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4 key questions to ask yourself before starting or buying your own business

Starting a business is risky. In fact, majority of businesses fail within two years of start. The good thing is that you can buy an already established business.

perth news Buying a business

In addition to lowering the risk of your startup business to fail, purchasing an already established business ensures that you start making money immediately you make the purchase. Unlike for usual starting businesses, you can start early immediately. You also tend to have a shorter learning curve as by the time you are buying the business you will have employees who are ready to work for you.

Although purchasing an established entity is better than starting a new business from scratch, you shouldn’t buy just any business. Instead, you should buy a business that is ideal for you. How would you know if a business is ideal for you or not? You need to assess your skills, interests and financial resources. As rule of thumb you should buy a business that you are knowledgeable about. For example, if you have been in the visual arts field you should go for a business that is related to the visual arts field.

Buying a business is a big decision. That is why you first need to do research over a period of time. You should start by knowing your skills and interests. Find a business that you are interested in. To make the decision you need to assess your professional skills, business experience and core competencies. You should also assess your financial abilities.

Once you have done your research and found an ideal business, you should make an offer. You should consider the price to be paid to buy the business, training to be provided to you, assets in the business, financing details to be provided by the seller and the area to be covered.

These are the tips on how to purchase a business that fits your situation. Remember that buying a business is expensive; therefore, you should ensure that you do thorough research and buy the right business.

Read more at: https://www.flyingsolo.com.au/startup/questions-to-ask-yourself-before-starting-or-buying-your-own-business

Winter-Proof your Home

Keeping your house protected from damage is as important as ever, especially with the rising cost of basic commodities in this dragging economy. The winter season can damage your house due to harsh weather so winter-proofing your home is virtually a must.

perth news Winter-proofing your home

Winter-proofing your home can not only protect you and your family from incidents caused by harsh weather, but it can also protect your pocket from repairs and replacements of some areas of your house.

To properly winter-proof your home, you should start from the exterior. First, you should check your roof. Check if there is heavy pile of snow and remove it because its weight can cause trouble. Any damaged area can also be an easy way for water to slowly seep into your home causing water damage, mildew, mould, and other problems.

The gutters are also another important area to check. Make sure that they are clean by removing debris and repair any problem areas. To avoid dirt from clogging your gutters, you may install gutter covers to have them clean.

Apart from the exterior, you should also do something from the inside to fully winter-proof your home. Do you have your windows in plastic wrapping or do you think they are unattractive or to unconventional for you? Well, consider purchasing insulated curtains. These can protect your home from drafts while remaining stylish and unobtrusive. If a warm day comes along, they are much easier to open to allow fresh air in to your home as well.

If you have heating systems, make sure to keep them clean. If you don’t know how to properly clean your heating systems, have an expert heating specialist to do the job for you. He will prevent your heater from potential fires and clogs.

An article posted by Perth Now can teach you more about winter-proofing your home. Moreover, it also teaches on how to save money this winter. You can read the article here: https://www.perthnow.com.au/lifestyle/how-to-keep-the-bills-down-this-winter-ng-2958f3b8e522f5983d9e0d008a7e205d

21 ways to ‘corporate up’ your home office

Indeed, one of the biggest advantages of the internet technology is allowing us to work remotely even without the traditional office setups. Nowadays, more and more people work at the convenience of their homes, having the flexibility of working while at the same time taking care of their kids and family.

perth news

There are a number of reasons why people prefer working at home than in offices. Improved productivity as a result of work interrupted heads top of the list. Of course, there’s work-life balance, there is reduced, lower stress, greater well-being and more.

As you decide to work from home, the importance of having a well-organised, well-planed and well-designed office cannot be underestimated. Having an organised home office space that is clutter-free integrated into your interior design can vastly impact your productivity, stress levels and overall well-being. Here is a practical guide to designing your perfect in-home office space

If you want to have a perfect home office, you first need to choose the right location. It is important to consider the level of distraction you may be facing in the future. Stay away from televisions, children, telephones, and pets as they can all come as unexpected distractions to your productivity. Choose a space with minimal traffic, minimal use, and minimal access to distractions.

When creating a home office, or any type of office, you need to get good illumination. Give yourself plenty of light when working. Sure, natural light is preferred, but the daylight hours are limited. So, make sure that your office space provides ample, bright light with a good hue. Don’t forget to choose a bulb that offers light in a spectrum that works for you.

In building a home office, you should invest as much as is comfortable for your budget. It cannot be said enough how important to mental well-being, productivity, and mood it is to have a working environment that is comfortable.

