Reasons to break up with your business partner

 

There comes a time in every relationship when you have to make the decision to try and work issues out or break things off with your partner. If the spark has fizzled, every conversation turns into a fight and spending time with them isn’t fun anymore, it may be time to reconsider your relationship. The same goes for your relationship with your business partner.

When you first started out, you may have spent endless hours bouncing ideas off each other, but now it’s hard to spend even two seconds in the same room with them. The relationship may have reached a point of no return and you want to quit because you and your partner are no longer on the same page.

Here are some common reasons people break up with their business partners.

Vision

Two people cannot work together unless they agree on a vision. You and your partner should want to head in the same direction. In the beginning, both of you may have had the same goals on where to take the business, but people change over the course of time. And your partner may want to take another route in terms of the business. If you and your partner have different views on how to run the business and the strategic direction of the company, it may be time to call it quits.  

No respect

If discussions with your partner end up in screaming matches more often than not, it might be time to evaluate your partnership.

When you’re in disagreement with your partner, you shouldn’t raise your voice. Even though you and your partner may not see eye to eye on certain issues, there should always be a level of mutual respect.

Judge, jury and executioner

Sometimes things can get out of hand to the point where you and your business partner end up taking each other to court. It’s better to try to settle outside of court, than spend large sums of money on lawyer fees. Going to court will be time consuming, financially draining and stressful.   

Work harder

They say two is always better than one because they can share in the failures and challenges of the business and come up with solutions together. If one falls down, the other can pick the other one up. But sometimes this isn’t the case. In some partnerships, you only get one partner doing all the work.

If you wear multiple hats in your business, while your partner wears none, it could create friction. In order to have a successful relationship, each person has to contribute. If you’re the only one working and you put in more effort than your partner or you contribute more skills, it may lead to conflict and you may feel taken advantage of. For example, if you put in 65 hours a week while your partner only puts in 30 hours, it could breed resentment.

You could have a talk with your partner to explain how their lack of work ethic is affecting the partnership and tell them that if they don’t pull up their socks, you may quit. Because the whole point of a partnership is to help each other carry the load and make things easier for the both of you.

Trust

Just like in any other relationship, trust is important. If you no longer trust your business partner, it may cause friction. For example, the trust could have been broken because they promised they’d do something but always came up with excuses about why they couldn’t. Your word is your bond and If you can’t depend on your business partner, it could lead to frustration.

Stress

People deal with stress differently. Some people use stress to motivate them to work harder and others crack under pressure. Starting a business can be stressful because there are many ups and downs, and you may feel like you’re on a roller-coaster. If your partner becomes negative and despondent about the business, it may be time to reevaluate your relationship. Attitudes are contagious and if your partner is always stressed out, it may affect your spirit and end up weighing the business down.

Inflated ego

If your partner thinks they’re all that and a bag of chips, you could have a hard time building a long-lasting relationship. There’s a fine line between confidence and arrogance. And if they always have to get their way and can’t compromise, your relationship could be headed for trouble.

Irresponsible

If your partner is irresponsible, this could be detrimental to the business. For example, if they use the company’s money for personal use, you may end up in debt. You could end up seeking means to get corporate finance to fund your business and pay off business debts to keep your company afloat.  

It’s normal to have differences of opinion with your partner and to view the world differently. In fact, your strengths can help cancel out your partner’s weaknesses. But if your partnership is a constant battle, it may be time to throw in the towel.

 

Tips for aspiring entrepreneurs

You may dream of being the next Bill Gates and have a desire to build a thriving, successful business. You’ve visualised your corner office, a fat bank balance, and coming to work at noon. And all that’s left for you to move from being a “wantrepreneur to an “entrepreneur” is making a few bold moves and taking action.

So, to help you out, here are key ways to help you start your business.

