Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

5 Pillars of Starting Your Dream Business in 2018

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If you happened to be frustrated with your day job a couple of decades back, the only thing you could’ve done was swap it for a less annoying one; only some of the lucky ones were able to start their own thriving business and enjoy being their own bosses. Nowadays, things have changed, but the human mentality hasn’t: we think that we just can’t do it.

Well, we can’t help you there, but if you are already brave, adamant and dedicated enough to start your dream business in 2018, we might just have a couple of useful tips for you!

Find your ‘fountain’ of motivation

First, let’s not define money as a motivator. When push comes to shove, the need for money is merely a trigger for motivation – something that will push you into trying to find a way to make things better.

The true ‘fountain’ of motivation comes from the heart; yes, it might sound cheesy, but it has been proven true, time and time again. The true essence of entrepreneurship is the desire to improve something – either the general quality of life by bringing a new product/service to the market, or an existing product/service in itself – finding a cheaper way to bring more quality to the table.

Want to earn money? Go be a stockbroker and grind, grind, grind. Want to bring a quality product into the world; a product that will help people and have you rightfully earn money for it? Think about starting a business.

Are you ready?

Sure, being your own boss looks great on paper, especially to someone who’s used to doing mindless work and picking up their salary on a regular basis, but it’s really a double-edged sword. You get to create your own schedule and run your own thing – make key decisions and serve as the foundation of the business. On the other hand, creating your own schedule is much more difficult than it sounds, not everyone is capable of making decisions under pressure, and the foundation carries a lot on its shoulders.

On the bright side, if reading this hasn’t really scared you, chances are that you are more than competent to run things – this, of course, requires experience and practice, but then again, what rewarding thing doesn’t?

Being a people person

You can’t become an entrepreneur if you aren’t a people person – it’s simply impossible. If you aren’t keen on and willing to truly and truthfully work with other people, well, then perhaps entrepreneurship isn’t really up your alley. However, you probably already knew this, and the fact that you’ve gotten to this point in this entry means that you are already somewhat of a people person.

At the very foundation of any business lies networking; or, in other words, knowing the gist of the trade: money isn’t the only currency out there, and it’s the service-for-service transactions that actually broaden and deepen the connections between businesses. Establishing and nurturing a relationship with everyone from your employees and customers to other businesspersons is the essence of entrepreneurship.

You can’t do everything by yourself

Your set of roles, as an entrepreneur, is diverse, to say the least, but you aren’t required to specialize in everything. The burden of an entrepreneur is a weighty one, however – knowing the basics of every single position and occurrence within a business is nowhere near easy. For example, unless you have a degree in law, you should outsource a lawyer, but make sure that you still know the basics of the goings-on within the legal aspects of your business.

Additionally, hiring a multidisciplinary team is a great idea – for instance, there are companies that can offer you agents, specialists and lawyers, as well as a reliable tax accountant in Sydney – find this type of a legal/financial team to help you tackle your business’s economic, legal and financial aspects simultaneously.

Celebrate

If you really are cut out for running a business, you’re going to be satisfied with all the success that you achieve, but without celebrating, the entire experience is nowhere nearly as rewarding. Don’t be afraid of celebrating every successfully completed goal – congratulate your team, but more importantly, congratulate yourself – don’t be afraid to feel proud.

Finding the true source of motivation, coming to terms with what it takes to be an entrepreneur, working on your people skills and not letting the sheer weight of responsibility weigh you down are the pillars of business success. Oh yeah, and don’t forget to celebrate success – you’ve earned it!

About the Author

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology. In her free time she enjoys exploring new low cost advertising opportunities.

 

3 Ways to Improve the Productivity of Your Home Business

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With the help of the internet, cloud-based services and collaboration tools, it is possible to run a successful business from your own home. The advantages of this are numerous, starting from the fact that you don’t need to lease an office space, that you can list some of your utilities and home remodeling projects as home deductibles, as well as many other hidden perks. In other words, it is an ideal opportunity for a one-man startup running on a tight budget. Seeing as how, in this situation, you will need all the help you can get, here are top three ways to improve the productivity of your home business.

