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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
If you own a business in today’s modern world, it is almost a requirement to have an online presence by having a business website or marketing your business in social media. Hence you know it is no longer a question of whether a company has an online presence or not.
When it comes to online presence, it is important for your company to know how people perceive your product or service and whether that perception matches the one you want established. It’s not wise to just let things fall where they may when your online reputation is involved. Keep in mind that your business can’t just let other people determine what their brand is. Instead, you should be the one on top of it controlling the narrative.
To achieve all these goals, you need to create a good reputation management. What is online reputation management? It is the practice of taking charge of a brand’s reputation on the web. It involves constant monitoring and making sure that the perception of a business stays on the favourable side. This is done by boosting positive content and decreasing the visibility of negative content.
An article published by Econsultancy can help you understand further about online reputation management. The article discusses what online reputation means and why does your business need to use it.
In this new digital age, things change so rapidly that it is difficult to keep pace with the new advances. Unlike before, online presence as well as online reputation matter a lot nowadays. As a result, some small businesses have started not to depend on old standards.
A few years ago, Search Engine Optimisation was used and was enough in promoting your brand’s popularity online and creating good online sales. That is because the field of online business was not so fiercely competitive that it is nowadays. The same product or service is now sold by numerous sellers, resellers, retailers, franchisees and affiliates.
Today, things have changed that even if you use the best SEO practices and dominating the keyword rankings generating sales is not certain. If you rank high on Google search results, you may get tons of traffic but attracting customers to make a purchase of your product is not sure.
Thus, what you need to do is to supplement your SEO efforts with other marketing initiatives in the changed online business environment. Make your marketing efforts more “human” or “natural”.
I have just found a nice blog post written by Yahoo! News’ James Garnaut. This article will give you more explanations as to why ranking on top of search results even if it is related the keyword you are targeting is not enough.