Are you thinking of starting your own small business in Perth? Starting a new business is super exciting and can really give someone fortune if done correctly. It can give so many benefits financially, physically, mentally, and emotionally compared when you work for someone else.
However, many are still hesitant and concerned about starting their own business. Well, entrepreneurship really is a risky action. You really need to be careful with your decisions. Otherwise, one wrong move can cost you money, effort, and time wasted.
By definition, an entrepreneur is someone who organises, manages, and assumes risks of a business enterprise. So in order to avoid failure, you need to ask yourself first whether or not you are qualified to become an entrepreneur.
In its definition, it says that entrepreneurship is one should be “assuming the risks of business enterprise.” That is precisely where most potential business owners consider themselves unprepared, mainly because they have never had to assume such risks. The good news is, through mentoring and education; potential entrepreneurs can get themselves prepared and ready to assume such risks.
Failure can happen to any business owner regardless of business type or size you are in. Hence, you need a strategic business plan to prevent or at least reduce the risk of failure. However, there are some ways you can do to ensure that your new business doesn’t fail.
As a business owner, it is important that you know where you are heading. Otherwise, how can the choices you make along the way help to get you there? The importance of knowing where your business wants to be (big picture vision) is that you can make specific choices to lead you there and ensure all significant business activity contributes to your vision achievement.
The vision of your business is just your starting point. However, creating a compelling vision statement is normally a tough challenge. This is a great investment as can help you grow your business faster and in a more consistent manner. You may find a good business coach to help you lay great foundations for future business growth.
Many businesses only focus on their survival, increased turnover or profits, but fail to think about their future. They may fail to capture their “big picture” in a business vision its employees can really buy into or they may say one thing in their vision statement and do something else altogether in practice.
If you are able to create a well devised and inspirational business vision statement, it acts like glue to bind your organisation together, driving “vision aligned” behaviours.
When you run a business, especially when you operate online, you probably already know that there are two important things you work – first is to increase incoming traffic, and secondly create conversions. If you have quality high volume of traffic, it is better for you because you have greater chances of increasing your sales.
How you do drive traffic to your site? There are two popular ways to drive traffic to your website: selective targeting, and through effective and solid ads.
Today, many companies have decided to cut back on online advertising. Those that can afford advertising are driving up the cost of keywords by trying to out-bid each other in order to get the most eyeballs in front of their ads. The competition is fierce that is why small businesses hardly have a chance to even be in the same conversation.
But thanks to the advent of the internet and social media, smaller fishes like you can do something leverage a cost effective ad platform and target your users in a more strategic manner by learning how to market on the internet especially to Create Facebook Ads. Once you know how to create Facebook Ads, you have to get those ads in front of the right people.
Through research and collaboration can be one of your small business’ most valuable endeavours, you can develop of a powerful strategic plan. However, the urgencies of running a company can quickly challenge the plan execution process. Most owners and executives make the plan an important project, but even so, implementation often suffers as the plan competes with a host of other projects, especially those that are quite urgent.
Each initiative in the plan should be separated into its components and integrated deep within the company to securely connect a strategic plan to its execution process, regardless of other competing activities. And by tying plan component completion to ongoing employee compensation, timely and sparkling implementation of a company’s strategic plan becomes part of the normal course of business.
Once you have already completed your organisation’s strategic plan, you can use it as your map towards your growth and the next step you need to take is executing it. But unfortunately, the reality of business, with all its pressing concerns, can quickly cause plan execution to falter.
Therefore, simply creating a well-written business plan is not enough. Make sure that you are not trying harder or make the plan an urgent priority. Instead, the solution is to integrate the plan into the company’s ongoing activities so that execution takes place as part of the normal course of business.
Studies show that about ¼ or 25% of the loss in the retail business comes from shoplifting, but a surprising 38% loss comes from employee theft. If your business has workers like that, who needs to worry about shoplifters?
The problem is that too many business owners and even large business managers are too trusting of their employees and therefore don’t take some common sense steps toward deterring employee theft.
There are several red flags that indicate the possibility that an employee may commit fraud. These indicators consist of behaviour patterns that management should be aware of when attempting to detect and prevent fraud in their company.
Fortunately there are some warning signs you can look for to know if your employee may be stealing from your business. The first sign is when your employee change in spending. I f an employee is spending money outside their usual means, be suspicious. It could be a holiday, a new car, property or personal spending. Be aware of changes in spending and put them on an unwritten watch list for consideration.
Another sign is when he or she changes in routine. We wary of routine because it is the predictability of routine in running a retail business which gives people opportunity. You want to eliminate as much opportunity as possible.
We all have money habits, but not all of us have good habits. What we need to know are the important tips on how to build up the good ones and squash the bad. All of these begin in our mind and heat: it is about what you think and feel about your money habits.
Many individuals feel guilty about their habits of buying too much, eating too much or travelling too much. If this is you, give yourself a break right now – they’re just habits and habits can be broken.
The best way to break such bad habits is by realising that the reason of all these is you making bad decisions and you are not in an auto-pilot mode. Probably your negative money habits started because it made you feel good in some way. So you did more of it – but then, pay up time arrived and you started to beat yourself up about that.
Beating yourself up about a bad money habit will actually increase the likelihood of it continuing; it’s addictive! In order to get over this struggle, you need to make a strong decision of making a self discipline focus on your goals.