Category: Business

Business

Business Advice for New Entrepreneurs

Author ByCFI.co Blogger
Business Advice for New Entrepreneurs
Source: https://unsplash.com/photos/3fPXt37X6UQ

Starting your entrepreneurial journey can be full of excitement but also full of uncertainty, especially if it’s your first business. Learning everything from market search to figuring out finance and logistics can get overwhelming sometimes. If you’re on your way to launching your first startup, we’re here to help. Here is the business advice for new entrepreneurs:

1.   Make a Business Plan

As Tory Johnson said, a simple business plan is often the best approach in the beginning stages of developing your organization. Every startup needs to have a solid business plan before starting. This in-depth document details your business model, target audience, market segmentation, cost distribution, and pricing strategy. It also summarizes the core values and mission statement, setting clear objectives for the future of the business and holding you accountable for your goals.

The comprehensiveness of your business plan can vary depending on the nature of your business and the owner’s preferences. It can be as short as a one-page report or an entire document. No matter its length, a business plan will help you gain external finance as it can be used to get loans from banks or other financial institutions. A well-drafted plan can even help you create your pitch to potential investors and gain that investment for your business.

2.   Networking

When your business is starting, your network can be your biggest asset. It would be best if you did not treat your competitor businesses or market leaders of your industry as adversaries but learn from them instead. They have years of industry experience and crucial knowledge of market trends. You should network with the team at your competitor’s business and learn from their experience to avoid making any mistakes in your entrepreneurial journey.

To establish your presence in the market, you should take the time to cultivate relationships with your customers. This will help you establish customer loyalty and get consistent orders for your product or service. Word of mouth referrals can help you gain more clients over time and is the most affordable marketing strategy for new businesses.

3.   Learn About Finance

Finance is the lifeblood of every business. As a new business owner, learning about finance is essential to help sustain the cash flow in your business and protect your business from any monetary theft or fraud. It would help if you considered investing in books or online courses that can teach you fundamentals of financial sourcing, basic accounting like financial statements, cash flow charts, and differences between purchase order and invoice, as well as other core concepts. This knowledge will enable you to let your startup thrive financially.

Learning about finance will also help you gain your initial funding or startup capital through seed funding or investments. This can help you gain finance for starting out or even expanding your business in the future.

4.   Hire Professionals

When your business is starting, hiring a professional to assist you with the business launch can ensure that the launch goes smoothly. Opening and operating a business is not an easy task, and professionals have years of experience on their hands to help guide you through the process. They are also aware of your industry’s federal and state regulations. This assistance can help your business become more compliant with the legal rules and help avoid any potential lawsuits in the future.

Endnote

Starting a business requires a great deal of effort. However, it can be easy if you have the right mentorship, a business plan, and your finances. There is no harm in seeking professional help to kickstart your new venture. This will help delegate your workload and ease off the work burden.

Business

What to Expect from the Real Property Market in Dayton in 2022

Author ByCFI.co Blogger

2021 truly turned out to be a great catch for Dayton realtors. The real estate market saw a record-shattering year, quadrupling the 2011 sales. Single-family houses are trending here, the market itself proves to be client-friendly, offering relatively low prices.

Real Estate

This very inexpensiveness draws buyers like bees to a honey pot. But what surprises the most is how, despite all this, Dayton still succeeds to stay in the focus of many hunters on real estate and attract investors. Indeed, everyone in the field (both investors and buyers) has increasingly been aiming at small markets with lower prices over the past few years.

There are not so many smaller markets that have experienced high increases in rent, but Dayton is definitely one of those which enjoy the rise in numbers. Even though we are said to observe the continuation of this trend, and sales prices may face some sort of a decrease, this year still has a great possibility of becoming another bunch of records.

Dayton is a city in Ohio, actually located in the southwest of the state, in the Miami Valley (or Greater Dayton metro area). The city, despite its sizes, which are relevantly small, has a complex economy fueled by such industries as manufacturing, aeromechanics, agriculture, logistics, government, military, automotive, etc.  Many projects in economic development are constantly being implemented here, and a vast number of big companies have their headquarters located in the city.

It is 14% cheaper to live in Dayton as compared to the national average; due to the interstate major roads permeating the fabric of the city, more than half of all the Americans may reach it in only one day; there are a lot of places to visit, views to see and things to do. So if choosing where to establish a realty company in Ohio, the city of Dayton wouldn’t be a mistake.

The city is one of the largest in the state, housing approximately 137,000 people at the moment. Even though the amounts of population haven`t increased a lot, and the pace in Dayton itself has slowed down compared to previous results from 2021, its suburban areas do have experienced the largest rates of growth over the decade, setting a new record mark.

Joblessness is becoming less and less of a problem in Dayton, while the number of people with higher education is growing steadily. Now almost 32% of those living in the area hold at least bachelor’s degrees, many of which are in the fields of exact sciences. This further enhances the region’s reputation as one of the centres of the exact sciences. After all, there are many universities, colleges and other educational institutions to guard this image (at least five universities appear in mind immediately). The GDP here is over 41 billion dollars. This means that over the last decade it has grown by more than 16%.

The Dayton real property market has many advantages and interesting features, but 2021 became a success first of all for the investors in rental property. Now more households belong to tenants than to anyone else in the city.