Make the move

If you don’t build your dreams someone will end up hiring you to build theirs. Nike’s famous slogan – “Just do it” – may have been based on a murderer’s last words but it should be applied to every wantrepreneur who dreams of making it big but is too scared to take the leap of faith. Life’s a gamble and you’ll never get anywhere or start anything if you don’t take the chance.

Vision and mission

Your business needs to have a vision and mission so you know where you are going as a business. When you’re driving to an unknown destination, you need to enter coordinates in your GPS in order for it to guide you. The same goes for your business. You need to write down your vision so you always have something to refer to and to show you that you’re on the right path.

Reputation

It takes years to build a good reputation and one second to destroy it. Which is why you should make sure you provide quality products and services so your business can have a good reputation. If you provide a product or service which meets customers expectations every time, you’ll be able to gain customer loyalty and your customers might recommend your brand to other people.

When you make a promise to a customer, follow through on it. Otherwise you may lose a customer. And if they rant about your brand on social media, it could damage your reputation. Word of mouth can build or destroy a business. Many people have boycotted products because of a negative reputation, which causes the business to fail and never recovers because of one mistake.

Perseverance

When you read many entrepreneurs stories, it seems like they were an overnight success. But that’s never the case. Blood, sweat and tears usually go into building a successful brand. Entrepreneurs should know the climb to success is filled with obstacles and challenges and the key to succeeding is perseverance.

Target market

Who is your target audience? You need to define who you’ll be targeting your product or service to. For example, if you’re selling pantyhose and your market is women, you need to find out what they like and where they buy it? What do your customers value and what do they desire in a product? Finding out about your target market is important because you’ll be able to create a product which caters to your customer’s needs.

It’s important to find out whether your target market will actually buy your product. Just because you want to sell a product and you think it’s a great idea, that doesn’t mean there’s actually a need. Many companies fail because they don’t do enough market research. It’s important to put yourself in your customer’s shoes and see things from their perspective.

SWOT analysis

You need to do a SWOT analysis on your business in order to be successful. What are your strengths and weaknesses, and what opportunities and threats are you faced with? It‘s important to assess your business and find out aspects which will make you thrive as a business. What can you do better than anyone else? What separates you from the rest and what are the things you can improve on? If you don’t do research, your competitors might.

Word of mouth

You need to make sure the word gets out about your product. If only a few people know about your business, you won’t make a profit. Technology has made it easier for companies to make their brands known. You can use social media to get people talking about your product. Facebook, Twitter and Instagram are great tools to create hype and buzz around your product.

Cut down on costs

When you’re starting your business, you might have a tight budget. So, you need to find ways to cut down on costs. For example leasing a car for business use or buying secondhand equipment could help you keep more money in your pockets. It’s imperative that as a business you save money and eliminate any unnecessary expenditures.

A running your own business isn’t an easy feat and it will take a lot of determination and persistence in order for you to succeed. Understanding your business and market is central to building a successful business.

 

What are the most common types of mining equipment?

Despite a slowdown in some sectors in the mining industry, there are still plenty of well paid jobs on offer. You don’t necessarily have to be an engineer to work in the mining industry, there are opportunities for tradesmen such as electricians, mechanics, miners, machine operators, boilermakers and the list goes on.

If you don’t know how the industry operates, it can turn out to be a dangerous environment in which to work. It’s important to have regular training and an understanding of the machines you’re working with. And the way you operate the machines also plays an important role in all aspects of the industry.

There are different types of mining equipment and each one comes with its own set of mining activities. The most common equipment vary, depending on whether the work is being carried out above or below the ground. Or whether you’re mining for gold, metal and sand. From crushing and grinding equipment, this industry comes with all the right tools.

Are you new to the industry and want to find out what it all means? Here are a few of the most common types of equipment used in the mining industry.

Mining drills

This is one of the most common pieces of mining equipment as it’s an important part of the underground mining operation. Underground mining takes place when rocks or minerals are located at a fair distance beneath the ground. They will have to be brought to the surface. Underground specialised mining equipment such as trucks and diggers are used to dig the material. And it’s usually pulled to the surface with skips or lifts for further processing. Drilling is usually required to place explosive charges to release the minerals from the overburden material. Underground mining operations have progressed over the years and they now make use of remote-controlled machinery.

