Internet and Business Archive

Passion or Profit: Which Motive Will Make for a Good Business?

Inside an officeSo, you’re planning to put up a business and trying to use your entrepreneurial skills for the first time. You’ve already made a list of products and services to offer. You’ve come up with new business startup ideas. You’ve even drafted several versions of the logo you want to use. But even before doing all this, you must first identify what your purpose is. Ask yourself why you want to start a business. Is it because you want to have your own mansion and a couple of Lamborghinis? Is it because you’re crazy about this product or service and want to share your version of it to the world?

The Profit

Many people who want to start a business are usually in it for the profit they can make. To survive in this world, you’re going to have to earn or make your own money so that you can have your own house, buy your own clothes, spend for food, and all the other necessities of life. You could set a long-term goal and use that as your motivation to earn as much as you can. You can put up a private label business and pour all your efforts into your selling and marketing skills. Go-getters and determined individuals would do great at making a profit from putting up their own business.

The Passion

People who turn their passion into a business don’t usually have it all planned out, at the beginning. It starts out as a hobby or a product they’re really into that soon turns out to be something they can actually make money from because people notice how passionate they are about it and how well it’s serving them. There are some, on the other hand, who intentionally choose to make their passion their business. For example, if you love music, you can decide to put up a music school and use that passion to make a living.

What makes for a good business is generally that which you’ll be comfortable doing. So, whether it’s all about making a profit, or using your passion, determine where your heart lies.  That’s the first step to making your business a successful venture.

Pointers for Ensuring Smooth Business Operations

whole team of employees working togetherA huge chunk of business success depends heavily on the operations. This is the aspect of your business where the product or service is designed, developed, manufactured, and deployed. Any delay, glitch, or dilemma in this section can have a damaging effect on your business. And when that happens, your profit and reputation will be affected.

Ensuring the smooth operations of your business should always be a priority. There should always be a contingency plan to ensure continuity. If you are looking for some ways to do it, you are reading the right article.

Here are some pointers to help you out:

Revamp the process

It is important to know if your current process is causing you to lose money. If it does, you need to revamp it. Doing so will streamline the procedure, remove the red tape, and improve the speed of production. You should also invest in high-quality equipment. Be transparent and promote the culture of honesty.

Ensure continuous cash flow

Cash is the lifeline of your business. It needs to be flowing continuously. Otherwise, the operations will be impeded. You may reserve a contingency fund if you are recovering from past losses or if your clients have not paid you back yet. Other than that, you may want to consider seeking the help of a reliable purchase order finance company.

Get insurance policy

This may sound far-fetched, but it can do a lot of wonders for your business. As always mentioned, continuity is necessary for business. If something untoward happens, your business runs the risk of being stopped, as you will need to address it with cash. An insurance policy, especially the indemnity type, can help you in this regard.

Running a business heavily depends on operations. If you want to improve everything further, you may consider seeking the help of a consultant.

2 Easy Ways to Achieve Success in Business

Businessmen shaking handsA big clash of expectations often happens between employees and employers. As an employer operating on a limited budget, it makes great sense to keep salaries to manageable levels. Your employees, on the other hand, will want more. As a result, they will only hang around because they need to pay the bills.

They will display a lack of commitment to their job, which leads to dismal sales and performance, further reducing your revenue. To avoid such turn of event, you should borrow a leaf from successful enterprises. Well, at least in terms of some of the benefits and incentives companies offer employees.

Hire the right people

Given that employees are the lifeblood of a company, the great ones come at a premium. In most cases, such people are worth their weight in gold. And with the proper terms of engagement, they will deliver in droves.

For instance, it is better to have one superstar sales representative on the payroll than half a dozen mediocre one. If operating on a budget, get a few stellar employees, give them excellent terms, and watch your company’s performance soar.

Again, be sure to have an excellent induction and orientation program to ensure that all new hires hit the ground running.

Create a healthy work environment

Job satisfaction is a great performance motivator for employees at all levels. It is of great importance to make each worker feel valued and appreciated. It causes people to take pride in their job, meaning they bring their A-game always.

They will want to commit to the overall success of the company instead of just being passive. For a company to succeed, all workers must work together like a well-oiled machine.

Employees are the lifeblood that gives your company its ability to meet the needs of your clients, who in turn keep your bottom line. Hence, you need to get the right people for the job and treat them just right.

Things to Remember Before Opening an Accommodation Business

Entrepreneurs talking about opening an accommodation businessTourism in Utah is booming. According to the Utah business website, travelers spent $8.17 billion in 2016 with $1.15 billion translating into state and local tax revenues. And with more improvements taking place, the future seems even brighter for the state’s tourism industry.

If you are planning to open an accommodation business such as a hotel, an inn or bed and breakfast in Utah to cater to incoming tourists, you are right on time. Tourists need a good place to stay as they explore the different cities and towns.

Needless to say, everything has to be in place before the actual opening of your accommodation. Here are a few reminders:

Complete staff

Running accommodation means 24/7 work so having a full staff is a must from the front desk to the maintenance room. The manager also has to be present to make sure that everything is organized and everyone is doing his or her job.