Over the last few years, house prices in Dayton have been steadily rising. In general, the average values are now: $129,900 for a home (1 family) and $97 per square foot. But in the end, houses are usually sold at a slightly higher price – $140 000. If you want to settle in the region, the best option would be to buy a house in the Westwood area. The average listing price there is more than twice as cheap ($52,000).

In fact, one of the secrets of the market attractiveness for tenants is that housing prices are relatively low, while the proportion of price to rent keeps rising. And, to put it mildly, there are not that many cities where a social security check can easily cover your rent. But Dayton can rightly boast of offering such an opportunity, even though there was a slight leap in rents over the last few years. That makes it special. On average, for living a month in a home with three bedrooms you would pay $983 here. That’s the median rent in the city. The cheapest offers in the neighborhood are even less than $750 per month, while the highest reach $1,650 per month.

The affordability of housing and the dynamics of changes in prices are the main components that investors should take into account when they decide whether to enter the market or not. This analysis over the long run can suggest what to expect in the possible future, as well as present a broader picture of prospects. The housing affordability index (median family income compared to the median price of a house) may also give you a useful hint. But keep in mind that affordability does not always entail the purchase of real estate. We have already said about some special features of the market in Dayton, and one of them is that more people here would rather rent than own, so most households now belong to renters. Therefore, all factors must always be carefully considered. According to the latest data, the average family in Dayton can easily afford to pay for housing without any significant difficulties.

Dayton, the historic land and the birthplace of Orville Wright (world-famous inventor) is increasingly becoming not only an interesting place for tourists to visit but also one of the most comfortable cities in the United States to live in. Prices here are relatively low, the life is inexpensive, and the city is one of the most favorable for business and career growth. There are more than 300 miles of different biking trails in the area, dozens of cozy parks, and thanks to Dayton Art Institute the city became an outstanding art destination.

That’s all about the real property market in the city of Dayton, which certainly still has much to offer in 2022.

Business

What is the connection between tokenization and your PCI compliance?

Author ByCFI.co Blogger

The payment system has been one of those that has been developing steadily and progressively for decades. Each era has brought some changes in its development from cash registers to online shopping, from coupons to credit cards. Currently, the priority issues are the security of data and confidential information of buyers and customers. The following article is chiefly related to this issue.

What is the connection between tokenization and your PCI compliance

PCI DSS is the international attempt to solve this problem and to create a standardised and appropriate system. There are many different ways to make your organization meet PCI DSS requirements such as tokenization, encryption, network segmentation and many others. Each has its advantages and disadvantages, but while some remain a well-known method, others are a mystery.

Tokenization is usually the way that raises the most questions and doubts, including what token compliance meaning is, how it affects PCI compliance and one of the most common questions about how it works.  In fact, this method is one of the most effective, as it minimizes risks, allows you to be flexible and, moreover, in some way may even be called a PCI assessment solution.

The best idea is to start with the definition. So, what is tokenization? To cut a long story short, it is a process in which confidential data is replaced with a non-sensitive element called a token. In case when someone wants to get to the confidential data token is preventing him from doing so. In other words, the token is a barrier between your private data and cyber-scammers.

The token is the replacement of data with random symbols and signs, as it is forbidden to store such data as identification numbers or bank accounts in their original form in the network. It is the token that guarantees the inviolability and security of data. This is especially noticeable during online transactions in which the card is not physically used. Due to tokenization, information about the cardholder and other personal data does not appear and is not used in transactions as well. With the use of a token, information is not stored in online databases, because it does not even have contact with it. The token guarantees security both inside the system and during the transition from one system to another.

The token does not store any confidential information that has been replaced by other random characters. Imagine a situation where cyber-scammers managed to seize the token. Even if it happens, he will not be able to seize any confidential data about either card or its holder.

It is very convenient, easy, fast and flexible to use the token. It can be simply created with a credit card. The transaction process is as well quite easy and very fast. In fact, the original information is stored in special repositories, which are under a strong system of protection. Such repositories are called vaults.

There are several types of tokenization in payment systems. Most common are Acquiring Token, Issuer Token, and Payment Token. According to the PCI DSS, only card numbers can be tokenized, passwords and CVV2 are not subject to tokenization. In addition, PCI DSS requires that tokens should be generated at least one in a million. Rainbow Table is one of the most popular and well-known methods of token data capturing.

But safety is not just an unpredictability. At least this whole protection system is much more complicated than it might seem. to be considered safe enough, token-based PAN must be nearly impossible to predict (with the probability of success being incredibly low, more than one in a million actually). And there is no instrument to capture such data (and to hack the cryptographic hash functions) that enjoys more popularity than Rainbow Table.