Continue reading: https://www.flyingsolo.com.au/startup/21-ways-corporate-home-office

Understanding commercial leases

When starting your new small business, you probably already know the certain things that are essential for you to get started – you need to have a smart business idea, a vision, the right capitalisation, your employees, market research, business plan, etc. But one important that is often overlooked by soon-to-be entrepreneurs is their business location and premise.

perth news Commercial lease

Choosing the right location for your business premise can be a great factor in determining the success or failure of your business. A good location is important, but choosing the right one can be something of a balancing act. Of course, the business premise should not be too expensive, but ideally the location should be convenient for your employees, suppliers and more importantly to your customers. You should weigh up the advantages and disadvantages of location when deciding on a business property.

Depending on the type and nature of business you are running, the first factor to consider when choosing your location is the volume of passing trade. You also need to consider the number of competitors in the location. With the exceptions of business like the real estate which can benefit from being located in a cluster of similar businesses, for many others having too many close competitors can have a severe impact on sales and profitability.

Another factor to put into consideration when choosing your business premise is good transportation. Having good public transport links and local parking facilities make it easier for employees and customers who don’t live within walking distance.

Once you have decided what type of premise your business’ need, the next step for you is to decide whether you will buy or lease your premise. For most business, especially here in Perth, they opt leasing. There are many advantages of leasing, but there are also some disadvantages.

If you want to learn more about commercial leasing, read this: https://www.smallbusiness.wa.gov.au/business-advice/leasing-business-premises/understanding-commercial-leases

“No question”: Franchises are more successful than other small businesses, says Boost Juice founder Janine Allis

Do you want to set up a business without starting from scratch? If you do, buying a franchise can be your quick way. However, it is important to evaluate the value and benefits franchising can have for your business when making the decision of whether or not to franchising a business.

perth news Janine Allis

When talking about the idea of franchising, people normally think about restaurants, fast foods, or retail shops from one area of the state to another. While this is a common impression, franchising is simply a method for expanding a business and distributing goods and services through a licensing relationship.

A franchise is specifically an arrangement where one party (which is the franchiser) grants another party (which is the franchisee) the right to use its trademark or trade-name, as well as certain business systems and processes.

The franchisee is also granted the right to produce and market a good or service according to certain specifications. Franchising is a business strategy that has many benefits.

The first benefit of franchising is that the business’ risk is reduced because it is based on a proven format. Due to this, franchises have a higher rate of success than start-up businesses. Franchises usually have an established reputation and image, proven management and work practices, access to national advertising, and ongoing support.

Arguably the biggest advantage of buying a franchise is brand recognition. You benefit from any advertising or promotion by the franchisor. Owning a franchise instead of starting up a new business saves you the time and effort of building a reputation and attracting customers. The branding of a franchise can serve as an advantage before and after you invest whether it’s on the local level, international level or somewhere in between.

In addition to these advantages, an article published by Smart Company Australia says that franchises are more successful than other small businesses. Read the full post here: https://www.smartcompany.com.au/business-advice/franchising/boost-juice-janine-allis-franchises-more-successful-other-small-businesses/

Unemployment rate rises to 5.6 percent

Many countries around the world are struggling with their unemployment rates going high. This also includes Australia and more specifically The City of Perth. With that, governments are looking for ways to generate as much job opportunities as possible to help their unemployed citizens to land a job. Most governments, especially developing countries, look for ways to attract foreign investors so that they can generate more jobs and reduce unemployment in their country.

What is unemployment? It is a situation in which individuals who belong in the working age (willing and are able to work) are unable to land a job or find paid employment. In other words, unemployment refers to a situation in which people who are capable of working and who are qualified by age to work cannot find employment, often referred to as being “out of work”, or unemployed.. In economics, unemployment refers to the condition and extent of joblessness within an economy.

Unemployment is measured in terms of the unemployment rate, which is the number of unemployed workers divided by the total civilian labour force. Hence, unemployment is the condition of not having a job.

Unfortunately, unemployment levels are increasing dramatically in many of parts of the World. Even in Australia, we are also experiencing an increasing rate of unemployment recently. There are several causes behind this increasing rate. But the main reason for the high level of unemployment is dramatic increasing population matched with technological progress.

Advanced machineries and equipment are one of the biggest factors why unemployment level rises. With this technology, far less working hours are needed to produced= all the goods that are required, hence there will be less demand of labour. This can lead more to the raise of unemployment ratio. On the other hand, traditionalism, ignorance and over population etc are some other major cause that led to the raise of unemployment.

