Newbie Mistakes In Starting Business You Can Avoid

Starting a business is not easy especially when you lack of experience. Even if you are prepared with the knowledge of how to start a business properly, making mistakes in the beginning is still highly possible. Making mistakes in the initial stage of starting a business might be common. However, that doesn’t mean you can follow the same path. If you know what kind of mistakes most newbies do when starting a business, you can learn how to do it better. Thus, you can also prevent yourself from making costly mistakes. 

Most common mistakes in starting business

Being newbie in business industry can be challenging. It can be overwhelming as well. Thus, it is sometimes inevitable to make mistakes. However, you can also find out what kind of mistakes you can avoid especially in the initial stages of running your own business. This way, you have more opportunity to run a smoother way. Here are most common mistakes of starting business done by newbies.

Newbie Mistakes In Starting Business You Can Avoid

Forgot to protect investment and ideas from the beginning

This is very common mistake done by newbie when starting a business. It is easy to get carried away on searching new products name, innovation, and so on. Once you find the on you think is cool and valuable for your business in the long run, you forget to make it legal. It is important to take care of intellectual property law form the beginning. There is a chance that your new product name might have been registered by someone else while you haven’t realized it yet. You can consult to those who have expertise in law or hire a trusted lawyer.

Choose the wrong location for your business

Leasing should not be taken lightly especially when it comes to business. When you look for a place you can turn into your office space, you should choose selectively. Rent cost is not cheap and it can cause a huge dent in your finance. Make sure to calculate everything from the start. You have to know how much space you need, where you want your location to be, etc. Choose a place that will benefit your business. Ideally, it is great to find a place with great flexibility located around your potential customer base. 

Forget to make separate account for your business and personal funds

Your business may not get affected greatly in the beginning when you mix business and personal fund altogether. However, it will give you major headache in the future. It can cause major regret because mixing up business and personal funds can put you in tricky situations. That is why it is always right to make separate account to manage business and personal funds. It can prevent from major problems in the future. Not to mention that it is a way to protect your personal account just in case something goes wrong with your business. Your personal account won’t get affected and you still have something to hold onto. 

Investments with Long Term Benefits for Your Business

In running a business, failure and success are two possible results to get. Every decision you make has its own risk and potentials you should always calculate thoroughly. It means, every action you make will be impact your business. Therefore, making the right decision or taking action is not something to be done carelessly when it comes to business especially the not you started with effort. It is a must to take decision that has benefit for your business and minimum risks. It is also important to make actionable investments that have long term benefit for your business. 

Investments with Long Term Benefits for Your Business

Making investments with long term benefit

Investment is important part of business. Every action you make can also be considered as investment if it impacts your business. There are many kinds of investments in business and they don’t always have to be about money investment. There are actionable investments you can make to bring long-term benefits to your business. Action is the type of tool that will help your business to grow and move forward after all. Here are the most important of them.

A Loyal Group of Fans

The first one is to build a group of fans. It is important to think that you don’t have to necessarily make everyone your customers right at the moment. It is also good to build trust among your audience to be your group of fans. Building a group of fans consisted of future mentors, partners, investors, leaders, influencers, etc are also important. It is a type of investment that will help your business in the future. There are many ways you can do to build a group of valuable fans. For example, writing quality contents, creating online events, to discuss particular topic of interest, etc. This investment can help you build organic reach for your personal brand in the long run. 

Investments with Long Term Benefits for Your Business

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Connection to Future Customers

The next actionable investment that gives you long term benefit is to talk to your future customers. As mentioned before that you don’t have to make everyone your customers right away. Building trust among your future customers is an investment you should make. Keep in mind that your products and customers are inseparable. No products without customers and vice versa. The right investment when it comes to building trust among your future customers is by interacting as long as possible until your product is released. This way, you know more about something important for your business including brilliant ideas, market gaps, product features to develop, etc.

Having the Right Mentor

The next investment you should make to give your business long term benefit is reaching out the right mentor. You can probably post questions in an online community but it is not enough to be called mentoring. In order to give you the right or more precise advice and guides, it is important for the mentor to know you including your business and background.  Thus, try connecting with more investors, co-founders, potential customers to build a relationship that can turn into mentorship. They are also potential to connect you with other mentors.