There is also an official set of recommendations on how to determine the value of the tokenization product. The first thing that is mentioned is, again, the extremely high importance of confidentiality. If an outsider had access to the PANs, it could be considered a disaster because it would seriously threaten the whole affair. There is a clearly defined data environment of the cardholder, and its “borders” must always be adhered to. The entire structure of the system must be in the internal network, protected from suspicious elements and the traffic which has not been verified. Anything unwanted should be discarded to keep the system isolated. This raises the question of trust: only complete confidence in the message can be considered a condition for his omission. Anything that raises doubts should be strictly prohibited from reaching the system. If you have a need or desire to store the information in one place (or if you would need to transmit it), care must be taken to ensure that it is encrypted. The most reliable way to do this is through the AES-256 algorithm. It has already stood the test of time, so to speak. Care must be also taken with means of access and identification. Monitoring safety and compliance with all conditions (clearly defined in PCI DSS Requirements 7 and 8) are extremely important. Everyone who needs to have access should have a unique identifier. This will weed out those who shouldn’t have access and strengthen protection. It is necessary to protect the system from cyber-attacks and harmful influences. Data should be deleted periodically, but this process should be determined by the special preservation of the necessary data policy. It is important to take into account everything that passes through the network. It would be good to have a defined procedure for emergency notification of experts on suspicious actions (traffic) to prevent unpleasant consequences, or just to check what is in doubt.

Business

Steps To Launching A Business or Product

Author ByCFI.co Blogger

Every good company seeks to expand their business by either improving their product line or, better yet, introducing a completely new product line to stay in this competitive world. 

Steps To Launching A Business or Product.

It is quite easy to get carried away with your vision of all the sales, notoriety, and success your product or service will bring. But a product launch is not a piece of cake. Just like other initiatives, particularly regarding business, you must invest a lot of time and meticulous planning. Remember, rushing to the market without having proper guidelines would only lead you to catastrophe. Hence, consider the following steps to ensure that your product launch is done right.

 Conduct a Market research:

First-ever step to product development is to conduct market research. Examine your client’s most common queries and complaints to see where your current services fall short. Next, examine the evaluations for past products to determine what people liked and didn’t like about them. Remember that your best sources of information are your current consumers.

The data you collect with research is quite beneficial whether you’re targeting new or your existing customers. For instance, you may use this data to create buyer personas, which would assist your marketing, sales, and customer care teams steer a product’s launching in the appropriate direction.

2. Verify your Product:

Once you have done your market research, see if you can verify the concept of your product. See if your product solves the problem that it is established for; also, why would anyone choose your product over a competitor’s. Make sure you have an answer to every relevant question raised to verify your product.

Remember, your existing consumers are likely to be comparable to prospective customers, studying what they need in a product to solve their problems. Doing so will offer you an overall idea about the market. Hence, it necessitates inquiring deeply regarding your business, your company’s objectives and, of course, your audience. 

There is really little originality in the ecommerce business. Therefore, your product will probably not be the only one that addresses the same customer needs. However, a good product will not only benefit your consumers, but it will also stand out in the crowd.

Your goal must be to address a specific problem better than everyone else for a specific target. Look up to your competitors. It’s critical to inquire what and how they are doing things differently and effectively, yet addressing the same problem as you are to your customers. Adapting a competitor’s idea of marketing is standard practice. However, you can alter it according to your preference, improve it, and make something new and unique out of it, which demonstrates why yours is superior to everyone else’s.

3. Come up with a Go-To-Market Strategy:

Next, you would need a Go to Market strategy, to begin with manufacturing your product. It is said to be the selling plan of your product at launch. To execute the plan successfully, look into the following: 

  • Ensure that both the strategy and the product are supported by everyone from high management to the business interns. Because launching a new product requires a lot of time and work from multiple teams.
  • Ensure everyone understands their responsibilities and your expected product’s ROI. Also, determine the success measures and values.
  • Managers should develop key performance indicators (KPIs) for their own teams.
  • Consider the resources you have available before launching a new product. 
  • Create a detailed budget that includes everything from personnel requirements to paid marketing expenses, and outsource or hire tasks as required. 
  • Create a personality and some phrases and buzzwords to convey your message effectively. 
  • Begin with crafting ads, social media messaging, and sample blog entries to see what sounds good and what does not. 

4. Establish a Pre-Launch Stage:

Planning your go-to-market strategy is how you create buzz. However, to scale a new product, you will need new clients as well. Hence, start posting the content you prepared amid the planning stage of the product launch. Producing videos, landing pages, blogs, and social media ads takes effort, but releasing and promoting them takes less. Hence, doing it beforehand would save a lot of your time while hitting the market hard, even before the product launch. 

To establish a pre-launch stage, consider the following:

  • Invest money in well known publisher affiliate connections. 
  • Explore and experiment with new channels; you might find a channel that performs better than you anticipated.
  • Make a daily/weekly/monthly posting schedule and present it to your marketing team. Utilize infographic Free PowerPoint Templates to ensure you produce an effective presentation to keep everyone on board.
  • Throughout your pre-launch campaigns, you can reward buyers with discounted pre-orders, free trials, prizes, and other advantages. 
  • Invite the social media influencers to try your product and provide feedback. 

For ecommerce firms, social proof is crucial, and obtaining it prior to launch can be extremely beneficial. Therefore, ensure you attempt to get as much attention as possible.

5. Create the Following Product:

It’s critical in ecommerce to build incremental value over time. New goods are an excellent approach to combat customer churn by re-capturing the lost consumers and engaging with the existing ones.

Once you have launched your product, continue to collect feedback, especially during the first few months after the market launch. Learn about what works and what doesn’t. Seek if the product addresses the issues it was created to address? Did it bring up any new possibilities?

