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Whether you’re a new business owner or a veteran staple in your market, business owners share one major concern: how to increase their bottom line. Let’s face it, the point of being in business is to turn a profit, so naturally, finding ways to increase that profit would be a prime topic of discussion, yes?
Many business owners are familiar with the concept of spending money to make money – it’s Business 101. More often than not, business owners need to invest funds into proper areas (marketing, staffing, office space, products and services are just a few of these) in order to boost their sales. These are considered the traditional means of boosting strategies, but they are not the only ways to achieve a bottom-line bump.
It may surprise you to know there are actually ways new business owners (and even veteran business owners) can improve their bottom line without spending a single dime. Yes, you read that right – there are ways to fatten your pockets without thinning them first. How? Let’s take a look at some of the lesser known, non-traditional means of increasing your bottom line.
“Getting over that seven-figure (revenue) hump is often an indicator that your business has longevity to it. But getting there can be tricky, stressful, and time-consuming,” writes Forbes.com.
Learning how to get to that pivotal revenue point boils down to initiating successful profit-boosting strategies. It’s also about minimizing the outflow of cash needed to implement these strategies since without minimization, the profit boost can be negated. Not to mention, it’s tough to let go of funds when you’re trying to increase them.
One of the easiest ways to add to your profit margin is by pairing up with other local businesses or related products and services. Essentially, by including promoted products or reviews via a link inside your existing digital marketing strategies can bring about extra cash flow. How? It’s what’s described by Forbes as Affiliate Marketing and means that by utilizing links within your website for other products, your business can earn funds each time your customers follow the link.
Another completely free asset you can use to boost profits? Your email lists. As advanced as digital technology is today, it’s easy peasy to set up automatic emails to your customer base that will entice them to visit your site. Don’t let your customer contact lists sit dormant, use them to promote your business by way of sharing blog posts, upcoming events, and even set special VIP sales as appreciation for those on your current list.
Simple as it sounds, one of the best ways to boost profit margins is by cutting your expenses. Make it a priority to go through your budget a few times a year and make sure you’re only sticking with the things you need for your business. If certain areas are no longer working, don’t be afraid to cut them before they eat up more of your existing budget. Also, be sure to take stock of all of your material items and products, to ensure you’re not continually pouring out funds for items that have very little benefit to you.
Overall, the best tricks you can utilize to keep increasing your profit are ones that make the most of your existing resources. Be sure to maximize your budget and audit yourself frequently, as well as continuing usage on all of your available (and free) assets.
When you’re working on a plan to begin your own business, it’s easy to get overwhelmed with concepts like budgets, marketing schemes, and investment opportunities among other things. It can be extremely taxing and confusing and sometimes you may want to throw in the towel. We hear you. Just breathe and try to simplify things a tad with some basic do’s and don’ts of starting your own business.
Chances are, if you’re in the process of starting your own business, you’ve practically buried yourself in researching how to make it successful. With so much information out there, it’s easy to lose sight of the bigger picture and forget some of the most basic business essentials. Don’t fret, however, these aren’t another list of things to keep on your “to-do” list, but rather, a reminder of how to tweak your approaches to get the most out of your new business.
Rather than focusing on the details, sometimes the best thing you can do is to keep the big picture in mind. The best way to do that is to remain flexible in your approach and try to avoid closed-minded thinking. What do we mean? Always stay vigilant and observant as you try different tactics – if something isn’t working, don’t be afraid to cut ties and try a new approach.
“Being flexible can make the difference between growing and stagnating,” explains Forbes.com. As such, keeping the following do’s and don’ts in mind should help you through the process of starting your own business:
While there are business plan protocols out there that help you learn every step of how to start a business, making it a successful one is up to you. Thankfully, there are a few “do’s” you can incorporate into your plan to help ensure you have the best shot at success.
What is the most important thing you can do? Utilize the help and knowledge of colleagues and friends. Having a solid (and diverse) set of acquaintances as resources and support will greatly improve your chances of success. Try asking old bosses, coworkers, friends, or other professionals in the same field for their invaluable input on your journey. Need ideas or inspiration? Coworking spaces can put you in touch with professionals from all walks of careers and can be an amazing resource for beginning business owners.
Just as there are things to do when you’re starting your own business, there are also things you should not do. Perhaps the most important of these “don’ts” is to ensure you don’t act impulsively. Forbes.com stresses that new business owners should never make a business decision out of haste or on a whim – instead, be sure to thoroughly research before you make any business decisions.
It may seem like Summer is still lingering on (and in some cases, that’s quite true), but like it or not, the holiday season is just around the corner. Though it probably feels strange to be thinking about Thanksgiving turkeys and Christmas decorations when it’s still warm enough for that swim suit, now is actually the perfect time to go full-swing into your seasonal planning.
Whether your business is full-blown retail toys or a small research firm with a streamlined consumer base, you need to prepare for the holiday season. No matter what service or product you have to offer, there’s a holiday angle for you to help drive seasonal business and you need to be planning for it – yesterday.
