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I have a business idea now what? (Use a Lean Canvas to bring it life)

James Steal — Fri, 19 Feb 2021 18:08:56 +0000

I have a business idea now what? Ok. If that’s the question you’re asking, it means you’ve had that aha moment. A business idea has popped into your head, and it won’t leave you alone. It’s calling to you – telling you to take action. It’s an itch you have to scratch. Great!

But what’s the next step?

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12 Marketing Blogs Every Small Business Owner Should Read

James Steal — Fri, 19 Feb 2021 18:05:05 +0000

As a business owner, marketing might not be your strong point. However, unless you can hire professionals, you will have to roll-up your sleeves and learn. The good news is there are lots of great marketing blogs for small business owners, where you can gain the skills and know-how to grow your business.

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8 Home Based Business Ideas That You Can Start Today

James Steal — Fri, 19 Feb 2021 17:48:20 +0000

Since I was a kid, I always knew that I would work from home. I saw my dad shuffle out of the house at 7 am, only to sit in traffic for an hour before he got to the office. And then he had to deal with an ass of a boss. I knew that was not the life for me.

Fast-forward 30 years, and I now work from home. I shuffle out of bed at 8 am, shower, meditate, have some breakfast, do some quick exercise and walk 5ft down my hall to my office. No traffic, no fuss, no hassle.

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How To Manage Freelancers: 6 Actionable Tips For Success

James Steal — Fri, 19 Feb 2021 17:46:02 +0000

Working with freelancers can be a real game-changer for your business. But you already know that. Right? There is no need for me to list all the benefits. You didn’t come here for that. You’re here because you want to know how to manage freelancers effectively.

You want to ensure the freelancers you work with push your business forward, not hold it back. You also don’t want to waste your time and money, and you want the process to run smoothly, without headaches and hassles.

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9 Steps to Hiring Your First Employee

James Steal — Fri, 19 Feb 2021 17:42:31 +0000

Hiring your first employee is a big deal, especially if you have a new business. You’re probably super-excited and nervous at the same time. You know that you have to find the perfect person, someone who will be an asset to your business and help it grow, and you don’t want to make the wrong choice.

If you have never hired someone before, this can be a daunting task. However, there are steps that you can follow that will help guide you along the way.

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4 Types of Relationships That Play a Key Role In The Success Of Your Business

James Steal — Fri, 19 Feb 2021 17:40:27 +0000

There are 4 types of business relationships you must cultivate and grow that play a key role in the success of your business.

And just like your relationships with family, friends, and partners, life is better when these relationships are strong and healthy.

Employee Relationships

The first of the 4 types of business relationships you must create is with your employees.

After all, they are the most valuable asset of a business, but only when they are happy in their work. Becasue happy employees are more motivated, productive, and committed.

However, the opposite is true if they’re not!

Employee relations aim to develop trust, appreciation, respect, and transparency between employees, employers, and managers.

This relationship touches every aspect of an employee’s working life – contractual, practical, emotional, and physical.

The HR department typically manages this relationship. But, in small companies of only a few people, this role usually falls to the business owner.

Tips for maintaining good employee relationships:

Get to know your employees on an individual basis

Make employees feel like stakeholders and critical contributors

Provide continuous feedback, both positive and constructive

Be open to receiving constructive feedback

Learn what your employees value most and provide it

Give recognition and reward employees for good performance

Invest in your employees’ professional development

Customer relationships

The 2nd 4 types of business relationships are your customer.

You need more than a great product or service to win your customers’ hearts, minds, and wallets. Today customers expect more.

They want a fantastic buying experience, and they want to feel appreciated and valued. And that`s why customer relationship management is now a big focus for businesses.

Customer relationship management is the ongoing efforts of a business to meet and exceed customer expectations, with the ultimate goal of turning them into lifelong, loyal customers.

Loyal customers spend more, buy more – and buy more often. They also promote your business to their friends and family.

However, to build a base of loyal customers, you first have to develop strong and meaningful relations with them.

Developing solid and meaningful relationships starts when a prospective customer comes into contact with your business and continues through every subsequent touch point of the customer journey and after they have made a purchase.

Tips for developing great customer relationships:

Put the customer at the heart of everything you do as a business

Ensure your staff live and breathe customer satisfaction

Identify friction points in the customer journey and eliminate them

Optimize the customer experience at every touchpoint

Continuously temperature check customer satisfaction

Provide non-transactional value, such as educational newsletters

Reward customer loyalty with exclusive discounts and offers

Investor & Bank relationships

Most businesses require financial backing from investors or banks. And maintaining a healthy relationship with your financiers is critical to growing and developing your business.

A healthy relationship ensures you have financial support in good and bad times. Beyond the financial, your investors and bankers can also provide guidance and expertise to help navigate and guide your business so that it reaches its full potential.