Getting feedback from the customers will help you pivot or alter components of the current launch, as well as inform the creation of the following product.

Conclusion:

The above discussion, if considered, may lead you to have a successful product launch. Keep in mind that people would engage and want more with new items that continue to discover inventive answers to their challenges. Therefore, if the product launch goes well, your loyal consumers may become passionate followers, and new customers may become repeat customers. 

Business

5 Ways Partnering with the Best Bank Will Boost Business Growth

Author ByCFI.co

Did you know that 82% of businesses fail because of cash flow problems? That’s right; not because of management issues or unfair laws, but stalled cash flows. In times of financial turmoil, only a reputable bank can get your business out of the doldrums. It’s unfortunate that most business owners don’t quite understand the importance of having a reputable bank as a partner. In fact, about 26% of small business owners don’t have separate accounts for their business. This begs the question, is partnering with a bank really good for business growth and prosperity?

To answer this question, we’ll be highlighting a few ways teaming up with the right bank can take your business to greater heights.

1. The Right Banks Enhance Your Professional Image

Having the right bank as your partner helps enhance your corporate image. Investors associate specific banks with high-level and successful businesses. Partnering with such banks will automatically put you in the big leagues, or at least give off the perception.

What’s more, a separate business account is a clear indicator that you’re open for business. Failing to separate your business from personal affairs is a huge turn-off for clients and investors. Not only is it unprofessional, but also makes your business look illegitimate or temporary.

Having your business name on checks and financial statements shows that you’re here to stay. Avoid giving off the wrong impression by using your personal account for business transactions.

2. It Offers Commercial Loans

Unexpected financial emergencies or shortfalls are common in all businesses. As mentioned above, this is what brings most businesses to ruin. Thankfully, banks offer business loans that can help businesses fill in financial gaps.

You can use business loans to buy equipment, pay suppliers, or even fulfil payroll. You can even use the loan to buy real estate property and expand your business. Commercial banks will be more than happy to give you a loan provided you meet their qualification criteria.

Small businesses are the biggest winners because of small business loans from the government. The United States Small Business Administration has developed various loan programs for small businesses. They can access these loans through commercial banks and get the funding they need.

The SBA guarantees these loans, meaning that businesses with less than stellar credit scores can apply for these loans. However, the first step is to partner with a commercial bank to get the green light.

3. It Keeps Your Money Safe

The biggest benefit of partnering with a reputable bank for your business is that they offer a safe place to store your business cash. Banks offer both checking and operating accounts for your business.

A checking account will hold money that your business will use for completing payroll and paying payroll taxes. An operating account, on the other hand, holds money that finances the business’s daily operations. This may include paying suppliers, rent, or energy bills.

These different types of accounts help you manage business finances in check. It also keeps your money safe from theft or fraudulent transactions.

4. Banks Offer Lines of Credit

Sometimes your business needs financial help, but taking out a large loan means paying hefty interest and other fees. If you want to sidestep interest, you should consider opening a line of credit. A line of credit allows you to borrow a specific amount and repay it when you get payment from your client.

Let’s say you have a line of credit of 10,000 pounds. The bank allows you to withdraw any amount not exceeding 10,000 pounds. You then pay back the amount when your business receives payments for pending bills.

Lines of credit allow you to borrow only the amount you need, not a large loan that attracts hefty interest fees. Over time, you can save a bundle in interest fees; money that you can use to grow your business.

5. They Provide Debit and Credit Cards

Did you know that commercial banks offer debit and credit cards for businesses? That’s right, businesses can apply for debit and credit cards with their checking or operating accounts. You can use this credit card just like you would your personal one.

A business credit card can help you manage short-term expenses and keep your business running. It also helps you manage costs, spread cash flow, and make timely payments. The best part is that it comes with incredible rewards to help save you money.

However, it’s worth noting that business credit cards are only for business use. Using it for personal reasons violates the terms that the banks stipulate. This could result in dire consequences for your business account.

6. They Offer Priceless Advice

All business owners face the monumental task of managing their business’s finances. However, this is easier said than done, given the unpredictable nature of business. Banks can step in to give business owners valuable advice on how they can maintain cash flow and boost their profits.

The right bank can offer crucial advice on taxes, insurance, payroll management, and even retirement accounts. If you partner with the best bank, you can get insights into business growth strategies to take your business to the next level.

They will also help you set up digital payment methods that are automatically reflected in your business account. This will help streamline payments and ensure consistency between transactions and your bank account.

7. They Offer Workshops and Seminars

Banks frequently hold seminars and workshops where business owners can learn about money management and growth in their industries. They also learn about solid financial strategies and how to expand their networks. These events are a great avenue to learn and grow your business for increased profitability.

Bank Partnerships for Accelerated Business Growth

Partnering with a reputable bank is one sure-fire way to spur business growth and increase profit margins. However, you need to find a trustworthy bank that aligns with your goals and vision. Open a business bank account today and propel your business to greater heights.

Check out our wealth management section to learn how you can make good use of the profits you earn from your business.

Business

What You Should Know About Executive Recruitment and Working with Recruiters

Author ByCFI.co Blogger

The executive recruitment process can be complicated and time-consuming, with everything from searching for the right position and interviewing to making the right choice for which executive position will best meet your needs. This process isn’t usually something that’s complete overnight, so it’s important to be prepared for what the process will bring, with tenacity, and focus on what you need.  