If miners are required to work underground, drills are also likely to be used to ensure the holes are large enough to serve as a portal for miners to enter.

Blasting tools

Blasting tools are an important part of the mining industry and are used to break down and fracture materials. They’re also used to remove pockets of the unwanted material found with the actual mineral of interest. This tool is used for both underground and open pit mining operations. It’s known to be one of the most dangerous aspects of the job. Good blast designs are essential for mining operations to be successful. Poor practices and excessive explosives could result in damage to rock structures and that can cause unwanted caving.

Earth movers

If you’re mining above the ground, earth movers are utilised to carry loose soil on the ground from one place to another. Earth movers play an important role in the mining industry because the equipment is designed to work on big mining projects for a faster and more practical process. It’s usually used for digging, pushing and transporting the earth. You must have a specific skill set to work with an earth mover if you’re an operator.

Earth movers are heavy mining equipment that the industry would struggle to survive without. And they usually work hand-in-hand with bulldozers. It’s usually used for removing overburden of waste material, which enables the excavators to remove the material of interest. The bulldozers, on the other hand, are used to move this overburden material around to create a working surface for other equipment.

Crushing equipment

This equipment is used to crush rock and stone. It’s designed to achieve maximum productivity and a high reduction rate. Mining crushing equipment comes in a variety of different types for a range of jobs.

This equipment is specially configured to break down hard rocks or gravel to a manageable size for transportation or conveying. It’s a valuable piece of equipment in the industry because it reduces the cost associated with the handling of larger sized material. It also ensures efficient liberation of elements in downstream processing materials. In the case of a strip mining operation, the run of mine material is usually transported to the primary crusher. And in underground mining operations it’s conveyed to the primary crusher. This equipment is important to the mining industry because it reduces the use of precious excavated resources and eliminates the amount of material on the site.

These are just some of the equipment needed in the industry. And it’s important to know how acquire finance for this mining equipment. All these common mining tools are important to the industry and will help to get the job done efficiently and cost effectively.

Is your security system infrastructure in place?

security-265130_960_720Security is not always the first thing new business owners think about. In fact, it’s often the last thing they think of but it’s good plan to have in place from the beginning. When you create your workspace there is a lot of administration to take care of. You’ll need to begin setting up your phone lines, internet connection, choosing your furnishings and having the workspace branded. During this time you should begin considering the various security methods you’d like in place. Of course, these differ depending on where you are based.

 

If you decide to rent an office in a building filled with other companies, the security and internet connection will probably be up and running already. If you decide to find an office that is freestanding then you’ll need to set up these things, and more, yourself. This requires you having many long winded talks with your rental agent or landlord. So if you’re thinking about security but you don’t know where to start then here are the basics you’ll need to consider.

 

CCTV

 

Video surveillance cameras are important. They will protect you against crimes such as theft and vandalism, but they also deter prospecting criminals from even attempting to enter the premises. If you install surveillance cameras then you should invest in a video wall controller and recording system so that you may view activities happening throughout your workspace. It can also help to resolve serious employee conflicts and helps to make employees who are working after hours feel safer.

 

Access control

 

Access control systems should be installed at your entrances and exits. These may be in the form of an access tag system, a fingerprint installation or even a simple turnstile. You need to create safety barriers. Making sure access control systems are situated at entrances, exits and any other sensitive areas in your workspace aso indicates to passersby that your premises is secured.

 

Alarm system

 

Installing an alarm system that is connected to your neighbourhood watch service is an excellent idea. This is one of the best ways to ensure your property is protected from a burglary, a holdup or any other type of unauthorised entry. You can opt for systems that allow you to remotely monitor your premises if necessary. Also when these systems are triggered the neighbourhood watch is immediately notified, which means someone will address the problem within minutes of it occurring.  