Make a schedule

People working in an office may loathe the idea of commuting every day and then being confined to the same workstation day in and out but there is a method to this madness. You see, once you get your hands free to tailor your own workday, you will realize just how hard it is to drive yourself to actually get things done.

It is much easier to postpone work when your bookmarks bar is just a click away or when your living room is just around the corner. Therefore, you need to structure your day and try to stick to this schedule as much as you can. Of course, no one is expecting you to drive yourself as if you were in a real office but the discipline is the key to making it in this situation.

Taxes and deductions

One of the greatest advantages of running a home-based business we mentioned in the introduction is the ability to get some tax deductions on your overall household bills. This, however, is a slippery slope and is not nearly as simple as you might have guessed. First of all, your home office needs to be your principal place of business.

Second, you are allowed to apply for a deduction only on those materials that are used for the decoration of your business-related space. As for the above-mentioned utilities, you need to know the exact percentage of your home that is used for business purposes. This is the exact percentage of your indirect expenses that could potentially be deducted.

Emulate an actual office

Another thing you might want to try is emulating an actual office inside of your own home. Sure, in theory, you could be just as productive from a couch but in reality, this isn’t a likely scenario. The best way to deal with this issue is to actually construct your own home office. Get all the necessary equipment and remove all the distractions. Furthermore, you might want to contact your local Sydney electrician to make sure your phone is connected, as well as that your ADSL line is fully functional.

Some people even dress up for work when going to their home office in order to get a better immersion and adopt this work-friendly mindset easier; still, to others, this role-play is a bit too extreme. Nonetheless, in order to reach this pinnacle of productivity, you need to adopt the right mindset and here, your home office can help you out.

At the end of the day, in order to thrive as a home-based business, you need to get the best of both worlds. On the one hand, you have the reduced expenses that come from these tax deductions and the absence of the need to commute on a daily basis. Needless to say, this surplus can be better utilized to provide the growth of your business. Now, all you need to do is find a way to remedy the downside of working from home (removing distractions and fixing your schedule) and you’ve got yourself a perfect compromise.

About the Author

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology. In her free time she enjoys exploring new low cost advertising opportunities.

5 Green Businesses You Can Start

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If you’re thinking about starting your own business and you want to aid in preserving the environment, there’s no reason why you shouldn’t consider the idea of becoming a green entrepreneur. Starting an eco-friendly business is a great way to enter the world of business. Not only do you get a chance to sell products or services that are eco-friendly but all of your business operations will aid in protecting Mother Nature. Still, one question remains – what green business should you start? We’ve come up with 5 green business ideas that might just be exactly what you’re looking for.

Organic catering

If you’re a chef or you simply want to start a food business and aid in protecting the planet, offering organic catering is something you should definitely give some thought to. Basically, what you’ll be doing if you decide to go for this idea is cater local events with food that has been grown organically and made from locally grown ingredients. Moreover, you’ll be offering meals both meals that have been made using free-range meats as well as vegetarian and vegan meals. By offering this kind of food, you’ll appeal to other people who care about the environment just like you do. We also recommend avoiding the use of plastic plates and glasses, since plastic is one of the Mother Nature’s biggest enemies.

Green waste management

Today, many households have separate pickup bins for materials such as paper and plastic. Still, there are no bins that allow you to recycle electronics. And there’s no need to say that electronics and batteries can harm the environment quite a lot. All of these end up in a landfill which is definitely something we should try to avoid. That’s why starting a green waste management company is an amazing idea. You can give homeowners a chance to pick up their electronics and batteries they no longer need and take these to your local electronic recycling facility for them. When it comes to making money, you can charge by weight or per item. Also, don’t forget to include travel to and from the location in your prices.