What You Should Know About Executive Recruitment and Working with Recruiters

If you’re already discouraged, take heart knowing that executive recruiters have been doing this process for years, and they’re ideally suited to offer insight and support that should get you through the recruitment process quickly and painlessly. These tips will help you optimize your executive job search process and get you the right executive position as soon as possible.  

What Sets Your Brand Apart?  

Before you search for candidates, first look at the market to understand the range of opportunities currently available. Then, focus on your brand. What sets you apart? What might a company love or hate about your resume, your social media presence, and your reputation? Also, look at how you’re already positioned among your fellow candidates.  

There could be a wide range of reasons you have negative vibes following your personal profile and online platforms. Whether you’re using a recruitment service or handling the process yourself, be prepared to address any issues. Also, be transparent about why you’re the best candidate for the executive-level position.

The reasoning may not be as logical and obvious as you think. Communicate why you are the quality solution to bring the level of performance, versatility, and high-powered relevance they need. Show you’re excited about the opportunity and what you will do to make a difference. 

Is a Recruiter the Best Solution?  

The recruitment industry is a billion-dollar industry and rising, with 3-15% of all jobs being filled by recruiters. So recruitment works most of the time. It’s just a matter of whether a recruiter will get you the right solution for your needs and how long that process will ultimately end up taking. To get the best possible options for your needs, you should be upfront about what you’re looking for but also what you’re not looking for.   

Beyond setting the groundwork for a successful relationship with your recruiter, keep the lines of communication open and build a relationship with them. It might take a while for the right situation to appear, but if you’re patient, you may find what you’re looking for. There’s really no guarantee that your search will be successful, even if there are positive signs. That’s where the positive attitude, tenacity, and continued professionalism all come into play.  

Be Upfront About Employment Flexibility 

Flexibility is a key focus for executive candidates. Now, as many as 55% of global businesses offer some capacity for remote work and 18% of workers are remote full-time. There’s still a great deal of uncertainty in the marketplace about remote, hybrid, and in-office work. Your ability to be flexible may be an important consideration, or it may really not matter to you at all.  

Regardless of how flexible you will be, you should be upfront with prospective recruiters and employers. As you search for the right executive-level job to meet your needs, address the remote situation, and be clear about your expectations. Think about what you will need the position to be and become both now and in the future. Then focus on that as you work through the recruitment process.  

If it’s a give and take, how are you uniquely qualified to fill the position, and how does your need for flexibility fit into that requirement? You’re offering value, but how can you make that aspect resonate with recruiters and employers? They can’t rely on empty promises, so what have you done in the past that proves that you will deliver the level of expertise and true value they need? 

Do You Need Focused Help?  

A recruitment agency may offer generalized executive recruitment services, or they may specialize. Depending on what you’re looking for, you may be better served by a recruiter who is already experienced in your specialized area. If you’ve tried a more general recruitment service in the past without luck, you might try a more specialized recruitment option, and vice versus.  

Simplify Your Recruitment Process 

Simplified job applications and a streamlined recruitment process make life easier for everyone involved in the employment situation. Whether you’re proceeding with internal recruitment, you’re using agency software, or you’re using a recruitment service, you need a simple solution that will speed up the process.  

The recruitment process doesn’t have to be painful or time-consuming. Most of the information you should need to make your decision should be easily accessible. So, you should be able to figure out the best solution in a streamlined and straightforward manner. Don’t let the process drag out and don’t make it more cumbersome than it needs to be.  

Use Technology to Your Advantage 

HR recruitment software and other tools make it fast and easy to search for and process executive candidates. Avoid the headaches, the indecision, and the back-and-forth. The best recruitment software not only streamlines the hiring process but also offers training and onboarding solutions to get everyone up to speed.  

If you’re not sure where to start, rely on the sage advice of recruitment professionals. They can usually guide you through the initial steps of the process and assist you in navigating through all the complications that technology, lack of knowledge, and other roadblocks may put in your way. The common goal is to help you get up and running as quickly as possible.

Business

7 Great Reasons to Start a Business Right Now

Author ByCFI.co

They say if you do what you love, you’ll never work a day in your life. But, a recent study shows that small business owners tend to work longer hours than the average employee and take less frequent holidays.

The same study also tells that, even with these factors, people are 80% happier than before they jump-started their own business. The major benefits of being your own boss are having control over your work/life balance, as well as more time for family. These are the factors that contribute to happiness. 

If you’re looking for reasons to start a business, look no further. From personal growth to financial independence, there are many reasons to start a company. 

Keep reading to learn seven key reasons to start your own business and how you can put the gears into motion. 

1. Focus on What Matters to You 

Starting a business means that you get to choose what industry you want to focus on. The best part is, you can focus on what you really care about. 

You might see a gap in the market for a specific product, or you see services that are lacking in a particular industry. The options are endless but what is important is that you choose what matters to you. 

This is where you can brainstorm some of the dreams you’ve been thinking about. Dig deep within yourself to discover your calling. This way, even when your work feels like work, you will maintain your drive and motivation. 