Some businesses make the mistake of seeing their financiers as ATMs and come to them with a cap in hand. The problem is they don’t want to feel like cash machines; you must make them feel like part of your team.

Tips for building good investor and bank relationships:

Set calls or meetings with your financiers at least once per quarter

Send personalized birthday and holiday greetings

If you have business issues, let your lenders know straight away

Make sure your financial reports are accurate

Regularly invite your banker or investors to visit your business

Treat your investors as business partners

Ask for their feedback and advice

Supplier relationships

Whether your business is product- or service-based, it depends on suppliers and vendors to operate and run smoothly.

However, some business owners think they’re the top dog in the supplier relationship.

That`s not how you build your supplier relationships.

Your suppliers are strategic partners in your business, and you should treat them as such.

If you foster good relationships with suppliers, your business will reap benefits such as reduced costs, extended credit lines, prioritized service, faster turn-around times, product line development insights, and much more.

The key is to find great suppliers that you can trust and who will help your business grow. Once you find them, your aim should be to build a long-term relationship that benefits both your business and the suppliers.

Tips for fostering long-term supplier relationships:

Pay your suppliers on time

Set clear service level expectations from the outset

Treat your suppliers as business partners

Be reasonable and fair in your business dealings

Remember, your supplier works with you, not for you

Understand and meet contractual obligations

Deal with issues early and professionally

4 types of business relationship conclusion

How you approach the 4 types of business relationships with your employees, customers, suppliers, and lenders will play a key role in determining if your business runs smoothly and reaches its full potential.

But, like with other relationships, these relations will only be healthy and strong if you work to nurture and cultivate them.

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10 competitive analysis questions you should answer before launching a business

James Steal — Fri, 19 Feb 2021 17:37:42 +0000

Before launching your business, you should ask specific competitive analysis questions to gain intimate knowledge of your competitors.

To find it, you must conduct an in-depth research of their product and service offerings, strengths and weaknesses, and other aspects of their business.

At the core of this analysis are 10 key competitive analysis questions you should answer before launching your business.

#1 Who are my primary competitors?

Your primary competitors are businesses offering similar products or services and serving the same audience.

Your first competitive analysis question is, who are they? Then listinging the top 5 to 10 competitors in your niche currently vying for your target audience’s attention.

#2 What products or services do they offer?

After you identify your primary competitors, the next step is to create a spreadsheet that lists each competitor`s products and services.

Also, include any standout features and note the customer benefit or value that these features provide.

#3 How does my product or service offering compare?

Once you have a list of the products and services provided by the competition, compare your offering to theirs to identify gaps in your offering, where you need to improve, and the areas where you’re better or different.

Add those to your compettitive analyses as you`ll need them later.

#4 Do they provide additional value?

Customers don’t make purchasing decisions solely on products and services. They also look at extra value add-ons, like 24/7 live customer support, a lifetime warranty, post-purchase consultations, or free educational content such as courses or blogs.

Now review the products and services you are offering to ensure they have the type of value your target audience wants and expects.

#5 What’s their unique value proposition?

Most businesses (the smart ones) have a unique value proposition (UVP).

Such as a positioning statement, usually displayed on a website homepage, highlighting the differentiating benefit (value) the business provides to its customers over the competition.

You need UVP that sets your brand apart to stand out from your competitors.

#6 What are their primary marketing channels?

Where are your competitors focusing their marketing efforts?

The answers will help you devise your marketing plan and strategy and help you uncover marketing opportunities that your competitors aren`t using.

You can use tools like SEMRUSH to research your competitors’ marketing channels and strategies.

#7 What are customers saying about them?

Today it’s easy to know what customers say about your competition by reading reviews.

From reviews, you`ll discover what customers love and hate about your competitors and their products and services. You can then use this information to improve or differentiate your product or service offering.

#8 How do they price their products or services?

Knowing your competitors’ price points will help you position your pricing strategy to ensure you’re competitive and profitable. When reviewing price points, take note of the services, features, and extras in their packages.

#9 What are their strengths and weaknesses?

Now that you have answers to your competitor analysis questions, you can map your competitor’s strengths and weaknesses across the above areas – pricing, product offering, marketing channels, etc.

Once mapped, you`ll have the answer to the final and most important question.

#10 Where can I differentiate?

Look at your competitor’s strengths and weaknesses and ask what you can do better or differently in each area.

You aim to determine where in your business, product, or service you can add extra audience value and benefits to help you stand out.

Over to you

The better you know your competitor, the greater your chance of getting ahead of them and stake your claim in the market.

Sure, a competitor analysis takes time; however, do it right and it`ll give you an instant advantage to becoming a successful busniness owner.