 

Fire and safety

 

Being equipped to handle a fire and to save your employees in the event of an accident is extremely important. You need fire alarms installed throughout your workspace to detect smoke the minute it occurs. Smoke inhalation can be fatal and as dangerous as suffering a burn. You must have the alarms monitored by an inspection service. If you happen to store hazardous materials on site then you should consider a hazmat kit that will help you clean up oil, flammables and other dangerous substances.

 

There are many different types of security systems on the market. You need to do your research to find out what’s most suitable to your business. Also, consider your insurance and what they require in terms of security systems – they won’t cover you in the event of a disaster or criminal activity if you don’t have the correct cover in place.

 

Tips on improving your business

Why do some businesses fail and others do exceptionally well? Some would blame it on sheer luck and others would blame it on perseverance. The truth is there are many ingredients needed to build a successful company and you need to analyse all sections of your business to see where you fall short and what you can do to improve it. A business isn’t built in a day. It takes effort, hard work, and trial and error to get a business going.

Here are key ways to improve your business.

Help your customers

Author Alan Weiss was quoted as saying, “Ask your customers to be part of the solution and don’t view them as part of the problem.” Listening to your customers is important in building a successful, thriving business. And you can do this by providing your customers with excellent service.

Your business should offer quality service that differentiates it from competitors. The aim should be to offer what customers want and what would benefit them. Don’t just focus on what you want to sell. One way to provide the best service is to put yourself in the customer’s shoes and try to understand things from their perspective.

A key way to find out what your customers need is to create questionnaires to get direct feedback from the customer about the problems they’ve encountered with your product. The questions you ask shouldn’t be complicated. They should be simple questions that could range from, “How easy was it to buy from us?” to “How happy are you with the purchase?”

The questionnaire shouldn’t be long and hard to figure out. Otherwise, the customer won’t fill it out and will feel that it takes too much effort and time.The main objective is to make sure customer expectations are met.

Goals

Setting goals for your business is important because if you don’t set them, your business is likely to fail. Having clear, well-defined goals will make your business grow and improve teamwork at the same time. The goals should be SMART( specific, measurable, attainable, relevant and timely). Smart goals are associated with Peter Drucker’s management by objectives.

Specific – you should be able to clearly define what goals you want to achieve for your business.

Measurable– you should be able to clearly measure the progress of your goal at the end of a specific period.

Attainable – you should ensure the goals are realistic and attainable. If the goals are impractical, you’ll never be able to achieve them and you’ll waste a lot of money.

Relevant – if the objective isn’t relevant to your customer, it’ll be a failure.

Timely – set a realistic deadline you’ll be able to meet. If the goal is to get new clients for your company, make sure you set a deadline that’ll be attainable.

Know your competition

Social media is a perfect platform to find customer complaints about  products or services offered by your competitor. Customers usually use social media as a place to vent their frustrations. Studying the competition will help you find out who their customers are and you can focus on a whole new demographic.

Find ways to keep costs low

Find ways to cut down on costs. You can buy secondhand equipment, such as smartphones, machinery and office furniture, to keep your expenses low.

You can also lease out equipment instead of buying it. Nowadays anything can be leased. You can lease your company vehicles or computers. This’ll save on costs and you’ll also have the latest model. When you lease assets, you’ll save substantially because your monthly payments will be lower. Sometimes maintenance is included in the lease agreement and this could help you save on future costs. For example, if you own a mining company, you could find it hard to finance machinery because it’s expensive. You could lease your mining equipment to save on costs.

Advertising

Advertising can cost a business a fortune. But technology has made life easier for companies because now they can use social media to advertise their products and be able to reach a huge market in the process.

Clarence Francis once said, “You can buy a person’s time, you can buy their physical presence at a given place, you can even buy a measured number of their skilled muscular motions per hour. But you cannot buy enthusiasm, you cannot buy loyalty… you cannot buy the devotion of hearts, minds or souls. You must earn these.”