2. Become Financially Independent 

If you want small business success, there is no doubt that it will take a lot of hard work, perseverance, and setbacks. You might not reap the financial rewards of your work right away, but with time, they will come. 

When you work for someone else, you earn a salary and eventually accumulate a retirement fund. For the most part, you are required to do the work if you want to get paid.

With a business of your own, your wealth can accumulate in a variety of ways, long after you’ve stopped working. You can have a team that ensures that work is done when you’re not there. Or might have property where your business is run that accumulates market value. 

You have a higher chance of becoming financially independent as a business owner than an employee. 

3. Create and Manage Your Own Schedule 

Being your own boss means that you don’t have to sit in rush-hour traffic to get to your office, only to be pestered by someone about your tardiness.

You can schedule your workday to suit your personal needs. You might lack creativity and enjoy working in the evenings. Others thrive in the morning and enjoy an early finish to the day. It will be completely up to you to organize your work. 

That being said, without someone to hold you accountable, you also have to be self-motivated. Create a schedule that works for you and honour it as your own boss. 

4. Build an Office Anywhere 

Working from anywhere is one of the best reasons to start a business. Many businesses are operating with employees working remotely from all over the world. 

When you are running your own business, you can turn any space into an office. This is especially important if you love the freedom of travel. It can also allow you to spend more time with your family. 

All you need is a sturdy laptop and an even sturdier Wi-Fi connection. 

5. Build Your Own Team

Another great reason for starting your own business is having the freedom to create your own team. If you don’t like Bob from the Finance Department, you don’t have to work with him!

You can curate a team of individuals who understand your vision and have the same passion for what you do. They can be old colleagues, previous classmates, or those that you’ve deemed the most qualified. 

If you’re building a team, be sure to get business advice from a financial consultant to help you secure the financial future of your team members.  

6. Take Advantage of Startup Resources 

If you’ve got startup ideas and passion for your work, there are resources that can help you achieve your dream. 

There is a plethora of knowledge available to you to help educate yourself and run a business. Research free courses, webinars, and networking events that pertain to your particular business. 

There are also many funding options to help you get started. Check out how you can apply for a business loan to get you on your entrepreneur’s feet. 

7. Give Back ​​to Your Community

Paying it forward is one of the most rewarding parts of any job. This is especially true if you have your own business and you can support a community or cause that resonates with you.

There are many organizations that lack resources and funding to give back to a specific cause. From education to housing to climate change, there is no shortage of causes that you can put your efforts into. Using the skills that you’ve acquired through building a business, you can organize funding for a special cause. 

This will help you leave your mark on the community and show the values that reflect your personal brand. 

Get Inspired With These Reasons to Start a Business 

Starting a business can seem intimidating. With the right resources and support, you can get your business off the ground and up and running. These seven reasons to start a business can help to inspire and motivate you to do what you have always dreamed of doing. 

Visit our website to open a bank account and start your business off with the right support. 

Business

Smart Strategies to Run a Successful Restaurant Business (Secrets and Examples)

Author ByCFI.co Blogger

In this article, we’ll share some smart ideas for your restaurant you can use to win more clients and separate yourself from the competition.

  1. Integrate online reservation platforms

Online booking platforms are a must-have for restaurant marketing as they help them get discovered by a broader audience and receive more bookings. The most popular platforms to try are:

  • OpenTable
  • Eat App
  • Resy
  • Wisely
  • Table Agent
  • Eveve
  • Tablein
  • Add a reservation link to Google Business

Today, Google dominates online food searches.

When someone looks for a business on Google, they see a profile on the right side of the screen. That is a Google My Business listing. Google created this free tool to help businesses, owners, and visitors.

On top of displaying open hours, location, driving directions, reviews, and photos, restaurants can also add a link and take reservations directly from a GMB page.

Business for Restaurants
Source: https://wpcodeus.com/google-my-business-for-restaurants-guide/

It’s also possible to add your URLs for specific actions such as:

  • Viewing the menu
  • Booking an appointment
  • Searching for items
  • Placing an order.
  1. Implement smart email marketing

Dozens of articles dedicated to restaurant marketing suggest implementing an email newsletter as a great free opportunity to get more clients. But almost all companies, including well-known players, use email marketing. So just sending out a generic email with some news and updates once a month will usually have little to no impact.

However, email still remains an excellent marketing channel if you know how to use it. One of the most crucial things to keep in mind is that you’re competing with other brands for attention in people’s inboxes.

So how do you stand out from the crowd?

  • Send email before b-day to offer to book a table for a celebration

It’s always a smart idea to send personalized emails. By using your customer data, you have a chance to create email marketing that is relevant to clients rather than just acting blindly.

Let’s take birthdays. This is one of the most important days for most people. So it’s very likely they’ll want to have dinner with their friends and family. If you’re smart about your marketing, they’ll choose your place.

So start with recording the birthday dates of your guests along with email addresses when they are making an online booking or receiving a bonus card.

When you have a database of such email addresses, you can send your customers personalized emails two or three weeks out from their birthdays telling them you have an excellent venue for their event.

  • Use a professional email signature with CTA ( book a table or with new dishes)

The email signature is like a digital business card you can include in every email you send. With this signature, you will let recipients know who you are, what you do, and most importantly, what you want them to do (it’s called call to action). Just imagine the number of extra guests you could get to your restaurant if you simply include a link to your menu or the option to book a table in your email signature.