Hook Your Potential Customers With Improved Storytelling

Building your personal brand is something challenging that you need strategies to do so successfully. Delivering the right message to show your business worth is not easy. However, it is not impossible if you know what to do. Delivering message to build your personal brand means you should have the right way to deliver the story. Storytelling is important element when it comes to brand building because it is what makes your audience have more potentials to be your loyal customers. Hooking your audiences with improved storytelling has high chance to boost your business. 

Approaches to build your brand by improve storytelling

One of the most effective tools to build your brand is digital media. You can take advantage of it to maximize brand awareness. You can also use digital media to deliver improved storytelling to your audience. Here are several things you can do to make it:

storytelling brand

Genuine stories

Make sure that the story to tell to your audience comes from your heart. Your sincerity should be prominent in the way you voice out your brand message. It is also important to highlight the vision of your business. Thus, everyone can see the potential and value of your business. Authenticity is essential when it comes to building a brand. Do not hesitate to show a bit of the flaws or bad sides. It makes you more real in your audience eyes which make you more relatable to them. 

Remember the human

To inject your brand into society, it is important that you understand the fundamentals of human culture. Do not put your focus on defeating your competitors. Focus more on your potential customers so you can express and deliver your brand message naturally. Not to mention that you have to deliver a message customized and tailored to fit your target customers not your competitors. Recycling or redistributing contents often result in negative ways. 

Listen to your frontlines

Stay in touch with your front lines such as customer service team or sales reps. They are the one who interact with your customers the most. Thus, they have direct experience of how to face customers, know what their most common problems are, etc. By gaining more information for these departments, you have more knowledge of what kind of story to tell your customers to build your brand positively.

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Relatability

Relate the story you tell to personal experience. By delivering personal story, it makes people more relatable. Also, every personal experience is different and unique in their own way. Sharing them with your customers can make them feel more engaged or attached into personal level. You can also share your own experience. It is great to build trust and credibility since you have been there.

Transparency

Be more transparent in delivering story to build your brand. It makes your business to appear more relatable. Do not be afraid of showing some vulnerabilities as well. It can make you trustworthy in the eyes of your customers. Try not to deliver a story you made up. Instead, tell your own story since it makes your brand unique characteristics. 

How To Build Your Ideas Into Products Or Services

As an entrepreneur, you must have come up with so many ideas in your head that sometimes it feels like you are going to explode if you don’t build them into something real quickly. Sometimes, ideas are hard to find no matter how long you think of innovation and creations. In running a business, turning idea into products or services cannot be done randomly or carelessly. The process requires thorough preparation and research because it can cost highly. 

Turning your ideas into products or services

Running a business means you will be required to be more calculated in making a decision as well as solving problems. As for products or services creation, it needs to be done by following the right steps and calculations. 

Value of the Products

First thing first, you need to make sure that your idea will have enough value when it becomes a product or service. You have to test the value of your ideas. You should find out if your ideas of products or services can solve the problems. Then, you should find out the value of problem solution. It is also important to keep an open mind for possibilities that your products or services can also solve other problems. It means, you should not get too attached to one problem to solve. 

Efficiency Test

Testing the efficacy of your ideas before building them into a product or service is essential. It is basic step you should follow no matter how sure you are with your ideas. In this test, you should use an effectiveness scale such as 1 to 5 or 1 to 10 scale. Testing your idea of solution against the problem should result in clear scale. Sometimes, the result can be in the middle and leave you confused of what to do. If your scale is 7 or 8, it means you still have gaps to fill to make it perfect solution. It means, you don’t have to restart from the beginning, unless if your scale is 6 and lower. 

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Cost and Affordability

After making sure that your scale in efficacy test is 10 out of 10, you still need to follow another step, which is calculating the cost and affordability. There are many factors you should consider when deciding the cost. The value of the products and services should be calculated thoroughly from the start. This cost will help you to decide the price tag in the end of the calculation.

The Actual Affordability

Then, affordability is also important to consider. It is not wise to randomly monetize your products and service just because your customers are high-end. You should also consider comfort points to compromise. This way, you still earn the profit without making your customers feeling robbed. The customers will still get the value of products and services as they expected. 

Coming up with many ideas and building them into products and services are not instant process. Launching new products and services require you to make thorough calculation to avoid costly mistakes. Make sure that you consider important factors and follow essential steps as mentioned above.