If you think your specific firm or business is unaffected by the holiday influx, we’re here to tell you you’re wrong. Since the holiday season is “the main time of year when people are out buying products and services not for themselves, but for other people,” Forbes.com explains it’s the prime opportunity for businesses of all walks to grasp their share of the shopping season.
Since gift-buying is vast and diverse (Santa doesn’t just deliver toys nowadays), finding ways to market your own business during this time is essential to grasping the best possible outcome. Shoppers love to find the “It” item of the season and are always on the lookout for the most unique items, so don’t be afraid to market your products and services no matter how unorthodox they may seem for the holidays.
By looking at your history, you should be able to find a pattern of top sellers and items or services that have peaked the most interest with your customer base. If you’ve never focused on seasonal planning before, start with your top sellers and run a campaign focusing on them as a starting point.
While you’re examining your historical sales, you can also familiarize yourself with customer-specific purchases. This will allow you to tailor discounts and offers to your clients, based entirely on their personalized needs and gives them an attentive message about you as a business.
You may wonder why it’s such an important time to begin holiday planning, being fresh off the heels of summer. We’ll tell you why. Early planning allows for a seamless transition into the biggest spending season of the year, and it gets your customers thinking about how they want to spend their funds ahead of the season.
By strategically planning your holiday marketing campaigns, you will be planting ideas into the minds of your consumers, allowing them to prepare for how they’ll be shopping that season.
There’s also another important aspect to keep in mind: online sales. Since we are seeing a major shift toward online shopping in recent years, earlier seasonal planning allows consumers to use their favorite medium to shop (i.e., online shopping) while still allowing ample time for shipping before the holidays.
If you’re looking for a unique spin on your holiday planning, try looking at what is available in your area. Perhaps you could do a collaborative work with a related company (think discount party catering with office rental space promos for corporate Christmas parties) or offer certain charitable donations to area shelters or fundraisers with a portion of their funds.
There are endless ways to market your goods and services for the holiday season – the key is to find the right angle for you and figure out what motivates your customer base. Above all, the most important thing you can do for your holiday planning is to begin now.
Practically everyone in the working world is familiar with the concept of improved productivity. The phrase is tossed around by employers everywhere and is often considered one of the most coveted assets.
Whether you’re being encouraged by your boss to improve productivity in your work place, or you’re a self-employed entrepreneur looking for a productive boost, workplace productivity has likely entered your vernacular on more than a few occasions. So just how do you go about achieving this boost?
“Workplace productivity isn’t about getting from point A to point B in the fastest amount of time… Your personal workspace is one of the most overlooked factors that affect productivity,” explains Jamie Fertsch, Director and Co-Founder of XDesk, via an interview with BusinessNewsDaily.com.
Increasing your productivity is a much larger picture than simply churning out projects and tasks in shorter time. There are many factors involved in reaching optimal productiveness, and it’s easy to get stressed out trying to keep up if any of these factors are out of whack.
In fact, according to Fertsch, the first step in becoming more productive should lie within the spaces closest to you during working hours: your workspace. By tackling a few simple things within your work area, you can cut stressors and increase productivity simultaneously.
It may seem like a no-brainer, but the most important step to streamlining your workspace is to stay organized. Keeping files in optimal order with clear labels will help save time and frustration when searching for items later.
Beyond the obvious filing, you’ll want to cut down on any unnecessary items within your space that take up room. A junk drawer or odd knick-knacks that cover your spaces or clutter your drawers can detract from potential workspace optimization. They also serve to add tension and crowd movement and free-thinking by adding stress.
Once you’ve got your space optimally organized and decluttered, make sure you give yourself space as well. Sometimes when working, our minds can become too overloaded to efficiently finish a task or train of thought.
Fertsch recommends that you allow for ample break times and changes of pace. If you feel you’ve reached a wall, get up and take a breather. Go for a quick walk, spend 5 minutes outside or chatting with a coworker to reset your mind and then come back to your task to try again.
“Productivity is not directly correlated with time spent on a task… it’s important to make sure that you’re recalibrating and refueling every once and a while,” Fertsch explains.
One of the greatest detractors of productivity is our beloved tech gadgets. The ping of a new email or ring of a new text message is often too powerful to ignore. While we understand there are times when we truly need to have up-to-the-minute notifications for things, let’s be honest, most times those items can stand to wait until we’re ready to answer them.
Designating a space in your work area to keep tech gadgets stored until you’re ready to check them can help increase productivity big time. Make sure the volume is off and place phones, tablets, smart watches, etc. in an area that’s out of view to keep you on track without unnecessary distractions.
Sometimes the best thing you can do for your productivity is a change of scenery. Coworking spaces offer a great way to maximize your space and get the most out of your work day. How?
Since coworking spaces offer a community setting with professionals from all walks of business, you’re essentially giving yourself a never-ending supply of networking and communication opportunities to bounce ideas off of during those productivity slumps.
Another bonus? Most coworking spaces offer a level of flexibility not seen by traditional workspaces, making it easy to come and go as you need in order to maximize that productivity!