And you can earn the loyalty of your customers by providing exceptional service and differentiating yourself from your competitors.

 

How to be the best team leader

Many people dream of managing a team of people one day. And there’ll come a day when you don’t just look after yourself every day. You’ll be hiring a team of people and you’ll have to look after them and keep them happy.

Managing a team of people is one of the most difficult parts of owning your own business. All of those personalities and individual needs can be extremely difficult to manage. Here are some tips on how you can become a better team leader.

Take some time off

As the manager of a team of people, it’s important that you take some time off to keep yourself feeling refreshed and interested in your work. And it’s as important that you encourage your team members to do the same. Because, let’s face it, you team members don’t need to be behind their desks all day, every day. Could you offer flextime? Remember, you’re hiring a team of adults, not children and they can be responsible for managing their own time. If one person is unhappy with their conditions, they’ll start chatting to their colleagues and soon that unhappiness will spread. Says motivational author and blogger Beth Ramsey: “A bad attitude from a chronic complaining employee is like a cancer; it will only spread and infect others. This can take your business down in a nanosecond. You must cut out the cancer and invite them to seek employment elsewhere. Quickly.”

Pay your team members a fair wage

Confucius famously said: “Choose a job you love, and you will never have to work a day in your life.” That’s might have been fine for Confucius but your team members have bills to pay. Make sure they’re paid what they deserve and when you’ve promised to pay them.

Treat them like adults

Remember that your team members are not there just to do exactly what you ask of them. They’re not robots. They have friends and family they need to spend time with. They have homes which need maintenance, groceries which need to be bought, doctor’s appointments which need to be kept and errands which need to be completed. Give them time to complete their tasks and they won’t spend their days at their desks, worried about ticking these items off their to-do-lists. Former Xerox chief executive Anne M. Mulcahy says: “Employees who believe that management is concerned about them as a whole person – not just an employee – are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.” And if your team members tell you they want to go on staff training courses, believe them. Trust that they need and want the training and that it’ll be a good opportunity for them.

Know when to lead and when to step aside

The strongest leaders know they need to give their team members the opportunity to take the lead in their work. This allows them to really learn and push themselves. A good leader will know when it’s time to give their team members space and when to step in and assist. Nelson Mandela, former South African President, said: “It is better to lead from behind and to put others in front, especially when you celebrate victory when nice things occur. You take the front line when there is danger. Then people will appreciate your leadership.”

Finance goals for your business

writingWe’re a couple months into the new year. And, so, you’re probably assessing your personal goals and whether you’re sticking to them.

Just like you’re concerned with your own goals, you should think seriously about setting similar goals for your business. And the goals you set for yourself tend to work just as well for business.

In an article about the importance of creating goals for your business and a business plan, Inc says: “Business owners should not fear setting goals or projections because there is absolutely no downside to doing so. Also, it is important to remember that goal setting doesn’t have to be only about revenue. It could relate to innovation, employee retention, service offerings, or anything that is important to enhancing your business.”

Goals have one resolution – the financial success of your business. And of course you want that. Think about these personal goals and how they can be adapted for your business.

Create a budget

This is the first step in finance, both for yourself and for your business. Without it, you won’t know what’s coming in and what’s going out. It’s important as it can help you set goals and plan your future. After all, if you don’t know what’s coming in, you can’t plan for what’s going to happen. Be sure to set up a monthly check-in with your budget to ensure your spending is in line with your income.

Spend less than you make

The backbone of good personal finance goals: don’t borrow money, especially not to pay your bills. When you do this, you’ll always be behind on your bills and you’ll end up paying a massive amount of interest. Your business should only borrow money for the most important expenses, a bond to keep a roof over your head or a loan with the goal of moving your business forward. A loan should not be used to pay salaries or to provide training to staff. They don’t need to attend report writing courses that badly. That can wait for your business finances to be out of the red.