Take a look at the best email signature examples to get a taste of what we’re talking about.

The signature can be easily created with the help of an email signature generator.

  1. Hire a professional food photographer

It’s not enough to write the name of the dishes on the menu or on the restaurant’s website to attract new visitors. You need to take quality, appealing photos so that when people see what you have to offer, they would want to come and try.

Food Photography
Source: https://sallysbakingaddiction.com/food-photography-basics/

Professional food photography is significantly different from what you do yourself: you won’t be able to get high-quality pictures on your phone or camera unless you have a lot of practice styling and photographing. In addition, you need special light, professional equipment, and, of course, artistic taste.

So hiring a pro food photographer is one option that shouldn’t be overlooked, even though it isn’t cheap.

Still not convinced? According to this survey, people specifically look for food photos on restaurant websites and social media. For example, 60% of Generation Z and 55% of Millennials check out food photos on a restaurant’s websites before they decide to order. Furthermore, 50% of Generation Z and 44% of Millennials say they scrapped the idea to visit the restaurant because the food photography wasn’t enticing.

  1. Be in touch with local food bloggers and influencers

Look for influential bloggers that have a large following in your city. The common practice among restaurants is to invite such bloggers to your restaurant and offer them a free dining experience. As a rule, influencers feel their audience very well and can easily find a way to highlight the benefits and advantages of the product or service. According to statistics, 49% of consumers depend on the recommendations of influencers.

Food Blogger
Source: https://www.instagram.com/gemtakesfoodpics/
  1. Best restaurant digital marketing examples

What do Wingstop, Sandwich Hag, and Steak’ n Shake have in common? Hint: it’s not just tasty food on the menu. All have adopted smart digital marketing strategies to grow their businesses. Let’s get inspired.

  • Wingstop

Wingstop, a chicken wing fast-food network, launched a smart campaign where they provide 1,000 branded merchandise items to those who will post on Wingstop’s Instagram. The brand also offered $10 via mobile payment to each user who posts an ad for the restaurant on their public Instagram profiles. The trick might work no worse than inviting bloggers.

On top of that, they announced that twenty-five million consumers are now placing orders digitally. This is 65% of all orders.

  • Sandwich Hag

The restaurant promotes the individuals behind their company to humanize the consumer experience. How can you use it?

The study reveals that 55% of people find stories more persuasive than facts and data. Try posting about what happens behind the scenes in your restaurant, and see how your audience responds to this tactic.

Customer Experience - Food

  • Steak’ n Shake

Everyone knows the importance of email sign-ups. So do Steak’ n Shake. That’s why the company uses its Instagram profile to direct visitors to their email sign-up. On top of that, they add an enticing incentive – a free shake to everyone who signs up.

On their Instagram, you can see many professional food pictures and photos of guests and staff, which also keeps people interested in the restaurant.

Summary

Here’s the restaurant marketing ideas list in full for your reference:

  • Integrate online reservation platforms such as OpenTable, Resy, Eat App, and others
  • Add a reservation link to Google Business
  • Send personalized emails based on customer history with your restaurant and before b-day
  • Use a professional email signature with CTAs (add links to a menu or online booking)
  • Hire a professional food photographer
  • Cooperate with bloggers and influencers
  • Reward your customers for reposts and sign-ups
  • Show what happens behind the scenes to humanize the consumer experience.
Business

The Best Careers in Today’s Economy

Author ByCFI.co Blogger

The careers that were high-paying and stable in years past are not always the ones that are stable and high-paying now. Then, in 2022, if you are finding it difficult to differentiate between the best and worst career options to withstand the fluctuations of today’s economy, here is a list of some of the best careers that you should pursue if you want to make a choice about your career that keeps the economy in mind.

Careers

1.   Teachers

Until the invention of robots that can impart knowledge to others, teachers will always be needed worldwide, whether you decide to train within your country or opt to teach a foreign language abroad. Teachers do not always get a high salary. However, there is a clear career progression that they can follow to become top of their faculty and even to become the leader of the school that they teach in. Then, if you want to help the next generation to learn and to be inspired, you should consider investing in an MA Education from an online university or college. This Master’s degree can help you to improve your teaching skills and to prepare you for leadership positions, opening up roles to you that can offer you a competitive salary and the ability to change the academic lives of the children in your care. One great factor of an online degree, too, is that you can study for this at home at the same time as getting the experience that you need in teaching.

2.   Healthcare Professionals

As well as teachers, other roles that are always required and that are hardy against economic change are those in healthcare. However, people will usually pay more for their healthcare than they would for their education. There are many options that you can choose from in terms of a healthcare career, from becoming a family nurse to becoming a surgeon or anesthetist. These professions can allow you to help those in need and to find meaning in your job while being able to receive some of the highest salaries in the country, especially if you take on a specialist role that requires years of training, such as that of a pediatrician. Those in healthcare are also paid a lot because there is a shortage of healthcare professionals in the USA and across the world. This means that your skills will be in demand and that there will be a wealth of different opportunities open to you in the field.