Creating Positive Customer Experience To Boost Your Business

In business, customers play important role for its growth. In fact, it is one of the keys to successful revenue for your business. Therefore, customer’s happiness is not to be underestimated. Attracting your target customer to make them buy your products or services is not the end of your effort. What you have to do is maintain their happiness and positive experience. Not to mention that happy and satisfied customers won’t hesitate to show you off. They will be happily promote you to their friends, families, and even acquaintances. It’s because they want others to experience the same good thing. 

Positive customers experience to build

The first thing you have to do before creating positive experience for your customers is change the way you think of them. You should start acknowledging their impact to your business especially for a long term effect. Therefore, you will understand what they need and how to satisfy them by treating them the right way. 

It’s All About the Impressions

Customer experience is the impression you leave with your customers. The impression should leave positive impact of how they view your brand. There are many factors that can influence their impression. The two keys are products and people. Customers come to you because they are interested in your products. They will be happy if they buy the product they truly need or want just as they expected. However, the power of people can make them come back. When you serve them with the right amount of attention and care, they will have positive view of your brand in general, not only on your products. Therefore, your business growth can be affected greatly by customer experience. 

Consumers Are Your Marketers

These traditional shops in Ubud, Bali is made famous by customers uploading to their social media

Remember that customers today hold more power than the sellers. There information they can access through online platform so it is not hard for them to compare then choose. Their opinion also do matter for the sellers. If they have bad experience using particular products or service, they won’t hesitate to announce it to the world because everything is accessible now such as social media. Instead of feeling intimidated by their power, you can take advantage of that. Your customers are the best resource for your business growth. You can use their power to build your brand and raise brand awareness. When you are on your customers’ side and you leave positive impression, they will recommend and share their experience with their friends and families. 

Think About Consumers’ Satisfaction

There are many things you can do to find out the level of your customer’s satisfaction such as conducting survey, asking for feedback, or analyzing customer support ticket trends. Conducting customer survey should be done regularly. You can do it after every launching new products and service, or once every three months. This will give you idea of your customer’s experience. You can also ask their feedback to know their opinion of your products and services. Also, ask them what kind of features they want next. Then, don’t forget to analyze your customer’s ticket trends to address issues and increase your customer’s positive experience. 

Exclusive Bali Villas offer Relaxation and Rich Experience

If you consider Bali as your next vacation destination then that is the right decision. Bali is called the island of a thousand temples or also the island of the gods offering a lot of fun to be seen and enjoyed. Unfortunately, there are many pitfalls relating to the type of accommodation for tourists. 90% of tourists who will visit Bali are certain to have the same thought “which hotel should we live in?” The mistake in choosing accommodations makes it possible to add to the cost burden and is certainly more expensive than it should be. So many even thousands of inns, motels, star hotels to exclusive Bali villas, which in fact compete with each other. In the low season, this industry must suffer because so many rooms are not occupied. Now you know how to use it to enjoy luxury and affordable accommodation right?

exclusive bali villas

Magic of exclusive Bali villas

Many people wrongly think that overnight rental rates at Bali villas will definitely exceed the vacation budget. This may be a wrong perception because you do not have the correct information or facts. Booking Bali family villas in groups will greatly save hundreds or even thousands of dollars, especially if you are on vacation for a long time. You need to remember that for hotel accommodation, you only pay 1 room at a price of hundreds of dollars, but with hundreds of dollars, you get full access to exclusive Bali villas.

Hotels are indeed the choice of business people who come and go quickly. This five-star hotel offers comfort with complete facilities such as a work desk, suite bathroom, bar fridge which certainly has burdened your hotel costs. Even if you book an access room close to the swimming pool, it will definitely be more expensive. But if you want to save costs then booking exclusive Bali villas will be a holiday blessing.

You can get a spacious living room and bedroom, semi-outdoor dining room, terrace, kitchen and equipment, and most importantly a private swimming pool. To be honest, your privacy at exclusive Bali villas will be better maintained. It’s easy for you to monitor children who play in the swimming pool area without worrying. There will be no additional fees for the use of villa facilities. The staff will also help you gladly find transportation or find tour guides to many tourist destinations in Bali.

Treating yourself and your family with the luxury of Bali holiday villas allows you to get the highest relaxation and special holiday experience. The villas of a group are usually managed with high standards and staff are trained to meet the needs of guests. To be honest, luxury Bali villas feel more comfortable and homie compared to other accommodations.