The back office, on the other hand, has to be competent and this means hiring the best accountant here in Utah along with experienced personnel for the financial or payroll departments, as they are accountable for the cash flow. Lastly, security must be tight and available always to ensure the safety of guests.

Adequate customer service training for staff

Aside from covering all departments, all staff members must also be aware of proper customer service etiquette since running accommodation means dealing directly with customers.

Invest in training for your staff before the actual opening and make sure that everyone knows how to handle both local and foreign guests.

Aside from ensuring that Wi-Fi runs in your place of business, make sure that your accommodation website, booking forms and applications must be running online before the actual launch. They also have to be user-friendly and up-to-date with the services you are offering.

Important Aspects to Consider When Buying Used Earth-moving Machinery

Excavator working with earth and sandThere are numerous economic benefits associated with buying used earthmoving machinery. Regardless of whether you are interested in dozers, rollers, trucks or diggers, considering a few paramount aspects could protect you from making an investment whose risks outweigh the rewards. If you want to invest in used diggers for sale in NZ, below is a comprehensive guide to help you avoid pitfalls associated with procuring used heavy machines.

Check the Public Records of a Seller

Acquiring earthmoving machines is exciting for most business people. Even so, you may want to keep your excitement on the leash and first find out what a potential dealer is truly made of. Consider the public records of a company to know something about its stability and chances of being in business for many more years to come. Also, check its client reviews before any money changes hands.

Scrutinise the Title on Equipment

Ensuring a clear title is important. In case the title is not clear, the seller is likely to have a loan attached to the machine, or he or she may not have paid for it in full. In short, in the case of defaulted payments, you might have to give up ownership of the machine to the lender involved.

Inspect Equipment before Buying

When it comes to making a huge investment, it is always better not to make blind choices. You need to examine machines that interest you before any transactions are made. In case you are not well conversant with the mechanisms of heavy equipment, find a qualified operator to help you out with the inspections.

The choice to make an online purchase would have enticing benefits. In this case, start by scrutinising the track records of prospective merchants. Also ensure that you carefully study pictures and descriptions of machines that interest you. Ask for their maintenance records and do not shy from asking additional questions via email before you make your purchase.

Are Ad-Supported Rides the Next Big Thing in Ridesharing?

Woman booking on a ridesharing appThe idea of offering ad-supported Uber rides doesn’t look impossible. This concept, in fact, could be the next step in the industry’s track towards decreasing prices. Offering ad-supported rides that can shoulder part or the entire cost of a ride would lead to a drop in prices and increase market demand and growth. Moreover, the decrease in prices could also lead to various benefits, such as shorter wait times, busier drivers, and more rides.

Tech entrepreneur Andrew Chen came up with an idea called UberZero, a complimentary, ad-supported tier of service that’s more affordable than Uber’s ridesharing service called UberPool as well as UberX. Chen proposes to put ad units on the smartphone of passengers, in the dead time while waiting for their ride and when they’re on their ride. These ad units then connect with the large existing markets for video ads, app installations, and lead generation. Individually or combined, they can make a big dent into the cost of a single ride. Some cases might offer a discount while others could make the ride completely free.

Mockups for Ad-Supported Rides

Chen collaborated with user experience designer Chris Liu to come up with a few mockups for potential ad units to show the feasibility of ad-supported ridesharing. They first looked at tapping into the paid app installs ecosystem. They found it as the most obvious opportunity given that a majority of the $10 billion mobile ad market is from driving app installations. This mockup involves the customer downloading and using an app to get a buck or two off their booked ride. It’s identical to the incentivized advertising model where the user receives a reward for completing an action. The reward, in this scenario, is a discount for an app installation.

While paid apps can offer discounts, the possibility of making an entire ride free is possible with the lead generation mockup. Chen finds this idea an intriguing possibility as it’s common for advertisers to shell out $10 for an email address. Software as a Service (SaaS) and Business-to-Business (B2B) advertisers would even offer a higher amount — from $30 to $50 in some cases. The mechanism for this mockup is straightforward. The advertiser would sponsor the free ride, and the ad would feature a call to action to get the passenger to sign up using his or her email.

Practical Obstacles in Ad-Supported Rides

While these mockups look great, they are not without drawbacks. The most obvious issue is that it’s not feasible to make all rides free all the time. Another issue is that advertisers are not going to pay passengers to install the same apps repeatedly. Obviously, there’s going to be a limit set on these things.

Even if ads can’t completely offer a free ridesharing service, they can at least offer discounts on each ride. Such discounts are vital due to the increasing competitiveness of transportation network companies. Moreover, whether the ride is free or discounted, ridesharing consumers and services stand to gain ground if they are willing to accept the use of targeted advertising.

Speaking of targeted advertising, if you’re looking to advertise within the rideshare community, Rideplay TV can give you what you need to tap into the captive, exclusive demographic of rideshare passengers. Apart from creatively broadcasting your brand, we have an interactive screen that sends text message specials to engage your audience and deliver value and entertainment to the riders.

Visit our website or call us today to discuss your campaign.