Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

When is the time right for a business to move away from co-working to their own premises?

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Image of two business people working with laptop and computer late at night in their office.A co-working office space is where many fledgling startups establish themselves. There are clear benefits to starting out sharing a space including situational networking, socialising and ultimately, the affordability.

However, there comes a time when your business will outgrow a co-working space as you take on more staff and it’s time to move to your own premises, finding a home that reflects your brand and expertise.

It is important to make the move from a coworking office to a private premises before the disadvantages of co-working impact your business, potentially preventing it moving on to the next level.

Here are some of the benefits of having your own premises. If they resonate with you, it is likely to be time to make the move:

  • Privacy

Co-working offices tend to cram people in, whereas you have the freedom to create private areas within your own premises. This will allow you to build up your own company culture.

In a co-working office, there will be a general buzz of conversation that is nothing to do with your business and this can disrupt the workflow for your staff as they may become distracted. Your staff are also potentially not able to have productive discussions across desks on matters which are private to your company.

  • A more professional working space

When you have your own private premises you can create an organised space to suit your needs. You can plan the space as you wish to impress clients and investors.

You can also plan in areas for staff to relax on breaks, or areas for them to make business calls where they need a quiet atmosphere.

Often co-working offices are trying to appeal to younger workers so they can be very trendy and cutting edge, but the nightclub-style environment can be detrimental to your business being taken seriously and can also make a distracting place for your staff to work.

  • You can support the mental health of your staff

Happy employees create a profitable business as they are more productive when they are physically and mentally well. Your staff will spend more time in the office than they will at home and so the office design is vital.

With your own premises you can look for somewhere with lots of natural light to aid mental well-being and health and you can provide staff with more personal space (as opposed to the co-working workplace density).

You can allow your staff to choose their own music with an office music system like Sonos to counteract workplace noise that you often find in co-working offices. Excessive noise contributes to stress, anxiety, tiredness and poor mental performance, so if your staff are experiencing this in a co-working office it is time to move.

  • Choose your staff perks

Co-working spaces often offer some gimmicky perks to appeal to quirky startups. However things like free beer or ping-pong might not appeal to your staff. In your own premises you have the choice to provide something that will really benefit your own staff.

  • Gain control

Moving to your own premises will allow you to take back control. The operation of co-working spaces is largely out of your control – you can be moved from one office to another without having a say. Also be alert to careless security, hidden costs and co-working office management having access to your data.

Important points to consider when finding a private premises for your startup

  • Stick to your budget

Make sure that you can afford the monthly payments and take potential lean periods into account. If you are looking to grow and expand your business or increase profit it would be counterproductive to overspend on a nice view. Ideally plan for a six month safety net.

  • The importance of location

‘Location, location, location’ – unsurprisingly, this old adage is true, especially for startups and small businesses. Are you in a convenient location for clients to visit you? Also consider what customers you want to attract. If you get the location right, it will benefit your brand image.

  • Think about accessibility

Make sure that you check public transport connections are nearby for both staff access and visitors’ ease. Also make sure there is nearby parking if needed.

  • Size matters

If you want your startup to grow over the next couple of years, make sure the office space you choose can accommodate your business as it grows.

Serviced offices are a good idea because as well as supplying phones, broadband and furniture, the service contracts can allow you to move into a larger space as your startup grows.

  • The power of brand identity

Private premises can reflect your own brand and you can’t personalise your surroundings when in a co-working office. Your business brand is reflected in both the office style and location.

  • Safety and security are paramount

Health and safety should be top of your list, as should data protection, especially if you handle personal data. A break-in would be particularly devastating for a small business.

  • State-of-the-art tech – making your job quicker and easier

Good office tech is no longer a luxury – it is essential. Fast broadband is vital to any business – as is a good mobile phone signal – so make sure that your private premises has up-to-date tech.

Moving your business from a co-working environment to private premises is a big step, but a necessary one if you are looking to achieve profitable and sustainable growth.

Co-working offices provide the perfect opportunity for startups to get up and running, but there will come a time when the disadvantages can impact you and your staff and can suppress any potential growth. The key is to make the move before you see this happening.

Your clients will put their faith in a company with its own premises. Share the achievement with all your clientele and business partners to show them what a value asset your company is and how it is going from strength to strength.

About the Author

This article was contributed by Complete Office Search, providers of serviced offices to commercial firms looking for office space in London.

 

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.