Keep your costs low

In personal finance, this often speaks to the goal of living in the most affordable home and driving the cheapest possible car. In business, this can apply in many different ways. There’s no need to have offices in the most expensive part of town. There’s no need to have a workspace so large that every staff member has their own personal office. Simplifying these facets of usual office life can result in a major impact on your balance sheet with almost no adverse effects on you or your staff.

Steer clear from unnecessary expenses

There are ways every person and business can avoid extra expenses. One example of this is when paying staff members. There’s no need to pay exorbitant bank fees. Rather than spending time and money every month when paying staff, set up automatic payments. In that way, you’ll be saving time and money. Your staff will always be paid on time, so they’ll be happy. And, depending on the bank your use, you could even earn money on your regular expenses by taking advantage of reward programmes. You have a lot on your mind as a business owner, the admin of paying staff members shouldn’t be one of those things.

Make the most of what you have

For personal finance, this means you’ll need to increase your net worth. It’s fairly simple but the process is hard. You’ll need to pay off all your debts and save consistently until you have enough money to never work again. Unless you want to, of course. Business expenses work in pretty much the same way. Pay off all debts and loans. Do whatever you can until you turn a profit every month so you never worry about covering your expenses. Earn enough money so you can cover your expenses, pay yourself a salary and, eventually, reinvest into your business.

Keep an eye on your bank statements

Without this step, you may miss something important. A missed payment, a double debit. These could all mean big problems for the smooth running of your business down the line. The only way you’ll know something like this has happened is by spotting it yourself.

4 things you should know about office relocation

If you’re not able to get the best for your business’ bottom-line in your current location, why stay in the same place and let it hold you back? This is the perfect opportunity to plan for an office relocation. Moving offices is an exciting, progressive time. This isn’t something you do on a whim and it shouldn’t be considered lightly. But if done correctly you could reap many benefits for your business.

As a business owner, you’re always looking for ways to improve results, strengthen your company and put it on track for sustained success and growth. And while there are several strategies and tactics to support these objectives, one of the most effective ways is moving to a different office.

Office relocations happen for many reasons, from company expansion to lease expiration notices. And whatever the reason, it’s often cause for celebration. From changing your office’s interior design to implementing innovative ways of working, office relocations can be the start of new things.

Here are a few reasons why office relocation is a smart choice to make.

Planning for a move

If you’ve decided relocating is the solution, then you should start with the planning right away. The earlier you can start, the better. If you give yourself enough time to either arrange the move yourself or oversee an external company doing so, you won’t feel rushed into making decisions or acting hurriedly. If you decide to conduct the move yourself, make sure you know what you’re looking for, the budget you’re working with and the timeframes you need to stick within.

It’s usually easier to opt for external help but only do so if you have the budget for it. There are companies specialising in office relocation, so they’ll know how to go about finding your next property or dealing with the office interior design. Using an external company ensures that you’re taken care of from start to finish.

Increase your brand awareness

You can tell a lot about a company by looking at its offices. You can see whether they’re young or more traditional. A lot can be learned about your brand from your offices. And moving gives you the chance to update your look along with your brand. Once you move offices, you’ll have the ability to update your aesthetics in line with the message you want to portray about your company. Also, the style, tone and purpose of company branding often change as a company develops. The building, location, interior design and style you choose are factors to consider to create your brand’s tone and portraying the right message.

Cutting down on cost

Your current office location could be costing you more than it should in terms of bills and other expenses. One of the best parts of office relocation is the ability to check your financial outgoings. Look at all the expenses that can be cut to assist with saving money.  You should go through all your suppliers and discover where you could save money. Check your current suppliers and ask for quotes from alternative companies. Look at the office equipment and see what you can keep and what you need to replace. An example where you can save cost is to install an industrial sliding door in your office rather than a glass door. It’s usually cheaper to install and will save you money in the long run. One simple review could result in large yearly savings.

