Business tips for startup companies

Many people are discovering that they can earn financial success by working at home. Even though this is true, knowing how and where to begin is a challenge. In order to have a successful home business, you need to know how to manage it. This article covers some of the fundamental home business strategies.

Write a business description by writing you what your business is all about. Be sure to include the purpose of the business, as well as any goals you have for it. This area should also SWOT Analysisinclude information on your business and what makes you better than your competition. A very popular way to do this is to use a SWOT analysis (the diagram is displayed on the right). This will help you identify your:

  • Strengths
  • Opportunities
  • Weaknesses
  • Threats
You have to set clear goals and determine the business strategy at the very beginning. It is a crucial step towards your success.

When starting out in a business, learn what rates are typically charged. This information should be used as a basis for determining your rates. Don’t be afraid to charge an appropriate value for your services. There are two simple rules you should follow:

  1. Know your price;
  2. Don’t be afraid to say NO.

When starting a home business you need to factor in how much available money you have for start up costs. Your costs may be lower than a traditional business, but they still must be accounted for. Knowing in advance what your overhead costs will be can help you avoid losing money over time. Do not be hasty and plan everything ahead. If you are short on money, probably it would be a good idea not to rent a serviced office right away. We would recommend you to start with something smaller that will reduce the expenses. A great investment would be a virtual office with outsourced telephone answering. Why?

  • You start with a prestigious city centre address
  • You get yourself a virtual receptionist who answers your calls for pennies
  • You don’t have to spend hundreds of pounds for a serviced office
  • You can work from home and sustain a corporate image

Virtual offices: If you are from Scotland, a great company to go with is Blue Square. They are based in Glasgow and will provide you with a Bath street address. Blue Square Virtual Office services are priced at £59.95/month. They were the first company in Scotland to offer such services and have managed to establish a trusted company image over the years of hard work.

Call answering: If you are planning on outsourcing your telephone answering, your best option is to choose Blue Square Telephone Answering. They are much cheaper than most of their competitors, have a fantastic review rating from their customers and they answer your calls locally. This is very important, because you do not want your business phone calls to be answered in India.

If you think that call answering service might be too expensive for your new-born startup company, think again:

Telephone answering infographic

Infographic source:  Blu-sq.com 

Remember: When your work from home it is all too easy to bury yourself in work. Set aside time each day that is devoted to your social life and your family, not working.

On the other hand, if you still think you are better off with a serviced office, there are several things you should know. Set clear boundaries when it comes to visits from friends and family during your work hours. When somebody begins to interrupt you, try to nicely explain to them that you are doing work. If you have an unexpected visitor while you are working, ask them to sit in a different room and watch a little TV or read a magazine, while you finish up what you are doing.

Making business cards is important. You can usually find many good deals on business cards, and sometimes you can even get them for free. Be certain to include the basic information like name, phone number, email address and your website. Don’t forget your website and email address. This will make it easier for your customers to reach you in a variety of ways.

Whenever you get a payment, put it in the bank. Your deposits should remain on a daily schedule; as compared to a weekly or longer period of separation. You are less likely to lose a check if you get it deposited quickly. Make sure that you deposit via a bank teller instead of using the ATM. This way, you know that your money has been deposited without a problem.

Determine the price that you will charge for items in your product line. When manufacturing your own products, you have to determine the costs. The standard formula for pricing a certain item should be double the cost associated to it. This is the standard wholesale rate for most goods. The retail price should be set at three times the cost.

One of best ways to reach new customers by knowing their locations. You may be able to attract new customers online, but this is no substitute for face-to-face interaction. Have a booth set up at community events or organize a sale in a certain area.

Try to look professional with your home business. Unprofessional websites will drive customers and potential customers away. Check out examples of other highly professional sites to give you inspiration to build your own. If you have no web-design and development skills, we recommend you to choose a simple content management system (CMS), such as Impress Pages, that will allow you to make changes to your website with just a click of a mouse. For professional themes for ImpressPages CMS, look up this website: ImpressPagesTemplates.com.

Now that you have a greater idea of what you need to do to create and manage a home business, you should start feeling like you can accomplish your home business goals. Remember that the information you learned is only going to work if you apply it. If you follow the tips in this article, then your home business should succeed.