What Does It Take to Start Up a Car Repair Shop

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If you are done with car dealerships and are looking to go alone in the motor trade, running a repair shop might be just the thing for you. Of course, unless you want to be a mobile mechanic operating out of your van, you need to find suitable premises. You can always find MOT garages for sale, but not all of them have suitable facilities such as parking space for customers, reception and waiting area, payment counter, restroom, etc.

Many pre-existing garages for sale will include much of the equipment, such as ramps, tools and diagnostic equipment, as well as standing relationships with suppliers, but from there, the reputation of your startup business is in your own hands.

An average day

Arriving an hour early will provide you with enough time to focus on the following day’s work, while the garage is still closed. This is the perfect time to check whether there are enough parts in stock or if any have been delivered, as well as catch up on paperwork. During the day, expect to be dealing with your customers on the phone a lot and try to create technician’s work schedules.

Suppliers

Another share of daily phone calls will include suppliers, as you order the necessary parts for vehicles, as well as oils, workshop consumables, etc. It’s realistic that you’ll be dealing with more than 30 different suppliers and receive anywhere between 5-10 deliveries a day, so you need to be prepared logistically for all those deliveries.

It’s important to have all the purchase invoices and outgoing invoices archived and in order. In an ideal scenario, you’d be able to update the accounting system daily, but more often than not, you’ll probably have to take some work home.

The importance of accounting

Many small businesses use cloud-based software so that their accountant can access the numbers anytime and offer advice when needed. The unseen part of the repair shop business is a ton of paperwork – over 100 purchase invoices a week, so falling behind is not an option.

With so many suppliers and customer accounts, knowing how much you owe and what is owed to you is essential for cash flow. The best strategy would be to update software daily so you are always on top of paperwork. Also, your accountant can provide you with valuable advice on how to improve your business.

Garage requirements

Many garages start small and later expand the space they’ve rented or built from scratch. Traditional construction and remodelling can be expensive, so many owners turn to steel buildings that are very customizable. They allow you to place doors, windows, clear spans and work bays according to your needs and preferences.

Also, consider your flooring options since your floors need to be able to withstand stains from oil and other fluids. Motor oil can weaken concrete, which can make hoist uprights misaligned and unstable. With this in mind, make sure you use a durable slip-proof garage paint that can withstand heavy foot traffic.

What keeps customers returning?

The most important aspect is the service you provide your customers with. Make a habit of keeping the parts you have replaced in the reception area, so you can always show what you have done, and what that part does. This is especially appreciated by people who don’t understand cars very well. Your technicians should follow suit and, if needed, even take a customer to their car on the hoist to show them exactly what needs to be replaced. Also, having a few courtesy cars always comes in handy.

For a skilled and motivated mechanic, working for someone else may feel like a waste of time. When running your own business, you dictate your own rules and make money at the same time. Aside from good knowledge of workshop equipment and supplier streams, operating a repair shop also puts you in charge of your business paperwork, accounting and PR.

About the Author

Lillian Connors believes that the question of business goes far beyond the maximization of profit through different money-grabbing ploys. Instead, she likes to think that ethical principles should be at the core of every commercial venture, paving the way for much more balanced distribution of wealth on a global scale. You can check her out on LinkedIn.

Innovate UK’s Essential Tips for Collaboration

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Young architects showing at paper with sketch of new constructionCollaboration is beneficial for any company, since those who work with external partners are more likely to succeed in working efficiently and cost-effectively.
Collaborating can take your start-up to the next level, as a good partnership will bring something new to the business – a fresh, inventive way of doing things. The following tips can be applied to any business model.

1. Examine Multiple Collaborative Opportunities

The beginning step is also the most important. Mistakes at the start can hinder a successful collaboration, therefore it’s important to do your research.

In recent years it is far easier to find potential partners, however this can lead to hard and fast decisions in a process that should take time.

Therefore, don’t simply go with the first party that expresses an interest. Whilst this sounds simple, it is so important, as it is easy to jump into misjudged partnerships that can have an adverse effect on your business.

To avoid this, ‘shop around’ as much as possible to ensure you’ve fully considered all your options.
Prioritise which collaborations will have the most positive impact on your business in terms of value and performance.

Considering different collaborative opportunities should result in the final decision being a successful one, and therefore translate to overall success.

2. Devise a Clear Partnership Strategy

When developing strategy, outline the relationship you’ll need and identify potential complications within the partnership.

Not only is this important for overall success, it also helps avoid any problems that may otherwise arise in the future.

Consider the pros and cons of the relationship, as both are equally important to understand.

Be clear when outlining your main objectives, since choosing the wrong strategy will hinder your chance of success.

3. Fully Evaluate Partners

The questions you should be asking are: what traits would the ideal partner possess? What are their values? Does their vision align with yours?