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Essential Questions to Ask Before Choosing Your First Office

James Steal — Tue, 19 Jan 2021 18:45:03 +0000

Choosing your first office space is a big deal. It’s an exciting time for any business. However, it’s also a little scary!

The office you choose will significantly impact your fledgling enterprise’s growth and, ultimately, success. So, you must make the right decision.

To help you make the right choice, below are some crucial questions you should ask yourself before choosing an office space and signing the dotted line on a lease or rental agreement.

#1 Before choosing your first office space, do you need an office?

Before you rush out and lease, rent, or buy an office space, be sure you need your own office. Office space is costly and comes with a host of other potential headaches. However, there are other options.

In recent years there has been an explosion in shared and co-working spaces. For small businesses that are just starting, one of these options might be a better solution in the short term.

Here`s a list of co-working and shared office spaces that might meet your needs and save you a ton of cash:

Co-Working Spaces:

WeWork: A global co-working giant providing flexible workspace solutions for individuals and businesses of all sizes.
Regus: A well-known provider of flexible office spaces with a vast network of locations worldwide.
Spaces: Offers vibrant and creative workspaces designed to foster collaboration and innovation.
Knotel: Focuses on providing customized and scalable office solutions for companies, offering flexibility and design.
Impact Hub: A global network of co-working spaces that aim to inspire and support social entrepreneurs and innovators.
TechSpace: Specializes in providing flexible and scalable office spaces tailored for technology and creative companies.

Shared Workspaces:

Workbar: Provides a network of coworking spaces with a focus on fostering productivity and community.
MakeOffices: Offers shared office space solutions focusing on startups, freelancers, and small businesses.
Hera Hub: A women-centric co-working space providing support and resources for female entrepreneurs and professionals.
The Farm SoHo: A co-working space with a rustic aesthetic and a focus on fostering creativity and collaboration.
LaunchHouse: A community-oriented co-working space that supports entrepreneurs and startups with resources and events.
Convene: Creates flexible workspaces designed for meetings, events, and co-working, with a focus on hospitality.

#2 Is it the right location?

“Location, location, location, location.” How many times do you hear this expression? It’s not just a cliche. It’s about everything, regardless of the nature of your business. It can be the difference between success and failure.

Depending on your business, you might need the location in a busy downtown area or close to banks, shops, and restaurants.

Other considerations include the availability of public transport, parking spaces, accessibility for deliveries, local ordinance regulations that impact your ability to operate, and the neighborhood’s reputation.

#3 Does the office give the right impression

First impressions count, and your office will speak volumes about your brand and business.

For example, if your office is old and run-down, this would not send out a good signal to potential clients. In addition to clients, the same is valid for employees. Attracting top talent to your business is only possible if the office space is up to scratch.

While many new businesses and start-ups forgo creature comforts when choosing their first office, you can’t afford to send the wrong impression.

#4 Is there enough space?

Space is an important consideration when choosing an office.

However, when assessing if an office space is big enough to suit your needs, don’t just think about your current business needs, also consider growth and how fast you think you will grow.

Moving office after a year because you have outgrown the space can be very costly and disruptive to your business operation.

# 5 Does the infrastructure meet my needs?

Modern offices have high-speed broadband connectivity, ample phone lines, power outlets, air conditioning, etc. But, if you are considering an office space that could be more modern, assess the infrastructure to ensure it meets your business needs.

# 6 Can I afford it?

Most new businesses have limited budgets. And although you want a great office, it should not be at the expense of growing your business. So, before you look for an office space, know what you can afford and set your budget.

However, knowing what you can afford is more than just the price of your rent or lease. Other factors to consider are building maintenance fees, insurance, parking fees, and utilities. These can add up fast.

#7 Can I make changes?

It`s a massive bonus if your office space layout and design suit your needs and create a pleasurable working environment for your employees.

However, if not, you`ll need to change the interiors. In this case, ensure you know of any restrictions regarding interior design updates and construction and get the necessary permits.

#8 Are the terms of my lease flexible?

As a new business, you expect a lot of growth. However, building a business is now always a bed of roses, and although you plan for growth, you must also allow for setbacks and cutbacks. And one way you can do this is through a flexible lease agreement.

The most common length of a lease is five to ten years. However, during lease negotiations, try to agree on a shorter term of two to three years. If things don’t go as planned, you won’t have a long-term lease hanging around your neck.

Besides the length of your lease, also ask the landlord about subleasing options. If you must vacate the office before the lease is up because of unforeseen circumstances, you can sublease it to another business.

Over to you

Congratulations if you’re a business owner planning to make the step and get your office space.

It means your idea and dream will become even more of a reality.

However, don’t let the excitement cause you to make a rash decision. Ask yourself the above questions for every potential office space you view.

And if you need other ways to reduce your start-up costs, check out my other post on streamlining your business to reduce costs and increase profits.

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