You should also take a look at the technology you’re using. Moving offices is a great excuse for moving to the most efficient and effective systems. It’ll save you and your team time and money. It’s much easier to make these changes when you move.

Grow your company

Once you have more space and a nicer office in a better location, you can improve your workforce. You may have enough space to take on extra staff members. Office relocation opens new doors to improving your workforce. Your company is also likely to look more impressive in the eyes of prospective employees and clients alike. It’s a signal of success and determination.

Moving offices can be hard work to organise and the change can be a big disruption for a business. But alongside that, it’s not a bad choice to make. Helping with the planning and moving is the easiest way to avoid the stresses and strains of relocating, leaving you to enjoy and reap the benefits at the end.

A new office means a new start. Office relocations are never easy but it can be done. And it shouldn’t be viewed as a negative time-consuming task. This is the chance to give your business a revamp, motivate your staff and to review the core values at the heart of your company.

8 Challenges faced by entrepreneurs

You could have a billion rand idea and think the road to getting a fat bank balance will be easy. Well, you could be in for a shock because being a CEO is not child’s play. It means working more than eight hours a day, fighting many battles and making a lot of sacrifices.

Here a eight challenges that you may come across as an entrepreneur.

Hard decisions

It could be difficult to leave your current job and be an entrepreneur if you already have a set income every month to cover expenses. You could find the transition hard. Starting your own business and leaving the safety net of a stable salary is a risk. That’s why you must do extensive research on the business you want to start before you take the leap. Life is a gamble and the higher the risk, the higher the reward.

Homework

Another challenge that entrepreneurs face is they don’t do enough homework on the business they want to embark on and the business ends up becoming a huge failure. An entrepreneur needs to do research beforehand to find out if their business will profit. They should find out if there’s a demand for their product, analyse their competitors and find out where to locate it. Research is critical as it could make or break your business. For example, if you open a restaurant in a place that’s hidden and with no parking space you’re not likely to get customers.  

Time-management

You could think since you’re your own boss, you’ll have free time to play golf and show up at your office at noon. This couldn’t be further from the truth. As an entrepreneur you’ll find yourself wearing many hats and working long hours to get your business off the ground.

As a boss, your schedule will be more hectic than the people who work for you. You’ll be the first in and the last one out the office. The misconception is that entrepreneurs have a lot of leisure time. But entrepreneurs work hard.

Hiring the right people

When you’re starting out your own business you have to find the best people that’ll build your business. The people you hire will have a direct impact on how successful your business becomes. Do a thorough background check on them to make sure they’re people you’d want as part of your team. And make sure to ask critical questions tailored to the position in the interview to see if they’ll be the right fit for your company.

Getting rich fast

When you first started daydreaming about your business empire you probably envisioned customers queuing up to get your product and adding more than six zeros in your bank account in the first month. But the reality is the road to success is often fraught with problems and pitfalls.

Many entrepreneurs get into the business thinking they’ll get rich quickly because they’ve heard of overnight successes but that’s a myth. It takes years for some entrepreneurs to see the fruits of their labour. If you’re willing to put in blood, sweat and tears you’ll reap the rewards. Entrepreneurs have to be realistic and know what they’re getting themselves into. They must also be aware that each financial period is different to the next; there’ll be a lot of ups and downs.

Quitting

You’ll think about quitting more than you think you will. There’ll be tough times ahead and the stress could be hard to handle. That’s why an entrepreneur needs to be prepared for the challenges that could come her way. They must be persistent and know the road ahead won’t be easy. For example, if you have a coffee shop, the espresso machine might break and one of your employees might quit on the same day. It could feel like you’re moving backwards but you have to have a tough skin in order to make it.

Capital

You could have an incredible idea but you don’t have the financing to make it come alive. Lack of funding can be a real challenge to aspiring entrepreneurs. They could look at borrowing from family or getting a bank loan to start their company.