Whilst this is the hardest part, it is also exciting, as it means you are getting closer to embarking on your new partnership.

A good collaboration will be beneficial on both sides, so you should ensure that you will profit from this relationship.

A partner is a large factor in determining success or failure, therefore, be choosy.

At this stage it is important to have high expectations- who can bring something new to your business?

An ideal partner will have an exciting way of working- something innovative to bring to the table.

4. Monitor Partnership Success

It’s important to define what you mean by success and monitor your partnership accordingly. Make appropriate adjustments where necessary, as partnerships should create commercial value for both parties and their customers.

There are many different factors that are essential to monitor, such as performance and return. Keep an end goal in mind- what is this partnership aiming to achieve? What can be achieved after reaching this goal?

Obviously, not every collaboration will be successful. However, a good collaboration will have a hugely positive impact on your business.

About the Author

5 Mistakes SMBs Make in the First Year

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businessman talking on the phoneIf you are a first-time business owner, no matter how much you read about the successes and failures of others, you will simply have to make a few mistakes of your own. They say people learn best by trial and error, and while that might as well be true, making too big of a mistake in the business world can leave you high and dry for good. In order to avoid five of the most perilous mistakes of a young SMB – read on:

1 – Hiring the wrong people

Hiring the right people is a science, no doubt about it. Making sure they stay is another science altogether. However, you most likely know very little about the subject to start with, the learning curve is steep, and you most likely won’t have too much time on your hands to tackle it.

When you operate a small business, it is more costly to hire one wrong person, than it is when you are working in a huge corporation. The onboarding process will take up valuable time and resources, which could have been throw at a more perspective candidate.

Another fact to bear in mind is that in SMBs, the employees often have to take on additional tasks, and SMB owners need to know they can rely on the people they have to help carry to load. This means that they often need to be skilled at more than just strictly their own job, and that they will soon become quite a valuable asset.

This is why SMB owners need to make a point of hiring, and more importantly, retaining the right people from the get go. Turning to a professional recruitment agency might benefit you hugely.

2 – Mishandling the paperwork

Starting a business involves a mountain of paperwork. There are contracts to file, and taxes to fill out, and purchases to be made, not to mention hiring the actual staff. While it may all seem a mere nuisance, and while it truly is, you need to make sure you task the right people with this job.

Don’t make the mistake of thinking you can handle it all on your own. Unless you are yourself an accountant and/or a lawyer, you can’t possibly have the time to both run the company, and take care of the legalities.

To avoid making a huge mistake with a simple filing process, turn to experts in new company formation, who will make sure all of your papers are handled properly, and who will let you know if you are missing a document or two.

3 – Spending the marketing budget poorly

In SMBs, budgets are tight. And most of them are not spent on marketing to begin with. If parts of them are, they often end up carelessly spent on the wrong marketing tactics, which will yield little to no ROI.

While digital marketing can drive insane amounts of leads, and can make you the next big name in the industry, don’t for a second believe that it can happen overnight, and that you can a- do it yourself or b- do it without any investment.

While marketers may at times seem to be in the business of selling smoke and mirrors, the best of them do know what they are doing, and you should place your trust in them. Don’t fall for a marketing tactic that has done wonders for a company that sells beauty products, if you are selling car parts. Do some research, and turn to the big guns. Even a small budget can go a long way, if it targets the right audience, and the right channels.

4 – Using the wrong tools

No matter what industry you operate in – you need to be using the right tools. Whether we are talking software, hardware or something else entirely, you need to work with the best to be able to achieve the best.

Don’t just go for the first solution you come across – it may be affordable, but it may not be the right one for you. Always make sure to compare several offers, and see what will suit your team and your line of work best. Even if you are used to a particular piece of software, for instance, if you find something that may do the job better, take the time to get used to it. It will be worth your while in the long run.

5 – Keeping an eye on the competition

While we are by no means saying you should not pay attention to your competitors, you most certainly should not monitor their every move. First off, you might be terrified by what you see, as some of them may be leagues ahead of you.

By all means, check out their marketing tactics, their products and services, the way they do business, but don’t base every decision on trying to outdo and outwit them. You are trying to win over your own customers, not merely steal theirs. Try to offer the best product or service you can, not because you want to be better than someone else, but because you simply want to do the best you can.

Even though all SMBs have to go through the same stages of growth, we hope that these tips will help you make the ride a smoother one, and avoid the worst of the mistakes others often make.

About the Author

Michael is the man behind Qeedle, a marketing and business hub aimed at helping SMB owners and startups get their hang of the business world.