of sole traders and micro-firms who have no choice but to bite their tongues and wait patiently for their money, the situation for many larger businesses would be much more bleak... You’re welcome.
Mark Williams, Start Up Donut editor
There are millions of online shops, and whether they’re selling clothes, books, tools, gifts, homeware or camping equipment they all had to take the first steps towards getting their store online.
Setting up an e-commerce shop might seem daunting, but by reading these tips and following them up you can make the process smooth and hassle free.
It should be memorable and not too long. You can buy domains at Go Daddy, 1 & 1 Internet and Easyspace plus hundreds of other sites. Make a note of your username and password – this is essential as your web developer will need these details.
You could also look into buying domains that are related to the products you're selling and then point them towards your primary domain.
This is crucial as it will help you focus on what you actually need at the moment and what would be nice to implement in the future. It will also help you choose who will build it (see point 5). Be realistic and remember that the more you invest in your new website at this stage, the less time and money you'll have to spend in the future developing the site.
This will enable you to give a clear brief to your potential design agencies. It’ll also save time in the long run if you have a clear picture in your mind of what you’re aiming for.
Look at e-commerce websites that you like and find out who built them or search online for agencies that can help. If you can look at testimonials from their customers or even speak to people who’ve used their services, you’ll be able to make a decision on who you feel most comfortable with.
You’ll probably find that this takes most of your time. Your web designers will give you advice on what they need from you, but if you want to get a head start you can create the product list on an Excel spreadsheet. The column headings would be along these lines (depending on what you will be retailing):
PLEASE don’t snap away with that disposable camera you stole from a wedding two years ago! There’s nothing worse than seeing a well-designed website with poor, fuzzy pictures. You may already have professional photographs from the manufacturer or you may need to book a photographer. The crucial point here is that your images must be crisp and clear.
Label them well and file them in an organised way so they will be easy to find and sift through as and when needed. Your web design provider may need to crop, cut out or alter the images for your new website and the better the quality of the photographs, the easier and more effective this will be.
Any tweaks to colours, layout, typefaces, etc should be requested now as it would be very difficult (and expensive) to change these further down the line.
You would be wise to steer clear of anything that's too "of the moment" and fashionable when it comes to design and colour - this will date very quickly. Neutral tones will ensure your website remains a contemporary classic and it will need little future investment when it comes to design.
The faster you can come back with the answers, the sooner your website will be ready to launch.
You’ll also need to test, test, test. Think of every possible scenario, try out the payment system and ask your friends to do the same. Their comments will be invaluable as you don’t want your customers to come across too many glitches in the system. There are bound to be a few teething problems and the aim here is to reduce them as much as possible before you launch to the general public.
Tell as many people as possible about your new website. If you already have a customer database, send them an email to let them know that their shopping experience is about to improve beyond measure.
Check that your web design providers have submitted your site to Google, and register with as many relevant online directories as possible such as FreeIndex and let the universe know about your new site. Make sure your web address is on all your stationery and business cards, and make good use of them.
This week we're celebrating the Start Up Donut’s first birthday - and what a year it has been! With a new roster of great sponsors, popular content, a much-improved blog and some 30 enterprise agency partners now on board as syndicators, the site continues to go from strength to strength.
My personal highlights are:
Our followers on Twitter continue to grow but, more importantly, we’re having more and more conversations with start-ups and more established small businesses. By being able to speak to you directly, we can find out what information is most useful to you and tailor the site accordingly.
We’ve recently improved our Facebook page, too, so there’s more interaction with and between our users. Recently we asked what your favourite things about being a small business are and we got some excellent responses ― come and join the conversation.
A few months ago we integrated our blog into the main site (it used to be hosted on Wordpress), which has fuelled growth in visitor numbers and boosted content on the Start Up Donut. We now have a larger number of blog contributors including many of our experts. We add a new post every day or so, keep checking back regularly to see what’s been added. If you’ve got something you’d like to share or get off your chest then send us your blogs.
What better way to learn about starting and running a business than from people who have been there and done it? We’ve added a large number of case studies covering topics from “How I set up a business in my 50s” to “How I attract customers”.
In May we took a stand at the Business StartUp Show in Excel, London. It was great to be able to meet our website users and Twitter followers face-to-face, as well as get the opportunity to tell even more people about the Donut project.
In the week leading up to Mothers’ Day we celebrated mums in business. We discussed the term “mumpreneur”, looked at the issues surrounding running a business when you have children and posted a range of interesting guest blog posts. The week was really interesting and we learnt a lot about the different challenges young women face when starting up. My summary blog post captured the highlights.
The main thing I’ve learnt is that a project manager’s work is never done! There are always ways to improve the site, different types of article to add, forum posts to reply to, blogs to write and people to speak to on Twitter.
I’ve also learnt that there is such a vast range of start-ups and small businesses out there that are looking for need-to-know information and advice that can help them to start and run their own business more successfully. Please let us know if there’s anything we should be doing to make www.startupdonut.co.uk even better. Here’s to the next 12 months.
When starting a new business, the way that you spend your limited resources is critical to your chances of success. There are places where you can’t afford to scrimp, and there are places where you simply must not waste. You need to keep the chance of failure down by spending what you have very wisely.
It sounds easy, which it isn’t. However, following these tips will increase your chances of success. Good luck.