When it comes to work spaces, most people think of the same basic essentials: desks, connectivity, technology, and room for meetings. While these things are certainly the core of any working space, many creators are taking inventiveness to a whole new level with some of the most unique coworking spaces around the world.
In case you’re unfamiliar with the term, coworking is one of the latest trends in the entrepreneurial world. By allowing individuals and small businesses of all kinds to co-work in a single space, these community work areas are gaining momentum all over the globe. The reason? They allow for an affordable and professional work space and an invaluable set of coworking mentors and essential networking.
That said, here are some of the world’s most unique coworking spaces that take this experience to a whole new level:
While you think of the basic essentials for a work space, there is nothing basic about The Hub coworking space in Chiang Mai, Thailand. Made entirely of repurposed shipping containers, The Hub has one of the most unique designs of any space around the world.
With out-of-the-box thinking and architectural design, The Hub is truly a unique working space atmosphere that is said to inspire creativity and productivity. The shipping containers allow for a resourceful use of existing elements, giving a green element to the coworking experience.
Similar to The Hub, Village Underground in Lisbon, Portugal makes use of recycled shipping containers for coworking spaces. The repurposed containers give ample office spaces that are shared by creative entrepreneurs of all walks of life, but they aren’t the most unique aspect of this space.
In addition to the unusual office space design, Village Underground boasts even more architectural creativity. The space includes attached double-decker buses that have been transformed into an on-site café and restaurant as well as a recording studio for its audio artists.
If you’re the type who just needs a quiet space to work, then Naplab coworking spaces in Bangkok, Thailand may be perfect for you. Known for its quiet spaces, Naplab caters to entrepreneurs who need some serious focus time.
As the name suggests, this coworking spot includes a second level designated solely for – you guessed it – nap time. Yes, this space has individual bunks and pods where its members can retreat for a nap to recharge their minds on-site.
If it’s a retreat you’re looking for, then you can’t go wrong with Dojo – the tropical coworking experience in Bangkok, Thailand. It’s most unique feature? Take your pick between the open-air conference areas, private poolside nooks or the mere one-minute walk to world famous Echo Beach.
In addition to the resort-like atmosphere for working spaces, Dojo also offers extended stay options. Yes, they have rooms you can rent for an overnight stay, making it a great place to plan a company retreat.
Want to shuck the whole concept of an office in general? Coboat in Providence Mahe, Seychelles will definitely get you there! The concept? Coworkers can book their stay on the Coboat, sharing working space on an enormous catamaran as it sails around the globe.
All of the essential working space necessities are included (high-speed internet, tech gadgets, etc.), as well as ever-changing high-seas views. The concept allows coworkers to stay connected while simultaneously embarking on coastal adventures and truly fresh air thinking as they detach themselves from the mainland for weeks at a time.
If you’ve ever considered trying out a coworking space for your business, you’ve likely heard several “myths” surrounding them. There seems to be a lot of misconceptions and confusion out there in regard to shared spaces, but the truth is, most offer invaluable benefits when compared to traditional spaces. To better understand what coworking spaces are (and if they’re right for you), it helps to know what they aren’t. Here is a look at some of the most common coworking myths and why they are debunked:
Since coworking spaces are a relatively new (but rapidly expanding) concept, it’s easy to understand how some may be confused as to what they are and who they are for. Somewhere along the way, coworking spaces have gained a reputation for catering only to those who are freshly entering the working world or only in specific areas of interest.
The truth is, coworking spaces are offered across the globe in record numbers and cater to all individuals and businesses. In fact, most spaces pride themselves on incorporating a highly diverse group of professionals in their spaces. Keeping a workplace community with individuals in all stages and areas of business offers members an unparalleled set of resources in the same space.
While it’s true that coworking spaces provide fantastic social and networking opportunities on a daily basis, you don’t need to worry about privacy or space to work on your own. Since most spaces offer private office spaces, cubes, or designated quiet areas, there’s always somewhere for those who wish to have a more solo experience as well.
Many people assume that a coworking space will limit their accessibility to things they need. This, however, couldn’t be further from the truth.
With coworking spaces, you’re free to come and go as you please – meaning, you create your own hours. As you continue your coworking membership and get to know others in your shared spaces, you will begin to mesh out a schedule that works best for you and doesn’t interfere with anyone else in the space.
Another myth is that coworking spaces run like rental properties and leases, requiring you to sign a designated contract ensuring you’ll stay for a specified length of time. Since this can be quite a detraction for those who need flexibility, many swear off coworking spaces before they even get inside the door of one to check it out.
The truth? While there are likely some spaces that operate that way, most coworking communities are designed specifically to help those with flexibility needs. Meaning, the majority of shared spaces offer many different tiers of membership options that allow you to utilize the space only as you need it. In other words, most offer simple pay-as-you-go options that require no long-term contracts.
While all spaces operate under their own policies and procedures, you’ll never know if they’re right for you unless you chuck the myths and check them out on your own. Ask someone who participates in coworking spaces or take a visit of a nearby shared community – those are the best ways to debunk the myths and find what works for you.