Selling used books

Just how many trees are cut every year in order to print new books? And what about all the energy used in the production? A great way to fight this is to start a business where you’ll be selling used books. This way, you’ll give people a chance to buy a used book instead of visiting the local bookstore and buying a fresh copy. Most of the books you’ll be able to get are in a pretty good shape and selling them should be a real piece of cake. Just bear in mind that the web is now the largest market available when it comes to selling books. Therefore, besides having a brick-and-mortar store, you should also consider selling used books online.

Green construction

If your dream is to earn by helping preserve the environment, becoming a green contractor is definitely an idea you should consider. More and more homeowners now decide to go green and it’s you who’ll they turn to when it comes to building eco-friendly homes. Moreover, there will be homeowners who’ll want you to make their old homes greener. This means you’ll sometimes deal with homes that have been insulated by asbestos. In cases like this, you’ll need to turn to other local companies that’ll help you out. For example, if you’re based in Australia, you’ll need to work with a company that offers asbestos testing services in Sydney when renovating an old home. On top of that, you’ll need to use only green materials for your work.

Eco-consulting

Another great business idea you’ll want to consider is eco-consulting. If you decide to become an eco-consultant, you’ll be helping others to make their lives and businesses more eco-friendly. What this means is that you’ll be evaluating their homes or offices and see whether there are ways to make them greener. Moreover, you’ll guide them through the processes of starting a recycling program or installing solar panels. If this is something you can see yourself doing, you’ll first need to become a certified eco-consultant. Once you get your certification, you can start searching for your clients. We also recommend designing a user-friendly website where people will be able to find your contact info.

Consider these 5 ideas and you might just be able to figure out what your dream green business is. Obtain enough money, check all the local regulations and you’ll be off to a great start.

About the Author

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology. In her free time she enjoys exploring new low cost advertising opportunities.

Boosting Your In-Office Productivity

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The story of productivity is a long and complicated one. Long, because it starts way earlier than most entrepreneurs think; complicated, because there are a lot of factors that influence the productivity of a working environment. It would be impossible to cover everything and to do so thoroughly in one post; in fact, there are whole books written about the subject that still aren’t able to encompass the entire story of productivity. With this in mind, here are some of the most essential ways to make sure that your working environment remains productive.

It starts with hiring

If you’re already an established business, this tip might help you in terms of the future endeavors. If you happen to be looking to start a business, there isn’t a single advice to be given that is more essential than doing an awesome job at hiring your team. The problem with most large businesses is that their employees always start from “what” they’re doing. These professionals know what they’re doing – they are performing a set of tasks from [insert number] am to [insert number] pm and they are getting paid for it. The essence of a passionate, dedicated and, above all, productive workforce, however, is knowing the answer to the question of “why”; “why are we doing what we are doing?” This is the most important aspect you need to look for in potential employees when hiring – if they share your vision, the only thing that you’ll have to do is get out of their way and let them do their magic.

Feedback is essential

The mistake that many business owners make is turning a blind eye. Let me elaborate: being tolerant and trying to help your employees excel at their work is definitely the way to go, but saying “I’ll let this one slide” in your mind is ridiculously nonsensical. Why? Well, quite obviously, if they think they aren’t doing anything wrong, no one’s going to change. The worst part here is that when the final straw is at hand, you’re likely going to have a ton of stuff to say (presumably angrily), and this can seriously compromise the working environment.
Provide regular, helpful feedback to your employees, and pay special attention not to come off as condescending, even if and when they make the most ridiculous of mistakes. Being able to foster a good in-office vibe is one of the essential qualities of a rock-solid entrepreneur.

Never be emotionally stingy or zealous

Nothing good can come out of withholding recognition and praise, especially in the modern business world. Don’t be afraid to give a pat on the back to an employee who deserved it; according to a study, recognition can actually be a more potent motivator than money in some cases! On the other hand, holding a grudge has never done anyone any good. As a matter of fact, the best way to approach a back-talking, spiteful employee is with open arms and understanding – there is no better disarmament tactic than this one. As an entrepreneur, you need to be in touch with your emotions and able to control them, but this doesn’t mean that you should withhold them.