In Australia, unemployment level has risen to 5.6% , the highest level it has been since July last year. Read the whole story from Nine.com.au: https://finance.nine.com.au/2018/05/17/12/18/unemployment-rate-rises-in-april

Solve customer complaints

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Customer complaints are normally what business owners hate and avoid in their business. However, what business owners don’t realise is that customer complaints can bring benefits to your business. It may be the most overlooked, but encouraging your customers to complain is actually a good way to build your brand! Knowing how to handle customer complaints is also a part of your business innovation process.

Well, it sounds counter-intuitive, but the best brands recognise they not only want, but need their customers to complain. It’s the primary means of finding out how to make your services or products better. Moreover, that’s what will strengthen your brand equity in the marketplace and ultimately grow your business.

There are a number of ways your business can leverage from customer complaints. Make it as easy as possible for your customers to complain by making sure that all possible complaint platforms such as letter, via website, etc are available. Think about all the possible ways your customers might want to complain.

Secondly, place an online complaint or ‘contact’ form on your website, and make it easy for customers to find it in your navigation structure. If they have to search for how to complain, you’ve just created yet another complaint!

Then, designate someone to track incoming complaints and watch for trends. This is how you know what needs to change to take better care of your customers and avoid damaging your brand.

Read more about customer complaint right here: http://www.business.vic.gov.au/disputes-disasters-and-succession-planning/dispute-resolution/solve-customer-complaints

How to Pick the Right Team for Your Startup

How to Pick the Right Team for Your Startup

Starting a small business can be one of the most challenging and most exciting stages to your life. The common requirements needed to start a business include capital, know-how, your targeted market, and equipment to use. But one factor that is often overlooked yet very important is the employee recruitment process.

Every business owner will need someone or a number of individuals to help him or her run the business. Hence, the entrepreneur needs to learn recruitment strategies to help you locate talented, skilled employees who go on to your success once the hiring process is done.

When hiring employees for your startup, you need to be organised. To do that, you need to plan. Review your open position to update areas of responsibility and desired background qualifications.

Secondly, give your candidates a clear picture of what your company is all about – tell them about your products, services, mission, vision, and goals. You need to include the skill sets you need for the position or positions you are hiring. Also, explain to them the opportunities they can get from you for becoming part of your team.

Once you have done all these, the next step is to review your candidates’ resumes. Then, identify a small pool of interviewees who range from slightly under-qualified applicants to more highly experienced professionals.

Continue reading at: https://www.entrepreneur.com/article/290934

More from NCCP Perth Business Masters:

The Basic Tips on Finding Office Cleaners in Perth

Simple Ways To Supercharge Your Creativity

Whether you’re a retailer or a service provider, creativity plays a role in your work and business’ growth. Graphic artists and furniture manufacturers need creativity for obvious reasons. They need to come up with creative designs and find perfect colour combinations that will ring true for customers.

The same can be true for seller of goods. When you are selling something, you need to think of an effective strategy. You need to have creative marketing strategies so that your words about your product will rise above the noise. Otherwise, customers will go away to other shops.

Luckily, creativity is something you can learn and develop. It is an integral part of your business innovation. There are some techniques you can learn so that you can follow to boost your creativity. Creative thinking can work wonders to human mind and activities. Business owners and managers have been looking out for various methods and measures to boost creativity. Experts believe that creative thinking is directly related to the energy level of human brain.

Since business owners are bombarded with numerous experiences and information every day, it is best to keep a journal of those. You can use all of them as your inspiration for new product, service enhancement, etc.

For more on how to supercharge your creativity, read this article from Huffington Post: http://www.huffingtonpost.com.au/2017/02/16/simple-ways-to-supercharge-your-creativity

Small Business Innovation

In business and in life, problems always exist. The most commonly accepted method of solving problems is simply to remove the cause. But this method is not always as simple as it would seem. You need to determine the true cause of a problem and it can be a very complicated affair and even if you get this correctly – removing the cause can just as easily create a whole new set of problems. Viewed from a business perspective, there are some ways to make problems solve themselves.

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In business, problem solving is all about turning advantages into disadvantages which is accomplished by finding innovative ways of viewing issues from a new point of view. What it takes is a simple shift in perception to reveal a whole new range of possibilities as seen from a new frame of reference.

Innovation has a great value to problem solving in business. Business innovation is also commonly associated with the research and development activities involved in designing new products and services, and finding innovative ways of bringing them to market.

Every business in Perth that invests in innovation throughout the entire company provides all the nutrients needed to sustain new growth, and removes any obstacles that impede new growth, will surely thrive and reap a bountiful harvest.

Read more at: https://www.smallbusiness.wa.gov.au/business-topics/starting-a-business/innovation