Influential Elements for Online Business

Online business has been a promising field nowadays thus lots of people are getting more interested to start it. It is considered to be promising because the technology today can support it well. Internet especially is the main star of online business. It can answer issues customers may have such as shipping, ordering products, searching more info about the services, and many more. The availability of the tools for maximizing online business makes it more approachable. The elements needed to grow online business are available. It is up to you how to optimize them to the benefit of your business’s growth and development in the long run. And one of the most important of all is website accessibility. 

Influential Elements for Online Business

Online business’s growth and development

Website accessibility is not about the access to the internet everyone has. It is more about the way you ensure that all your online content can be consumed by everyone including those with disabilities. Thus, your website can reach anyone who need it regardless of limit your every audience might have. It is true that you have to specify your customer base when it comes to targeting your market. However, it is often that particular group of people are neglected or less targeted. And maybe that’s why online business is promising technique because it can reach audience broader. 

Great Contents Attract Customers

There are many ways for you to reach wider audience and attract them to be your potential customers. The first thing you should come in mind is the content. Your website is like the face of your business. It represents your brand and how you want audience to perceive it. If you make high quality contents relevant with what audience experience or needs then it will help your brand a lot to gain reputation and credibility for a long-term. That’s why creating content cannot be careless. You can pour your idea and thoughts about what kind of content that will increase the value of your brand and relevancy with the products and service. Hiring content maker is good idea because they are professionals who know what they are doing.

Social Media Integrated

Make sure your website is integrated with other media channels such as social media. Thus, the content you posted have more opportunities to be known wider than you thought. Almost everyone now has a social media account they manage through their phone. When they read something interesting or useful, they will not hesitate to share it to their social media. It means more exposure for your brand. It is indirectly good for your business because it can generate leads. 

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Give What Audience Needs

Make sure that your website has everything your audience needs started from special forum, question and answer, your contacts (email address and phone number), the profile of your brand, and many more. The more options you have on your website, the more things your audience can do with while they are visiting. They have more options to choose something that fits their preference and needs. The less option you have, the higher the chance the audience run to another website to find something more valuable for them.

Creating High-Performing Team For Your Business

Growing your business should be taken seriously no matter how small you started it because you want it to be bigger and better. Gaining success in business is not easily achieved either because there are variety of challenges you need to overcome. It is impossible to handle those challenges all alone. That’s why a business can run more efficiently if a team involved. Creating a high-performing team for your business is a challenge as well but it’s so worth it once you are able to do it. 

High-performing team to grow business successfully

There are many types of team you create to boost the growth of your business. For examples, there are working groups where the people working are not dependable or share the same responsibilities in reaching the goals. There is also real team whose work ethic is in more clarity because the goals are more focused and the way of working is more organized. Then, there is high-performing team which aim for elite performance. However, this is not easy to make because personal growth and success are the key for the high performance. 

Creating High-Performing Team For Your Business

Invest in Personal Growth

It is important to invest in the personal growth as well as success of team members when it comes to building high-performing team. In this matter, it is important for you to know and understand professional and personal goals of team members, you can ask your manager to find this out. The one who is responsible to encourage and support the team to achieve those goal is the manager you appointed.

Build Genuine Care to Each Other 

It is also important to build genuine care for one another in the team. The personal growth is based on care and attention. Creating authentic environment with genuine care for your team’s personal growth will help them to achieve their goals successfully.  Every member of the team has their own goal to develop themselves personally. Therefore, you have to acknowledge their goals of their personal growth to understand what they truly want to achieve. For example, not every member of the team has goal to improve their management ability. There might be those who prefer to develop their self-confidence. Thus, it is highly suggested to not assume anything but ask. By asking, you know exactly what they thought. 

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Create Projects to Accommodate Team Skills

After acknowledging their goals for their personal growth, you have to create projects or find opportunities to accommodate and facilitate them. You can find it through the existing work so they have experience. For example, you can allow them to shadow another teammate or have the mentor they are most comfortable with. 

Emotional Support

Another important element to create high-performing team is emotional support. You can give it through celebration or feedback. Make sure that you give appreciative feedback. Then, it is also important to celebrate their growth. This will make them feel valued and appreciated. You don’t have to create dramatic celebration. Simple recognition works the same. The point is to make sure that your team members know you are aware of their accomplishment and you support them. 