Lighting

The importance of proper lighting often goes underestimated, but the sunlight can give your team a tremendous boost in productivity. Unfortunately, some office spaces simply aren’t built to maximize natural light and, in these cases, businesses have to resort to the next best thing: quality lighting solutions such as LEDs and CFLs. Finding a trustworthy Sydney electrician to set everything up for you is of the absolute essence when it comes to providing your employees with a productive working environment.

Get rid of clutter

You have no idea how badly can clutter ruin productivity. Clutter means disorganization, and the lack of organization is distracting and time-consuming. There’s no need to hoard things in your office – get rid of everything that no one has used for a while – sell it, give it away, toss it, just do not leave it hanging around in your office, gathering dust and creating an unseemly and distracting workspace.

The process of establishing a productive team starts with hiring, and goes all the way to the way you confront your employees and to how open you are. Hire experts to help you make the most out of your in-office lighting potential and come to terms with the fact that clutter is never acceptable.

About the Author

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology. In her free time she enjoys exploring new low cost advertising opportunities.

 

 

5 Perks of Social Media Marketing

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While it is true that a lot of people use social media for social and entertainment purposes, when it comes to running a business, this idea gets a completely new angle. Social media marketing is currently one of the most predominant forms of digital marketing. The main reason behind this is the fact that it generates a lot of value for a relatively small investment of both effort and resources. With this in mind, here are five most prominent perks of social media marketing.

Gathering customer feedback

Even though some people see retweets and likes as vanity metrics, this kind of public affirmation serves as an incredibly valuable piece of customer feedback. For instance, if you compare two pieces of content you posted online, the number of likes on each of them can show you the difference in their impact strength. On the other hand, this difference doesn’t necessarily have to be related to the quality of content, seeing as how a piece that is posted on Tuesday afternoon has a different potential than one posted on Saturday night. These situational factors are, therefore, something else you can learn from customer feedback.

A boost in brand awareness

Another thing you can achieve through social media marketing is a massive boost in your brand awareness. According to one of the oldest principles of marketing – the rule of seven, for a person to become a customer, they need to see or hear about your brand at least seven times. By regularly posting brand-related content on social media, you can easily raise your brand awareness to this point much sooner, therefore shortening the average buying-cycle your target audience has to go through.

Increase your web traffic

By increasing your digital footprint across various social media, you are significantly increasing your web traffic. To make things even better, people who like or follow your content online can be classified as qualified leads or low-hanging fruits. What this means is that their interest in your niche makes them much more likely to become customers, which also boosts your average conversion rate. Moreover, by knowing exactly where the anchor leads them, they aren’t likely to abandon your website immediately, which makes the risk of an increased bounce rate much less likely.

Finding the influencers

Influencer marketing is still on a steady rise and getting engaged in the world of social media is probably the most organic way to find influencers who are well-suited for your business. Inexperienced marketers believe that they can just compare the number of followers and in this way determine the worth of an influencer. However, reach is not everything. Reach with the right crowd is much more important. Simply mingling in the same social media circles will allow you to encounter these niche-relevant micro-influencers and get in touch with them.

Inspecting your competitors

Finally, through social media marketing, you can conduct a much easier research on your closest competitors and find out what exactly they’ve been up to. You can do this in two ways. First, you could simply inspect their content, the number of their followers and similar metrics on your own or you could hire someone else to do this for you. Some agencies offer end-to-end media monitoring services, which will not only examine your competitors’ media profiles but also offer you an objective comparison with your own brand.

At the end of the day, it is important to mention that you can’t measure the value of these benefits in a vacuum. Before you even start applying these techniques, you need to establish some goals and see achieving them as the only relevant criteria for their efficiency. Brand recognition, customer engagement, traffic and, of course, a boost in your sales are just some of the examples of short-term goals you could focus on.

About the Author

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology. In her free time she enjoys exploring new low cost advertising opportunities.