How to expand your business and make it profitable

Introduction

These days, starting a private business endeavor is easier that it has ever been. If you simply have a certain interest or skill, you can easily find hundreds of business ideas that you can transform into a full-fledged business enterprise, with little investment. To do this, you will have to join various groups, spend large amounts of money by purchasing all kinds of things or attend different meetings. If you have the skills and the ideas, you can have a profitable business.

Now, the real question is – How to have a profitable business? Well, the answer depends on the type of business you plan to start. Let’s assume, for example, that you wish to establish a basic home repairs business.

Locate the needs

For starters, keep in mind that there is hardly an American household that does not have some sort of an odd job that needs to be done. In most cases, these jobs are simply too minute or basic to warrant the services of a professional carpenter or plumber. These issues can include everything from faulty bathroom light switches to doors that refuse to close properly. These are just some of the many minor inconveniences that can occur in any household and that might require your attention. If you regularly experience these kinds of problems in your own house and you can easily handle them, then you can help other people as well.

Set up reasonable prices

hdhd84Next up, set your prices. Nowadays, most accountants might recommend you to set your charges approximately three times above what you would normally pay someone to do the same job. For example, if you pay your handyman 10$ an hour for a certain job, you should charge your fee around 30$. However, do not stick blindly to this approach. When setting your prices, make sure to take into account the community you live in, the living standards of the people and try to set your prices accordingly.

Advertise and promote your business

If you want to establish a profitable business and expand it, you will need to put in a strong marketing effort and come up with an attractive promotional package. First, make sure to reach your customers and then try to entice them with at least seven or eight hours of work. For example, if you charge 30$ for an hour of work, your total charge will be 210$ or 240$. However, you can try to promote your business by offering promotional services, which can include 8 hours of work, for only 200$ and with additional parts and equipment included.

To widen your network, you can advertise on the most popular social media sites like Instagram and buy followers from Vibbi so more people will be able to see your ads.

Impress your customers

Always remember that you do not need a huge budget in order to win over new customers. You can easily do this by going door-to-door, explaining who you are, what your business is and what services you provide. For this matter, you can also set up an automated service, which will make plenty of calls in your name, while you are trying to attract potential customers. Also, make sure to use social media, like Facebook, Twitter, and Instagram, and promote your business there, at no charge.

Set up realistic expectations

hdhd84Last, but not least, make sure to set up reasonable expectations. Plenty of new businesses have met their end because their owners expected immediate success. Remember that every start is slow and unpredictable. You need to arm yourself with a lot of patience, in order to successfully pass the initial phase. Start slowly by gaining a few trusted customers, and you will certainly see your business being profitable and larger down the road.

How To Start A Successful Consulting Business

Consulting businesses are some of the most thriving business today worldwide. But this does not mean that they are easy to start and run. In fact, the rising demand for consulting companies has made them more competitive and challenging to run. If you want to have a successful consulting business, you must start it correctly. This means you need to create a strong business from the start and have a clear strategy on how you will make it grow and achieve your goals. For you to achieve this, you must learn how to start a successful consulting business. Some of the tips have been discussed below

Tips for starting a successful consulting business

Select an appropriate legal structure

r5yhtefjfhgdhtThis will help you identify the legal requirements and tax considerations associated with your consulting business. The most common structures include sole partnership, proprietorship, and corporations. Each of the structures has different legal liabilities. Therefore analyze these liabilities and choose the one that seems appropriate for you. Remember that you can change the legal structure later.

Select a niche

Even though this may seem too obvious to mention, it is worthy. Your consulting business must focus on a specific topic or market. Selecting a niche will help you identify the necessary certifications or license, such as legal, financial, insurance and tax advisors. It will also help you determine whether you: are eligible to become a business consultant; have a network; are well organized to start the business; understand your target market; understand challenges in that niche; and have set the right short-term and long-term goals.

Prepare a business plan

gehtrt7iuykgfyrIt is important to create this plan as it will help you identify the best strategies to keep your business competitive, sustainable and profitable. A business plan will improve your resource utilization, marketing strategies and give you a guideline on how to achieve your business goals. So the plan must provide the direction you will follow or the strategy you will use from the start until you achieve your goals.

Set up an office

If you do not have enough capital, you can start by working from a home office. Be sure whether you will manage to do everything on your own or if you need some employees (part-time or full-time).

As you start your consulting business, be prepared to start learning some coaching skills, especially from the masters, be honest and acknowledge your weaknesses, select the right marketing techniques, and expand your business network.

Things You Must Do When Finding A Business Mentor

Are you looking for a business mentor? That is a good move you have taken because the rewards of having a god mentor are abundant. But you must know that finding a good business mentor is quite tricky. This is because good mentors are people who take personal responsibility to focus their attention and commit their valuable time to ensuring that you are progressing well towards your goal. Of course finding such a person has to be difficult because such people are few and in high demand. However, you can find a good business mentor by doing some things. Here, some of these things have been discussed

The things you must adhere to when looking a business mentor

1. Know what you need from the mentor and be committed

546ujrytnguyr6u4Before you start searching for a business mentor, you must know the things you want from the mentor. Understand your dreams, desires, aspirations and goals and the type of person who can help you reach there. After that, you have to commit yourself in searching. Find out if you are associating yourself with the right people and if you are in the right networking groups. You can also find out how your colleagues found their business mentors.

2. Invest and take responsibility

After knowing your needs, start exploring where you can find your business mentor. You have to invest your time and other resources for you to go to places where you are likely to meet your business mentor. For example, buy a ticket and attend a business conference or CEO forum, and maybe there is where you will meet your mentor. When attending such forums, be keen in identifying speakers or attendees that may help you advance in your business.

3. Create a checklist for your potential mentor

When looking for a business mentor, you must find a person who will help you progress your business goals and avoid some common mistakes. Therefore you must find a business mentor that meets some of the basic and fundamental requirements. Some of the things you need to include in your checklist are: good listener, prove track record, understands your industry, has skills that you don’t have, share same values, has a relevant business network and contacts, and ready to commit his time.

4. Find ways you can create opportunities for your business mentor

One of the ways to do this is to be selfless and dedicated in ensuring that your relationship with your mentor is strong and endless. Understand the needs of your mentor by finding out his personal and business goals. Share things such as an eBook, article or connect them with your friends you know can add value to your mentor’s goals.