Your Small Business And Its Budgeting

Opening your small business, you should be ready with every possible challenges. One of them is budgeting. Bookkeeping is surely not something you should take lightly. That’s why budgeting should be well-managed. Budgeting in business includes estimating and matching expenses to revenue. Even when you start your business in small scale, you still have to manage your budget properly. It is important to keep track on your money. You should know whether or not you have enough money to fund the operations you planned. You also should shave financial buffer to face the unexpected.

Budgeting your small business

Aside from earning high income, you also have to think how to expand your business so it can generate income for itself. When you don’t have specific management or plan over the budget, your business is on higher risk to spend more money than necessary. If you spend money, it should be for something that can help your business grow bigger. 

It is common to have different plan of budgeting for different type of business. It is also a matter of personal preference. Some business owners may have their own plan in setting the process of budgeting. 

Financial accounting stock market graphs analysis

The first thing you should do as business owner in budgeting your finance is to lists things where the money will go to such as payroll expense, utility bills, mortgage payments, interest and tax payments, and many more. Those are basic expenses every business has on their list. Different type of business may have more things to pay due to circumstance and characteristics of the business itself. This is why you should know the industry standards. 

Create a Spreadsheet

Making spreadsheet will help you a lot with the budgeting process. It will help you estimate total amount of money you will need to allocate toward various costs. You also should include other important things on the list such as insurance, rent, etc.

Don’t under-estimate

Always factor in some slack because no matter how accurate you think you are with the estimation, there will always be extra factors.  That’s why you should always make sure that you have enough money to cover for the unexpected where you have to pay more than what you have estimated before. Only when you are sure that your finance is in stable mode can you plan business expansion or hire more employees to generate more income.

Cutting costs reasonably

Consider cut cutting when budgeting. It is possible to cut some costs. You can take a look at items that can be controlled to a large degree because it will benefit your financial situation. You can plan some maneuvering tricks to cut some expenses without putting your business at risk.  This way, you will also have more money to save for other plans such as expanding business or saving up. Then, it is also important to review your budget plan periodically. Keep in mind that business is volatile. It means there is always possibility for the unexpected expense to show up. It can throw off your revenue assumption. By reviewing periodically, you have more chances to anticipate the unexpected expense. 

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Types of Partners in Business Partnerships

Partnership can be made between two or more parties to join forces with the same business purpose. There are different types of partnership in business such as general partnership, limited liability partnership, etc. each has different types of arrangement as well which influence how the partnership works for all parties involved. Partnership is not limited to large business. It is a practice that is useful for even small business to grow and develop. Partnership is part of important structure in business that can help develop it into something more profitable and bigger. 

About the types of partners in business

A business partnership is created when two or more parties come together for a particular purpose. In business partnership, there are what it calls silent partner and general partner. Both are different in characteristics and principles. Both are the most common that come into play when it comes to partnership structures. The things that can be influenced by the structure of both partnerships are profit, tax, losses, and responsibilities. 

Types of Partners in Business Partnerships

Silent Partners vs General Partners, Generally

As mentioned earlier that silent partners and general partners are different in some ways. Silent partners are more like active in the matter of investing or capital infusion. Meanwhile, general partners are active in business operations. Silent partners are seen to be the individuals who provide funding to a business. This type of partner can be found in Limited Liability Partnership. Their liabilities are limited to the money they invest. Some silent partners can also act as consultant in the business partnership or be a part of advisory board. Some business may create different setting for silent partners designation. 

What General Partners Do

On the other hand, general partners are commonly found in Limited Partnership. The structures in limited partnership include limited partners as well as general partners. General partners are more active in business operation. They are designated with specific control to the operation, management, and use of the capital. Basically, general partners have control over the business entity in general. As mentioned before that general partners can also be found in limited partnership. They have liabilities which are limited to their investment. However, they also have full liability for partnership debt. Their personal asset can be seized if something goes wrong with the business. 

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What Limited Partners Do

Things to remember about those types of partners are quite simple. Silent partners can be referred to as limited partners. They only provide capital to a business entity. They have expectation of the profit that will come from the business. However, they receive less control over business management or operation. Their involvement in that matter is indirect at least. Meanwhile, general partners are the opposite. They are the managers of the business itself. They have control over general business entity including the operation, management, as well as capital pool contribution. 

Comparing two different partners above is possible but both have different characteristics. A business needs fun to be able to run properly. However, it is also good managers who can use the capital to the best of the business’s growth. A business can come with both silent partners and general partners if needed.