3.   Tech Jobs

With the advent of technology, along came a host of new jobs to help develop and manage this tech, and these jobs look as if they are here to stay, with new technologies being created all the time. It can be difficult to find and get these jobs, though. Not only this, but it often takes a lot of training and skill to excel at these tech jobs, many of which people have not had time to learn yet. This means that if you do have the right skills, you can scoop up a giant paycheck. However, it is important to realize that by the time you have learned the right skills or gone to college or university, tech might have moved on, and the skills that you have only just got qualified in might be old news and unnecessary now. Then, it is important that, if you want a tech job, you can predict the future of tech and the direction that it is heading in, and continue to learn constantly even if you believe that you have all of the skills that you need to progress.

4.   Financial Worker

One sector that is always high paid and can bring you a great assortment of job prospects is the finance. The finance sector is filled with excellent career choices, such as that of a financial analyst or an accountant, and it is often in demand as many business people, and other individuals struggle to manage the financial side of their businesses and lives. Not only this, but if you excel in the finance sector, you might even consider opening up your own business or becoming self-employed. For instance, you could become a financial advisor or an accountant, working completely for yourself and taking on the clients that you want to. However, if you do this, you must take into consideration that you will have a lot of business expenses, and you may get a smaller salary at first as you have to build up your reputation, client base, and marketing schemes from scratch.

5.   Law

When you are thinking about the best career choice to opt for in today’s economy, you might also consider whether a career in law is the right option for you. Lawyers are in great demand and often open up their own practices, which can help them to make a large salary. However, it takes many years to become a lawyer, and you must be incredibly dedicated to your field to excel in this sector. Being a lawyer comes with a certain level of prestige, though, and you are likely to be able to find endless work through networking events, social media, and advertising your services on your own website. You will often have to choose an area to specialize in, though, and this can be anything from criminal law to corporate or family law, depending on your interests and the option that you think that you would find success in.

Deciding which career to opt for in today’s economy can be difficult. This is especially difficult as it is ever-changing, which can make it even harder to find a career option that can give you the salary and the stability that you need to be content with your decision both now and in the future. However, from jobs in tech to healthcare professionals, there are always careers in which you can excel in and find progression in once you have gained the right skills and qualifications for them.

Business

Recovering Malaysian Business

Author ByCFI.co Blogger

Having reached almost every country across the globe, the social and economic side-effects of the COVID-19 pandemic took root in national economies and businesses of all sizes, as seismic change, tumbling stock markets and rising unemployment necessitated a greater need for rapid response solutions across the globe.

Source: https://www.pexels.com/photo/crop-person-showing-signboard-on-window-5410138/

Data from the period between October 2020 and January 2021 (against pre-pandemic levels) showed that a quarter of companies saw sales drop by 50%, although despite the initial impact, many firms managed to retain workers (around 65%) through reducing wages, hours or by granting leave, resulting in only 11% of companies laying off workers (Worldbank).

Opening Up

Partway through 2020, the Asia Foundation asked owners of MSMEs as to how they were able to navigate the pandemic while staying afloat. At the time, over half of all MSMEs in Thailand, Lao

PDR, Malaysia, and Timor-Leste had either shut down completely or were closed to customers, with Malaysian MSMEs being hit hardest (with just 5% of businesses running as “normal”).

With Malaysian COVID-19 cases still fluctuating, the country is now open for business, albeit tentatively. With disruption to travel still prevalent across the globe and a notable absence of overseas guests, Malaysia’s normally-flourishing hospitality industry has slowed considerably.

Staying Afloat

Other business types have fared better: at  the outset of the pandemic, micro, small and medium-sized enterprises (MSMEs) across South East Asia were relatively quick to respond. Representing between 97% and 99% of all firms and between 60% and 80% of total employment, smaller businesses were able to demonstrate a greater degree of resilience, flexibility and responsiveness, due in part to their size.

However, despite relative success in reducing public health risk throughout 2020, lockdowns had a major impact on households and small businesses alike. Many MSMES reported revenue losses of over 50% by comparison to levels prior to Covid. As with other brick and mortar outlets, low customer traffic led to closures (some permanently). Those which remained open received significantly reduced footfall, with additional limitations due to reduced pay and changes in working conditions.

Moving Forward

In response to the economic crisis, Southeast Asian governments responded by producing a series of programmes to support those most affected by the widespread disruption, including schemes offering financial support (primarily to small businesses). However, as the Asia Foundation reports, in hindsight these could have been optimized to be more effective.

KPMG outlines four stages on the path to recovery for businesses worldwide: the ability to react quickly, resilience, recovery plans and the capacity to adapt to a changing “new reality.” In addition to government support offering  tax-relief holidays and subsidies, lessons learned during previous waves can potentially be used to develop more effective future programmes.

Steps Towards Recovery

From a business perspective, there are three key ways to approach the current crisis. Firstly, a collaborative approach offers benefits to both parties,helping to increase both the reach and impact of two businesses working alongside each other.

Secondly, organizational agility is now viewed as essential to all businesses. Through formulating contingency plans and by preparing to deal with unknowns, businesses are better equipped to steel themselves against further closures. Finally, digitalization can be an effective way to create additional flexibility, though it is not by any means  a complete solution in and of itself.

If you are considering a career shift towards a role in the business sector, studying an MBA Online in your chosen business specialty field can help guide you towards the job you want.