You’re the boss

Yes, you’re the CEO of your company and this might sound very exciting because there’s no one to tell you what to do. But to whom much is given, much is required. You could be responsible for dozens of people’s salaries and ensuring business expenses are paid. A lot lies on an entrepreneur’s shoulders and it can be overwhelming.

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An entrepreneur needs to be at the top of their game and ahead of all their competitors. There are always new trends and concepts that an entrepreneur should be knowledgeable about. They can take a business training course that could help them gain a better understanding of how to run a business successfully.

As an entrepreneur, you should know getting to the top will be a marathon and not a sprint. If you do your research on your idea and put in the hours, your business could become the successful empire you imagined it to be.

3 top things you need for your new business

startup-2188679_960_720Starting a new business takes patience. In order to get things up and running on time, you need to start early. You are bound to spend most of your time waiting on suppliers and service providers to deliver on what you need. You’ve likely spent ample time trying to find the right office space and sorting out your paperwork to ensure your business is legit, so your tolerance levels might be at an all time low. But you can mitigate your annoyance by making contact with those who can give you what you need, right from the start.

 

You need to make lists. This will help you tick off what you’ve sorted out, remind you to follow up with the service providers you’ve chosen and follow up on orders placed for the things you need. This is an admin-heavy period of time in any new business owner’s life but it’s oh-so necessary. The last thing you want or need is to open your doors for business and find yourself disappointing new customers because you aren’t armed with what you need. Starting your business by under delivering to clients is less than ideal and incredibly frustrating.

 

Your checklist is bound to be extensive. You’re likely to sit night after night adding and removing things, but it’s a worthwhile activity. You’re going to feel a lot more organised and you may even feel a sense of accomplishment as you tick the boxes. This is the beginning of a much needed papertrail that’ll stand you in good stead should you end up in unpleasant arguments with suppliers and the like.

 

Here are some of the top three things to add to the checklist and get cracking on acquiring, early in the game.

 

Website and hosting

 

Honestly, nowadays if you don’t have a company website and you’re not online with your business, you’re going nowhere slowly. The world has gone digital. Smartphones and connectivity are high on the priority list of everyone no matter their social standing or economic circumstance. Therefore, no matter who your target market is, you’ll find them easier and quicker online. What’s more, the average consumer expects you to have an online presence. They won’t trust you if they can’t find you on the internet.

 

So you need a website and in order to have a website, you need a proper hosting service provider. You want to look at the likes of HOSTAFRICA which is a premium provider of web hosting. South African hosting services abound online but as a new business owner who needs to get the most bang for your buck, you need to look at a company who can offer you an all-inclusive package. The bouquet of services from Host Africa is well suited to a new business as they will manage your setup and maintain the website at a nominal monthly fee. This is ideal as you can ask them what you need and then sit back and watch them deliver.

 

Build a database

 

Because you have a digital presence, your business needs to operate with a keen understanding of data and how it can help to forge a successful enterprise. Tracking your data and using it to make informed decisions is crucial to your success. This means you need to invest in software and tools that will assist you with pulling reports on how your data is performing. Understanding its behaviour will give you insight into your consumer’s needs and draw a comparison with your competitors. You can educate yourself on the usage of Google Analytics which won’t cost you money but will cost you time or, of course, you can always employ the services of a data analyst or SEO specialist to assist you.

 

Recruitment

 

You will need staff. Whether it’s someone to answer the phone or a bookkeeper or a sales person. You are not going to be able to operate like a one-man show for very long and so a recruitment strategy is key. If you need highly skilled, technical people, it’d be a wise decision to contact a recruitment agency who specialises in placing the types of candidates you need. But this will cost you and this will take some time. You need to set this up as soon as you know who you need and what skill set you’re looking for. It’s best to start up a relationship with your chosen recruitment agency quickly so you can begin looking at CVs while you have the time. Once the business is in full swing, recruitment can prove a difficult task to find time for.

 

Of course, there are many other things that must also be prioritised. But having a strategy for these three in particular, makes for lighter work when you’re about to launch.