If all your business actually needs is a small office space for one or two people then running your business from home may well be a good option, though if you need more space, or will need to make alterations, or run a business that may for any reason (say, noise or traffic) annoy your [...]
Assuming you have already have had business advice on your business idea and undertaken at least preliminary assessment of the nature of your trading profile and possible future trajectory of sales over the first few months, you will need to think carefully about money. All new businesses need money to start up operations. Most businesses [...]
There are many terms used in business that we use but are not always entirely sure of its real definition. Here are some examples
- Leaseback: This is a business arrangement between the buyer of a property and the seller of the property whereby the seller immediately leases the property back from the buyer. This is a method of freeing up capital
- Lease Purchase: This is a type of finance agreement in which the item – in a company this is often with cars, is leased for an agreed period of time with an option to buy the item at the end of the contract
- Niche Market: this is a specialised market for goods or services in which a particular product is sold to a defined type or group of customers. This is often a product or service for which there is sometimes little overall demand but also often little competition
- Outsourcing: This is a business arrangement where one company produces goods or provides services for another company this is usually in the same country,
- Supply chain: This is a series of companies linked together because they are all involved as suppliers in the same manufacturing process as the product passes from raw materials to manufacturer, through distribution and retailing and then finally reaches the end customer
- Umbrella Companies: These are companies that operate as employers to agency contractors working on fixed-term contract assignments, often through an employment agency in the UK. Umbrella companies are suitable for contractors who want minimal input for administration and paperwork.
- Viral Marketing: This is also known as Word of Mouth. This is a marketing technique which encourages people to pass on information about a product (this may be, for example, by email).
If you are thinking of starting up your own business it’s not enough to have a really good business idea, whether this is for products to sell or for services that can be delivered. Such a business idea is essential and a good beginning, but an idea is not enough to build a successful future for your business.
It may be that you have particular skills in making something- say, furniture or widgets, and after making several for friends and family you think you have evidence that there is a market for these products. But have you really done any work on who else is making these products and at what price ? Or worked out costs if you are no longer using cheap offcuts ? [Read More...]
So many small businesses go wrong at the initial stages of planning. The idea that just because your family is providing the money for your start-up enterprise you won’t need to do a plan more than a few notes on the back of an envelope is the basis for much later heartache and failure. The thought and analysis that you have to put into to do even a simple business plan can help you (or your backers) spot the likely problems before you start. [Read More...]
Health and Safety
In our health and safety conscious culture it has become more and more important to be knowledgeable about the issues. Should you have an accident through whilst running the business in your home and need to claim on your insurance, then showing you know about health and safety risks and have done all you could [...]